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← Zane: Zimbabwe A National Emergency

2025-04-05-accounts

REGISTERED COMPANY NUMBER: 05604011 (England and Wales) REGISTERED CHARITY NUMBER: 1112949

Report of the Trustees and

Financial Statements for the Year Ended 5 April 2025

ZANE: Zimbabwe A National Emergency

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Tearle & Carver Ltd Statutory Auditor

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ZANE: Zimbabwe A National Emergency

Contents of the Financial Statements for the Year Ended 5 April 2025

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Page
Report ofthe Trustees 1 to 6
ReportoftheIndependentAuditors 7 to 10
Statement ofFinancial Activities 11
BalanceSheet 12 to 13
Cash FlowStatement 14
NotestotheCashFlowStatement 15
Notes to the Financial Statements 16 to 24
DetailedStatementofFinancialActivities 25 to 26

ZANE: Zimbabwe A National Emergency Report of the Trustees for the Year Ended 5 April 2025

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 5 April 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

The objects of the charitable company are as follows:

a. The relief of financial hardship

b. The relief of sickness

c. The relief of the convalescent, the disabled and the infirm.

ZANE's core focus is supplying aid to carefully targeted individuals that it knows. Its key activities are:

5 o Providing financial aid and support to impoverished pensioners whose life savings and pensions disappeared in Zimbabwe's economic collapse and subsequent hyper-inflation. This includes more than 465 war veterans and their widows who served the Crown and were promised an entirely different retirement. Instead, they are dependent on charity to survive. ZANE distributes grants to cover care home fees, rent, food and medical costs. o Funding a clubfoot correction programme for children living in high density areas in extreme poverty. The lives of more than 6,150 children have been transformed to date.

o Funding an education programme in a high-density suburb in Harare. There are six pop-up classrooms for destitute children who would otherwise not receive an education. The project is led by teaching mentors who live in the local community. ZANE has been working alongside these women for a number of years through its creative therapy project, building their skills and confidence. All are victims of extreme political violence and abuse; many are HIV positive.

ZANE is a relational charity - it does not provide bulk aid. Recipients are gently means-tested to ensure that aid goes to those who need it the most.

On grounds of security and to protect the identity of its workers, various aspects of ZANE's activities remain confidential to ZANE's team and Trustees. These are: (a) the details of ZANE's method of operations; (b) the scale of its work; (c) the names and whereabouts of those that it works with; (d) the identity of those it assists and the quantum of aid it supplies; (e) the route by which funds are transferred.

Further details about ZANE's spending programmes and other matters can be made available to donors whose identities are known to the ZANE Trustees.

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The ZANE Trustees are very grateful to all those who have aided its work, particularly those on our Council of Reference who offer sound advice and encouragement. The Trustees are also grateful to the many trusts and foundations that support the work of ZANE as well as our generous individual donors.

The Trustees, in making decisions about the charity, have had due regard to the Charity Commission's public benefit guidance when exercising any powers or duties to which the guidance is relevant.

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ZANE: Zimbabwe A National Emergency Report of the Trustees for the Year Ended 5 April 2025

STRATEGIC REPORT

Achievements and performance

Since its foundation, ZANE has raised circa £49m at a cost of circa £8.5m. This includes circa £6.9m that ZANE has distributed on behalf of the Royal Commonwealth Ex-Services League (RCEL) to veterans and their widows in Zimbabwe. These veterans served the Crown in often forgotten conflicts such as Malaya, Korea, Aden and Borneo. We are grateful to RCEL who have been supportive of ZANE since we formed our partnership in 2004.

ZANE has controlled overheads so that the percentage cost of generating the funds in 2024/25 was 18.8% (2023/24: 16.1%) and the governance cost in the UK was 1.1% (2023/24: 0.9%). The total costs as a proportion of funds generated has increased to 19.9% (2023/24: 17.0%)

ZANE caters for the needs of many thousands of the poorest of the poor who are dependent on the work of ZANE. Many have told us that they could not have survived these long and terrible years since ZANE's foundation in 2002 without our help.

