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2022-12-31-accounts

REGISTERED COMPANY NUMBER: 08534364 (England and Wales) REGISTERED CHARITY NUMBER: 1153638

Report of the Trustees and

Financial Statements for the Year Ended 31 December 2022

for

Cohere Charity

Dunkley's Statutory Auditors Chartered Accountants Woodlands Grange Woodlands Lane Bradley Stoke Bristol BS32 4JY

Cohere Charity

Contents of the Financial Statements for the Year Ended 31 December 2022

Page
Report of the Trustees 1 to 6
Report of the Independent Auditors 7 to 10
Statement of Financial Activities 11
Balance Sheet 12
Cash Flow Statement 13
Notes to the Cash Flow Statement 14
Notes to the Financial Statements 15 to 22
Detailed Statement of Financial Activities 23 to 25

Cohere Charity

Report of the Trustees for the Year Ended 31 December 2022

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2022. 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).

STRATEGIC REPORT

Financial position

The figures in this report reflect the financial transactions of the Cohere Charity, a UK-registered charity, which works mainly in Kenya and Uganda. The calculations are based on the average monthly exchange rates for 2022 and 2021 (source:www.exchange-rates.org).

Please note that Cohere Charity uses accrual accounting (based on transaction occurrence) as opposed to cash accounting (when payments are received/made). Cash-based accounting has been used to compile the figures for the Global Accounts. Therefore, if the figures in this document are compared with the audited accounts there may be a discrepancy. This is due only to the difference in accounting methods used and is not a difference in actual income/expenditure.

The Funds of the Charity: The Funds of the Charity: The Funds of the Charity: The Funds of the Charity: The Funds of the Charity:
31st December 2022 Opening Balance 1st Jan 2022
Unrestricted Funds 2,340,349 68,347
Restricted Funds 406,242
Total Funds 2,746,590 68,347
2022 2021 % Change
Global Income 3,842,781 725,093 +430%
Global Expenditure 1,164,538 765,344 +52%
Expenditure/ Income Ratio
30% 106%

1

Between 2016 and 2017 Cohere grew by 38%, yet in 2020 and 2021 our funds reduced by 40%. The fund balance grew in 2022 due to an endowment from Lost Horse Endorsement, in which we will be investing both in short-term and long-term investments.

Global Income 2022
Income Category /
Year
2022 2021 % Change
Restricted Unrestricted Total
Corporate 58 58 5,092 -99%
Fundraising 821 821 17,300 -95%
GIFT AID 13,207 13,207 637 +1975%
Individual 53,736 53,736 33,087 +62%
Major NGOs 898,638 898,638 517,281 +74%
Other 7,331 7,331 4,631 +58%
TRUSTS AND
FOUNDATIONS
563,511 2,305,479 2,868,990 147,066 +1851%
Grand Total 1,462,149 2,380,632 3,842,781 725,093 +430%

Principal funding sources

2022 was an exciting year for Cohere. We were very grateful to receive an endowment grant from the Lost Horse Foundation and were finalists for Lego Build-a-World-of-Play challenge, which led to a 430% increase in our income compared to the previous year. We will use this income to invest in our advocacy work and internal capacity to develop our structure and grant-giving processes.

We saw a 95% decrease in our fundraising events which can be attributed to Covid as our fundraising team could not hold fundraising events. The 63% and 74% increase in our individual and major NGO income categories compared to previous years can be attributed partly to our new branding as we re-branded from Xavier Project to Cohere. We have found that our new brand has fostered a greater sense of confidence in our core supporters and more clarity in our vision and mission for potential supporters.

1

Cohere Charity

Report of the Trustees for the Year Ended 31 December 2022

STRATEGIC REPORT Financial review Expenditure analysis

Global Expenditure
Type of Expenditure 2022 2021 % Change
Programme Cost Cost of delivering our
capacity, advocacy, and
granting to our partners 1,062,186 671,962 +63%
Fundraising Cost Cost of event
organisation, venue hire,
travel costs to meet
donors, consultancy fees
for fundraisers, website
costs including salaries
for our communication
department 15,965 54,628 -71%
Core Cost Cost of our Uk based
staff, operational costs –
rent, bills, admin costs,
PR, legal costs,
insurance cost 86,387 38,754 +123%
Grand Total 1,164,538 765,344 +52%

As an organisation based on partnerships with local leaders and grant-giving to small local organisations, we view most of our expenses as programme costs, including our full-time staff in the UK, who support the country offices in programme development and grants monitoring.

