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2020-12-31-accounts

VIMBA

CHARITY NO.: 1125516

REPORT AND UNAUDITED ACCOUNTS

for the year ended 31 December 2020

SHRUTI SONI FCCA FCIE CHARTERED CERTIFIED ACCOUNTANTS

117A ST JOHNS HILL SEVENOAKS TN13 3PE

Vimba

Status: Charity registration No. 1125516 The Charity's governing document is its Trust Deed dated 5 August 2008 Principal office: 11 Fernwood Avenue London SW16 1RD Trustees: Nicola Ford James McDowell Graeme Freeland Davina Pope Jones Philippa Tasker Independent examiner: Shruti Soni FCCA FCIE Shruti Soni Ltd Chartered Certified Accountants 117a St. John's Hill Sevenoaks TN13 3PE

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Vimba

Trustees' Report for the year ended 31 December 2020

The trustees present their report and the financial statements for the year ended 31 December 2020 The financial statements comply with current statutory requirements and the requirements of the Constitution.

STRUCTURE, GOVERNANCE AND MANAGEMENT and OBJECTIVESAND ACTIVITIES

Vimba has a UK Management Committee of up to 6 members who meet quarterly and are responsible for the strategic direction and policy of the charity. At present the Committee has members from a variety of professional backgrounds relevant to the work of the charity. Vimba also has a Zimbabwe Management Committee that is responsible for overseeing the projects and reporting to the UK Committee.

Vimba channels its energy and funds on child feeding and education centres in Zimbabwe. Children receive one guaranteed nutritional meal a day, informal education and regular medical check-ups. Vimba is also working with a number of local charities, orphanages and other organisations in Zimbabwe.

ACHIEVEMENTS AND PERFORMANCE

2020 was a milestone year for Vimba as it saw the Zimbabwe Vimba team begin to chart new territory, by starting the process to become a fully functional, registered charity trust in Zimbabwe. Vimba Zimbabwe Trust has now been registered and is a legal entity in Zimbabawe, operating as a not-for-profit Trust. As a Trust, Vimba Zimbabwe Trust is able to operate legally without the need of partnering with on the ground legal entities, so it is an exciting new chapter in Vimba’s life.

Vimba continues to provide Corn Soya Blend Porridge (“CSB”) to extremely disadvantaged children at our feeding centre projects around Zimbabwe including at Montgomery, Montgomery Heights, Mapere, Komani and Domboshava. CSB has been formulated by food scientists to provide a rich source of easily digestible maize, soya beans and vitamins needed by an undernourished child’s body and mind. Vimba is currently feeding approximately 685 children at its various feeding centres around Zimbabwe. As well as the CSB that Vimba provides at it feeding centres we also provide other support such as medicines, regular health checks from registered nurses, professional medical doctor visits, general medical bills and other ad-hoc support as required.

Additionally, during the Covid-19 Pandemic we have run food programs in Chitungwiza and Epworth for more than 200 children at each location. We also partnered with EatOut Zimbabwe to help street children of Harare during the Covid-19 Lockdowns. During our Covid-19 Outreach we provided children with hygiene packs, blankets, food and toys.

During 2020, Vimba continued to support the Nolan Foundation Zimbabwe in Domboshava with gas, electricity, groceries and school fees for the orphans. Vimba also assisted the Yamuranai Association in Epworth with groceries, medical assistance and wheelchair distribution. Yamuranai Association currently assists over 300 people with disabilities in the Epworth area.

2020 saw Vimba complete several large projects that were started in 2019 including the following:

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Vimba

Trustees' Report for the year ended 31 December 2020

Vimba capped the year off by hosting numerous Christmas parties at Montgomery Heights, Epworth, Domboshava and Komani. 2020 was a very difficult year for many Zimbabweans, so for a lot of these children who attended the Christmas Party this was the most fun they had this year.

We are looking forward to 2021 as there are a number of exciting projects that we are working on to continue provide assistance to underprivileged children right across Zimbabwe.

RESERVE AND INVESTMENT POLICY

The Trustees of UK Charities are governed by the Charities Act 2011 which sets out the general power of investment in dealing with charity assets.

Vimba has approximately £137,118 of NET assets, all of which are expected to be spent over the next three to five years. The Trustees have decided to invest £50,000 into an investment fund with the aim of seeking a financial return.