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ZANE's income decreased slightly during the reporting period, primarily due to lower legacy income. Individual donations continued to decline slightly and generating income through advertising remained challenging.

Like so many other charities, ZANE was fundraising against a tide of challenges: reduction of the winter fuel allowance, competition from other charities and the ongoing wars in Ukraine and Gaza.

The key objectives at the start of the reporting year remained to ensure aid continued to reach all existing ZANE beneficiaries. ZANE was able to maintain existing levels of aid to Zimbabwe during the accounting period. ZANE was able to maintain a small additional fund to assist with urgent medical and welfare cases. ZANE was able to assist around 2,100 destitute elderly people, consistent with previous year. This aid comprises help towards care home fees, rent, utility bills, food and medical bills. ZANE supplies weekly fresh fruit, vegetables, meat and eggs to 25 care homes in Zimbabwe and distributed over 2,500 food boxes to destitute pensioners living in their own homes during the reporting period.

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The small UK-based freelance team all work from home and have done so since ZANE's foundation.

ZANE works in a high-density community in Zimbabwe, providing aid to 1,100 women, children and their families. Included in this are those children attending our pop-up classes and the supporting teacher mentors, and the women participating in its creative therapy project and wider food support to their family members. ZANE also provides food aid to three schools it works closely alongside and to a small community of orphans supported by a partner charity.

ZANE team members gently means-test all potential recipients of grants to ensure, for example, that they have no other means of support. If they are truly needy, then they receive a ZANE grant or, where appropriate, ZANE assists them with medicines or food. The beneficiaries are those who otherwise would be without the basic necessities to sustain life. Without this regular help, they would face acute hardship, untreated medical conditions and an untimely death. Funds are raised in the UK in GBP and sent to Zimbabwe on a monthly basis in USD. The team in Zimbabwe are responsible for distributing funds to a pre-agreed list of beneficiaries. ZANE’s aid programme is reviewed regularly. All beneficiary payments are fully receipted and audited. The crisis in Zimbabwe that ZANE was set up to address remains. The emergency which ZANE was reacting to will undoubtedly last into the foreseeable future. Each time the currency of Zimbabwe fails, people's savings are once again wiped out.

After each currency failure, those who are still able to work, might be re-employed if they are lucky, but the elderly are always left with no savings and no way of earning more - these are the people who ZANE steps in to help. Sadly, with salaries never keeping up with the cost of living, as people reach the end of their working lives, they find themselves facing retirement with no pension, little, or no savings, and basic government social care. With the country continuing to spiral into greater poverty, the services of ZANE remain crucial.

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ZANE: Zimbabwe A National Emergency

Report of the Trustees for the Year Ended 5 April 2025

As part of the fundraising programme, Tom and Jane Benyon walked 107 miles along the Severn Way. The ZANE Trustees are grateful for the generous level of sponsorship. ZANE is also grateful for its loyal donors who continue to support its work.

ZANE continues to provide medical provision for pensioner beneficiaries most in need meaning previously untreated conditions such as diabetes and hypertension can be successfully treated.

In 2015/16, ZANE founded two autonomous charities, one in Australia and the other in the USA. Both ZANE Australia and ZANE USA are separate entities from ZANE UK: their figures are not consolidated into the ZANE UK accounts.

A small team from the UK visited Zimbabwe during the reporting period to visit the projects, conduct meetings and for a series of fundraising events to galvanise the fundraising effort within Zimbabwe.

Trustees

UK ZANE Trustees meet four times each year.

The ZANE Trustees thank the team for their brave work in Zimbabwe.

Financial review

The Trustees continually examine the major risks that the charity faces each financial year. Although the circumstances under which the charity operates and the need for security make control difficult, the Trustees are continually improving the systems of control to mitigate any impact they may have on the charity in the future. To this end, we maintain a detailed Risk Register.

