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2021-06-30-accounts

Trustees’ Report and Accounts for the Year Ended 30[th] June 2021

Reference and Administrative Details

Charity Name: United Social Ventures UK Charity Number: 1158935 Uganda NGO Number: 4936 Uganda Company Number: 80020000587718 Principal UK Address: 92 Highgate Hill London N6 5HE Ugandan Address: 28 Upper Kololo Road Kampala P.O. Box 10840

Website: www.unitedsocialventures.org Email: hello@unitedsocialventures.org

Trustees: Phil Orwin (Chair) Louis Graham (ended September 2021) Sidney Muhangi Zoe Cuckow Chris Waller Jessica Falkner Renee Loades Sabina Pasokhy Joshua George (ended April 2021) Jake Smaje Teddy Nambaziira (started November 2020; ended May 2021) Edline Murungi (started December 2020)

Management: Leo Henghes (Team Leader)

Bankers: In UK: CAF Bank Ltd 25 Kings Hill Avenue, Kings Hill, West Malling, Kent ME19 4JQ

In Uganda: Stanbic Bank (U) Ltd Ntinda Branch

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Kampala

Auditors Chuckle and Company Certified Public Accountants 4th Floor, Greenland Tower Plot 31, Kampala Road P.O. Box 8582

Letter From the Team Leader

At the start of 2020/21, we had two employees; by the end, there were four. This doubling in personnel was a step-change for the charity. On the one hand, it meant we were able to achieve more impact than ever before, and on the other it meant we had to standardise processes to ensure that work could be replicated regardless of who the lead consultant was.

Fortunately, this was aided by the tool-based curriculum we had already largely built in 2019/20 during the start of the Covid-19 pandemic. This provided a solid foundation with which to train new consultants.and it continued to be iterated upon.

To complement these trainings, our methodology for consulting directly with entrepreneurs was gradually overhauled during the period with our ‘Roadmap’. This tool enabled our consultants to assess startups more objectively and break down our offering into affordable, bite-sized projects that automatically corresponded to the assessed limiting factor of the startup - what we began to call ‘micro-consultancy’.

We believe this methodology has the potential to make a huge difference in bridging the ‘Pioneer Gap’ that exists for innovative young entrepreneurs - making it much easier for young people to lead genuine, sustainable change to systemic social challenges in their communities.

To assist with the coordination of this Roadmap journey for the 150+ ventures now in our network, we built a database to help with operations and impact measurement. These foundations will ensure that USV can continue to double in size each year without too many growing pains.

The growing resilience of the charity was demonstrated by this financial year being bookended with two national lockdowns in Uganda. In June 2020, USV ran its first ever webinar for entrepreneurs. By the end of June 2021, we had run over 100 such webinars, with very positive feedback from entrepreneurs.

On a personal note, the growing size of (i) evidence of our impact and (ii) our team gave me much greater confidence when representing the organisation to partners. I have no doubt that this will bear fruit in generating more earnings and donations to keep up, and even accelerate, our growth trajectory going forward.

Leo Henghes

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Introduction

This trustees’ report and accounts for United Social Ventures is for the year starting 1st July 2020 and ending 30th June 2021.

This report is presented in accordance with “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities (the FRSSE)”, effective 1st January 2015.

Structure, Governance, and Management

United Social Ventures is a Charitable Incorporated Organisation (CIO) governed according to the Constitution dated 11th October 2014. It was established on 22nd October 2014.

The charity trustees manage the affairs of United Social Ventures. The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and for taking steps for the prevention and detection of fraud and other irregularities.

Membership of the CIO is restricted to its trustees. There must be at least three charity trustees, and new trustees must be appointed for a term of three years. In selecting individuals, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO. Trustees will induct new trustees with a copy of the constitution and the latest Trustees’ Annual Report and Accounts.

Decisions are made by simple majority of votes at a meeting of trustees or by resolution made in writing or in electronic form and agreed by all trustees.

Day to day management of the Charity’s affairs is delegated to staff, led by the Team Leader, Mr Leo Henghes.

Objectives and Activities

The objects of the CIO are:

(1) to develop the capacity and skills of university students in such a way that they are better able to identify, and help meet, their needs and to participate more fully in society.

