Annual report & financial statements for the year ended 21 October 2021
Contents
❶ Welcome ................................................................................................................ 1 ❷ Administrative information ............................................................................. 2 ❸ Structure, governance & management ....................................................... 3 ❹ Objectives & activities ....................................................................................... 5 ❺ Achievements & performance ........................................................................ 7 ❻ Financial review ................................................................................................ 10 ❼ Trustees’ declaration ....................................................................................... 13 ❽ Independent examiner’s report on the accounts .................................. 14 ❾ Financial statements ....................................................................................... 16
Lilly Uganda | Annual report & financial statements 2020-21
❶ Welcome
We are pleased to present our annual report and financial statements for Lilly Uganda.
It has certainly been an interesting year for Lilly Uganda. The pandemic continued to cause much disruption both in the UK and in Uganda. Throughout this time we have worked with the children and families in the programme to ensure that they still had access to food, medical treatment and other basic necessities and tried to ensure that the children were still able to learn at home when schools were closed for significant periods of time.
Through this annual report we hope to be able to tell you about what has been achieved in the year and our plans for the future. We also want to thank everyone involved in Lilly Uganda– as a small charity run entirely by volunteers we rely on everyone who has supported us along the way and are so pleased to have you all as part of the Lilly Family.
Together we can make a difference to the lives of these children,
Aimee Perry & Charlotte Mihailovic
Founders of Lilly Uganda
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❷
Administrative information
This document forms the trustees’ annual report and financial statements of the charity Lilly Uganda for the year ended 21 October 2021. Lilly Uganda registered as a charity in England and Wales on 19 May 2011 with registration number 1142006.
Principle address
238 Worple Road Staines TW18 1HE
Trustees
| Trustee Name | Office | Dates acted (if not for whole year) Name of person or body entitled to appoint trustee (if any) |
Dates acted (if not for whole year) Name of person or body entitled to appoint trustee (if any) |
|---|---|---|---|
| Mrs Aimee Perry | Chair | - | - |
| Mrs Charlotte Mihailovic | Treasurer |
- | - |
| Miss Shirley Lunn | Secretary | - | - |
| Mr Oliver Lashbrook | - | - | - |
Bankers
Barclays Bank 71 High Street Staines TW18 4PS
Independent Examiner
Miss Emma Peskett
Lilly Uganda | Annual report & financial statements 2020-21
❸
Structure, governance & management
Lilly Uganda is governed by the conditions set out in the charity’s constitution adopted on 28 April 2011 which established Lilly Uganda as an unincorporated association. There have been three amendments to this constitution since its adoption following resolutions of the trustees and members at Special General Meetings on 17 April 2013, 3 October 2018 and 26th July 2021. The amendments were made to the wording of Lilly Uganda’s charitable objects to better reflect our on-going work. The most recent changes to the charity objects have been made to reflect the increasing support given to the Abato Foundation, Uganda.
Trustees
The two founders of Lilly Uganda, Aimee Perry and Charlotte Mihailovic, became trustees of the charity on our registration and continued to serve as trustees throughout the 2020-21 financial year. Oliver Lashbrook and Shirley Lunn were also reappointed for the 2020-21 financial year by the existing trustees.
Trustees are appointed or reappointed annually at the annual general meeting and may also be appointed as necessary by the existing trustees. All trustees give their time voluntarily and receive no remuneration or other benefits for their work as trustees.
Volunteers
Lilly Uganda is managed and operated entirely by volunteers, including the trustees and other individuals, and relies entirely upon these volunteers who give their time and enthusiasm so willingly. Without this valuable contribution, that allows us to direct our funds to achieving our charitable objects, we would not have achieved all that we have in this year. The trustees of Lilly Uganda wish to formally recognise and thank all of our volunteers for their time, expertise and energy.
Partner Organisations
Lilly Uganda works to fulfil its objectives through collaboration with individuals and other organisations. We wish to take this opportunity to thank all of these organisations and individuals for their support and assistance throughout the year including…
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… individuals abroad who have become involved in the work of Lilly Uganda through visits to the project. In particular we work closely with Erika Brönnimann who raises funds in Switzerland to support the work of Lilly Uganda.
… Staines Methodist Church and the church congregation who have provided invaluable support and work closely with us in supporting and promoting Lilly Uganda and our project work.
