The Isiqalo Foundation
Annual Report for the year ended 281h Februaryi 2025
Charity name:
The Isiqalo Foundation
Charity registration number:
1142355
Company registration number:
07533342
Registered office..
38 Elm Park
Stanmore
HA7 4BJ
Trustees and directors
Adekanmi Lawson (Chairl
Daniel Gill
Ann Conibear
Charles Seaward
Tim Conibear
Toyosi Aganga (Treasurer)
Secretary
Ann Conibear
Independent Examiner
Lucy McKenzie ACA
22, Churchf ields
West Molesey
KT8 IPU
Bankers
Natwest,
I, Manorfield Road,
Bicester,
OX26 6EH

Directors, Report. incorporatlng the Trustees, Annual Report, for the year ended 28
February 2025
The Trustees, who are also directors of the charity for the purposes of the Companies
Act 2006, present their report and financial statements for the year ended 28
February 2025.
Aims and Objectives
This Isiqalo Foundation is a grant giving charity registered as a company limited by
guarantee. The charity was first established in 2011 to support and develop
programmes for the benefit of disadvantaged children and young adults in the
Western Cape of South Africa.
Initially we delivered our objective through funding Isiqalo SA to deliver its Waves for
Change IW4CI programme. The success of the programme created the confidence
that its benefits could be brought to bear outside South Africa, so the trustees
resolved to broaden the objectives of the charity.
Since 2017 the objectives have been to promote any charitable purpose for the
advancement of education, the relief of poverty, sickness or distress and the
preservation and protection of health, primarily but not exclusively via surf therapy
and related mentor training courses.
Activities and Performance
Regular giving from individual donors was maintained at si milar levels to the previous
year. We continued to receive strong support from two major donors: the Rowse
Family Trust, whose donations have been given to maintain the level of the existing
activities of Waves for Change in South Africa and in Liberia and Vimto who have
provided funding for the Surf therapy programme in Liberia, South Africa, Sierra
Leone and for more general expansion. See the Review of Financial Statements for
more detail of these and other valued donors.
Our fundraising activities were curtailed by Covid-19 restrictions a nd have yet to
resume so the main effort has been to secure donations to provide funds in support
of the a ims and objectives set out above. We fulfil those objectives by gra nting funds
to the South African registered NPC INon-Profit Company) Waves for Change Surf
Therapy NPC which is a separate entity and to the Liberian entity Waves for Change
Liberia. Waves for Change Surf Therapy NPC'S history and activities a re described in
the followin8 section. We are also supporting some new initiatives in other countries
in the provision of training and support materials for new programmes in several
other countries through an initiative called the Wave Alliance.

The focus of the work funded hy our expenditure
The151
alo Foundation
SA . back
round and histor
The overcrowding and the deprivation in the townships which exist in the Western
and Eastern Cape areas of South Africa have created the most severe social
problems. The statistics for under-18s in South Africa's townships are a chilling
reminder of this: nearly a half of them have witnessed a killing and more than half
have been victims of maltreatment and domestic violence and m05t display signs of
post-traumatic stress.
The Isiqalo Foundation was first set up in 2009 byTim Conibear as a CBO
(Community Based Organisation) in the Western Cape. Initially the thrust of the
organisation was to develop and then work through informal sporting structures in
the local township for the benef it of children and young adults, specifically to provide
help and support for children in a Cape Town township who were facing up to the
manifest problems of deprivation and overcrowded living space, HIV prevalence,
substance addiction, and domestic and gang related violence.
In 2011 Isiqalo SA completed registration as an N PO (Not for Prof it Organisationl
governed by a board of trustees with an executive committee overseeing day-to-day
operations of the programmes. Since then, the organisation has grown with the
success of its programmes prompting the creation of partnerships with teachers,
doctors, nurses and social workers in the community. effectively referral networks
which identify the children most in need of the support which W4C can offer.
From it5 origin in one small beach site in Cape Town the programme in South Africa
now serves 40 priority communities across five sites in the Eastern and Western
Cape, reaching 2500 children and employing nearly 50 local youth coaches annually.
In 2024 the Isiqalo Foundation Trust INPO Registration number: 087-106-NPOI t/a
Waves for Change, (referred to as the "trust I, underwent a corporate restructuring.
The restructuring involved transferri ng the operations of the Trust to Waves for
Change Surf Therapy NPC {referred to as 'NPC I with registration number
20211396273108 and PBO number 930078401. As a part of this corporate
restructuring. the handling of funds or donations, the composition of the board of
directors, and the fi nancial procedures mirror those in the previous trust structure.
Thi5 change is a specific effort aimed at enhancing the governance and effectiveness
of the organisation. ultimately enabling it to better serve the community with whom
it engages. There have been no material changes to the nature of the company's
business and activities.
The level of growth could not have been sustained without very substantial grants
from both local South African and International funders who have been attracted by

