2022-23 Annual Report
A Charitable Incorporated Organisation, Number 1158935
TRUSTEES' REPORT AND ACCOUNTS FOR THE YEAR ENDED 30TH JUNE 2019
REFERENCE AND ADMINISTRATIVE DETAILS
Charity Name: United Social Ventures UK Charity Number: 1158935 Uganda Company Number: 80020000587718 UK Address: Ugandan Address: 92 Highgate Hill 28 Upper Kololo Road London Kampala N6 5HE P.O. Box 10840 Website: www.unitedsocialventures.org Email: hello@unitedsocialventures.org Trustees: Renee Loades (Chair) Phil Orwin (ended September 2022) Sidney Muhangi Zoe Cuckow (ended February 2023) Chris Waller (ended June 2023) Jessica Falkner Sabina Pasokhy (ended September 2023) Jake Smaje (ended February 2023) Edline Murungi (ended November 2022) Mary Helda Akongo (joined February 2023) Brian Ndyaguma (joined June 2023) Management: For the UK: For Uganda: Leo Henghes Max Weber Asiimwe
Bankers: In UK: In Uganda: CAF Bank Ltd Stanbic Bank (U) Ltd 25 Kings Hill Avenue, Ntinda Branch Kings Hill, Kampala West Malling, Kent ME19 4JQ Auditors: Jostin and Associates Certified Public Accountants Plot 62, Ntinda II Road, Naguru P.O. Box 150118, Mukono
United Social Ventures Annual Report & Accounts 2022-23
INTRODUCTION
This trustees’ report and accounts for United Social Ventures is for the year starting 1st July 2022 and ending 30th June 2023. This report is presented in accordance with “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities (the FRSSE)”, effective 1st January 2015.
Structure, Governance, and Management
United Social Ventures is a Charitable Incorporated Organisation (CIO) governed according to the Constitution dated 11th October 2014. It was established on 22nd October 2014.
The charity trustees manage the affairs of United Social Ventures. The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the charity's financial position and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the charity's assets and taking steps to prevent and detect fraud and other irregularities.
Membership of the CIO is restricted to its trustees. There must be at least three charity trustees, and new trustees must be appointed for three year terms. In selecting individuals, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO. Trustees will induct new trustees with a copy of the constitution and the latest Trustees’ Annual Report and Accounts.
Decisions are made by a simple majority of votes at a meeting of trustees or by resolution made in writing or electronic form and agreed by all trustees. Day-to-day management of the Charity’s affairs is delegated to staff, led by Leo Henghes and Max Weber Asiimwe.
Objectives and Activities
The objects of the CIO are:
(1) to develop the capacity and skills of university students in such a way that they are better able to identify, and help meet, their needs and to participate more fully in society.
(2) to promote the voluntary sector anywhere in the world for the benefit of the public in particular but not exclusively by:
a) promoting the voluntary sector to university students;
b) promoting the efficiency and effectiveness of charities and voluntary organisations; and
c) promoting equality and diversity by promoting activities to foster understanding between university students from diverse backgrounds.
"Voluntary sector" is defined as "charities and voluntary organisations". Charities are organisations, which are established for exclusively charitable purposes in accordance with the law of England and Wales.
United Social Ventures Annual Report & Accounts 2022-23
INTRODUCTION
To achieve these objects, we split United Social Ventures’ work into three categories:
(1) Programs
The Charity signs service contracts with partners to run programs cohorts for participants to either found new social startups (‘Design Program’) or to accelerate their enterprise. cohorts consist of workshops - taken from our curriculum of 36 different half-day modules - and one-to-one coaching that can be done in-person or virtually.
Programs are generally run in partnership with other institutions (e.g. universities, innovation hubs, development institutions) who subsidise the participants - whom they typically select - and provide the space.
These programs help the Charity achieve its objectives of developing university students' capacity and skill and promoting the efficiency and effectiveness of charities and voluntary organisations.
(2) Venture Building Services
The Charity also works directly with individual social ventures through bespoke consultancy.
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 process to refine and validate their impact and business models and become de-risked for funders. .
These services come under the objectives of developing the capacity and skill of university students and promoting the efficiency and effectiveness of charities and voluntary organisations.
(3) Governance, Administration, and Raising Funds
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.
