REGISTERED CHARITY NUMBER: 1150152 ort of the Trustees and Unaudited Financial Statetnents for the Year Ended 31 December 2024 Thandizo PKN Accountants Ltd Chartered Accountants 63 Bawty Road Bramley Roiherham South Yorkshire S66 2TN
Thandizo Contents of the Finaneial tatements for the Year Ended 31 December 2024 Page Report of the Trustee5 I to 5 Independent Examiner's Report Statement of Financial Aetivities Balance Sheet Notes to the Financial Statements 9 to 13 Detailed Statement of Financial Activities 14
Thandizo ort of the Trustees for the Year Ended 31 December 2024 The trustees present their report with the fuwicial statements of the charity for the year ended 31 December 2024. The InteeS have adopted the provtsions of Accounting and Reporting by Charities: Statement of Recornrnended Practice applicable to charities preparing tb¢ir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l 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:_ l. The promotion of sustainabl¢ development in Malaw4 Zambia, Zimbabw4 Botswalla and Tanzania for the benefit of the public by-" a) the preservation. conservation and Prot110 of the environment by prudent use of economic resources. b) the relief of poverty and the improvemeut of the conditions of Iife in socially and e¢oDomically disadvantaged corntnunities. c) the promotion of sustainable means of achieving economic wwth and regen¢ration. 2. The relief (in any part of the world) of financial need and suffering among victims of tLatural or other kinds of disaster in the fonn of money (or other tneans deemed suitable) for persons, bodies, organisations and lor countrtes affected. 3. The prevention or relief of povety 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 Significant activities The charity made significant donations in the year ended 315t December 2024: (Donations above £10,000 in aggregate). Pashello Charitable Trust (Registered in Malawi) £28.840. (2023= £77.150}. Thandtzo Project$ 2024 During 2024 Thandizo continued to pursue its policy of funding emergency relief and small-scale building projects in the Lower Shire Valley in Malawi. In March. flash floods inundated parts of the Valley. The damage was local but severe. Thandizo fimdel through its partner Pash¢llo, the supply of food alld essentials to the camps offering refuge. In July Thandizo received a large quantity of higb-quality surgical instruments free of charge. The condition was that the instruments sbould not enter the UK or USA markets. Thandizo undertook to supply the instrnments (UK retail value £200,000.00) to the Six major hospitals in Malawi. This required a deg¢ of relabelling and repa¢kaging. The instruments arrived and were distributed to the six hospitals in September 2024. In pursuance of Thandizo's poli¢y of dirert funding to projects in the Lower Shire Valley, tSteeS John Lapis Simon Lapish, and Jenny Lapish visited the region for one week in October. Accompanied by Thandizo's Malawi representative, Saliph Sikelo, they made a tr)ur of the dlstricts of Chikwawa and Nsanje following up existing projects alld identifying potential new projects. A Thandizo credit card was requested from HSBC to pay for essential expenses on the trip. HSBC failed provide a card within the protnised desigated time and offered £20 compensation. To cover essential expenses cross payments were required from ttustees. JoE)n and Alison. Throughout 2024 work continued on the new Toilet blo¢k for the Pash¢llo Charitsble Trust. It was finally cornpleted at the ¢nd of the year. Small amounts of funding were provided to Roundabou¢ a ShetTield charity for homeless young people. and Sheffield Tools for Africa who collec¢ reftbISh and supply tools to Africa in¢luding Malawi. Page I
Tbandizo ort of the Trustees for the Year Ended 31 December 2024 OBJECTIVES AND ACTIVITIES Public benefit The primary benefits to the wider public from the charitys aetivities are: a) The provision of grant ndIng 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 ndS to establish organisations so that funds can be targeted at projects which will give the most benefit to the local conununity. Su8tainable development is for the public benefit because it focuses on helping Communities meet their needs at the present titne, without compromising the environment for tUre generntions. b) The provision of funds to disaster relief appeals- this will benefit the public beCae the trustees will be able to donate funds very quickly. It is self-evidenl that this is beneficial to the public Éo 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 passitig to organisations who provide foo¢ water, equiprnenL housing and other basic necessities for peopl¢ who are in need of these things. Grantmaking Grant were made during the year to Registered chities, they were:_ Roundabout (Registered Charity Number: 1061313) £8.000.