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2022-06-30-accounts

UNITED SOCIAL VENTURES Trustees, Report and Accounts For the Year Ended 30th June 2022 2021-2022

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
Uganda Address: 28 Upper Kololo Road,
Kampala
P.O. Box 10840

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

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
Kampala
Auditors: Chuckle and Company
Certifed Public Accountants
4th Floor, Greenland Tower
Plot 31, Kampala Road
P.O. Box 8582
Management: Leo Henghes (Team Lead)
Max Weber Asiimwe (Uganda Country Manager)
Esteeri Kabonero (Programs Lead)
Dan Wasswa (Ventures Lead)
Trustees: Phil Orwin (ended September 2022)
Louis Graham (ended September 2021)
Sidney Muhangi
Zoe Cuckow (ended February 2023)
Chris Waller
Jessica Falkner
Renee Loades (Chair)
Sabina Pasokhy
Jake Smaje (ended February 2023)
Edline Murungi (ended November 2022)
Mary Helda Akongo (joined February 2023)

CONTENT

United Social Ventures: Trustees’ Report and Accounts for the Year Ended 30th June 2022

Letter From the Chair of Trustees

I am delighted to be introducing my first report into the work of United Social Ventures since becoming chair. The year of 2021/22 can be summed up as one of significant growth and development for USV. Revenue increased significantly during the year, meaning that activities could be increased, and an additional staff member was also hired.

As you will read in the report, we worked with over 130 startups in 2021/22, including Amara Pads making reusable sanitary pads. A new initiative was launched in collaboration with innovation spaces within Kampala to be able to run workshops at their sites. This allowed workshops to be held without there being an associated venue cost, allowing the increased revenue that had been earned to be spent on more impactful areas.

The “Venture Roadmap” was developed, with the aim of standardisation and cost reduction. Ultimately this means that more ventures can be assisted and progress through the venture journey with USV. This will greatly increase the impact that USV is able to have and is changing the way in which USV interacts with ventures.

What underpins our impact and how we support success is our curriculum content and how we provide support to our ventures, whether directly or through programs with other partners.

I would like to thank everyone who has supported us, and who make all of the work that we do possible. We truly value and appreciate all of the support that we receive.

I hope that you enjoy reading the full story of 2021/22 showing all of the achievements that I am unable to write about here. We look forward to many more years together.

Renee Loades Chair of Trustees

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United Social Ventures: Trustees’ Report and Accounts for the Year Ended 30th June 2022

Letter From the Team Leader

2021/22 represented a growing ‘professionalisation’ of United Social Ventures. Earnings from our activities (as opposed to charitable donations/grants) rose by 239% and represented almost two-thirds of the entire charity’s budget - a hugely significant step forward as we aspire to practise what we preach and be a viable social venture ourselves.

Over the year, our team grew with Esteeri Kabonero and Dan Wasswa joining in November 2021 and both having a big impact on the scope of work we could take on such as the Uganda Green Enterprises Financing Accelerator. Their backgrounds academically, professionally, and as entrepreneurs significantly hastened the standardisation of our support for entrepreneurs with our Roadmap into 123 steps and tools for entrepreneurs to use.

Max Weber Asiimwe was promoted to Uganda Country Manager in March 2022 - a sign of the office becoming increasingly self-sufficient without me. This was further demonstrated at the very end of the year, as I spent over 6 weeks out of the country without a hitch to our work.

Another key development in this period was the success of the Canada-Africa Innovation Fellowship in partnership with Engineers Without Borders Canada. The first of these cohorts ran from May to August 2021. At the end 5 startups were created and I received a fantastic validation of our work from an email from EWB saying “thank you for all the wonderful work with the fellows. Yesterday [the pitching event] was amazing, seeing what the fellows were able to accomplish within a short time frame and more so virtually just blew off the minds of many people especially within EWB staff.” By the end of June 2022 we were halfway through a second cohort of the program - this time including fellows creating social ventures in Ghana as well as supported by USV over Zoom.

This experience of providing virtual business development services gave us many ideas about how we might begin to scale USV’s model - a theme that we will no doubt continue to explore!

Leo Henghes Founder and Team Lead

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United Social Ventures: Trustees’ Report and Accounts for the Year Ended 30th June 2022

Introduction

This trustees’ report and accounts for United Social Ventures is for the year starting 1st July 2021 and ending 30th June 2022.

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.

