2020-12-31-accounts

Charity Registration No. 1140850

Company Registration No. 07549393 (England and Wales)

WALKABOUT FOUNDATION UK

ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

WALKABOUT FOUNDATION UK

CONTENTS

	Page
Trustees'report	1 -8
Statement of Trustees' responsibilities	9
Independent auditor's report	10 -12
Statement of financial activities	13
Balance sheet	14
Statement of cash flows	15
Notes to the financial statements	16-22

WALKABOUT FOUNDATION UK

LEGAL AND ADMINISTRATIVE INFORMATION

T rustees	F Abuali
	A Almas hal
	S Bonfiglio
	A Chryssicopoulos
	C Gonzalez-Bunster
	L Gonzalez-Bunster
	R Gonzalez-Bunster
	Z Nassif
	A Van Hoik
	M Nakano	(Appointed 14 January 2020)
Charity number	1140850
Company number	07549393
Registered office	Worlds End Studios Ltd
	132-134 Lots Road
	Unit 225
	London
	SW10 0RJ
	UK
Auditors	Arnold Hill & Co LLP
	Craven House
	16 Northumberland Avenue
	London
	United Kingdom
	WC2N 5AP
Registered name	Walkabout Foundation UK
Chief executive officer	C Gonzalez-Bunster
Chairman	C Gonzalez-Bunster
	A Van Hoik
Bankers	HSBC Bank PLC
	76-78 King's Road
	London
	SW3 4TZ
Solicitors	Clifford Chance LLP
	10 Upper Bank Street
	London
	E14 5JJ

WALKABOUT FOUNDATION UK

TRUSTEES’ REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 DECEMBER 2020

This report and accounts for the year ending December 31, 2020 are presented by the Trustees of Walkabout Foundation UK.

They have been prepared in accordance with the accounting policies set out in note 1 to the accounts, in compliance with Walkabout Foundation's Memorandum and Articles of Association, the Companies Act 2006 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued in July 2014 and effective from January 2015.

Objectives and Activities

Walkabout Foundation UK ("Walkabout") is a charitable organisation that focuses on mobility disabilities. Our objectives are to benefit the public by

• I . The advancement of health; and

• I . The relief of those in need by reason of disability, ill health or another disadvantage, in particular (but without limitation):

• a. Funding medical research into the nature, cause, diagnosis, prevention and cure of paralysis; and

• a. Providing wheelchairs and rehabilitation services to those in need.

The Trustees pay due regard to guidance issued by the Charity Commission on public benefit when deciding what activities the charity should undertake, and planning any future activities.

Our Vision and Strategy

Our mission is to restore dignity, freedom and independence by providing wheelchairs and rehabilitation in the developing world, whilst funding research to find a cure for paralysis. Our three-pronged approach means that we tackle the issue of mobility disability from several angles, creating sustainable solutions both in the short, medium and long term. Our success is measured by the number of lives directly and indirectly impacted through our programmes, which to date we estimate is over 46,000.

According to the World Health Organisation (WHO), there are at least 100 million individuals in the world in need of a wheelchair, of which 65 million do not have access to one This is compounded by the lack of funding into finding cures for the conditions underlying paralysis. In 2020, only US$ 76mn was invested in Spinal Cord Injury research, in the United States, compared to several billion dollars allocated towards cancer and diabetes. Sadly though, the life expectancy of an individual with a Spinal Cord Injury is less than two years in many parts of the world.

A keystone to our strategy and long term success is providing continuous support to all the individuals involved in our work, from nurturing our relationships with donors and beneficiaries by providing support and follow up, to investing in the training and development of our staff and volunteers, who contribute in various ways to the development of all our key areas both in the UK and internationally.

Walkabout Foundation UK is connected to The Walkabout Foundation Inc, a non-for-profit sister organisation registered in the United States of America. Both organisations share the same mission and work towards common goals. The Walkabout Foundation Inc provides grants from time to time to Walkabout Foundation UK to support these mutual activities, and finances in part or in total several programmes managed by Walkabout Foundation UK. A number of board members of Walkabout Foundation UK sit on the Board of The Walkabout Foundation Inc.

WALKABOUT FOUNDATION UK

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Achievements and performance

Programmes

1. Research Programmes

In a hugely underfunded field we are proud to have a track record of funding projects that have been central to some of the most significant breakthroughs in the discipline of a cure for paralysis.

In 2020, we continued to fund a ground-breaking research project investing a combined total of £43,307.