… Abato Foundation Uganda a Ugandan charity that provides education to vulnerable children. They have given us invaluable support and advice in relation to administrative matters in Uganda. We also work with this organisation to support more young people through secondary school and in FY21 we have expanded our work to support a medical centre run by this organisation.
Lilly Uganda | Annual report & financial statements 2020-21
❹ Objectives & activities
Vision
Our vision is a Uganda where every child receives a full education, has a loving, caring home, is able to eat nutritious, healthy food and can access medical care whenever they need it.
Mission
Our mission is to work with vulnerable children in Uganda to help them break the cycle of poverty. We do this through ensuring they gain a full and high standard of education and providing them with a safe and nurturing environment in which to live.
Objects
Our objects, as set out in the charity’s constitution, are:
To advance the education of young people in the Lilly Uganda programme, through the provision of primary, secondary and further education or vocational training to further their development and enhance their employment opportunities.
To relieve the needs of young people in the Lilly Uganda programme by providing shelter, food and health care.
To advance the education, health and wellbeing of people in Mpigi by assisting in the provision of medical care, education and other needs that may arise.
How we achieve these objects
During 2020-21 Lilly Uganda achieved these objectives through the support we provided to the children that take part in the Education Programme and the Family Support Programme. This included providing for their basic living, health and food needs and funding primary, secondary and further education. Lilly Uganda also provides funds for the Abato Medical Centre and the Pearl of Africa Secondary School in Mpigi.
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Public benefit
During the year Lilly Uganda has worked to provide public benefit through the relief and prevention of poverty in the ways described throughout this report and in the areas of health, education and the provision of shelter. In setting our programme each year the trustees have paid due regard to both the Charity Commission’s general guidance on public benefit and the guidance on the prevention or relief of poverty for the public benefit. The trustees always ensure that the programmes and projects we undertake are in line with our charitable objects and aims, central to which is our vision of relieving and preventing poverty through supporting the children that we work with in Uganda.
Lilly Uganda | Annual report & financial statements 2020-21
❺
Achievements & performance
In Uganda
During 2020-2021 Lilly Uganda has continued to support the children in the programme in a variety of ways.
The charity has fully covered the education costs of all the children as well as providing all school requirements. Covid continued to affect the children’s education in FY21. After a long period of closure, students began return to boarding school between October 20 and January 21. However new covid variants meant that all schools were again closed from May 21 onwards and children again had to return home. During this period Lilly Uganda provided for tutoring for the children so that they did not miss out on their studies. The previous lock down meant that the infrastructure was there for the children to learn online via phones and later, when restrictions allowed, with tutors in person.
The pandemic also left many families without a way to make any income. Whilst the children were home from school, Lilly Uganda were able to provide monthly food packages to ensure they had enough to eat.
Covid also delayed the studies of the 6 secondary school graduates, who had been due to start University or vocational college in August 2020. They had their start dates delayed by over 6 months however we are pleased to report that they were able to begin studying in FY21. Katongale and Swabrah are studying economics and accountancy at Uganda’s top university, Makerere University. Gertrude is also studying accountancy at Kyambogo University and Tugume, Kasule and Tadeo are doing courses in
page | 7
Social work, journalism and plumbing respectively. There have been several disruptions to their studies but they continue to work hard and have all successfully made in into the second year of their courses.
We are also very proud that in 2021 Maggie became the charities first university graduate after gaining a 2.1 in accountancy from Makerere University.
Lilly Uganda continued to work closely with the Abato Foundation to support the education of children. Eight of the secondary school students supported in the year were graduates from Abato primary school. In addition to funding these students, Lilly Uganda also provided funds for the new Pearl of Africa Secondary School, run by the Abato foundation, providing desks, books and other furniture for the school’s new library. In FY21 we have also expanded our work with the Abato Medical Centre. A grant from a UK trust has enabled us to purchase medical equipment and supplies and also to fund the salaries of medical staff. This support has been especially important as Covid has swept through the area and many people have needed treatment.
It has been a challenging year for the children in Uganda and for us to find new ways of operating in a Covid environment. We would like to thank Namulindwa Maggie and Lubega Gertrude who have done an amazing job in keeping in contact with all the children and ensuring they have everything they need. We would also like to thank Nassaka Jesca who has supplied food to families. throughout the pandemic. Our biggest thanks go to the children who showed great resilience and determination over the year and who continue to work hard despite difficult circumstances.