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United Social Ventures: Trustees’ Report and Accounts for the Year Ended 30th June 2022

Structure,Governance, and Management

United Social Ventures is must be at least three charity a Charitable Incorporated trustees, and new trustees must Organisation (CIO) governed be appointed for a term of three according to the Constitution years. In selecting individuals, dated 11th October 2014. It was the charity trustees must have established on 22nd October regard to the skills, knowledge 2014. and experience needed for the effective administration The charity trustees manage the of the CIO. Trustees will induct affairs of United Social Ventures. new trustees with a copy of The trustees are responsible for the constitution and the latest keeping sufficient accounting Trustees’ Annual Report and records that disclose with Accounts.

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.

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 Lead, Mr Leo Henghes.

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.

Membership of the CIO is restricted to its trustees. There

Objectives and Activities

The objects of the CIO are:

To develop the capacity and skills a 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.

To promote the voluntary sector b anywhere in the world for the benefit of the public in particular but not exclusively by:

ii Promoting the efficiency and effectiveness of charities and voluntary organisations; and

iii Promoting equality and diversity by promoting activities to foster understanding between university students from diverse backgrounds.

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United Social Ventures: Trustees’ Report and Accounts for the Year Ended 30th June 2022

“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 three categories:

1

3

Training Programs

The Charity can run cohorts for participants to either (i) Design new social startups; (ii) Build their startup’s model; or (iii) Grow their startup to create systemic change. These cohorts consist of workshops - taken from our curriculum of 36 different half-day modules - and one-to-one coaching.

Programs are generally run in partnership with other institutions (e.g. universities, innovation hubs, other institutions) who subsidise the participants - who they often select - and provide the space.

Governance, Administration, and Raising Funds ng Programs

Lastly, in order to be able to meet all its objectives, USV runs regular administrative meetings and fundraising activities. Fundraising occurs throughout the year, but with a particular emphasis on a match-funded crowdfunding campaign in November/ December.

The board of trustees has meetings every 2-3 months.

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.

2

Ventures Advisory Services

The Charity also works directly with individual social ventures through one-to-one coaching sessions.

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. Ventures are taken through USV’s Roadmap methodology to help them to maximise their impact, financial sustainability, and scalability. At different stages on the roadmap, once sufficient progress has been made, ventures are also assisted with raising funds.

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.

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United Social Ventures: Trustees’ Report and Accounts for the Year Ended 30th June 2022

Achievements & Performance

Perhaps the greatest achievement of USV in 2021/22 was increasing its earned revenue from charitable activities by 239% - from £17,278 to £41,349. With this significant increase in revenue came a corresponding increase in activities and impact. We ran over 100 workshops during the year and worked with over 130 startups.

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United Social Ventures: Trustees’ Report and Accounts for the Year Ended 30th June 2022

Programs

8 Programs were held during the financial year:

----- Start of picture text -----
No. Hours of
Programs Partner Dates Participants
Workshops Coaching
MasterCard
Makerere Scholars MasterCard at
Entrepreneurship Makerere Whole Period 16 startups 26 100
Fund - Cohort
Canada-Africa Engineers
Innovation Fellowship Without May - August 30 fellows / 5 15 30
2021 Borders Canada 2021 startups
Human Centered Resilient Africa July - August 110 people / 34 30 –-
Design Short Course Network (RAN) 2021) startups
Enterprises Financing Uganda Green Adelphi research gemeinnützige September 2021 - Ongoing 14 startups –- 104
Accelerator GmbH
National ICT
Initiatives Support Resilient Africa October 2021 - 8 startups 16 140
Program (NIISP) Network (RAN) June 2022
2021/22
Regular Workshops Multiple January 2022 - –- 6 –-
Ongoing
Makerere Curriculum
Development - Phase Resilient Africa March 2022 - –- –- –-
Network (RAN) Ongoing
2
Canada-Africa Engineers
Innovation Fellowship Without Borders May 2022 - 8 startups 14 30
Ongoing
2022 Canada
----- End of picture text -----

MasterCard Makerere Scholars’ Entrepreneurship Fund Cohort 3

After USV had led on the technical assistance for an initial two cohorts for the MasterCard Foundation’s Scholars’ Entrepreneurship Fund 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:

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United Social Ventures: Trustees’ Report and Accounts for the Year Ended 30th June 2022

Over the course of 2021, USV ran 26 webinars for the 16 ventures, as well as offering over 100 hours of oneto-one coaching to each of the beneficiaries. Sessions in this reporting period included topics of: Risk Register; Creating a Workplan; Prototyping Presentations; Value Chain & Partnerships; Risk Register Presentations; Scaling Strategies; Raising Funds; Managing Finances; Social Venture Canvas; Impact Measurement; and Team Building.

