COMPANY REGISTRATION NUMBER.. 07033475 MASICORP UK LTD. Company Limited by Guarantee ACCOUNTS 31 December 2024 August 13, 2025
MASICORP UK LTD. Company Limited by Guarantee ACCOUNTS Year Ended 31 December 2024 TRUSTEES, ANNUAL REPORTYear Ended 31 December 2024............................................................. INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF MASICORP UK LTD................................. STATEMENTOF FINANCIALAcfiviTIES................................................................................... BALANCE SHEET 31 December 2024.................................................................................................. NOTESTO THE ACCOUNTS....................................................................... ....................................... 10 August 13, 2025
MASICORP UK LTD. Company Limited by Guarantee TRUSTEES, ANNUAL REPORT Year Ended 31 December 2024 The ttustees, who are also directots for th¢ purposes of CoMpY law. present their report and the accounts of the charity for the year ended 31 December 2024. REFERENCE AND ADMINISTRATIVE DETAILS Registered charity name MASICORP UK LTD. Charity registration number l137358 Company registration number 07033475 Principal office Wheel House Moor Park Beckwithshaw Harrogate HG3 1 QN North Yorkshire The Trustees The tmstees who served the charity during the period wer¢ as follow's.. Mrs Sandra Dodson (Chair) Mr Chris Littmoden (Deputy Chair) Dr Julia Mus8rave (Company Secretary) Ms Alison Bullock Mr Joseph Chivavo Mr Andrew Hamilton-smith Mr Alan McKelvcy B.E.M. Ms Emma Simon Ms Kar¢n van Zyl Secretary Dr Julia Musgrave Independent Examiner Karen Wyatt FCA Wyatts Chartered AceA)untants York House, Seagrdve Road London SW6 IRP Bankers Barclays Leicester LE87 2BB August 13, 2025
MASICORP UK LTD. Company Llmlted by Guarantee TRUSTEES, ANNUAL REPORT (cont.) Year Ended 31 December 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng Document Th¢ Charity is govcrn¢d by the Arti¢l¢s of Association incoryorated 29th Sept. 2009. Appolntment/Tralnlng of Trustees and Dlrectors Emma Simon and Kar¢n van Zyl w¢r¢ appoint¢d to th¢ Board of Trust¢¢s on l October 2024. Appropriat¢ induction and training take place for existing Trustees and new TrUStS wh¢n joining. Emma Simon and Karen van Zyl met with Board mcmbers for an introduction to MASICORP. both the organisation in South Africa and the UK charity. Risk Management The Trustees undertake relevant risk management &85essments at each Board of Trustees, meeting. The Trustees seck infomiation and evidence from the Managing Director of M&siphumelele Corporation [SA] (henceforth MASICORP South Africa) on risk management processes and protocols within the South Afrtcan charity. OBIECTIVES AND ACTIVITIES Oblectlves Th¢ charity's objectiv¢ is to provid¢ a rang¢ of ¢ducational opportuniti¢s mainly for Ghildr¢n and young people living in Masiphumelele, a very deprived township in South Afric4 by fvnding specific projects which provide staff, facilities and equipment. The range of projects include education, arts, sports progrdmmes and facilities for children, youn8 people and adults living in Masiphumelele totalling over 40,000 disadvanta8ed residents outside Cape Town, South Africa, Funds are raised in th¢ UK and st to South Africa where th¢y spent at the direction of the UK Trustees. Actlvltles Th¢ activity of this UK charity is to rai funds for proje¢ts that benefjt the peopl¢ of Masiphumel¢l¢. There are no employees in the UK charity, although the Trustees may remunerate consultants for spe¢ifi¢ short-t¢rni pi¢c¢s of advice and support and the Charityp operates with a Board of TNste¢s. Publlc Beneflt No public benefit arises in the UK. All the benefit arises in South Africa by virtue of education and affiliated projects as the Trustees consider that this provid¢s the best rout¢ out of pov¢rty for the people living in Masiphumelele. August 13, 2025
