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,<br>London|
||N6 5HE|
|**Uganda Address:**|28 Upper Kololo Road,<br>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** 

- **4        From the Chair of Trustees** 

- **5        From the Team Leader** 

- **6        Introduction** 

- 7        Structure, Governance, and Management 

- 7        Objectives and Activities 

- **9        Achievements & Performance** 

- 10      Programs 

- 10 MasterCard Makerere Scholars’ Entrepreneurship Fund Cohort 3 

- 11 Canada-Africa Innovation Fellowship 2021 

- 11      Human Centered Design Short Course 

- 12      Uganda Green Enterprises Financing Accelerator (UGEFA) 

- 12      National ICT Initiatives Support Program (NIISP) 2021/22 

- 12      Regular Workshops 

- 13      Makerere Entrepreneurship & Innovation Curriculum Development 

- 14      Canada-Africa Innovation Fellowship 2022 

- **16        Financial Review** 

- **18      Future Plans** 

- **20      The Accounts** 

- 21       Statement of Financial Activities 

- 22       Balance Sheet for 30th June 2022 

- 23       Letter from Auditor 

- 23       Note to the Accounts 




_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 

_4_ 



_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 

_5_ 



_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. 

_6_ 



_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:** 

- i Promoting the voluntary sector to university students; 

> 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. 

_7_ 



_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. 

_8_ 



_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. 

_9_ 



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


## **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: 

- **Amara Pads** – Reusable sanitary pads for Gulu 

- **Edumation Studios** – Animated educational movies 

- **Ffena Art Hub** – Leather shoes made by vulnerable adults 

- **Fresh Fields** – Selling tomato seedlings to farmers 

- **Goodwill Shea Butter** – Making shea butter 

- **Health Line Mango Pulp** – Making mango juice 

- **Delight Herbal** – Creating healthy herbal teas 

- **Njoza Solutions** – A laundry collection and delivery service 

- **Oron Concrete** – Manufacturing pavers for households 

- **Smart Chalk** – Creating dustless (and so asthma-reducing) chalk 

- **Simbula Mushrooms** – Selling dried mushrooms **Smart Chalk** – Creating dustless (and so asthma-reducing) chalk **Ug Rise Electronics** – A safe and cheaper adaptor 

- **Vita Tomato Solutions** – Making Tomato Ketchup 

- **YoRoom** – A platform cutting out brokers by connecting renters with landlords 

- **Zen App** – A service to hail nearby quality stylists 

_10_ 



_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: 

- **Agri-Smart Innovations –** Using the radio to inform/ market to farmers the best climate-smart technologies for their smallholder farms. 

- **CJM Canning –** Creating a canning facility to make tomato paste to reduce food wastage. 

- **GERIS Agri-Innovations –** A smart temperature/ humidity sensor to help farmers prevent aflatoxins in their stores. 

- **On The Spot –** A chatbot to answer questions about sexual health over Whatsapp. 

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_ 

- **Salvum Aqua –** A ceramic water filter to prevent water-borne diseases. 

## **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. 

_11_ 



_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. 

- 7th April - Marketing at Makerere Innovation and 

- Incubation   Center 

- 21st April - Writing a Pitch Deck at Sinapis 

- 29th April - Financial Modelling at Innovation Village 

- 6th May - Impact Measurement  at Media Challenge  Iniative Hub. 

- 20 May - Market Analysis at Hive Colab. 

- 8th June - Team Building with Response Innovation Lab. 

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:** 

_12_ 



_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._ 

- **1)   Problem Framing 2)   Situational Analysis 3)   Human Centered Design 4)   Systems Mapping 5)   Positioning 6)   Ideation** 

- **7)   Valuation** 

- **8)   Evaluation** 

- **9)   Venture Canvas** 

- **10)    Product/Market Fit** 

- **11)    Rapid Prototyping** 

**12)    Value Chain & Partnerships** 

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

_13_ 



_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._ 

_14_ 



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


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. 

_15_ 



_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. 