Canada-Africa Innovation Fellowship 2021

At the start of 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 to design 5 new startups. The cohort was one of the most rewarding programs USV has ever run, given the depth of support and commitment of fellows. The 5 solutions to result were:

EWB were very impressed by the results. In an email there Programs Manager wrote: “I would like to say thank you for all the wonderful work with the fellows. Yesterday [the pitching event] was amazing, seeing what the fellows were able to accomplish within a short time frame and more so virtually just blew off the minds of many people especially within EWB staff. … I couldn’t be more happy.”

I would like to say thank you for all the wonderful work with the fellows. Yesterday [the pitching event] was amazing, seeing what the fellows were able to accomplish within a short time frame and more so virtually just blew off the minds of many people especially within EWB staff. … I couldn’t be more happy

Human Centered Design Short Course

ResilientAfrica Network approached us to run a short course for Makerere students introducing them to Human Centered Design virtually in 6 webinars - each 2-hours long - over 2 weeks. We ran 5 cohorts of this course from 5th July to 13th August with a total of 110 participants.

In the first session, participants were formed into teams on the basis of common Sustainable Development Goals of interest and then teams created “How Might We…” design challenges. The second session then took teams through the process of empathising with their potential users through the Persona tool. The third session built on the lessons from Personas to generate ideas with the Fast Idea Generator tool.

the idea - and participants were able to share their elevator pitches at the end.

The impact of this short course in terms of designing innovative ventures was limited as

(i) students were not sufficiently committed - especially to generate learnings outside of sessions;

(ii) this made team formation difficult as team members could drop off and everything was held virtually;

(iii) many ideas were relatively generic because of a lack of time for deeper situational analysis and interviewing, and

In the second week, teams created User Journeys to evaluate the feasibility of different ideas and then they identified rapid prototyping tests to complete to further explore the ideas’ potential. The final session was for creating a pitch deck to summarise

(iv) there wasn’t really the time to learn from rapid prototyping. However, as a learning experience for participants it was worthwhile.

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United Social Ventures: Trustees’ Report and Accounts for the Year Ended 30th June 2022

Uganda Green Enterprises Financing Accelerator (UGEFA)

In September 2021, USV won a tender to support 4 ventures who have received a loan through the UGEFA scheme for 13 days each of one-to-one coaching. However, UGEFA were slow to connect USV to the startups, so by the end of June 2022, the work had really only begun on one venture and the contract timeline was extended.

In March 2022, USV won a second contract with UGEFA to run workshops under the “Catalyser” program to assist entrepreneurs in applying for the loans with partner banks. The main part of this work was to run three weeks of workshops - to begin in 2022/23.

National ICT Initiatives Support Program (NIISP) 2021/22

This was the third cohort of NIISP grantees that RAN contracted USV to run a program for. This cohort consisted of 8 enterprises who were collectively to receive UGX 650M ($180,0000) from the Ministry of ICT.

16 workshops were held (15 webinars and 1 workshops) on topics including: Social Venture Canvas, Target Market Analysis & Personas, Jobs To Be Done & User Journeys; Rapid Prototyping; Financial Modelling; Sales & Marketing; Workplanning; Value Proposition & Pricing; Value Chain & Partnerships Analysis; Scaling Strategies; Digital Marketing; Financial Management; Risk Register; Legal Compliance (Governance & IP); Impact Measurement; Pitching; and Team Coordination. The program also involved 140 hours of one-to-one coaching for ventures to develop their business models and pitch decks.

The biggest challenge in the program was a delay to money being received from the Ministry of ICT - most of which hadn’t been received by the startups at the end of this period and limited the enthusiasm of participants for the whole program.

Regular Workshops

In February 2022, we launched a new initiative to collaborate more closely with other partners within the entrepreneur support ecosystem by reaching out to 15+ innovation spaces in Kampala to run workshops from their sites with no financial transaction. We offered hubs the opportunity to choose

(i) the particular dates (so long as not clashing with a prior USV engagement) and

(ii) the module USV would deliver - from out of 36 different options so long the topic hadn’t already happened in the same quarter. Then we would jointly advertise each event to our networks of entrepreneurs.

The benefit to USV was:

(i) a calendar of workshops to add value to our membership offer;

(ii) increased visibility/access to networks of prospective venture clients; and

(iii) business development with hub to generate more program contracts.

Partners and participants were impressed with the content of trainings and it seemed likely this initiative would create new opportunities in 2022/23. The biggest challenge was predicting attendance. For example, one week we had 80 sign-ups on Eventbrite and only 20 attend - many 30+ mins late. The most successful workshops were those that were integrated into a program of the partner hub.

6 initial workshops were held between April and the end of June:

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United Social Ventures: Trustees’ Report and Accounts for the Year Ended 30th June 2022

Makerere Entrepreneurship & Innovation Curriculum Development

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.

