Charlty rèulstratlon number q115608 KRIZEVAC PROJECT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
KRIZEVAC PROJECT LEGAL AND ADMINISTRATIVE INFORIAATION Trustges A J Srnilh Miss J M Smith VKOwen O Haworth Charlty number 1115608 Prlnclpal address Atlas Works Paragon Road Longlon Stoke on Trent ST3 1NR Audltor Price Pearson Finch House 28-30 Wolverhampton Slr8el Dudley Wesl Midlands DY1 1DB ankers HSBC Bank PIC Coventry DSC Harry Vveslon Road Binley Coventry CV3 2TQ First Capthl Bank Malam LÉmiled Livingslone Towers Glyn Jones Road Private Bag 122 Blantyre Malawi
KRIZEVAC PROJECT CONTENTS Page Trustees, report Independent auditor's report 8.10 Slstemenl of financial activities 11 Balance sheet 12 Statement of ¢a$h flows 13 Notes to the financial slalemenls 14-25
KRIZEVAC PROJECT TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Iruslees present Ihelr annual reporl and financial slalernents for thè yèar ended 31 December 2023. The accounts have been prepared in accordance with th8 accounting policies sel OLrt in note 1 to the accounts and comply with Ihe Charitls governing document, the Ch8ritiÈs Act 2011 and Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo ¢harilies p paring their accounts in accordance with the Financial Reporling Slsndard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 2019). Referencè and administrative details The charily is known as Krizevac Project and is registered with thè Charit16s Commission No. 1115608. 11 is not known by any other name. During Ihis finanaal period the address of the prtnupal office of the charity was Atlas Works. Paragon Road, Longlon, Slok&on-Trent, ST3 1 NR. The legal and 8dministr8tive infomialion forrns part of this report. Oblectlves and activities Purposes of thè charity set out In the goveming document Krizevac Project is a UK chaiilabl8 trust, eonstiluted as an unincorporated asso(?alion under a Dedaration of Tru81, dated 20 July 2006 which sets out the Charity's purposes. Mlsslon Statement KTizevac Projecl aims to transform some tsf the poor&sl parts of the worfd. Each project begln8 in an ate8 of need by placbng a crcbss on a mountain, a replica of the cross Overlooking the village ol Medjugorje Bosni8 Herzegovina. This inspirés community transformalion in these areas, founded on personal sacrifice and public service. PSPS. The d)arity has erected Krizevac crosses In Malawi. Rwanda, Kenya and Nigeria and now responds lo needs in surrtsunding local communities by consliucting qualily buildings, slariing busine55es. providing e&selllial equipTllenl and skilled volunleers. The charity also creates new enterpiises lo enable self-suslaining amploymenl in these areas of need. This provides lasling income lo fund education and family support services. Achievements and perfomiance Actlvltles Summary The Tmstees are pleased lo present the 2023 repotl for the Krizevac Project, which has se&n ièmarkablÉ achievemÈnls in education, community welfare, and ewnotnic empowermenl in Malawi. With ongoing support primarily from Mobell Communication Limited, we have Sliellglhened our mission to uplift communilies through sustainable education, social serviGes, and enterprise. Below, we provide a comprehensive overview of the year's highlights, and the challenges encountered 3cr05S our key inillatives. Educational InitÈ8tlves Mary Queen of Peace Catholic Institute The grand opening of the Mary Queen ol Péar£ Catholic Instilule wa8 held in August 2023, an event gF8ced by Archbishop Thomas Msusa, Malawi's Minisler for Edue2tion and allended by dignitaries, staff, and comrnunily leaders. This institution, now comprises quality education provision from nursery through to colleg&, benefiiiing some of the World's most n8edy alongside those able to pay.. il $8Nès as a beacon for qtsalily learning in Malawi. Studènt Accommodation Challenges.. Addressing housing for sludents from remote areas ramains an ongoing challenge. In 2023, we provided three buses to support transportalion needs, yel affordable and proxsm31e a0MOdaI1On wntinues lo be an area for further investment.
KRIZEVAC PROJECT TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 St John Paul11 Catholic Colleoe This year, Sl John Paul 11 Catholic College successfully relocated lo a new. improved campus al the Malawi Development Corporation IMDGI 8ile, enhariGing the educational environment for sludents. The college achieved an impressive enrolment of 936 students across various programs, including Infom)alion and Cornrnunication Technology IICTI. Tailoring. and Early Childhood Development IECDI. Employment Hub.. An èmploymont hub was introduced, enabling start-ups, inleinships, and woik-ba3ed learning opportunities. The collÈg6 also partiupated in the TEVET Skills Competition. securing wins in the ICT category. Challenges and Strategic Goals.. Economic issues. notably currency devaluation, have impacted students. ability lo afford international courses. Moving foward, the college aims lo increase enrolmenl, secure accreditalion from the Nallonal Coundl for Htgher Educalion INCHEI, and enhance educational quality assurance. Carfo Acutis Cathollc Hlgh School Carlo Atulis Calholie High School reported a 100OK pass rale In Junior Certificate Examinations. with enrolmenl now expandèd Across Ihree forms. Despite challenges in maintaining pass rates acmss lerms. the school remains commilled to fostering an academically robust environment. Plans for 2024 indude tarlleted interventions lo improve exam pgrftsrmance and expand student support seiCe5. St K121to Cathollc Prlmary School St Kizilo reported significant improvornonls In academic outcomes. achieving an 89.6% pass rate by Term 3, Enrolmenl rose lo 307 students, facililaled by bursaries and scholarships, which allowed many learners lo aecess education at lillle or no cost. The school ha5 developed a 2023r24 plan to implement weekly assessments, offer Salurday classes, and condud parent consultations, all aimed al strenglhening sludenl performance. Mother Teresa Catholic Nursery School Servillg 143 studen15, Mother Teresa Catholic Nursery School continuéd to provKlè quality earty childhood education. priorilising inclusivity through bursaries and scholarsh4ps. Looking toward 2024, the school Sims lo expand enrolmenl lo 178 students, with plans for increased sports resources 8nd staff Icaining lo irnpiove the learning experienTr. MothérTèrésa Community Sèrvices This year, Molher Teresa Comrnunily SeNic8s dÈlivÈr8d impaclful wellare programs lo ovei 3,900 beneficiaries, addressing key areas such as child Proleolion, adult lilèracy, health, and climate resilience. The program also supported lood security efforts. reaching 752 hou5ehold8 with 0p assistance and composl training, and extended nulrklional support Ihrough local feeding programs. Inclusive Education and Youlh Empoweirnenl.. Extracurricular engagement included wildlife, ads, and debate Clubs, enriching Ihe educational experience for 460 children. In addilion. the team initialed 50 peer educator prtsgrams on HIVIAIDS awareness and prowded matern81 h8allh and child protection resources. Upcoming Initiatives.. Plans for 2024 include the establishment of beekeeping coopeialives. expandlng food ielief efforts. and enhancing physiolherapy and antenatal services in collaboralion with local health facilitiès. Buslnèss and Enterprlse Initiative6 Torrent Loglstles and Torrent Plant Hire Torrent Logislics expanded ils cap3cily with five additional forklifts, bringing ils fleet lo 26, and introduced the fir51 elecliic foiklift as well as the first electric scrkjbber in Malawi, aligning with our goal lo promote environrnenl8lly friendEy solutions. These enhancements supported crtrli¢al logisti¢s functions, induding deaning a sugarwarehouse and pmviding Iransportalion during the cyclone.