3

Type of Expenditure Type of Expenditure
Fundraising Cost 2022 2021 % Change
Salaries and Wages 7,221 48,902 -85%
Other Cost UK-based costs such as
License web hosting and
travel 8,744 5,726 +53%
Total Fundraising Cost 15,965 54,628
Programme Cost
Grants Grants to our partners 432,657 68,307 +533%
Salaries and Wages 462,982 277,466 +67%
Programme Support
Cost		 Programme costs such
as Travel costs, Internet,
Field Office Rent, staff
training and Internet) 182,448 303,354 -40%
Total Programme Cost 1,078,087 649,127
Core Cost
Salaries and Wages 35,676 23,021 +55%
Other Cost UK Cost incurred to
support the field office
include Travel, bank
charges, Trustee
Insurance and Legel fees
) 34,810 38,568 -10%
Total Core Cost 70,486 61,589

2022 was the start of Cohere's 5 years strategic plan to shift power to refugees-led organisations through issuing grants and offering capacity-sharing courses and advocacy. This shift in strategy has led to a 533% growth in the number of grants issued in 2022 compared to 2021. We also increased our number of Refugee Leader Organisation (RLO) partners to 44 from 24 partners in 2021. Our Programme support cost was reduced by 10% in 2022 due to the change in strategy.

Our wage bill increased by 45% in 2022, this was partly because Cohere engaged an external auditor to conduct a market survey of wages across the sector to ensure staff compensation was more in line with market rates. We also invested in our MEAL department by hiring a Head of MEAL who was able to develop new tools, enabling us to track our impact over the coming years. We hired other colleagues in our location teams as well as consultants to guide us through a period of change. We also recruited new colleagues to work on our platform www.reframe.network so that our innovation can be useful at the systems level for RLOs all over the world.

Combined, our investments meant we were able to help our RLO partners achieve much more than in 2021. In total 42 RLOs worked with 55,738 community members in 2022, an average of 1327 people per RLO. Of these, 29,695 were female and 26,043 were male (53/47%). Our partners worked with 1691 people with disabilities (3% of the total) and 558 people who self-identify as LGBTQIA (1%).

In terms of finances, our meaningful reach data found that our 42 partners raised a total of $1,402,963.57 in 2022, an average of $45,256.89. Across the 42 organisations, the total revenue ranged from $311 total annual income to $312,965 and the median was $16,667 This goes to show that most RLOs are operating on low budgets. In fact, they were able to use an average of only $25.2 per person for each intervention. 14 of the organisations stated that Cohere's contribution comprised more than 50% of their total budget, with 5 organisations stating that Cohere was responsible for over 80% of total funding. Meanwhile, 10 of the donors had other donors who made up at least 70% of their total revenue. Given that Cohere channelled $534,144 to RLOs in 2022 it would appear that Cohere's flows of funding were responsible for 38% of all the funding our partner organisations received.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

08534364 (England and Wales)

3

Cohere Charity

Report of the Trustees

for the Year Ended 31 December 2022

Registered Charity number

1153638

Registered office

Dean Farm Oaksey Malmesbury Wiltshire SN16 9SB

Trustees

G T Borzi Charity Compliance Manager Dr P Harris Doctor (appointed 28.6.22) C M Hopewell Solicitor J Jackson Investment Manager Z A Longi Ngo Project Management (appointed 5.7.22) Ms C H Page Charity Admin H D N B Reid Management Consultant

Auditors

Dunkley's Statutory Auditors Chartered Accountants Woodlands Grange Woodlands Lane Bradley Stoke Bristol BS32 4JY

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Cohere Charity for the purposes of company law) 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).

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 incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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.

In so far as the trustees are aware:

AUDITORS

The auditors, Dunkley's Statutory Auditors Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

5

Cohere Charity

Report of the Trustees

for the Year Ended 31 December 2022

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on ............................................. and signed on the board's behalf by:

06/10/2023

.................................................................................