PLANS FOR FUTURE PERIODS

To continue to support the four feeding centres, various schools, orphanages and other projects Vimba has been providing assistance to over the years.

GRANT MAKING POLICY

Grants are decided by the trustees of Vimba in collaboration with the Vimba committees in the UK & Zimbabwe.

PUBLIC BENEFIT

The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit and the supplementary public benefit guidance for charities whose aims include advancing religion when reviewing the charity's aims and objectives and in planning future activities.

TRUSTEES ASSESSMENT OF IMPACT OF COVID 19 ON THE CHARITY

So far COVID 19 has had very little impact on the charities fundraising as we have continued to raise money and support our existing projects. However, we have noticed a greater demand for support within Zimbabwe as a greater proportion of the population are struggling to provide basic necessities such as food, medicine and adequate housing.

We will continue to help where we can, however, our primary focus remains the ongoing support of our existing and new projects. Over the last few years, Vimba has built up a strong net asset position (£137,118) that we can use if fundraising dries up, however, we do not feel as though this will be the case.

FINANCIAL REVIEW AND RESERVES POLICY

The charity's total incoming resources for the year were £127,929 (2019:£85,635). Its net expenditure at the year-end stood at £2 (2019: net income £62,903). At the year end, the Charity had total reserves of £137,118 (2019:£137,116 ). The trustees’ policy on reserves is to have at least 6 months running costs which are estimated at £12,000. The trustees believe the charity has enough reserves to cover the Charity's costs for more than one year and hence these is very low going concern risk.

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Trustees' Report for the year ended 31 December 2020

Vimba

Statement of Trustees' Responsibilities

The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and FRS 102

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

a) select suitable accounting policies and apply them consistently;

b) observe the methods and principles in the Charities SORP;

c) make judgments and accounting estimates that are reasonable and prudent;

d) state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

e) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the Board of Trustees on and signed on its beha 02/10/2021 by

Graeme Freeland

_______ Name, Trustee

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Independent Examiner’s Report to the Trustees of Vimba

I report on the financial statements of the charity for the year ended 31 December 2020 as set out on pages 6 to 13.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Shruti Soni FCCA FCIE Date: 04/10/2021

Shruti Soni Ltd Chartered Certified Accountants 117a St. John's Hill Sevenoaks TN13 3PE

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Vimba

Statement of Financial Activities

for the year ended 31 December 2020

Restricted
Note
Funds
£
Income from:
Donations and legacies
2
5,396
Investments
-
Total
5,396
Expenditure on:
Raising funds
3
-
Charitable activities
4
5,396
Total
5,396
Net income/(expenditure)
-
Other recognised gains/(losses):
Gains/(losses) on revaluation of investments
Other losses: Foreign Exchange Gain
Net movement in funds
-
Reconciliation of funds:
Total funds brought forward
-
Total funds carried forward
9
-		 Unrestricted
Funds
£
122,389
144
122,533
216
123,623
123,839
(1,306)
1,963
(655)
2
137,116
137,118		 Total
Funds
2020
£
127,785
144
127,929
216
129,019
129,235
(1,306)
1,963
(655)
2
137,116
137,118		 Total
Funds
2019
£
85,472
163		 Total
Funds
2019
£
85,472
163
85,635
835
21,909
22,744
62,891
-
12
62,903
74,213
137,116

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Vimba

Fixed assets
Investments
Total fixed assets
Current assets
Cash at bank and in hand
Total current assets
Creditors: amounts falling due
within one year
Net current assets/(liabilities)
Total assets less current liabilities
Net assets
The funds of the charity:
Restricted funds
Unrestricted funds:
General fund
Total unrestricted funds
Total charity funds		 Note
£
£
6
51,963
51,963
89,300
89,300
7
(4,145)
85,155
137,118
8
137,118
-
137,118
137,118
9
137,118
2020
Balance sheet
as at
31 December 2020		 £
141,277
6
7
8
9

These financial statements were approved by the Trustees on 02/10/2021 and signed on its behalf by:

Graeme Freeland

Name, Trustee

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Vimba

Notes to the accounts for the year ended 31 December 2020

1 Accounting policies

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year.

(i) Basis of accounting

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

(ii) Fund accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes. Restricted funds are subject to restrictions on their expenditure imposed by the donor or through the terms of an appeal.

