| Trust Informatmn | |
|---|---|
| Trustees' Report |
|
| Independent Auditors' |
Report |
| Statement of Finanaal |
Aclwities |
| Balance Sheet | |
| Statement ofCash Flows | |
| Notes to the Fmancml | Slatemenls |
| TRUST INFORIEATION | |||
|---|---|---|---|
| CONSWUIION | A registered charily govarrml |
by ils Trust Deed | |
| REGISTERED CHARITY NUMBER | I135589 | ||
| TRUSTEES | Mr Davide Serra | ||
| Ms Allrla Bemssl | |||
| Mr Richard Kelly |
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| Mr Matthew King |
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| Ms Lucy Challis | |||
| Ms Slvia Merler | |||
| REGISTERED OFRCE | 4th Floor | ||
| 1StJames's Market | |||
| London | |||
| SW1Y4AH | |||
| BANKERS AND CUSTODIANS | HSBC Bank PN | ||
| HSBC Secunlies | Servhes | ||
| 8Canada Square | |||
| London | |||
| E145HQ | |||
| CUSTODIANS | UBSSwitzerland | AG | |
| Baarengasse 18 | |||
| 8001 Zuric | |||
| INDEPENDENT AUDITORS | Arnold Mg8Co LLP |
||
| Chartered Acceurcanls |
|||
| 8th Floor, Capital | Tower | ||
| 91Waterloo Road | |||
| London | |||
| SE18RT |
| TRUSTEES' REPORT | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ths Trustees present Iheir report and audited financia slalmnenls for the |
year ended | 31March 2022. | ||||||||||
| The financisl statements have been prepared in accordance with Ihe accounting polhies set out on pages 15and |
16 snd comply wah | Ihe current | ||||||||||
| statutory requirsmenls, Ihe Chanties Am 2011,Ihe Trust Deed (as defined below), |
and | Accounting | and Reporting | by Charhes. | Slahmenl | af | ||||||
| Recommended Practice applicable to charities preparing thai accounts |
in accordance mth the Financml Repmting |
Standard | applicable | in | Ihe | |||||||
| UK and Republic ofIreland (FRs 102) (effecuve 1 Janumy 2015). | ||||||||||||
| STATUS | ||||||||||||
| Hakuna Mslata (Ihe 'Trust') was sstabfished on 15March 2010and registmed asa charity on 19April 2010.hr exchsively charitable |
purposes | |||||||||||
| pursuant to its Trust Deed dated 15March 2010. The Trust Deed defines |
the objects | and | pawars ofthe Trust. | |||||||||
| TRUST OSJECllVES AND MISSION | ||||||||||||
| The Trust's oblec5ves, ss stated in ihe Trust Deed, are Ihe holding of |
capital snd | income upon trust and |
to apply | the income | ku | the | publn | |||||
| benefit for exdusively charitable objech and purpaees h any perl ofthe workl. |
||||||||||||
| In setting Ihe Trusfsobjectives and planning ks activities, the Trustees have considered |
Becfion 17ofIhe Charities | Act 2011. In | doing so they | |||||||||
| are satisfisd that they have complied with Instr duty to have regard to Ihe public Benefit |
gukhnce | published | by the | Charfiy | Commission. | The | ||||||
| Trust's sckvibes and achievements are oullhed Ihraughout thn Trustees' |
Report and | the | Trustees befieve they fulbr | demonstrate | that Ihe | Trust | ||||||
| Is providing public bsnefik |
||||||||||||
| The pnmary mission ofthe Trust, as agmed by the Trustees, is lo: |
||||||||||||
| ...develop continuous linandal nippart firrhs achdfhs ofthe pmfecf |
'Help a hfiage" | which demoostrahy | impmves the lares afcfNChan |
|||||||||
| fiving n pavsrly in dsvshpihg rsunfrms by achieving s ngnffkwrt snd sustainahe |
impact. | |||||||||||
| ORBANISAllON | ||||||||||||
| The Board ofTrustees meets regulsdy lo review snd update Ihe Trust's |
strategy and |
ames ofacbvity, ncluding | cansidnason | of | grant-making, | |||||||
| hveslment decisions, a review ofthe reserves policy as wefi as Ihe overall risk profile |
ofIhe Trust | |||||||||||
| APPOINTMENT OFTRUSTEES |
||||||||||||
| The Trustees who held oflice dunng Ihe year were. | ||||||||||||
