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2020-09-30-accounts

Bhubesi Pride Foundation (A Charitable Company Limited by Guarantee)

Unaudited Annual Report and Financial Statements

For the Year Ended 30 September 2020

Company Number: 08361153 Charity Registered in England and Wales Number: 1153069

Bhubesi Pride Foundation Contents For the Year Ended 30 September 2020

Page
Contents 1
Reference and Administrative Details 2
Trustees’ Annual Report 3 - 8
Independent Examiner’s Report 9
Statement of Financial Activities 10
Balance Sheet 11
Notes to the Financial Statements 12 - 22

Prepared By Albert Goodman LLP

1

Bhubesi Pride Foundation Reference and Administrative Details For the Year Ended 30 September 2020

Trustees and Directors E Bryan G Constable W C A Herbig E Kruger N A H Robson Company Secretary E Hodges Chief Executive R Bennett (to 31/12/2019) G Nokes (from 01/01/2020) Founder/Managing Director R Bennett (from 01/01/2020) Registered Office The Old Smithy Blackborough Cullompton Devon EX15 2JD Independent Examiner Michelle Ferris FCA Albert Goodman LLP Goodwood House Blackbrook Park Avenue Taunton Somerset TA1 2PX

Prepared By Albert Goodman LLP

2

Bhubesi Pride Foundation Trustees’ Report For the Year Ended 30 September 2020

The trustees, who are also directors for the purposes of the Companies Act, present their report and unaudited financial statements of the charity for the year ended 30 September 2020.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 of the financial statements and comply with the charity’s memorandum and articles of association, the Statement of Recommended Practice (SORP FRS 102- implemented 1 January 2019), and are in accordance with the special provision relating to small companies within Part 15 of the Companies Act 2006.

Public benefit

The trustees report that the charitable activities described in “Objectives and activities”, “Achievements and performance” and “Plans for the future” are for the public benefit. The trustees also confirm that they have complied with section 17(5) of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.

Structure, governance and management

Bhubesi Pride Foundation is an independent charity (registered number 1153069) and a company limited by guarantee (registered number 08361153).

The governing document is the memorandum and articles of association dated 15 January 2013, amended 16 July 2013. All business of the charity is conducted in accordance with its memorandum and articles of association together with the rules incorporated within this document.

The following trustees, who are also directors for the purposes of company law, served during the period:

E Bryan (appointed 16 February 2020) G Constable W C A Herbig (appointed 15 May 2020) E Kruger (appointed 14 January 2021) N A H Robson (appointed 23 November 2020) A Higgs (resigned 24 October 2019) R Lock (resigned 16 February 2020)

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £10 in the event of liquidation of the company.

Objectives and activities

The objects of the charity are to advance the physical education of children and young people in Africa by the provision of coaching and equipment for playing sport and to provide supplementary education with a view to:

Prepared By Albert Goodman LLP

3

Bhubesi Pride Foundation Trustees’ Report For the Year Ended 30 September 2020

As well as delivering legacy projects, including the construction of a sports and education community centre in rural Malawi, the charity currently operates several year-round programs, encompassing rugby and netball as the key sport-for-development programs, as well as an overland expedition each year. We select high-calibre volunteers from all over the world to undertake a seven month expedition, visiting schools and communities in eight African countries using sport as a vehicle for change and development.

Every aspect of the project is planned to maximise our objects.

Achievements and performance

2020 was a challenging year for Bhubesi Pride Foundation. The global Covid-19 pandemic resulted in African borders closing, restrictions being imposed on gathering and, ultimately, the curtailment of our annual expedition in March 2020.

A proud achievement in the 2019/20 year has been the continued, impressive development of our Sports and Education Community centre in Lilongwe, Malawi, which is being undertaken by our sister organisation, BPF Malawi Limited. BPF Malawi Limited is a separate charity with a different board of trustees (all Malawi citizens plus R Bennett). We set the charity up in order to facilitate buying land and building out the community centre. BPF in the UK is not responsible for fundraising or building the centre, but it is in our interests to provide support to the Malawi NGO. We also do raise a lot of funds for this purpose and grant those down to Malawi although there are funds raised direct into the Malawi NGO too. The future intentions are to recruit volunteers to go down to stay at this centre to support local communities and coach sport there. This would be done through the UK charity using our experience and track record with the existing expedition to attract volunteers.