Lilly Uganda | Annual report & financial statements 2020-21
In the United Kingdom
It’s Quizmas, the annual Lilly Uganda Christmas quiz, was held in November 2020 and raised over £1,500. Due to covid restrictions the quiz was held entirely online with participants taking part from their own homes. Despite the restrictions it was still a great night with over 100 people in attendance and a fantastic total raised.
On 3[rd] October 2021 three intrepid runners took on the virtual London Marathon for Lilly Uganda. Adam, Kyle and Reid ran 26.2 miles and raised a fantastic £846.
Throughout the year Lilly Uganda was supported by nearly 70 regular givers, many of whom also wrote to the children in the Lilly Uganda programmes. These regular givers have contributed massively to the charity over the years and their ongoing support is greatly appreciated in ensuring a stable source of funds to allow us to continue our commitment to the children.
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❻ Financial review
Where the money comes from
The majority of our fundraising is made up of donations from supporters, including our sponsors and our annual programme of events. The amount and proportion of income from each source is presented below:
----- Start of picture text -----
Regular giving
£14,796 / 44%
Trading
£- / 0%
£33,589
raised through events,
trading and voluntary
Gift Aid * receipts
£202 / 1%
Individual donations and grants
In house events
£16,189 / 48%
£1,555 / 5%
Supporter lead events
Challenge events
£- / 0%
£846 / 2%
----- End of picture text -----
- This gift aid relates to amounts claimed by Virgin Money giving on the charity’s behalf. Lilly Uganda submits a gift aid claim every other year. No gift aid was claimed directly in this financial year and will instead be claimed next year.
Lilly Uganda | Annual report & financial statements 2020-21
Our 100% guarantee
Expenditure is divided into that spent on charitable activities (programmes and projects) and that spent on generating funds (administrative and operating costs).
----- Start of picture text -----
Cost of generating funds
£225 / 1%
Cost of charitable activities made up of expenditure to run
events, purchase fundraising
£34,796 / 99% equipment, produce literature
and publicity materials, and
comprising all expenditure on
purchase items in Uganda
our programme work in
for trading purposes
Uganda
----- End of picture text -----
Lilly Uganda is able to ensure that 100% of public donations go directly to our programme work in Uganda. We can do this because of our small group of admin donors, who provide the funds to cover the administrative costs associated with our fundraising and operating the charity.
All public donations are placed into the programme fund or one of our project funds:
----- Start of picture text -----
used entirely on our programme work in Uganda and can be used to
Programme fund
support any of our project work
used for one of five specific project areas (health and wellbeing, food, shelter
Project funds
and care, primary education and secondary education)
----- End of picture text -----
All donations from our admin donors are placed in the general fund:
----- Start of picture text -----
used to support any aspect of our work, including our projects and the cost
General fund
of operating the charity and administration
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How the money is spent
Our programme spending comprises expenditure on each of our six project streams and payments made to transfer funds from the United Kingdom to Uganda. The breakdown of our programme spending is presented below:
----- Start of picture text -----
Health and wellbeing
£1,685 / 5%
Food
£4,803 / 14% Shelter and care
£1,639 / 4%
Transfer of funds Primary education
£716 / 2%
£971 / 3%
the cost of transferring funds
from the UK to Uganda
£34,796
spent on supporting
our projects in Uganda
Secondary education
Abato Foundation £5,862 / 17%
£15,331 / 44%
Further education
3,788 / 11%
----- End of picture text -----
Lilly Uganda | Annual report & financial statements 2020-21
Reserve policy
At the end of the 2020-21 financial year Lilly Uganda holds £46,397 as reserves. These funds are held in reserve to contribute towards:
-
meeting future financial commitments, for example the increase in secondary school costs as more of the children move on to secondary school, further education costs for students wishing to study at university or vocational college
-
covering unforeseen future costs that may arise, for example medical bills and increasing food and commodity prices
At present, we aim to hold at least £6,000 in reserves at the year-end for general purposes, in addition to any money the remains in the graduate fund. The level of our reserves will be reviewed annually to ensure that we are holding an amount appropriate to meeting our expected future commitments.
❼
Trustees’ declaration
The trustees declare that they have approved the trustees’ report above
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Signature
Full name Mrs Charlotte Jane Mihailovic
Position Treasurer
09/08/2022
Date
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❽
Independent examiner’s report on the accounts
I report to the trustees and members of Lilly Uganda (registered charity number 1142006) on the accounts for the year ended 21 October 2021 which are set out on pages 10 to 23.
