## **2024-25** Annual Report
A Charitable Incorporated Organisation, Number 1158935
## **2024-25** Annual Report
A Charitable Incorporated Organisation, Number 1158935
## **TRUSTEES' REPORT AND ACCOUNTS FOR THE YEAR ENDED 30TH JUNE 2025**
## **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) Sidney Muhangi Jessica Falkner Mary Helda Akongo Brian Ndyaguma Ivan Mbowa Arthur Edeet**
**Management:** _For Uganda: For the UK:_ **Max Weber Asiimwe Leo Henghes**
**Bankers:** _In Uganda: In UK:_ **Stanbic Bank (U) Ltd CAF Bank Ltd** Ntinda Branch 25 Kings Hill Avenue, Kampala Kings Hill, West Malling, Kent ME19 4JQ **Chuckle & Co Auditors: Certified Public Accountants** Greenland Towers 5th Floor RM 5F06 P.O. Box 8582, Kampala
_United Social Ventures Annual Report & Accounts 2024-25_
**3**
## **LETTER FROM THE LEADERSHIP**
During 2024–25, United Social Ventures made significant progress while navigating a number of operational and strategic challenges.
It marked the second year of our transition to a **‘** _**venture building investment**_ ’ model based on ventures paying success fees upon securing investment.
We were however unable to secure additional funding beyond the initial grants from **burger:sinn:stiftung** and the **Issroff Family Foundation** , which enabled us to launch pilot engagements with ventures in the previous financial year.
We had anticipated that the venture-building investment model would require an additional 18-24 months of runway before supported ventures could secure sufficient investment to generate success-based fees that would cover the work with ventures. The general decline in donor funding during this period made it even more difficult to secure additional funding.
It was also the first year of USV's operations without Leo being based in Uganda, following ten years of leading the organization's work.
Despite these challenges, we started the work on our largest program contract to date with the **United States International University-Africa (USIU-Africa)** . This was our first experience delivering in-person programs outside Uganda, representing an important milestone in USV's expansion. The USIU-Africa contract came at a critical time, following the non-renewal of the **Canada-Africa Innovation Fellowship (CAIF) program** , which we had delivered for three years, in partnership with **Engineers Without Borders Canada** and accounted for a significant portion of our annual revenue. During the year, we also undertook assignments with **Circle Innovation** , **UGEFA** , and the **Alliance for Food Sovereignty in Africa (AFSA)** .
No significant disruption of work was observed following Leo's relocation to the UK. The team in Uganda - Max, supported by Esteeri and Dan who were also engaged on freelance contracts managed to deliver the on the different projects without much disruption, with Leo remaining available to provide remote support and guidance whenever required.
The risks of relying heavily on a single large contract became apparent when work at USIU-Africa was disrupted in May 2025 due to a restructuring of the university's Mastercard program team, resulting in significant delays in implementation and payments that were deferred until the end of 2025.
At year-end, our main focus was on reviving the USIU-Africa engagement while continuing to pursue additional contracts. At the same time, we were actively seeking funding to continue our work with ventures.
Max Weber Asiimwe Leo Henghes **Co-founder & Co-Founder & Executive Director Ventures Lead**
Renee Loades **Chair of Trustees**
_United Social Ventures Annual Report & Accounts 2024-25_
**4**
## **INTRODUCTION**
This trustees’ report and accounts for United Social Ventures is for the year starting 1st July 2024 and ending 30th June 2025. 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 Max Weber Asiimwe and Leo Henghes.
## _**Objectives and Activities**_
The objects of the CIO are:
(1) to develop the capacity and skills of university students in such a way that they are better able to identify, and help meet, their needs and to participate more fully in society.
(2) to promote the voluntary sector anywhere in the world for the benefit of the public in particular but not exclusively by:
a) promoting the voluntary sector to university students;
b) promoting the efficiency and effectiveness of charities and voluntary organisations; and
c) promoting equality and diversity by promoting activities to foster understanding between university students from diverse backgrounds.