Depsite the backdrop of a global pandemic the charity was able to raise all outstanding funding needed to complete the build project. During the year, our team of locally employed builders and laborers were able to complete the construction of the accommodation block, the managers house and construction of the Clubhouse, incorporating two classrooms, remains on track to conclude in early 2021. Furthermore, the rugby pitch has been levelled, weeded and grassed – all by hand – and the team has completed one of the two netball courts on site. Our local build project consultant remains committed to the work and has built a loyal team of local labourers.

We were also able to conduct our overland expedition programs in Kenya, Uganda and Tanzania prior to the expedition being curtailed. We engage around 20 volunteers representing eight nationalities, male and female, aged 18 to 53. Each participated for a period of 2 weeks up to 3 months. We were incredibly proud to provide opportunities for two coaches from our Malawi and Tanzania programs to attend our expedition in Kenya and Uganda – the first time both had ever left their homeland.

Our volunteer expedition was led by project manager, Tim Brear, a volunteer on our 2016 expedition. This set-up enabled positive continuity of leadership. BPF’s Operations Director, Rory McGee, continues to ensure a safe and well-managed project, ensuring communities and volunteers maximise shared activity.

BPF’s project vehicles remain largely fit for purpose this year, on this its six outing, but space and added mileage continue to force us to look at other options. As BPF’s programming expands in countries like Malawi and Tanzania, fundraising for a fleet of vehicles (rather than for only BPF’s expedition) is ongoing.

Prepared By Albert Goodman LLP

4

Bhubesi Pride Foundation Trustees’ Report For the Year Ended 30 September 2020

G4S Africa continues to provide support, including logistical preparation, liaison with schools and community stakeholders, provision of refreshments during coaching days and employee participation and tournament day provisions (food, drink, music, trophies, first-aid, t-shirts). The business continues to explore legacy-delivered projects, in line with project work, but more of a focus is being placed on ‘sportfor-good’ activations, to ensure better overlap with BPF’s and G4S’ community activities.

The key statistics from 2020’s project are:

2020 2019 2018 2017
Number of schools visited 12 71 67 71
Children participating in programmes 657 3,602 4,351 4,661
Ratio of boys to girls 51:49 60:40 59:41 64:36
% pupils participating in 3 or more sessions 100% 85% 82% 85%
Coaches empowered 33 127 143 186

Wordsworth Rashid, BPF Malawi’s development officer, employed full-time through the set-up of BPF’s Malawi NGO, continues to develop a well-run locally delivered sports and education community program, enabling over 700 pupils and 45 local Malawian volunteers from 6 primary schools and 5 secondary schools to enjoy fun sporting activities and receive a snack/refreshment.

Donated services and support from sponsors

Our projects would not have been a success without the continued support from a number of philanthropic and corporate supporters. We remain incredibly grateful for this ongoing support during these challenging times. Through these partnerships we have been able to ensure the continued financial and operational future of BPF.

Covid-19

The global pandemic has had a significant, negative impact on the Charity in the second half of the financial year which is expected to continue into 2021.

In March we were forced to curtail our 2019/20 expedition whilst in Tanzania. This resulted in a significant operational challenge but we were able to successfully repatriate all overseas volunteers to their home countries and the expedition was officially suspended on March 23, 2021.

We were however, able to pivot certain local operations in both Malawi and Tanzania through our Development Officers employed by our network of BPF NGOs in Africa. In these countries where BPF has established local NGOs we were able to repurpose funding towards humanitarian support through the distribution of Covid-19 educational materials, hand washing equipments, soap and some limited nutritional supplies.

Sadly, a number of interested groups which had provisionally booked to come and stay at our Mtema Sports and Education community centre in Malawi during 2021 were forced to cancel due to Covid-19 and the restrictions being imposed on international travel.

Prepared By Albert Goodman LLP

5

Bhubesi Pride Foundation Trustees’ Report For the Year Ended 30 September 2020

Like many charities, Covid-19 has negatively impacted our ability to deliver our planned objectives however, through fiscal prudence, including the utilization of the UK Government’s Coronavirus Job Retention Scheme, we are confident that BPF will emerge from the crisis with our operations intact. Raising funds and receiving corporate sponsorship has proved incredibly challenging during the crisis with many organisations or grant bodies either temporarily suspending their CSR programs or refusing new applications. BPF however, remains confident that we have tangible programs which corporate and philanthropic donors will consider attractive investment opportunities once the uncertainty around the global economy becomes clearer and, indeed, we remain optimistic that the crisis will focus CSR programs to assist those who are in most need.

