COMPANY REGISTRATION NUMBER.. 08064488 CHARITY REGISTRATION NUMBER: 1147400 The Costa Foundation Company Limited by Guarantee Financial Statements 31 December 2024
The Costa Foundation Company Limited by Guarantee Financial SLitements Year ended 31 December 2024 Page Trustees, annual report (incorporating the director's report) Independent auditorfs report to the members 14 Statement of financial actNities (including income and expenditure account) 17 Statement of financial position 18 Statement of cash flows 19 Notes to the financial statements 20
The Costa Foundation Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) Year ended 31 December 2024 The trustees, who are also the directors fDr the purposes of company law, present their report and the financial statements of the charity for the year ended 31 December 2024. Chalr's report We have made good progress in 2024. Having recruited our first employed Executive Director in 2023, the focus this year has been on refreshing our slralegy to 2027, strengthening our tearns and driving income growth, whilst focusing on our core mission of delivering education projects via our partners in coffee growing eommunlties of the world. Th6 strategy development process has involved a signwricant amount of collaborative work with our majordelivery partn8rs and with our key supporter, Costa. Our mission remains unchanged: 'to improve the lrfe chances of children and young people in coffee growing communities by provlding the opportunity of a saf8, quality education,. However. over the next 3 years we will increase Investment in non- intrastruclure projects. Whilst infraslruclure remains critical to provide access to safe education we will invest more in programmes that drive the quality of education. We will accentuate our coffee focus and ensure that we are responding to the effects of climale change in the rural communities that we serve. Aso, as Costa's global charity partner. we will investigate oppc¥tunities to suptK)rt their other charitable activity in major cuslomer markets, starting with the UK. To budd greater r88ili8nce we have slrenglhened both our inlemal and external teams. We have recruilgd a permanent project officer to support the charity's activities and changed our external accounting provider. Vve hav& also conlr8cled the seNi¢es of a Company Secretsry rather than relying on a volunteer. Our charitable income has risen to £1.gm. Thls Is 8 19Yo improvement year-on-year and is largely driven by record levels of fundraising by the teams who work in Cosla Coffee stores. I'd like to Ihank them for everything they do lo supporl the Found8tlon and also extend a huge thanks to the customers who continue to help fund our work. Al a lime when there is so much uncertainty in the world. I'm very proud that we have been able to fijnd 17 projects in 8 coffee-growing countries. In line with our slrate9y these have included both infrastructure projects, and programmes focused on driving the qualty of, and access to. education. The completed projects have positively impacted over 8.000 children and young people. On behalf of the board. I would like lo recognise the dedication of so many who make everything possible - our inlemal team, Kate and Faye, our in-country delivery partnerg, all those supporting us within Cosla Coffee, and lo all our other partners, volunteers and supporters...thank you. I would personally like to thank our truste8s, who selflessly give their time lo supporting the Foundation. With such a small internal tearn we would just not be able to operate without their dedication and exp&rtis&. Thank you. As we enler2025, we say goodbye and thank you to Charfolle Cluskerwho has stepped down from the board having left Costa. We are pleased to welcome Cecile Angrand, Cosla's Global Chief Marketing Offir. In the year ahead, I very much hope the Foundation will build on the success of last year and SUCGe55fully implement our refreshed strategy lo improve the lives of even mor8 children and young people across the world, and closèr lo hom8. Rob Swyer- Chair, The Costa Foundation
The Costa Foundation Company Limited by Guarantee Trustees. Annual Report (Incorporatlng the Dlrectorfs Report) Year ended 31 December 2024 Reference and admlnlstrallve detalls Register¢d ¢harlty name The Costa Foundation Charity registratlon number 1147400 Company registration numb8r 08064488 Prin¢ipal office and rfjglst8rad office 3 thaves Beech Business Park Davi85 Way Loudwat8r High Wycombe Bedfordshire HP10 9QR UK The trustees A Aggarwal L Carnfield G Mowat H Finn C Clusker C Balfour-PcM)le Bellamy R Swyer R Blyth N Orrin C Angrand {Resigned 29 February 2024) (Resigned March 2025) (Appointed 13 May 20241 (Appointed 28 April 2025) The resignation of C Clusker reflects tumover within Costa Coffee. where the trustee has stepped down from their position at the Foundation as a result of leaving their corporats role at Costs Coffee. The Foundation was incorporattsd at Companies House on 10 May 2012, registered as a charity with the Charity Commission on 23 May 2012 and whh the Office of the SGr)ttish Charity Regulator on 17 September 2012. Prior lo the incorporation of the Foundation, donations were collected in an account maintained by Charities Trust. an independent registered charity, PLErsuant to an agreement with Cosla Limited and with the intent that the monies in the account would be used for similar charitable purposes to those adopted by the Foundation. Fdlowing incorporation, Charities Trust transferred the fvnds then held by them to the Foundation. The Articles of A$so¢iation of the Foundation established the objects and powers of the Foundation. In the event of the Foundation being wound up, members are required to contribute an amount not exceeding £1 each. Company secretary Gillian Long12024) Ex8cutive Dlrector Kate O'Brien
The Costa Foundation Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) Year ended 31 December 2024 Audltor MC Audit Limited Statutory Auditors Station House North Slreel Havant Hampshire P09 1QU Bankers National Westminster Bank PIC PO Box 12263 1 Princes Stre61 London EC2R 8PH
The Costa Foundation Company Limited by Guarantee Trustees. Annual Report {Incorporatlng the Dlrectorfs Report) Year ended 31 December 2024 Structure J govemance and management Relationship wlth Cosla Llmltgd Under the Artides of Association of the Four)dation, Costa Limitad I'costa'l has the power to appoint Trustees of the FoundatlDn provided al least two Trustees are appointed by the Board of Trustees. Cogta is party lo a Commercial Participalion Agreement with the Foundation to enable Costa to raise funds through the sale of certain products from which it has agreed to donate certain proceeds lo the Foundalion. Funds were also raised via fundraising from Costs s employees and members of the publi¢. Fundralsing Approach The Foundats'on's approach to fundraising Is to predominantly use the relationship with Costa, its employees, customers and partners to raise funds through fundraising activities and the sale of products. The Foundation does not carry out street fundraising. fundraising mail shots or lelephone canvassing. The Foundation wo$ wth Costa to ensure fundraising for the Foundation complies with recognised Stsndards. Fundraising practice is monitored by the trustees of the charity, including any ftJrKlraising complaints (none were received during 20241 and aayS seek to protect the public, including vulnerable people, from unreasonabty intrusive or persistent fvndraising approaches and undue pressure to donate. Governing Docufflent The Foundatior) is incorporated as a private company limited by guar8ntge No.08064488. The