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|||||Page|
|---|---|---|---|---|
|Reference and administrative||details ofthe Charity, Its Trustees and advisers|||
|Trustees'<br>report||||2-6|
|Independent|auditors'<br>report|on the financial|statements|7- 10|
|Consolidated|statement offinancial activities||||
|Consolidated|balance sheet|||12|
|Charity balance sheet|||||
|Consolidated|statement ofcash flows|||14|
|Notes to the|financial statements|||15-30|





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|Trustees||||his AJ Hindman|his AJ Hindman|his AJ Hindman|||
|---|---|---|---|---|---|---|---|---|
|||||Mr WSG Smith|||||
|||||MrJ Prabhay|||||
|Company|registered||||||||
|number||||07596900|||||
|Charity registered|||number|1141552|||||
|Registered||office||73 Mount View||Road|||
|||||London|||||
|||||f444SR|||||
|Company|secretary|||Ma M C Phillips|||||
|Independent||auditors||Kreston Reeves|||LLP||
|||||Statutory<br>Audllof and Chartered||||Accountatlts|
|||||Second Floor|||||
|||||168Shoreditch|||High Street||
|||||London|||||
|||||E1 6RA|||||
|Bank||||TSBBank|||||
|||||Box 1|||||
|||||BX4 /SB|||||
|||||VFX Pic|||||
|||||65Leadenhall||Street|||
|||||London|||||
|||||ECSA 2AD|||||
|||||TransferWise|Limited||||
|||||56 Shoreditch||High Street|||
|||||London|||||
|||||E16JJ|||||





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|<br>forthe year ended 31 March 202|<br>1|||||
|---|---|---|---|---|---|
|||Unrestricted|Restricted|Total|Total|
|||funds|funda|funds|funds|
|||2021|2021|2021|2020|
||Note||8|8|2|
|Income from:||||||
|Oonations<br>and legacies|||205,198|205,203|651,944|
|Other trading acfivities|||481,173|401,1T3|740,842|
|Other investment<br>income|||105|105|1,029|
|Total income|||686,476|686,481|1.393,815|
|Expenditure<br>an:||||||
|Other trading ac0vi8es|||328,415|328,415|496,378|
|Charitable<br>activi0es||143,080|70,634|213,714|215,251|
|Tatal expenditure||143,080|399,049|642,129|711,629|
|Net movement<br>in funds||(143,075)|287,427|144,352|682.186|
|Reconciliation offunds:||||||
|Talal funds brought fonvard||83T,032|203,264|1,040,296|358.110|
|Ifet movement<br>in funds||(143,075)|287,427|144,352|682,186|
|Total funds carried forward||693,957|490,69'I|1,184,648|1,040,296|





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|as at 81 March 202|1||||||
|---|---|---|---|---|---|---|
|||||||2020f|
|Current asssta|||||||
|Debtors||14|867,110||23S,248||
|Cash at bank and in hend|||900,218||809,278||
||||1,287428||1,045,526||
|Creditors: amounts|falling dus within one||||||
|year||16|(40,178}||(5,230}||
|}tetcurrent assets||||||1,040,298|
|Total assets less current llablljtfes||||1,227,148||1,040,296|
|Creditors: amounts|faNlng due altar more||||||
|fhan one year||||(42,800}|||
|Total net assets||||1,184,648||1,040,298|
|Che rlty funda|||||||
|Restricted funds||17||490,691||203,264|
|Unrestricted<br>funds||17||693,957||837,032|
|Total funds||||1,184,548||1,040,296|






## 

||||||2021||2020|
|---|---|---|---|---|---|---|---|
||||||$||6|
|Rxed assets||||||||
|Investal nta||||13|481,284||481,284|
||||||451,2$4||481,284|
|Current assets||||||||
|Debtors||||14|3$4v465|58,897||
|Cash st bank|and In hend||||S25,8$3|480,520||
||||||890,148|537,217||
|Creditors: amounts<br>year||falling due within one||15|f25,166)|(3,350)||
|Net current assets|||||6$4,982||533,867|
|Tots) net assets|||||1,12$,26$||995,151|
|Charity funds||||||||
|Restricted funds||||17|92,264||46,186|
|Unrsstrtcted|funds|||17|1,034,002||948,965|
|Total funds|||||1,125,2$6||995,151|
|The Charily's|net~nt||in funds for lha|year was|f131.115(2020 - $433,203).|||