Financial review

The total income of the charity for the year was £281,144. The charity’s principal funding sources are corporate donations and sponsorships as well as fees from the volunteers who take part in the expedition.

The charity’s total expenditure was £284,900; all expenditure is in line with the key objectives of the charity.

This leaves £3,756 to be taken from reserves, leaving reserves at the end of the year of £87,136, of which £51,497 is restricted.

Reserves policy

The charity intends to hold reserves to cover 50% of total project costs, which we estimate to be around £30,000. The trustees believe that this would be sufficient to either safely complete a project and protect the wellbeing of our volunteers or repatriate all volunteers in the event that a major revenue stream was lost and we were unable to complete a project.

With free reserves of £29,464 the charity is broadly in line with this policy.

Prepared By Albert Goodman LLP

6

Bhubesi Pride Foundation Trustees’ Report For the Year Ended 30 September 2020

Plans for the future

Bhubesi Pride Foundation is looking to make progress in a number of key areas over the next five years. These are:

Prepared By Albert Goodman LLP

7

Bhubesi Pride Foundation Trustees’ Report For the Year Ended 30 September 2020

Statement of Trustees’ Responsibilities

The trustees (who are also directors of Bhubesi Pride Foundation for the purposes of company law) are responsible for preparing the Trustees' Report (incorporating the directors’ report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Company law 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 charitable company and of the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Signed by order of the trustees on 2 April 2021

E Bryan Director

Prepared By Albert Goodman LLP

8

Bhubesi Pride Foundation Independent Examiners’ Report to the Trustees For the Year Ended 30 September 2020

Independent examiners report to the Trustees of Bhubesi Pride Foundation

I report to the charity trustees on my examination of the accounts of Bhubesi Pride Foundation (“the Company”) for the year ended 30 September 2020.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (“the 2011 Act”). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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 Company as required by section 386 of the 2006 Act; or

  2. the accounts do not comply with these records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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.

Albert Goodman LLP Chartered Accountants Michelle Ferris FCA Goodwood House Blackbrook Park Avenue Date: 22 April 2021 Taunton Somerset TA1 2PX

Prepared By Albert Goodman LLP

Bhubesi Pride Foundation Statement of Financial Activities (including Income and Expenditure account) For the Year Ended 30 September 2020

----- Start of picture text -----
Unres- Res- Total Unres- Res- Total
Notes tricted tricted Funds tricted tricted Funds
2020 2019
£ £ £ £ £ £
Income from:
Grants and donations 4 50,435 20,267 70,702 48,503 18,361 66,864
Charitable activities 5 61,202 149,240 210,442 94,327 139,180 233,507
Total income 111,637 169,507 281,144 142,830 157,541 300,371
Expenditure on:
Charitable activities 6 101,568 183,332 284,900 148,876 121,813 270,689
Total expenditure 101,568 183,332 284,900 148,876 121,813 270,689
Net income / (expenditure)
& net movement in
funds for the year 10,069 (13,825) (3,756) (6,046) 35,728 29,682
Reconciliation of funds:
Total funds brought forward 25,570 65,322 90,892 31,616 29,594 61,210
Total funds carried forward 13 35,639 51,497 87,136 25,570 65,322 90,892
----- End of picture text -----

The results for the year derive from continuing activities and there are no gains or losses other than those shown above.

The statement of financial activities incorporates the income and expenditure account.

Prepared By Albert Goodman LLP

10

Bhubesi Pride Foundation – Company Registration Number: 08361153 Balance sheet As at 30 September 2020

----- Start of picture text -----
Notes
2020 2019
£ £
Fixed assets
Tangible fixed assets 7 6,174 6,535
Investments 8 1 1
6,175 6,536
Current assets
Debtors 9 10,103 23,368
Cash at bank and in hand 87,731 72,284
Stock 10 12,217 12,385
110,051 108,037
Creditors
Amounts falling due within one year 11 (29,090) (23,681)
Net current assets 80,961 84,356
Net assets 87,136 90,892
Funds
Unrestricted fund 12 35,639 25,570
Restricted funds 12 51,497 65,322
87,136 90,892
----- End of picture text -----

These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

For the period in question, the charitable company was entitled to exemption from an audit under section 477 of the Companies Act 2006.

The members have not required the charitable company to obtain an audit of its accounts for the period in question in accordance with section 476 the Act.