(2) to promote the voluntary sector anywhere in the world for the benefit of the public in particular but not exclusively by:

a) promoting the voluntary sector to university students;

b) promoting the efficiency and effectiveness of charities and voluntary organisations; and c) promoting equality and diversity by promoting activities to foster understanding between university students from diverse backgrounds.

"Voluntary sector" is defined as "charities and voluntary organisations". Charities are organisations, which are established for exclusively charitable purposes in accordance with the law of England and Wales.

To achieve these objects, United Social Ventures’ work can be split into four categories:

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The Charity has a curriculum of over thirty half-day workshops which form series to either help young people design new start-ups or to incubate social ventures that are in the start-up phase with small revenues.

Workshop series are run in partnership with other institutions (e.g. universities, innovation hubs, other institutions) who provide the space and sometime select participants. Coaching for participants is also sometimes added to these programs.

These programs help the Charity to achieve its objectives of both developing the capacity and skill of university students whilst also promoting the efficiency and effectiveness of charities and voluntary organisations.

The Charity also works directly with individual social ventures through one-to-one coaching session to help them to maximise their impact, financial sustainability, and scalability.

Social ventures (i) prioritise social impact above profits; (ii) seek systemic change for a general population of people; and (iii) are market-based in their activities. The amount of support entrepreneurs receive depends on their commitment, need, and potential.

These services come under the objectives of developing the capacity and skill of university students and also promoting the efficiency and effectiveness of charities and voluntary organisations.

The board of trustees has quarterly meetings, along with 4 sub-committees which meet more frequently.

Achievements & Performance

In 2020/21, the income of United Social Ventures increased by over 50% to £51,752 from £34,240 (2019/20). This was reflected in the size of the team doubling from 2 at the start of the period to 4 by the end.

6 series of workshops were held during the financial year. The three biggest of these were with ResilientAfrica Network (RAN), the MasterCard Scholars Program at Makerere, and Engineers

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Without Borders Canada.

Project
Partner
Dates
Participants
No.
Workshops
Hours of
Coaching		 Project
Partner
Dates
Participants
No.
Workshops
Hours of
Coaching		 Project
Partner
Dates
Participants
No.
Workshops
Hours of
Coaching		 Project
Partner
Dates
Participants
No.
Workshops
Hours of
Coaching		 Project
Partner
Dates
Participants
No.
Workshops
Hours of
Coaching		 Project
Partner
Dates
Participants
No.
Workshops
Hours of
Coaching
MasterCard Makerere
Scholars Entrepreneurship
Fund		 MasterCard at
Makerere		 Whole
Period		 46 ventures 25 640
Makerere Curriculum
Development		 RAN Whole
Period		 15 ventures 34 --
2020 Internship RAN Aug-
Sept
2020		 18 ventures 35 -
Hi-Innovator Outbox July
2020		 5 ventures 4 5
Startup Uganda Innovation
Challenge		 Startup Uganda Nov
2020		 7 ventures 2 5
Canada-Africa Innovation
Fellowship		 Engineers
Without Borders
Canada		 May
2021 -
Ongoing		 5 ventures 15 30

MasterCard Makerere Scholars’ Entrepreneurship Fund

At the start of this period, one cohort of 14 ventures had been selected to receive their seed funding. In July 2020, a second cohort of 16 ventures were selected. Collectively, these two cohorts shared seed funding of $200,000.

At the end of 2020 the MasterCard Foundation provided an additional $100,000 for a third cohort of 16 ventures to receive seed funding. These were selected in March 2021.

First Cohort

Between January 2020 and March 2021, the 14 ventures in the first cohort received a total of 392 hours of coaching. These were:

Owing to the Covid-19 outbreak and national lockdown in Uganda from March 2020, the

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manjority of this coaching ended up happening through Zoom and phone calls. Field visits were undertaken in November and December 2020, including upcountry field visits to Arua District (G4P), Palabek, Lamwo District (SNEM), and Serere Distirck (Eugxtine Bakery).

Second Cohort

There were 68 entries during the selection process for the second cohort. This was narrowed down to 32 ventures to pitch at a event held over 6th and 7th July on Zoom. At the end of the two days, scores were tallied in a google spreadsheet and the top 16 ventures were selected for the initial seed-funding of $640:

Between July and September 2020, these ventures participated in 11 webinars to help to incubate their startup. By March 2021, they had collectively received a total of 200 hours of coaching.