KRIZEVAC PROJECT TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Challengès and RÈslll•neè: Economic inslabilily. particularly the Kwacha devaluation, created difficullios in rnanaging rising op@ratit)nal costs. Additionally, accessing foreign exchange for parts and supplies posed challenges, Nonetheless, Torrent Logistic5 concluded ils most successful finarrial year. further supportirig our charity's mission. Future Directions." Plans for 2024 indude a feasibilily study lo transition more equipment lo eleclric, aligning with our suslainabilily goals. Additionally, the team aims to glow Ihe bag Tefurbishment centre, expected lo handle ovèr 52,000 bags nexl year, promoting enviTonrnenlal suslainabilily through ieusabilily. Beehlve Enterprlses Beehive's operations in 2023 demonslraled resilience, wTrlh significant giowlh across service areas. A majD highlight was the British Council partnership, whKh positioned Beehive as a Pearson Vue SgNice Genlre, offering professional 8¢¢redilalion èxams in Malawi. The inlrod¢Jction of a Mobile and Web Stock Managomenl and Tracking System foi Illovo, alongslde an allendance and assel tracking system for the Mary Queen of Peace Catholic Institute, marked technological advancements in loeal enterprise. Digltsl Transfomiatlon and Employment CreatlDn: The Vanguard eA)ntracl to digilise cuslomer documents created job opportunbties for 20 young individuals, mainly JPII graduates. This project enabled subslanllal skills development, with all staff trained in document management and digital processes. Plans foi 2024.. Beehive plans to implement an integrated suite of systÈms, including payroll, asset tracking, and pupil management, lo be marketed commerclally. The team aims lo eonlinue improving the lechnological infrastructure lo beller s8rve local businesses. Construction and Infrastructure In 2023, Beehive oornpleled sever81 wtal infrastruclure projects. induding a new, four-sttsY buikllng for the Sl John Paul Catholic college with a 1000h Dff-grid solai array. as well as a new 30&1ree orchard al Chileka. These projects, though impacted by supply chsin dèlays from Cydone Freddy and currency Iluctualions, demonslrale our commitment to sustainable development in Malawl. Challengè$ and Solutions: Ongoing devaluation of the Kwacha has increased project costs. In respDnS8, Beehive has implemented robust cosl-management strategies and diversified supplier networks lo minimis8 fulure disruptions. Cyclone Recovery.. During 2023. Krvzevac Proieet all(Icsted £20,000 to recovery efforts form Cyclone Freddy, the long2St cyclone Africa has known, when six months of raÉn fell in six days. lthile many hundreds in Blanty died in the floods, all of our staff and their families sU1ved. We rallied our teams lo 8clion during the worsl week,, the Mother Therèsa Community Services and Seibo teams were able lo buy b8le8 of clothes. plates, cups and food for the rnakeshift c8mps which have been fomed in primary schools for the displaced and homeless. Our eonstruclion learn lumed Iheir allenlion troill the building of a college and university to shoring up urisafe bridges, imroving the safety of homes and making ruined loads passable once more. Staff in ruined. rented homes have been given cash lo sort a new place quickly and those in owned and damaged houses received pl8slic sheèts and help lo fix Iheli places safely. Our schools catering leam has equipped kitchens and shown Ihé camps how lo feed large volumes of people and our JCB machinery pulled stranded vehides lo safety and dug ditches and loilels for proper sanilalion. The résilience of our buildings and people contras15 with the inslabilily of the majority. While we spent signific3nl funds on em¢rgency support, the real help has been, over Ihe long lem). lo build capability in the midst of fragility arKI Ofdei in the midst Df chaos.