Following on from the initial building of the curriculum materials in 2020/21, in February 2022 USV was awarded a second phase to build the curriculum onto the Makerere e-learning platform. The idea being that with each unit, students will watch 10-16 short videos (each approx. 3 minutes), then complete a tool that has been introduced in the videos, and finally present their work in a class facilitated by a Makerere lecturer - a flipped classroom, blended learning approach.

18) Pitch Deck

This project has taken longer than anticipated because this is the first time USV has created scripts and filmed content. And, with the number of videos has increasing during the writing of scripts from 170 to be over 200.

We are very confident that this curriculum will provide a brilliant experience for students to create startups going forward. In 2022/23, the e-learning platform will be tested in pilots and introduced to Makerere faculties. This project is exciting because it represents an opportunity to eventually reach thousands of undergraduate students each year with a quality entrepreneurial education.

The core work was to transfer all the content (18 units, 200+ videos totalling 8+ hours, 20+ tool handouts) onto the Makerere University e-learning platform. By the end of June, most of the scripting of the videos had been completed and a few modules had been filmed. The curriculum has been divided into two separate modules - Design and Go-To-Market - with 9 course units in each:

This project has taken longer than anticipated because this is the first time USV has created scripts and filmed content.

12) Value Chain & Partnerships

13) Financial Modelling 14) Marketing, & Communications 15) Customer Relationship Management 16) Strategic Growth Planning 17) Legal Registration

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United Social Ventures: Trustees’ Report and Accounts for the Year Ended 30th June 2022

Canada-Africa Innovation Fellowship 2022

Following the success of the inaugural CAIF in 2021, the program was extended in 2022 to include 9 students from Ghana, along with 9 students in Uganda and 11 in Canada. They were working on 8 startups: 3 in Uganda, 3 in Ghana, and 2 in Canada.

By the end of June 2022, 14 out of 30 webinars had been completed and the 8 teams were evaluating the potential of different ideas ahead of prototyping. Net Promoter Score surveys at the end of each session were averaging 32.6.

(2) Venture Advisory Services

In November and December 2021, a lot of work was done building on the venture journey with United Social Ventures. This became coined as the “Venture Roadmap” - a matrix with 9 different stages of startup growth from $0 to $250,000 in funding and 16 different areas of the venture to be assessed at each stage. By the start of 2022, there were 121 criteria within this matrix, and each criteria was assigned a ‘micro-consultancy project’ to be undertaken by a USV consultant where this criteria was identified by the matrix as the weak link of the startup.

The idea around this Roadmap was to

(i) Standarise the support provided by USV regardless of the particular consultant, and

(ii) Reduce the cost of consulting by breaking it down into small parts and working from clear templates on each project.

Ventures would have an initial ‘Roadmap Meeting’ with two USV consultants would would ask enough questions to map out all the 121 criteria. They would then be offered Membership (UGX 100,000) or Partnership (UGX 10M in revenue/funding-share) for ventures that were most exciting. Once Members, ventures received a 2 page ‘micro-business plan’ and were then offered ‘micro-consultancy projects’ which correspond to the first criteria they don’t meet in the roadmap.

By the end of the period, we has held over 70 roadmap meetings getting ventures into this process and had over 80 ventures still lined up for this. 3 ventures had formally signed up for the Venture Partnership - MyLib, Akatale, and Vertical Farms. However, there was a growing understanding by June 2022 that we needed to change the language of the partnership offer away from ‘100 hours of support’ to “you’ll get outputs x, y, and z” (such as a full strategy document and pitch deck) so that the value is better understood.

(3) Governance, Administration, and Raising Funds

On the trustee boad, Phil Orwin resigned as chair in March 2022 owing to personal circumstances and Renee Loades - previously the treasurer - was appointed as the new chair. Louis Graham left the board after serving two terms in September 2021. There were no safeguarding incidents during the period.

The staff team grew from 4 to 5 people during the period. Shirley Kandabu left her role at the end of August 2021 and Esteeri Kabonero and Dan Wasswa both joined the team at the start of November 2021 as Senior Consultants. Both brought a huge amount of experience in the social entrepreneurship space in Uganda and significantly enhanced the capacity of the team. In March 2022 Max Weber Asiimwe was promoted to Uganda Country Manager and began to attend board meeting with the Team Lead, Leo Henghes.

This expansion of the team was made possible by a grant of $15,000 from burger:sinn:stiftung - their biggest ever donation to the charity. They remained the vital partner for the charity.

A sum of UGX 100, 000 would be offered for Membership or Partnership for Ventures that were most exciting.

