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||||Page|
|---|---|---|---|
|Reference and administrative||details ofthe Charity, its Trustees and advisers||
|Trustees' report|||2-5|
|Independent|auditors'
report|on the tinancial statements|6-9|
|Consolidated|statement
offinancial activities||10|
|Consolidated|balance sheet|||
|Charity balance sheet|||12|
|Consolidated|statement
ofcash flows||13|
|Notes tothe|financial statements||14-29|
##
|Trustees|||Ms AJ Hindman|Ms AJ Hindman|||
|---|---|---|---|---|---|---|
||||Mr W S G Smith||||
||||Mr J Prabhay||||
|Company|registered||||||
|number|||07596900||||
|Charity registered|||||||
|number|||1141552||||
|Registered||office|73 Mount View|Road|||
||||London||||
||||N4 4SR||||
|Company|secretary||Ms M C Phillips||||
|Independent||auditors|Kreston Reeves||LLP||
||||Statutory Auditor||and Chartered|Accountants|
||||Second Floor||||
||||166Shoreditch||High Street||
||||London||||
||||E1 6RA||||
|Bank|||TSBBank||||
||||Box 1||||
||||BX47SB||||
||||VFXPic||||
||||65 Leadenhall|Street|||
||||London||||
||||EC3A 2AD||||
||||TransferWise|Limited|||
||||56Shoreditch|High Street|||
||||London||||
||||E16JJ||||
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|for the year ended 31 March 202|2|
||||
|---|---|---|---|---|---|
|||Unrestricted|Restricted|Total|Total|
|||funds|funds|funds|funds|
||Note|2022
6|2022
5|2022
8|2021f|
|Income from:||||||
|Donations
and legacies||6,853|177,179|184,032|205,203|
|Other trading
activities|||456,724|456,724|481,173|
|Other investment
income|||14|14|105|
|Total income||6,853|633,917|640,770|686,481|
|Expenditure
on:||||||
|Other trading
activities|||280,581|280,581|328,415|
|Charitable
activities||185,724|60,391|246,115|213,714|
|Total expenditure||185,724|340,972|526,696|542,129|
|Net movement
in funds||(178,871)|292,945|114,074|144,352|
|Reconciliation offunds:||||||
|Total funds brought
forward||693,957|490,691|1,184,648|1,040,296|
|Net movement
in funds||(178,871)|292,945|114,074|144,352|
|Total funds carried forward||515,086|783,636|1,298,722|1,184,646|
##
|as at 31 Nlarch 202|2|||||||
|---|---|---|---|---|---|---|---|
||||Note||2022
6||2021f|
|Current assets||||||||
|Debtors|||14|828,899||367,110||
|Cash at bank and in hand||||560,188||900,216||
|||||1,389,087||1,267,326||
|Creditors: amounts|falling|due within one||||||
|year|||15|(57,865)||(40,178)||
|Net current assets|||||1,331,222||1,227,148|
|Total assets less current||liabilities|||1,331,222||1,227,146|
|Creditors: amounts|falling|due after more||||||
|than one year|||||(32,500)||(42,500)|
|Total net assets|||||1,298,722||1,184,646|
|Charity funds||||||||
|Restdicted funds|||17||783,636||490,691|
|Unrestricted
funds|||17||515,086||693,957|
|Total funds|||||1,298,722||1,184,646|
##
##
|Consolidated
statement
ofcash flows||||||
|---|---|---|---|---|---|
|for the year ended 31March 2022||||||
|||||2022
f|2021|
|Cash flows from operating
activities||||||
|Net cash used in operating
activities||||(371,011)|163,783|
|Cash flows from investing
activities||||||
|Interest received||||14|105|
|Net cash provided
by investing
activities||||14|105|
|Cash flows from financing
activities||||||
|Interest payable||||873|(27)|
|Net cash provided
by/(used
in) financing||activities||873|(27)|
|Change
in cash and cash equivalents|in the year|||(370,124)|163,861|
|Cash and cash equivalents
at the beginning||ofthe year||900,216|809,278|
|Change
in cash and cash equivalents
due to exchange|||rate movements|30,096|(72,923)|
|Cash and cash equivalents
at the end|of|the year||560,188|900,216|
|The notes on pages 14to 29 form part ofthese financial|||statements|||
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||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|
||funds|funds|funds|funds|
||2022
6|2022
6|2022f|2021f|
|Donations|6,853|144,479|151,332|17,741|
|Legacies||341|341|2,154|
|Grants||32,359|32,359|185,308|
|Total 2022|6,853|177,179|184,032|205,203|
|Total 2021|5|205,198|205,203||