KRIZEVAC PROJECT TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Flnanelal review Income Total income for 2023 reachgd £4,665.299. more than double the 2022 f¢gure of £1,901,434. This increase is largely allributablè to 8 significant boosl in donatnS Irom Mobell Communications Limited, additional property contributions, and steady Income from UK rental properfies. Donations Mobell Comrnunicalions Limiled's contribution lor 2023 Ir)talted £2,769.597, auounling for a subslanlial portion of all donations and making up 88% of lo181 income 12022., £1,439,059). Olhei notable donations include a personal property gift from Trustee A.J. Smith valued al £1,250,000 and an additional £348,507 from Radmore Managem8nt Limited for three properiies. Additional donaliorFS fiom British Desiccant Drying Limited and individual donors lotslled £25,000 and £18,132 respec(ively. SL¢PPOrting Specif campaigns and emergency relief. Tradlng Income Trdding income. induding sales from Cyclo of Good and Elephanl Bike products, reached £154.388 in 2023, down slightly from £185,129 iri 2022, reflecling shifts in consumer spending, and our response thTough the cltssure of Cycle of Good. other Incom8 Income from property rentals rose slightly lo £95,599, maintaining slsbility after sècuring new tenants and diversfying rental income sources. Expenditur8 Total expenditure for 2023 amounled lo £2,104,801. Teflectirig 8 28U/4 inciease from Ihe prewoLlS year's £1.642,777. Charitable expenditures rose lo £1,822,568. with major inveslmenls in Malawi, including the constiuclion of educslion and soaal faalities as well as funding for Seibo's school feeding programs. Grants A lolal of £1,384,950 w88 granted for projects, including £1,152,626 allocated for Beehive Centre for Soaal Enlerprise, £218,131 for Seibo's School mo8ls, and £14,191 towards agricultural projects in Nigeria. str8teglc Goals for 2024: EnhanGe Educational Quslity.. Focus on quality assurance, accreditation, and student SUPFYJrt across all educational progiams It) improve lèarning outcomes. Expand Sustainable Enterprises.. Grow eco-friendly logistics projects lo reduce environmental impact while g8neraling revenue. Determine the feasibility of agricultural endeavour, a major farm eslale agro pro$sing lo vertically Integrate the growin9 and produclion of Likuni Phala. curienlty procured for Seibo school feeding. Strengthen Communily Services.. Increase focus on health, child prolecllon. and food securlty, ensurfng holislie support for our beneficiaries. Fosler Digital TransfoTm3llon.' Further develop Bèèhive's dtgilal solutions and market these to other organisations, providing both local employment snd digital lilèracy training. ReseNes Pollcy Wlh the impacl of coronavirus on donor businesses and glowing lével of intemal ch8ritablÈ trading, a rÈsèrvÉs policy will be delermined which follows Ihe Charities Commission guidance and is less dependent on the undeTWliting of the Radmoré grtsup of companies.
KRIZEVAC PROJECT TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Rlsk Managemont The tnjslees review risks on an ongoing basis and salisfy themselves thal adequate 8y51etH5 and procedures are in place lo rnanage the risks identified. A legal challenge continues relating lo one of Ihe seven plots of land bought by Kiizevac Piojecl (Malawil whwe il is hoped th81 Ihere wlll eventually be a tertiary education and teehnologioal campus. Béèhive's financial syslems are still in need of support and woul(l olhenmlse present slgnificanl risk. Krizev8c Projed c4)ntinued to strengthen the financial systems alld staff wilh expert external accounting help. Particular support was needed wth th8 Malawi Révenu8 Aulhorbty Io Tnaximise non-profit status. The broadenin9 of the income portfolio continued through Cycle of Good trading, reducing FS8ks owng lo Ihe charity's heavy dependence ori the two businesses of Mobell Communication and Paragon. The dislinclive way lh8 Krizevac Project has been funded Ihrough bus¢ness and trading endures. This business income is broadening lo indude increased rental Df propertles irTr the UK presenting appreciating assets which yield low-ri$k ongoing revenue. TrusteES have agieed that KTiievac Project will register as a Charitable Incorporatèd Organisallon lo offer a better basis for ownership of property and employment of indwiduals. structure, govemance and management Organlsatlon Krizevac Projed is a charitable trust, governed by ils Iruslees who are appoinled or reappointed by unanimous agreement among existing Irusl¢85. The charity is immensely grateful to David Haworth for his work on our Nigeri8 agriculture work in the year. Tru81ees give Iheir lime voluntarity and recèive no benèfits from the charity for thèir work as Iruslees. TTuslees have referred lo the Charily Commission's 98neTal guidance on public benefit when reviewing aims and objectives and in planning future activtlies. The Iruslees who served during the yEar and up lo the dale of signature of the financial slalemenls were: A J Smith Miss J M Smith VKOwen D Haworth 11 was agrèed through communications in Ihe year, lo appoint Declan SorneT5 as an additional Iruslee. but no forrnal meeting has been held since this agreement lo formalise his appolnlwenl. As a small organisation, Krizevac Project Irustèes are also active in the day-to-day management of the charity and related organisations and some have made several visits this year to all ol the charity's aclivili8s. Truslees ensure appropriate support for the Gharily's IT, HR. financial reporting and management fmm Radmore ManagÈmonl Limitèd (owned by the Irusleesl which employs Vincent Owen who is se¢onded part lirne as Kri2éV2c Project Martaging Diredor lo oversee the charity.
KRIZEVAC PROJECT TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Related OryanEsatlon$ Beehive Cenlre for Social Enlerprise (Beehive) has been the charity's majoi benefiary and this is coiisliluled as a non-profit company, regislerèd by guaranl8è in Mglawi, wilh objectives cornmon lo Kfizevac Project. The Krizevac Projèct Chairman is als(i ehairmsn of thè board of 9 direclors of Beehive. three of whom are also employees ol Kr¢zevac Pioject. Krizevac Project (Malawil, is also regislered as a nonprofrt company in Malawi, limited by guarantee, with the same objectives. This is an autonomous entity. not a subsidiary, whith owns properly In Malawi. has no employees or contracts for semces, and has beefj used lo disburse charity funds and lo maximise benefit of KrizevaG ProjeBI donations through shorf letm, in country inveslmenls. Two of the Krizevao Project (Malawil Iruslees are also Trustees of Krizevac Project (UK) and a further hvo are Malawian nationals. This year Krizevac Projecl further supported the growth of a Non-Profil Oruanisallon in Japan, Seibo Maria, lo feed hL5ngry children. beginning in Malawi. Th@ creation of a further organisalion under the same name. was also supported in Malawi. StatÈment of trustees, responsibrlltles The Ituslees are responsible for preparing the Tiuslees, Report and the financial slalernenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting PraGlicel. The law applicabl& to charities in England and Walès rèquires the Irusl88s lo prepare finarFcial slalemenls for each finanu31 year which give a true and fair view of the stale of affairs of the Gharity and of the incoming iesources and appIl¢aln of resources of the Charity for that year. In preparing these finanaal slalemenls. Ihe trustees are required to.. select suitable accounling policies and then apply them consi51enlly- observè the mélhods 8Md principle5 in the Charilies SORP., make judgements and eslimales that are reasonable and prudent,. slate whether applicable accounting standards have been lollowe(I, subject lo any male¥lal departures disclosed and explained the financial slalemenls., and prepare the finallcial slalemellls on the going concern basis unless il is inappropriate lo presume that the charity will continue in operalion. Thè trustees are responsible for keeping sulficient accounling records that disclose with reasonable accuracy al any lime thè fin3n¢ial position of the Charity and enable them lo ensure that the financial slalemenls comply with the Charities Aol 2011, the Chaiity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also iesponsible for safeguarding the assets of the Charity and henTr for taking reasonablé steps for the prevention and detection of fraud and other irregularities. Auditor The auditor, Pri Pearson, is deemed lo be reappointed.
