**REGISTERED CHARITY NUMBER: 1150152**
**Report of the Trustees and**
**Unaudited Financial Statements for the Year Ended 31 December 2023**
**for Thandizo**
PKN Accountants Ltd Chartered Accountants 63 Bawtry Road Bramley Rotherham South Yorkshire S66 2TN
**Thandizo**
## **Contents of the Financial Statements for the Year Ended 31 December 2023**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|6|
|**Independent Examiner's Report**||7||
|**Statement of Financial Activities**||8||
|**Balance Sheet**||9||
|**Notes to the Financial Statements**|10|to|14|
|**Detailed Statement of Financial Activities**||15||
**Thandizo**
## **Report of the Trustees**
## **for the Year Ended 31 December 2023**
The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
Thandizo is a grant giving charity which aims to work with registered charities and other non-governmental organisations in the countries identified. Its objects are;-
1. The promotion of sustainable development in Malawi, Zambia, Zimbabwe, Botswana and Tanzania for the benefit of the public by:-
a) the preservation , conservation and protection of the environment by prudent use of economic resources;
b) the relief of poverty and the improvement of the conditions of life in socially and economically disadvantaged communities;
c) the promotion of sustainable means of achieving economic growth and regeneration.
2. The relief (in any part of the world) of financial need and suffering among victims of natural or other kinds of disaster in the form of money (or other means deemed suitable) for persons, bodies, organisations and /or countries affected.
3. The prevention or relief of poverty or financial hardship (in any part of the world) by providing grants, items and services to individuals in need and/ or charities or other organisations working to prevent or relieve poverty or financial hardship
Page 1
**Thandizo**
**Report of the Trustees for the Year Ended 31 December 2023**
## **OBJECTIVES AND ACTIVITIES Significant activities**
The charity made significant donations in the year ended 31st December 2023:
(Donations above £10,000 in aggregate).
Iris Global UK (Registered Number: 1035087) £10,000, (2022: £10,000).
Pashello Charitable Trust (Registered in Malawi) £77,150, (2022: £19,550).
## **Thandizo Projects 2023**
Thandizo continues to concentrate its assistance on the Southern Region of Malawi, specifically the two districts of Chikwawa and Nsanje which comprise the Lower Shire Valley. The Lower Shire lies approximately 40 metres above sea level (the rest of Malawi is 1000 metres plus) and despite a major river running through it is very hot, humid and very dry. The population consists of around 60% Malawians and 40% with a background in Mozambique. The Lower River is very, very poor, suffering constantly from food insecurity as a consequence of floods followed by drought. It is consistently neglected by the Malawi Government. The environment is so hostile that government officers are reluctant to be posted there. Historically it was a punishment station for government employees and to a large degree it still is. Development has been very slow and erratic.
Disease is rife with a high risk of Malaria, Bilharzia, TB and many other diseases. A high incidence of HIV makes all the other diseases very much more dangerous. 2023 arrived with floods as a consequence of cyclone Freddy and finished with a drought. £27,000.00 was spent during the year providing flood relief, food, shelter, rescue etc.
This aid was channelled through our existing partners in the Lower River namely the Pashello Charitable Trust and IRIS Mission. Both are on the locally based and are able to purchase and supply essential items within days of receiving funds. Other international charities are by their very nature cumbersome in their response.
In 2023 Madagascar also suffered serious food shortages and a result of drought. Funds (£10,000.00) to help alleviate this were directed through our long-term partner in Madagascar, SEED.
In addition to disaster relief, Thandizo has invested in local capital projects which are directed towards the most vulnerable the Lower River. Orphans, the aged, Albinos and the disabled are very poorly resourced by government agencies. In 2022 Thandizo funded the building of an orphanage by the Pashello Trust. In 2023 Thandizo funded the building and equipping of a clinic on the same Pashello campus.