| Mr Davide Serra | ||||||||||||
| Ms Anna Bsrsssi | ||||||||||||
| Mr Richard Kelly |
||||||||||||
| Mr Malthew King |
||||||||||||
| Ms Wcy Chags | ||||||||||||
| Mr Hsrpsl Singh (Resigned 0 March 2022) |
||||||||||||
| Ms Silvia Msrler | ||||||||||||
| The Trustees are selected on lhe basis of their skills snd experfise and he contribution, | in particular | in the areas of | business | management | and | |||||||
| development, which Ikey can make to determine the strategy snd policies |
ofthe Trust | and | to monitor | knplemsntalion. | ||||||||
| The Trustees who meet regularly, are responsible for finence, development and plsnnhg. |
There is | no formal process for Intining | Trusbms, | but | ||||||||
| training fs provkled to hdividual Trustees and h ths Trusbms as awhale as needs arise. |
||||||||||||
| All Truslees give their time freely and no Trustee remuneration was paid in the period. |
| 2022f | 2021 5 |
|||
|---|---|---|---|---|
| FIXEDASSETS | ||||
| Irwustlnants | 2,530,713 | 2,425,550 | ||
| CURRENTASSETS | ||||
| Deblors Sank and cash |
243,305 403602 |
50 ~59423 |
||
| 59,473 | ||||
| CREDITORS amounts | faglng due wghln one year | (13,559) | (12,111) | |
| NET CURRENT ASSETS | 693,039 | 47,362 | ||
| NETASSETS | Ia | 3,223,752 | 2,472,912 | |
| FUNDS | ||||
| Unrestricted Funds Expandable Endowment |
Fund | 10 10 |
3223752 | ~4912 |
| TOTAL FUNDS | 10 | 3,223,752 | 2,472,912 |
| 2022 5 |
2021f | |||||
|---|---|---|---|---|---|---|
| Cash Nows from operating acbviges: Nat cash provided by operadng aagvllies |
558.008 | 97.751 | ||||
| Cash flows from investing activities: | ||||||
| Praceeda | from sale ofiweslmenls | 936271 | 296,093 | |||
| Purchase | ofiwestments | 1 090 100 | 39771 | |||
| Net cash | used In investing acthrltms |
153829 | 101 | |||
| Change fn Cash and |
cash and cash equivalents in the ossh equirafenls al Ihe beginning |
repmtini} period ofthe reporbng |
perfod | 404,179 59,423 |
(3.872I 63295 |
|
| Cash and | cash equivalents at Ihe end of |
Ihe mporgng | parted | 463,802 |
| 1. ACCOUNTING POLICIES |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| a) Statement ofCompliance |
||||||||||||||||
| The financial statements have been prepared in accordance with Accounting and Reporting |
by Charities: Statement | of Recommended | Practice | |||||||||||||
| appliawbfe la chsriliss preparing their accounts in accordance with the Financial Reporting Standard applicable in the ("FRSIGZ) (eifeclive 1 January 2010) - (Charities SDRP (FRS 102)), Ihs Finenrisl Reporting Standard applicable |
UK end in Ihe |
Republia of Ireland UK and Republic of |
||||||||||||||
| Ireland (FRS 102). | ||||||||||||||||
| The Trust meals the delinition of a public bsnefil entiiy under FRS 102.The assets and |
lisbililies | are initially | recognised | al histmical | cost or | |||||||||||
| transection value unless otherwise slated in Ihe relevant acoounling policy note. |
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| b) Accounting policies |
||||||||||||||||
| The principal accounting policies apphed in the preparation of these iinancial statements are |
set out below. | These | poliaes | have | been | |||||||||||
| consistently applied la all the years presented, unless otherwise slated. |
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| c) Critical accounting estimates and)udgemenls in applying accounting policies |
||||||||||||||||
| The Trust makes estimates and assumptions that agect the reported amounts ofassets and liabilities within |
Ihe financia | period. | Actual | results | ||||||||||||
| msy diNer from those esfimates. Estimates sre acnfinually evaluated and based on |
historica | expenence | and other |