Since 2018, Walkabout has been funding a project entitled: Boosting Spinal Cord Plasticity in Humans with Chronic Spinal Cord Injury led by Dr Monica Perez at the Shirley Ryan AbilityLab in Chicago, Illinois. In June 2019, when the lead researcher, Dr Monica Perez left the Miami Project to Cure Paralysis in Miami, Florida and relocated to Shirley Ryan AbilityLab, we transferred the remaining grant amount of $126,291 to the AbilityLab where Dr Perez continues to trial her studies on transcutaneous electrical epidural stimulation.

In June 2020, we extended our research grant award agreement with Shirley Ryan AbilityLab for another year and pledged to grant an additional $55,000 towards Dr Monica Perez's study. This agreement will stay in place until May 2022 or until the publication stage has been completed.

The study has already shown some impressive results, as the participants have experienced significant improvements in functionality of their limbs, and one participant has regained the ability to walk after only 40 sessions We are confident that these studies will dive deeper into our understanding of Spinal Cord Injuries and take us yet one step closer to finding a cure.

2 Wheelchair Distributions

Since starting our wheelchair delivery programmes in 2010, we have distributed over 16,700 bespoke wheelchairs in 25 countries. We estimate to have impacted the lives of over 46,000 individuals, based on UCP Wheels for Humanity's multiplier, which takes the birth rate in each country and estimates that one wheelchair impacts the beneficiary’s life in full, 0.75% of his or her primary caregiver's life and 0.25% of the surrounding family members’ (siblings) lives.

In 2020, we distributed a total of 1,350 wheelchairs, impacting the lives of over 3,000 individuals based on the same multiplier in four countries: Kenya, Haiti, Tanzania and Uganda.

Kenya

Since its opening in April 2018, the Walkabout Wheelchair Assembly and Repair Centre in Nany uki, has distributed 3,515 chairs, and has become the biggest wheelchair provider in the country

The business model for our centre is unique, in that rather than manufacturing wheelchairs from scratch, or importing them in a ready-made state, we purchase and receive donated wheelchair parts and assemble them at our Nanyuki centre saving significant amounts on shipping while creating local employment opportunities. At our Kenya Centre, wheelchairs are assembled and distributed by our trained local team in our new state-of-the-art facility, with almost half of our full-time employees being wheelchair users themselves.

Due to COVID-19, we had to close our Centre for beneficiaries and visitors from mid-March up until the beginning of June. During this time, we took advantage to repaint the Centre, build additional storage units, and we re­ evaluated our inventory.

Since mid-June the centre has been allowing a maximum of 5 recipients per day to make sure social distancing is maintained, meaning that they are only able to distribute up to 100 wheelchairs per month (instead of our usual 250) Our physiotherapy unit has been working in full capacity, providing much-needed therapy to 98 children per month Our Caregiver Training takes place twice a week at the Centre as part of an essential service. Our team also produces PPE in-house to protect themselves and our beneficiaries

-2 -

WALKABOUT FOUNDATION UK

TRUSTEES* REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

In March 2020, we were awarded a grant from US social enterprise Free Wheelchair Mission for 488 chairs, but due to delays related to COVID-19 we expect to receive this in-kind donation in H1 2021. We are confident, we will be granted further in-kind donations of wheelchairs throughout 2021 and beyond.

Our Kenya project has also been recognised by CLASP, an innovated global programme funded by USAID and UCP Wheels for Humanity, aimed at increasing access to lower-cost, high quality assistive devices. CLASP have made us their service partner in Kenya for 2020, which means that we can receive a variety of wheelchairs at a greatly redacted cost.

The savings we incur are invested back into the local economy by employing local staff with disabilities, allowing us to reduce the stigma associated with disability, whilst increasing our capacity for wheelchair provisioning in the region. The existence of a permanent centre in Kenya also allows us to offer a holistic service to people with disabilities, including rehabilitation, carer training, provision of assistive devices, community outreach and follow­ up.

Uganda

Northern Uganda is one of the poorest parts of the country and the heart of one of the biggest refugee crises in the world. With hundreds of people crossing the border every day, fleeing conflict and famine in South Sudan, Uganda is now host to over 1 million refugees. An astonishing 6% of the population is in need of a wheelchair.