We work with Lloyd Malola, the CEO of Pashello, who has previously worked in the UK in logistics and communicates very well with us. The whole project is based on trust but we have employed the services of a consultant locally, Saliph Sikelo who we have known for many years, who oversees the projects and authorises funding as necessary. He is paid on a time and costs basis. He, usefully, has access to professional expertise re building and construction which has proved very helpful.
The Albino population of the Lower Shire suffers dreadfully as a result of their lack of pigment leading to both serious sun burn, blindness and UV related cancers. They are in addition persecuted by some tribal medics who have the mistaken belief that body parts of an albino somehow have medical properties. Pashello gives refuge to those most a risk and Thandizo sponsors the distribution of sunscreen and some training.
Thandizo also take an interest in UK issues. Roundabout, a charity dedicated to helping homeless young people, also received support at the difficult time of Christmas.
Page 2
**Thandizo**
## **Report of the Trustees for the Year Ended 31 December 2023**
## **OBJECTIVES AND ACTIVITIES Public benefit**
The primary benefits to the wider public from the charity's activities are:
a) The provision of grant funding for registered charities and other bodies running sustainable development projects in some of the poorest parts of the world. This will benefit the public in those regions by channelling funds to establish organisations so that funds can be targeted at projects which will give the most benefit to the local community. Sustainable development is for the public benefit because it focuses on helping communities meet their own needs at the present time, without compromising the environment for future generations.
b) The provision of funds to disaster relief appeals- this will benefit the public because the trustees will be able to donate funds very quickly. It is self-evident that this is beneficial to the public to have charities which can provide aid in the wake of a natural (or other) disaster.
c) The provision of grant funding for charities and other organisations working to relieve poverty is clearly for the public benefit as this will result in funds passing to organisations who provide food, water, equipment, housing and other basic necessities for people who are in need of these things.
## **Grantmaking**
Grant were made during the year to Registered Charities, they were:-
Roundabout (Registered Charity Number: 1061313) £8,000,(2022: £8,000).
The provision of youth hostel support in the Sheffield area.
Seed Madagascar (Registered Charity Number: 1079121) £5,000, (2022: £5,000).
Crisis support to Africa.
Iris Global UK Registered Charity Number: 1035087) £10,000, (2022:£10,000).
Distributing food, water and shelter and rescue missions across the world.
Dochas Education Trust (Registered Charity Number: SCO40900) £Nil, (2022: £10,000)
2022 Flood disaster appeal.
Pashello Charitable Trust (Registered in Malawi) £77,150, (2022: £19,550).
Alleviating poverty and suffering for orphans in Africa, crisis relief and sunscreen protection.
Disasters Emergency Committee (Registered Charity Number: 1062638) £Nil, (2022: £9,000).
Ukraine Humanitarian appeal.
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
Consisted of donations as discussed earlier to other registered charities and non profit making organisations.
## **Fundraising activities**
Income is generated through gift aid donations and investment performance. The charity is not actively pursuing gift aid donations from non trustees.
Page 3
**Thandizo**
## **Report of the Trustees**
## **for the Year Ended 31 December 2023**
## **ACHIEVEMENT AND PERFORMANCE**
## **Investment performance**
The charity has invested its funds in a discretionary medium risk portfolio of investments through its independent financial advisors, (Investec Wealth and Investment Limited).
The medium risk strategy is consistent with the Trustees aims of generating a yearly return from the capital to provide income for charitable causes.
The income yield for the year ended 31st December 2023: 2.35%, (2022: 2.21%)
The market value of managed investments increased in the year ended 31st December 2023 £144,405, compared to a decrease in the year ended 31st December 2022: £285,566.
Realised losses on the disposal of investments in the year ended 31st December 2023: £50,026, compared to a realised loss in the year ended 31st December 2022: £30,908.
## **Internal and external factors**
The charity will continue to grant monies to organisations based upon its investments producing a more than inflationary return. The charity is therefore subject to global and financial economic risks, however these are mitigated by the investment advisors taking a medium risk balanced approach across the global markets.