_16_ 



_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** 

_17_ 



_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. 

_18_ 



_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 

_19_ 



_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.” 

_20_ 



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



_21_ 



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

## **Balance Sheet for 30th June 2022** 

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



Accounts approved by the trustee body on 15th April 2023 



Renee Loades Chris Waller **Chair of Trustees Treasurer** 

_22_ 



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 N*mher 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 ￿$￿ns￿b￿lit5es undEr those
stsndards are further desulbtd ihe Audilor's rtsy)rtslbllSrle5 lorthe Audit of the FI￿r￿la1 Statements
seaion of our report. We 4re Independent of thé ifidlvldual in 4¢cordarKt with the InternatvJnal Ethics
s￿r*I￿rds Board for A¢touniant< Code of Ethi(s forProl*sslon•lAccountants IIESBA Code) togetherwith
the ￿t￿C41 wusrementsthat a￿ reievaTriio ouroudit of the flnandal staiemenis Uganda, and we have
fuffilled our Oihéf ethlcal ￿ponsIbIlItIeS In accordance wth thes¢ requlrements and the IE5BA Code. We
bEl*¥e ihat the a￿111 eVIden￿ have obuined is suffKient ¥nd •ppropriaie to provide a basls for our
opinion.
Key Audlt Mattors
Key I￿11 matter5 art mitters tI*L In ow professh)rwl judsm¢nL of mD5t N8nifkbnte in our
audir of the financ￿1 ststemeDts of the curtent perfod. 140 Key audit maithr5 were addre5SEd in the
coniext of our audit of the finoncial 5tatemenls as a whole, and in lorminK our oplnlon thereon, and 59
we do noi wwlde a s•yrnte opinion on the* m•tters.
Respty￿1blllth of M•n¥yn¥nt and Thos• Ch¥pd wlth G￿￿￿•￿101 th• Fln•n¢5•15t•tements
Mana8emertt Is re$￿Tr¥ble for thÈ pr*paf¥rbn and lair pr•s•fttsik*n 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 und*rtyln8 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 explanatk*ns 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**<br>**Unrestricted**<br>**GBP**<br>**2020/2021**<br>**Unrestricted**<br>**GBP**|
|---|---|
|Crowdfunding|5,896<br>6,876|
|Grants|14,055<br>14,141|
|In-kind contribution|1,165<br>9,432|
|Other donations|860<br>4,025|
|**Total**|**21,976**<br>**34,474**|



||**2021/2022**<br>**Unrestricted**<br>**GBP**<br>**2020/2021**<br>**Unrestricted**<br>**GBP**|
|---|---|
|Venture Advisory<br>Fees|84<br>266|
|Program Contracts|41,265<br>17,012|
|**Total**|**41,349**<br>**17,278**|



## **Income from Charitable Activities (All Unrestricted)** 

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



_26_ 



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

## **Expenditure on Other Costs (All Unrestricted)** 

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



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

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



_27_ 



_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**<br>**Raising Funds**<br>**Programs**<br>**Venture**<br>**Advisory**|**Other**<br>**TOTAL**|
|---|---|
|IT||
|Human Resource<br>5,833<br>11,666<br>34,998|5,833<br>58,330|
|Travel costs<br>5<br>10<br>31|5<br>51|
|Equipment &<br>stationery<br>3<br>6<br>18|3<br>30|
|Airtime<br>72<br>144<br>434|72<br>722|
|Meals and<br>refreshment<br>32<br>65<br>193|32<br>322|
|**5,945**<br>**11,891**<br>**35,674**|**5,945**<br>**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 -----**<br>
Value on 30th  Depreciation Value on 30th<br>June 2021 June 2022<br>Laptop 165 54 111<br>Laptop 165 54 111<br>TOTAL 771  1,566<br>**----- End of picture text -----**<br>


## **Creditors** 

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

- £5,739 in salaries for June 

- £4,409 in other expenses to be reimbursed. 

_28_ 




## **Get in touch:** 

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