MASICORP UK LTD. Company Limited by Guarantee TRUSTEES. ANNUAL REPORT (cont.) Year Ended 31 December 2024 Organlsatlonal Structure The Board of Trustees welcomed Emma Simon and Karen van Zyl to the Board of Trustees. As a small charity th¢ organisation is deierniined not to hav¢ fonnal sub committees. (The Finance Committ¢¢ was disbanded on 5 February 20 E 8.) The Trustees, individually and Collectively, take responsibility for the administration and organisation of th¢ Trust through the Board of Trustees forn)al m¢¢tin8 process. MASICORIJ UK Ltd wo$ in partnership with MASICORP South Africa on social and digital marketing, and thc professional financ¢ team b&s¢d in South Africa support UK Trustees with the administration and management of their financial control system. For the preparation of th¢ annual accounts MASICORP UK Ltd. is supported by an independ¢nt examiner, Ms Karen Wyatt FCA, who provides thi5 rol¢ and assuranc£ on a voluntar), basis. ACHIEVEMENTS AND PERFORMANCE The tumover of MASICORP UK Ltd. fell slightly in 2024 from just over £168,000 in 2023 10 just under £162,000, a d¢¢rease of 3.9 0 In¢luded in 2024 lurnov¢r are donations to Masisports (Masi 750) of approximately £59,000. Masisports was originally part of MASICORP South Africa but establish itself a¥ a separate South African charity in November 2022. A Memorandum of Partnership was agr¢¢d between Magisports and MASICORP UK Ltd. The a8reem¢nt enablcs donations to Masisports to be collected via MASICORP UK Ltd and transferred, as p¢r the agreem¢nt outlined in the Memorandum of Partnership, to M&siSports' independcnt bank account. This change in accounting process came into effectiv¢ on l November 2022. (Se¢ Note 8 on th¢ financial statement), Transfers to the accounts of MASICORP South Afric4 and to MasiSport4 require the joint authorisation of two Trustees, via internet banking. Restrictcd funds are directed to designated programmes. The Board of Trustees decides to which projects unr¢stricted funds are to be located. The leadepJ of such projects are requir¢d to report back on progress and r¢sults to the Trustees on a regular basis, and donors as appropriate, both individually and collectively. Three of th¢ UK Trustees also sit (via tele-confrrencing) on the Board of Masicorp South Africa. The latter enables the Board of Trustees of MASICORP UK Ltd to verify the ongoing perfomiance and outcomes of all projects being undertaken by MASICORP South Africa. The Mana8ing Director of the South African charity is invited to join m¢etin8s of the Board of TrustKs (via tel¢-conferencing) to provide feedback and ansiver questions. Trustees of the UK Board, at thcir oivn ¢.xpense, annuaIly visit the Masiphumclele township and meet with the membcT5 of the MASICORP South Africa team to obtain oversight of the use of the funds sent by the UK trnst to South Africa and obtain assurance on progress of specific projects. August 13, 2025
MASICORP UK LTD. Company Limited by Guarantee TRUSTEES, ANNUAL REPORT (cont.) Year Ended 31 December 2024 FJNANCIAL REVIEW All funds raised, less expenses. in the UK are sent to South Afn'ca. Expenses in the UK H'cr¢ mod¢sL amounting to £1 I, J 17, 6.9 0/0 of total incom¢ {S¢¢ Notc 4 on the financial statcment). The charity h&$ no fixed assets, no liabilities and no borrowings. Funds are paid to South AfricA following a meeting of th¢ Trustpxs, which convenes at minimum 3 times each year RESERVES I INVESTMENT POLICY Aside from retaining a prudent amount in reserves each year, all the charity's ndS are trnnsferred to MASICORP South Africa and spent as directed by the Trustees of MASICORP UK Ltd. Therefore, the is no requirement for an investment policy or long-tenn investment. TRUSTEES, RESPONSIBILITIES STATEMENT The Trustees are responsible for preparing the Trustees, Annual Report and the accounts in accordance '1th applicable law and regulations. Company law r¢quires the Truste¢s to pr¢pare accounts for each financial y¢ar. Und¢r that law thc Trustees have elected to prepare th¢ accounts in accordance with United Kingdom G¢nerally Accepted Accounting Prnctice (United Kingdom Accounting Standards and applicable law), Und¢r ompany law th¢ Trustees must not approve the acLX)unts unless th¢y ar¢ satisfied that they give a tru¢ and fair view of the state of affairs of the