the work undertaken to understand and objectively asse55 the outcomes of W4C's
work. This ha5 included academic review and involvement in research programmes
as well as external evaluations to establish how W4C interventions achieve
statistically significant improvements in children's social and psychological health.
The essential ingredients of the programme which have emerged from twelve years
of experience have been named as the "Five Pillars"
Consistent and caring adults and positive peers
Access to safe spaces (physical and emotional}
Fun and challenging new tasks (such as swimming, surfing or other group-
based activities)
Development of social and emotional skills
Connections with new opportunities and services
These are the benefits which children participating in the programme have fed back
and training content has been developed so that caring coaches can embed them
into programme content.
The success of what has been delivered in South Africa has led to initiatives
elsewhere, in communities which have similar needs i n other countries. In 2019 a
site was established in Liberia, applying the same programme methodology and use
of established training materials and evaluation techniques. There are now two sites
working well with local communities in Harper and Monrovia.
The intention now is to maintain and further strengthen the evidence base for surf
thera py in South Africa, thereby strengthening the case for increased levels of
government support. There are already sites which are operating outside South
Africa, apart from Liberia, which have been initiated through the System Change
Partner networks which W4C has sponsored, and the ambition is for these to grow in
number as long asfunding can be obtained.
The trustees satisfy themselves as to the effective use of the funds provided to
Isiqalo SAthrough a range of means including activity reports from Isiqalo SA,
355essment of the integrity of the governance of Isiqalo SA and occasional self-
funded trustee visits to review activities in South Africa. The addition of Tim
Conibear to the UK trustee board has had the benefit of much more direct contact
and communication.
The Trustees are delighted to report that Tim Conibear ha5 been made an MBE for
services to young people overseas in recognition of his work in founding the surf
therapy and mental health organisation Waves for Change,

Review of Financial Statements
As noted above there was no fundraising activity in the year which is reflected in no
income from that source. Income from monthly donations was down 80A to £2,330
(last year £2.535). This form of giving is valuable to us in providing predicta ble
income for the charity and we thank our donors for their loyalty to the cause.
One-off donations were up 36% to £91.2051£67.2021. We would like to
acknowledEe and record our gratitude for the invaluable support which we received
from several organisations and individuals. This year they included the Rowse Family
Trust, Vimto, The Dragon School Sale and Bonamy Travel. In most instances we have
been enjoying the support of these donors over several years. They have seen the
programme consolidated in its origins in the Western Cape and extended to new
sites where there is need and the same benefits can be realised.
In total £96,708 was raised in the year1£72,6051 and this included interest income of
E3,1731£2,8681. After minor administrative costs of £4941£4711 and a minor cash
position correction (explained further in the notes to the financial statements) net
income amounted to £96,2041£72,1351.
There were transfers to support the regular and ongoing activities of the charity
amounti ng to a total of £71,4781£66,0001. This left a positive balance of receipts
over grants and expenses for the year of £24,7261£6,1341. Accumulated reserves
brought forward from 2023/24 were £161,160 so with the addition of the current
year surplus of £24,736 reserves have risen to £185,887.
Trustees are comfortable with reserves at this level given the increased scale of
activities both in South Africa and elsewhere, especially Liberia which is reliant on
funding from the Isiqalo Foundation here in UK.
Our investment policy is to keep fund5 readi ly availa ble in cash to f ulfil the expected
levels of grants, with any excess cash reserves being invested conservatively in f ixed
deposit. As at the year-end £101,6511£101,6511 was invested in a term deposit
savings account. The cash balance of £84,236 {£59,5091 was held in a current
account.
Responsibilities of the trustee5
We are responsible for keeping proper accounting records which disclose the
financial position of the charity and enable us to ensure that the financial statements
comply with the Companies Act 2006. We are also responsible for safeguarding the
a55ets of the charity.
As required by company law, the trustees have prepared the financial statements on
pages 8 to 9 and selected suitable accounting policies as set out on page 10.
Trustees/Directors

Under the Articles of Association, one third of the directors must retire by rotation at
each Annual General Meeting {AGMI. Following the appointment of a new chairman
{Adekanmi Lawson) and treasurer (Toyosi Agangal in 2024. and the retirement of the
previous chairman (Roger Boning) and a previous trustee (Simon John) none of the
trustees were due to retire this year.
The trustees/directors of Isiqalo are also members. There were two trustee/director
meetings held during the year plus the AGM which were all quorate.
Small Company provisions:
This report has been prepared in accordance with the special provisions for small
companies under Part 15 of the Companies Act 2006.
Exemptions
The trustees have taken advantage of the exemptions available to small companies,
including the audit exemption.
Trustees, Expenses
The trustees received no expenses, remuneration or benefits in this period.
Signed..
Date..
17.11.2025
Adekanmi Lawson, Chair of Trustees and Director
Toyosi Aganga Treasurer & Director