"Voluntary sector" is defined as "charities and voluntary organisations". Charities are organisations, which are established for exclusively charitable purposes in accordance with the law of England and Wales.
_United Social Ventures Annual Report & Accounts 2024-25_
**5**
## **INTRODUCTION**
To achieve these objects, we split United Social Ventures’ work into three categories:
## **(1) Program Cohort**
The Charity signs service contracts with partners to run program cohorts for participants to either found new social startups (‘Design’ programs), go to market (‘Incubation’ or ‘Build’ programs) or plan for scale (‘Accelerator’/’Grow’ programs).
Cohorts consist of workshops, taken from our curriculum of 36 different half-day modules, and one-to-one coaching (borrowing methodology from venture building services) that can be done in-person or virtually.
Programs are generally run in partnership with other institutions (e.g. universities, innovation hubs, development institutions) that 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 skills 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.
The board of trustees has meetings every 2 months.
_United Social Ventures Annual Report & Accounts 2024-25_
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## **ACHIEVEMENTS & PERFORMANCE**
## **Program Cohorts**
In August 2024, we began our engagement at USIU-Africa. We started the work with 17 Mastercard Foundation Scholars with already existing businesses - Each received tailored support by a USV coach on the development of prototyping plans and the design and execution of validation and testing activities.
For 100 other scholars, from 12 to 16 August 2024, we delivered an **orientation bootcamp** at USIU-Africa, comprising a series of workshops with activities focused on problem identification, define specific design challenges and team formation.
Following the first bootcamp, we then held a series of webinars for the scholars to research further, create system Maps and focus their design challenges ahead of an **Ideation bootcamp** that was held at USIU-Africa on 25th and 26th October. Following 4 more webinars over 4 weeks to refine and evaluate their concepts, the scholars were able to submit elevator pitches and proposals for seed funding.
Successful ventures were then selected for the Prototyping phase where the where supported by a USV coach, the founders validated key assumptions behind their concepts, ensuring a solid foundation for each solution developed based on market research and user insights. Below is a summary of feedback from the surveys:
- Engagement & Interaction: Many participants appreciated the high level of engagement, interaction, and attention from the trainers, and activities like ice breakers that set a positive tone for learning.
- Practicality: The hands-on approach and practical focus of the training were well-received. Participants valued the applicability of what they learned. Training Quality: Overall, participants found the training to be well-organized, educative, and conducive to discovering their personal and professional goals
In May 2025, programme activities were paused due to a reorganisation of the USIUAfrica Mastercard Foundation Scholars Program. The eight-month interruption resulted in the remaining activities being carried over into the next financial year.
_United Social Ventures Annual Report & Accounts 2024-25_
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## **ACHIEVEMENTS & PERFORMANCE**
## **Program Cohorts**
United Social Ventures (USV) facilitated a Training of Trainers workshop for agroecological enterprises from Uganda, Zimbabwe, Zambia, Ghana, Senegal, Tunisia, Togo. This was three day workshop sessions held from 17th to 19th June 2025 at Country Lake Resort Garuga
The sessions aimed to deepen participants’ understanding of Unit Economics, the Business Model Canvas, and Investment Pitching, equipping them with practical tools they can apply and transfer to other agroecological entrepreneurs within their networks.
Following the WFP IGNITE SEED Innovation Programme in 2022–23, **Circle Innovation** approached USV in April 2025 to support on The TeamUp Business Sprint in partnership with the Siemens foundation. USV supported with facilitating 2 workshops and providing coaching for 9 ventures. This will involved sessions in Gulu, Kabarole, Mityana, Kiboga.
We completed work on a UGEFA Accelerator contract run by **Adelphi research gemeinnützige GmbH** that we started in the previous financial year, 23-24.
The workshops were held held on August 5th, 6th, and 7th, 2024.
USV consultants also supported 12 ventures with preparation of Business plans, Financial plan, and Investment proposals for submission to UGEFA partner banks for financing.