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United Social Ventures: Trustees’ Report and Accounts for the Year Ended 30th June 2022

We raised a total of £7,567 from our December 2021 Crowdfunding campaign:

----- Start of picture text -----
2020 2021
TOTAL (after reclaims)
No. of Givers 56 33 -41%
£’s from Trustees £2,150 £850 -60%
£’s from Champions £2,860 £3,175 11%
£’s to be reclaimed £0 £0 -
- - -
£’s from Exchange
Match-funding £5,000 £2,750 -
Gift Aid £1033 £888 -
Platform Fees -£148 -£96 -
TOTAL £10,895 £7,567 -31%
£10,895 £7,567 -31%
----- End of picture text -----*

This was a 31% fall on 2020 - mainly caused by not getting match-funding from the Big Give partners. £2,750 of this came a further donation from burger:sinn:stiftung. The ‘Champion’ model seems to be working well, with an 11% increase from them compared to 2020.

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United Social Ventures: Trustees’ Report and Accounts for the Year Ended 30th June 2022

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 £63,325 (from £51,752 in 2020/21); resources expended were £63,041 (up significantly from £37,961). The surplus for the year was £284.

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United Social Ventures: Trustees’ Report and Accounts for the Year Ended 30th June 2022

65%

Rise in Total Charity Income

88%

Decrease in contributions from Mr. Leo Henghes.

£63,325 Total Income resources

£29,143 Charity’s net assets by 30th June 2022

Most significantly, revenue from charitable activities rose 239% (from £17,278 to £41,349) and represented 65% of the charity’s total income. Over time, we ought to be able to grow income from charitable activities to cover operations costs - with donations and grant funding covering growth initiatives.

Also pleasingly, the in-kind contribution from USV’s co-founder, Leo Henghes, decreased by 88% to just £1,165 (from £9,432). This means the charity is far more sustainable than in previous years where it was extremely reliant on Leo’s continued willingness to work at belowmarket rates.

On 30th June 2022, the charity’s net assets were £29,143. However, the increase in the burn-rate to around £6,000 per month meant that this financial position had not quite met the target of holding reserves of six months of operation

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United Social Ventures: Trustees’ Report and Accounts for the Year Ended 30th June 2022

Future Plans

United Social Ventures believes social startups are the best tool for any changemaker to lead impact act scale. The biggest roadblock to these social startups is the Pioneer Gap - prior to receiving $100,000 in funding. So, our processes are focused on supporting social entrepreneurs at these earliest stages of their journeys. In a sentence, we help these social entrepreneurs build their startups to lead impact at scale.

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United Social Ventures: Trustees’ Report and Accounts for the Year Ended 30th June 2022

We believe that our Venture Roadmap methodology can be further developed to provide a framework to assist ten-of-thousands of social entrepreneurs around the world across the Pioneer Gap.

So, immediate plans at the end of June 2022 were to center programs around this methodology - including as much one-to-one coaching and consultancy as possible. Effectively, partners would be subsidising entrepreneurs and this will enable USV to further develop and refine the Roadmpa process.

metrics, we should also be able to get larger grants to further subsidise our work and offer better rates to entrepreneurs. This data could eventually be used predictively to gauge the likelihood of progress and this be used to radically reduce the due diligence process for investment - triggering significantly more capital into early-stage startups in low income economies.

A second step will then be to find a model for entrepreneurs to directly pay for these services through a revenue/investment-sharing model. This has started with the trialing of the Partnership arrangement. Building this out will dramatically enhance USV’s ability to scale - as the ceiling to growth would become the demand and success of startups, rather than the number of program contracts available.

Once this model is further developed with face-toface work in Uganda, we will also be able to test whether the same process can work entirely virtually. If it does, this again will significantly increase USV’s ability to reach social entrepreneurs around the English-speaking world within a few years.

With the improvement of our tracking of impact

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United Social Ventures: Trustees’ Report and Accounts for the Year Ended 30th June 2022

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.”

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United Social Ventures: Trustees’ Report and Accounts for the Year Ended 30th June 2022

Statement of Financial Activities

1st July 2021 – 30th June 2022

Unrestricted
Funds
GBP
Restricted
Funds
GBP
2021/22
Totals
GBP
2021/22
Totals
GBP
Notes
Incoming Resources
Donations and Legacies 21,976
-
21,976
34,474
1
Charitable Activities 41,349
-
41,349
17,278
2
Total Incoming
Resources		 63,325
0
63,325
51,752
Resources Expended
Raising Fund 5,945
-
5,945
4,146
3; 6
Charitable Activities 47,670
-
47,670
28,735
5;6
Other 9,949
-
9,949
5,080
4;6
Total Incoming
Resources		 63,564
0
63,564
37,961
Net Income/
Expenditure		 -239
0
-239
13,791
Funds brought forward
start of period		 26,854
0
26,854
13,063
Unrealised exchange
gain on translation		 2,005
0
2,005
Funds carried forward
end of period		 28,620
0
28,620
26,854