Just in time before COVID-19 kicked in, in February 2020, thanks to Euromonitor International, we returned to Northern Uganda to distribute 381 wheelchairs to refugees and local Ugandans that are currently subject to enormous pressure in what is a naturally deprived and low resource environment. As well as distributing muchneeded wheelchairs, we provided further WHO Wheelchair Provision Training to 13 local volunteers, most of whom are refugees themselves, in how to provide and maintain wheelchairs in a safe and sustainable way.

In 2021, we are taking our mission in this region one step further. In March 2021, we are launching our first-ever Monitoring & Follow-up Programme in the largest refugee camps of Uganda. For this project we will be employing four South Sudanese refugees that we trained to the highest WHO wheelchair provision standard to follow-up on our beneficiaries from 2017-2020. The local team will provide necessary repairs, make adjustments, and collect data on how the wheelchairs we provided in this region sustained rural environment and how they impacted the lives of people with disabilities and the community.

Haiti

In October 2020, we begun re-stablishing our presence in Haiti as the main wheelchair supplier in the country, working with Hope Health Action (HHA) as our leading partner in Haiti and Konbit Sante as our consignee in Cap Haitian. Walkabout sent 308 adult and paediatric wheelchairs ordered from CLASP with 50% of wheelchair costs covered by a matching donor, and received and in-kind donation from Free Wheelchair Mission of 550 basic adult wheelchairs. Free Wheelchair Mission has agreed to provide us with two containers per year for Haiti in the future

In H1 2021, in collaboration with HHA, we are creating the first in-country Wheelchair Assembly and Distribution Centre in Cap-Haitian becoming the single largest wheelchair provider in the country and filling a critical service gap

WALKABOUT FOUNDATION UK

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

Tanzania

COVID-19 has not impacted our work In Tanzania; we provided 46 wheelchairs throughout 2020 as we planned. We continued our work with our local partner in Arusha who identifies, assesses, fits and follows up on recipients regularly. Although this is a very small programme, the wheelchairs we provide are produced in our partner's workshop from locally sourced materials - meaning that not only are they more cost-effective, but also that they can be efficiently repaired with local spare parts. Chairs are fitted on a rolling basis, and because the whole production and provisioning process is centralised with a single local partner, beneficiaries receive the appropriate model of chair with shorter waiting times.

3. Rehabilitation Centres

Since 2016 we have been providing rehabilitation services in India and in Kenya. Despite the challenges our therapists faced due to COVID-19 we continued providing therapy throughout the pandemic, even where it had to be done remotely. All thanks to the time we've invested in our caregiver training programmes, parent advice, and carrying out home modifications for some children in the past three years

India

Our JJ Walkabout Centre in India, in partnership with the Jeevan Jyoti Institute, offers rehabilitation, education, and care to children with mobility disabilities, and training and support to their parents. The Centre is based in Varanasi, in the state of Uttar Pradesh. If it were a country, Uttar Pradesh would rank as the fifth most populated in the world - and one-third of its population is living in poverty. It also has the highest proportion of disability prevalent. An estimated 16% of all people with disabilities in India live in Uttar Pradesh.

43 children at the JJ Walkabout Centre receive specialised physical and occupational therapy every day - both one-on-one from a dedicated physiotherapist at the Centre, and in groups, in the form of daily yoga, dance and exercise classes. The therapists and community outreach officers also teach parents simple exercises that can be done at home to assist the children with their daily activities.

The effects of regular therapy have been astounding; every child has made physical progress, from those who were unable to sit independently gaining muscle strength and control, to the nineteen children who have learned to walk for the first time.

Due to the COVID-19 outbreak we had to close our Centre from March 2020 until September 2020 when the Centre reopened at reduced capacity accepting 15 children daily. By December 2020, our Centre’s daily capacity has increased to 35 children. We provided food supplies to children from our Centre and their families during the closure and kept supporting our local staff.

We believe that every child at our Centre has potential, so for those who are unable to attend integrated schools we offer vocational training at recently opened facilities next door to our rehabilitation centre. This not only gives them essential skills that will equip them to potentially earn a living in the future, but also makes them feel useful, able and valued members of society

Kenya

Two highly qualified occupational and physio- therapists from our rehabilitation unit at the Walkabout Wheelchaii Assembly and Repair Centre provides therapy to 98 children monthly. During the three-month closure of the Centre due to COVID-19 from March until June therapy was only undertaken remotely. When the Centre re-opened in June, many parents didn't want to bring their children over in fear of getting the virus, so the rehabilitation unit was operating at 40% capacity. Since September 2020, as the health situation in Kenya improved, our physiotherapy unit has been working at full capacity, providing much-needed therapy to 98 children per month. Our Caregiver Training takes place twice a week at the Centre as usual as part of an essential service

-4 -

WALKABOUT FOUNDATION UK

TRUSTEES* REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

Fundraising

Despite the pandemic having a significant impact on Walkabout's programmes and fundraising in 2020 with all live events including sport events being cancelled, our team adapted our operations to these unprecedented circumstances and turned 2020 into another successful year for Walkabout.