The first 2 series of workshops had happened between February and June 2024
_United Social Ventures Annual Report & Accounts 2024-25_
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## **ACHIEVEMENTS & PERFORMANCE**
## **Venture Building Services**
At the end of the previous financial year, we made changes to our Venture building process to increase productivity and quality of outputs :
- Two USV staff took up the roles of Senior Consultant titles (focused on work with ventures) but as contractors paid based on the delivery of work for startups. The target was for each consultant to work on two venture prototyping plans and one venture on deliverables each month.
- Prototyping for Build ventures was simplified to only test assumptions with high risk to the venture and only be presented to ventures with a maximum of 5 tests at a time. This was to make it easier for consultants to create plans, and for founders to complete them.
- Creating pitch decks for Grow ventures on signing agreements - so concurrently with developing prototyping plans since many ventures need the decks for use in already ongoing applications.
- For ventures that complete the process, individual decks are immediately shared with investors rather than wait for the next Deal Book.
- In response to founder questions about the number of funders in our network, we created a database of 90+ institutional investors and begun to (i) categorise them on the basis of their ticket size, thematic areas, and type of capital offers; and (ii) identify representatives we can reach out to for each.
## **Pricing:**
We revised our pricing model to enable USV to gain a greater share of returns from the most successful ventures. The explanation to ventures was that USV will invest in them by taking a percentage of funding up to the first $1M on a sliding scale:
## **2025 targets:**
_United Social Ventures Annual Report & Accounts 2024-25_
**9**
## **ACHIEVEMENTS & PERFORMANCE**
## **Summary of year-end Venture Building portfolio**
During the year, we revised the targets downward due to capacity constraints. The original plan had been for Dan and Esteeri to support venture-building activities alongside Leo. However, because we were unable to secure additional funding, it was not feasible to maintain three consultants dedicated to venture building. In addition, Esteeri's maternity leave further reduced our program delivery capacity. As a result, Leo led the venture-building work largely on his own, while Dan and Max focused on delivering the USIU-Africa program and other short-term contracts.
Below is the summarised status of active ventures as at the end of 2024-25.
- **Fidena Agri - Organic Fertiliser in Lira** : USV supported them with a connection to Acumen and supported with documents and due diligence for applications to the Miller Center
- **Organic Route - Decentralised solar drying** : They were supported with the pitcha and strategic plan and receive the Acumen Angels Award of $25,000. USV was paid success fees of $2,000.
- **Asali Wa Moyo - Network of honey farmers** : Signed a new Agreement and received support on working outworking capital needs.
- **UgaBrush - Sustainable brushes** : Signed a new Agreement Currently building a better financial management system and deck.
- **Mtindo (New Agreement) - Tailoring uniforms in Gulu** : USV supported on working capital needs, tax compliance and building their deck for applying to Cartier Women's Initiative.
- **Wage Spices** - Curry powder and turmeric tea from local herbs and spices.
- **KaCyber** - Digital ticketing system for transportation services such as buses, ferries, and trains.
- **Relive Farms** - improving the potato value chain for smallholder farmers.
- **MScan (New Agreement) - Portable ultrasound** : Agreement was signed but implementation was put on hold pending agreement amongst founders.
- **Vertical Farms** : Was put on hold due to audit issues.
- **Eugene Processors - Agricultural extension services** : Were supported with documents for applying to the NSSF Hi-Innovator and received $20,000 in funding. We however had challenges in collecting the payment to USV.
_United Social Ventures Annual Report & Accounts 2024-25_
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## **ACHIEVEMENTS & PERFORMANCE**
## **Governance, Administration, and Raising Funds**
The trustee board met five times during the year, led by our chair Renee Loades. There were no safeguarding incidents during the period.