Costa Foundation is a registered charity in England and Wales No. 1147400, a registered charity in SEOtland No.SC043414. The Articles of Association of the Foundation estsbli5hed the objects and powers of th6 Foundation. Organi5ational Stnjcture The Board of Trustees meets at least four times a year and ov8rsees finance, current project work and the future Strategy of the Foundation. The Foundation also has one sub-committee.. the Projects Commtttee. Th8 purpose and duties of this ommittee ts set out in the terms of reference and are broadly ouuired below. The purpose of the Projects Committee is= a) To recommend lo the Board the projects strategy in fulfilment of the Foundation's Theory of Change- bl To prepare annual budgets for projects and other matters within the remit of the Committee.. cl To considerf¢x approval all projects presented for funding by the Foundation,. dl To develop and implement a system for the monitoring and evaluation of Foundation projects., and el To monitor all external d81ivery partners for Foundation projects and lo recommend new partners to the Board. The Projects Committee uses a strategic matrix to assist in the evaluation of project proposals and collects detailed monitoring and evaluation information on Foundation projects lo measure their impact and success across a number of key performance indicators. It reviews delivery partner performance and approves delivery partners when appropriate. Tru5tee5 visII projects to improve their understanding of the educational needs in coffee growing communities and to cheek that the funds ar8 being used appropriately. The FoLJndation held Trustee Indemnlty Insurance during the period.
The Costa Foundation Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) Year ended 31 December 2024 Faye Southey was recruited as Project Officer in April 2024 to provide additional support to Kale O'Brien, Executive Directtsr of the Foundation. Principal risks and uncertainties The Trustees have examined the major strategic, financial, operational and putiOnal risks which the charity faces and regularfy review what actioris can be taken to mitigate these risks. The five risks that would have the highest impact are.. a significant decrease in ir)come, especially given reliance on a single supporter {Cosla Coffee and related enliliesl,. a reduction in pur¢hasing power due to infiation or currency movements., a safety or security incident on a monitoring visit to one of the cotAntries the FoLbndation funds., reliance on a small Ipam lo deliver the work of the Foundalion.- safeguarding issues in Foundation funded sch(iols,' and misconduct by staff of delivery partners on or off Foundation projocts. These risks are mitigated by ongoing Investment in building and maintaining strong and positive relationships with Costa and the Foundation's delivery partners. In addition. the Foundation has a safeguarding policy, conducts due diligence with delivery partners, and visits projects to mitigate against Ihe risk of misconduct or breaches of safety. A full risk assessment is conducted before any overseas trip with appropriale training and molliloring measures in place for all Iravellers. Grants are given based on the funds available in the bank and no project applications are fully approved unless the Foundation has sufficient funds to cover the entire budget raquired for that project. The Foundation purchases any rèquired currency once a project has been approved to mitigate any risk of unaffordability as a result of currency fluclualions. Obje¢tives and activltlos The Foundation's Articles slate the charity's purpose is.. Prevention relief of povety- Advancernent of education, including the establishment & operation of schools & other educational establishments., Advancement of health or the saving of lives.. 2nd Advancement of environmental protection or environmental improvement, in all cases anywhere in the world, in particular (without limitation) within coffee growlng communities and surrounding areas. The charity's vision is lo eradicate povety in coffee grawing communities and its mission is lo improve the life chances of children and young people in coffee growing communities by providing the opwrtullity of a safe, quality education. In the consideration of projects. the Trustees have due regard to the Charity Commission's guidance on public benefit. The Trustees always ensure that the projects ulldertaken are in line with the aims and objectives of the Foundation and use ils Theory of Change lo guide their decisions. All projacts continue to be implemented via delivery partner5 based in th8 Countries where the projects are undertaken. The delivery partners range ffom Gharitab18 nOnovernMental organisations lo Ihg sustainability teams of ¢offee companies. Most grants awarded by the Foundation fund schools that provide access to a safe, quality education for childn and young people within coffee growing communities. All new school construction projec15 are required lo have fresh water and separate sanitation facilities for boys and gids. Depending upon local needs, the Foundation also funds child nutrition programmes. electricity installations, boarding accommodation, leachers. aGcommodation, libraries, science labs, computer labs, sports pitches and safety infraslNcttfre such as perimeter fencing, safety lighting and flood barriers. The Foundation also awards grants lo expand Schools previously built with Foundation funds.
The Costa Foundation Company Limited by Guarantee Trustees. Annual Report (Incorporating the Dlrectorfs Report) Year ended 31 December 2024 The Foundation works with communitles and local authorities where ils school projects ar? located via its delivery partners but does not employ teaching staff or fund school places. Th8 schoo15 funded in Uganda and Zambia are operated by a charity called Promoting Equality in African Schools ('PEAS") where the teachers are employed and paid by PEAS. More information is on the PEAS websit8 at www.peas.org.uk. AJI other Foundation fuNded schools are run by tea¢hers trained and fund8d by the local education authorities or other NGOS. This system ensures the sustainability of the schools as they are not reliant upon continued funding from the Foundation in order lo operate. The Foundation does award grants to fund training for teachers and schoot leaders lo improve the quality and safety of education. It also funds 8quipment to enhance education. such as for extra curricula activities. The Foundation also recognises the opportunity to @nhanc8 the quality of education by fijnding programmes to improve the quality and accessibility (especially for gidsl of education, welbelng and safety. Achiavements and performance Projects Funded from 1 January 2024 to 31 December 2024 During the year ended 31 December 2024, 15 proj8cls funded by the Foundation were complet8d by our partners. supporting ovèr 8,000 children and young people in coffee growing countries. Th8 global ir)flation and geopolitical challenges, impact of the climate crisis causing delays due lo adverse weather ¢ondilions, and local administrative delays continue lo challenge our partners, and mean projects are higher cost. Thanks to exceptional fundraising from the teams across Costa Coffee and our partners, we've been able to fund 17 projects in 2024. including eight school construction5 and three programm6s. These illclude funding Cycling for Su¢¢ess in Uganda, after a successful pilot in Zambia and Te8ching at the Right Lavel tTaRLI in Ethiopia to address the sever8 learning poverty in the country. This is the first time this aGceleraled learning programme has been piloted in Ethiopia.