C M Hopewell - Trustee

6

Report of the Independent Auditors to the Trustees of Cohere Charity

Opinion

We have audited the financial statements of Cohere Charity (the 'charitable company') for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements 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 evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Emphasis of matter

We draw attention to Note 18 of the financial statements, which describes the effects of an unconsolidated subsidiary company. Our opinion is not modified in respect of this matter.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. 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 there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

7

Report of the Independent Auditors to the Trustees of Cohere Charity

Responsibilities of trustees

As explained 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 that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

8

Report of the Independent Auditors to the Trustees of Cohere Charity

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to 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 (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

o identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

o detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

o the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas of management override of controls, and revenue recognition.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements.

Audit response to risks identified

Our procedures to respond to risks identified included the following:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

9

Report of the Independent Auditors to the Trustees of Cohere Charity

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. 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 trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees 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 responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Dunkley's Statutory Auditors Chartered Accountants Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 Woodlands Grange Woodlands Lane Bradley Stoke Bristol BS32 4JY 06/10/2023 Date: .............................................

10

Cohere Charity

Statement of Financial Activities

for the Year Ended 31 December 2022

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
3
Tamuka
Other income
Total
EXPENDITURE ON
Raising funds
4
Charitable activities
5
Tamuka
Education
Office
Total
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
2,375,019
-
5,613
2,380,632
15,965
10,271
16,121
66,274
108,631
2,272,001
68,347
2,340,348		 Restricted
fund
£
1,462,149
-
-
1,462,149
-
660,521
375,273
20,113
1,055,907
406,242
-
406,242		 31.12.22
Total
funds
£
3,837,168
-
5,613
3,842,781
15,965
670,792
391,394
86,387
1,164,538
2,678,243
68,347
2,746,590		 31.12.21
Total
funds
£
720,462
1,788
2,843
725,093
54,628
361,434
310,528
38,754
765,344
(40,251)
108,598
68,347

11

Cohere Charity

Balance Sheet

31 December 2022

Notes
FIXED ASSETS
Tangible assets
14
CURRENT ASSETS
Debtors
15
Cash at bank
CREDITORS
Amounts falling due within one year
16
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
11
Unrestricted funds
Restricted funds
TOTAL FUNDS		 2022
Group
£
73,364
73,162
2,807,625
2,880,787
(207,561)
2,673,226
2,746,590
2,746,590
2,340,348
406,242
2,746,590		 2021
Group
£
70,216
40,813
487,209
528,022
(529,891)
(1,869)
68,347
68,347
68,347
-
68,347		 2022
Charity
£
2,086
26,811
2,679,761
2,706,572
(90,265)
2,616,307
2,618,393
2,618,393
2,338,527
279,866
2,618,393		 2021
Charity
£
874
-
339,258
339,258
(316,732)
22,526
23,400
23,400
23,400
-
23,400

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.

The trustees acknowledge their responsibilities for

These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.

06/10/2023

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

----- Start of picture text -----
.............................................
----- End of picture text -----

............................................. C M Hopewell - Trustee

12

Cohere Charity

Cash Flow Statement

for the Year Ended 31 December 2022

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Finance costs paid
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Net cash used in investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of the
reporting period
Cash in cash and cash equivalents due to
exchange rate movements
Cash and cash equivalents at the end of the
reporting period		 31.12.22
£
2,344,881
(2,571)
(10,611)
2,331,699
(6,863)
(6,863)
2,324,836
487,209
(4,420)
2,807,625		 31.12.21
£
365,970
(2,900)
(5,744)
357,326
(26,340)
(26,340)
330,986
156,259
(36)
487,209

The notes form part of these financial statements

13

Cohere Charity

Notes to the Cash Flow Statement

for the Year Ended 31 December 2022

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income/(expenditure) for the reporting period (as per the Statement of
Financial Activities)
Adjustments for:
Depreciation charges
Interest paid
Finance costs
Increase in debtors
(Decrease)/increase in creditors
Net cash provided by operations		 31.12.22
£
2,678,243
8,135
2,571
10,611
(32,349)
(322,330)
2,344,881		 31.12.21
£
(40,251)
7,880
2,900
5,744
(30,648)
420,345
365,970

2. ANALYSIS OF CHANGES IN NET FUNDS

Net cash
Cash at bank
Total		 At 1.1.22
£
487,209
487,209
487,209		 Cash flow
£
2,320,416
2,320,416
2,320,416		 At 31.12.22
£
2,807,625
2,807,625
2,807,625

The notes form part of these financial statements

14

Cohere Charity

Notes to the Financial Statements for the Year Ended 31 December 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Taxation

The charity is exempt from corporation 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

15

continued...