charity and the incom¢ and ¢xp¢nditure of the charity for that period. In preparing these accounts. th¢ TNstees are required to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charity Commission's Ststement of Recommended Practice (SORP) make judgements and accounting estimates that are reasonable and prudent prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue to operdte. Th¢ Trust¢es are responsible for keeping adequate a¢UntIng records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at tim¢ the financial position of the charity and enable them to ensu that th¢ accounts c3)mply with th¢ Compani¢s Act 2006. They are also responsibl¢ for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregulariti¢s. August 13, 2025
MASICORP UK LTD. Company Limited by Guarantee TRUSTEES, ANNUAL REPORT (cont.) Year Ended 31 December 2024 Signed on behalf of the Trustees Sandra Dodson Chaimian September 10, 2025 August 13, 2025
MASICORP UK LTD. Company Limited by Guarantee INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF MASICORP UK LTD Year Ended 31 December 2024 I repon to the chlrity truaees on my examinaiion of accounts of the company for Ilr yearended 31" December 2024 sel out on pages 8 to 17. Responslblllties and basis of report As the chgrity iruslees ofthe company (and also ils directors for the purposes of company law) you aR responsible for Ik pffparniion of the arunIS in aCrdanc2 ividi the Rqu1MeniS of the Companies Aci 2006 {'Ilt 26 Act,). Having satisfied myself tl]al ihe accounts of the company a noi Uld lo be audiied utkler Part 16 of the 2006 Act and aR eligible for IThIendenI examina110 I report in res¢1 of my e.xamination of your ComnY.$ aoun1$ a5 ¢aThied oul uler section 145 of Charitie5 Aci 2011 ('the 201 L Acl.). In carrying out my examination I haiie folloii'ed t D1cLA0n$ given by t] Charity Commission under section 145(5)(b) of the 2011 Acl. Independent examlner's 8tAtement T1 company's sS income did not ¢¢¢d £250,0 for Ihe financial year. J eonfirn] that l am qualified lo undertake ihe dnation be¢ause l a mcmber of Tr Insiilute of Chartered Accounlants. which is one of Il lisled bodies. I have completed my ¢xaminaiiotL I confjrni iltht no matters have come to my attention in ContIOn iiryth IE einatiOn giving me cause lo believe thal in any maicrial r¢spcci: accounting ttcords Ive Th)t kept in respect of the company as required by Lon 386 of the 2006 Act. or 2. the accounts do not accord with Ilb)se ff¢ords' or the accounts do not comply with the accounting rnquiffments of section 396 of ilK 2006 Acl oiher than anv requirement that the accounts give a 'trne and fair vieiv, Ivhich is not a matter considered 2$ part of an independent examination: or the accounls have not been prcd in acCOrdae with the Ineihods and principles of lh¢ Stannl of Recommended Pracli¢¢ for accounling and Rporting by ¢lMriiies lapplicable to chryrities pffwring their accounls in accordance wilh IIK FinatKial Reporting Standard applicable in the UK aFKI Republic of Ireland (FRS 102)]. J. I have no concerns and have come across rn otr Matte in comcli0n wilh t1 examinalion to wh'ch allention sh)uld be drdwn in ikn's repx)rt in order lo ergble a proper un(kt3landing of the accounis to be reached. Karen Wyvdtt FCA Wyalls Chartered Accountams York House, Seagrave Road Londo SW6 IRP August 13, 2025
MASICORP UK LTD. Company Limited by Guarantee STATEMENT OF FINANCIAL ACTIVITIES Year Ended 31 December 2024 Year ended 31 December 2024 Unrestrlcted Restrkted Total Funds Fund$ Year ended 31 December 2023 Unrestrfct Restrkted ed Funds Funds Note Totsl Incorne Grants & donations 52,191 86,356 138,547 47,842 96,579 144,421 Gift Aid 11 23,092 75.283 23,092 161.639 40,961 88,533 -11,110 40,961 185.112 -11,217 Total Income 86.356 -77 96.579 -107 Support Costs Governance Costs -11,040 -11,117 Transfer5 to MASICORP SA Transfers to Maslsports SA Total expendltur• Net (Income- expenditure) Transfer between funds Fund balances carried forward from revlous year Fund balanos carried forward at 31 Dec 2024 -56,463 -31,783 -88,246 -66,220 -25,890 -92,110 io 4,296 -64,296 -73,081 -73,081 -67,S03 -96,156 -163,659 -77,330 .99,828 177,158 7,780 -9,800 -2,020 11,203 -3,249 7,954 4,981 4,981 -2,270 2,270 22,925 5,044 27,969 13,992 6,023 20,015 25,724 225 25,949 22,925 27,969 The Statement of Finanrial Artivitie5 indudes all gain5 and losse5 in the year and therefore statement of total recogntsed gains and losses has not been prepared. The notss on pages 10 to 17 form part of these attounts. All of the above amounts relate to continuing activities. August 13, 2025