The Costa Foundation Company Limited by Guarantee Trustees, Annual Report Vn¢orporatlng the Directorfs Report) Year ended 31 December 2024 The new projects awaréed funding in 2024 are as follows.. Country & Project Partner Grant amount Project D¢$¢ription Tenn El Remolino School perimeter fence, Taminango, Narino Perimetèr fence for existing school funded by the Foundation to ensure the safety of sttJd8nts. Colombla - Carcafe £67,670 2024 Sanitation upgrades PEAS Noble Secondary School, Ibanda District, Western Uganda Construction of a 7-stance sanitary block plus a 2-slance block for adults. including staff and visitors. An incinerator was installed for safe menstrual waste disposal, which was transferred from PEAS Noble lo PEAS Bwesumbu. a neighbouring Cosla Foundation school In Uganda- Kasese District. PEAS £19.700 2024 Sanilat40n upgrades al PEAS Aspire, Ibanda District, Weslem Uganda Rural education and child labour prevention programrne, El Zapotal, Esquipulas. Chiquimula Construction of a 7-stance sanitary block plus a 2-stance block for adults. induding staff and visitors. An incinerator was installed for safe menstrual waste disposal. Uganda- PEAS £19.700 2024 Provision of education for children during coffee harvest. including provision of food, sensilisation work with parents & carers on child labour and nutrition. Guatemala- Seeds for Progress £43.023 2024-2026 Conversion of Construction of a new classroom, office. rural warehouse, sanitation facilities and govemmenl romodel of existing classrooms of school in El govemmenl school. Cornplemenled with Zapotal, teacher training, technical assistance, Guatemala- Esquipulas, edLtcalional materials lo enhance access S8eds for Chiquimula lo edueation. Progress £98.203 2024-2025
The Costa Foundation Company Limited by Guarantee Trustees. Annual Report {Incorporatlng the Dlrectorfs Report) Year ended 31 December 2024 Infrastmclure projects on three 5¢hools and training sessions for families on identification of protection risks, gendgr equality and inclusion in La Paz. Honduras- Plan Inlemational UK BLJilding a better future for Honduras £180,1K)0 20242025 Building a safe, holistic learning envirDnment- PEAS Kabuta Secondary School Zambia- PEAS Multi-purpose sports pitch £10,561 2024-2025 8uilding a safe, holistic learning environment- Mulii-pury)ose sports pitch, purchase of PEAS Aspire land, solar power & rainwater harvesting, Secondary gids, dormitory, girls, sanitation block. 4 School classroom block & fumilure Uganda- PEAS £69,224 2024-2025 Building a safe, holistic leaming &nvironment- PEAS Hibiscus Secondary School Uganda - PEAS Multi-purpose sports pitch £10.561 2024-2025 Building a safe, holistic leaming environment- PEAS Pioneer Secondary School Uganda- PEAS Multi-purpose sports pitch £10,561 2024-2025 Monitoring. Evaluation, Reporting & Learnirng & lechnical support Support to cover the monitoring of 38 schools in Ethiopia Ethlopla- Imagineloay £10,743 2024 Accelerated leaming programme in S C05ta Foundation fundèd primary schoo15 in Gedeo Zone focusing on literacy and numeracy. Teaching at the Right Level ITaRLI Ethiopia- Imagine1Day £180.106 2024-2027
The Costa Foundation Company Limited by Guarantee Trustees. Annual Report (Incorporating the Di¢t05 Report) Year ended 31 December 2024 Computer labs al Arda Qalu Secondary School Provision of 20 computers. networking cables, adaptors, 20 chairs and tables & Ethiopia- a whiteboard Imagine1 Day £3,550 2024 A brilliant future for Guatemala's rural children in coffee growing communilios Infrastructure projects on two schools arTrd training s8ssions for families on idenlificalion of protection risks, gender equality and inclusion in San Pedro Carcha, Alla Verapaz Guatemala - Plan Inlemational UK £180,000 2025-2026 Programme lo loan bicycles to 291 students at 4 Costs Foundation funded schools in Uganda. Cycling for Success Ugand8- PEAS £81,964 2024-2025 Construction of secondary school of two blocks of 4 classrooms, library, science block with 4 classrty)ms, sanitation facilities for students & leach8rs, clean water and menstrual hygiene management facility. Chekala Secondary School Ethiopia Imagine1Day £294,562 2025 la Pel nursery Construction of nursery school, inclLJding school, D8k upgrade of existing classrDOrnS and Doa Dislrlcl, building of 4 new ones, PE hall. rnedical Vietnam- Gia Lai room, sanitation facilities for children and ACOM Province staff and water supply. Vialn8m £209,655 2025 Cornpleted 2024 Funded 2024 New schools School proje¢ls Expansions Prograrnmes Total all projects Totsl grant value of projeds Total # children and young people supwrted via grants 10 15. 17." £1,489,783 10,674 £1,730,018 8.428 'One project included the construction of schools One project includes the construction of schools and another the construction of three schools. 10
The Costa Foundation Company Limited by Guarantee Trustees. Annual Report (Incorporaling the Dlrectofs Report) Year ended 31 December 2024 What some of the Children and young people from the communities we have support8d 5ay= The sclyool b8for9 was 'rustic', had cracks, was darpgerous, I dKlnY want to come to school...Having a beautiful school with good t8ach8rs makes children want to come to s¢hool 8nd leam." 17-year1 student al La Jalquilla School, Peru. 'If it wasn't for the hlgh school built by Costa Foundalion and Imagine7day, l ¥vouldnt have had the chance to continue my education. The school is very Glose to where I live, and without it, my mother could never have aflorded to send me to a school far awa, 21-year-old, Grade 12 student at Adame High School in South Ethiopia "The facilities here 8re amazing. W8 have everything we n8ed to leam. The labor8torles help me understancl blo1(Y better, and the library has opened my eyes to so many new things," Marf(os says. "tts mor& th8n l everimagineda school could b6.