During the year, a decision was made to separate the governance of the Uganda and UK entities by establishing independent Boards. The original intention had been for the UK entity to operate primarily as a "Friends of USV Uganda" organisation, raising funds in the UK to support the Ugandan entity. However, we subsequently revised this approach, assigning responsibility for the venture-building investment model to USV UK, while USV Uganda would focus on program delivery.
Given that Leo was leading the venture-building activities, this structure would also simplify the management of his remuneration through the UK entity.
Management also made an assessment of the most tax-efficient operating model for managing activities and payments across both the UK and Uganda, while ensuring clear governance and financial accountability.
We also began recruiting trustees for both the Uganda and UK Boards to strengthen governance across the two entities. The position of Treasurer for the Uganda Board was filled in February 2025 with the appointment of Arthur Edeet. Other areas of expertise identified as lacking were: Impact Measurement and Management. Safeguarding. HR Processes. Legal dealings (e.g. Regulators).
To strengthen USV’s fundraising and partnership efforts, we USV became a member of The Aspen Network of Development Entrepreneurs (ANDE) - a global network of organizations that works to strengthen the capacity of its members to better support entrepreneurs and build thriving entrepreneurial ecosystems.
Leo attended the ANDE London meeting on March 31, and participated in the 2025 Skoll World Forum in the UK (April 1-4). Max attended the Sankalp Africa Summit in Nairobi (Feb 26-27).
We also maintained contact with burger:sinn:stiftung who have been our longterm partners.
_United Social Ventures Annual Report & Accounts 2024-25_
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## **FINANCIAL REVIEW**
The results for the year are detailed in the Statement of Financial Activities and Balance Sheet. **Total income for 2024-25 was £52,054** , down from £71,733 in 202324. **Total expenditure was £53,849** (previously £89,782), resulting in **a deficit of £1,795** for the year.
## As of 30th June 2025, **the charity’s net assets stood at £4,860** .
The income in 2024-25 mainly came from programs. We secured our largest program contract with the USIU-Africa Mastercard Foundation Scholars Program, alongside smaller engagements with adelphi gmbh (UGEFA), Circle Innovation and the Alliance for Food Sovereignty in Africa (AFSA). In contrast to the previous financial year, grant income and donations contributed only a small proportion of total income.
Operating expenses declined as a result of the HR restructuring which was implemented to better align personnel costs with project activity and revenue. The restructuring reduced our monthly operating costs by transitioning from fixed salaries to a flexible, task-based payment model for consultants.
**Revenue from venture repayments continued to grow** with revenues of £3,575 compared to £1,443 in the previous year - further providing proof of our venturebuilding investment model.
## **FUTURE PLANS**
As the 2024-25 year ended, USV had two strategic priorities:
- _In the short-term,_ to secure a funding partner to support continuation of the venture building investment model for another year with the expectation that the model would eventually become self sustaining via repayments from supported ventures hence reducing reliance on donors.
- _In the medium term_ , focus on securing larger program contracts to strengthen the organisation's financial sustainability and diversify revenue sources. Encouragingly, our engagement with the United States International University– Africa (USIU-Africa) demonstrated our ability to successfully deliver larger-scale programs and positioned us to pursue similar opportunities across the region.
Looking ahead, the organisation's long-term sustainability will depend on successfully validating and scaling the venture-building model. Achieving this milestone will require sufficient grant funding to continue supporting ventures until the model begins generating sustainable returns.