(2023: £8.000). The provision of youth hostel support in the Sheffield are& Seed Madagascar (Registered Charity Number: 1079121) £NiL (2023: £5,000). Crisis support to Africa. Iris Global UK Registered Charity Number. 1035087) £NiL (2023:£10.000). Distributing fool water and shelter and rescue missions across the world. Pashello Charitable Trust (Registered in Malawi) £28,840, (2023: £77,150). Alleviating poverty and suffering for orphans in Africa, crisis relief and sunscreen protectio Tools with a Mission (Registered Charity Number: 347292286) £366, (2023: £Nil). Providing tools for Africa ACHIEVEMENTS AND PERFORMANCE Charitable activities Consisted of donations as discussed earlier to other regtstered charities and non profit making organisations. Fundraising activities Income is generated througb gift aid donations and investment perfornwice. The chlty is not actively pursuing gift aid donations from non tStee5. Page 2
Thandizo ort of the Trustees for the Year Ended 31 December 2024 ACHIEVEMENTS AND PERFORMANCE Investment performance The charity has invested its funds in a discretionxry medium risk portfolio of investments through its independent fttmncial advisors, (Investec Wealth and Investhient Limited). The medium risk strategy 15 consistent with the TnteeS aims of generdting a yearly rettn from the capital to provide incOll for charitable causes. The income yield for the year ended 3 1st December 2024: 1.90/. (2023: 2.35 /) The market value of managed investtnents increased in the year ended 31st December 2024 £183,667, compared to an increase ITh the year ended 3 Ist December 2023: £144,405. Rvdlised losses on the disposal of investments in the year ended 3 1st December 2024: £5,866. compared to a realised loss in the year ended 3 1st December 2023: £50.026. Internal and external factors The charity will continue to grant monies to organisations b&sed upon its invesiments producing a more tban iDfiationary re The charity is therefore subject lo global and financial economic risks. however these are mitigated by the investrnent advisors taking a n]edium risk balanced approach across the global markets. Internal factors that Could have a detrirnental affect on the chatlty are considered minimal. FINANCIAL REVIEW Financial position The fllwicial position of the chatity is very stable. Total funds at 31st Decembei 2024 £2,551,713, (2023: £2.371.089). Principal funding sourees The principal fvnds 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 risL balanced portfolio approach. The objective being to achieve a moTe than infiationary return on investment. Reserves poltcy The clwity 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 donatio are envisaged for the foreseeable future. STRucfuRE. GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing do¢um¢nL a deed of trust and constitutes an unincorporated charity. Recruitment and appointment of new trustees The Declaration of TTht requires a minirnum of four Trustees. Organis*tional structure The organisation is strucbjred in accordance with the Declaration of TnLSt. Trustees are a minimum of four and one person must act as chairperson, tbis is presently Mr J P Lapish. The investments held by the charity are managed by an external financial services Organisatio presently Investec Wealth & Investment Limited. Induction Jnd training of neTv trustees All Trustees are instructed by the Chaiman to become familiar with the Declaration of Trust and their responsibilitie8 towards the organtsation. Page 3
Thandizo ort of the Trustees for the Year Ended 31 December 2024 REFERENCE AND ADMINISTRATIVE DETAtLS Registered Charity number 1150152 Principal addres$ Watren 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 Jolm S Parknn FCA , FCCA PKN Accountants Ltd Chartered Ac¢ountants 63 Bawty Road Bramley Rotherham South Yorkshire S66 2TN Solicitors Wake Smith LLP 68 Clarkhouse Road Sheffield SIO 2LJ COMMENCEMENT OF ACTIVITIES The cllarity was created by a Declaration of Trust on 17th October 2012. Clwitable activities con)men¢ed during the period to 3 1st December 2013. sTATE1r OF TRUSTEES, RESPONSIBILITIES The trustees responsible for preparing the Report of the Trustees and the fmancial ststem¢nts in ac¢ordan¢e with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicabl¢ to ¢hariti¢s in England and Wale4 the Charities Act 2011. Charity (Accounts and Reports) Regulations 2008 and the provisions of th¢ trust deed requires the trustees to prepare financial stafrments for each fmancial year which give a true and fair view of the state of affairs of the tharity and of the incoming res0[CeS