Third Cohort

At the start of 2021, applications were opened for scholars to submit their pitch decks to participate in a third cohort. By mid-February, 48 applications were received. A pitching event to select the final 16 ventures for the $100,000 seed fund was held over Zoom on 20th March 2021. Those selected were:

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By the end of the period, 14 workshops had been held with this cohort and were ongoing. They had also collectively received 48 hours of coaching.

Makerere Entrepreneurship & Innovation Curriculum Development

As reported in the 2019/20 report, in early 2020 ResilientAfrica Network (RAN) and United Social Ventures embarked on a project under the Research and Innovation Fund (RIF) to create a curriculum in Entrepreneurship and Innovation for students from Makerere University which USV has ownership of to use/licence commercially.

In the first quarter of 2020/21, the curriculum developed into two modules: Design & Found (for students to create innovative ideas) and Build & Grow (to further develop these ideas into operational start-ups). Each module had eight-to-nine units within it, with each unit having a 2-hour class as well as 30+ mins of videos and handouts.

These modules were piloted before Christmas 2020 to strengthen the mode of delivery. The schedule was for 19 webinars in the Design & Found cohort and 15 in the Build & Grow (see below). Each webinar was 2 hours.

18 participants returned a survey for the Design & Found cohort. All participants intend to continue to work on their ventures beyond the program, and all would recommend the program to others. On the question of satisfaction with the program on a scale of 1 to 5, the average was 4.2. The average rating for Design participants’ goals being met was 8 (out of 10 where 10 is ‘more than fully met’).

9 participants returned a survey for the Build & Grow cohort and feedback was extremely positive. On the question of satisfaction with the program on a scale of 1 to 5, the average was 4.8. The average rating for participants’ goals being met was 8.8. 67% said it had been ‘transformational’ to at least one area of their venture. All participants would recommend the program to others.

Following this pilot, additional edits were made to the structure to plan for transforming the webinars into videos and physical classes. By the end of the period, a call to fund phase 2 of this

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project was in the pipeline to fund the making of these videos.

2020 Intern-reneurship Scheme

The 2020 Internpreneurship program was implemented by United Social Ventures and ResilientAfrica Network between the 17th August and 25th September. The program represented a transformation from the previous 2 years of the program for a number of reasons. First, owing to the ongoing Covid-19 pandemic, the entire program was held virtually over Zoom, with no face-to-face meeting between the facilitators and students. However, this also presented an opportunity since without the limitations of physical space we could invite 50 participants – up from 26 in 2019.

Second, because of the uncertainty around scheduling – such as whether universities might reopen – the period for the program was halved from 12 to 6 weeks. And third, the curriculum for 2020 was to serve as a prototype for a curriculum in Entrepreneurship and Innovation being designed to be implemented at Makerere University as part of a Research and Innovation Fund project. In order to enable participants to attend the webinars, the ResilientAfrica Network provided a weekly data allowance for all participants.

84 applications to the program, and invited 50 to participate (32 in Design; 18 in Build). 68% of Design participants completed, while only 37.5% of Build and Grow participants did.

Design
Build & Grow
[Ventures]		 Design
Build & Grow
[Ventures]		 Design
Build & Grow
[Ventures]
Signed Up 34 16
Never Showed 6 0
Started 28 16 [12]
Dropped Out 6 (21%) 3 (19%) [3]
Poor Attendance 3 (11%) 7 (44%) [3]
Given Certifcate 19 (68%) 6 (37.5%) [6]
Perfect Attendance 6 (21%) 1 (6%)
Total Webinar Attendance 390 139
Av. Session Attendance 20.5 8.7
No. Ventures Given Certifcates 9 6

Feedback was really positive. All respondents (19 in Design, 10 in Build and Grow) would recommend the experience to others and indicated that we had impacted their confidence, empathy with others, knowledge on entrepreneurship, identification as social entrepreneurs, ability to explain ideas clearly, research, passion for creating change, and measuring impact.

All design participants intend to continue to work on their ventures. Comments included:

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The average rating for Design participants’ goals being met was 8.8 (out of 10 where 10 is ‘more than fully met’). For Build & Grow, this score was 8.4. In Build & Grow, 70% said that the program had been ‘transformational’ to at least one area of their venture. Comments from these entrepreneurs included:

Hi-Innovator

USV was contracted to run 4 webinars in July on User Journeys; Social Venture Canvas; Assumptions and Risk Register; Rapid Experiments for 5 ventures:

Additionally, each venture was offered a coaching session.