Internal factors that could have a detrimental affect on the charity are considered minimal.
## **FINANCIAL REVIEW**
## **Financial position**
The financial position of the charity is very stable. Total funds at 31st December 2023 £2,371,089, (2022: £2,337,686).
## **Principal funding sources**
The principal funds have been donated by the Trustees Mr J P Lapish and Mrs A K M Lapish.
## **Investment policy and objectives**
Investment policy is based on a medium risk, balanced portfolio approach.
The objective being to achieve a more than inflationary return on investment.
## **Reserves policy**
The charity has an objective to maintain reserves at approximately £2,000,000, to provide a capital fund that will be able to make donations from income.
## **FUTURE PLANS**
No further gift donations are envisaged for the foreseeable future.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
## **Recruitment and appointment of new trustees**
The Declaration of Trust requires a minimum of four Trustees.
## **Organisational structure**
The organisation is structured in accordance with the Declaration of Trust. Trustees are a minimum of four and one person must act as chairperson, this is presently Mr J P Lapish.
The investments held by the charity are managed by an external financial services organisation, presently Investec Wealth & Investment Limited.
## **Induction and training of new trustees**
All Trustees are instructed by the Chairman to become familiar with the Declaration of Trust and their responsibilities towards the organisation.
Page 4
**Thandizo**
## **Report of the Trustees**
## **for the Year Ended 31 December 2023**
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1150152
## **Principal address**
Warren Lodge Bar Road Curbar Derbyshire S32 3YR
## **Trustees**
J P Lapish Mrs A K M Lapish S O Lapish Miss J J Lapish
## **Independent Examiner**
John S Parkin FCA , FCCA PKN Accountants Ltd Chartered Accountants 63 Bawtry Road Bramley Rotherham South Yorkshire S66 2TN
## **Solicitors**
Wake Smith LLP 68 Clarkhouse Road Sheffield S10 2LJ
## **COMMENCEMENT OF ACTIVITIES**
The charity was created by a Declaration of Trust on 17th October 2012. Charitable activities commenced during the period to 31st December 2013.
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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 irregularities.
Page 5
**Thandizo**
## **Report of the Trustees for the Year Ended 31 December 2023**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued**
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by order of the board of trustees on 7 October 2024 and signed on its behalf by:
J P Lapish - Trustee
Page 6
**Independent Examiner's Report to the Trustees of Thandizo**
## **Independent examiner's report to the trustees of Thandizo**
I report to the charity trustees on my examination of the accounts of Thandizo (the Trust) for the year ended 31 December 2023.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
John S Parkin FCA , FCCA The Institute of Chartered Accountants in England and Wales
PKN Accountants Ltd Chartered Accountants 63 Bawtry Road Bramley Rotherham South Yorkshire S66 2TN
7 October 2024
Page 7
**Thandizo**
## **Statement of Financial Activities for the Year Ended 31 December 2023**
|Notes
**INCOME AND ENDOWMENTS FROM**
Investment income
2
**EXPENDITURE ON**
Raising funds
3
**Charitable activities**
4
Accommodation for young people in the UK
Development of orphanages in Malawi
Distributing food, water and shelter in addition to
mounting rescue missions by boat in flood
affected regions.