On February 25m, at Urban Retreat in central London we organized a private sale of Turkish contemporary brand SORB£, with 20% of all sales on the day going to Walkabout. We raised £3,800 through this event.

Throughout 2020, we organized a number of virtual fundraising campaigns, with the most successful ones being: '#GivingTuesdayNow' that raised £5,628 towards reopening of the Walkabout Wheelchair and Assembly Centre in Kenya, Impact Overland campaign organized by our quadriplegic supporter Kirk Williams who raised £640 towards a container of paediatric wheelchairs for Venezuela, and a birthday campaign organized by our CoFounder Luis which raised a whopping £6,085 towards funding research.

On #GivingTuesday, December 6th 2020, we launched our first-ever Walkabout Virtual Holiday Auction which was a huge success, raising £142,103. We offered 107 lots, and attracted 241 participants from the UK, the US, Dubai, Hong Kong, France, Italy, Greece, Spain, The Netherlands, The Dominican Republic and Argentina.

We were also very fortunate this year to be supported by several corporate and brand partners. Collaborations like this enable us not only to raise vital funds for our cause, but also awareness of our work and the cause of mobility disability amongst the local community. From supporting specific projects, to generously funding our operations, to sponsoring our events, this year's partnerships have allowed us to reach hundreds more people in desperate need around the world.

Financial Review

Our total revenue in 2020 equalled £476,683 leaving us with a surplus of £76,598 at year-end mainly thanks to a successful fundraising period for Walkabout in Q4 - thanks to a productive Major Donor pitching initiative and a hugely successful Virtual Holiday Auction which raised £142,103 alone. Furthermore, programmes expenditure was reduced because a number of projects were postponed to 2021 duetoCOVID-19. There has been a significant reduction in expenditure in India due to the eight-month closure of our centre in Varanasi, as well as in Uganda where we had to postpone the wheelchair distribution funded by Euromonitor (£50,000) and the Follow-Up Programme in refugee camps to H1 2021.

In 2020, we experienced an increase in income levels from £420,655 in 2019 to £476,683 in 2020.

Programme expenditure totalled £276,743, down from £583,634 , with three quarters allocated to our wheelchair programmes and a quarter spent on research (£43,307) and our rehabilitation centres (£18,026). The reduction in our programme expenditure was also directly related to the impacts of COVID-19 as a number of our projects couldn't go ahead and had to be postponed to 2021.

In total 90% our total expenditure was directly to our programmes, 7% of our fundraising and development and approximately 3% of administration and governance.

Out of total net current assets of £358,393 by year-end, of which £151,296 were restricted and £207,097 unrestricted reserves.

It is the policy of the Foundation that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six months expenditure. This currently stands al £125,000.

The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, the charity will be able to continue its current activities, while consideration is given to ways in which additional funds may be raised. This level of reserves was maintained throughout the year

5 -

WALKABOUT FOUNDATION UK

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

Risk Management

COVID-19 update - At present, our main focus is the welfare of our staff, volunteers and beneficiaries around the world. We are closely monitoring the situation in all geographical locations and are continuing to fund staff wages and checking in weekly with our Centres, while they remain closed. There is much uncertainty about what re-opening will look like in various countries, but we will ensure that we follow local government advice and support our staff to do the same. Our London team is currently working from home and will continue to do so until it is safe to return to work in our office.

Walkabout has traditionally relied on a relatively small number of key donors, mostly high net-worth individuals and family trusts, to fund the majority of its operations. In order to mitigate the risk of uncertainty in the financial markets that can affect donor spending, as well as the overall risk of donor dependency and inherent donor fatigue, we have been working towards expanding and diversifying our donor base over the last few years We aim to continue fundraising amongst our recurring donors, but also to continue expanding our donor base to include more corporate and grant-making bodies, as well as engaging more local donors in some of the countries where we operate. As a longer-term goal, we would like to be part of larger institutional grants and consortia, where we can work with agencies and partners around the world to both diversify our income as well as support many more beneficiaries.

