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|---|---|---|---|---|
|Reference and administrative|||details ofthe Charity, its Trustees and advisers||
|Trustees'
report||||2-5|
|Independent|auditors'|report|on the financial statements|6-9|
|Consolidated|statement offinancial activities|||10|
|Consolidated|balance|sheet|||
|Charity balance sheet||||12|
|Consolidated|statement ofcash flows|||13|
|Notes to the|financial|statements||14-30|
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|for the year ended 31 March 202|3|
||||
|---|---|---|---|---|---|
|||Unrestricted|Restricted|Total|Total|
|||funds|funds|funds|funds|
||Note|2023f|2023|2023|2022f|
|Income from:||||||
|Donations
and legacies||3,704|858,339|862,043|184,032|
|Other trading
activities|||572,125|572,125|456,724|
|Other investment
income|||30|30|14|
|Other income||9,227|1,573|10,800||
|Total income||12,931|1,432,067|1,444;998|640,770|
|Expenditure
on:||||||
|Other trading
activities||443|520,326|520,769|280,581|
|Charitable
activities||102,502|83,412|185,914|246,115|
|Total expenditure||102,945|603,738|706,683|526,696|
|Net movement
in funds||(90,014)|828,329|738,315|114,074|
|Reconciliation
offunds:||||||
|Total funds brought forward||515,086|783,636|1,298,722|1,184,648|
|Net movement
in funds||(90,014)|828,329|738,315|114,074|
|Total funds carried forward||425,072|1,611,965|2,037,037|1,298,722|
##
##
|as at 31 March 202|3||||||
|---|---|---|---|---|---|---|
|||||2023||2022|
|||Note|||||
|Tangible assets||14||32,948|||
|Current assets|||||||
|Debtors||16|1,907,464||828,899||
|Cash at bank and in hand|||769,605||560,188||
||||2,677,069||1,389,087||
|Creditors: amounts|falling due within one||||||
|year||17|(44,093)||(57,865)||
|Net current assets||||2,632,976||1,331,222|
|Total assets less current liabilities||||2,665,924||1,331,222|
|Creditors: amounts|falling due after more||||||
|than one year||||(628,887)||(32,500)|
|Total net assets||||2,037,037||1,298,722|
|Charity funds|||||||
|Restricted funds||19||1,611,965||783,636|
|Unrestricted
funds||19||425,072||515,086|
|Total funds||||2,037,037||1,298,722|
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|for the year ended 31 Mar||h 2023|||||||
|---|---|---|---|---|---|---|---|---|
||||||||2023|2022|
|||||||Note|f.||
|Cash flows from operating||activities|||||||
|Net cash used in operating|activities|||||22|294,051|(371,011)|
|Cash flows from investing||activities|||||||
|Purchase oftangible fixed assets|||||||(37,514)||
|Interest received|||||||30|14|
|Net cash (used in)/provided||by investing|||activities||(37,484)|14|
|Cash flows from financing||activities|||||||
|Interest payable|||||||(8,319)|873|
|Net cash (used in)/provided||by financing|||activities||(8,319)|873|
|Change
in cash and cash||equivalents||in|the year||248,248|(370,124)|
|Cash and cash equivalents||at the beginning|||ofthe year||560,188|900,216|
|Change
in cash and cash equivalents|||due to exchange rate movements||||(38,831)|30,096|
|Cash and cash equivalents||at the end||ofthe year|||769,605|560,188|
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||||Restricted|Total|Total|
|---|---|---|---|---|---|
||||funds|funds|funds|
||||2023|2023|2022|
|Grant|income||199,593|199,593|246,202|
|Loan|related|activities|372,532|372,532|210,522|
||||572,125|572,125|456,724|
|Total|2022||456,724|456,724||
##
||||Restricted|Total|Total|
|---|---|---|---|---|---|
||||funds|funds|funds|
||||2023|2023|2022|
|Other|interest|receivable|30|30|14|
|Total|2022||14|14||
##
||||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|---|
||||funds|funds|funds|funds|
||||2023|2023|2023|2022|
||||f.||||
|Other|operating|income|9,227|1,573|10,800||
##
##
||||Grant|||||
|---|---|---|---|---|---|---|---|
||||funding of||Support|Total|Total|
||||activities||costs|funds|funds|