Orphanage/ clinic and flood relief in Malawi
Ukraine crisis
Famine relief in Africa
2022 Flood disaster appeal Malawi Africa
Other
**Total**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|2023
Unrestricted
fund
£
57,149
12,455
8,000
-
10,000
79,250
-
5,000
-
3,420
118,125
94,379
33,403
2,337,686
2,371,089|2022
Total
funds
£
49,989
12,873
8,000
21,855
10,000
-
9,000
5,000
10,000
2,909
79,637
(316,474)
(346,122)
2,683,808
2,337,686|
|---|---|---|
The notes form part of these financial statements
Page 8
**Thandizo**
## **Balance Sheet**
## **31 December 2023**
|Notes
**FIXED ASSETS**
Investments
9
**CURRENT ASSETS**
Debtors
10
Cash at bank
**CREDITORS**
Amounts falling due within one year
11
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
Unrestricted funds
**TOTAL FUNDS**|2023
Unrestricted
fund
£
2,318,923
-
56,301
56,301
(4,135)
52,166
2,371,089
2,371,089
2,371,089
2,371,089|2022
Total
funds
£
2,266,663
4,018
70,906
74,924
(3,901)
71,023
2,337,686
2,337,686
2,337,686
2,337,686|
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 7 October 2024 and were signed on its behalf by:
J P Lapish - Trustee
A K M Lapish - Trustee
The notes form part of these financial statements
Page 9
**Thandizo**
## **Notes to the Financial Statements**
## **for the Year Ended 31 December 2023**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **Governance costs**
The Trustees have not charged for their time or expenses in the period. The governance costs relate to accountancy and audit.
## **Allocation and apportionment of costs**
The charity has not allocated costs between funds as all resources are contained in the general fund.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Realised gains and losses**
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
## **Fixed asset investments**
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
continued...
Page 10
**Thandizo**
## **Notes to the Financial Statements - continued**
## **for the Year Ended 31 December 2023**
|**2.**
**INVESTMENT INCOME**
Other fixed asset invest - FII
Fixed interest income
Other interest
**3.**
**RAISING FUNDS**
**Investment management costs**
Portfolio management
**4.**
**CHARITABLE ACTIVITIES COSTS**
Direct
Costs
£
Accommodation for young people in the
UK
-
Distributing food, water and shelter in
addition to mounting rescue missions by
boat in flood affected regions.
-
Orphanage/ clinic and flood relief in
Malawi
2,100
Famine relief in Africa
-
2,100
**5.**
**GRANTS PAYABLE**
Accommodation for young people in the UK
Development of orphanages in Malawi
Distributing food, water and shelter in addition to mounting rescue missions
by boat in flood affected regions.
Orphanage/ clinic and flood relief in Malawi
Ukraine crisis
Famine relief in Africa
2022 Flood disaster appeal Malawi Africa|2023
£
39,516
7,415
10,218
57,149
2023
£
12,455
Grant
funding of
activities
(see note
5)
£
8,000
10,000
77,150
5,000
100,150
2023
£
8,000
-
10,000
77,150
-
5,000
-
100,150||2022
£
38,332
4,616
7,041|
|---|---|---|---|
||||49,989|
||||2022
£
12,873|
||||Totals
£
8,000
10,000
79,250
5,000|
|||102,250||
|||2022
£
8,000
19,550
10,000
-
9,000
5,000
10,000||
|||61,550||
continued...
Page 11
**Thandizo**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2023**
## **5. GRANTS PAYABLE - continued**
The total grants paid to institutions during the year was as follows:
|Rounabout (Registered Charity No: 1061313)
Disasters Emergency Committee(Registered charityNo: 3356526)
Dochas Education Trust (Registered Charity No: SCO40900)
Seed Madagascar (Registered Charity No: 1079121)
Iris Global UK (Registered charity No: 1035087)
Pashello Charitable Trust (Registered in Malawi)|2023
£
8,000
-
-
5,000
10,000
77,150
100,150|2022
£
8,000
9,000
10,000
5,000
10,000
19,550|
|---|---|---|
|||61,550|
All grants in the year were to registered charities or not for profit organisations being made on an unrestricted basis. As discussed in the Trustees Report grants made to Pashello for the various purposes such as the building of a clinic and the equipment for it have been externally monitored by a trusted consultant on behalf of the charity.
## **6. SUPPORT COSTS**
|**SUPPORT COSTS**||||
|---|---|---|---|
|||Governance||
||Finance|costs|Totals|
||£|£|£|
|Other resources expended|270|3,150|3,420|
|Support costs, included in the above, are as follows:||||
|||2023|2022|
|||Other||
|||resources|Total|
|||expended|activities|
|||£|£|
|Bank charges||270|59|
|Accountancy and legal fees||3,150|2,850|
|||3,420|2,909|
## **7. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
continued...