(iii) Incoming resources

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

(iv) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Costs of raising funds relate to the costs incurred by the charitable company in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose

Expenditure on charitable activities includes the costs of charitable activities undertaken to further the purposes of the charity and their associated support costs

Other expenditure represents those items not falling into any other heading

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

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Vimba

Notes to the accounts for the year ended 31 December 2020

(v) Going concern

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

(vi) Foreign Currency Translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to Statement of Financial Activties.

(v) Investments

Investments held as fixed assets are revalued at mid-market value at the balance

sheet date and the gain or loss taken to the Statement of Financial Activities.

2
Donations and legacies
Supporter donations
Corporate and other donations
Total
3
Expenditure on raising funds
Fundraising activities
Cricket day costs
Other
Total
4
Charitable activities
Direct project costs
Feeding Centres
Orphanages
Employee cost aka gift allowance
Mapere Rotary project
Hatcliffe Project
Cyclone Idai
Mwenje Project
KHW
LandsAid
Covid Response
Shamwari Project
Other
Other charitable expenses
Total		 Restricted
Funds
£
-
5,396
5,396
-
-
-
2,835
2,561
5,396		 Unrestricted
Funds
£
3,371
119,018
122,389
-
216
216
3,243
1,083
5,763
378
-
-
23,995
52,700
33,181
969
-
1,266
1,045
123,623		 Total
Funds
2020
£
3,371
124,414
127,785
-
216
216
3,243
1,083
5,763
378
-
-
26,830
55,261
33,181
969
-
1,266
1,045
129,019		 Unrestricted
Funds
£
1,985
83,487
85,472
619
216
835
5,278
290
-
-
276
1,446
5,662
-
-
-
7,888
40
1,029
21,909		 Total
Funds
2019
£
1,985
83,487
85,472
619
216
835
5,278
290
-
-
276
1,446
5,662
-
-
-
7,888
40
1,029
21,909

9

Notes to the accounts for the year ended 31 December 2020

Vimba

5 Trustee remuneration and expenses

No trustees received any remuneration during the year. No expenses were reimbursed to trustees (2019: nil).

No trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity during the year (2019: nil).

6 Investments - listed on a recognised stock exchange or held in common funds or unit trusts

Market value on 1 January
Additions
Disposals
Gain/(loss) on sale or revaluation
Market value on 31 December		 2020
£
-
50,000
-
1,963
51,963		 2019
£
-
-
-
-
-

List of investments at year end which are considered material in terms of the investment portfolio:

Trojan Ethical Fund (OEIC) Units
Value
no.
£
43,516
51,963

7 Creditors: amounts falling due within one year

Accruals
Ubunye (Just Giving Income)
Cash held at Zim
Total		 2020
£
720
-
3,425
4,145		 2019
£
720
2,835
606
4,161

8 Analysis of net assets between funds

Investments
Current assets
Current liabilities
Net assets 31 December 2020
Analysis of net assets between funds
Current assets
Current liabilities
Net assets 31 December 2019		 General
Funds
£
51,963
89,300
(4,145)
137,118
General
Funds
£
141,277
(4,161)
137,116		 Designated
Funds
£
-
-
-
-
Designated
Funds
£
-
-
-		 Restricted
Funds
£
-
-
-
-
Restricted
Funds
£
-
-
-		 Total
Funds
£
51,963
89,300
(4,145)
137,118
Total
Funds
£
141,277
(4,161)
137,116

7A Analysis of net assets between funds

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Vimba

Notes to the accounts for the year ended 31 December 2020

9 Movements in funds

Restricted funds:
Cyclone Idai
Total restricted funds
Unrestricted funds
General fund
Total unrestricted funds
Total funds
8A Movements in funds
Unrestricted funds
General fund
Total unrestricted funds
Total funds		 At 1 January
2020
£
-
137,116
137,116
137,116
At 1 January
2019
£
74,213
74,213
74,213		 Incoming
resources
£
5,396
5,396
124,496
124,496
129,892
Incoming
resources
£
85,635
85,635
85,635		 Outgoing
At 31 December
resources
2020
£
£
(5,396)
-
(5,396)
-
(124,494)
137,118
(124,494)
137,118
(129,890)
137,118
Outgoing
At 31 December
resources
2019
£
£
(22,732)
137,116
(22,732)
137,116
(22,732)
137,116

9 Movements in funds (continued)

Purposes of Restricted Funds:

Donation was received from Nicola Baldwin towards charity works for Cyclone Idai disaster relief.

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