MASICORP UK LTD. Company Llmited by Guarantee BALANCE SHEET 31 December 2024 Note 20241£) 2023 Current Assets Debtors Cash at bank and in hand 16,487 29,467 45,954 16,729 41,669 58,398 Current Uabllltles Credltors (Amounts falling due within one year) 20,005 30,429 Total Assets Le55 Current Liabllltles 25,949 27,969 Totsi Restrlrted Income Funds 225 5,044 Total Unrestrlctèd Income Funds Total Funds 25,724 25,949 22,925 27,969 For the year ended 31 December 2024 the company ivas entitled to Exemption from the requirement to have an audit under s¢¢tion 477(1) of the Companies Act 2006.The mcmbers hav¢ not reqUId the company to obtain an audit under section 476 The directors acknowledge their responsibilities for Ensuring that the company keeps arxountin8 records which comply with section 386 and Preparing attounts ivhich giv¢ a true and fair vic, of the state of affairs of the company as at 31 December 2024 and in acrdanCe with the provisions applicAble to companies subject to the small companies, regime, These accounts were approved by the members of th¢ committee and authorised for issue on the September 10, 2025 and are signed on their behalf by: Dr Julia L. MusgrdV¢ Se¢tary Company Registration Number.. 07033475 Chairnian The notes on pages 10 to 17 fomi part of these accounts. AuEUSt 13, 2025
MASICORP UK LTD. Company Limited by Guarantee NOTES TO THEACCOUNTS Year Ended 31 December 2024 I. ACCOUNTING POLICIES Basls of accounting The financial stat¢m¢nts have been prepared in accordance with Accounting and Rew)rtin8 by Charities.. Statement of Recommended Practice applicable to charities pparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2015) {Charities SORP (FRS 102)). the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Going Concern The accounts have been prepad on a going concern basis. Having carried out a detailed review of the Company's resourc¢s and ¢hall¢nges present by the ¢urr¢nt cLx)nomic climate, the diKctors ar¢ satisfied that the Company has sufficient cash flows to mttt its liabilities as they fall du¢ for at l¢ast one year from the date of the approval of the accounts. Cash flow statement The trust¢es hav¢ tak¢n advantsge of the exemption in Financial Reporting Standard No J (revised) from including a cash flow statcmcnt in the accounts on the grounds that th¢ Charity is small. Fund accounting Unrestricted funds are available for use at the discretion of the trustees in furtherdnce of the general objectives of the charity. Unrestricted fvnds include a revaluation reserve representing the restatement of invesknent &8sets at market values, Designated funds are unr¢strict¢d fvnds earn)arked by the Trustees ft)r particular puOseS. Th¢re wett no Dcsignat¢d funds in 2024. Restricted funds are subjected to restrictions on their expenditure imposed by the donor or thrt)ugh the temis of an ap. Th¢ Restricted fvnds for 202112024 are described in Note 7. The Friends of Masi fund is Restricted in the UK all donations are transfetred to South Africa where their use is Unrestricted. Incomin2 resources All incoming resourc¢s ar¢ includ¢d in th¢ stat¢ment of financial activities when the charity is entitled to th¢ income and the amount can be quantifi¢d ivith reasonable accuracy. The following specific policies are applied to particular categories of in¢ome,' Voluntary income is received by way of grants, donations and gifts and is included in 11 in the Statement of Financial Activities wh¢n receivabl¢. Gramts, where entitlement is not conditional on the delivery of a specific perftirn]anc¢ by th¢ charity, ar¢ r¢cognised when th¢ charity becomes unconditionally entitled to the grant. io Au8USt 13, 2025