Investment Policy

The Trustees consider the performance of its cash and investments was adequate during the year. Funds were managed by stockbrokers Canaccord Genuity, Dowgate and CCLA. Following a review of ZANE's investment strategy, ZANE appointed CCLA and in August 2024 half of ZANE's investment funds were moved from Dowgate to CCLA. ZANE's investment policy has been discussed with the stockbrokers and selected stocks in the portfolio reflect appropriate social, environmental and ethical considerations. These funds are focused on the needs of various aspects of work for which ZANE are responsible in accordance with our risk mitigation policy.

Reserves Policy

ZANE calculates that in the event of financial catastrophe, in particular the decline of Sterling (the currency in which we raise our funds) against the US dollar (the currency in which we provide aid in Zimbabwe), ZANE needs the equivalent of 12-18 months budgeted expenditure in reserve to maintain its programmes.

These reserves will act as a buffer in case of a permanent market downturn; other compelling charitable needs in other parts of the world that make fundraising unusually difficult, for example, wars and natural disasters; or if the fundraising team is incapacitated.

The investment return on ZANE's reserves during the accounting period was 2.8% which compares favourably to the FTSE100 increase of 1.8%.

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ZANE: Zimbabwe A National Emergency Report of the Trustees for the Year Ended 5 April 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT The organisation is a charitable company limited by guarantee, incorporated on 26 October 2005 and registered as a charity (number 1112949) on 7 February 2006.

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The work of ZANE was established in 2001/02. For the first three years of its life, the work operated under control of The Thomas Benyon Charitable Settlement (charity number 271133). This charity operates various charitable ventures. In 2005, it was decided that the work of ZANE was sufficiently substantial to necessitate the formation of its own charity.

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The charity was created by its Memorandum of Association, which established the objects and powers of the charitable company and is governed under its Articles of Association. The full list of Trustees who served during the year is shown on page 5.

The ZANE Council of Reference is headed up by Lord Hastings of Scarisbrick CBE.

The Trustees meet four times each year, usually in Oxford and occasionally in London, and are advised on all material matters as they occur. They decide major policies and strategy.

In setting the programme each year, the Trustees have regard to both the Charity Commission's general guidance on public benefit and meeting the charity's objectives.

The Trustees always ensure that the programmes undertaken are in line with the charitable objects.

The relationships and transactions with related parties are detailed in the notes to the accounts.

ZANE engages the services of 37 self-employed individuals - nine in the UK and 28 in Zimbabwe. The UK team reports to the ZANE Trustees. It is responsible for fundraising and administration. Regular meetings are held to discuss issues relating to the running of ZANE, both (a) in the UK and (b) with the team in Zimbabwe. The Zimbabwe team includes case workers with a background in finance, nursing and social care to ensure the various programmes are effectively run and that donor funds are reaching the most destitute and vulnerable people in Zimbabwe.

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ZANE Trustees are experienced professional people (please see the Trustees’ CVs on the ZANE website), recruited because of their expertise and/or knowledge of Zimbabwe. They have a diverse range of expertise in areas such as fundraising, law, international development, business development and marketing. All are encouraged to visit Zimbabwe during their tenure: all bar one of the current Board has done so. All Trustees and team members who will be in touch with beneficiaries undergo appropriate safeguarding training.

During the reporting period, the Trustees met at the offices of one of the stockbrokers who manage ZANE's reserve funds to question their basis of fund management and views as to the state of the market. Annually, the auditor is invited to answer questions about the draft accounts. ZANE seeks legal advice re changes to charity law and guidance affecting its work.

The freelance team in the UK reports to the Board of Trustees. Protocols are in place to ensure that, where appropriate, work is properly delegated, and decisions are discussed before implementation and that a succession plan is in place.