KRIZEVAC PROJECT TRUSTEES, REPORT (CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Dlsclosure ol Inlomatlon to audltor Each of the Iruslees has confirmed Ihal Ihere is no information of which they are aware which is relevant to the audit, bul of which the auditor Is unaware. They have further confirmed Ihal Ih8y havé takén appropriate steps lo identify such relevani infomialion and to Éstablish that the audilor is xwarè of such information. Thè trustèès, rèport was approved by the Board of Trustees. VKOwen Trustee Daled..28.IioII*.....
KRIZEVAC PROJECT INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF KRIZEVAC PROJECT Oplnlon We have audited th8 financial statements of Krvzevac Project Ilhe 'Charlty'l for the year ended 310ecember 2023 which comprise the statement of financial aclivilies, the balance sheet, the statement of cash flows and notes to th8 financial slalemenls, including 5ignilicanl accounting policie5. The financial reportSng framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (Untied Kingdom Generally Accepted Accounting Praclicel. In our op(nion, the financial slalemenls.. ive a true and fair view of the slate of th8 chaiily's affairs as al 31 December 2023 and of its incoming resources and 8ppllcalion of resources, for the year then ended., have been prop&rly prepared in ac¢ordance with Uniled Kingdom Generally Accepted Attounting Practits; have been prepared in accordance with the requirements of the Charities Act 2011. Bas1$ for oplnlon INe conducted oui audit in accordance with Intemalional Standards on Auditing IUKI {ISAs IUKII and £pplicable law. Our iesponsibililies under those standards are further described in the Auditorfs responsibilities ft>r the audit ol the financisl slat&menls section of our report. Wè are independent of the Charity in accordance with the ethical requirements that are ielavanl to our audit of the finan¢ial slalemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our glher ethical responsibilities in accordance with these requirements. We believe that the audit evldence wè have obtained is suffiryenl and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial slalemenls. we have concluded that th$ Irusl@8s' use of the gotng concem basis ol 8ccounling in the preparation of the financial slatem6nts is appropriate. Based on the work we have performed, we have not identified any material unc6rtainties relating lo events or conditions that, individually or collectively, may cast signifi'cant doubt on the Charity's ability lo continue as a going concern for B period of al least twelve months from when the financial slalemenls are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with iespECt lo going concem are described in the relevant sections of this report. other Informatlon The other information comprises the infomialion included in the annual report other than the finarla1 slalemenls and our audilor's report Ihareon. The IrLJStees ar& responsible for the other informatlon contained wllhin the annual report. Our opinion on the financial slalemenls does not cover the other information and we do not expre55 any form of assurance COnGIusion Ih&reon, Our responsibilily is ID read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial slalemenls or our knowledge obtained in the course of the audll, or otherwise appears lo be materially misslaled. 11 we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether thi5 gives rlse lo a malerk?I misslatemenl in the flnancial glalemenls themselves. If, based on the work we have perfoimed, we conclude that there is material misslalemenl of this other information, we are required lo report that fact. We have nothing lo report in Ihis regard. Matters on whlch we are requlred to report by exception We have nothing to r6POrt in respect of the following mallers in rèlation lo which the Charities (Accounts and Reports) Regulations 2008 requir6 ils lo report lo you il. in our opinion.. the Information giv in the financial slalemenls is inconsistent in any material respect with the Iruslees, report., or sufficient accounting records have not been kepL or the financial slalemen15 are not in agreement with tha accounting records., or we have not recelved all ihe information and 8xplanalions we require for our audit.
KRIZEVAC PROJECT INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF KRIZEVAC PROJECT Responsibilitlgs of trustogs As explained more fully in the Stslemenl of Trustees, Responsibilities, the tiuslees are responsible for the preparation of the finaneial statements and for being satisfied that they give a IrLFe and lair view, and for such internal control as the directors determine is necessary lo enable the preparation of financial slalemenls that are frèe from material missialement, whethèr due lo fraud or error. In preparing the financial slatemenls, the Iruslees are responsible for assessing the Charity's ability lo continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concem basis ol accounting unless the Iruslees either intend lo cease operations. or have no realistic allernalive but lo do so. Audltor'5 responsibllitle5 for the audlt of the financial statements Vve have been appointed as auditor under sedion 144 of th? Charities Act 2011 and report in accordance with th& Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assuranc& about whether the financial Statements as a whoFe are free from rllalerial misslalement. whether due lo fraud or error, and to Issue an audilorfs report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always dele¢l a material misslatemenl when il exists, Misslalemenls can arise from fraud or elror and are consicl8red mal8rial if, individually or in the aggregate, they could reasonably be exp8Cted lo influ8nc8 the ewnomic decisions of users laken on the basis of these financial slalemenls. Irregularllies, includlng fraud, are Instances of non-compliance with laws and regulations. We design procedures In line with our responsibilitie5, Outlined above, lo detect material misslatemenls in resp8Gt of itregularilies. including fraud. Based on our understanding of the charity and the environment in which il operates, we identified that the pri1PaI risks ol non-compliance with laws and regulations related lo heallh and safely and employment lincluding laxalionl, and we considered th8 extent lo which non-compliance may have a rnalerial effect on the financial statements. We also Considered those laws and regulations that have a direct impact on the preparation of the financial slalemenls such as the ChariliesAcl 2011. We evaluated menagernenls incenlives and opportunilles for fraudulent manlpulallon of the financial slalemenls and d818rmined that the principal risk included revenue recognition and grant making. Audit procedures p8rfomied by the engagement team included: Enquiry Df management and those charged wilh governance regarding known or suspected fraud or ifregularily and the existence of actual or potential liligalion. Enquiry of staff in finance and management functions lo Identify any instances of non-compliance with laws and regulations, Performing audit work over the risk of managernenl overrirse of controls, including testing of journal entries for appropriateness, evaluating the business rationale of significant transactions outside the noTmal course of business and reviewing estimates for bias. Agreeing financial statement disclosures lo underlying supporting documentation, Inspecting stock count sheets and attending inventory counts al all locations. Testing grants made to third paty evidence and documenlalion. Because of the inherent limitations of an audit, there is risk that we will not delect all irregularities, including those leading lo a material misslalemenl in the financial stslemenls or non-compliance wlh regulation, This risk increases the mor8 th81 compliance with a law or r@gulation is removed from the events and transactions reflec16d in th@ financial slalemenls, as we will be less likely to become aware of instances ol noTrcompliance. The risk is also greater regarding irrogularilies occurring due lo fraud rather than error. as fraud involves intentional concealment, forgery. collusion, omission or misr8pr8S@nlalion.