The trustees/directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

Approved and authorised by the Board on 24 March 2021 and signed on its behalf by:

E Bryan Director

W C A Herbig Director

Prepared By Albert Goodman LLP

11

Bhubesi Pride Foundation Notes to the Financial Statements For the Year Ended 30 September 2020

1 Accounting policies

1.1

General information and basis of accounting

Bhubesi Pride Foundation is a company limited by guarantee incorporated in the United Kingdom under the Companies Act. Each member of the charity undertakes to contribute a maximum of £10 to the charity’s assets if it should be wound up while they are a member or within one year after they cease to be a member. The address of the registered office is given on page 2. The nature of the charity’s operations and its principal activities are set out in the Trustees Report on pages 3-8.

The financial statements have been prepared under the historical cost convention and in accordance with the 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)(Charities SORP (FRS 102)).

The charity meets the definition of public benefit under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2

Income

All income is shown gross and included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy.

Grants and donations in the form of corporate and individual donations are recognised when there is evidence of entitlement, and when the receipt is certain and measurable.

Government grants are recognised under the accruals model resulting in income being recognised on a systematic basis over the period in which the related costs are incurred for which the grant is compensating. The income from the scheme is recognised as donations and grant income in the statement of financial activity and timing differences presented as other debtors or deferred income within the balance sheet.

Fees from team members are recognised when they are receivable and spread over the period in which the tour takes place.

Income from gift aid is included when there is evidence of entitlement, and when the receipt is certain and measurable.

1.3

Expenditure

Expenditure is accounted for on the accruals basis. Liabilities are recognised in the accounting period to which they relate.

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice.

Support costs are shown under the costs in furtherance of the charitable activities.

Prepared By Albert Goodman LLP

12

Bhubesi Pride Foundation Notes to the Financial Statements For the Year Ended 30 September 2020

1.4 Fixed assets

Depreciation is calculated to write off the cost or valuation of fixed assets over their estimated useful lives at the following rate:-

Computer equipment – 33% – 50% straight line Vehicles – 33% straight line Other assets – 33% straight line

Fixed assets are valued at cost less depreciation. Items costing under £100 are not capitalised.

1.5 Debtors

Trade debtors and other debtors are recognised at the settlement amount due.

1.6 Cash at bank and in hand

Cash at bank and in hand comprise cash on hand that is readily convertible to a known amount of cash and are subject to insignificant risk of change in value.

1.7 Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount.

1.8 Taxation

The charity applies all income and gains for charitable purposes and is therefore not liable to corporation tax.

1.9 Fund accounting

General funds are unrestricted funds receivable or generated for the objects of the company without further specified purpose and are available as general funds.

Designated funds are unrestricted funds earmarked by the directors for particular purposes.

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets this criterion is charged to the fund, together with a fair allocation of management and support costs.

1.10 Donated goods and services

The charity receives assistance in the form of donated goods and services, however it is considered that the benefit to the charity is not quantifiable or measurable. These donated items are therefore not included in the financial statements, however further reference is made to them in the Trustees Report.

1.11 Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. There were no monetary assets or liabilities denominated in foreign currencies at the balance sheet date.

Prepared By Albert Goodman LLP

13

Bhubesi Pride Foundation Notes to the Financial Statements For the Year Ended 30 September 2020

1.12 Financial instruments

The charity only holds basic financial instruments as defined in FRS 102. The financial assets and liabilities of the charity and their measurements are as follows:

Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost and details in note 16. Prepayments are not financial instruments.

Cash at bank – is classified as a basic financial instrument and is measured at face value.

Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost and detailed in note 16. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

1.13 Covid-19

The trustees have considered the implication of the Covid-19 pandemic on the operations of the charity. Due to travel restrictions, the charity was forced to terminate the 2019/20 annual expedition in March 2020. Covid-19 has negatively impacted the charity’s ability to deliver its planned objectives and has therefore taken advantage of the UK government Coronavirus Job Retention Scheme. The trustees have reviewed the net asset position of the charity, and given reserves and cash available, are confident that the charity is a going concern. For more details, see the trustees report.

Prepared By Albert Goodman LLP

14

Bhubesi Pride Foundation Notes to the Financial Statements For the Year Ended 30 September 2020

2 Wages and salaries

2020 2019
£ £
Wages and salaries 89,689 70,392
Social security costs 4,068 3,483
Employer pension costs 2,509 2,093
_______ _______
96,266 75,968
Self-employment costs 7,440 9,800
_______ _______
103,706 85,768
‗‗‗‗‗‗‗ ‗‗‗‗‗‗‗
No individual employee was paid over £60,000 (2019 – none).
The average number of employees for the year was as follows:
2020 2019
Number of staff 4 3
‗‗‗‗‗‗‗ ‗‗‗‗‗‗‗

Defined contribution pension scheme

The charity operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the charity to the scheme and amounted to £2,509 (2019: £2,093).