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ZANE: Zimbabwe A National Emergency Report of the Trustees for the Year Ended 5 April 2025

ZANE greatly values its supporters and donors; they are central to all fundraising activities. ZANE is registered with the Fundraising Regulator. ZANE is also a member of the National Council of Voluntary Organisations (NCVO). The freelance fundraiser is a member of the Institute of Fundraising. ZANE raises its funds from individual donors, trusts and foundations, legacies, advertising, conferences, dinners and functions, sponsored walks, the presentation of “walk commentaries", an annual newsletter, and a raffle and poetry book at Christmas. ZANE's fundraising strategy is overseen by the Trustees. ZANE does not use external agencies for fundraising and never engages in door-to-door or street fundraising.

The Fundraising Regulator received zero complaints regarding ZANE in the period 2024/25. ZANE strives to ensure that it is fully compliant with GDPR and that its privacy policy and complaints policy are clearly communicated, along with the ways in which an individual's communication preferences can be updated.

Exemptions from Disclosure The entity is taking advantage of the small company exemption to not prepare a strategic review. 5 Plans for the Future The crisis in Zimbabwe is far from over; the name Zimbabwe A National Emergency is just as relevant as it was when the charity was founded. ZANE is committed to maintaining its fundraising efforts to ensure that those who most need assistance receive it. A younger freelance leadership team is in place in the UK, capable of making decisions and leading the charity into the future.

The key objective is to maintain support to those beneficiaries in Zimbabwe who so desperately need assistance and, where funds allow, to support new beneficiaries with nowhere else to turn.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 05604011 (England and Wales)

Registered Charity number 1112949

Registered office Rectory Farmhouse 2 Church Street Bladon Oxfordshire OX20 1RS

Trustees

Chair- Mrs J Mellor OBE Director

Mrs N M Gayner Director Mr J K E Broadley CMG Director His Hon. C Compston Director Mrs N Passaportis MBE Director Mr D G Covell Director Ms C P Compston Director Mr C A Ford Director Rev. DA Ross Director (appointed 10/2/2025)

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Company Secretary Ms O J Benyon

Auditors

Tearle & Carver Ltd Statutory Auditor

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ZANE: Zimbabwe A National Emergency

Report of the Trustees for the Year Ended 5 April 2025

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of ZANE: Zimbabwe A National Emergency for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements In accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to. enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

The auditors, Tearle & Carver Ltd Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

companyReport ofdirectors,the trustees,on PALL.incorpe Wh,/,.22a strategic 24"... andreport, signedapproved on theby board's behalforder of the by:board of trustees, as the

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Mrs J Mellor OBE — Chair of Trustees

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Report of the Independent Auditors to the Trustees of ZANE: Zimbabwe A National Emergency

Opinion

We have audited the financial statements of ZANE: Zimbabwe A National Emergency (the ‘charitable company’) for the year ended 5 April 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

in auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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Report of the Independent Auditors to the Trustees of ZANE: Zimbabwe A National Emergency

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

~ the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or

Responsibilities of trustees

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As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

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Report of the Independent Auditors to the Trustees of ZANE: Zimbabwe A National Emergency

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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Our audit procedures in relation to fraud included:

-Making enquiries of the trustees about their knowledge of any actual or suspected fraud; -Gaining an understanding of the internal controls established to mitigate risks; and -Discussing amongst the engagement team the risks of fraud; and -Performing journal testing to address the risk of fraud through management override of controls

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities rests with management.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

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Report of the Independent Auditors to the Trustees of ZANE: Zimbabwe A National Emergency

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Kameliya Harrison FCA, Senior Statutory Auditor for and on behalf of Tearle & Carver Ltd Statutory Auditor Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006

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ZANE: Zimbabwe A National Emergency