KRIZEVAC PROJECT INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF KRIZEVAC PROJECT A further description of our Iesponsibililies is available on the Financial Reporting Council's website at.. htlps".11 www.frc.org.uklaudilorsresponsibililies. This description forms part of our audilovs report. Other matters whlch we are requlred to addros8 Your altenlion is drawn lo the fact that the Charity has prepared financlal statements in accordance wllh"Accounling and Reportlng by Charities.. Slalemgnl of Recommended Practice applicable lo charities preparing their accounts in accordanc& with the Financial Reporting St2ni5ard applicable in the UK and Republic of Ireland IFRS 1021" (85 amendedl in pief&ren¢e lo th& A¢counling and Reportin9 by Charities.. Statement of Recommènded Practice issued on l Awil 2005 which is referred lo in the exlanl regulations bul has now been withdrawn. This has been done in order for the financial statements to provide a true and fair view in accordance with eurrenl Generally Accepted Accounting Practice. Use of our report This report is made solely lo the charily's trustees. as a body, in accordance with part 4 of the Charities (Accounls and Reports) Regulations 2008. Our audit work has been undertaken so that we might state lo the charity's Iruslees those mallers we are required lo slate lo them in an auditors, report and for no other purpose. To the fLJllesl exlenl permittèd by law, we do not accept or assume responsibility lo anyone other than the Charity. and Ihe charity's trustees as a body, for our audit work, for this report. or for the opinion8 we have formed. Christophèr Cooper FCA FCCA (Senlor Statutory Auditor) for and on behalf of Prlce Pearson 2JliblL4 Chartered Accountants ststutory Audltor Finch House 28-30 Wolverhampton Street Dudley West Midlands DY1 1DB Price Pearson is eligible for appointment as auditor of the Charity by virtue of 118 eligibility lor 8ppoinlm8nl as auditor of a company under section 1212 of the Companies Act 2006. 10-
KRIZEVAC PROJECT STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrlcted RestrlGted funds funds Total 2023 Total 2022 Note5 Donations and legacies Other trading acliviti8s Other income 4,397,180 154,388 95,599 18,132 4,415,312 1,621,225 154,388 185,129 95.599 95,080 Total Income 4,647,167 18,132 4,665,299 1,901,434 Raising funds 57,255 57,255 134,744 Charitable activities Support & governance 1,804,438 224,978 18,132 1,822,568 1,242,952 224,978 265.081 Total resources expended 2,086,669 18,132 2,104,801 1,642,777 Net income for the yearl Net movemonl In funds 2.560,498 2,560,498 258.657 FLtnd balances al 1 January 2023 1,073,467 50 1,073,517 814,860 Fund balances at 31 December 2023 3,633.965 50 3,634,015 1,073.517 Th8 slalemenl of financial activities includes all gains anLY losses recognised In the year. All iacome and expenditure derive from continuing aclivilies. 11
KRIZEVAC PROJECT BALANCE SHEET AS AT31 DECEMBER 2023 2023 2022 Notes Flxed assets Tangible assets Investment properfies 12 13 340,563 2.161.717 338,024 553,210 2,5Q2,280 901,234 Currgnt assets Slocks Deblo Ga5h al bank and in hand 14 16 31,346 20,405 244,068 25.283 1,142,152 1,167,435 295,819 Creditors.. amounts falling due wlthln one yèar 17 135,7001 1123,5361 Net cJJrrent assets 1,131.735 172,283 Total assÈts less current liabilltles 3,634.015 1,073,5f7 Income funds Resliicled funds Unre8lriclèd funds 18 3.633,ges 1.073,467 3.834,015 1,073,517 The accounls were approved by the Trusteès on.. 18.1.ioj31k.... VKOwen Trustee 12
KRIZEVAC PROJECT STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash flow5 from operatlng a¢tlvlties Cash generated from operations 2.503,434 357,428 Investing actlvltles Purchase of tangible fixed assets Proceeds from disposal of lan9ible fixed assets Purchas6 of investment propety {8,843) 2,000 11,598,507) 1139,46L)) Net cash used in Investlng acttvlti8s {1,605,3501 1139,460} Net Ga5h used In flnanclng a¢tlvltles Net Increase in cash and cash equivalents 898,084 217,968 Cash and cash eqltivalenls al beginning of year 244,068 26,100 Cash and Gash &qulvalents at end of year 1,142,152 244.068 13-
KRIZEVAC PROJECT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Cash generated from operatlons 2023 2022 Surplus for the year 2,560,498 258,657 Adjustments for.. Gain on disposal of tangible fixed assets Depreciation and impaiimenl of tsngible fi'xed assets 12,0001 6,305 27,274 Movem@nts in working capital., D8crease in stock5 Ilncreaselldecrease In debtors (Decrease) in creditors 31,346 14,8781 187,8361 76,910 10,255 115,8681 Cash generatèd from operatlons 2,503,435 357.428 Accountlng pollclas Charlty Informatlon Kr¢zevac Project is conslilLrted a8 an unincorporated charitsble trust under a Declaration of Trust d8l&d 25 June 2008. 2.1 Accountlng ¢onventlon The accounts have been prepared in accordance with the Charity's governing do¢tJmenl, the Chaiities Act 2011 Bnd °Accounling and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (as amended fDr accounting periods commencing from 1 January 20191, The Charity is a Pubtic Benefit Enlily as defined by FRS 102. The financial slalements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the exlenl required lo provide a truè and fair view. Thi8 departure has involved following the Slalerllenl of Recommended Practice for charities applying FRS 102 ralher than the version of the Slalemenl of Recommended Practice which Is referred to in the Regulations but which has since been withdrawn. The financial slalemenls are prepared in sterling, which is the functional currency of the Charity. Monetary amcxjnts in these financial statements are rounded to the neare81 £. The financial slalemenls have been prèpared under the historical cost convention. The principal accounting potlcies adoplgd are set out below. 2.2 Golng concern Al the lime of approving the financial stalemenls, the Iruglees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Iruslees continue Io 8dDpI Ihe going concern basis of accounting in preparing the financlal slalemènts. 2.3 Charltable funds Unreslricled funds a available foT use al the discretion of the ITLislees in furtherance of their eharitsble objectives. Restricted funds aTe subject lo specific conditions by donors as lo how they may be used. The purwses and uses of the reslricled funds are sel OLbt in the notes lo the fi'nancial slalemenls. 14~
