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
a￿0M￿OdaI1On 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 se￿iCe5.
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-stts￿Y 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 sU￿1ved. 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 donat￿nS 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 benefi￿ary 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¢al￿n 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 finar￿la1 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 pri￿1PaI
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 ￿sid￿al 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 I￿atIon 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 re￿ip1S 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 Cha￿ty'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 SP￿lfieS 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 ActL￿r
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 pla￿S 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-