United Social Ventures Annual Report & Accounts 2022-23
ACHIEVEMENTS & PERFORMANCE
Programs
2022/23 surpassed all previous years in terms of the scale of programs. Income increased to £48,464 (71% of our total income and from £41,349 in 2021/22). Work also involved contracts awarded in 2021/22 - especially for Makerere Entrepreneurship and Innovation Curriculum Development and the 2022 CanadaAfrica Innovation Fellowship.
Canada-Africa Innovation Fellowships 2022 and 2023
Following the success of the inaugural CAIF in 2021, Engineers Without Borders Canada awarded USV a second contract to lead the program delivery in 2022. The format remained very similar to 2021, with all activities happening virtually over Zoom, but this time the program included students from Ghana (9) alongside those from Uganda (8) and Canada (10).
Over 16 weeks, teams founded 8 startups:
Briq-net (Uganda) - aggregating small-scale briquette industries to increase sales. Gro-Gel (Uganda) - making organic polymers to help soil to absorb more water. Nviiri Upcyclers (Uganda) - refurbishing and reselling hair pieces. Educycle (Ghana) - gamifying plastic waste disposal for school children. Naturgate (Ghana) - an irrigation system for farmers made with bamboo. GreenGas Inc (Ghana) - constructing biodigesters
NoteFill (Canada) - an app for high-school students to take and share notes, integrated into classroom work.
Filter-In (Canada) - a water filter installed directly onto taps.
A Net Promoter Score was collected at the end of each of the 32 webinars and the average score was a pleasingly high 35. The biggest weakness of the program was the attendance rate of fellows, with the whole session attended 62% of the time, attended partially 19% of the time, and not attended 19%. This was a particular issue with Canadian fellows and affected everyone’s experience as teams’ progress relied on participation.
The 2022 program concluded with a pitching event on 25th August, and we began to plan an in-person cohort in Uganda for 2023. This became USV’s largest-ever contract, which started in May 2023. By the end of June 2023, 8 Ugandan graduates and 6 Canadian students are participating and formed four teams around (i) Clean Energy, (ii) Clean Water, (iii) Food Security, and (iv) Healthcare.
The program included two four-week stays in Bukedea District for fellows to be embedded in the communities they were designing for - first for interviewing and then for prototyping and was scheduled to end in August 2023.
United Social Ventures Annual Report & Accounts 2022-23
ACHIEVEMENTS & PERFORMANCE
Programs
Makerere Entrepreneurship & Innovation Curriculum Development
The second phase of this project with ResilientAfrica Network (RAN) to build an e- learning curriculum for Makerere undergraduates under the Research and Innovation Fund (RIF) began in February 2022.
Over 2022/23, 105 short videos (totalling almost 7 hours) had been created for this curriculum and was ready for piloting in a flipped classroom format where students use the videos to complete a tool and then present/discuss in a class.
USV owns the intellectual property of the videos developed for this program to be able to use/adapt for other courses outside of Makerere. This could present an interesting growth opportunity for experiential entrepreneurship training in the future.
Uganda Green Enterprises Financing Accelerator (UGEFA)
We worked on four contracts for Adelphi research gemeinnützige GmbH as part of their UGEFA program over 22/23:
Accelerator - In September 2021, USV signed the first contract with UGEFA to support 4 ventures for 13 days each of one-to-one coaching with UGEFA’s toolkit after receiving a loan as part of the scheme. This contract timelines were extended twice, but were almost at completion by the end of June 2023. Concurrently, in June 2023, we were awarded a further contract to work on a second cycle of the Accelerator Program - with work to begin later in the year.
Catalyser - In March 2022, USV won a contract to assist entrepreneurs in applying for loans with partner banks with 13 days of group workshops for cohorts of about 10 ventures. We ran these sessions between September and November 2022. In February 2023, UGEFA reached out for us to deliver a second Catalyser cohort and we signed a further contract for this with work scheduled to begin later in 2023.
Stanbic Business Incubator’s Hi-Innovator Program
In July 2022, we signed an agreement with Stanbic Business Incubator (SBIL) to support their portfolio of ventures with applications and reporting for the HiInnovator Program. This involved assisting 18 ventures to develop pitch decks and one page summaries for their applications. Of these 18, 2 dropped out of the program before pitching, but 14 of the other 16 were successful in their applications after pitching to an investment panel and each received $20,000 in financing. We also worked with four ventures who had already received their funding to provide reports and build market strategies to stimulate sales.