Respective responsibilities of trustees and examiner
The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is need.
It is my responsibility to:
-
examine the accounts under section 145 of the Charities Act,
-
to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(b) of the Charities Act), and
-
to state whether particular matters have come to my attention.
Basis of independent examiner’s statement
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Lilly Uganda | Annual report & financial statements 2020-21
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
-
(1) which gives me reasonable cause to believe that in, any material respect, the requirements:
-
to keep accounting records in accordance with section 130 of the Charities Act;
-
to prepare accounts which accord with the accounts records and comply with the accounting requirements of the Charities Act have not been met; or
-
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
----- Start of picture text -----
Signature
Full name Miss Emma Peskett
11/08/2022
Date
16 Hayden Court
Feltham
TW13 4TR
Address
----- End of picture text -----
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❾ Financial statements
Receipts and payments account for the year ended 21 October 2021
| General | Programme | Project | Total | Total | |
|---|---|---|---|---|---|
| fund | fund | funds❿ | 2020-21 | 2019-20 | |
| nearest £ | nearest £ | nearest £ | nearest £ | nearest £ | |
| Receipts | |||||
| Voluntary receipts | |||||
| Regular giving | 1,440 | 4,403 | 8,953 | 14,796 |
14,560 |
| Community, individuals and grants ❹ | - | 969 | 15,220 | 16,189 |
1,944 |
| Challenge events | - | 846 | - | 846 |
2,576 |
| Gift aid | - | 202 | - | 202 |
406 |
| Activities for generating funds | |||||
| Events❺ | - | 1,555 | - | 1,555 |
1,975 |
| Trading | - | - | - | - |
- |
| Other receipts | |||||
| Bank interest | 263 | - | - | 263 |
478 |
| Total receipts | 1,703 | 7,975 | 24,173 | 33,851 |
21,939 |
| Payments | |||||
| Cost of generating funds | |||||
| Cost of generating voluntary receipts❻ | 225 | - | - | 225 |
215 |
| Fundraising trading payments | - | - | - | - |
- |
| Cost of charitable activities | |||||
| Food | - | - | 4,803 | 4,803 |
5,005 |
| Health and wellbeing❼a | - | - | 1,685 | 1,685 |
498 |
| Shelter and care❼b | - | - | 1,639 | 1,639 |
2,747 |
| Primary education❼c | - | - | 716 | 716 |
727 |
| Secondary education❼d | - | - | 5,862 | 5,862 |
3,666 |
| Further education ❼e | - | - | 3,788 | 3,788 |
(121) |
| Abato Foundation❽ | - | - | 15,331 | 15,331 | - |
| Programme delivery❾ | - | - | - | - |
- |
| Transfer of funds to projects | - | 816 | 155 | 971 |
436 |
| Other payments | |||||
| Bank charges | - | - | - | - | - |
| Total payments | 225 | 816 | 33,979 | 35,020 |
13,173 |
| Net receipts / (payments) | 1,478 | 7,159 | (9,806) | (1,169) |
8,766 |
| Transfers between funds | - | (8,795) | 8,795 | - |
- |
| Total movement in funds | 1,478 | (1,636) | (1,011) | (1,169) |
8,766 |
| Total funds brought forward | 11,532 | 31,750 | 4,283 | 47,565 |
38,799 |
| Total funds carried forward | 13,010 | 30,114 | 3,272 | 46,396 |
47,565 |
Lilly Uganda | Annual report & financial statements 2020-21
Statement of assets and liabilities as at 21 October 2021
| General | Programme | Project | Total | Total | |
|---|---|---|---|---|---|
| fund | fund | funds❿ | 2020-21 | 2019-20 | |
| nearest £ | nearest £ | nearest £ | nearest £ | nearest £ | |
| Cash Funds | |||||
| Bank Current Account | 11,134 | 9,547 | 3,272 | 23,953 | 25,385 |
| Bank Savings Account | 1,658 | 20,477 | - | 22,135 | 21,873 |
| Petty Cash | 218 | 90 | - | 308 | 307 |
| Total cash funds | 13,010 | 30,114 | 3,272 | 46,396 | 47,565 |
| Other Assets | |||||
| Inventory held for resale⓫ | 82 | 82 | |||
| Total other assets | 82 | 82 |
The attached notes set out on page 18 to 23 form part of these financial statements.