MASICORP UK LTD. Company Limited by Guarantee NOTES TO THE ACCOUNTS (Cont.) Year Ended 31 December 2024 Resources expended Expenditure is recognised on an accrnal basis as a liability is incurred. ExpendituTr includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it rclates.. Costs of g¢nerating funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activitics and services for its beneficiaries. It in¢lud¢s ly)th ¢osts that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance costs include those costs associated with meeting the constituts'onal and statutory requircments of the charity and includ¢ th¢ audit fees and costs linked to th¢ strat¢8lC management of the charity. All costs are allocated between the expcnditure categories of the Statement of Financial Activities on a basis desied to reflect the use of the SoUrCe. Costs relating to a particular activity ar¢ allo&itcd directly, others are apportioned on an appropriate basis e.g. floor ar¢as, per capits or estimated usa8e as set out in the notes to the a¢counts. Flxed assets The company has no fixed assets. 2. VOLUNTARY INCOME- GRANTS AND DONATIONS Our voluntary income com¢s from donations made by individuals or Trusts which are deposited in our bank account. scnt by ¢h¢qu¢ or transfrrred via PayPal. Restrfrted £ Unrestrfcted £ Total £ Total £ 2024 2023 Amazon Smlle (UK) Charities Ald Foundatlon UK Marylebone Cricket Club IMCC) Reassurance Group of America IRGA) South Afrlcans Sn Need Trust ISAINTI The Blg Give Trust The Golden Bottle Trust (Hoare Trustees) The Harley Trust The Barbarlans Rugby Charitable Trust Wickens Family Foundatlon Zin8 Environments Ltd. Other Grants and Donatlons 35 500 500 30 5,000 2,500 500 500 20,000 20,000 1,816 3,000 13,049 10,000 203 3,000 3,000 500 500 9,680 9,680 900 900 72,776 86.356 53.783 75.283 126,559 108,788 161,639 144,421 Total Grants & Donatlons 11 August 13. 2025
MASICORP UK LTD. Company Limited by Guarantee NOTES TO THE ACCOUNTS (Cont.) Year Ended 31 December 2024 3. INVESTMENT INCOME The Compamy has no Investment Income, nor does it re¢¢ive interest on its bank accounts. 4. COSTS OF GENERATING VOLUNTARY INCOME The folloiying Costs .¢[¢ incurred.. Unrestrlrted Funds (£) Restrlcted Funds (£ Total Funds 2024 (£) Total Funds 2023 (£) Subscrlptlons JustGlvlng subscrlptlon Fundralslng costs Bank Charges {JustGiving and PayPal fees) Consulting fees Printing and postage Total Support costs 590 590 50 331 331 8,803 90 8,803 854 77 931 673 342 342 3.810 154 120 120 11,110 77 11,117 11,217 In 2024, Fundralslng costs Included £7,648 for the purchase of 50 places in the 2024 Royal Parks Half Marathon. Trustee travel expenses of £237 were paid during the year (in 2023 this ivas £285). 5. GOVERNANCE COSTS The company has no employ¢¢s or premises and all of the Trustee meetings in 2024 were held via t¢leconf¢renc¢. The following costs 'ere incurred.. Unrestricted Funds (£) Re5trlcted Funds {£) Total Funds Total Funds 2023 2024 (£) Operatin8 Costs (Meeting Room) Accounting Fees Total Governance Costs No trustee re¢cived any remun¢ration during the curr¢nt or previous year. No irustee or oth¢r person related to the charity had any personal interest in any contract or transaction entered into bs, the charity during the current or previous year. 12 August 13, 2025
MASICORP UK LTD. Company Limited by Guarantee NOTES TO THE ACCOUNTS (Cont.) Year Ended 31 December 2024 6. DEBTORS Amounts falllng due wlthln one year 2024 2023 HMRC Gift Ald receivable 16,487 16,487 16,729 16,729 7. CASH AT BANK 2024 2023 8arclays Facebook accou nt Barclays maln account PayPal account 3,401 36,196 2,072 41,669 27,444 2,023 29,467 8. CREDITORS: Amounts falllng due wlthln one year 2024 2023 Transfer to MASICORP SA Transfer to Masisports SA 19,647 358 29,679 750 20,005 30.429 13 August 13, 2025