United Social Ventures Annual Report & Accounts 2022-23
ACHIEVEMENTS & PERFORMANCE
Programs
IP Training with Response Innovation Lab
In September 2022, we ran two Intellectual Property workshops with Response Innovation Lab. The first of these was in Arua - one of our first workshops held outside of Kampala.
Youth Startup Academy Uganda
In December 2022, we were contracted by Hive Colab and the International Trade Center to support 15 startups for 40 hours each to create a 2 page business plan, pitch deck, and tailored deliverables (e.g. Marketing Strategy, Theory of Change, Strategic Plan, Risk Analysis, Assumptions testing, and Financial Projections). This work was completed at the end of March 2023. YSAU and Hive Colab were pleased with USV’s performance.
Circle Innovation
In November 2022 USV conducted site visits in Jinja and Masaka for a plastic waste management project of Circle Innovation, a Kenya-based consultancy. This was followed up in January 2023 with a larger contract for two coaches to support a Human Centered Design training in Northern Uganda funded by Aga Khan Foundation (AKF). This involved 25 days for each coach - including two trips in January and May to Moyo and Obongi. USV recruited an ‘associate’ (a previous participant in a Design program) on a temporary contract to be the second coach - a model that can be extended further in the future.
Venture Building Services
2022/23 was a year of learning for our venture advisory services. In July 2022, we were meeting with entrepreneurs to assess them on 121 criteria - each with a corresponding ‘micro-consultancy project’ - to identify the gaps to prioritise work for them. The rationale behind this model was to make quality consultancy (i) more affordable to entrepreneurs - each project would be under $100 - and (ii) more scalable with many consultants adopting the same process.
However, the uptake in micro-consulting projects was very low. We assessed this to be caused by (a) entrepreneurs not seeing the value of individual outputs in these projects - they wanted support that they could directly link to attracting funding; (b) the initial assessment of ventures was time-consuming and still being refined, so entrepreneurs would often get their offers of projects over a week after the meeting with a consultant, leading to a loss of momentum; and (c) USV’s capacity was stretched by all the programs between July 2022 and March 2023, so the venture building services were neglected.
United Social Ventures Annual Report & Accounts 2022-23
ACHIEVEMENTS & PERFORMANCE
Venture Building Services
These results led us to review our model in the first half of 2023, as we still believed this branch of our activities to be the most innovative and potentially impactful/scalable. The major decision was to group ‘micro-consultancy projects’ into bundles/stages to be offered together. This meant that (a) we could combine the completion of a stage to then assisting a venture to raise funding in a DealBook to pay for the services received (- a ‘funding-share agreement’), and (b) ventures could be sent a standard proposal immediately after a meeting rather than spending time on creating a bespoke one.
Initially, we thought there could be 6 stages with different bundles (e.g. for ventures with funding needs of $5,000, $10,000, $20,000, $40,000, $75,000, and $150,000). However, after further testing this approach with ventures in early 2023, we observed that even ventures with turnovers of over $100,000 would need USV to work on steps defining their core models and validating their models and commitment that were anticipated for the earliest stages. So, we simplified the venture building bundles further into two offerings: Build and Grow.
Build was designed for ventures where the founding team is not yet full-time and/or they are not yet making regular sales to help them raise up to $40,000 to be able to commit to going full-time. And, Grow was created for ventures seeking to raise preseed financing of up to $250,000.
By the end of June 2023, we had signed 6 agreements for these packages with:
For Build
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Village Savings and Agriculture Insurance (VSAI) - aggregating village savings groups to receive agricultural insurance products. In March 2023, we supported them to win the Kellogg-Morgan Stanley Sustainable Investing Challenge. Their testimony was: “This would not be possible without your support and the team's support. Special thank you to Dan who worked extra time and late hours, defined our raw innovation and dressed it with the appropriate language of sustainable investment and here we are celebrating. You also taught us financial modelling and much more skills and this is all very important to us”.
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Zimizo - an app that creates a market for investing in trees. Zenpresso - a restaurant chain for Ugandan food.
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Cheap Build - making eco-friendly interlocking bricks. We helped them to successfully win $20,000 from the Hi-Innovator program at the start of June 2023.
For Grow:
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Asali Wa Moyo - making premium honey sourced from different parts of Uganda.