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United Social Ventures: Trustees’ Report and Accounts for the Year Ended 30th June 2022

Balance Sheet for 30th June 2022

2021/2022
Totals
GBP
2020/2021
Totals
GBP
Notes
Fixed Assets
Tangible Assets 1,566
165
7
Total Fixed Assets 1,566
165
Current Assets
Debtors 23,880
7,059
Cash at Bank and In Hand 13,322
25,271
Total Current Assets 37,202
32,330
Liabilities
Creditors - Current 10,148
5,641
8
Net Current Assets 27,054
26,689
Total Net Assets 28,620
26,854
Charity Funds
Restricted Income
Funds		 -
-
Unrestricted Funds 28,620
26,854
Total Charity Funds 28,620
26,854

Accounts approved by the trustee body on 15th April 2023

Renee Loades Chris Waller Chair of Trustees Treasurer

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Unitedsocit71 Ventures.- Trustees'Report andAccountsfor the Year Ended 30th June 2022 Letter From Auditor ¢orpAKf P. O. Box 8582 Kampaia U¢nd T¢4: +256-702468278 256-7n- 660094 +25&772- 64￿] Greem l.and ToN'ffs Trlfth Floor Room Nmher SF06 .chuckleu .¢om fo o ehutkltts .¢om Ind•P￿ R•wt ToTh• Nr•<tW5 vl UNITED SOCIALiITpmiRESlor y•w endqd 30thJuM 2022 WÈ ha¥ •udited th¢ Kcomp•nylni finarf41 sut•m¢r￿ of UNITED 5C(L4LVENTUHES whlth compNe the sratement of Fin•ndJl position as at Joth June 2022 statrmeni of cornprehensive Incotne, sutemeni of rh•w In Equbty aDJ siatement ofcash Ilowsfortl ye•r then ended, INI • summary of sl£nlflcant accountina polIc￿S and ptherexplanatory notes. In our Onlon. thE accompanyin8 f1mnc￿¥ 5tatemefits ¢￿ a irue and talr VIÈW of ihÈ flnaThcial position of UNITED SOCIAL VENTURES as at 3￿fv June 20Z2 and Its flnanclal performantt ano its ush flow5 fot Iheyearthen ended inaccord•f￿W1th InternoliDn•l Finandal Reportin8Stordard5 lor small aTrJ medium 5ked ente￿Ise$l￿d Companles act. B￿$￿1091￿10ft Wè our audli tr¢ accordance with Int•fnailonal Standirds on ALtdltSr II&Asl and fjuhyelinés Issued by thE Institute of Certified PubKk ktounianis of UBaTrg4. Our ￿$￿ns￿b￿lit5es undEr those stsndards are further desulbtd ihe Audilor's rtsy)rtslbllSrle5 lorthe Audit of the FI￿r￿la1 Statements seaion of our report. We 4re Independent of thé ifidlvldual in 4¢cordarKt with the InternatvJnal Ethics s￿rI￿rds Board for A¢touniant< Code of Ethi(s forProlsslon•lAccountants IIESBA Code) togetherwith the ￿t￿C41 wusrementsthat a￿ reievaTriio ouroudit of the flnandal staiemenis Uganda, and we have fuffilled our Oihéf ethlcal ￿ponsIbIlItIeS In accordance wth thes¢ requlrements and the IE5BA Code. We bEl¥e ihat the a￿111 eVIden￿ have obuined is suffKient ¥nd •ppropriaie to provide a basls for our opinion. Key Audlt Mattors Key I￿11 matter5 art mitters tIL In ow professh)rwl judsm¢nL of mD5t N8nifkbnte in our audir of the financ￿1 ststemeDts of the curtent perfod. 140 Key audit maithr5 were addre5SEd in the coniext of our audit of the finoncial 5tatemenls as a whole, and in lorminK our oplnlon thereon, and 59 we do noi wwlde a s•yrnte opinion on the m•tters. Respty￿1blllth of M•n¥yn¥nt and Thos• Ch¥pd wlth G￿￿￿•￿101 th• Fln•n¢5•15t•tements Mana8emertt Is re$￿Tr¥ble for thÈ prpaf¥rbn and lair pr•s•fttsikn of the finiDriJl 5tatemeniS In ¢tsrdance wlth IFRSS lorSMEs. and fot suth Internalcontrol as m•nagemeni deterrnines ts necessary io enab￿thC weparatlonof finarxial statementsthat•re freefrom rnaterial mlsstsiemenl wheiher du¢ to fraud or error. Flrm DthAF0126 naIl￿partner. Ba8onza Ronnie Partner.. Nsumba IAffjerk 23