##
##
|||Restricted|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2022|2022|2021|
|||6|6||
|Grant income||246,202|246,202|289,064|
|Corporate programme|income|||105,427|
|Loan related activities||210,522|210,522|86,882|
|||456,724|456,724|481,173|
|Total 2021||481,173|481,173||
##
||||Restricted|Total|Total|
|---|---|---|---|---|---|
||||funds|funds|funds|
||||2022
6|2022
6|2021f|
|Other|interest|receivable|14||105|
|Total|2021||105|105||
##
##
|||Grant||||
|---|---|---|---|---|---|
|||funding of|Support|Total|Total|
|||activities|costs|funds|funds|
|||2022|2022|2022|2021f|
|Kenyan and Ugandan|project costs|32,826|213,211|246,037|213,714|
|Foreign exchanges differences|||78|78||
|||32,826|213,289|246,115|213,714|
|Total2021||23,135|190,579|213,714||
##
##
||||Charitable||||
|---|---|---|---|---|---|---|
||||activities-|Other|||
||||support|trading|||
||||costs|expenses|Total|Total|
||||2022|2022|2022|2021f|
|In-country
operating||costs||252,852|252,852|211,400|
|Loan loss expense||||(12,505)|(12,505)|(10,334)|
|Volunteer
programme||costs||||15,699|
|Other project|costs|||52,820|52,820|33,702|
|Head office costs|||201,456|8,638|210,094|178,598|
|Governance|costs||11,754|7,850|19,604|16,954|
|Bank charges||||1,097|1,097|52|
|Foreign exchange differences|||78|(30,176)|(30,098)|72,923|
||||213,288|280,576|493,864|518,994|
|Total2021|||190,579|328,4'l5|518,994||
##
|||||||Grants to|Total|.|Total|
|---|---|---|---|---|---|---|---|---|---|
||||||Institutions||funds||funds|
|||||||2022
6|2022
8||2021
f|
|Love For All|Orphanage|(Nakuru,||Kenya)||32,826|32,826||23,135|
|Total 2021||||||23,135|23,135|||
|Auditors'
remuneration||||||||||
||||||||2022
8||2021f|
|Fees payable|to the Charity's||auditor||for the audit ofthe Charity's|annual||||
|accounts|||||||9,000||8,500|
|Fees payable|to the Charity's||auditor||in respect of:|||||
|All assurance|services|not included|||above||6,500||6,000|
|All non-audit|services not included|||above|||900||2,454|
##
##
|Staffcosts||||||||
|---|---|---|---|---|---|---|---|
|||||Group|Group|Charity|Charity|
|||||2022
f|2021
f|2022
F|2021f|
|Wages and|salaries|||168,739|'/44, 401|168,739|144,401|
|Social security costs||||15,523|12,948|15,523|12,948|
|Contribution|to defined|contribution|pension|||||
|schemes||||10,080|5,875|10,080|5,875|
|||||194,342|153,224|194,342|163,224|
|The average|number|ofpersons employed||by the Charity during|the year was as follows:|||
|||||Group|Group|Charity|Charily|
|||||2022|2021|2022|2021|
|||||No.|No.|No.|No.|
|UK management||||3|3|||
|Kenyan and|Ugandan|staff||14|15|||
|||||17|18|3||
##
|||||Investments|
|---|---|---|---|---|
|||||in subsidiary|
|||||companies|
|Charity||||E|
|Valuation|||||
|At 1 April 2021||||461,284|
|At 31 March 2022||||461,284|
|Net book value|||||
|At 31 March 2022||||461,2&4|
|At31March 2021||||461;264|
|Debtors|||||
||Group|Group|Charity|Charity|
||2022
K|2021|2022
R|2021f|
|Due after more than one year|||||
|Other debtors|239,701|103,468|||
||239,701|103,468|||
|Due within one year|||||
|Trade debtors|29,321|65,628|||
|Amounts
owed by group undertakings|||707,168|339,705|
|Other debtors|548,121|161,274|||
|Prepayments
and accrued income|11,756|36,740||24,760|
||828,899|367,110|707,168|364,465|
##
##
##
|Schedule of|loa|ns receivable|||
|---|---|---|---|---|
||||Group|Group|
||||2022|2021|
||||6||
|Loans receivable||at 1 April|255,505|196,264|
|Reclassifications|||||
|Loan additions|in|the year|867,369|332,748|
|Loan repayments||in the year|(372,692)|(235,644)|
|Loans written|off|in the year|(53,789)|(28,276)|
|(Increase)l decrease
in loan loss provision|||53,789|28,276|
|FXrevaluation|adjustments||29,932|(37,863)|
||||780,114|255,505|
##
##
|||Group|Group|Charity|Chanty|
|---|---|---|---|---|---|
|||2022|2021|2022|202f|
||||5|8||
|Bank loans||10,000|7,500|||
|Trade creditors||27,683|148|||
|Other creditors||1,624|1,288|1,608|1,041|
|Accruals and deferred|income|18,558|31,242|11,381|24,125|
|||57,865|40,178|12,989|25,155|
##
|Group|Group|
|---|---|