||||2023||2023|2023|2022|
|Kenyan and Ugandan||project costs|1,979||183,935|185,914|246,037|
|Foreign exchanges|differences||||||78|
||||1,979||183,935|185,914|246,115|
|Total 2022|||32,826|'|213,289|246,115||
##
|||Charitable||||
|---|---|---|---|---|---|
|||activities-|Other|||
|||sUpport|trading|||
|||costs|expenses|Total|Total|
|||2023|2023|2023|2022|
||||E|||
|In-country
operating costs|||353,084|353,084|252,852|
|Loan loss expense|||39,889|39,889|(12,505)|
|Other project|costs|1,979|2,406|4,385|52,820|
|Head office costs||171,641|18,376|190,017|210,094|
|Governance|costs|12,294|8,900|21,194|19,604|
|Bank charges|||8,319|8,319|1,097|
|Foreign exchange differences|||38,831|38,831|(30,098)|
|Research and development|||50,964|50,964||
|||185,914|520,769|706,683|493,864|
|Total 2022||213,288|280,576|493,864||
##
|||||||Grants to|Total|Total|
|---|---|---|---|---|---|---|---|---|
||||||Institutions||funds|funds|
|||||||2023|2023f|2022|
|Love For All|Orphanage|(Nakuru,||Kenya)||1,979|1,979|32,826|
|Total 2022||||||32,826|32,826||
|Auditors'
remuneration|||||||||
||||||||2023|2022|
|Fees payable|to the Charity's||auditor||for the audit ofthe Charity's|annual|||
|accounts|||||||10,500|9,000|
|Fees payable|to the Charity's||auditor||in respect of:||||
|All assurance|services|not included|||above||7,500|6,500|
|All non-audit|services not included|||above|||1,000|900|
##
##
|||||Group|Group|Charity|Charity|
|---|---|---|---|---|---|---|---|
|||||2023|2022|2023|2022|
|||||R||R||
|Wages and|salaries|||377,&36|319,447|141,149|168,739|
|Social security costs||||12,607|15,523|12,607|15,523|
|Contribution|to defined|contribution|pension|||||
|schemes||||8,445|10,080|8,445|10,080|
|||||398,888|345,050|162,201|194,342|
|||Group|Group|Charity|Charity|
|---|---|---|---|---|---|
|||2023|2022|2023|2022|
|||No.|No.|No.|No.|
|UK management||2|3|||
|Kenyan and Ugandan|staff|18|14|||
|||20|17|||
|Group|Group|
|---|---|
|2023|2022|
|No.|No.|
##
##
|||Motor|Computer||
|---|---|---|---|---|
|||vehicles|equipmentf|Total|
||Cost or valuation||||
||Additions|22,286|15,228|37,514|
||At 31 March 2023|22,286|15,228|37,514|
||Depreciation||||
||Charge for the year|2,649|1,917|4,566|
||At 31 March 2023|2,649|1,917|4,566|
||Net book value||||
||At 31 March 2023|19,637|13311|32,948|
||At 31March 2022||||
|15.|Fixed asset investments||||
|||||Investments|
|||||in subsidiary|
|||||companies|
||Charity|||R|
||Valuation||||
||At 1 April 2022|||461,284|
||Additions|||523„434|
||At 31 March 2023|||984,718|
||Net book value||||
||At 31 March 2023|||984,718|
||At 31March 2022|||461,284|
##
##
|||Group|Group|Charity|Charity|
|---|---|---|---|---|---|
|||2023|2022|2023
R|2022f|
|Due after more than one year||||||
|Other debtors||449,498|239,701|||
|||449,498|239,701|||
|Due within one year||||||
|Trade debtors|||29,321|||
|Amounts
owed by group undertakings||||1,066,780|707,168|
|Other debtors||1,434,740|548,121|||
|Prepayments|and accrued income|23,226|11,756|||
|||1,907,464|828,899|1,066,780|707,168|
##
##
|||Group|Group|
|---|---|---|---|
|||2023|2022|
|Loans receivable|at 1 April|780,114|255,505|
|Reclassifications||||
|Loan additions
in|the year|2,114,398|867,369|
|Loan repayments|in the year|(935,734)|(372,692)|
|Loans written off|in the year|(38,704)|(53,789)|
|(Increase)l decrease
in loan loss provision||(1,184)|53,789|
|FX revaluation
adjustments||(40,240)|29,932|
|||1,878,650|780,114|
##
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##
|||Group|Group|Charity|Charity|
|---|---|---|---|---|---|
|||2023|2022|2023|2022|
|||||R||
|Bank loans||10,000|10,000|||
|Trade creditors||8,018|27,683|||
|Other creditors||1,233|1,624|1233|1,608|
|Accruals and deferred|income|24,842|18,558|10,500|11,381|
|||44,093|57,865|11733|12,989|
##
##
|Credi|tors: Amounts
falling due after more t|han one year||
