##
|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|||
||Mr Matthew
King|||
||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|||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|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.|||||||||||||||||
|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.|||||||||||||||||
|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.|||||||||||||||||
|d)
Incoming resources|||||||||||||||||
|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.|||||||||||||||||
|0
Governance
Costs|||||||||||||||||
|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|||||||||||||||||
|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|
##