Statement of Financial Activities for the Year Ended 5 April 2025

2025 2024
Unrestricted Restricted Total Total
fund fund funds funds
Notes £ £ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 2,143,387 1,233,485 3,376,872 3,732,117
Investment income 3 53,282 - 53,282 52,722
Other income 4 1,662 - 1,662 1,477
Total 2,198,331 1,233,485 3,431,816 3,786,316
EXPENDITURE ON
Raising funds 5 628,528 8,465 636,993 600,301
Charitable activities 6
Charitable activities 4,520,452 1,269,879 2,790,331 2,831,660
Support costs 37,221 - 37,221 34,333
Total 2,186,201 1,278,344 3,464,545 3,466,294
Net gains/(losses) on investments (53,801) - (53,801) 176,204
NETINCOME/(EXPENDITURE) (41,671) (44,859) (86,530) 496,226
RECONCILIATION OF FUNDS
Total funds brought forward 3,066,764 116,679 3,183,443 2,687,217
TOTALFUNDSCARRIEDFORWARD 3,025,093 71,820 3,096,913 3,183,443

The notes on page 16 form part of these financial statements

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ZANE: Zimbabwe A National Emergency

Balance Sheet 5 April 2025

2025 2024
Unrestricted Restricted Total Total
fund fund funds funds
Notes £ £ £ £
FIXED ASSETS
Tangible assets 12 809 - 809 1,880
Investments 13 2,898,524 - 2,898,524 2,820,360
2,899,333 - 2,899,333 2,822,240
CURRENTASSETS
Debtors
Cash at bank		 14 49,834
118,595		 -
103,291		 49,834
221,886		 78,705
358,706
168,429 403,291 271,720 437,411
GREDITORS
Amounts falling due within one year 15 (42,669) (31,471) (74,140) (76,208)
NET CURRENT ASSETS 425,760 71,820 197,580 361,203
TOTAL ASSETS LESS CURRENT
LIABILITIES 3,025,093 71,820 3,096,913 3,183,443
NETASSETS 3,025,093 71,820 3,096,913 3,183,443
FUNDS 16
Unrestricted funds 3,025,093 3,066,764
Restricted funds 71,820 116,679
TOTALFUNDS 3,096,913 3,183,443

td The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2025.

The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.

The trustees acknowledge their responsibilities for

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These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.

The notes on page 16 form part of these financial statements

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ZANE: Zimbabwe A National Emergency

Balance Sheet - continued 5 April 2025

Theun dlhyangMd...statementsVW. Ud........ and werewere approvedsigned onbyits thebehalfBoard by: of Trustees and authorised for issue on burn a9 at49 , Mrs J Mellor OBE — Chair of Trustees

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The notes on page 16 form part of these financial statements

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ZANE: Zimbabwe A National Emergency

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|||||||||| |---|---|---|---|---|---|---|---|---| |Cash|Flow|Statement| |for|the|Year|Ended|5|April|2025| |2025|2024| |Notes|£|£| |Cash|flows|from|operating|activities| |Cash|generated|from|operations|1|(15,567)|357|566| |Net|cash|(used|in)/provided|by|operating|activities|(15,567)|357,566| |Cash|flows|from|investing|activities| |Purchase|of fixed|asset|investments|(3,125,274)|(1,667,142)| |Sale|of fixed|asset|investments|3,004,021|1,521,324| |Net|cash|used|in|investing|activities|(121,253)|(145,818)| |Change|in|cash|and|cash|equivalents| |in|the|reporting|period|(136,820)|211,748| |Cash|and|cash|equivalents|at|the| |beginning|of the|reporting|period|358,706|146,958| |Cash|and|cash|equivalents|at|the|end| |of the|reporting|period|221,886|358,706|

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The notes on page 16 form part of these financial statements

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ZANE: Zimbabwe A National Emergency

Notes to the Cash Flow Statement for the Year Ended 5 April 2025

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

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|||||||| |---|---|---|---|---|---|---| |2025|2024| |£|£| |Net|(expenditure)/income|for the|reporting|period|(as|per the| |Statement|of|Financial|Activities)|(86,530)|496,226| |Adjustments|for:| |Losses/(gain)|on|investments|53,801|(176,204)| |Decrease/(increase)|in|debtors|49,230|(12,008)| |(Decrease)/increase|in|creditors|(2,068)|49,552| |Net cash|(used|in)/provided|by|operations|(15,567)|357,566|

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  1. ANALYSIS OF CHANGES IN NET FUNDS