- 28-year-old Grade 12 student atAdame Hlgh School, Ethiopia "Ihe new SGhool is am8zing." says Mintesnol, 'We have desks. gender segregatedlalrine, clean water, a library with lots of books, and th8 classrooms are bright and beautiful. I fe61 like we can really leam here. 14-year-old. Grade 5 student at Wote Primary School. Ethiopia We would lik8 to take this opportunity lo thank all at Costa Coffee, their partnars who have supported the Foundation and other donors for their partnorship and support. This inolud9s tho Moto Foundation, Roadchef, Odeon and Jim's Organic Coffee. We would also like to give special thanks to our delivery partners who work so effectively with lo1 Communities and other key Stakeholders, often in challengin9 circumstances. We are delighted that wee been able to report continued activity at the levels shown above and truly appreciate their hard work, resilience, commitment and absolute focus on providing the opportunities to positively change the life story of so many children and young people in coffee growing cofflrnunitses. Communication Our website contains vi(J¢os. case studies and stori8s from around the wodd. For more information visit www.costafoundation.com. In addition, our Instagram page l@coslafoundalionl and Linkedln page Ihttps".Ilwww.linkedin.comlcompanylcoslafoundalionl are regularly updated with images from coffee- growing communities around the wodd that have benefited from a Costs Foundation funded project plus many stories and images from our inspirational fundraisers in Cosla Coffee stores and beyond. Flnanclal review Total income for the year ended 31 December 2024 was £1,912,360 12023.. £1,589,574 & 2022.. £1,287,715). The increase in income is Pfedominanuy due lo brilliant fundraising in Costa Coffee stores in the UK and Ireland. a fantastic y8ar of merchandise sales where £1 is donatod to the Foundation for specific reusable cups and from 8V8nts such as the annual bike ride organised by Costa Coffee teams and Cosla Golf Day. £1,769,656 was paid out or formally committed to in the year 1 January 2024 10 31 December 2024 and a further $712.745.16 and £172,561 in 2024 or prior years bul nol accrued for as the relevant milestones were subject to conditions being met. Other expenditure of £196,639 was made in Spect of management of Ihe projeels and costs relating to the running of the Foundation. Reserves at 31 December 2024 amounted to £1,476,726 131 December 2023.. £1,094.488 & 31 December 2022.. £1.173.5861. Reserves and Invostment Policy The ResaNes at the year-end of £1,476.726 comprising £1,369,930 of ¢ash are held mainly by the Foundation and partly by Charities Trust. The Trustees monitor reserve levels regularly to ensure that
The Costa Foundation Company Limited by Guarantee Trustees. Annual Report (Incorporating the Di¢10$ Report) Year ended 31 December 2024 all commitments are mel and that future project requests are reviewed on a timely basis. Funds are only commilled lo new projects once the income has been received. As a result, there is a delay of some months between th8 receipt of funds, the approval of projects and Ihg subsequent expenditure of funds to complete those projects. Those funds identif for future projects are held in ¢ash balances for safekeeping pending their expenditure. The reserves policy was changed in the year to increase from £75.0(N) 10 £200,000 in order to provide for a dose down of the Foundation. This is calculated based on the costs of {il keeping currently employed staff in position for or¢e year lill Board Secretarial and accounting for one year and {iiil an allowance for ad hoc additional costs such as travel. As prDjecls are not signèd off until fund5 are received, reserved funds are not required ftsr uncertainty of future income, or "troughs. in the cash budget. Investment Policy During the year an investment policy was agreed lo slat8 that £200.000 reserves are to be invested in interesl bearing savings accounts. AJI savings are lo be invested in Fin8n¢ial Services Compensation Scheme IFSCS) protected inslitulions, with no more than Ihe proleeled £85,000 invested in a single institub'on. Savings accounts are lo be GBP denominated and may be 'nolice deposits, requiring advance notice of withdrawals. Investment may be made through a trusted investment portal such as that provided by the Charities Aid Foundation. Truste8s' rospon$ibilities statement The trustees, who are also directors for the purposes of company law, are responsible for prepafing the Iru5tees' report and the financial statements In accordance wth applicable law and Uniled Kingdom. Accounting Standards {United Kingdom Generally Accepted Accounting Practice}. Company law requires the charity trustees lo prepare financial slalemenls for each year which give a true and fair view of the slate of affairs of the charitable company and Ihe incoming resources and application of resources, induding the income and expenditure, for that period. In preparing these financial slatemenls, the trustees are required to.. select suitable accounting policies ancl then apply them consistently,. obserye the methods and principles in the applicable Charities SORP., make judgrnents and accounting estimates that are reasonable and prudent., prepare the financial statements on the going wncern basis unless it is inappropriate to presume that the charity will continue in business. The Iruslees are responsible for keeping adequate accounting records that are sufficient lo show and explain the charity's transactions and disclos8 with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial stalemgnls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other Irglarities. 12
The Costa Foundation Company Limited by Guarant•• Trustees, Annual Report (Incorporating the Dlrectovs Report) Year ended 31 December 2024 Auditor Each of the persons who is a truste8 al the date of approval of this report confirms that.. so far as they ar8 aware. there is no r8levant audit information of which the charity's auditor is unaware.. and they have taken all steps that they ought lo have taken as a trustee to Make themselves aware of any relevant audit information and to estsblish that the charity's auditor is aware of that information. Small company provisions This report has been prepared in accordance with the provisions applicable to companies enlilled to the small companies exemption. The trustees, annual report was approved on 24thJuly 2025 and signed on behalfof the board of Irust¢e$ by-. R Swyer Trustee 13
The Costa Foundation Company Limited by Guarantee Independent Audilorfs Report to the Members of The Costa Foundatlon Year ended 31 December 2024 Opinion We have audited the financial slatemenls of The Costa Foundation Ilhe 'charilable company'} for the year ended 31 December 2024 whi¢h comprise the Slalement of Financial Aclivilies. the Balance Sheet and notes to the financial statements. including a summary of signrficanl accounting poliaes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (Uniled lfjngdom Generally Accepted Accounting Practice). In our opinion the financial statements". give a true and fair view of the slate of the charitsble company's affairs as at 31 DeEember 2024 and of its incoming resources and application of resources, including its result, for Ihe year Ihpn ended,. have been properly prepared in accordance with United Kingdom Generally Accept8d Accounting Practice., and have been prepared in accordance with the requlrem@nts of the Companies Act 2006. have been prepared IN accordance with the requirements of the Charities and Trustee Investment {Scollandl Act 2005 and regulation 8 of the Charities Accounts Iscotland) Regulations 2006 las amended}- Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISA5 IUKI) and appllcable law. Our responsibilities under thos8 standards are further described in the Auditors, respofbsibilities for the