and appltcation of resources, including the income and expenditur4 of the charity for that period. In prepating th05¢ fmancial statements. tbe ttustees are required to select suitable accounting policies and then apply them consistently: observe the m¢thods and principles in the Charity SORP" make judgements and estimates that are reasonable and pruden¢ prepare the financial statements on the going concern basis u¢S$ it is inappropriate to presume that the cbarity will continue in business. The tnteeS are responsibl¢ for keeping proper accounting records which disclose with reasonabl¢ accuracy at any time th¢ fanCIal position of the c]wity and to enable then] to ensure that the fitwicial 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 4
Thandizo rt of the Trustees for the Year Endcd 31 December 2024 STATEII IENT OF TRUSTEES, RESPONSIBILITIES- continued The trustees are responsible for Il)e maiiitenanee and inieirriry of rlie charilS' ai)d financial infonnalioii included on Ilie Lhttrily's website. Letrislation in the United Kingdom goi'erning Ihe prepardtion and dissLminaiion ot tinanLial slatemenis mav differ froin legislaiion in other jurisdiclioiis. Appr order of the board oftrusiees on 21 Oclobcr 20?) and silrned on ILS behalf by.. J P Lapi5h- Istee Page 5
Inde endent Exxminer'5 Re ort to the Trust¢es of Thandizo Independent examiner's report to the trustees of Thandizo report to the charity tAtte$ on my examination of the accounts of Thandizo (the Trust) for the year ended 31 December 2024. Responsibilities and basis of report As the charity trustees of the Trust you responsible for the preparation of the accounts in accordance with the requireinenls of the Charities Act 2011 ('the Act,). I report in respect of my examination ofthe Ttust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed aIl applicable Directions given by the Charity Commission under Section 145{5)(b) of the Acl. Independent examiner's statement I have completed my examination. I confm thai no material matters have come lo my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the Trust as required by Section 130 of the Act- or tlie accounts do not accord willi those records. or the accounts do not comply with the applicable requiremenls conceming the foTm and content of accounts set out in the Charities (Accounls 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 ind¢pendent examinatiOTJ. I have no concerns and have come across no other matters 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 Yorkshtre S66 2TN 21 October 2025 Page 6
Thandizo Statement of FinAnelal Activities for the Year Ended 31 December 2024 2024 Unrestricted fLd 2023 Total fimds Notes INCOME AND ENDOWfvtENTS FROM Donations and legacies 12,500 Investment income 56.457 57,149 Total 68,957 57,149 EXPEM)ITURE ON Raising Ojnds 13,413 12.455 Charltable activities Accommodation for young people in the UK Distributing food. water and shelter in addition to mounling rescue missions by boat in flo(Kl affected regions. Orphanage/ clinic and flood relief in Malawi Famine relief in Africa Tools for Africa Medical instruments for MaIawi in Africa 8,000 8,000 10.000 79,250 5.000 37,940 529 2,585 Other 3,667 3.420 Total 66,134 118,125 Net gains on inveslments 177,801 94,379 NET llNCOME 180.624 33,403 RECONCILIATION OF FUNDS Total thnds brought forward 2,371,089 2,337,686 TOTAL FUNDS CARRIED FORWARD 1551,713 2,371.089 The notes fonn part of these financial statements Page 7
Thandizo BAIAnee Sheet 31 December 2024 2024 Unrestricted rund 20?3 Tot¢il Notes FIXED ASSETS Investments 10 ?,502,$38 2.318,9?" CURRENT ASSETS Debiors Cash at bank 2,731 51.012 56.301 53.743 56,301 CREDITORS An)ounls falling due iviihin one year 14.568) (4.lJ51 NET CURRELYT ASSETS 49.175 52,166 TOTAL ASSETS LESS CURRENT LIABII.ITIES 2.i51,71i 2,J71.089 NET ASSETS 2,551.713 2,371,089 FUNDS Unrestricted ftmds 2,551.71 J ? 371,089 TOTAL FUN'DS 2,5il.713 2.371,089 The fiiidnc I siatemeiits ivere approved by the Board of Trustees and aiiihoriscd for issue on ? l October 202) and were signelo Ili behalf by.. J P LapTSh - slee A K M Lapish _ Trustce The notes form part of Iliese finaiicial stalemenls Pagc 8