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||||||| |---|---|---|---|---|---| |At|6/4/24|Cash|flow|At|5/4/25| |£|£|£| |Net|cash| |Cash|at bank|358,706|(136,820)|221,886| |358,706|(136,820)|221,886| |Total|358,706|(136,820)|221,886|

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The notes on page 16 form part of these financial statements

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  1. ACCOUNTING POLICIES

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ZANE: Zimbabwe A National Emergency

Notes to the Financial Statements for the Year Ended 5 April 2025

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Fixtures and fittings - 25% on cost Motor vehicles - 25% on reducing balance Taxation The charity is exempt from corporation tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

During the year, ZANE distributed funds on behalf of RCEL (Royal Commonwealth Ex-Services League) to veterans and their widows. This sum has been included as restricted income and restricted expenses under charitable activities. Please refer to the trustees report for further information.

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Notes to the Financial Statements - continued for the Year Ended 5 April 2025

for the Year Ended 5Ended 55 April 2025
2. DONATIONS AND LEGACIES
2025 2024
£ £
Gift Aid Donations 936,272 960,189
Non Gift Donations 2,204,545 2,531,502
Gift aid Tax Repayment 236,055 240,426
3,376,872 3,732,117
3. INVESTMENT INCOME
2025 2024
£ £
Interest received 5,827 1,371
Dividends received 47,455 §1,351
53,282 52,722
4. OTHERINCOME
2025 2024
£ £
Bank interest received 1,662 1,477
1.662 4,477
5. RAISING FUNDS
Raising donations and legacies
2025 2024
Postage, Print and Advertising 152,780 168,364
Database hosting/training 10,366 7,157
Other fundraising activities 137,457 104,474
Support costs 326,044 320,306
626,647 600,301

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Notes to the Financial Statements - continued for the Year Ended 5 April 2025

  1. RAISING FUNDS- continued

Other trading activities

2025 2024 £ £ Write off of intercompany balance 10,346 - Aggregate amounts 636,993 600,301

Aggregate amounts

ZANE Professional Services Limited was dissolved after the year end, resulting in the debtor becoming irrecoverable. The balance has therefore been posted as a intercompany loan write off in the year ended 5 April 2025.

~~ CHARITABLE ACTIVITIES COSTSCHARITABLE ACTIVITIES COSTSACTIVITIES COSTSCOSTS Direct Support
Costs (see costs (see
note 7) note 8) Totals
£ £ £
Charitable activities 2,790,331 ~ 2,790,331
Support costs - 37,221 37,221
2,790,331 37,221 2,827,552
DIRECT COSTS OF CHARITABLE ACTIVITIES
2025 2024
£ £
Grants made in Zimbabwe 2,759,716 2,809,525
Other Direct Costs Zimbabwe 2,038 759
Travel & Subsistence overseas 28,571 20,876
Trustees expenses overseas
Donations toUK Charities		 6
-		 -
500
2,790,331_ _2,831,660

Included within grants made in Zimbabwe are the payments to and associated costs of personnel engaged in the distribution or raising of these grants and those involved in the UK on charitable activities.

SUPPORT COSTS
Other
£
Raising donations and legacies 326,044
Support costs 37,221
363,265

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Notes to the Financial Statements - continued for the Year Ended 5 April 2025

  1. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2025 2024 £ £ Depreciation - owned assets 1,071 2,167

  1. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees’ remuneration or other benefits for the year ended 5 April 2025 nor for the year ended 5 April 2024.

Trustees’ expenses

There were trustee's expenses paid in the year ended 5 April 2025 totalling £3,640 (2024: £128) relating to travel and subsistence costs.