Currency fluctuations are a risk as we operate in several countries. This is partly mitigated by holding our assets in both US Dollars and British Pounds, our two main cost currencies.

Being a relatively small organisation can create a risk of high dependency on any given member of staff We mitigate this risk by training all members of the team in more than one area and creating a well-defined backup and contingency plan for every key role in the organisation.

One of our main challenges continues to be the logistics of sending containers, with the right wheelchairs for every single recipient, based on their body size, condition and living environment, to places where the need is the highest, but where access can be challenging both in terms of the shipment and also for our team members and volunteers. The logistics of following up with our beneficiaries and running and monitoring our rehabilitation centres, also present a series of organisational and safety considerations. We try to mitigate the risks associated with our wheelchair distribution process by:

(i) providing regular safety and first aid training to our team members and regularly updating and monitoring our travel policy;

(ii) only working with a select number of top-quality wheelchair producers, to avoid production and shipping delays and to ensure that our team is familiar with the product;

• only sending wheelchairs to countries where we have trusted local partners with (t) clear experience in disability, (2) a trained team to collect sufficient data on recipients both pre and post distributions, (3) experience with logistics and (4) knowledge on wheelchair fitting and distribution;

(iv) increasing our local presence and local know-how in some key countries to reduce the reliance of bringing teams from abroad for every distribution;

• having appropriate and extensive insurance policies in place.

We deal with vulnerable children and adults, mostly suffering from ill-health and living in poverty and challenging environments. We have a strict safeguarding policy in place and ask our staff, volunteers and all local partners to acknowledge and abide by it. We also have systems and procedures in place to protect beneficiary and donor data according to GDPR and fundraising regulations

Walkabout holds a number of insurance policies to mitigate the impact of risks beyond our risk assessments

-6 -

WALKABOUT FOUNDATION UK

TRUSTEES' REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

Plans for the Future

In 2021, will be focusing on establishing our new Wheelchair Distribution Centre in Haiti, launching the Follow-up programme and organizing a wheelchair distribution in Northern Uganda expanding Euromonitor’s grant from 2020 We’re also planning a wheelchair distribution in Venezuela using the funds raised by Kirk Williams’ campaign, Impact Overland, and organizing a fundraising campaign to send at least 100 wheelchairs to Argentina

Once the situation has stabilised globally, and are able to travel safely again, we plan to visit our centres in Kenya and India and work on expanding our work in these regions. We’re also organizing further skill trainings for our local staff, as well as training and increasing number of local volunteers,

To efficiently sustain and grow our projects, we're shifting our focus towards a "hub model”. By developing and replicating our centres, we’re decreasing the reliance and dependence on our presence and expertise, as skills develop locally. Having a holistic approach to wheelchair provision and rehabilitation in developing countries allows us to serve beneficiaries on ongoing basis, and gives meaningful employment to people from local communities, which is crucial to sustain this model in the long term.

Walkabout will continue to strive to fund meaningful and relevant research to find a cure for spinal cord injuries To date, our grants towards research have focused on projects at an advanced stage, where we felt that our impact could be the greatest. In 2021, we will continue supporting Dr Perez in her future spinal cord injury studies, and will potentially identify new relevant projects to fund in addition.

Structure, Governance and Management

Walkabout Foundation UK is a company limited by guarantee, and its governing document is its Memorandum and Articles of Association. It was formed on March 2, 2011 and registered as a charity with the Charity Commission in England and Wales on March 22, 2011.

Walkabout's Trustees are also the directors for the purpose of Company Law. They are responsible for overseeing the organisation’s strategy, approving its annual budget and preparing the Trustees' Report and accounts for each financial year.

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

C Gonzalez-Bunster, Co-Founder & Chairman of the Board

L Gonzalez-Bunster, Co-Founder

A Van Hoik, Treasurer, Co-Chairman A Chryssicopoulos, Secretary F Abuali A Almashal S Bonfiglio R Gonzalez-Bunster Z Nassif M Nakano

(appointed 14 January 2020)

WALKABOUT FOUNDATION UK

TRUSTEES’ REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

None of the Trustees has any beneficial interest in the company. All our Trustees dedicate their time on a pro bono basis. All of the Trustees are members of the company and guarantee to contribute £1 in the event of winding up. There is a Director's and Officer's insurance policy in place.