Thandizo Notes to the Financial Statement5 ror the Year Ended 31 December 2024 ACCOtrNTITrIG POLICIES Basis of preparing the financial statements The financial slalements of the charity. which is a publi¢ benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reportitig by Charities". Ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective l January 2019),, Financial Rcporting Standard 102 The Financial Reporting Stand2rd applicable in the UK and Republic of lttland, and ihe Charities Act 2011. The financial statements have been prepared under the historical cost conventioffj with the exception of investments which are tncLuded at market value, as modified by the revaluation of certain assets. Income All income is recognis¢d in the Statement of Financial Activities once the clwity b&8 entitlement to tbe fimds, it is probable that the income will be r¢c¢ived and the amount can be measured reliably. Expenditure Liabilities are recognised &8 expenditure as soon &s there is a legal or constrnclive obIigation committing the charity lo that expendiÉure. 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 h&ve been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditioDS whith have not been met at the year end date are noted as a conunilment 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 resource5 are contained in the general fid. Taxation The chartty is exempt from t&x on its chlble activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objective5 at the discretion of the tnjstees. Restricted Thd$ 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 llatll and Purpose of each fimd is included in the notes to the financial statements. Rea]i5ed gains and losses All gains and losses are taken to the Statement of Financial Activities as they arise. Realtsed gains and losses on inveslrnents are calculated as the differen¢¢ between sales proceeds and their opening ¢aTrying vatue or their purchase value if acquired sub5¢quent to the first day of the fi[ncIal y¢ar. uCallSCd gains and losses are calculated as the difference between fair vaIue at the year end a[ their carrying value. Reaiised and unrealised investment gains and losses are combined in the Statement of Financial Activities. Fixed asset investments tnvestments aTr a form of basic fmancial instrument and are initially recognised at their transaction value and subsequentIy at their fair value as at the balance sheet date using the closing quoted n]arket price. The statement of flnancial activities include5 the net gains and losses arising on revaluation and disposals throughout tbe year. Page 9 continued...
Thandizo Notes to the Financial Ststem¢nts- eontinued for the Year Ended 31 December 2024 DONATIONS AND LEGACIES 2024 2023 Gift aid 12,500 tNirESTMENf INCOME 2024 2023 Other fed asset invest- Fll Fixed interest income Other interest 36,951 6,915 12,591 39.516 7.415 10,218 56,457 57,149 RAISING FUIYDS Investment management eosts 2024 2023 Portfolio management 13,413 12.455 CHAIUTABLE ACTIVITIES COSTS Grant fimding of activities (see note Support costs (see note 7) Direct Costs 6) Totals Accommodation for young people in the 8.000 8,000 0hanage1 clinic and flood relief in Malawi Tools for Africa Medical instnunents for Malawi in Africa 4,933 163 28.840 366 4.167 37,940 529 2.585 2.585 7,681 37206 4,167 49,054 GRAP4TS PAYABLE 2024 2023 Accommodation for young people in the UK DistTibu¢ing fool water and shelter in addition to mounting rescue missions by boat in flood affected regions. Otphanage/ Clinic and flood relief in Malawi Famine relief in Africa Tools for Africa 8,000 8,000 10,000 77.150 28,840 366 37,206 100,150 Page 10 continued...
Thandizo Notes to the Fin2ncial Ststements- continued ror the Year Ended 31 December 2024 GRANTS PAYABLE- contlnued The total grants paid to instibjtions during the year was as follows: 2024 2023 Roundabout (Registered Charity No: 1061313) Seed Madagascar (Registered Charity No: 1079121) tris Global UK (Registered chartty No: 1035087) Pashello Charitable Trust (Regislered in MaEawi) Tools with a Mission (Registered Charity No: 347292286) 8,000 8.000 5,000 10,000 77,150 28,840 366 37,206 100,150 All grants in the year were to registered Charities or not for profit organisations being made on an unrestricted b&sis. As discussed in the Trustees Report grants made to Pashello for the various purposes such as the building of a toilet block and the equipmetLt for it have been externally monitored by a trnsted consultant on behalf of the ¢hatity. SUPPORT COSTS Governance osts Management Finance Totals Other resources expended Orphanage/ cIinic and flood relief in Malawi 247 3.420 3,667 4,167 4.167 4.167 247 3.420 7,834 Support costs, included in the abov4 are as follows: 2024 2023 Otphanage/ clinic and flood relief in Malawi Other resources expended Totsl activities Total activities TTUSt¢es' r¢muneration et Bank charges AoUnta¢Y and legal f¢ 4,167 4.167 247 3.420 247 3,420 270 3,150 3,667 4.167 7.834 3,420 TRUSTEES, REMUNERATION AND BENEFrrs There were no ttustees, remuneration or other benefits for th¢ year ended 31 Decenther 2024 nor for the year ended 31 December 2023. Trustees, expenses 2024 2023 Trustees, expense5 4,167 Expenses incurred were for travel to Africa and associated accommodation. Page 11 continued...