audit of the fillancial stat8menls section of our report. We ara indep8ndent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the finallcial slalements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviderKe we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slatements. we have concluded that the trustees, use of the going concern basis of accounting in th@ preparation of the financial statements is appropriate. Based on the work we hava performed. we have rt identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on the charitable companls ability lo continue as a going concern for a period of at least twejve months from when the financial statements are aulhorised for issue. Our responsibilities and Ihe responsibilities of the trustees with respect lo going concem are described in the relevant sections of this report. other Infomiatlon The trustees are responsible for the other information. The other information comprises the information induded in the Annual Report, other than the fillancial slalomenls and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cov&r the other Infr•mation and. except to the extent otherwise explicitly stated in our report, we do nol express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our sponsIbIlItY is to read the other infomiation and, in doing so, consider whother the other inforrnation 15 malgrially inconsislenl with thg financial statements or our knowledge obtained in the aLbdil or olh8rwise appears to be Fnaterially misslated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that ther& is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 14
The Costa Foundation Company Limited by Guarantee Indepondent Auditorfs Report to the Members of The Costa Foundatlon Year ended 31 December 2024 Opinions on other matters prescribed by the Companles Acl 2006 In our opinion, based on the work undertaken In the course of the audit.. the infomiation given in the Report of the Trustees for the financial year for which the financial statem8nls are prepared is consistent with the financial stslements. and the Report of the Trustees has been prepared in ac(x)rdance with applicable kgal requirements. Matters on whlch we are requlred to report by exception In the light of the knowledge and understanding of the charitable company and its environmerst obtaine in the course of the audL we have nol identified material misstatements in the Report of the Twstees. We hav8 nothlng to report in respect of the following mallers where th8 Companies Act 2006 requires us to report lo you if, in our opinion.. adequat8 accounting records have not beèn kapt or returns adequate for our audit have rt been r8C8ived from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of trustees. remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. or the trustees were not entitted to lake advantage of th& small companies exemption from the requirement to prepare a Strategic Report or in preparing Ihe Report of the Trugtees. Responslbilitios of trugtees As axplain8d more fully in the Statement of Trustees, Responsibilities, the trustees {who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied thal they give a true and fair view, and for such internal control as the trustee5 delem)ine is necessary lo enable the preparation of financial slatemenls that are free from rnaterial ffli5ststement, whelher due to fraud or error. ID preparing the financial statements. the trustees are responsible for assessing the charitable company's ability to continue as a going concem. disclosing, as applicable, mattars r8lated to going concem and using the going conrn basis of accounting unless the trustees either int8nd lo liquidate the charitable Company or to se 0ratIOnS, or have no rèalistic ahemative but to do so. Our responsibilities for th• audit of tha financial $tatèm6nts Our objectives are to obtain rea50n8ble assurance about whether the ffnancial statements as a whole are free from material misstatement, whether due lo fraud or error, and lo issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, indniidually or in the aggregate. they could reasonably b9 8XP8Cted to influence the economic decisions of users taken on the basis of these financial stal8ment5. The extent to which our procedures are ¢apable of detecting irregularities, induding fraud is detailed below.. From discussion wllh management and those Charged with governance information at)out the entity is documented to asse55 the activity within the organisation. We discuss managemenvs assessment of rigk in resp8Ct of irregularities, fraud and going concem. Based on th8S@ discussions and our own assessments wè delarmined that the key risk ar8as were income recognition in 185pect of cul off issues and managemént override concerrting the size of the oryanis8ti0n. 15
The Costa Foundation Company Limited by Guarantee Independent Auditorfs Report to the Members of The Costa Foundation Year ended 31 December 2024 We set financial statement materiality level based on the level of income. As a not for profit organisalion raising income is its primary focus which is why income was used to detemiine the level of materiality. Our overall assessment of risk was used to determine performance materiality al an appropriatelovel. Substantive audit lesls were designed after assessing and performing walkthrough tests. The walklhrough testing confirmed documented systems which have been designed to act as a preventslive easure against fraud and error which appear to be operating as documented. Substantive testing tested a sample of the population. fepresenlalive of the population. lo identify errors. The testing did not identify any material misslalements in areas tested. Audit substantive tBsts concluded no material errors over the key risk areas of income recognition and management Override. The audit considors the organisation is not exposed lo material risk of error as a resLJIt of assessing laws and regulations that are appropriate lo the organisalion. ManagerTTenl assessed Ihere is no going concern risk. Tre audit undertook a review of budgets, rnanagernenl aGGounts and Ihe review of board minules and came to the same conclusion as management. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at vvww.frc.org.ukJauditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Acl 2006. Our audit work has been undertaken so that we might slate lo the charitable company's members those matters we are required to state to them in an auditors. report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume reswnsibility lo anyone other than the charitable company and the charitable company's members as a body. for our audit work, for this report, or for the opinions we have formèd. Stuart Mackie (Senior Slatutory Audilorl for and on behalf of MC Audit Limited Statutory Auditors Staliofj House North Street Havanl Hampshire P09 1QU Date= ...