|---|---|---|---|
|||Group|Group|
|||2023|2022f|
|Bank|loans|628,887|32,500|
|Included
within the above are amounts
falling due as fol|lows:||
|---|---|---|
||Group|Group|
||2023|2022|
||R||
|Between one and two years|||
|Bank loans|10,000|10,000|
|Between two and five years|||
|Bank loans|618,887|22,500|
|Over five years|||
##
##
|Statement offun|ds - current year|||||
|---|---|---|---|---|---|
||||||Balance at|
|||Balance at 1|||31 March|
|||April 2022|Income|Expenditure|2023|
|Unrestricted
funds||||||
|General fund||515,086|12,931|(102,945)|425,072|
|Restricted funds||||||
|Balloon Ventures|East Africa Fund|278,796|858,339|(83,412)|1,053,723|
|Balloon Ventures|Limited|504,840|573,728|(520,326)|558,242|
|||783,636|1,432,067|(603,738)|1,611,965|
|Total offunds||1,298,722|1,444,998|(706,683)|2,037,037|
|Statement offunds - prior year||||||
||||||Balance at|
|||Balance at|||31March|
|||1April 2021|Income|Expenditure|2022|
|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|
##
|Summary
offunds - current y|ear||||
|---|---|---|---|---|
|||||Balance at|
||Balance at 1|||31 March|
||April 2022|Income|Expenditure|2023|
|General funds|515,086|12,931|(102,945)|425,072|
|Restricted funds|783,636|1,432,067|(603,738)|1,611,965|
||1,298,722|1,444,998|(706,683)|2,037,037|
##
|Summary
offunds - prior year|||||
|---|---|---|---|---|
|||||Balance at|
||Balance at|||31March|
||1April 2021|Income|Expenditure|2022|
|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|
|Analysis|ofnet assets between funds -current|year|||
|---|---|---|---|---|
|||Unrestricted|Restricted|Total|
|||funds|funds|funds|
|||2023|2023|2023|
||||R||
|Tangible|fixed assets||32,948|32,948|
|Debtors|due after more than one year|(29,746)|479,244|449,498|
|Current|assets|466,551|1,761,020|2,227,571|
|Creditors|due within one year|(11,733)|(32,360)|(44,093)|
|Creditors|due in more than one year||(628,887)|(628,887)|
|Total||425,072|1,611,965|2,037,037|
##
|||||||Group||Group|
|---|---|---|---|---|---|---|---|---|
|||||||2023f||2022|
||Net income for the year (as per Statement||||of Financial Activities)|738,315||114,074|
||Adjustments
for:||||||||
||Depreciation
charges|||||4,566|||
||Increase
in debtors|||||(1,078,565)||(835,133)|
||Increase
in creditors|||||582,615||443,367|
||Foreign exchange differences|||||38,831||(30,096)|
||Interest receivable|||||(30)||(14)|
||Interest payable|||||8,319||873|
||Net cash provided|by/(used||in) operating|activities|294,051||(306,929)|
|23.|Analysis ofcash and||cash|equivalents|||||
|||||||Group||Group|
|||||||2023||2022|
||||||||'||
||Cash in hand|||||769,605||560,188|
||Total cash and cash||equivalents|||769,605||560,188|
|24.|Analysis ofchanges||in net|debt|||||
||||At 1 April||At 31 March|
|---|---|---|---|---|---|
||||2022|Cash flows|2023|
|||||R||
||||K|||
|Cash|at bank and|in hand|560,188|209,417|769,605|
|Debt|due within
1|year|(10,000)||(10,000)|
|Debt|due after 1 year||(32,500)|(596,387)|(628,887)|
||||517,688|(386,970)|130,718|
##
##
|under non-|can|cellable
operating
leases as follows:|||
|---|---|---|---|---|
||||Group|Group|
||||2023|2022|
|Not later than||1 year|7,258|7,201|
|Later than|1 year and not later than 5years||20,246|1,605|
||||27,504|8,806|
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|The following|was|a subsidi|ary
undertaking
o|ary
undertaking
o|fthe Charity|fthe Charity|||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Name|||Company||Registered||office or principal||Principal|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||'I00%|||||||||||
|The financial|results ofthe||subsidiary|for the|year were:||||||||
|Name|||||Income|Expenditure||Profitl(Loss)||Net||assets|
|||||||||I Surplus/||||R|
|||||||||(Deficit) for|||||
|||||||||the year|||||
|Balloon Ventures||Ltd|||635,725||445,900||38,438||780,880||