|2022|2021f|
|32,500|42,500|
##
|Statement offun|ds - current year|||||
|---|---|---|---|---|---|
||||||Balance at|
|||Balance at 1|||31 INarch|
|||April 2021|Income|Expenditure
f|2022
f|
|Unrestricted
funds||||||
|General fund||693,957|6,853|(185,724)|515,086|
|Restricted funds||||||
|Balloon Ventures|East Africa Fund|162,349|176,838|(60,391)|278,796|
|Balloon Ventures|Limited|328,342|457,079|(280,581)|504,840|
|||490,691|633,917|(340,972)|783,636|
|Total offunds||1,184,648|640,770|(526,696)|1,298,722|
|Statement offunds - prior year||||||
||||||Balance at|
|||Balance at|||31March|
|||1April 2020f|Income|Expenditure
f|2021
f|
|Unrestricted
funds||||||
|General
fund||837,032|5|(143,080)|693,957|
|Restricted funds||||||
|Balloon Ventures|East Africa Fund|46,186|203044|(88881)|162,349|
|Balloon Ventures|Limited|157,078|483432|(312158)|328,342|
|||203,264|886,476|(399,049)|490,691|
|Totaloffunds||1,040,296|686,476|(542,129)|1,184,648|
##
##
|Summary|offunds - current y|ear||||
|---|---|---|---|---|---|
||||||Balance at|
|||Balance at 1|||31March|
|||April 2021|Income|Expenditure|2022|
|||6|6|6|6|
|General funds||693,957|6,853|(185,724)|515,086|
|Restricted|funds|490,691|633,917|(340,972)|783,636|
|||1,184,648|640,770|(526,696)|1,298,722|
|Summary offunds - prior year|||||
|---|---|---|---|---|
|||||Balance at|
||Balance at|||31March|
||1April 2020|Income|Expenditure|2021f|
|General funds|837,032|5|(143,080)|693,957|
|Restricted funds|203,254|686,476|(399,049)|490,691|
||1,040,296|686,481|(542,129)|1,184,648|
|Analysis
Analysis|ofnet assets between funds
ofnet assets between funds - current|year|||
|---|---|---|---|---|
|||Unrestricted|Restricted|Total|
|||funds|funds|funds|
|||2022|2022|2022|
|||6|6|6|
|Debtors|due aRer more than one year||239,701|239,701|
|Current|assets|528,075|621,311|1,149,388|
|Creditors|due within one year|(12,989)|(44,876)|(57,865)|
|Creditors|due in more than one year||(32,500)|(32,500)|
|Total||515,086|783,636|1,298,722|
##
|20.|Reconciliation
ofnet|Reconciliation
ofnet|movement|movement|in funds|to net cash flow from operating|to net cash flow from operating|activities||
|---|---|---|---|---|---|---|---|---|---|
|||||||||Group|Group|
|||||||||2022
6|2021f|
||Net income for the year (as per Statement|||||of Financial|Activities)|114,074|144,352|
||Adjustments
for:|||||||||
||Increase
in debtors|||||||(835,133)|(130,862)|
||Increase
in creditors|||||||443,367|77,448|
||Foreign exchange differences|||||||(30,096)|72,923|
||Interest receivable|||||||(14)|(105)|
||Interest payable|||||||873|27|
||Net cash provided|by/(used||in)|operating|activities||(306,929)|163,783|
|21.|Analysis ofcash and||cash|equivalents||||||
|||||||||Group|Group|
|||||||||2022|2021|
|||||||||6||
||Cash in hand|||||||560,188|900,216|
||Total cash and cash||equivalents|||||560,188|900,216|
|22.|Analysis ofchanges||in net|debt||||||
||||||||At 1 April||At 31 INarch|
||||||||2021|Cash flows|2022|
||||||||6|8|6|
||Cash at bank and in|hand|||||900,216|(340,028)|560,188|
||Debt due within
1 year||||||(7,500)|(2,500)|(10,000)|
||Debt due aRer 1 year||||||(42,500)|10,000|(32,500)|
||||||||850,216|(332,528)|517,688|
##
##
|under non|
~nc|
ellable
operating
leases as follows:|
||
|---|---|---|---|---|
||||Group|Group|
||||2022
8|2021f|
|Not later than||1year|7,201|7,238|
|Later than|1 year and not later than 5years||1,605|8,478|
||||8,806|15,716|
##
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|Name|||Company|Registered oflice or principal|Principal|activity|activity|
|---|---|---|---|---|---|---|---|
||||number|place ofbusiness||||
|Balloon Ventures||Ltd|07940726|73 Mount View Road, London,|N4 Investing|in small||
|||||4SR|businesses||in Kenya|
||||||and Uganda|||
|Class of|Holding|||||||
|shares||||||||
|Ordinary||100/o||||||
|Name|||Income|Expenditure|Profitl(Loss)|Net assets|
|---|---|---|---|---|---|---|
||||E|6|ISurplus/|6|
||||||(Degcit) for||
||||||the year||
||||||6||
|Balloon|Ventures|Ltd|655,344|405,392|249,952|257,446|