Cohere Charity

Notes to the Financial Statements - continued

for the Year Ended 31 December 2022

2. DONATIONS AND LEGACIES

Gifts
Donations
3.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Charitable activities
Tamuka
4.
RAISING FUNDS
Raising donations and legacies
Staff costs
Insurance
Website
Work permit
Transport
Per Diem
Marketing materials
Facilitator cost		 31.12.22
£
-
3,837,168
3,837,168
31.12.22
£
-
31.12.22
£
7,221
1,805
-
1,342
1,018
-
852
3,727
15,965		 31.12.21
£
1
720,461
720,462
31.12.21
£
1,788
31.12.21
£
48,902
-
1,028
-
1,859
(1)
240
2,600
54,628

5. CHARITABLE ACTIVITIES COSTS

Tamuka
Education
Office		 Direct
Costs
£
587,503
385,979
23,978
997,460		 Grant
funding of
activities
(see note
6)
£
80,627
-
-
80,627		 Support
costs (see
note 7)
£
2,662
5,415
62,409
70,486		 Totals
£
670,792
391,394
86,387
1,148,573

16

continued...

Cohere Charity

Notes to the Financial Statements - continued

for the Year Ended 31 December 2022

6. GRANTS PAYABLE

GRANTS PAYABLE
31.12.22 31.12.21
£ £
Tamuka 80,627 -

7. SUPPORT COSTS

Management
£
Tamuka
2,662
Education
5,415
Office
62,946
71,023		 Governance
Other
Other 3
costs
£
£
£
-
-
-
-
-
-
10,611
(13,787)
2,639
10,611
(13,787)
2,639		 Totals
£
2,662
5,415
62,409
70,486

8. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.12.22 31.12.21
£ £
Auditors' remuneration 2,639 4,132
Depreciation - owned assets 8,135 7,880
Hire of plant and machinery 45,386 59,436
Other operating leases 2,419 844

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.

10. STAFF COSTS

STAFF COSTS
31.12.22 31.12.21
£ £
Wages and salaries 505,879 343,620
Other pension costs - 5,769
505,879 349,389

The average monthly number of employees during the year was as follows:

31.12.22 31.12.21
Admin & support 5 5

No employees received emoluments in excess of £60,000.

17

continued...

Cohere Charity

Notes to the Financial Statements - continued

for the Year Ended 31 December 2022

11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
137,702
Charitable activities
Tamuka
1,788
Other income
2,843
Total
142,333
EXPENDITURE ON
Raising funds
54,628
Charitable activities
Tamuka
16,200
Education
64,477
Office
38,754
Total
174,059
NET INCOME/(EXPENDITURE)
(31,726)
Transfers between funds
(8,526)
Net movement in funds
(40,252)
RECONCILIATION OF FUNDS
Total funds brought forward
108,598
TOTAL FUNDS CARRIED FORWARD
68,346		 Restricted
fund
£
582,760
-
-
582,760
-
345,234
246,051
-
591,285
(8,525)
8,526
1
-
1		 Total
funds
£
720,462
1,788
2,843
725,093
54,628
361,434
310,528
38,754
765,344
(40,251)
-
(40,251)
108,598
68,347

12. SUBSIDIARY UNDERTAKINGS

The Charity is the parent entity to two oversees charities which operate under the same name, Cohere (Uganda) and Cohere (Kenya).

The results and registration details of each subsidiary are shown below along with the nature of control:

Cohere (Uganda):

Governing body - National Bureau for Non- Governmental Organisations of Uganda

Charity Number - 6741 Registered address: Nsambya Hanlon Road Opp Taxas Club Makindye Division Kampala City Uganda

18

continued...

Cohere Charity

Notes to the Financial Statements - continued

for the Year Ended 31 December 2022

12. SUBSIDIARY UNDERTAKINGS - continued

Nature of control

The UK Charity has a partnership agreement with the Uganda Charity that gives the UK Trustees the power of Veto over operations and executive decisions.

The UK Charity provides grants to the Uganda Charity to implement projects that have been approved by the UK trustees. The subsidiary entities also have boards of trustee who oversee their projects, but the overall implementation strategy is approved by the UK board of trustees.