Startup Uganda Innovation Challenge

During the period, USV became a member of Startup Uganda – a newly formed association of hubs and ESOs in Uganda currently mainly funded by UNCDF.

USV was selected by Startup Uganda to provide the training and advisory for the ‘citizen engagement’ track of an Innovation Challenge being Anchored by the Ministry of Local Government. This involved running a 2 days Bootcamp of webinars on 17th and 18th November for 7 startups.

Canada-Africa Innovation Fellowship

In 2021, USV was contracted by Engineers Without Borders Canada to run 30 webinars and 75 coaching sessions for 20 students (10 Uganda, 10 Canadian) over 15 weeks. By the end of the period, 15 of these webinars had been held and 5 teams had formed:

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(2) Advisory Services for Youth-led Social Start-ups

With the larger team from March 2021, time was spent asking how to improve USV’s direct offering to ventures. This led to a new ‘venture journey’:

  1. The entrepreneur gets in contact with USV to schedule a free introductory diagnostic session, after hearing about USV through participating in a program/ or a referral from other entrepreneurs/ or social media adverts.

  2. In the session, the USV coach asks enough questions to be able to evaluate the venture on the basis of over 100 criteria. They also share a few initial thoughts with the entrepreneurs(s), along with highlighting the benefits of signing up for Venture Membership.

  3. The coach then emails the venture with a 2 page evaluation that offers basic membership along with 2-3 mini projects that meet the limiting-factors of the venture, based upon the diagnostic.

  4. Even when there are no ongoing projects taken up by members, they receive a monthly newsletter and calls tracking their progress, along with an annual diagnostic session.

This was being tested as the period ended.

To assist with the coordination of this journey for the 150+ ventures in USV’s network, a Salesforce database was build to help with operations (e.g. tracking no. coaching sessions held, flagging when a venture hasn’t been contacted for a couple of months,…) and impact measurement (e.g. tracking earned income, no. employees, money raised, …) for all ventures and for years after programs.

(3) International Student Exchanges to Collaborate on Social Start-ups

The Covid-19 pandemic prevented any physical international student exchanges in 2020-21. The Canada-Africa Innovation Fellowship, run in partnership with Engineers Without Borders Canada, did have this component virutally, with Canadian and Uganda students co-founding 5 teams.

However, given the charity’s success in other activities, this component is unlikely to be as central in future strategies.

(4) Governance, Administration, and Raising Funds

Over 2019/20, the trustee board met four times: September 2020; December 2020; March 2021; and June 2021. Attendance was as follows:

25th Sept 20 13th Dec 20 13th Mar 21 12th June 21
Phil Orwin(Chair) Yes Yes Yes Yes
Louis Graham Yes No Yes No
SidneyMuhangi No Yes Yes Yes
Zoe Cuckow No Yes Yes Yes
Chris Waller Yes Yes Yes Yes
Jessica Falkner Yes No No Yes
Renee Loades Yes Yes Yes No
Sabina Pasokhy No Yes Yes Yes

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Joshua George Part Yes No -
Jake Smaje Yes Yes Yes Yes
TeddyNambaziira - Part No -
Edline Murungi - No Yes No

Edline Murungi joined the board as Safeguarding Officer; Joshua George and Teddy Nambaziira both left the board. There were no safeguarding incidents during the period.

A crowdfunding campaign with The Big Give in December 2020 raised £10,895 for USV:

2019
2020
% Annual
Increase		 2019
2020
% Annual
Increase		 2019
2020
% Annual
Increase		 2019
2020
% Annual
Increase
No. of Givers 50 56 12%
£’s from Trustees* £2,483 £2,150 -13%
£’s from Champions £2,735 £2,860 5%
£’s to be reclaimed £322 £0 -
Match-funding £5,000 £5,000 -
Gift Aid £933 £1033 -
Platform Fees -£145 -£148 -
TOTAL £11,328 £10,895 -4%
TOTAL (after
reclaims)		 £11,006 £10,895 -1%

£5,000 of this came from burger:sinn:stiftung and the Coles Medlock Foundation. The rest came from trustees, their contacts, and champions of the charity. The ‘Champions scheme’ helped to ensure a steady and predictable source of money for the crowdfunding campaign.