The Board has the power to determine, from time to time, the minimum and maximum number of Trustees. New Trustees are vetted by the Board and appointed based on their knowledge of the non-for-profit sector, mobility disability, and/or expertise in fundraising. They are expected to uphold the aims and ethos of the charity at all times, take a proactive stance, assist when required and attend quarterly Board Meetings, which can only take place with the presence of a quorum.

Induction of new Trustees is not formalised through a specific in-house training programme designed for that purpose. However, prior to their appointment, all new Trustees will have met with the Chairman and the Chief Executive Officer (CEO) to gain guidance on the organisation, its objectives, policies and procedures. Trustees also have access to the charity's Memorandum and Articles of Association, to numerous external training courses and to the Charity Commission's online library, which contains in-depth advice on the sector's latest rules and regulations.

The Chairman of the Board of Trustees and the Chief Executive Officer is Ms. Carolina Gonzalez-Bunster, CoFounder of Walkabout Foundation, in charge of the day-to-day operations.

The Chairman works closely together and with the Chief Operations Officer (COO), Director of Development, the Programmes Manager and the Marketing Associate, to ensure that the strategy, objectives and budget approved for the period are successfully implemented. Key management remuneration is reviewed annually by the Board of Trustees, taking into account inflation and benchmarked against industry standards by consulting with head hunters, industry specialists and published data, such as the CIPD employee outlook report.

Auditor

A resolution proposing that Arnold Hill & Co LLP be appointed as auditors of the company has been put to the Trustees.

This report has been prepared in accordance with the special provisions applicable to companies entitled to the small companies exemption.

The Trustees' report was approved by the Board of Trustees

C Gonzalez-Bunster Chairman of the board Dated: 2.7: ..Q*?,. Z o l(

- 8 -

WALKABOUT FOUNDATION UK

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees, who are also the directors of Walkabout Foundation UK for the purpose of company law, are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the Trustees to prepare accounts for each financial year which give a true and fair view ol the state of affairs of the Foundation and of the incoming resources and application of resources, including the income and expenditure, of the Foundation for that year.

In preparing these accounts, the Trustees are required to

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP 2019;

• make judgements and estimates that are reasonable and prudent; and

• prepare the accounts on the going concern basis unless it is inappropriate to presume that the Foundation 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 Foundation and enable them to ensure that the accounts comply with the Companies Act 2006 They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

-9 •

WALKABOUT FOUNDATION UK

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF WALKABOUT FOUNDATION UK

Opinion

We have audited the accounts of Walkabout Foundation UK (the ‘Foundation’) for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the notes to the accounts, including a summary of significant accounting policies. The financial reporting 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 (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• give a true and fair view of the state of the charitable company’s affairs as at 31 December 2020 and of its incoming resources and application of resources, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Foundation in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charities ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

In forming our opinion on the financial statements, which is not qualified, we have considered the adequacy of the disclosures made in note 1 to the financial statements concerning the Foundation's ability to continue as a going concern. The rapid and fluid development of the COVID-19 virus and its impact on the global economy and businesses around the world (as explained in note 1 to the financial statements), indicate the existence of uncertainty which may cast doubt about the Foundation's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the charitable company was unable to continue as a going concern.

• 1 0 -

WALKABOUT FOUNDATION UK

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF WALKABOUT FOUNDATION UK

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

• the information given in the financial statements is inconsistent in any material respect with the Trustees' report; or

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records; or

we have not received all the information and explanations we require for our audit.

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees, who are also the directors of the Foundation for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error

In preparing the financial statements, the Trustees are responsible for assessing the Foundation’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis ot accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at: http://www.frc.org uk/auditorsresponsibilities. This description forms part of our auditor's report.

-11 -

WALKABOUT FOUNDATION UK

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

Statutory Auditor

Craven House 16 Northumberland Avenue London United Kingdom WC2N5AP

Arnold Hill & Co LLP is eligible for appointment as auditor of the Foundation by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006.