The Costa Foundation Company Limited by Guaranlee ststement of Financial Actlvlties (Including income and expenditure arxount) Year ended 31 December 2024 Restated 2024 Restrided funds 2023 Total funds Unreslri¢ted funds Total fvnds Income Income and endowments Donations and legacies Total income Note 1,712,360 200,000 1,912,360 1,589,574 1.712,360 200,000 1.912.360 1,589 574 Expendilure Expenditure on charitable activities 1.615,946 192,449 1,808.395 1,382,848 Total expenditure 1.615,946 192,449 1,808.395 1.382.848 Net {expenditurellincome and net movement in funds 96,414 7,551 103.965 206,726 Reconclllation of funds Total fijnds brought forward 1.380,312 1,380,312 1.173,586 Total funds carried forward 1.476,726 7.551 1,4e4.277 1.380,312 The statement of financial activities includes 811 gains and losses reeognisad in thè yèar. incoma and expendtture deriv8 from continuing aGtivilies. 17
The Costa Foundatlon Company Limited by Guarante8 Slatem•nt of Financial Position Year ended 31 December 2024 Reststed 2023 2024 Not8 Currant ossets DebLor# 14 324,600 366.995 Cash at bank and in han 1.369.W30 4,200 1,694,531 1,591.195 Cr•dttoT>: amounts falllng due wlthln on• year Net current a88ets 1484,277 1.380312 Total assets less curent Ik4bilitK8s 1.484.277 1.380.312 Funds of the charlty Ra5trictffll funds 7,551 UkY8Strict8d funds 1476 726 1,380312 Total charlty tunds 17 1380312 These firtancial statements have been preparpd in accord8rK* wlth the prov105 applicable to companles SAthjéct io tho s¢hall ¢ompanigs' rguimo. Th860 financial statements were approved by the board of trustses and authorts8d for Issue on 24th JU 2025. and are sSgned on behalf of the board by: R Swyer Trusts8 The C05ta Foundation is a Compony linit8d tyguar8nt88 r89istad in ENJl8TKI and Wgles. Company mberO8064488. Clty numb 11474tlO.Scolbsh dwrity rllThb¢r SC043414t 18
The Costa Foundatlon Company Limlted by Guarantee Year ended 31 December 2024 Restated 2023 2024 Cash flows from ppèratlng actmtles Net {expeiKlitureKncom6 103,965 2(.72¢ Intwest payat48 and #lmlar charg 272 Changes In." Trada and 0th8r dobtors 42.395 (34Q418) Trade and other creditors 127,657 Cash gerrated 1M opgratvJn$ 145,730 1267.Q77) Intar8St pwd 272 Ngt (used in) From operatlng actfvlts'gs 145.73Q Not {dpcrea$eftcrè88? In cash end cash gwivalgnts Cash and cash equlvalents at beglnnlng of year 00 1491549 Cash and eash aquivalents at and ot year 1369 930 1224.200 19
The Costa Foundation Cornpany Limited by Guaranteo Notes to the Financial Statements Year ended 31 December 2024 1. General infom7ation The Cosla Foundation is a company limiled by guarantee. incorporated in England and Wales. The address of ils registered offi¢e, its rogistered numbers and principal place of business is dlsclosed in the Trustee's Annual Report. The pnncipal activity of the charity is the advancement of education, the relief of poverty and the advancement of health and environment of coffee-growing communities aroLJnd the world. The financial statements are prepared in slerlirbg, and this is the functional currency of the Charity. 2. sLement of compliance These financial statements have been prepareil in compliance with FRS 102, 'Tho Financial Reporting Standard applicable in the UK and the Republic of Ir8land', th8 Statement of Recommended Practice applicable to chari118s preparing their accounts in accordance with Ihe Financial RepDrting Standard applicable in the UK and Republic of Ireland IFRS 1021 Icharitr'es SORP {FRS 10211 and the Companies Act 2006. 3. Accounting policles Basis of preparation: The financial statements have been prepared on tha historical cost basls, as modified by the revaluation of certain financial assets and liabNities and investrnenl prop&rties measured at fair value through income or expenditure. The financial statements are prepared in Sterling, which is the fvnctional Gurrency of the enllty. Going concern" These financial stal&ments have been prepared on the going concern basis. This is based on the charity reserves policy, plus the lacl the chartty only commits lo projects once income has been raised. committed projeel expenditure is already secure. Th8r8fore, we do not view any going concem risk for the charity. Judgements and key sources of estimation uncertainty.. In applying the company's accounting policies, the trustees are required to make ludgements, estimates and assutnplions in determining the carying amounts of assets and liabilities. The trustees. judgemènts, eslimales and assumptions are based on the best and most reliable evidence available at th8 limg when the decisions are made and are based on historical experience and Other factors that are considered to be applicable. Due to the inherent subleclivity involved in the making such judgements, estimates and assumptii)lls, the actual r8sults and outcomes may dtffer. The truslees do not GOnSider there lo be any significant judgements. estimates or assumptions In these financial stalemenls. Foreign exchange-. Transactions denominated in foreign currencles are translated into sterling on the exchange rate ruling on the date of the transaction. 20
The C05ta Foundation Company Limited by Guarantee Notes to the Financial Statements Year ended 31 December 2024 Fund aGGounting= Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purpo$es. Designated fvnds a unrestricted funds earmarked by the truslees for particular fijture project or Gommilment. Restricted funds are subjected lo restrictions on their expenditure declared by the donor or through the temis of an appeal and fall into one of two sub-classes- restricted income funds or enéowment funds. Incoming resourc¢s= All income is included in the statement of financial activities when entilement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the Charity and the amount can be reliably measured. Resources expended.. All support costs incurred have been allotat8d baeen charitable expenditure and goveman¢e as appropriate. There aro no costs relating to mor& than ono functional cost category. All expenditure and liabilities are included on an accruals basis and Tecognised when there is a legal or conslructiV8 obligation to pay OUÉ resources. Financial instruments.. The Costa Foundation has only financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initlally recognis8d at transaction values and subsequently measured al their s¢lllomant value. Defined contribution plans- Colltribulions lo defined contribution plans are recognised 8s an exp8nse in the F)eriod in which the related seryice is provided. Prepaid contributions are recognised as an asset lo the extent that the prepayment will lead lo a reduellon in future payments or a cash refvnd. When contributions are not expected to be settled wholly within 12 months of the end of the r8FX)rting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognis8d as an expense in the period in which it arises. 4. Limited by guaranlee The Foundation is incorporated as a private company limited by guarantee. The Articles of Assoaation of the Foundation established the objects and powers of the Foundation. In th8 event of the Foundation belng wound up, members are reqUId to contributs an amount not exc8eding £1 each. 21