KRIZEVAC PROJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng poll¢les Icontlnuedl 2.4 Incomlng resourc0$ Income is recognised when the Gharily is legally entitled lo il after any performance Conditions have been met, the amounts can be measured reliably. and It is probable that income will be received. Cash donations are recognised Dn recelpl. Other donations are recognised once the Charity has been notified of the donation. Income tax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised al the lim8 of the donation. Income from trading aclivilies is recognised wh8n the significant risk8 and rewards of owneTship are transferred to the buyer. Olher income is accounted for on a receivable basis. 2.5 Resource5 expended Expenditure is accounted for on an accruals basis and has been classified under hoadings that aggregate all cost related lo the ¢al&gory. Where costs cannot be direclly atlribuled to particular headings they have been allocated lo activities on a basis con8iStenl with the use of resources. Irrecoverab VAT is charged against the category of resources expsnded for which il was incurred. Grants offered subject lo condition5 which have not been Mel al the year end dale are noted as commitment bul nol accrued as expenditure. Charitable activities inGlude grants mad& in accordance with the leims of the trust deed. Governance costs comprise all costs involving tho public accounlabillty ol the charity and ils compliance with regulation and good practice. These costs include costs related to slatulory audit and18gal fees. 2.6 Tanglble flxed assets Tangible fixed assets aro initially measured al cost and subsequently measured al cost or valualion. n8t of depreciation and any impairment losses. Depreciation is recognisad so as lo wri18 off the cost or valuation of assets less their residual values over Ih8ir useful lives on the following bases.. Land and buildings improvéments Fixtures, fillings & equipment Motor vÈhlcle8 25Vo p.a. slraighl line basls 25% p.a. slraighl line basls 25% p,a. slraighl line basis Freehold land is not depreciated. Freehold buildings have 8 sidal value al least equal to the value in the accounts ar are therefore not eprecialed. This is reviewed on an annual basis lo ensure no impairment is required. The gain or loss arising on the disposal of an asset Is delermlned as th@ difference between the sale proceeds and the carrying value of the 8ssel, and is recognised in th& statement of financial activities. 2.7 Investment propertles Investment property, which is property held lo earn rentals andlor for capital appreciation, is ini118lly recognised al 0051, which includes the purehase cost and any directly allribulable expenditure. Subsequently il is mea5uied al fair value al the reporting entj dale, The surplus or deficit on revaluation is recognised in profil or loss. 15-
KRIZEVAC PROJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles Icontlnuedl 2.8 lrnpairment of flxed assets Al each reporting ond dale, the Charily reviews the carrying amounts of its tangible assets lo del$rmine whether there is any indication that those assets have suffered an impairment loss. If any such ind¢alion exlsls, th6 recoverable omounl of the asset is estimated in order lo determine the extent of th8 impairment loss lif any). 2.9 Stocks Stocks are staled at the lower of cost and eslimaled selling price less costs lo complete and sell. Cost comprises direct maleTials and, where applicable, direct labour cos15 and those overheads that have been incurred in bringing the stocks lo their present IatIon and condition. Items held fo¥ distribution at no or nominal consideration are measured Iho lower of replacement cost and cost. Nel realisable value is the eslimaled selling price less all 8stimaled costs of MPletIOn and costs lo be incurred in marketing, selling and dislribulion. 2.10 Cash and cash eqLElvalents Cash ancl cash equivalents include Cash in hand, dèposits held 81 call wth banks, other short.lerrn liquicl investments with original maturities of three months or less, and bank overdrafts. Bank ov&rdrafts are shown w¢lhin borrowings in current liabilities. 2.11 Flnanclal Instrumonts The Charity has elected lo apply the provisions of Section 11 'Basic Financial Inslrumenls, and Section 12 'Olhei Financial Instruments Issues. of FRS 102 to all of ils financial instruments. Financial instruments are recogni8ed in the Charity's balance sheet when the Charity becomes party to the contractual provisions Df the instrument. Finan¢ial assets and liabilities ale offset, with the net amounts presented in the financial stslemonls, when there is a legally enforceable right to sel off the recognised amounts and there is an intention to sell18 on a nel basis or lo realise the asset and sell1& the liability simultaneously. Basic financial assets 58sic financial assets, which include debtors and cash and bank balances. are Initially m8asured at transaction price including transaction costs and are subsequently carried al amortised cost Ljsing tho effective interest method unless the arrangement constitulBS a financing Iransaclion, wherts the transaction is measured at thÉ present value of the future reip1S discounted al a rnarkel rale of intere51. Financial assets classifi'ed as receivable within Dne year are not amortised. Impainnent of linanelal assets Financial assets. other than those held al fair value through income and expenditure, are assessed for indicators of ifflpairment al each reporting (Jate. Financial assets are impaired wheTe there Is objective evidence that, as a r8suII of one or more events that occurred after the initial recognitlon of the flnanclal asset, the eslimaled fL*tu¥e cash flows have been affeoled. If an asset is impaired. the impairment Ioss 15 the difference between the carrying amount and the present value of the eslimaled cash flows discounted al the asset's original effective interest rate. The impairment loss is recognised In nel incomellexpenditurel for the year. 11 fhere is a decrease in the impairment Ioss 8rising from an ev&nl Occurr1r after the impalrmenl was recognised, the impairment is reversed. The reversal is such that the current carrying amtsunl does not exceeLt what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal Is recognised in nel incomel{expendilurel for th8 y8ar. 16-