11. 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted Restricted Total
fund fund funds
£ £ £
INCOMEAND ENDOWMENTS FROM
Donations and legacies 2,499,239 1,232,878 3,732,117
Investment income 52,722 - 52,722
Other income 1,477 - 1,477
Total 2,553,438 1,232,878 3,786,316
EXPENDITURE ON
Raising funds 592,239 8,062 600,301
Charitable activities
Charitable activities 1,626,932 1,204,728 2,831,660
Support cosis 34,333 - 34,333
Total 2,253,504 1,212,790 3,466,294
Net gains on investments 176,204 - 176,204
NET INCOME 476,138 20,088 496,226
RECONCILIATION OF FUNDS
Total funds broughtforward 2,590,626 96,591 2,687,217
TOTALFUNDSCARRIEDFORWARD 3,066,764 116,679 3,183,443

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Notes to the Financial Statements - continued for the Year Ended 5 April 2025

~

12. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£ £ £
COST
At 6 April 2024 and 5 April 2025 21,905 16,568 38,473
DEPRECIATION
At 6 April 2024 21,104 15,489 36,593
Charge foryear 801 270 1,071
At 5 April 2025 21,905 15,759 37,664
NET BOOK VALUE
At 5 April 2025 - 809 809
At 5 April 2024 801 1,079 1,880
13. FIXEDASSETINVESTMENTS
2025 2024
£ £
Shares 2,898,523 2,820,359
Other 1 i
2,898,524 2,820,360
Additional information asfollows:
2025 2024
Cost ofshares at 05/04/2025 (05/04/2024) 2,544,949 2,513,003
Unrealised gain/(loss) at 05/04/2025 (05/04/2024) 258,623 (45,490)
Cash 33,682 16,787
Additions 3,119,091 1,681,179
Sales proceeds (3,004,021) (1,521,324)
Realised gains/(losses) on sale 210,488 (127,909)
Increase/(reduction) in unrealised gain (264,289) 304,113
Valueofinvestmentsat05/04/2025(05/04/2024) 2,898,523 2,820,359

The value of investments at 5 April 2025 includes unrealised losses of £5,666 (2024: unrealised gains of £258,623).

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Details of undertaking

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

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Notes to the Financial Statements - continued for the Year Ended 5 April 2025

13. FIXED ASSET INVESTMENTS- continued

Subsidiary undertaking

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2025
Ordinary £1
ZANE Professional Services Ltd share 100% Administrative services
2024
Ordinary £1
ZANE Professional Services Ltd share 100% Administrative services
investments (neither listed nor unlisted) were as follows:
2025 2024
£ £
Shares in ZPS Ltd 1 1
14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£ £
Amounts owed by participating interests 13 9,654
Other debtors 169 1,025
HMRC GiftAid refund due 41,332 55,090
Prepayments and accrued income 8,320 12,936
49,834 78,705
Other Debtors are made up ofthe following:
2025 2024
£ £
Zim contractors loans for solar power - 522
Contractor advances 169 502
169 1,025

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Notes to the Financial Statements - continued for the Year Ended 5 April 2025

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025 2024
£ £
' Trade creditors 27,529 30,024
Other creditors 25,471 31,471
Accruals and deferred income 21,140 14,713
74,140 76,208

ZANE originally started as a section of the Thomas Benyon Charitable Settlement (charity number 271133). The two charities incur and reimburse income and expenses on behalf of each other and included within other debtors is the balance outstanding at 5 April 2025 of £NIL (2024: ENIL).

included within debtors is an amount owed by The Guild of Shareholders Ltd of £13 (2024: £13). In the comparative year there were also amounts owed by ZANE Professional Services Ltd of 2024: £9,641. ZANE Professional Services Ltd was a subsidiary of ZANE - please refer to notes 13 and 718 for further details.