Page 12
**Thandizo**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2023**
## **8. STAFF COSTS**
No staff were employed in the year ended 31st December 2023, (2022: £ Nil).
## **9. FIXED ASSET INVESTMENTS**
|**MARKET VALUE**
At 1 January 2023
Additions
Disposals
Revaluations
At 31 December 2023
**PROVISIONS**
At 1 January 2023
Revaluation adjustments
At 31 December 2023
**NET BOOK VALUE**
At 31 December 2023
At 31 December 2022
The assets held above and market value at 31st December 2023 are|Listed
investments
£
2,136,498
268,080
(460,390)
-
1,944,188
266,546
(95,451)
171,095
1,773,093
1,869,952
:-|||Fixed
Interest
£
421,119
136,844
(36,680)
24,547
545,830
24,408
(24,408)
-
545,830
396,711||Totals
£
2,557,617
404,924
(497,070)
24,547
2,490,018
290,954
(119,859)
171,095
2,318,923
2,266,663|Totals
£
2,557,617
404,924
(497,070)
24,547
2,490,018
290,954
(119,859)
171,095
2,318,923
2,266,663|
|---|---|---|---|---|---|---|---|
|||||||||
|||||||||
|||||||||
|||||||||
|||||||||
|||||||||
|||||2023|||2022|
|||||**£**|||**£**|
|UK Fixed Interest||||254,730|||157,540|
|Overseas Fixed Interest||||291,100|||239,171|
|UK Equities||||452,309|||483,547|
|European Equities||||157,858|||152,542|
|North American Equities||||368,541|||350,763|
|Japanese Equities||||59,221|||55,750|
|Far East and Australasian Equities||||92,319|||107.256|
|International Equities||||189,244|||189,924|
|Emerging Economies||||70,344|||87,823|
|Property||||98,466|||99,302|
|Alternative Assets||||284,791|||343,045|
||||2,318,923|||2,266,663||
The cost value of investments at 31st December 2023:-
Listed: £1,435,777 (2022: £1,614,816).
Fixed interest: £584,037 (2022: £468,436).
continued...
Page 13
**Thandizo**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2023**
## **10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|**10.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||
|---|---|---|
|Other debtors
**11.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Accrued expenses|2023
£
-
2023
£
4,135|2022
£
4,018|
|||2022
£
3,901|
## **12. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 December 2023.
## **13. UNREALISED GAINS AND LOSSES**
Total funds include unrealised gains on investments at 31st December 2023: £299,109, (2022: £183,411).
Page 14
**Thandizo**
## **Detailed Statement of Financial Activities for the Year Ended 31 December 2023**
|**INCOME AND ENDOWMENTS**
**Investment income**
Other fixed asset invest - FII
Fixed interest income
Other interest
**Total incoming resources**
**EXPENDITURE**
**Investment management costs**
Portfolio management
**Charitable activities**
Overseas project management (Malawi)
Grants to institutions
**Support costs**
**Finance**
Bank charges
**Governance costs**
Accountancy and legal fees
Total resources expended
**Net expenditure before gains and losses**
**Realised recognised gains and losses**
Realised gains/(losses) on fixed asset investments
Unrealised gains/(losses) on fixed asset
investments
**Net income/(expenditure)**|2023
£
39,516
7,415
10,218
57,149
57,149
12,455
2,100
100,150
102,250
270
3,150
118,125
(60,976)
(50,026)
144,405
33,403|2022
£
38,332
4,616
7,041
49,989
49,989
12,873
2,305
61,550
63,855
59
2,850
79,637
(29,648)
(30,908)
(285,566)
(346,122)|
|---|---|---|
This page does not form part of the statutory financial statements
Page 15