Contributions totalling £530 (2019: £356) were payable to the scheme at the end of the year and are included in creditors.

Key management personnel

The key management personnel of the charity are considered to be the Chief Executive and the Managing Director. The total costs to the charity of employee benefits for the key management personnel were £59,349 (2019: £40,879).

3 Trustees’ remuneration

During the year, no travel expenses or subsistence was reimbursed to trustees (2019: £nil).

No trustees received wages for their services during the year (2019: £nil).

Prepared By Albert Goodman LLP

15

Bhubesi Pride Foundation Notes to the Financial Statements For the Year Ended 30 September 2020

4 Donations

----- Start of picture text -----
Unres- Res- Total Unres- Res- Total
tricted tricted 2020 tricted tricted 2019
£ £ £ £ £ £
Donations from team 18,922 - 18,922 40,398 - 40,398
members
Other donations 3,919 20,267 24,186 4,449 18,361 22,810
Gift Aid 2,664 - 2,664 3,656 - 3,656
- - - -
Government grants 24,930 24,930
50,435 20,267 70,702 48,503 18,361 66,864
----- End of picture text -----

The charity has been able to claim additional funding in the year from government support schemes in response to the coronavirus outbreak. The funding is shown above under ‘Government grants’ and have been received in relation to the Coronavirus Job Retention Scheme.

5 Income from charitable activities

----- Start of picture text -----
Unres- Res- Total Unres- Res- Total
tricted tricted 2020 tricted tricted 2019
£ £ £ £ £ £
Fees from team 18,923 - 18,923 40,399 - 40,399
members
Grants from corporate 42,279 149,240 191,519 53,928 139,180 193,108
sponsors
61,202 149,240 210,442 94,327 139,180 233,507
----- End of picture text -----

Prepared By Albert Goodman LLP

16

Bhubesi Pride Foundation Notes to the Financial Statements For the Year Ended 30 September 2020

6 Charitable activities expenditure

----- Start of picture text -----
Unres- Res- Total Unres- Res- Total
tricted tricted 2020 tricted tricted 2019
£ £ £ £ £ £
Charitable Activities
Wages and salaries 65,599 6,520 72,119 67,412 13,878 81,290
Travel 258 12,000 12,258 21,149 6,250 27,399
Subsistence 155 13,000 13,155 23,033 22,440 45,473
Malawi Community
Centre grants
(incl wages) 11,429 151,812 163,241 7,407 79,245 86,652
- -
Equipment 8,753 8,753 11,690 11,690
- -
Project administration 2,568 2,568 7,746 7,746
- -
Marketing 2,539 2,539 2,552 2,552
- -
Sundry expenses 5,237 5,237 2,319 2,319
- -
Depreciation 2,064 2,064 1,663 1,663
98,602 183,332 281,934 144,971 121,813 266,784
Governance expenditure
Accountancy 710 - 710 1,400 - 1,400
- -
Independent examination 1,000 1,000 1,000 1,000
Insurance 1,256 - 1,256 1,498 - 1,498
Cost of Trustee meetings - - - 7 - 7
- -
2,966 2,966 3,905 3,905
101,568 183,332 284,900 148,876 121,813 270,689
----- End of picture text -----

Prepared By Albert Goodman LLP

17

Bhubesi Pride Foundation Notes to the Financial Statements For the Year Ended 30 September 2020

7 Fixed assets

----- Start of picture text -----
Other Computer
vehicle equipment
Vehicle related & website Total
£ £ £ £
Cost
As at 01.10.2019 26,340 3,811 11,180 41,331
Additions - - 1,703 1,703
As at 30.09.2020 26,340 3,811 12,883 43,034
Depreciation
As at 01.10.2019 25,585 3,811 5,400 34,796
Charge for Year 476 - 1,588 2,064
As at 30.09.2020 26,061 3,811 6,988 36,860
Net book value
As at 30.09.2020 279 - 5,895 6,174
As at 01.10.2019 755 - 5,780 6,535
----- End of picture text -----

8 Investments

Shares in subsidiary undertaking

Bhubesi Pride Consulting Limited (Company No 07362292) became a wholly owned trading subsidiary of Bhubesi Pride Foundation during on 1 October 2017. The parent holds 100% of the issued 1 £1 share capital and 100% of the voting rights of the subsidiary trading company. The company is dormant.