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Relive Farms - improving the potato value chain for smallholder farmers.
United Social Ventures Annual Report & Accounts 2022-23
ACHIEVEMENTS & PERFORMANCE
Governance, Administration, and Raising Funds
The trustee board met six times during the year, led by our chair Renee Loades. There were no safeguarding incidents during the period.
Over the year, we were given two grants totalling close to £14,500 from burger:sinn:stiftung to support our work. This included a £2,500 contribution to our crowdfunding campaign that raised an additional £5,154.
We were also selected by the Issroff Family Foundation to be part of their Collaborative Learning Initiative throughout 2023. Grants from this program were to be received in 2023/24.
United Social Ventures Annual Report & Accounts 2022-23
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 £87,380 (from £63,325 in 2021/22); resources expended were £94,729 (up from £63,041). The deficit for the year was £6,681.
On 30th June 2023, the charity’s net assets were £21,939.
Revenue from charitable activities was £49,410 - 57% of the charity’s total income. This was a pleasing trend, but more grants will be required to grow the venture building services arm of the charity.
The burn rate of around £6,000 per month meant that this financial position had not quite met the target of holding reserves of six months of operation.
FUTRE PLANS
Throughout 2023, United Social Ventures was developing a new strategic plan for 2024-26 to gradually pivot USV’s model from being primarily funded by program contracts to our primary source of income being our model of ‘venture building investment’ with payments from entrepreneurs upon their successful raising of funding.
This ‘venture building investment’ model is based on three essential principles:
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1.we can increase the commitment of founders by investing in their success;
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2.we can accelerate product-market fit with a standardised venture building process; and
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3.we can increase the number of investors by presenting validated(/de-risked) start-ups they are more likely to fund.
To achieve this pivot, our plans require increased income from grants and donations to cover running costs for the two-year period we expect it to take to generate sufficient repayments from ventures to break even.
To improve our fundraising, Leo Henghes planned to relocate to the UK in September 2023 to improve our presence there. To complement this, we also plan to make a clearer delineation between the Ugandan and British entities of United Social Ventures so that they are viewed as two separate entities. The UK charity will become a smaller ‘Friends of USV’ charity to raise funds for the work in Uganda.
Renee Loades Chair of Trustees April 2024
United Social Ventures Annual Report & Accounts 2022-23
THE ACCOUNTS
STATEMENT OF FINANCIAL ACTIVITIES
1st July 2022 – 30th June 2023
| Unrestricted | Restricted | Total | 2021/22 | ||
|---|---|---|---|---|---|
| Funds | Funds | Funds | Totals | Notes | |
| GBP | GBP | GBP | GBP | ||
| Incoming Resources | |||||
| Donations and Legacies | 37,970 | 0 | 37,970 | 21,976 | 1 |
| Charitable Activities | 49,410 | 0 | 49,410 | 41,349 | 2 |
| Total Incoming Resources |
87,380 | 0 | 87,380 | 63,325 | |
| Resources Expended | |||||
| Raising Funds | 9,066 | 0 | 9,066 | 5,945 | 3;6 |
| Charitable Activities | 72,763 | 0 | 72,763 | 47,670 | 5;6 |
| Other | 12,900 | 0 | 12,900 | 9,949 | 4;6 |
| Total Resources Expended |
94,729 | 0 | 94,729 | 63,564 | |
| Net Income/ Expenditure |
-6,681 | 0 | -6,681 | -239 | |
| Funds Brought Forward at Start of Period |
28,620 | 0 | 28,620 | 26,854 | |
| Unrealised Exchange Gain on Translation |
2,005 | ||||
| Funds Carried Forward at End of Period |
21,939 | 0 | 21,939 | 28,620 |
United Social Ventures Annual Report & Accounts 2022-23
BALANCE SHEET FOR 30TH JUNE 2023
| 2021/22 Total GBP Notes 2022/23 Total GBP |
2021/22 Total GBP Notes 2022/23 Total GBP |
||
|---|---|---|---|
| 2021/22 Total GBP Notes 2022/23 Total GBP |
|||
| Fixed Assets | |||
| Tangible Assets | 1,566 7 1,049 |
||
| Total Fixed Assets | 1,566 1,049 |
||
| Current Assets | |||
| Debtors | 23,880 16,964 |
||
| Cash At Bank and In Hand | 13,322 12,632 |
||
| Total Current Assets | 37,202 29,596 |
||
| Liabilities | |||
| Creditors | 10,148 8 8,707 |
||
| Net Current Assets | 27,054 20,889 |
||
| Total Net Assets | 28,620 21,939 |
||
| Charity Funds | |||
| Restricted Funds | 0 0 |
||
| Unrestricted Funds | 28,620 21,939 |
||
| Total Charity Funds | 28,620 21,939 |
||
Accounts approved by the trustee body on the 27th April 2024.