Burger:sinn:stiftung remained the key partner for United Social Ventures. In December 2020, they gave USV a grant to hire two more members of staff, after being satisfied that the role they had previously funded was now self-financing. These two new roles were for an Operations Manager and another Consultant.

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Financial Review

The results for the year and financial position are set out in the Statement of Financial Activities and the Balance Sheet. Total incoming resources were £51,752 (from £34,240 in 2019/20); resources expended were £37,961 (up from £33,711). The surplus for the year was £13,791 (up from £529).

This surplus was largely caused by receiving a grant from burger:sinn:stiftung in December 2020, which had only just begun to be spent from March onwards.

Income from charitable activities rose 31% (from £13,184 to £17,278) and represented over one third of the charity’s total income. Over time, we ought to be able to grow income from charitable activities to cover the expenses of the previous year - with donations and grant funding covering growth initiatives.

United Social Ventures still relied on our Team Leader, Leo Henghes, working at below the market rate. However this continued to steadily decrease over time. In 2020/21, his contribution was £9,432 - continuing the downward trajetory by being 14% lower than in the £11,000 contribution in 2019/20. This is now 18% of the charity’s total income (from 32% in 2019/20).

On 30th June 2021, the charity’s net assets were £26,851. This continues the trend from 2019/20 of being the healthiest financial position the charity has ever been in, despite the challenges presented by the Covid-19 pandemic.

The trustees have a target of holding sufficient reserves for six months of operations - as was the case on 30th June 2021. However, the inconsistent timing of grants and contracts, as well as the fact that the charity does not have dependents for essential services, means that this ambition does not have to be followed strictly.

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Future Plans

United Social Ventures is aiming to create a bridge for entrepreneurs over the Pioneer Gap for young entrepreneurs at the very start of their journey.

There’s a $930 billion “Missing Middle” in small and medium sized enterprises (SMEs) in low-income countries and in Uganda this finance gap is $4.87 billion - ninetimes the current supply of $0.53 billion (all IFC, 2017). We believe this “Missing Middle” is largely caused by a bottleneck at the very earliest stages of the startup pipeline - before entrepreneurs have generated seed investment ($50,000+) - which has been termed the “pioneer gap” .

So, if we can prove that our roadmap methodology for advising social startups is effective at helping them to cross this gap, then we will have built a model that will be highly scalable around Uganda and far beyond.

Therefore, the current plans are to demonstrate the power of this model in Uganda, while concurrently strengthening both the training and the advisory services iteratively based upon feedback and data captured about all the ventures. Part of this will involved doubling the size of activities in Uganda every year.

In the medium term, we will be able to start thinking about how we could support social entrepreneurs in other countries. This might involve offering remote advisory services across Africa soon in order to gauge demand for different countries. Then, once a country has demonstrated sufficient demand for our services, we could open a physical country office.

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The Accounts

Statement of Financial Actitivities

1[st] July 2020 – 30[th] June 2021

Unrestricted Restricted 2020/21 2019/2020
Funds Funds Totals Totals
GBP GBP GBP GBP Notes
Incoming Resources
Donations and Legacies 34,474 - 34,474 21,056 1
Charitable Activities 17,278 - 17,278 13,184 2
Total Incoming
Resources		 51,752 0 51,752 34,240
Resources Expended
RaisingFund 4,146 - 4,146 3,625 3; 6
Charitable Activities 28,735 - 28,735 24.646 5;6
Other 5,080 - 5,080 5,440 4;6
Total Resources
Expended		 37,961 0 37,961 33,711
Net Income/
Expenditure		 13,791 0 13,791 529
Funds brought forward
start ofperiod		 13,060 0 13,060 12,531
Funds carried forward
end ofperiod		 26,851 0 26,851 13,060

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Balance Sheet for 30[th] June 2021

2020/2021 2019/2020
Totals Totals
GBP GBP Notes
Fixed Assets
Tangible Assets 162 243 7
Total Fixed Assets 162 243
Current Assets
Debtors 7,059 -
Cash at Bank and In
Hand		 25,271 15,827
Total Current Assets 32,330 15,827
Liabilities
Creditors - Current 5,641 3,010 8
Net Current Assets 26,689 12,817
Total Net Assets 26,851 13,060
Charity Funds
Restricted Income
Funds		 - -
Unrestricted Funds 26,851 13,060
Total Charity Funds 26,851 13,060