KRIZEVAC PROJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles {Contlnued} Derecognltlon of flnanclal assets Financial as9els are derecognised Dnly when the contractual rights ID the cash flows from the asset expire Dr are sellled, or when the Charity transfers the financial asset and substantially all the rlsks and rewards of ownershlp lo another enlily, or if some significanl risks and rewards of ownership are retained bul control of the asset has Iranslerred lo another party that is able lo sell the asset in its entirely lo an unrelated third party. BasiG financial liabilities Basic financial lisbililies, including cr8dilors are initially recognised al Iransaclion price unless the arrangement conslilules a financing Iransaclion. where the debt inslrLJmenl is meastjred al the present value ol the future payments discounted at 8 mart(el rale of interest. Financial liabilits'es Glassffied as paygble within one year are not amortised. Debt instruments are subsequently carried al amortisad c051, using the effective interest rale method. Trade creditors are obligallons lo pay for goods or servicos that have been acquired in the ordinary ¢ourse ol operations from suppliers. Amounts payable are ¢lassified as ¢urrenl liabilili&s if payment is due within one yezr or less. If nol. they are presented as non-current liabilities. Trade creditors are recognised initially al transaction price and subsequently measured al amortised cost using Ihe effective interest method. Derecognltlon of financial liabilities Finan¢ial liabilities are derecognised when the Chaty'S contractual obligations expire or are distharged or cancelled. 2.12 Taxallon The charity is exempl from lax on ils charitable aclivilie8. 2.13 Employee beneflts The c05t of any unused holiday enlillemenl Is reeognised in the period in which the employee's services 8r@ received. Termlnallon benefits are recognised immediately as an expense when the Charlly Is demonstrably committ&d to terminate the employment of sn employee or lo provide termination benefits. 2.14 Retlrement benefits Payments lo defined conlribulion rèb'r8m@nl benefit schemes are charged as an expense as they fall due. 2.15 For&lgn exchange Transactions in currencies other than pounds sterling are r@corded al the rates of exchange Prevailing at the dales of the transactions. Al each reporting end dale, monetary assets and liabilitie5 that are denominated in foreign currencies sre relransl8led 81 the rates prevailing on the reporting end dale. Gains and losses aiising on translation in the period are included in prolil or loss. 2.16 Government Grants Government grants are recognised at th@ fair value of the asset received or recesvable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that SPlfieS performance ¢ondittons is r8cognised in income when the performance conditions are mel. Where a grant does not specify performance conditions il is recognised in income when the proceeds are received or receivable. A gr8nt réceived fOre the recognition criteria are satisfied is recognised as a 17-
KRIZEVAC PROJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Donations and legacios Unrestrl¢ted Restrlctsd funds funds Total Total 2023 2023 2023 2022 Donations and gifts 4,397,180 18,132 4,415,312 1,621.225 Forthe year ended 31 Dgcember2022 1,614,519 8,708 1,621,225 Other tradlng activlties 2023 2022 Revenue from sales Elephant bike sales Cycle of goods sales 68,770 18,429 e7,189 21,163 90,737 73,229 154,388 185,129 All income from trading adivities relales lo unrestricted funds. Other Income 2023 2022 Other income 95,599 95,080 All other incovne relates lo unreslricled funds. 18-
KRIZEVAC PROJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Ralslng funds 2023 2022 Advertising 6.299 5,576 Elephant bike costs Cycle of goods costs Postage 1,949 37,778 11.229 18,681 90,543 19,944 57,255 134,744 All expenditure in resp8Ct of raising funds relates lo unrestricted funds for both 2D23 and 2022. Charltable activltles Malawl S6lbo Nigorla Kenya Total 2023 Totsl 2022 2023 2023 2023 2023 Staff cosls Charitable expenditure Shipping- exports Votunleer exp&nses 99,952 250,752 82,929 3,985 99,952 250,752 82,929 3,985 62,235 78,489 42,045 7.630 437,618 437.618 190,399 Grant funding of activities (see note 8} 1.152,628 218,131 14,191 1,384,950 1,052.553 1,590.246 218.131 14.191 1,822,568 1,242,952 Analysis by fund Unreslricled funds R¢slricled funds 1,572,114 18.132 218,131 14,191 1,804,436 1,236,246 18,132 6,706 1,590,246 218,131 14,191 1,822,568 1,242,952 For the year ended 31 Dec8mber 2022 Unresliicled funds 1.138,273 Restricted funds 6,7r 85,008 10,000 2,965 1,236,246 6,706 1,144,979 85,C)08 10,000 2,965 1,242,952 19-
KRIZEVAC PROJECT NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Grants payable Malawl 2023 Seibo 2023 Ntgerla 2023 Total 2022 Total 2021 Grants lo instilulions.. Con51ru¢lion and provision of services School meals Slalions of the cr055 Agricultural project 1,152,628 1,152,628 218,131 954,580 85,008 2,965 10,000 218,131 14.191 14,191 1,152,628 218,131 14,191 1.384,950 1,052,553 Support costs Support costs Governance costs 2023 2022 Basls of allocatlon Staff costs Deprocialion (Profilllloss on disposals Exchange gains Business rates General insurance 135,176 e,305 (2,0001 9,145 1,760 3,570 {2,2791 4,705 1,144 1,477 10,858 20,533 15,643 832 7,783 646 135,176 6.305 12.0001 9.145 1.760 3,570 12.2791 4.705 1.144 1,477 10.858 20.533 15.843 832 7.783 646 169,328 Staff time 27,274 ActLr Actual Actual 2,181 Actual 9,798 Actual 10,688 Actual 3,725 Actual 2,311 Actual 3,863 Actual 7,127 Actual 12,901 Actual 2,136 Actua 1,250 Actual 7,321 Actual 378 Actual Motor running Gosts TeleBommunicalions Printing, postage & slalionery Sundry expense8 Repaiis & tnainl8nance Legal & profe55ional fees Advertising & promotion Tr8vel expenses Bank charges Audit fee5 9,680 9,680 4,800 Governance 215,298 9.680 224.978 265,081 All expendllure in respect of support costs relate lo unreslricl8d funds for both 2023 and 2022. 20-