The financial statements were approved and signed by the trustees on 09/08/2022.
Signature Full name Mrs Charlotte Jane Mihailovic
Position Treasurer
page | 17
Notes to the accounts
for the year ended 21 October 2021
❶ Basis of preparation
The financial statements of Lilly Uganda have been prepared in accordance with the Charity Commission’s guidance using the receipts and payments basis.
❷ Funds
The general fund is an unrestricted fund which is available for use at the discretion of the Trustees in furtherance of the general objectives of the charity.
The programme fund is a restricted fund comprised of all incoming resources that are restricted to being spent on our programme work but are not allocated to a specific project.
The project funds comprises restricted funds made up of donations given for a specific project as specified by the donor, these comprise five funds restricted to spending on our five project streams; food, health and wellbeing, shelter and care, primary education and secondary education, and volunteer costs.
❸ Transfer between funds
All expenditure relating to a specific project stream is made from the relevant project fund. This means that project funds may appear in deficit at the year-end where the expenditure exceeds the funds received that are restricted to this same specific project stream.
In order to more accurately show our financial position, and to reflect the fact that programme funds may be used across any of our project streams, a transfer is made at the year end from the programme fund into any project fund that is in deficit in order to remove this deficit. This represents funds from the programme fund being designated to a specific project stream based on the expenditure from each project stream during the year.
Lilly Uganda | Annual report & financial statements 2020-21
❹ Individual, community and grants voluntary receipts
The voluntary receipts from community, individual and school fundraising can be further divided as follows:
| Total | |
|---|---|
| 2020-21 | |
| nearest £ | |
| Individuals and community | 989 |
| Schools | - |
| Grants | 15,200 |
| Total receipts | 16,189 |
❺ Events fundraising
Events fundraising can be further divided as follows:
| Total | |
|---|---|
| 2020-21 | |
| nearest £ | |
| In house events | 1,555 |
| Supporter led events | - |
| Total receipts | 1,555 |
❻ Cost of generating voluntary receipts
Cost of generating voluntary receipts comprises all payments made in order to raise donations and includes the cost of our events, fundraising equipment, resources and literature produced. All payments of this type are made from the general fund.
| from the general fund. | |
|---|---|
| Total | |
| 2020-21 | |
| nearest £ | |
| Event running costs | 132 |
| Cost of fundraising equipment | - |
| Advertising and literature | - |
| Sponsor relations | 93 |
| General administrative costs | - |
| Total (payments) | 225 |
page | 19
❼ Cost of charitable activities
Cost of charitable activities comprises all payments made in undertaking our work in delivering Lilly Uganda's charitable objectives. Those payments made in relation to each of our five project streams; food, health and wellbeing, shelter and care, primary education and secondary education are further classified as follows:
a. Health and wellbeing
| a. Health and wellbeing | ||
|---|---|---|
| Project | Total | |
| funds | 2020-21 | |
| nearest £ | nearest £ | |
| Medical costs | 120 | 120 |
| Personal requirements | 1,565 | 1,565 |
| Celebrations and trips | - | - |
| Total (payments) | 1,685 | 1,685 |
b. Shelter and care
| b. Shelter and care | ||
|---|---|---|
| Project | Total | |
| funds | 2020-21 | |
| nearest £ | nearest £ | |
| Rent | 1,062 | 1,062 |
| Boarding fees | 577 | 577 |
| Total (payments) | 1,639 | 1,639 |
c. Primary education
| c. Primary education | ||
|---|---|---|
| Project | Total | |
| funds | 2020-21 | |
| nearest £ | nearest £ | |
| Primary school fees | 501 | 501 |
| Other payments | 216 | 216 |
| Total (payments) | 716 | 716 |
d. Secondary education
| d. Secondary education | ||
|---|---|---|
| Project | Total | |
| funds | 2020-21 | |
| nearest £ | nearest £ | |
| Secondary school fees | 3,319 | 3,319 |
| Other payments* | 2,543 | 2,543 |
| Total (payments) | 5,862 | 5,862 |
- Secondary other payments are high in the year due to the costs of tutoring when schools were closed
Lilly Uganda | Annual report & financial statements 2020-21
e. Further education
| e. Further education | ||
|---|---|---|
| Project | Total | |
| funds | 2020-21 | |
| nearest £ | nearest £ | |
| Further education fees | 2,680 | 2,680 |
| Other payments | 1,108 | 1,108 |
| Total (payments) | 3,788 | 3,788 |
❽ Abato Foundation
| ❽Abato Foundation | ||
|---|---|---|
| Project | Total | |
| funds | 2020-21 | |
| nearest £ | nearest £ | |
| Abato school costs | 5,552 | 5,552 |
| Abato medical costs | 9,779 | 9,779 |
| Total (payments) | 15,331 | 15,331 |
❾ Programme Delivery
This comprises the costs associated with procuring and providing all resources to recipients. This includes the cost of transporting and storing goods, paying local individuals to monitor and guide the children and the expenses of UK volunteers travelling to Uganda.