Accounts approved by the trustee body on 30[th] April 2022

Phil Orwin Chair of Trustees

Renee Loades Treasurer

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I CHUCKLE & CO P. Q. Box 8582 Kxmp•la UyDd Trf: +2q6-70246S278 +256-772- 66(1094 +25&7ll- 646601 Clretn Land Tover5 Fourth Floor Room OIA TrTrTr.chuckltu •fhucklcu Inthpendefit Awlltorfs Report To The Dlrqclors 0¢ UP41TED SOCIAL VENTUIIES for the yt•r •nd•d 30• June 2021 We havè audited the attompanyify fina￿la1 statements of UNITED SOCIAL VEpifuRES whlch tomwi5e the Ststsment of Flnancial positM)ft as ai 3(ft June 2021 the Statement of 0)rnpreheft￿ve irKome. statement of changes in Equity and ststement of C￿ for the yelr then ended. and a s(wnmary of 5i8nificant •ttounting pollcles afid otherexpthnatory notes. In our opinion. accompanyiry fin•nclal staternents 8S¥e a true aNI hlr vlew of financial positio of UNITED SOCIAL VElItURES as at ￿ June 2021 and its financial perlorniaKe and its cash IIDWS for the year then en(le(I In attordarKe with InleMa￿￿I Anancial Reportity Standards for small and rnedium Siied enterpnses arnl Companies acL •••b •f op0￿ We conducted our a￿11¢ in accordance with Intern•tioMI Stsrnlards on A￿litIn￿ IISAs1 and Guldelines issued by the Institute of Certified Public Accourrtants of U8anda. Our ￿5￿)nSIbIlItIeS under Ih05e 51andards are lurther de5uibed in the AL￿l10r,S responsibilities for the Audit of Financlal Statements settion ot ovr report. We are independent of the Indr4Klual in accordance wilh the Intemitlonal Eihics staTh￿rdS Board for Ac(ountants' Code ol Ethics for ProfessM>Tral Accountants IIES8A Code) logeiher with the ethlcal requi￿rnents ihat I￿ relevant to our I￿rrt of ￿ finafKlal mater￿nts in uganda. and we ha fulfilled our other ethical resp)nsibllitles in acCorda￿e with ihese requirements and the IESBA Code. We believe that audit evidence we ha￿ obtalned bs suffKient and apprOpr￿e to pmvth a basls for our Opinion. Key audit matters are those maiters th. in our wofessional jud8menL were of most signific•r)ce in our - LKlit of the financial statements of ihe current perlod. No Key audil matter5 We￿ addressed in the context of our audit ot the flnancial ststements as a whole. in folm1￿ opinlon thefeon. and 50 we do Doi wovwje a separate oplnion on ltr￿ matters. Man¥Èment 15 responslblè for the preparatlon arnl faif presentatbm of the financial statèments In tordance with IFRSS for SMES, and for Such Inteffl￿ mntrol as management determines Is necessary to enable the p￿paratknTr of financial statements that a￿ free from material rnisststernent. whether due to fraud or error. Flnn AFOIZ6 P4an•slng Partw. Bwnza Ronnle P4rtner. Nsurnba laJDÈck The Ilrm ts Ilcell•￿ thl re8ulated by th¢ IngUtMtt olcertlfled Publlc Actountatsts of U8an