Renee Loades Chair of Trustees
United Social Ventures Annual Report & Accounts 2022-23
LETTER FROM THE AUDITOR (113) JOSTIN AND ASSOCIATES CERTIFIFD PUBLIC ACCOUNTANT OF LllsANDA P.0. Box 150118. KlukorKJ, Tel.. 0772 69125110704 931642. 62, Nts"ndb11 Road, Nagtyw. And Eve 81. Grwnd F, Shel Slrolthr. Emo4.. ios1ln.rate$&gM1.tsJm R•port ol th• Ind•p•ndonl Audllor To The Board olTrust•¢8 of UNITED SOCIAL VENTURES lor the ymr •ndod Jun• 2023. Oplnlon We hgve audlted the accomp8nw.ng flnrtal 8tst6m8nts OIUNITED SOCLAL VENTURES %thich mpdso the stslemenl ol Financial p)silion as al 30kn Jun& 2Q23, the slalemenl ol ¢prehenSIVe incLYng, slalernonl ol charrfJes in Equity and slalemgnl ol eash flows br the year thon end8d, and a summary ol significant accomkng pthies and other exanatOry nots8. In our cglnkin, the ac¢unp8nying finawl stat15 w¥0 a true and lair view ol the firyanci81 Fwilion ol UNITED SOCIAL VENTURES a5 ?130th June 2023 and 115 financial perftrrmanc9 and ils Cash flo¥ lor the year Itn ended wlh Internalona Fin8ncl Reporb"w Standards and the NGO'8 Art 2016. 8a•l• of Oplnlon We conducted audit in aceudance with Internab'onal Sland8rds on Audits"ng IISAS) ar Guidelines i88ued by the Insliluie ol C80d Publr Accounlanls ol Uganda. Our responsibilities undgr Ihooe sland8rd$ 8re lurthw described in Ihg Audllots r8spon$ibili11gs for the Audit ol the Financial Stalewt3 seclion oloui feport. We are indeFend8nl ol the lThJividual in aceudance ith the Snlernthn81 EthS Standardy 8oard lor Accwntsnl$' Cc¥Je olEthS lor Prof0$81MII Accountonl$ IIESBA Codg) logelh8rwhilh ihg giNtal requirernents that are r8iev8nl to our aud51 of ihe finarKial slatements in UgaThJa, and ha%e fuifilleo oui other ethical 5ponstbililies inaccordancevthhlhesertyulremenlsand the IESBA Cod8. We b8lwelhwthe audile¥ldenc8 oblaiwj Is $uftienl and appropn.ats lo pyovide a b85is ILY our ow)ion. Koy Audll Matt Key audil matters are thcle rnollery th81. in our wofession81 ludgmenl, were of most signfficancé in ¢yJr audit of the financial $tal8ment8 ol the current period. No Key audil matters w8ie addressed in the c¢ntexl ol our audil ol the finarKial 5tatgm&nls as 8 ww, and in lormir4 our ¢ynknn Ihweon, aTrJ so ¢ nol kYoid? a separate opinim on these matters. Ro•pon•lblllllM ol Managomont and Tho$e Ch•rged Tth 00MOn¢• lor th• Flnan¢lal Stalemenl¥. Monapmenl ij resp)ne for h preparatn and fair rKesenlalion of the financial slatements in accordance with IFRSS lor SMES, and for sh Inlemal contrd 8$ manag9rnenl detemines 15 necessary lo enable lh8 preparakn olfinancial statements that a free frcth matw misstatsment. whglhw dug lo fraud orwror, Flnn No. AF0373 LPA B5c ADcoTr1d and FMar(elUMUl. Bach. PAanb3en1 Ji Oip ID AdTr.nJSlraiity .'KYVI United5ociGI Venture5 AnnualReport&Accounts 2022-23