MOVEMENT IN FUNDS

MOVEMENT IN FUNDS
Net
movement At
At 6/4/24 in funds 5/4/25
£ £ gE
Unrestricted funds
General fund 3,066,764 (41,671) 3,025,093
Restricted funds
Restricted funds 116,679 (44,859) 71,820
TOTAL FUNDS 3,183,443 (86,530) 3,096,913
Net movement in funds, included in the above are as follows:
Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 2,198,331 (2,186,201) (53,801) (41,671)
Restricted funds
Restricted funds 1,233,485 (1,278,344) - (44,859)
TOTALFUNDS 3,431,816 (3,464,545) (53,801) (86,530)

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Notes to the Financial Statements - continued for the Year Ended 5 April 2025

Comparatives for movement in funds

Net
movement At
At 6/4/23 in funds 5/4/24
£ £ £
Unrestricted funds
General fund 2,590,626 476,138 3,066,764
Restricted funds
Restricted funds 96,591 20,088 116,679
TOTALFUNDS 2,687,217 496,226 3,183,443

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 2,553,438 (2,253,504) 176,204 476,138
Restricted funds
Restricted funds 1,232,878 (1,212,790) - 20,088
TOTALFUNDS 3,786,316 (3,466,294) 176,204 496226

A current year 12 months and prior year 12 months combined position is as follows:

movement At
At 6/4/23 in funds 5/4/25
£ £ £
Unrestricted funds
General fund 2,590,626 434,467 3,025,093
Restricted funds
Restricted funds 96,591 (24,771) 71,820
TOTALFUNDS 2,687,217 409,696 3,096,913

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Notes to the Financial Statements - continued for the Year Ended 5 April 2025

16. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

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||||||| |---|---|---|---|---|---| |Incoming|Resources|Gains|and|Movement| |resources|expended|losses|in|funds| |£|£|£|£| |Unrestricted|funds| |General|fund|4,751,769|(4,439,705)|122,403|434,467| |Restricted|funds| |Restricted|funds|2,466,363|(2,491,134)|-|(24,771)| |TOTAL FUNDS|7,218,132|(6,930,839)|122,403|409,696|

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17. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 5 April 2025.

18. POST BALANCE SHEET EVENTS

ZANE follows market developments very closely and adapts its operations accordingly.

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Detailed Statement of Financial Activities
fortheYear Ended5 April 2025
2025 2024
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Gift Aid Donations 936,272 960,189
Non Gift Donations 2,204,545 2,531,502
Gift aid Tax Repayment 236,055 240,426
3,376,872 3,732,117
Investment income
Interest received 5,827 1,371
Dividends received 47 455 51,351
53,282 52,722
Other income
Bank interest received 1,662 1,477
Total incoming resources 3,431,816 3,786,316
EXPENDITURE
Raising donations and legacies
Postage, Print and Advertising 152,780 168,364
Database hosting/training 10,366 7,157
Other fundraising activities 137,457 104,474
300,603 279,995
Othertrading activities
Intercompany loan write-off 10,346 -
Charitable activities
Grants made in Zimbabwe 2,759,716 2,809,525
Other Direct Costs Zimbabwe 2,038 759
Travel & Subsistence overseas 28,571 20,876
Trustees expenses overseas 6 -
Donations to UK Charities - 500
2,790,331 2,831,660
Support costs
Other
Bank charges 28,935 28,303
Carriedforward 28,935 28,303

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Detailed Statement of Financial Activities for the Year Ended 5 April 2025

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|||||||| |---|---|---|---|---|---|---| |2025|2024| |£|£| |Other| |Brought|forward|28,935|28,303| |Insurance|296|4,232| |Currency|costs|&|Broker|fees|66,408|50,735| |Telephone|11,008|11,445| |Postage|and|stationery|15,567|11,490| |Legal|&|Professional|fees|9,067|5,851| |Audit|&|Accountancy|fees|15,000|14,977| |Administration|203,040|215,732| |Travel|&|Subsistence|costs|UK|9,682|40,062| |Trustees|expenses|UK|3,136|1,417| |Depreciation|charge|1,071|2,167| |Training|55|1,228| |363,265|354,639| |Total|resources|expended|3,464,545|3,466,294| |Net|(expenditure)/income|before|gains|and| |losses|(32,729)|320,022| |Realised|recognised|gains|and|losses| |Realised|gains/(losses)|on|fixed|asset| |investments|210,488|(127,909)| |Net income|177,759|192,113|

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