Cohere (Kenya):

Governing body - Non- Governmental Organisations Co-ordination Act of Kenya.

Charity Number - OP.218/051/12-0511/8654

Registered address:

Wamagata Court Woodley Nairobi P.O Box 61716-00200 Nairobi Kenya

Nature of control

The UK Charity has a partnership agreement with the Kenya Charity that gives the UK Trustees the power of Veto over operations and executive decisions.

The UK Charity provides grants to the Kenya Charity to implement projects that have been approved by the UK trustees. The subsidiary entities also have boards of trustee who oversee their projects, but the overall implementation strategy is approved by the UK board of trustees.

13. PARENT CHARITY

The parent charity's gross income and the results for the year are disclosed as follows:

Gross income
Results for the year		 2022
£
3,186,505
2,594,992		 2021
£
217,877
(59,992)

19

continued...

Cohere Charity

Notes to the Financial Statements - continued

for the Year Ended 31 December 2022

14. TANGIBLE FIXED ASSETS

Fixtures
Freehold
and
property
fittings
£
£
COST
At 1 January 2022
47,380
9,020
Additions
-
109
Exchange differences
2,256
922
At 31 December 2022
49,636
10,051
DEPRECIATION
At 1 January 2022
749
1,783
Charge for year
707
1,015
Exchange differences
36
61
At 31 December 2022
1,492
2,859
NET BOOK VALUE
At 31 December 2022
48,144
7,192
At 31 December 2021
46,631
7,237
15.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors
16.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Other creditors
Accruals and deferred income
17.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Restricted funds
Restricted
TOTAL FUNDS		 Motor
vehicles
£
18,286
-
574
18,860
10,654
1,955
364
12,973
5,887
7,632
At 1.1.22
£
68,347
-
68,347		 Computer
equipment
£
21,843
6,754
1,598
30,195
13,127
4,458
469
18,054
12,141
8,716
31.12.22
£
73,162
-
73,162
31.12.22
£
23,982
-
183,579
207,561
Net
movement
in funds
£
2,272,001
406,242
2,678,243		 Totals
£
96,529
6,863
5,350
108,742
26,313
8,135
930
35,378
73,364
70,216
31.12.21
£
35,362
5,451
40,813
31.12.21
£
13,989
6,347
509,555
529,891
At
31.12.22
£
2,340,348
406,242
2,746,590

20

continued...

Cohere Charity

Notes to the Financial Statements - continued

for the Year Ended 31 December 2022

17. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Restricted
TOTAL FUNDS
Comparatives for movement in funds
At 1.1.21
£
Unrestricted funds
General fund
108,598
Restricted funds
Restricted
-
TOTAL FUNDS
108,598
Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Restricted funds
Restricted
TOTAL FUNDS		 Incoming
resources
£
2,380,632
1,462,149
3,842,781
Net
movement
in funds
£
(31,725)
(8,526)
(40,251)

Incoming
resources
£
142,333
582,760
725,093		 Resources
expended
£
(108,631)
(1,055,907)
(1,164,538)
Transfers
between
funds
£
(8,526)
8,526
-
Resources
expended
£
(174,058)
(591,286)
(765,344)		 Movement
in funds
£
2,272,001
406,242
2,678,243
At
31.12.21
£
68,347
-
68,347
Movement
in funds
£
(31,725)
(8,526)
(40,251)

21

continued...

Cohere Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

17. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Restricted funds
Restricted
TOTAL FUNDS		 At 1.1.21
£
108,598
-
108,598		 Net
movement
in funds
£
2,240,276
397,716
2,637,992		 Transfers
between
funds
£
(8,526)
8,526
-		 At
31.12.22
£
2,340,348
406,242
2,746,590

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Restricted
TOTAL FUNDS		 Incoming
resources
£
2,522,965
2,044,909
4,567,874		 Resources
expended
£
(282,689)
(1,647,193)
(1,929,882)		 Movement
in funds
£
2,240,276
397,716
2,637,992

18. RELATED PARTY DISCLOSURES

During the year there were related party transactions in the form of grants from Cohere UK to Cohere Uganda and Cohere Kenya. These transactions are in line with the charitable activities and objectives of the group and are removed from the accounts once the group is consolidated.