LETTER FROM THE AUDITOR (213) JOSTIN AND ASSOCIATES erR TIFIED PUTII IC ACCOitNTANT OF LIGANDA P.0. Box 150118. Mukcm, Tel.. 0772 69125110704 931642. Plot 62, Nknda11 Ro•d. Wru. arn And Ev8 8uilding, Ground Fknr, 8•hknd Shon Stret¢hw. Emal..11n.8Ss0tes gmail.com In preparirg Ihg financial $tatsmenl8. man8oThnl 1$ responbkn for 8ysessing the Indivhlual's abilily lo continue as a going con¢em. dipdosing, as applKable, matters rdalwj lo goirrfj concorn aThJ using the going corfern basis ol Unting Un8$ managemenl eiiher intonds to liquldale the CcAnpany or lo cea58 opwations. or hag no realiglic altemalive to do 80. Those ¢harg8d wlh governance ar& Sponsible l¢Y oveweing the Ccfflp8ny's fin8ncial reporting pwesy. Auditor'8 R8sponiibllltlo1 forth• Audit of tho Flnanclal Stst•mgnts Ourobiectsves aro to obtain re850nabl8 a¥surance atx)ul %Yhelher the financial ststemenls as a whde are free frcffi material mlsststeml. whgtrf due lo fraud or errLY. and to issug an auditor's roport that includ8$ our 0.n. R8agon8ble a$$ur8nce 1$ a high thl DI assuranc•, bul i8 not 8 guarantse Ihal an audil Condted In aceordance with ISAS Mll aayS detect o material misststsmenl wh8n rt exists Misgtstsmentj can adge Iwm Iratsd or 6rror and arg censidered malgnal Il, indi¥idu&ly or in th? aggregate, they COU rea80nably be expected lo influence the economic decisions ol u59rs taken on the basi8 01 these fiMrKial slalemgn¢s. As part ol an audrt in acwdance wlh ISAS, oxerat• profossionl judgment and malnlth profewbnil 8kepb'ci$m throughout the oudll. We also.. ldonb.fy and assegs lh8 risksol MeOI mtsslalemenl oftr¢ finar181 slal8menl8. whelherdue lofraud oreThor, dgsKJn and Ferform audit wttedure8 reswnglvè to those risks, ènd ob181n audrtevidenc8 that is sufficrenl and appropriaie to proVe a basis for our opinn. The ri8k olnDI delecling a material mi88totement rgsulb'ThJ from fraud 18 hwher than for 01 resulttty from error, 8$ Imud m8y inthe tt41uglon, l(Kgery, intentW81 omMion$, m1$repr&tallon¥, cr the overridfjol Internal eontrol, Otsn an UotIndIng ol inlemal contrc4 rdevant to the audll in ordw lo den audit proc•Jures Ihal oro appropriate In the cireumstsrw, trrtjl nol for th purp059 of exkKesslng opInK on ts 81¥885 el tho IlI1Ua1's mlerngl Control Evaluate ts 8pprwalene5s ol xcountirvJ poltys us&J and ts reaKn8b1er88 of 8$bfflale8 gnd relal•J th8cbg¢Jre8 m&Je by man8g8menl, 'CJKlude the appropriatenèss ol managemènt's Use ol 9cirq con¢ern b98ii oIKwuntiry ond, based audit evenCe oblaned, %tholher a mal&ri8f uncerfainly exi4ts reL41ed lo events cv condit$ that mpy asl SKJnificanl doubt on Ihg IndIvual.S at41ily lo continue as a gcing concern. 11 conclude that a material unw18inty exi818. are requlred lo draw altenlK)n In wr auditrS repjrt to rdaled discureS in the finarKial ststements ty. il such disdosuffj are inadequate, to Mfy our opinion. Our cN¢lu$Kns are based on Ihe audit èvidenrh obtained vp to the daltol our audltor's rewt. Howtvor, futsio 8ven15 orcondilions may tht Inthidu to ce8se to ltinue 89 a gdng corKm.' 5b Flmi No. AF0373 P4 B5c on11n9 and FIn¥e<umU,, Bxh. MaDN$nffjyLl), thP Busir4v&sAdmmotrètTh (Kyui United5ociGI Venture5 AnnualReport&Accounts 2022-23