Unitedsocit71 Ventures.- Trustees'Report andAccountsfor the Year Ended 30th June 2022 In p￿pI￿r￿ the financial ststements Ma￿8ement is responslble for assessin8 the IndiV￿￿ar5 ability to continue as a lolng concern. disclosin& as applicable, matters relèted to 8oin8 concern aTrd USI￿ the going concern baslsof accouniin8 unless management eliher Sntendsto liquidate ihp Company oi to cease operaihjns. or has rho realistic altÈmatl¥t but to do $0. Th05e charged with governance are responslble for o¥efseeln8 the Comparfs flnancial report1￿ proces& Audltorfi Amp￿￿￿1110es fot th• Audlt ofth• Ar￿￿([•1 $￿eMents Ourobjectlves are to obtoln ￿050￿able a￿urance about wheiher the financial Statements a5 a whole are free from materlal misststement. whether due io fraud or error. and Io i55ue an audiiDrfs report ihai Indudes our opinion. Rea50nabte assurance ks a hSgh level of a55urance. but is not a 8uaranlee that ali audii conducted In auordan¢e wittt ISAS will alwa￿ detect a materlal mlsstalement when tr exi5t5. Mi55tatements can arlse from fraud or error and are considered miterlal If. Indfvldualty or In the a88regate. they could rèasonabty be empecred to Influence the economic deoslons of users taken on the tsa￿5 of thtrse finandal staiements. As part of an audit in accord•n¢e wlth ISAS. V4 Èxèrdse professk)nal5ud8ment and maintain professional skepticlsm thrOug￿)ut the audit. We also: Identrfy and assess the rfsks of materlal m155tatem?nt of the finanrial statements, whèther due to Iraud or errof. des18n ènd perfom audlt procedures responslve to those risk5. and obtsin audil eviflence that Is sufficient and appropriate to provhde a basis for our opinlon. The rlsk of not detettinu a matprial mlsststemenr resultin8 from fraud is higher than for Dne resultln8 from error. as fraud may involve Collu￿On. forgery, intentional omiss￿￿5. misrepresÈntstlons. or the overr6de of Intemal control. Obtain an UnderSta￿lIrI of Internal control relevantto the a￿lIt in othr lo desi8n audit procedures thar are appropriate in the circumstances. but not for ihe purpose of expre$51ng an oplnlon on the effettivene55 Qf the Individuafs Internal coTrtrol. Erdluat the approprlateness of accounllng pollcie5 used and reasOnablene￿0f •ccountln8 estimates nd related dixb$u￿S made by management. "Conclude on the appropriateness gf m)na8emenf5 use of the goln8 concern ￿$1$ of accouniin8 and. based on the audSt evidence obtained. wherher a material uncertalnty exlsts rèlated to events or cOndit￿)ft$ that may cast sÈnificant dovbt on the IrHllvidval's ability to continue •$ a 8oin8 concern. 11 Kve COr￿ude that a materlal uncertaSnty exlsts, we are required to draw attention in our avditorfs report to the retated disdosures in the finan¢al siatements or. If such discknsures are Inadequate. to modify our opiniofi. oUr￿nd￿510￿5 •re based on the audit evldènce obtalned up to the date of our auditorfs report. However, fut¢Jre even15 or conditions may cause the IndrySdual to cease io conunue as a 801￿ concern." Sb 24