Thandizo Notes to the Financial talement$- Continued lor the Year Ended 31 December 2024 STAFF COSTS No staff were employed in the year ended 3 1st De¢ember 2024, {2023: £ Nil). io. FIXED ASSET INVESTMEiYrs Listed investments Fixed Interest Totals At l January 2024 Additions Disposals Revaluations 1.944.188 305,195 (382,646) 67,990 545.830 204,066 (126.668) 2.490,018 509,261 (509,314) 67,990 At 31 December 2024 1,934,727 623,228 2,557.955 PROVISIONS At l January 2024 Provision for year Revaluation adjustments 171,095 171,095 55.417 (171,095) 55,417 (171.095) At 31 December 2024 55.417 55,417 NET BOOK VALUE At 31 December 2024 1,934,727 567,811 2,502,538 At 31 December 2023 1,773,093 545,830 2,318,923 The assets held above and market value at 3 1st December 2024 are: 2024 2023 UK Fixed Interest Ov¢rse&s Fixed Interest UK Equities European Equities North American Equities Japanese Equities East and Australasian Equities International Equities Emerging Economies Property International propety Alt¢mativ¢ Asscts 423,934 143.877 309,280 170.264 741,194 77,112 101.445 144,777 74,924 22.504 34.266 258 961 254.730 291.100 452,309 157.858 368,541 59.221 92J19 189.244 70,344 98.466 33,960 250 831 The Cost value of investments at 3 1st December 2024: Listed: £1.438.102, (2023: £1,435,777). Fixed interest: £601,032, (2023: £584,037). Page 12 ontinued...
Thandizo Notes to the Finanefial tatements- Continued for the Year Ended 31 December 2024 ii. DEBTORS: AMOUNTS FALLING DUE WITHIN of+lE YEAR 2024 2023 Other debto 231 2,500 2,731 12. CREDITORS: AMOUNTS FALLING DUE WITHIN OIYE YEAR 2024 2023 Accrued expenses 4,568 4.135 13. RELATED PARTY DISCLOSURES The weTr no related paty transactions for the year ended 31 December 2024. 14. UNBEALISED GAINS AIYD LOSSES Total funds include unrealised gains on investments at 3 1st Decernber 2024: £463,404, (2023: £299,109). Page 13
Thandizo Detalled Statement of FfinAncfial AcdeS for the Year Ended 31 December 2024 2024 2023 tNcofNIE AND ENDowfvfENTS Donations 2nd legacies Gift aid 12.500 Investment income Other fixed wet invest- FII Fixed interest income Other interest 36,951 6,915 12,591 39,516 7.415 10,218 56,457 57,149 Total incoming rOurceS 68,957 57,149 EXPENDITURE Investment management ¢05ts Portfolio management 13.413 12.455 Charitable activities Overseas project rnanagement (Malawi) Packaging and freight Grdnts to institutiODS 4,880 2.801 37,206 2,100 100,150 44.887 102.250 Support costs Management Trustees, expenses 4,167 Finance Bank charges 247 270 Governance costs Accountancy and legal fees 3,420 3,150 Total resources expended 66,134 118,125 Net in¢omel(expenditure) before gains and losses 2,823 {60,976) Realised recognised gains and losses Realised gair)sl(10sses) on fixed asset investh]ents Unrealised gainsl{losses) on fixed &8set investments (5,866) (50,026) 183,667 144,405 Net ineome 180,624 33,403 This page does not forn part of the statutory fllwi¢ial stat¢ments Page 14