femora, | Indudlng | |||||||||||
| expectsfions offuture events that are believed to be reasonable under the circumstances. |
The key assumptions | are | explained in |
the | respecbve | |||||||||||
| accounting policy notes below. |
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| d) Incoming resources |
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| All incoming resources are included in Ihe respective line items of Ihe Statement ofFinancial Activities when |
the | Trust is | legally | entlUed | to the | |||||||||||
| income and the amount can be quandlied wigt reasonable cerleinly. |
||||||||||||||||
| Interest income and expense is recognised in the Statement of Finanrial Activrges on an |
shecfive | interest | rate | basis. Dividend |
income | and | ||||||||||
| expenses, when the underlying securily is held directly by the Trust, is recognised in Ihe |
Statement of Finandal |
Activibes | on | an | rmMividend | |||||||||||
| basis, gross offoreign withholding taxes when receivable. Withholding tax isrecorded on an necrosis |
basis. | |||||||||||||||
| e) Resources expended |
||||||||||||||||
| Resources expended are accounted for on an acauals basis. Constructive obligations (induding grants payable) |
are accounted | for | ss | liabilikes | ||||||||||||
| where it is probable Ihat there will be a transfer of economic benefits and lhe amount af Ihe |
obligation | can | be reliably | estimated | and | |||||||||||
| communicated tothe recipient. |
||||||||||||||||
| Grants which the charity hss committed to paying but have the right tocancel are not recognised as lisbilifies. |
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| 0 Governance Costs |
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| Governance costs are those aosts incurred in the compliance with conslitueonsl end slstutory requirements including |
related | professional | fees, | |||||||||||||
| end sre accounted far on an accruals basis. These costs are induded under the heading |
charitable | ecfivities, | and are allocated | based | on the | |||||||||||
| cocciofgrentliig. | ||||||||||||||||
| g) Financial assets and liabilltle» held for trading |
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| Classihcalian | ||||||||||||||||
| The Trust dassifies its investments in debt securilies (other than Ihose dsssified as kmns |
end receivables), | and | equity securikes | as | linandel | |||||||||||
| assets at fair value through Ihe Slalemenl of Finandal Ac5vibes. These Iinencial assets are dsssified as held |
for | trading. Financial |
assets | held | ||||||||||||
| for trading are acquired principafiy for Ihe purpose ofselling in Ihe short term. |
||||||||||||||||
| RecagnfikxufiGmcagni5on | ||||||||||||||||
| purchases and sales of investments are recognised an their tnide date, which is ihe date |
on which | the Trust | commits ta | purchase | or | sell the | ||||||||||
| asset. Investments are initially recognised at fair value and transaction costs for such investmenls are expensed |
as incurred. | Investments | are de. | |||||||||||||
| recognised when Ihe rights to receive cash Ilows fram the investments have expired ar |
the Trust | has Iransferred | substantially | all | risks | and | ||||||||||
| rewards ofownership, |
| Grantfunded activity |
Grantfunded activity |
Grantfunded activity |
Grantfunded activity |
SuPPort and governance cosbi |
Grant funded activity 2022 E f |
Grant funded activity 2022 E f |
Support and governance costa E |
Support and governance costa E |
Support and governance costa E |
Support and governance costa E |
Support and governance costa E |
2021 E |
||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| UK based grants Overseas based grants |