LETTER FROM THE AUDITOR (313) JOSTIN AND ASSOCIATES CERTIFIED PUBLIC ACCOUNTANT OF U(sANDA P.0. Box 150118. MvkorK). Tel.. 0772 091251 10704 931642. Pl)182, Ntknd•11 Road, N•guiu. Adam ArK1 Eve HU1ng, Ground Fknty, B•hThl sh Slr•l¢hér. Erna.. w$tinasso¢rJtosQgmaio)m Evaluate th• overall kYw8ntakn, slrLKture and eontenl ol Ihe fina1?1 slatsments. induth'ng the drxk)sures, and %thelher the finarKkg1 ststsments present the uTrJertwng transbons aTrJ gvents in a manner Ihal a¢hves lair presenlab'on. Wec0mmunte wlh those chargwj govemaneÈ rogarding. among other matters, the Janned xope a limirrfj ollhe audit and significant audit findings, IrKluding any $i9n1fanI deficienck$ in Internal control Ihal enb.fy during our audrt. We 8L) kyowde those chargèd wllh goveman¢e wlh a $talèmgnl thai have complied llh fe18vanl elh requiremonls feg?rding Indewdence, and lo communicate wilh all relationships and olhol fflatters that may reason8Ny be thought lo tear on Lwr independence. and where applicable, rel8100 5alegu8rds. 'From the matters comfflunicated wilh those charged with gov8man¢o, delerrne those matters that olmoslsignlficar8 in the audit ol the fina81 stalwnents olllecurienl [•rd and a Iherelore the key aud matters We dgscrlbe the88 mallers in our audit(5 report unb88 law or rUlatIOn precludes public dwlosufe about Ihg matter or whon. in exlremdy rare circumstsncos, delemine thai a m8tt81 shtyjld not t• commttn¢8tsd In our rewrt bo¢$@ the &Jvers& conswuonces of do4ng x) would rea8on8t4y be 8xFrttgd lo OU9h the public intsresl rIt$ of such communation.. R•port on Oth•r L•gil illd Regulalory R•qulr•m•nl• 'As rtyuir6)J by the Crynpanys xt, we wporf lo you b8s&J on ow audll. that.. lil We have obts'ned dl Ihe Inform8b'oTr and exF4analk)ns fiich to th8 te51 clour and Y+P¥• n8cw for ts purkw ol Lwr audll,. 1111 In our ow'nDn, proper took5 01 wunt have been kept by th8 Company so 18r as 8pp8arn from our oKaMatr.00 of Ihose bwks,. and liiil The Comwys statem&nl of financi p05th and stat8fflenl of c0mprghen8l i10m• are in agretmenl wth thfr books d ac¢ouni.' The engagemgnl partner en the audit resura in this indep8ndenl audilorfs rep3rt ffj CPA Chrlillnfr Joi•phln• AJlko- Prn¢tl¢lng Numb•r P0554. Joslin •nd Aisoclaleo. C•rtlfl•d Publ1¢ Account•nl (Ugandil Kampala CPA Chrfstlno knophln• Ajlko JOSTIN AND ASSOCIATES CER71FIED PU?LIcA¢COUIITTl AF0373 * g•APR 2024 * P.O.gOX 150118. MUKONO Emill.'loitln@gmill.com TEL: 07726912SI 10704931842 FITh No. AF0373 -PA. gic Acc1 fVIVVI. s(Xe1ul. DipiTrBu51ne55 Att1$1[Alth IKYUI United5ociGI Venture5 AnnualReport&Accounts 2022-23
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, is a related party. He was paid a total gross salary of UGX 106,792,500 (£22,585) over the financial year. We reassessed the market value of his time ahead of his planned relocation to the UK to be £3,400 per month. Therefore, we recognise the contribution of his volunteering over the period as £18,215.