Independent Examlner's report to the trustees of The15iqalo Foundation for the
th
year ended 28 February, 2025
I report on the accounts of the charity, which are set out on pages 8 to 11.
Respectlve responsibilities of trustees and examiner
The trustees (who are directors of the company for the purposes of company law}
are responsible for the preparation of the accounts. The trustees consider that an
audit is not required for this year under section 144121 of the Charities Act 2011 and
that an independent examination is needed, with which I concur. It is my
responsibility to:
Examine the accounts under section 145 of the 2011 Act;
Follow the procedures laid down in the general directions given by the Charity
Commissioners under section 145151{bl of the 2011 Act
State whether particular matters have come to my attention.
Basis of independent examinerfs report
My examination was carried out in accordance with the general directions given
by the Charity Commission. This is not a full audit and consequently no opinion
is given as to whether the accounts give 'a true and fairf view. I have examined
the accounting records, ensured the accounts reflect those records seeking
explanations of all material items from the trustees.
Independent examinerfs statement
In connection with my examination, no matter has come to my attention which
gives me reasonable cause to believe that in any material respect the
requirements to keep accounting records in accordance with section 386 of the
Companies Act 2006 and to prepare accounts which accord with the accounting
records and comply with the accounting requirements of section 396 of the
Companies Act 2006 and with the methods and principles of FRS102, have not
been met, or to which, in my opinion, attention should be drawn in order to
enable a proper understanding of the accounts to be reached.
Signed:
L,/rfrf
Date: 26.11.2025
Lucy McKenzie, Independent Examiner

The lslqalo Foundation
Statement of Financial Activities (including Income & Expenditure Account)
For the year ended 28 Februaryi 2025
Categories by Act5vlty
Notes
Unrestricted I
Total
Funds
2025
Unrestricted I
Total
Funds
2024
Incoming Resources
Incoming resources from generated
Funds
Voluntary income~ donations
Artivities for generating funds-
fundraising event5
Investment income
Incoming resources from charitable activities
Other incoming re50urces- foreign exchange
commission
93,535
69,737
{ioi
3.173
2,868
Total Incoming Resources
Resources Expended
Cost of generating funds
Costs of generating voluntary income
Fundraising activity Costs
Investment management costs
Charitable Activities
Governance costs
Other resources expended
71.478
426
68
66,000
394
77
Total resources expended
Net movement in funds
Total fund5 brought fonvard
161 160
155,025
Total funds carried forward
185 887
161160

The Islqalo Foundation
Balance Sheet
As at 28, Februaryi 2025
Notes
2025
2024
Fixed Assets
Current Assets
Debtors- Gift Aid
Cash at bank and in hand
185,887
161,160
Current Liabilities
Creditors- amounts falling due in one year
Net Current Assets
185 887
161160
Net Assets
185 887
161160
Unrestricted General Funds
185,867
161,160
Total Funds
185 887
161160
For the year ended 28 February, 2025 the company w85 entitled to exemption from audit under
section 477 of the Companies Act 2006 relating to small companies.
The trustees declare that they have approved the accounts above.
Signed on behalf of the charitys trustees..
Signed-
Date..
17.11.2025
Adekanmi Lawson. Chair of Trustees and Director
Toyosi Aganga Treasurer and Director
io

Notes forming part of the financial statements for the year ended 28 February. 2025
l. Accountlng Policies
The principal accounting policies are summarised below. The accounting policies have been
applied consistently throughout the year and in the preceding year.
lal Basis of accounting
The financial statements have been prepared under the historical cost convention in accordance
with the Companies Act 2(￿6, the small companies, requirements within FRS102 and, where
appropriate, the Charities Act 2011. The accounts are prepared on the going concern basis.
Ibl Fund accounting
All funds are unrestricted, general funds.
Icl Incoming resources
All incoming resources are included in the statement of financial activities when the charity is
entitled to, and virtually certain to receive, the income and the amount can be quantified with
reasonable accuracy.
Idl Resources expended
Expenditure is recogni5ed on an accruals basis as a liability is incurred
lel Other assets and liabilities
All assets are cash, and if and when relevant, receivables as per the accruals and prepayments
concept.
Creditor5, if any, are accrued expenditure.
Policies have noi been set out for other a55ets and liabilities which 3re not anticipated to occur in
the foreseeable future.
2. Don3tions
Donations receivable are as
follows:
2025
2024
Monthly donations
2,330
2,535
One-off donations
91,205
67,202
GiftAid
Total
93.535
69,737
3. Fundraising Events
A balance of£9.65, recorded on 22 May 2013 with reference VIRGINMONEY GIVING, 228900_ BAC,
was identified in the accounting records Ixerol but did not appear on the corresponding bank feed.
li

Pursuant to the recommendation of the examiner, this amount has been written off as irrecoverable
and has been fully expensed in the current period.
4. Charltable Attivities
Charitable activities represent payments to or on behalf oflsiqalo / Waves for Change to fund this
NPO'S work in South Africa and payments to fund the Waves for Change programmes in Liberia and
Sierra Leone.
12