24,000 254 358 |
761 76384 |
24,761 330742 |
24.000 295 892 |
273 3365 |
24,2'73 290 25'i |
||||||||||
| 278,358 | 77,145 | 355,503 | 319,892 | 3,638 | 323,530 | |||||||||||
| Of the overseas | based grant | payments, | 2102,178 (2021:6106,949) | was used lo assist | in the 'Help s Village' | project | which | demonstrably | ||||||||
| improves the lives of children living adivities indudad a 245,727 donsfion |
in povmty in developing countries towards housing (2021:Enil). |
by achieving s | sigriificant | snd sustainsbte | impact | Other charitable | ||||||||||
| Analysis of | support and governance | costs | ||||||||||||||
| General | Governance | Basis of | ||||||||||||||
| Year ended | 31March 2022 | siipport E |
function E |
2022 f |
spporgonment | |||||||||||
| Accountancy | Fees | 1,800 | 1,800 | Grants made | ||||||||||||
| Legal Fees | 780 | 780 | Granm made | |||||||||||||
| Consultancy | fees | 66,230 | 66,238 | Time spent | ||||||||||||
| ITexpeiisas | 3,229 | 3,229 | Grants made | |||||||||||||
| Bank and custody | charges | 5098 | 5098 | Grants made | ||||||||||||
| 0,327 | 60,018 | 77,145 | ||||||||||||||
| General | Gmremance | Basis of | ||||||||||||||
| Year ended | 31March 2021 | support | function | 2021 | apportionment | |||||||||||
| E | E | 2 | ||||||||||||||
| Accountancy | Fees | 1,800 | 1,800 | Grsnh made | ||||||||||||
| Sank and custody | charges | 1830 | 1838 | Grants made | ||||||||||||
| 1 830 | 1800 | 3630 |
| Fair Value st | Fair Value st | Total | Fair value at 31 March | Cost st31 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 1April | 2021 E |
Additions f |
Dlsposstsf | Losses E |
2022 E |
March 2022 E |
||||
| UK | 588,862 | (29,686) | 559,176 | |||||||
| Overseas | 2425 | 550 | I 971537 | ~2.497298 | ||||||
| Total quoted | 2,425,550 | 1,090,100 | (936,271) | (40.666) | 2,530,713 | 2,497,298 | ||||
| ' dihvance beiwsen toiai gains above and bank balances which hss been exduded Stalsmenf ofFinancial Aclivfies. |
ihe Slstemenf ofFinancial Ad(v5hu doss off-45,370)is due fo the foreign exchange mavemsnfs an in the abave analysis, but hss been included wfihin the gains and losses an invsstmsnls in lhe |
| 2022 | 2021 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| E | E | |||||||||||
| Distribugons | racehrable | 1,678 | ||||||||||
| Gift Aid receivable | 5,094 | |||||||||||
| Redemption | proceeds | receivable | 236533 | |||||||||
| 243,305 | 50 | |||||||||||
| 9. CREDITORS: |
amounls | falling due within one year | ||||||||||
| 2022 | 2021 | |||||||||||
| E | E | |||||||||||
| Grants outstanding | 8,468 | 8,511 | ||||||||||
| Acauals | 5400 | 3600 | ||||||||||
| 13.866 | 12,111 | |||||||||||
| 10. MOVEINENT |
IN FUNDS | |||||||||||
| Incoming | Resources | Losses on | ||||||||||
| 2021 | Resources | Expended | investmenls | Transfers | 2022 | |||||||
| E | E | E | E | E | ||||||||
| Unrestricted | 1,153,733 | (356,517) | (46,376) | (750,840) | ||||||||
| Restricted | ||||||||||||
| Expandable | Endowment | 2472 | 912 | 750840 | 3,223,752 | |||||||
| Total funds | 2,472,912 | 1,153.733 | (356,517) | (46,376) | 3,223,752 | |||||||
| 11.RECONCILIAMQN | OF NET | INCOME TO NET | CASH FLOW FROM OPERAMNG | ACTIVITIES | ||||||||
| 2022 | 2021 | |||||||||||
| E | E | |||||||||||
| Net income | for the | reporting | period (as per the statement | offinancial activities) | 750,840 | 360,585 | ||||||
| Adjustments | tor: | |||||||||||
| Losses orl lnvesmmnts | 46,666 | (369,336) | ||||||||||
| Decrsasef(inoresse) | in | debtors | (243,255) | 105,077 | ||||||||
| lrlcraese tn cradltom |
1757 | I425 | ||||||||||
| Nel cash provided | by | operating | activities | 558,006 | 97,751 |