Renee Loades **Chair of Trustees** _Written Aug 2026_
_United Social Ventures Annual Report & Accounts 2024-25_
**12**
## **THE ACCOUNTS**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## _**1st July 2024 – 30th June 2025**_
|||||||
|---|---|---|---|---|---|
||**Unrestricted**|**Restricted**|**Total**|**2023–24**||
||**Funds**|**Funds**|**Funds**|**Totals**|**Notes**|
||**GBP**|**GBP**|**GBP**|**GBP**||
|**Incoming Resources**||||||
|Donations and Legacies|9,950|0|9,950|58,264|1|
|Charitable Activities|42,104|0|42,104|13,469|2|
|**Total Incoming**
**Resources**|**52,054**|**0**|**52,054**|**71,733**||
|**Resources Expended**||||||
|Raising Funds|6,651|0|6,651|8,645|3|
|Charitable Activities|8,488|0|8,488|70,900|5|
|Other|38,710|0|38,710|10,237|4|
|**Total Resources**
**Expended**|**53,849**|**0**|**53,849**|**89,782**||
|**Net Income/**
**Expenditure**|**-1,795**|**0**|**-1,795**|**-18,049**||
|**Funds Brought Forward**
**at Start of Period**|**6,198**|**0**|**6,198**|**21,939**||
|**Unrealised Exchange**
**Gain On Translation**|**456**|**0**|**456**|**2,309**||
|**Funds Carried Forward**
**at End of Period**|**4,860**|**0**|**4,860**|**6,198**||
|||||||
_United Social Ventures Annual Report & Accounts 2024-25_
**13**
## **BALANCE SHEET FOR 30TH JUNE 2025**
||**2024–25**|**2023–24**||
|---|---|---|---|
||**Total**|**Total**|**Notes**|
||**GBP**|**GBP**||
|**Fixed Assets**||||
|Tangible Assets|452|702|6|
|**Total Fixed Assets**|**452**|**702**||
|**Current Assets**||||
|Debtors|16,057|8,246||
|Cash At Bank and In Hand|5,681|7,567||
|**Total Current Assets**|**21,738**|**15,813**||
|**Liabilities**||||
|Creditors|17,330|10,317|7|
|**Net Current Assets**|**4,408**|**5,496**||
|**Total Net Assets**|**4,860**|**6,198**||
|**Charity Funds**||||
|Restricted Funds|0|0||
|Unrestricted Funds|4,860|6,198||
|**Total Charity Funds**|**4,860**|**6,198**||
## Accounts approved by the trustee body on the 22nd Aug 2026.
Renee Loades **Chair of Trustees**
_United Social Ventures Annual Report & Accounts 2024-25_
**14**
LETTER FROM THE AUDITOR (113)
CHUCKLE
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Report of the Independent Audltors to Board of Tiustees of
Unlted Soclal Ventures on the flnanclal statements for the Year Ended 30.06.2025
Audit oplnlon
We have audited the Flnancl81 Siatements of Unlted Social Ventures for the Year Ended 30.06.2025.
In our oplnlon, the accompanyln8 Flnanclal Statement5 present falrly, In all materlal respect5, the
financial position of United Social Ventures as at 30.06.2025 and its financial performance and its
cash flows for the year then ended are In accordance with International Financial Reporting
Standards IIFRSI and SME5.
Basls for un-qu4llfled0plnlon
We conducted our audlt In accordance wlth International Standards tyn Audltln8 IISAS). Our
responsibilities under those Standards are further descrlbed in the Auditorfs Responsibilities for the
Audlt of the Financlal Statements sectlon of our report. We are Independent UThited Social Venture5
In accordante wlih the International Ethics Standards Board lor Accountants, Code of Ethlc5 for
Prolesslonal Accountants IIES8A Codel together with the ethical requirements that are relevant to
our audit of the financlal statements in Uganda, and we have fulfilled our other ethlcal
respon91bllltles In accordance wlth these requlrements and the IESBA Codo. We belleve that thè audlt
evidence we have obtained Is sufflclent and approprlate to provide a basls for our oplnloTr.
Key Audlt Motters
Key audit matters are those matters that. in our profe55ional judgment. were of most signillcance in
our audit of the Ilnancial statements cl the turrent Year. Those matter5 are addressed in the context
of our 3ud¢t of the financial statements as a whole, and In lormlng our oplnion thereon, and we do
not provlde a separate opinlon on those matters.
Qther Informotlon
Management 15 responslble for the other inlormarlon. The other Snformation comprises the
information Included sn the dlrertor5" report, but does not include the financial Statements and our
audltor's report thereon. Our oplnion on the flnanclal statement5 does not cover the other
information and we do not express any form of assurance concluslon thereon.