The Costa Foundation Company Llmited by Guarantee Notes to the FSnanclal Ststements Year ended 31 December 2024 5. Donation¥ and legacie5 Utsrestricled Funds Restricted Funds Totsl Funds 2024 Donations 2024 Donations from sales of products in Costa stores Store Fundraising Matched Giving Donab'ons from Costa Donations from fundraising General and gift aid donations Payroll Giving 262,560 1,010,387 200.000 200,000 462,560 1,010,387 200,000 149,997 89.416 149,997 89,416 1,712,360 200,000 1,912.360 Unffstricled FLJnds Restricted Funds Total Funds 2023 Donations 2023 Donations from sales ol products in Costa sloros Store Fundraising Matched Giving Donations from Cosla Donations from fundraising General and gift aid donations Payroll Giving 390,869 861,125 179,129 20.000 94,394 33,274 10,783 1589,574 390.869 861,125 179,129 20,000 94,394 33,274 10,783 1,589,574 22
The Costa Foundation Company Limited by Guarantee Noles to the Financial Statements Year ended 31 December 2024 6. Expenditure on charftable activities by fund type Unrestricted Funds Restrfcted Funds Total Funds 2024 Project Expenditu (note g) Project management costs Costs of raising funds Support costs 1.418,826 28,721 39,101 129,298 1.615,946 192,930 1,611,756 28,721 39,101 128,817 1,808,395 481 Restsled Unrestricted Funds Restricted FLJnds Total Funds 2023 Project Exp8nditurÈ {note 91 Project management (y)sts Costs of raising funds Supwrt costs 1,163,334 115,251 3,836 66,258 1.348.679 34.169 1,197.503 115.251 3.836 66,258 1,382,848 7. Support costs Unrestrided Funds Restricted Funds Total Funds 2024 Governance costs other support costs 8.822 120,476 129,298 8.822 119,995 128,817 481 481 Unreslricled Funds Restricted Funds Total Funds 2023 Governance costs other support costs 16,685 49,573 66,258 16.685 49,573 66,258 23
The Costa Foundation Company Limlted by Guarantee Notes to the Flnancial Statements Year ended 31 December 2024 8. Expendlture on charltable actlvltles by actlvlty type Restated Grant funding of activities Aclivib'es undertak8n direcdy Total Funds 2024 Support Costs Total Funds 2023 Pro11 Expenditure (note 9) 1.611,756 1,611,756 1,197.503 Project management costs 28,721 28.721 115.251 Costs of raising funds 39,101 39.101 3.836 Other support 119,995 119,995 49.573 Govemance costs 8.822 8,822 16,685 1,679,577 128.817 1.808 395 1,382,848 9. Project Expenditure Reslaled Total Funds 2023 Unreslricted Funds Restricted Funds Total Funds 2024 Included in proj8ct expenditur8 is: FX adjustment on US projects Prog 3 Mental Health Prog 4 Guatemala Food P de Julio Lien Son Nursery School Tan Chau Nursery School Dlna's Prfmary Bekkaye water expansion Angetu Melka Gabicho Primary Madri2 Nicuamgua Jinolega San Jose de Lourdes La JaJquilla Primary San Pedro Carcha 2 Aspire High School Bridge High school - domiitory 23,080 34,122 38,785 104,772 105,201 106,a84 145,298 35,162 17.060 17.060 145,298 8,732 102,563 18,383 105.188 106,D71 105.188 106.071 109.257 34,777 34,777 24
The Costa Foundation Company Limlted by Guarantee Notes to the Financlal Statèments Year ended 31 December 2024 Dimlu High Science Lab San Cados Adeyi Primary School Garbi Galo Primary School Harawa Kale Primary School Bwesumbu High School Expansion El Remolino Perimeter Fence Rural Government Sch(x)l - Zapotal Community German Pomares Ordonez and Azarias H. Pallais primary school Chekata Secondary School Land Expansion at PEAS Bridge PEAS Aspire Construction of Sanitary Block with incinerator al PEAS Aspire Aspire, 13E3- Hibiscus, 20E3- Pioneer PEAS Noble Construction of Sanitary Block with incinerator at PEAS Noble Building a Better Future for Honduras 4 Rural education and child labour project in the Zapolal Community Monitoring, Evaluation, Reporting, and Learning IMERL) and technical support for Costs Foundation funded Schools in Ethiopia. Compsjtsr Lab at Arda Qalu school Brighter Future- Gual@mala Kabuta 'Building a Safe, Holistic Learning Environmenf. Construction of a multi- purpose football pitch al PEAS Kabuta Arda Qalu Secondary School Project Monitoring & Evalualioll for project CF60 Mario 138.852} 14.156 12,661 55,093 55.093 71.069 29,097 100,166 113,5 134.278 13.437 73,832 187,338 134.278 13,437 19,700 79,785 19,700 79,785 19,700 90,000 19,700 90.000 21,546 21,546 10,973 3,696 10,973 3,696 90,000 90,000 10,561 128,019 10,561 128.019 1,829 1,829 Teaching al The Right Level {TaRLI for Children in Costa Foundation 121,571 81,964 121,571 81,964 Cycling for Success Uganda Repayment of surplus Other project related Committed, not paid: Arda Qalu Sècondary School Project Dina's Primary Gabicho La Pet Nursery School Aspire. 13E3- Hibiscus. 20E3- Pioneer San Jose de Lourd8s Bridge High $chool- dormitory (3.000) 13.0001 7,485 123.123 16.647 16,647 106.462 10.561 82,04Q 106.462 10,561 82,040 34,777 25
The Costa Foundation Company Limited by Guarantoe Notes to the Financial Statements Year ended 31 Docember 2024 1,418,826 192,929 1.611.756 1,197,503 10. Taxation The charivs activities fall within Ihe exemptions afforded by the provisions of the Income and Corporation Taxes Act 2010. Accordingly, there is no taxation charge in these account5. 11. Not lexpgnditure)lincome Net lexpenditurellincome is slated after chargingllcrediling).. 2024 2023 Fees payabl8 for the audit of the financial statemen15 7,680 7,038 12. Staff costs The iotal staff Costs and employee benefits for the reporting period are analy5ed as follows.. 2024 2023 Wage5 and salaries.. Employer national insurance costs Employer contributions lo pension plans 87.567 9.888 2.627 100,082 38,289 2,848 41,137 The average head eounl of employees during the year was 212023.. 11. The average number of full-time equivalent employees during Ihe year is analysed as follows.. 2024 No. 2023 No. Number of staff.. The number of employees whose remuneration for the year fell within the following bands. were.. 2024 No. 2023 No. £60,000 10 £69,999 Key Management Personnel= Key management personnel include all persons that have authority and responsibility for planning. directing and contrulling the activities of the charity. The total compensation paid to key management personnel for servicos provided lo the charity was £80.37412023'. £41.137).