Unitedsocit71 Ventures.- Trustees'Report andAccountsfor the Year Ended 30th June 2022 Evaluate the overall presentailon, structurt and conitnt of thé finanoal statements. Indudin8 the di5cJo5ures, and whether the financial 5totements reprnsent the undrtyln8 tr•nsartlons aDd events In manner ihat achieves falr presentstion. We ¢ommunk•te wbth those ¢hèfBed wlth gov?rMnce regardln& among other matters, the planned xope and timinB of the auditand 5i8nfflcantaudltfirsdSngs, Includ[￿ any slgnlfkani deficbencie5 in internal rontrDI that we identify duri￿ our audit. We Jlso provide those charged wlth govtrnance wlth a statemenl that we have complied with relevant ethbcal requSfÈmenis règarding indÈptndence, and lo communicAie wilh them all relatlonships and otlier matters thai mty reasonabty be thoughi to bear on our IT￿ependence, and where appllcablè, r¥ldted s•fe8uittlk "Fr(>m thp mattef5 communicated with th05e charged with goveman¢e. we detemine those matters that were 91 most Si8nifKance in the audit of the flnan¢L41 ststements of the curnent period and are therefore the key audit matters. We descr5￿ these matters In our auditorfs report unles5 law or regulation prpdude5 public d15c105ure about the matter or whèn, in extremely Ta￿ circumstances. we determine that a matter should not be communlcated in our report because the advene consequehces of doin8 Sg would reasonabty be expected to 0￿￿e16h the public interest benefits of such communication." Reporton Other Lepl and Rtyulaiory R•tylr•nbtnts "As ￿qUIred ￿ the Cornwnvs act. vrt Trptrrt to you based on our audlL that: l. We have obtained all the information and explanatkns whkh to the best ol our knowledge and bellef were ne¢e5sary for the purpose of our audlL 2. In our oplnkin. Pro￿r books of accoMt hjve been kept by the Comparbv so far as appear5 trom our examlnatlon of tknse booths: and 3. The Companvs statement of fflrt•n¢l•l position and statement of comprehenslve incomp are in 8reement wlth thé trt)oks of accouni." ChucWe and Co. Certffied Publlc Accountants (Ugandal Xampala I g APR ZQZ3 The e￿agement partner on the •udit rthltln8 in thls indeFe&ient audltoes report is CPA Bagonza Ronnle. PfactkI￿ r•wnber P0172 biic t• sc 25

United Social Ventures: Trustees’ Report and Accounts for the Year Ended 30th June 2022

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 total gross salary of UGX 93,836,250 (£20,435) over the financial year. As in the previous 5 years, we believe the market value of his time to be £1,800 per month. Therefore, we recognise the contribution of his volunteering over the period as £1,165.

Income from Donations and Legacies (All Unrestricted)

Expenditure on Raising Funds (All Unrestricted)

2021/2022
Unrestricted
GBP
2020/2021
Unrestricted
GBP
Crowdfunding 5,896
6,876
Grants 14,055
14,141
In-kind contribution 1,165
9,432
Other donations 860
4,025
Total 21,976
34,474
2021/2022
Unrestricted
GBP
2020/2021
Unrestricted
GBP
Venture Advisory
Fees		 84
266
Program Contracts 41,265
17,012
Total 41,349
17,278

Income from Charitable Activities (All Unrestricted)

Activities
Undertaken
Directly
GBP
Support
Costs
GBP
Total 2021/22
GBP
Total 2020/21
GBP
Information
technology		 0
0
0
58
Other 0
104
104
265
Human resources 0
5,833
5,833
3,498
Equipment &
stationery		 0
3
3
0
Travel costs 0
5
5
20
Conference fees 0
0
0
305
Total 0
5,945
5,945
4,146

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United Social Ventures: Trustees’ Report and Accounts for the Year Ended 30th June 2022

Expenditure on Other Costs (All Unrestricted)

Activities
Undertaken
Directly
GBP
Support Costs
GBP
2021/22
Total
GBP
2020/21
Total
GBP
Bank charges 238
238
0
353
Information
Technology		 0
104
104
265
Asset Depreciation 771
771
0
81
Human Resources 0
5,833
5,833
3,498
Equipment &
Stationary		 0
3
3
Legal fees 142
142
0
323
Audit and accounting
fees		 485
485
0
478
Exchange rate losses 1,533
1,533
0
81
Travel 5
5
20
Permission and
licences		 530
530
0
Other 305
409
104
156
Total 4,004
5,945
9,949
5,081

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

Activities
Undertaken
Directly
Support
Costs
2021/22
Total
2020/21
Total
Programs 105
35,779
35,674
21,565
Venture Advisory 0
11,891
11,891
7,170
Total 105
47,565
47,670
28,735

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United Social Ventures: Trustees’ Report and Accounts for the Year Ended 30th June 2022

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 programs; 20% for ventures; and 10% for other administrative work.

Support costs
Raising Funds
Programs
Venture
Advisory		 Other
TOTAL
IT
Human Resource
5,833
11,666
34,998		 5,833
58,330
Travel costs
5
10
31		 5
51
Equipment &
stationery
3
6
18		 3
30
Airtime
72
144
434		 72
722
Meals and
refreshment
32
65
193		 32
322
5,945
11,891
35,674		 5,945
59,455

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.

----- Start of picture text -----
Value on 30th Depreciation Value on 30th
June 2021 June 2022
Laptop 165 54 111
Laptop 165 54 111
TOTAL 771 1,566
----- End of picture text -----

Creditors

On 30th June 2022, a total of £10,148 was owed to creditors. This included:

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Get in touch:

hello@unitedsocialventures.org www.unitedsocialventures.org Uganda N.G.O. No: 4936 U.K. Charity No: 1158935