KRIZEVAC PROJECT NOTES TO THE FINANCIAL STATEIiqENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 10 Trustses None of Ihe Iruslegs lor any persons connected wlh them) received any iemuneration during the period, bul 2 of them were reimbursecl a lotsl of £4,958 for Iravelling èxpenses12022 - £3,009). 11 Employees Numbgr of 9mployeos The average rllonlhly number of employees during the year was.. 2023 Numbèr 2022 Number Adminislralion Drivers Employment costs 2023 2022 INages and salaries Social security costs Other pension costs 211,448 18.264 5,416 209,822 16,872 4.869 235.128 231,563 There were no employees whose annual remuneration was £60,000 or more, 21
KRIZEVAC PROJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 12 Tanglble flxed assots Land and bulldlng5 Improvement8 Flxiures, Motorvehl¢les fillings & equlprnent Total Cost Al 1 January 2023 Addihc>ns Disposals 582,833 32,343 12.720 8,843 112.7201 627,896 8,843 112.7201 Al 31 Decetnber 2023 582,833 32.343 8.843 624.019 Depreclation and Impalrment Al 1 January 2023 Depreciation charged in the year Eliminated in respect of disposals 246,861 3,863 30.291 1,888 12,720 553 112.7201 289.872 6.304 112,7201 Al 31 December 2023 250,724 32,179 553 283,456 Carrylng amount Al 31 December 2023 332,109 164 8,290 340,583 Al 31 D8cember 2022 335,972 2,052 338.024 13 Investment property 2023 Falr value Al l January 2023 Additions 563,210 1,598,507 Al 31 Decembèr 2023 2,161,717 On 6 July 2023 A J Smfth donated his famity home lo The Krizevac Project, the property had a value ol £1,250,000. On 15 Dscember 2023 Radmore Managemènt Limited donated three of il's properties lo The Krizevac Project at a value of £348,507. The Invostmenl properties were valued at 31 December 2023 by the directors al £2,1el,717. The valuation was made on 8n open market value ba8ls by reference to market evtdence of transaction prices for similar properties. -22-
KRIZEVAC PROJECT NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 Stocks 2023 2022 Finish8d goods and goods for rosale 31.348 15 Flnanclal Instruments 2023 2022 Carrylng amount of financ5al assets D8bl instruments measured al amortised cost 6.368 11.754 Carrylng amount of flnancial Ilabllltles Measur8d at amortised cost 29,537 115.349 16 Debtors 2023 2022 Amounts falllng wlthin onè year: Trade debltsrs Other debtors Prepayments and accrued income 2,175 16,e68 6,440 5,386 6,388 8,651 25.283 20,405 17 Crodltors: amounts falling dutr wlthln ona year 2023 2022 Other laxalion and social security Trade creditors Amounts owed to Krizevac Malawi Other creditors Accruals and deferied Income 6,163 9,965 8,187 28.173 65.714 2,859 18,603 3.898 15.674 35,700 123,536 -23-
KRIZEVAC PROJECT NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 18 Rèstrlctsd funds The income fijnds of the charity include reslricled ftjnds comprlsing the followng unexpended balances of donations and grants held on trust for specific purposes.. Movement In funds Incomlng Resources Balance at 31 resources expended December 2023 Balanco at 1 January 2023 Unrestricted funds: 1,073,467 4,e47,166 12,086,668) 3,633.965 Restrlcted funds.. Give a Child a Chance Campaign Flood Appeal Seibo Maz6 50 12,482 5,650 150 112.4821 {5,6501 (1501 50 1.073,517 4,665,448 12,104.9501 3,634.015 Glve a Chlld a Chance Campaign Sponsorshlp of children's plaS in Moth&r Teresa Childron's Centre for orphans and vulnerable Ghildren. Seibo Maze Sponsorship of Seibo Japan which has the aim of woviding every child in the world a hol meal al school in order for them lo focus on learning. 19 Analysls of net assots between funds Unr&strlcted Restrictod Total Fund balances at 31 December 2023 are represented by- Tangible assets Investment properties CLtrrent assets 340.5S3 2,161.717 1,131.735 340,563 2,161,717 1,131,785 50 3,634,015 50 3,634,D65 -24-
KRIZEVAC PROJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 20 Operating lease commitmènts Tho operating leases represent a lease lo a third party. The lease is negots8ted over a term of 6 ye?r$ and renta18 are fixed until the 1 January 2020 and renewed evary second anniversary of that dale. A Tenan18 Break clause is included as al the 1 January 2021. Thè 16nanl musl give al least 6 months notice bebre the break d810. At the reporting ond date the Charily had contracted with tenants lo receive the following minlmum lease payments". 2023 2022 Ilfilhin one year Between two and five years 66,915 211,897 53,981 278.811 278,812 332.792 21 Related party transactions A J Smith and Miss J M Smith control Radmore Management Limited. leh in turn controls Mobell Communications Litniled and Paragon Projection Limited. During the year, the charity receiveLI donations of £2,769,597 12022 .' £1,439,059) from Mobell Communications Limited and £Nil 12022.. £Nill from Paragon Projection Lirniled. On 15 December 2023 three properties were donated by Radmore Management Limilvd worth £348,507. A J Smilh is a di¥eclor and owns SOQA of the share capital in British Desiccant Drying Limited. During the year, the charity received donations of £25,000 12022 .' £20,000) from British Desiccant Drying Limited. On 15 July 2023 A J Smith donated his family home lo The Krizev8c Proj8cl, the property had a value of £1,250,000. The charity paid out grants In 2023 to Beehive Centre For Social Enterprise of £1,152.628 {2022 .' £954,580) A J Smith and V K Owen are dlrectors of the non~profil Association, Beehive Centre for Social Enterprise. Also during the year the charity paid grants lo the Japanese-regisl8red non-profit organlsalion, Seibo of £218,831 12022 £85,158), A J Smith and V K Owen are Iruslees of Seibo. Remuneratlon of key management personnel The remuneration of key management personne5 Is as follows. 2023 2022 Aggregale compensatson 44,817 40,576 25-