-12 -

WALKABOUT FOUNDATION UK

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2020

		Unrestricted	Restricted	Total	Total
		funds	funds	2020	2019
	Notes	£	£	£	£
Income from:
Donations and legacies	2	81,657	240,799	322,456	234,498
Charitable activities	3	148,599	5,628	154,227	186,157
Total income		230,256	246,427	476,683	420,655
Expenditure on:
Raising funds	4	26,734	-	26,734	106,401
Charitable activities	5	227,029	146,322	373,351	746,800
Total resources expended		253,763	146,322	400,085	853,201
Net (outgoing)/incoming resources before
transfers		(23,507)	100,105	76,598	(432,546)
Gross transfers between funds		96,631	(96,631)	*	-
Net income/(expenditure) for the period		73,124	3,474	76,598	(432,546)
Fund balances at 1 January 2020		133,973	147,822	281,795	714,342
Fund balances at 31 December 2020		207,097	151,296	358,393	281,796

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

- 13 -

WALKABOUT FOUNDATION UK

BALANCE SHEET

AS A T 31 DECEMBER 2020

			2020		2019
	Notes	£	£	£	£
Current assets
Debtors	10	129,208		126,370
Cash at bank and in hand		352,127		370,741
		481,335		497,111
Creditors: amounts falling due within	11
one year		(122,942)		(215,315)
Net current assets			358,393		281,796
Income funds
Restricted funds	12		151,296		147,822
Unrestricted funds			207,097		133,974
			358,393		281,796

The Trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, Including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The accounts were approved by the Trustees on Z Î . O Æ j Z o z /

C Gonzalez-Bunster

T rustee

Company Registration No. 07549393

- 14 -

WALKABOUT FOUNDATION UK

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2020

		2020	2019
	Notes	£	£
Cash flows from operating activities
Cash absorbed by operations	17	(18,614)	(135,530)
Net decrease in cash and cash equivalents		(18,614)	(135,530)
Cash and cash equivalents at beginning of year		370,741	506,271
Cash and cash equivalents at end of year		352,127	370,741

-15-

WALKABOUT FOUNDATION UK

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting Policies

Company information

Walkabout Foundation UK is a private company limited by guarantee incorporated in England and Wales. The registered office is Worlds End Studios Ltd., 132-134 Lots Road, Unit 225, London SW10 ORJ.

1.1 Accounting Convention

The accounts have been prepared in accordance with the Foundation's governing document, the Companies Act 2006 and “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)“ (as amended for accounting periods commencing from 1 January 2019). The Foundation is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement ot Recommended Practice for charities applying FRS 102 rather than the version of the Statement ol Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The accounts are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention.

1.2 Going Concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

Additionally, COVID-19 is a developing situation and as at the time of approving the financial statements, the assessment of this situation will need continued attention and will evolve over time. In the view of the trustees, COVID-19 is considered to be a non-adjusting event after the reporting year and no adjustment is required tc be made in the financial statements for the year ending December 31,2020 as a result All assets and liabilities are expected to be recovered and settled at the amounts set out in the Balance Sheet at the reporting date

1.3 Charitable Funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity

1.4 Incoming Resources

• Income is recognised when the charity is legally entitled to it 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 on receipt. Other donations are recognised once the Foundation has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation and at the time of Gift aid declaration.

-16 -

WALKABOUT FOUNDATION UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting Policies

Legacies are recognised on receipt or otherwise if the Foundation has been notified of an impending distribution, the amount is known, and receipt is expected If the amount is not known, the legacy is treated as a contingent asset.

Resources expended are recognised in the period in which they are incurred Resources expended include attributable VAT which cannot be recovered.

1.5 Cash and Cash Equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6 Financial Instruments

The Foundation has elected to apply the provisions of Section 11 'Basic Financial Instruments’ and Section 12 'Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Foundation's balance sheet when the Foundation becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest Debt instruments are subsequently carried al amortised cost, using the effective interest rate method

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course ot operations from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Foundation’s contractual obligations expire or are discharged or cancelled.

1.7 Employee Benefits

• The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Foundation is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

• 17 -

WALKABOUT FOUNDATION UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting Policies

1.8 Foreign Exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in net income/(expenditure for the period

2 Donations and Legacies

	Unrestricted	Restricted	Total	Total
	funds	funds	2020	2019
	£	£	£	£
Donations and gifts	81,657	160,505	242,162	149,471
Grant - The Walkabout Foundation US	-	72,993	72,993	76,923
Gift Aid	-	7,301	7,301	17,258
	81,657	240,799	322,456	234,498
For the year ended 31 December 2019	149,498	85,000		234,498
Charitable Activities
			2020	2019
			£	£
Funds generated from charitable activities			154,227	186,157
Analysis by fund
Unrestricted funds			148,599	294,233
Restricted funds			5,628	34,470
			154,227	328,703