There is an unconsolidated subsidiary company in Uganda. Cohere Uganda has control by way of a majority shareholding in Turaco Valley Foods Ltd (a company incorporated in The Republic Of Uganda). The company was incorporated on 17 August 2021 and prepared its first set of accounts to 31 December 2022.Turaco Valley Foods Ltd has not been consolidated into the group accounts as the trustees believe the impact of consolidation is not material and the accounts show a true and fair view of the group without consolidation in accordance with Section 24.13A of the Charities SORP.

The unconsolidated subsidiary has gross income of £104,435 which would reduce to £67,906 as a result of consolidation adjustments were it consolidated. The closing reserves of the unconsolidated subsidiary show a profit of £34,696 which would reduce to a negative position of £1,832 as a result of consolidation adjustments were it consolidated.

22

Cohere Charity

Detailed Statement of Financial Activities

for the Year Ended 31 December 2022

INCOME AND ENDOWMENTS
Donations and legacies
Gifts
Donations
Charitable activities
Charitable activities
Other income
Other activities
Total incoming resources
EXPENDITURE
Raising donations and legacies
Wages
Insurance
Website
Work permit
Transport
Per Diem
Marketing materials
Facilitator cost
Charitable activities
Wages
Hire of plant and machinery
Other operating leases
Rates and water
Insurance
Light and heat
Telephone
Postage and stationery
Sundries
Uniforms
Student transport
Staff welfare
Security
School fees & levies
RLO Grants
Rent
Per Diem
Marketing materials
Carried forward		 31.12.22
£
-
3,837,168
3,837,168
-
5,613
3,842,781
7,221
1,805
-
1,342
1,018
-
852
3,727
15,965
462,982
43,410
2,419
429
7,904
480
7,936
5,295
2,661
2,061
55,678
1,076
3,548
24,320
66,982
23,970
17,961
3,047
732,159		 31.12.21
£
1
720,461
720,462
1,788
2,843
725,093
48,902
-
1,028
-
1,859
(1)
240
2,600
54,628
277,466
56,879
844
732
11,094
1,281
12,487
3,627
3,715
279
24,226
-
5,935
77,475
426
32,349
12,522
1,801
523,138

This page does not form part of the statutory financial statements

23

Cohere Charity

Detailed Statement of Financial Activities

for the Year Ended 31 December 2022

Charitable activities
Brought forward
Legal fees
Learning Materials
Farming input
Facilitator cost
Equipment maintenance
Consultancy fees
Motor vehicle maintenance
Motor vehicle fuel
Community workers costs
Class Renovations
Catering expenses
Car hire
Boarding requirements
Allowances
NSSF
Bank interest
Grants to institutions
Grants to individuals
Support costs
Management
Wages
Pensions
Hire of plant and machinery
Rates and water
Insurance
Telephone
Postage and stationery
Sundries
Catering expenses
Community workers costs
Motor vehicle maintenance
Facilitator cost
Legal fees
Rent
Security
Staff welfare
Transport
Work permits
Freehold property
Fixtures and fittings
Motor vehicles
Computer equipment
Other
Bank charges		 31.12.22
£
732,159
1,924
34,140
25,552
56,644
719
24,947
2,807
8,501
76,602
7,849
18,463
3,305
368
413
496
2,571
59,271
21,356
1,078,087
35,676
-
1,976
1,024
3,582
2,201
1,187
905
1,188
110
544
1,500
3,687
3,205
1,898
4,021
184
-
707
1,015
1,955
4,458
71,023
10,611		 31.12.21
£
523,138
2,810
15,379
5,355
11,213
-
-
2,939
5,202
64,588
-
6,931
7,295
1,377
-
-
2,900
-
-
649,127
17,252
5,769
2,557
900
3,226
209
798
1,432
1,503
-
82
-
654
19
1,531
3,081
7,730
1,376
749
1,036
2,568
3,527
55,999
5,744

This page does not form part of the statutory financial statements

24

Cohere Charity

Detailed Statement of Financial Activities
for the Year Ended 31 December 2022
Other
Other 3
Foreign exchange gains/losses
Governance costs
Auditors' remuneration
Total resources expended
Net income/(expenditure)		 31.12.22
£
(13,787)
2,639
1,164,538
2,678,243		 31.12.21
£
(4,286)
4,132
765,344
(40,251)

25