## 

## 

|Consolidated<br>statement ofcash flows|Consolidated<br>statement ofcash flows|Consolidated<br>statement ofcash flows|||||
|---|---|---|---|---|---|---|
|for the Yearendsd 31 March 202f|||||||
||||||2021|2020|
||||||6||
|Cash flows from operating|activities||||||
|Net cash used<br>in operating|activities||||163,783|(814,442)|
|Cash flaws froin Investing|activities||||||
|Interest reoeived|||||105|1,029|
|Net cash provided<br>by investing<br>activities|||||105|1,029|
|Cash flows from financing|activities||||||
|Interest payable|||||(27)|(373)|
|Net cash used in financing|activities||||(27)|(373)|
|Change ln cash and cash|equivalents||In the year||163,861|(813,786)|
|Cash and cash equivalents|at lhe beginning|||ofthe year|869,276|1,62D,44D|
|Change<br>in cash and cash equivalents||due to exchange rate movements|||(72,923)|2.624|
|Cash and cash equivalents|atthe end||ofthe year||960,216|809,276|





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||Unrestricted|Restricted|Totaf|Total|
|---|---|---|---|---|
||funds|funds|funds|funds|
||2021f|2021f|2021f|2020f|
|Donations||1T,T36|17,741|469,IXIB|
|Legades||2.154|2,154|22.154|
|Grants||185,308|185,306|180,782|
|Total 2021|5|205,198|205,203|651,944|
|Total 2020|462.308|189,636|651,944||



## 

## 

||||Restricted|Total|Total|
|---|---|---|---|---|---|
||||funds|funds|funds|
||||2021f|2021<br>6|2020f|
|Grant income|||289,064|289,064|440.569|
|Corporate programme||income|105.427|105,427|236.603|
|Loan related|activiTies||86.682|86,682|83.670|
||||481.173|481,173|740.842|
|Total 2020|||740,842|740,842||





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||||Unrestricted|Re|st|rfc ted|Total|Total|
|---|---|---|---|---|---|---|---|---|
||||funds|||funds|funds|funds|
||||2021|||2021|2021|2020|
|Bank|interest|||||||31|
|Other|interest|receivable||||105|1D5|998|
|||||||105|105|1,029|
|Total|202G||31|||998|1,029||



## 

|||Grant||||
|---|---|---|---|---|---|
|||funding of|Support|Total|Total|
|||activities|costs|funds|Funds|
|||2D21f|2021<br>2|2021<br>g|2020|
|Kenyan and Ugandan|project coats|23,135|190,579|213,714|215,251|
|Total 2020||2,124|213,127|215,251||





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|||Charitable||||
|---|---|---|---|---|---|
|||acttvlgss-|Other|||
|||$Uppor|trading|||
|||costs|expenses|Total|Total|
|||2021|2021|2021|2020|
|||6|6||6|
|Inwountry<br>operating|costs|3,311|206,069|211~|199,116|
|Loan loss expense|||(10,334)|(10,334)|210,419|
|Volunteer<br>programme|costs||15,699|15,699|43,346|
|Other project costs|||33,702|33,702|13,779|
|Head offioe costs||167,993|10,605|176,596|202,543|
|Governance<br>costs||16,954||16,954|2,000|
|Bank charges||25|27|52|396|
|Foreign exchange difhrences||2,296|70,627|72,923|37,904|
|||190,579|326,415|518,994|709,505|
|Total 2020||213,127|496,376|709.505||