• 18 -

WALKABOUT FOUNDATION UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

4	Raising Funds
		Unrestricted	Restricted Total	Total
		funds	funds 2020	2019
		£	£ £	£
	Fundraising and publicity	26,734	26,734	106,401
		26,734	26,734	106,401
	For the year ended 31 December 2019
	Fundraising and publicity	39,306	67,095	106,401
	Charitable Activities
			2020	2019
			£	£
		Notes
	Programme expenses		276,743	583,634
	Staff costs		57,536	74,042
	Other administrative costs		3,193	8,812
	Exchange rate loss/(gain)		(9,593)	3,734
	Contracted services		12,608	24,058
	Premises costs		21,207	39,590
			361,694	733,870
	Support and governance costs	6	11,657	12,930
			373,351	746,800
	Analysis by fund
	Unrestricted funds		227,029	449,872
	Restricted funds		146,322	296,928
			373,351	746,800

- 19-

WALKABOUT FOUNDATION UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

6	Support Costs
		2020	2019
		£	£
	Audit fees	3,050	2,400
	Legal and professional	1,163	1,013
	Insurance	7,444	9.517
		11,657	12,930

7 T rustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Foundation during the year. (2019: £nil)

8 Staff Costs

The average monthly number of employees during the year was:

	2020	2019
	Number	Number
Management and administration	1	3
Programme staff	2	3
Fundraising staff	3	1
	6	7
	2020	2019
	£	£
Wages and salaries	56,131	78,879
Social security costs	17,537	32,346
Pension costs	3,212	7,353
	76,880	118,578

There were no employees whose annual remuneration was £60,000 or more

Total remuneration for key management personnel, which comprises the Chief Operations Officer only, in the reporting period was £38,000 (2019: £73,205 for Chief Executive Officer, Chief Operations Officer & Chief Financial Officer)

Total staff costs of £76,880 (2019: £118,578) was split between charitable activities £57,536 (2019: £74,042) and raising funds £19,344 (2019: £44,536)

-20 -

WALKABOUT FOUNDATION UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

9 Transfers

During the year a transfer of £96,631 has been made from restricted funds to unrestricted funds, this amount was originally restricted £95,953 to Haiti programmes and £678 to Guinea programmes. The trustees had originally chosen to restrict these funds and have since decided they should not be restricted because there are limited programmes able to take place in these locations. This has been agreed by the board and Walkabout Foundation UK have consulted Charities Commission for confirmation that this is the correct treatment.

10 Debtors

10	Debtors
		2020	2019
	Amounts falling due within one year:	£	£
	Other debtors	3,534	17,164
	Prepayments and accrued income	125,674	109,206
		129,208	126,370
11	Creditors: amounts falling due within one year
		2020	2019
		£	£
	Other taxation and social security	3,023	_
	Other creditors	•	10,000
	Accruals and deferred income	119,919	205,315
		122,942	215,315

Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds

	Balance at 1	Incoming	Resources	Balance at 31
	January	resources	expended	December 2020
	£	£	£	£
Direct charitable activities	147,822	246,427	(242,953)	151,296
	147,822	246,427	(242,953)	151,296

-21 -

WALKABOUT FOUNDATION UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

13 Analysis of net assets between funds

Analysis of net assets between funds
	Unrestricted	Restricted	Total	Total
	funds	funds
	2020	2020	2020	2019
	£	£	£	£
Fund balances at 31 December 2020 are
represented by:
Current assets/(liabilities)	207,097	151,296	358,393	281,796
	207,097	151,296	358,393	281,796

14 Operating lease commitments

At the reporting date the Foundation had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

	2020	2019
	£	£
Within one year	5,001	2,975

15 Related party transactions

Walkabout Foundation UK is connected to The Walkabout Foundation Inc, The charities work together for common goals. During the period, The Walkabout Foundation Inc granted $100,000 US dollars, equivalent to £72,993 (2019: $100,000, equivalent to £76,923) to Walkabout Foundation UK, to be used for general administration and operations.

During the year, the Foundation received a donation of £20,000 from Stefano Bonfiglio.a Trustee of the Walkabout Foundation UK.

16 Analysis of changes in net funds

The Foundation had no debt during the year

17	Cash generated from operations	2020	2019
		£	£
	Surplus/(deficit) for the year	76,597	(432,546)
	Movements in working capital:
	(lncrease)/decrease in debtors	(2,838)	278,028
	(Decrease)/increase in creditors	(92,373)	18,988
	Cash absorbed by operations	(18,614)	(135,530)

-22 -