In prepariw the financial staternent5. mamgement IS fesponsible for JssÈssin8 th¢ Indivlduafs ablllty to continue as a eolw concem. disc105iw as applicabbe. matters related to going corKern and usin8 the Boirya concem bashs of accountlngunle$5 mana8érnent either intends to INuidate the Company or io cease operaikins. or has no realbStK ahernatpft Imjt to do $0. Those charyed with 8overnafice are responsible for overseelng ihe CtyYwan(s ffinarKial re￿rt￿l woces Audltorfs Responslbllltles for Il Audlt olth• Stat•m Ourobiethes are to obtaln reasonable assurance aljout WIthrt￿ financlal staiements as • wlM)le are free fnyn material mlsstatemenL whether due to frawj or error. and to is5￿ an a(lltorfs rÈpon that incl￿e$ our o￿nk)n. Reasonable a5sur•nce is a hydh level of assurance. but Is not & guarantee that an audit conducted in accordance wlth1&4s WIU I￿1¥5 detect a material missta¢effnt when it exhsts. Mlsstatements can arfse from fraLKt or efror and are conthrtd maiefl•l 11. Individualty or in the a88re8ate. they ¢ould reasonabty be exirted to influence the econDmit declsk)ns of Use￿ taken the b0515 of these fi￿nCIlI Ststem￿l5. As part of an a￿lIt in a¢ix)rdance wlth ISAS, Tht exerclse prote$5ional jLwJBfflent and maintaln prolessional skeptklsm throughout the audit. We also: Idenffly and assess rlths of materfal ffl15statem￿ of finarKial statements whether due to frnud or efror, desi￿ and perform awllt wocedures reS&￿51¥e to rtsks, and obtain audlt evidence that IS sufficient and appfOSWiate io provkle a basls for our opinion. The risk of not dettctlng a material mlsstalement resultin8 froffl fraud is hl8her than for one resultin8 from error. as fraud may iTh4ol¥e coIILtsk)n. forgery, inteffjKMwI Omissk￿ Mlsrepresentatl(￿4 or ￿ oveTTide of InieTnal convol. Obtsin an urKlerMandlfi8 of lfttemal control reknnt to the a￿lt kn order to deslgn a￿1￿1 pr￿￿ureS that are appropriate in cinimstances, not ftr purpgse of expfesslry an opinion on ihe effe(tl¥en•ss of the Individuafs iniernal control. Evaluate the apwo¢rf4tèMss olx£ounilni used and the reayun•blenvs5 vI4LwuiilS14 esilmltes •nd reknted d15thu￿$ made ty m•n•8ement. "ConclLKle on il appropriateness of mamtemenys use of the ￿Ore concern basts of Kcounting and. based on aLwJIt eVIde￿e obtained. fknether i materlal uncertainty exists related to event5 or condilions that may cast swifiunt doubt on the Individuafs ablllty to continue a5 a 8Oin8 concern. Itwe conclude that a material urbcertalnty exists. we are required lo draw attentlon in our aLKlitorfs report to the related diScknsu￿S In the flnancl•l statements or. il such dSsck)sures are Inadeqtwte. to modify our opinion. Our conclusions a￿ based on ihe audlt evldence obtained up 10 the date of our audiiorfs report. Ho￿*Ver. fylwe events or Condi￿n$ nw the Indfvldual lo cease to contlnue as a 8olr48 concem.- 5b

Evaluate overall presentation, stru¢tur• and content of the finandal statements. ir￿Uding the disclosu￿$. and whether the financial statements represent the undert￿.n& tra1￿ctIonS and events in a manner that achieves falr presenmion. We communicate with those charged with 8o¥emance rrfardin& among ot￿1 matters. the planned scope al￿ tirnlng of theaudil and si8nificant a￿lit find￿&5. IK1￿￿1￿ any si8niknni deficiendes in intemal ¢ontrol that we Identlfy durlng our aLKIrt. We also provide IhDse charyed wlth 8ovemance wlth a siatement that complled with ethical requirements reGardir Indepe￿￿te. and to commufilcate wlth them all relatlonshlps and other matter5 that reasonably be ttwht to Ixar on our irthpendence. and where applieable, rel•ted safeguards. "From matters communkaied wlth t1￿ charged wlth S￿em•r￿¢. determine those matter5 that were of mtssi sIgnI￿rtt In the ludlt of ihe financlal mtements of the cuirent PerK￿ and 3re therefore the key athllt matlefs. We descrlbe these matters kn our •vdltorf5 ￿POrt unless law or regulation pred￿leS publlc dlsclosure about the matter or when. kn extremely rwe clrcufflstanw. we deterniine ihji a matter should not be con¥municatsd in Ouf report becaLtse the •d¥etse consequences of doin8 50 woukl reasonabty be expected io outTith the interest berth of communlcatlon." Report on Other 14al and Re￿Iat￿ Rwlr•fflffits 'As requlred CIMn￿￿% Kt. to based on audlL that l. We ha¥t obtained am the inforniatlon •nd eXplaN￿￿$ wlmch to the best of our knowledge •nd bellef were necessary for the PUryK>se of our audiL 2. In our opinion. w>per books ol %tount have been kept trrf the Cryry 50 as appears from our exarninolion of those Lwk5: and 3. The Cofflparfs statement of flnanclal wJsftw)n and Stalen￿ of cwiprehenslbt lficome are In a8￿ement with the bth)ks ol actounL' ChKkle and Co. Ceriified Public Accountants luga￿} n 29tEcim Kampala The enwemenl partner on audlt re￿thI Ronnle. ndent I￿lIto¢S réport Is CPA Wonz4 Pradklng number P0172

Notes to the Accounts

The accounts were prepared in accordance with: the Accounting and Reporting by Charities: Statement of Recommended Practice (SORP 2015); the Financial Reporting Standard for Smaller Entities (the FRSSE); and the 2011 Charities Act.