## 

||||||Grants to|Total|Total|
|---|---|---|---|---|---|---|---|
||||||Institutions|funds|funds|
||||||2021|2021|2020|
||||||f.||6|
|Love|For All Orphanage||(Nakuru.|Kenya)|23,135|23,135||
|Good|Foundation|(lilbale, Uganda)|||||2,'!24|
||||||23.135|23,135|2.124|
|Total|2020||||2,124|2,124||





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|||||||2021|2020|
|---|---|---|---|---|---|---|---|
|Fees payable|to the Charity's|auditor||for the audit ofthe Charity's|annual|||
|aooounls||||||6,SOO||
|Fees payable|to the Charity's|auditor||in respect of;||||
|ABassumnce|services not included|||above||6,DOO|2,000|
|All non-audit|services not included||above|||2,454||



## 

|Staffcosts|||||||
|---|---|---|---|---|---|---|
||||Group|Group|Charity|Charity|
||||2D21|2020|2021|2020|
|||||6|6|F|
|Wages and|salaries||144,401|154,695|144,401|141,346|
|Social security casts|||12,946|19,019|12,948|16,627|
|Contribution|to defined contribution|pension|||||
|schemes|||6,876|6,200|6,875|5,700|
||||163824|179.914|163,224|163.673|



||||Group|Group|Charity|Charity|
|---|---|---|---|---|---|---|
||||2021|2020|2021|2020|
||||No,|No.|No.|No.|
|UK management||||3|||
|Kenyan|and Ugandan|staff||13|||
||||16|16|||



## 



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||Investments|
|---|---|
||in subsidiary|
|Charity|companiesf|
|Valuation||
|At 1 April 2020|461,284|
|At 31 March 2021|461,284|
|Net book value||
|At 31 March 2021|461,294|
|At 31 March 2020|461,284|



## 

|||Group<br>2021f|Group<br>2020f|Charity<br>2021|Charity<br>2020f|
|---|---|---|---|---|---|
|Due after more than one year||||||
|Other debtors||103,468|58,047|||
|||103,469|58,047|||
|Due within one year||||||
|Trade debtors||65,628|2,153|||
|Amounts<br>owed by group undertakings||||339706|16,507|
|Other debtors||161,274|138,236|||
|Prspayments|and accrued income|36,740|37,812|24,760|40.190|
|||367,110|236.248|364,465|56,697|





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|||Group<br>2021|Group<br>2020|
|---|---|---|---|
||||E|
|Loans receivable|at 1 April|196,294||
|Redassificsdons|||130,339|
|Lean additians<br>in|the year|332,748|445,588|
|Loan repayments|in the year|(236,644)|(170.321)|
|Loans written aff|in the year|(28,276)|(40.817)|
|(Increase)l decrease in loan loss provision||28,276|(169,602)|
|FXrevaluation<br>adjustments||(37,553)|1,077|
|||255,566196,264||





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||Group|Group|Charity|Charity|
|---|---|---|---|---|
||2021|2020f|2021f|2020f|
|Bankloans|7,500||||
|Trade creditors|148|68|||
|Pension fund loan payable|1,016|1,350|1.016|1,350|
|Other creditors|272|11|25||
|Accruats and deferred ircome|31,242|3,801|24,125|2,000|
||40,175|5,230|25,166|3,350|



## 

||Group|Group|
|---|---|---|
||2021f|2020f|
|Bankloans|42,500||





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|||||||Balance at|
|---|---|---|---|---|---|---|
||||Balance at 1|||31 llaarch|
||||Aprft 2020|Income|Expenditure|2021|
||||||8|2|
|Unrestricted|funds||||||
|General fund|||837,032|5|(143,080)|693,957|
|Restrfcted funds|||||||
|Balloon Ventures||East Africa Fund|46,186|203,044|i85,881)|162,349|
|Balloon Ventures||Limited|157,078|483,432|(312,168)|328,342|
||||203,264|686,476|(399,049)|490,691|
|Totaloffund|s||1,040,296|888,48'I|(542,129)|1,184,648|