(1) INCOME FROM DONATIONS AND LEGACIES (ALL UNRESTRICTED)
| 2022/23 | 2021/22 | |
|---|---|---|
| GBP | GBP | |
| Crowdfunding | 5,230 | 5,896 |
| Grants | 12,049 | 14,055 |
| In-kind contribution | 18,215 | 1,165 |
| Other donations | 2,476 | 860 |
| Total | 37,970 | 21,976 |
United Social Ventures Annual Report & Accounts 2022-23
NOTES TO THE ACCOUNTS
(2) INCOME FROM CHARITABLE ACTIVIES (ALL UNRESTRICTED)
| 2022/23 | 2021/22 | |
|---|---|---|
| GBP | GBP | |
| Programs | 49,184 | 41,265 |
| Venture Building | 226 | 84 |
| Total | 49,410 | 41,349 |
(3) EXPENDITURE ON RAISING FUNDS (ALL UNRESTRICTED)
| Activities | ||||
|---|---|---|---|---|
| Undertaken | Support | Total | Total | |
| Directly | Costs | 2022/23 | 2021/22 | |
| GBP | GBP | GBP | GBP | |
| Information Technology |
0 | 26 | 26 | 0 |
| Other | 0 | 83 | 83 | 104 |
| Human Resources | 0 | 8,826 | 8,826 | 5,833 |
| Equipment & Stationary |
0 | 39 | 39 | 3 |
| Travel | 0 | 92 | 92 | 5 |
| Conference Fees | 0 | 0 | 0 | 0 |
| Total | 0 | 9,066 | 9,066 | 5,945 |
United Social Ventures Annual Report & Accounts 2022-23
NOTES TO THE ACCOUNTS
(4) EXPENDITURE ON OTHER COSTS (ALL UNRESTRICTED)
| Activities | ||||
|---|---|---|---|---|
| Undertaken | Support | Total | Total | |
| Directly | Costs | 2022/23 | 2021/22 | |
| GBP | GBP | GBP | GBP | |
| Bank Charges | 198 | 0 | 198 | 238 |
| Information Technology |
0 | 26 | 26 | 104 |
| Asset Depreciation | 517 | 0 | 517 | 771 |
| Human Resources | 534 | 8,826 | 9,360 | 5,833 |
| Equipment & Stationary |
0 | 39 | 39 | 3 |
| Legal Fees | 0 | 0 | 0 | 142 |
| Audit and Accounting | 586 | 0 | 586 | 485 |
| Exchange Rate Losses | 1,356 | 0 | 1,356 | 1,533 |
| Travel | 0 | 92 | 92 | 5 |
| Permission and Licenses |
236 | 0 | 236 | 530 |
| Other | 407 | 83 | 490 | 409 |
| Total | 3,834 | 9,066 | 12,900 | 9,949 |
(5) EXPENDITURE ON CHARITABLE ACTIVITIES (ALL UNRESTRICTED)
| Activities | ||||
|---|---|---|---|---|
| Undertaken | Support | Total | Total | |
| Directly | Costs | 2022/23 | 2021/22 | |
| GBP | GBP | GBP | GBP | |
| Programs | 237 | 54,395 | 54,642 | 35,778 |
| Venture Building | 0 | 18,131 | 18,131 | 11,891 |
| Total | 47,670 | 72,526 | 72,763 | 47,670 |
United Social Ventures Annual Report & Accounts 2022-23
NOTES TO THE ACCOUNTS
(6) ANALYSIS OF SUPPORT COSTS (ALL UNRESTRICTED)
All support costs have been split between all activities with the ratio based upon approximate time spent on each one: 10% for raising funds; 60% for programs; 20% for ventures; and 10% for other administrative work.
| Raising Funds |
Programs | Venture Building |
Other | Total | |
|---|---|---|---|---|---|
| IT | 26 | 153 | 51 | 26 | 255 |
| HR | 8,826 | 52,955 | 17,651 | 8,826 | 88,258 |
| Travel | 92 | 552 | 184 | 92 | 920 |
| Equipment & Stationary |
39 | 236 | 79 | 39 | 393 |
| Airtime | 58 | 351 | 117 | 58 | 584 |
| Meals & Refreshments |
25 | 149 | 49 | 25 | 247 |
| Total | 9,066 | 54,395 | 18,131 | 9,066 | 90,657 |
(7) FIXED ASSETS AND DEPRECIATION Tangible fixed assets are capitalised if they can be used for more than one year, and are valued at above £100.
----- Start of picture text -----
Value on 30th Value on 30th
June 2022 Depreciation June 2023
5 Laptops 1,566 517 1,049
Total 1,566 517 1,049
----- End of picture text -----
(8) CREDITORS On 30th June 2022, a total of £8,707 was owed to creditors.
This included: £4,020 for salaries due and £4,687 for other expenses.
United Social Ventures Annual Report & Accounts 2022-23