MASICORP UK LTD. Company Limlted by Guarantee NOTES TO THE ACCOUNTS (Cont.) Year Ended 31 December 2024 9. RESTRICTED INCOME FUNDS Restricted Incom¢ funds are allocated towards MASICORP South Afiica projects as listed below. Restrlcted Balanc• Incomlng Transfers Pald to Balance Funds 31/1212023 Resour¢es between South 3111212024 funds£ Alrica £ Paypal Maskor Fees £ p Fees £ Chasmay Educare Communlty General Funds Early Chlldhood Development Evangeline Llfe Skills En81ish Hub Fire and Emergencies Frlends of Masl Help Feed a Child High School Maslsports (Masi 7501 Maths Momentum Primary school (General) Sunnydale Educare Teen Girls Art 5,800 5,800 202 900 2,754 3,856 11,366 10,800 565 616 16 600 812 812 1,561 1,569 274 2,265 29 2,124 386 585 10 570 20 19 5,462 58,990 3,633 4,236 64,688 358 78 160 812 82 3,293 3,270 99 4,643 5,443 TOTALS 10,755 86,3S6 77 3,633 8,614 100,002 2,230 All tfdnsfers come from Unrcstricted funds. Included in restricted funds £2,230 as at 31 December 2024, £1,647 were transferred to Masicorp SA on 6 February 2025 and £358 to Masisports SA on 26 March 2025 leaving the balance £225. 14 August 13, 2025
MASICORP UK LTD. Company Limited by Guarantee NOTES TO THE ACCOUNTS (Cont.) Year Ended 31 December 2024 Restrlrted Income Funds ChasmAy Educare A school for pre-school age children aged 0-6 y¢ars Chasmay Garden The ve8etable garden located next to Chasmay Educarc Community GenerAI Funds Covers 8¢ncral needs such as COVID-19 support and the 'Dignity projcct, providing sanitary products to girls attending s¢hool Early Childhood Development Covers general needs within Early Childhood Development (ECD) projects A life skills program for disadvantaged ivom¢n in Masiphumelele that 8ives them basi¢ computing and English language skills as well as sewing te¢hniqu¢s to help them find jobs and earn income through sewing projects. Evangeline Life Skills English Hub Works iyith Ukhanyo Primary School learners and t¢achers to help the students move into Icarning in English in from Gradc 4 onwards. Fire and Emergencies Supports emergency provisions: which in 2024 included supporting the computer lab durin8 scheduled blackouts with bartery backup facilities. Friends of Masi A general fid for monthly donors. unrestricted in its use in South Africa, Help Feed a Child An ECD feeding program across several daYare centres. No fundraising activity in 2024 High School Covers genernl needs at Masiphumelele High school. Masisports [SA] to provide sporting facilities and training at Masiphumelele Primary School. In 2022, Masisports [SA] became a separnte legal entity in South Afric4 (see Note 8 beloiv). Masisports (Masi 750) Maths Momentum Support for a Maths Lab to improve Maths teaching at Ukhanyo Primary Sthool in M&siphumelele. Primary School (General) Covcrs gencral n¢eds at Ukhanyo Primary School in Masiphum¢l¢l¢ such as buying school unifornis. Sunnydale Educare A school for pre-school age children aged 0-6 y¢ars 15 Au8USt 13, 2025
MASICORP UK LTD.
Company Limited by Guarantee
NOTES TO THE ACCOUNTS (Cont.)
Year Ended 31 December 2024
10. MASISPORTS DONATIONS
Masisports is a registered NPO and NPC in South Africa (Re8. no. 273-954 NPO / NPC
20221764381108). A Memorandum of Agreement between MASICORP UK Ltd, and Masisports w&$
finalized in October 2022. Th¢ agreement stales that for all Masisports donations after October 31,
2022, MASICORP UK Ltd. Ivill:
Charge a 5(Al handling fee on the net donation if thc donor has that UK Gift Aid applies
Charge IOOA handling fee on the net donation if the donor has said that UK Gift Aid cannot b¢
claimed
Allocat¢ any Gift Aid on donations to Masicorp UK Ltd Unrestricted fvnds, unless an
exception is aged by all Masicory) UK Ltd Trustees.
Provide monthl}ft reports of donations received, and fres charged to Masisports SA
Trdnsfrr rtd$ held for Masisports SA from the UK to South Africa once they ar¢ reach a
significant amount
MASICORP UK LTD. Company Limlted by Guarantee NOTES TO THE ACCOUNTS (Cont.) Year Ended 31 December 2024 12. COMPANY LIMITED BY GUARANTEE MASICORP UK Ltd.is a company limited by guarnntee and accordingly docs not have a share capital. Every member of the company undertakes to contribute such amount as may IK required not ex¢¢eding £ I to the assets of the charitable company in the event of its being ivound up ivhile he or she is a member, or ivithin one ycar after he or sh¢ ccases to be a member. 17 August 13, 2025