page | 21
❿ Project funds
The project funds presented in the receipts and payments account is made up of five restricted funds. The movements in these funds during the year were:
| Food | Health & | wellbeing | Shelter | and care | Primary | education | Secondary | education | Further | education | Abato | Foundation | Total 2020-21 |
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| nearest £ | nearest £ | nearest £ | nearest £ | nearest £ | nearest £ | nearest £ | nearest £ | |||||||
| Receipts | ||||||||||||||
| Voluntary receipts | ||||||||||||||
| Regular giving | 1,416 | 2,246 | 1,846 | 720 | 2,725 | - | - | 8,953 | ||||||
| Appeals and donations | - | 20 | - | - | - | - | 15,200 | 15,220 | ||||||
| Sponsorship | - | - | - | - | - | - | - | - | ||||||
| Gift aid | - | - | - | - | - | - | - | - | ||||||
| Activities for generating funds | ||||||||||||||
| Events | - | - | - | - | - | - | - | - | ||||||
| Trading | - | - | - | - | - | - | - | - | ||||||
| Total Receipts | 1,416 | 2,266 | 1,846 | 720 | 2,725 | - | 15,200 | 24,173 | ||||||
| Payments | ||||||||||||||
| Cost of generating funds | ||||||||||||||
| Cost of generating voluntary receipts | - | - | - | - | - | - | - | - | ||||||
| Fundraising trading payments | - | - | - | - | - | - | - | - | ||||||
| Cost of charitable activities | ||||||||||||||
| Food | 4,803 | - | - | - | - | - | - | 4,803 | ||||||
| Health and wellbeing | - | 1,685 | - | - | - | - | - | 1,685 | ||||||
| Shelter and care | - | - | 1,639 | - | - | - | - | 1,639 | ||||||
| Primary education | - | - | - | 716 | - | - | - | 716 | ||||||
| Secondary education | - | - | - | - | 5,862 | - | - | 5,862 | ||||||
| Further education | - | - | - | - | - | 3,788 | - | 3,788 | ||||||
| Abato Foundation | - | - | - | - | - | - | 15,331 | 15,331 | ||||||
| Programme delivery | - | - | - | - | - | - | - | - | ||||||
| Transfer of funds to projects | - | - | - | - | - | - | 155 | 155 | ||||||
| Total Payments | 4,803 | 1,685 | 1,639 | 716 | 5,862 | 3,788 | 15,486 | 33,979 | ||||||
| Net receipts / (payments) | (3,387) | 581 | 207 | 4 | (3,137) | (3,788) | (287) | (9,807) | ||||||
| Transfers between funds | 3,387 | - | - | - | 3,137 | 1,984 | 286 | 8,794 | ||||||
| Total movement in funds | - | 581 | 207 | 4 | - | (1,804) | - | (1,012) | ||||||
| Total funds brought forward | - | - | - | 2,480 | - | 1,804 | - | 4,284 | ||||||
| Total funds carried forward | - | 581 | 207 | 2,484 | - | - | - | 3,272 |
Lilly Uganda | Annual report & financial statements 2020-21
⓫ Valuation of inventory held for resale
Lilly Uganda raises funds from the sale to supporters of craft items purchased from local traders in Uganda. The cost of purchasing items for resale is recognised in full in the year in which purchase occurs, whilst income is recognised in the year that it is received.
Items unsold at the year-end are recognised in the statement of assets and liabilities and valued at cost. Income received from their sale will be recognised in future year accounts as they are sold.
page | 23
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