These accounts were prepared on the accruals basis of accounting. Hence, all income and charges relating to the financial period are brought into the accounts without regard to the date of payment or receipt.

Most of USV’s expenditure was in Ugandan Shillings (UGX). When calculating these costs in British Pounds, we used the daily exchange rate given by the Uganda Revenue Authority.

Disclosure of Trustees’ Remuneration, Benefits, and Expenses - None of the trustees have been paid any remuneration or received any other benefits from an employment with the charity or a related entity.

Disclosure of Related Party Transactions, General Volunteers, Staff Costs and Emoluments - Leo Henghes, as a co-founder and Team Leader, is a related party. He was paid a monthly salary of UGX 5,000,000 throughout this period. As in the previous 4 years, we believe the market value of his time to be £1,800. Therefore, we recognise the contribution of his volunteering over the period as £9,432.

1. Income from Donations and Legacies (All Unrestricted)

2020/2021 2019/2020
Unrestricted Unrestricted
GBP GBP
Crowd funding 6,876 6,454
Grants 14,141 2,500
In-kind contribution 9,432 11,000
Other donations 4,025 1,102
Total 34,474 21,056

2. Income from Charitable Activities (All Unrestricted)

2020/2021 2019/2020
Unrestricted Unrestricted
GBP GBP
Exchange Program 0 935
AdvisoryFees 266 118
Workshop Series
Contracts		 17,012 12,131
Total 17,278 13,184

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3. Expenditure on Raising Funds (All Unrestricted)

Activities
Undertaken
Directly		 Suppor
t Costs		 Total
2020/21		 Total
2019/2020
GBP GBP GBP GBP
Information
technology		 58 58 14
Other 255 10 265 199
Human resources 3,498 3,498 2,827
Equipment &
stationery		 0 0 20
Travel costs 20 20 380
Conference fees 305 305 185
Total 560 3,586 4,146 3,625

4. Expenditure on Other Costs (All Unrestricted)

Activities Support 2020/21 2019/2020
Undertaken Costs Total Total
Directly
GBP GBP GBP GBP
Bank charges 353 353 186
Information
Technology		 58 58 14
Asset Depreciation 81 81 122
Human Resources 3,498 3,498 2,827
Equipment &
Stationary		 20
Legal fees 323 323 120
Audit and accounting
fees		 478 478 369
Exchange rate losses 411 81 225
Travel 20 20 37
Permission and
licenses		 1,158
Other 146 10 156 362
Total 1,495 3,586 5,081 5,440

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– 5. Expenditure on Charitable Activities Direct and Support Costs (All Unrestricted)

Activities
Undertaken
Directly		 Support Costs Total 2020/21 Total
2019/20
Training
Workshops		 54 21,511 21,565 18,036
Advisory
Services		 0 7,170 7,170 0
Exchanges 0 0 0 6,610
TOTAL 54 28,681 28,735 24.646

6. Analysis of Support Costs (All Unrestricted)

All support costs have been split between all activities with the ratio based upon approximate time spent on each one: 10% for raising funds; 60% for trainings; 20% for advisory; and 10% for other administrative work.

Support costs Raising
Funds		 Training
Workshops		 Advisory Other Total
IT 58 348 116 58 580
Human Resource 3,498 20,985 6,995 3,498 34,975
Travel costs 20 118 39 20 197
Equipment &
stationery		 - - - - -
Airtime 8 45 15 8 76
Meals and
refreshment		 2 15 5 2 25
3,586 21,511 7,170 3,586 35,853

7. Fixed Assets and Depreciation

Tangible fixed assets are capitalised if they can be used for more than one year, and are valued at above £100.

Value on
Value on 30th Depreciatio 30th June
June 2020 n 2021
Laptop 243 81 162
TOTAL 81 162

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8. Creditors

On 30[th] June 2021, a total of £5,641 was owed to creditors.

This included:

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