In connection wlth our audit of the financial statement5. our responsibility Is to read the other
Inlormatlon and In doin8 so, conslder whether the other Inlormatlgn Is materlally Inconslstent with
the flnancial statements or our knowledge obtalned in the audit or otherwise appears to be
rnaterlally misstated. If, based on the work performed, we conclude that there 15 a material
missratement of this other inlormatlon,. we are requlred to report that fact. We have nothln8 to
report in this regard.
Unffted5ociGI Venture5
AnnuGIReport& Accounts 2024-25
Is
LETTER FROM THE AUDITOR (213)
Responslbllltles of Monagementond thosecharged wlth Governon¢e for the FIn411 Statements.
Mènè8¢rnent Is ie5ponslble for the pTeparailon and falr presentation of the financial statemen¢s In
accordance with IFRSS, and for such Internal control as management determlnes Is nece$sary to
enable the preparatlor* of the statements that are free fiorn materia15 mlsstaternent, whether due to
fraud or error.
Audltor'5 respoFt51bllltle5 for theAudlt ol theflnancldlstJtements.
Our objectives were,, to obtaln reasonable assurance about whether the flnanclal statements as a
whole are free from rnaterial misstatement, whethe¥ due to fraud or errol, and to Issue an audltorfs
report that Includes our oplnlon.
Reasonable assurance 15 a high level of 3s5urance, but Is not a guarantee that an •udlt conducted In
ccordance wlth ISAS w511 always detect a materlal mlsstaternent when it exlsts.
Mlsst3tement5 arSse from ffaud or error and are con51dered materlal 11, indlvldually or In thè
a88regate, they could reasonably be expected to influence the economic decisions of users taken on
the basls of these flnan£l815tatements.
As part of an audlt in accordance wlth ISAS. we exerclse profes51oThal lud8ment and m¥lntal
professional 5keptSclsm throughout the audit. We also..
Identlly and assess the r15ks ol materlal m155taterrent of the flnanclal statements, whether
due to fraud or error, design and perform audit procedures responsive to those rlsks. and
obtaln audlt evidence that 15 suffSclent and approprlate to provlde a basis for our oplnlon. The
rlsk of not detectln8 a material mi5sratement resulting from fraud Is hl8her than for one
resulting from error, as fraud may Involve colluslon. forgery. intentional omissions,
mlsrepresentation, or the overrlde of Internal control.
Obtain an understandin8 of internal control relevant to the audit In order to desS6n audSt
procedures that are approprSate In the clrturnstances. but Thot for the pu¥pose of expressing
an opinlon on the effectSveness of the OrBanizatlon's Internal control.
Evaluate the appropriateness of accounting pollcies used and the reasonableness of
accountln8 e5tlmates and related dlsc105ures made by management.
Conclude on the appropriateness gf management's use of the going concern ba51$ of
accountlng and, based on the audSt evidence obtained, whether a materlal uncertainty exists
relates to events or condltlOll5 that may cast 518nificant doubt on the Orsanlzatlon's abllity to
continue a5 a 8olnB concern. If we conclude that a material uncertainty exists. we are
required to draw attentlon In our auditor's report to the related dSsclosures In the Ilnanclal
statements or. if such disclosures are inadequate. to modify our opinion. Our conclusions ale
based on the audlt evidence obtalned up to the date ol our audltorfs report. However, future
events or conditions may cause the Organizatlon to cease to continue as a goift8 concern.
Unffted5ociGI Venture5
AnnuGIReport& Accounts 2024-25
16
LETTER FROM THE AUDITOR (313)
Evaluate the overall pre5entatlon, Structure and content of the flnanclal statement5 Includlfi8
the disclosures, and whether the financial statements represent the underlyln8 tran5aCilons
and events In a manner that achleves falr presentatlon.