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|Stateme|nt<br>of|fun|ds - prior yea|r|||||
|---|---|---|---|---|---|---|---|---|
|||||||||Balance at|
|||||Balance at|||Transfers|31 tilarch|
|||||1 April 2D19|Income|Expenditure|in/out|2D20|
|||||8|||8||
|Unrestricted||funds|||||||
|General|fund|||379,419|462,339|(187,256)|182,530|837,032|
|Restricted funds|||||||||
|BaDoon|Ventures||East Africa||||||
|Fund||||182,529|167,482|(121,295)|(182,530)|46,186|
|Balloon|Ventures||Limited|(203,838)|763,994|(403,078)||157,078|
|||||(21.309)|931,476|(524,373)|(182.530)|203,264|
|Total offunds||||358,110|931,476|(711.629)||1,040.286|



|Summary offunds - current y|ear||||
|---|---|---|---|---|
|||||Balance at|
||Balance at 1|||31 March|
||April 202D|Income|Expenditure|2021|
||||8|6|
|General funds|837,032|5|(143,080)|603,967|
|Restricted funds|203,264|686,476|(399,049)|490,691|
||1,D40,296|686,481|(642,129)|1,184,648|





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|Summary offunds<br>~pri|or year|||||
|---|---|---|---|---|---|
||||||Balance at|
||Balance at|||Transfers|31 March|
||1 April 2019|Income|Expenditure|in)out|2020|
||8||8|8|5|
|General funds|379,419|462,339|(187,256)|182.53D|837,032|
|Restricted funds|(21,309)|931,476|(524.373)|(182,530)|203,264|
||358.110|'i,393,815|(711,629)||1,040.296|



## 

|Analysis<br>ofnst assets between funds - current|year|||
|---|---|---|---|
||ttnrsstri eted|Restricted|Total|
||funds|funda|funds|
||2021|2021|2021|
||6|8||
|Debtors due atter more than one year||103.111|103,111|
|Current assets|719,123|445.092|1,164,215|
|Creditors due within one year|(25.166)|(15,012)|(40,178)|
|Creditors due in more than one year||(42,500)|(42,500)|
|Total|693.957|490.691|1,184,648|





## 

|20.|Reconc5iafion ofnet|Reconc5iafion ofnet|movement|in funds|to net cash flow from operating|to net cash flow from operating|activities||
|---|---|---|---|---|---|---|---|---|
||||||||Group|Group|
||||||||2D21|2020|
||Net income for the year (as per Statement||||of Flnandal|Ac5vitles)||682.186|
||Ad]ustments<br>for:||||||||
||Increase in debtors||||||(130,862)|(229,648)|
||Increasej(decrease)|in|creditors||||77,448|(802,416)|
||Foreign exchange differences||||||72,923|(2,624)|
||Non~eh<br>donation of||investment|||||(461,264)|
||Interest receivable||||||(1D5)|(1,029)|
||Interest payable||||||27|373|
||Nst cash provided<br>by((used in)|||operating|activities||183783|(814.442)|
|21,|Analysis ofcash and||cash equivalents||||||
||||||||Group|Group|
||||||||2021|2020|
|||||||||6|
||Cash in hand||||||900,216|809,278|
||Total cash end cash||equivalents||||900,216|809,278|
|22.|Analysis ofchanges||in net debt||||||
|||||||At 1April<br>202D|Cash flows|At 31 March<br>2021|
||Cash at bank and in|hand||||809,278|90,938|900,2f8|
||Debt due within<br>1 year|||||(1,MD)|(7.100)|(6,516)|
||Debt due alter 1 year||||||(42,500)|(42,500)|
|||||||8D7,928|41,272|849,200|





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|under ncn-|can|cellable<br>operating<br>leases as follows:|||
|---|---|---|---|---|
||||Group|Group|
||||2021|2020|
||||6||
|Not laler than||1 year|7,238|6,675|
|Later than|1 year and not later than 5years||8,478|9,160|
||||15,716|15,855|



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