The Costa Foundation Company Limited by Guarantee Notes to the Financial Statements Year ended 31 December 2024 13. Tru$tee remuneration and expenses No trustee reIved remuneration in the period to 31 DeGember 2024 {31 De¢ember 2023= £NIL). InelLtded in the above is £5,277 of reimbursed expenses lo 3 trustees131 December 2023.. £1,957 to three trusl88sI. Trustse Indemnity Insurance was also in place during the period. 14. Debtors Restated 2023 2024 AmoLfnts due from Costa Limited Prepayments and accrued income Other debtors 257,701 15,669 51,230 324,600 284,225 32,365 50,405 366,995 15. Creditors: amounts falling due within one year Restated 2023 2024 Project expenditure Gornmitted. not paid Other creditors 199,064 191,193 11.190 210.253 19,690 210,883 16. Pensions and other post-retirem¢nt bènèflts Defined contribution plans.. The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £2,62712023.. £2.8481. 27
The Costa Foundation Company Limited by Guarantee Notes to the Financlal Statements Year ended 31 December 2024 17. Analysis of charitable funds At1Jan 2024 At31 Dec 2024 Income Exp6nditure General funds 1,380,312 1,712.360 1.615.946 1,476,726 A11 Jan 2023 At31 Dec 2023 Income Expenditure Genaral fijnds 1.139,417 1.589,574 1,348.679 1.308,312 At1Jan 2024 Income Expenditure Al 31 Dec 2024 Restricted Fund 200,000 192,449 7,551 At1Jan 2023 At 31 Dec 2023 Income Expenditure Restricted Fund 34,169 34,169 During the year the Foundation received £200,(M)O from Costa Coffee. This was spent as follows.. £90,000 was used for the first inslalmenl of the Project 60PC - Guatemala. $92,0891£73,8321 was used for the final inslalmenl of the Project 142 - Nicar8gua. $36.1281£29,097.471 was used for was used for the flnal inslalment of the Project 1C- Guatemala. £480.90 was treated as a currency exchange gain. This leaves a balanca of £7,551 of rèstricted funds lo be carried forward to 2025. 18. Analysls of n?t assets between funds Unrestricted Funds Reslricled Funds Total Fund3 2024 Current assets 1,686.980 7,551 1,694,531 CredifrKs less than 1 year 210,253 210,253 Net 855ets 1,476,726 7,551 1,484.277 Restated Unrestricted Funds Restated Total Fund8 2023 Reslricled Funds Current assets 1.591.195 1,591,195 Creditors less than l ygar {210,2531 1210,8831 28
The Costa Foundation Company Limrtod by Guarantee Notes to the Financial Statements Year ended 31 December 2024 Net assets 1.380.312 1,380.312 19. Analysis of changes in net debt At 1 Jan 2024 Gashfiows At 31 Dec 2024 Cash at bank and in hand 1.224.200 145,730 1,369,930 20. Commitments The Costa Foundation had commitments of £563.644131 December 2023 Rèstated £525,129) at the year end. These have not been provided for in the financial statements as they are subj'ect to onditsons being met before payment. 21. Relaled parties Al unrestriGted income receNed originaled from Costa Limited and their amployees, apart from donations received via the Costa and Costa Foundation websites and third partlgs. During the year. Cosla Foundation Trustee. Nick Orrin was named as dir8Ctorsloffic8rs on Companies House of Cosla Ltd, and they were members of the Costa Ltd Executive Team. In addition, Costa Foundation Trustees Chadotte Clusker and Cecile Angrand were members of the Costa Ltd Execulive Team and Hayley Finn a senior employee of Cosla Ltd. 22. Restated 2023 figures Some of the figl1$ as at 31 December 2023 have been restated due lo an error discov8r8d aft8r the accounts were prepared. Project expenditure committgd, not paid accrual was overstated by £251,047. This is made up of the following figur6s'. £84,150 for the second inslalment of th& Lien Son Nursery School Project (1381 was accrued at 31 December 2023 bul was not due until 28 February 2024. £84,857 for the second instalment of the Tan Chau Nursery School1139} was a¢cnJed at 310ecember 2023 but was not due until 01 February 2024. £82,040 for the second instalmenl of the San Jose de Lourdes Student Residence Project (1401 was aGcrued at 31 December 2023 but wa5 not due until 01 August 2024. Additionally. £34,777 was duplicated in the 2023 year end accounts. This is in relation to the first instalm8nl of th8 Bridge High schoo5- dormitory project133E6). An invoice was created for this project expenditure on Ihe 21 December 2023 bul an addib'onal accrual journal was also included so the expense was double counted. 29