Prepared By Albert Goodman LLP

18

Bhubesi Pride Foundation Notes to the Financial Statements For the Year Ended 30 September 2020

9
Debtors
Accrued income
Other debtors
10
Stock
Equipment
11
Creditors - amounts due in less than one year
Other creditors
Accruals and deferred income
Unpaid share capital
Deferred income
Deferred income at 1 October 2019
Released from previous years
Resources deferred in the year
Deferred income at 30 September 2020		 2020
£
2,500
7,603
10,103
2020
£
12,217		 2019
£
19,500
3,868
23,368
2019
£
12,385
2020
£
726
28,363
1
29,090
2020
£
18,718
(18,718)
25,524
25,524		 2019
£
2,892
20,788
1
23,681
2019
£
27,290
(27,290)
18,718
18,718

At the balance sheet date the charity was holding funds received in advance for volunteer’s fees for the 2021 expeditions.

Prepared By Albert Goodman LLP

19

Bhubesi Pride Foundation Notes to the Financial Statements For the Period Ended 30 September 2020

12 Statement of funds

Restricted funds
Malawi Community Centre
Employee Salaries
Specific Volunteer costs
Tanzania Rugby Development
Lilongwe vehicles
World Rugby
Total restricted funds
Unrestricted funds
General
Total funds
Statement of funds - 2019
Restricted funds
Malawi Community Centre
Employee Salaries
Bill McLaren Foundation
Tanzania Rugby Development
Lilongwe vehicles
World Rugby
Total restricted funds
Unrestricted funds
General
Total funds		 Balance
as at
01.10.19
£
32,044
8,380
-
98
7,300
17,500
65,322
25,570
90,892
Balance
as at
01.10.18
£
22,616
6,978
-
-
-
-
29,594
31,616
61,210		 Income
£
140,267
13,000
10,000
6,240
-
-
169,507
111,637
281,144
Income
£
79,951
15,280
16,190
3,120
13,000
30,000
157,541
142,830
300,371		 Expenditure
£
(135,510)
(16,654)
(10,000)
(6,168)
-
(15,000)
(183,332)
(101,568)
(284,900)
Expenditure
£
(70,523)
(13,878)
(16,190)
(3,022)
(5,700)
(12,500)
(121,813)
(148,876)
(270,689)		 Transfers
£
-
-
-
-
-
-
-
-
-
Transfers
£
-
-
-
-
-
-
-
-
-		 Balance
as at
30.09.20
£
36,801
4,726
-
170
7,300
2,500
51,497
35,639
87,136
Balance
as at
30.09.19
£
32,044
8,380
-
98
7,300
17,500
65,322
25,570
90,892

Prepared By Albert Goodman LLP

20

Bhubesi Pride Foundation Notes to the Financial Statements For the Year Ended 30 September 2020

12 Statement of funds (continued)

The specific purposes for which the funds are to be applied are as follows:

13 Analysis of net assets between funds

Fixed assets
Net current assets
Total funds		 Unres-
tricted
£
6,175
29,464
35,639		 Res-
tricted
£
-
51,497
51,497		 2020
£
6,175
80,961		 Unres-
tricted
£
6,536
19,034		 Res-
tricted
£
-
65,322		 2019
£
6,536
84,356
87,136 25,570 65,322 90,892

Prepared By Albert Goodman LLP

21

Bhubesi Pride Foundation Notes to the Financial Statements For the Year Ended 30 September 2020

14 Related party transactions

The Higgs Design Co

(Owned and managed by A Higgs, a trustee- resigned 24 October 2019)

During the year, purchases totalling £61 (2019: £61) were made from The Higgs Design Co., which are authorised by Section 7 of the charity’s Articles of Association. At the balance sheet date, the amount owed to The Higgs Design Co. was £nil (2019: £nil).

15 Company limited by guarantee

The company was incorporated as a company limited by guarantee and has no share capital. The guarantee to the company is £10 per member on the winding up of the company. At 30 September 2020 the company had three members and the total amount guaranteed is therefore £30.

16 Financial instruments

Financial instruments that are debt instruments measured
at amortised cost
Financial liabilities measured at amortised cost		 2020
£
97,834
97,834
3,566
3,566		 2019
£
95,652
95,652
4,963
4,963

There were no items of income, expense, gains or losses to report (2019: none).

Prepared By Albert Goodman LLP

22