We tornmunlcat¢ with those charged wlrh 8oveTnance re8ardln& arnon8 other matters, the planned
scope and tlmSn8 of the audlt and sJ8nificant audit flndin¥5, includin8 any sl8nlficant deflclencle5 In
Internal control thot we Ideniiry durln8 our audlt.
We also provlde with those char8Èd with 8overnance wlth a staternent th•t we have complled wlth
relevant ethl¢al requSrernents regarding independence, and communicate wlth them all relationshlp5
•nd other matter5 that may reasonably be thought to bear on our Independence, and where
applicable, related 5afe8uards. From the matters £ommunlcated wlth those char8ed wlth
governance, we determine those matters that were of rnost slgnificance In the audll of the 1Sn4nclal
S¢4ternents of the current Year and are thefefore the key audit rnatters.
We describe these maiters in our audltor's report unless l•w or relulatlon precludes publlc
dlsclosure about the matter or when, in extremely rare ¢lrcumstances, we determlne that a matter
$hould not be communlcaied In our report because the adverse consequences of doln8 $0 would
r¢•50nably be expected to outwel8h the public Int¢re5t benefits of such comrnunlcaiion.
Report on Other L•4al and Relulalory Requlr•mènt5
The Companies Act (Cap 20121. reoulre th•t In cèrrylfj8 Out our audlt we con51der and report to you
on the followin8 speciflc matters.
That we have obtalned all the Informatlon and explanatlons, whlch to the best of our knowled8e and
belief was necessary lor the purpese of the audit.
In our opinioni proper books of account h•ve en kept by the company. $0 fèr as appears from our
examinatlon of those books.. and
rhe 5totement5 of Income and Expendllure, Statement ol Flnanclal Posltlon and Statement Cash
flows are in agreement with the books of account.
The eng38ement partner on the audit resultin8 in thls Independent audltorf5 report Is 8agonia
Ronnle
Slgnature
B•8onza Ronnle
Date
Chuckle & Co
C¢rtllledPubllrA¢countunts
Unffted5ociGI Venture5
AnnuGIReport& Accounts 2024-25
17
## **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 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 monthly gross salary of £1,600 between July 2024 and June 2025. He worked 2 days per week. We have calculated his in-kind contribution for working at considerably below the market-rate for the year to be £7,990.
## **(1) INCOME FROM DONATIONS AND LEGACIES (ALL UNRESTRICTED)**
||||||
|---|---|---|---|---|
|||**2024–25**|**2023–24**||
|||**GBP**|**GBP**||
||Crowdfunding|0|0||
||Grants|1960|27,976||
||In-kind contribution|7,990|28,281||
||Other donations|0|2,006||
||**Total**|**9,950**|**58,264**||
||||||
_United Social Ventures Annual Report & Accounts 2024-25_
**18**
## **NOTES TO THE ACCOUNTS**
## **(2) INCOME FROM CHARITABLE ACTIVIES (ALL UNRESTRICTED)**
||||||
|---|---|---|---|---|
|||**2024–25**|**2023–24**||
|||**GBP**|**GBP**||
||Programs|38,529|12,027||
||Venture Building|3,575|1,443||
||**Total**|**42,104**|**13,469**||
||||||
## **(3) EXPENDITURE ON RAISING FUNDS (ALL UNRESTRICTED)**
||||||||
|---|---|---|---|---|---|---|
|||**Activities**|||||
|||**Undertaken**|**Support**|**Total**|**Total**||
|||**Directly**|**Costs**|**2024–25**|**2023–24**||
|||**GBP**|**GBP**|**GBP**|**GBP**||
||Information
Technology|0|0|0|22||
||Other|0|6|6|7||
||Human Resources|0|6,442|6,442|8,505||
||Equipment &
Stationery|0|7|7|6||
||Travel|0|196|196|106||
||Conference Fees|0|0|0|0||
||**Total**|**0**|**6,651**|**6,651**|**8,645**||
||||||||
_United Social Ventures Annual Report & Accounts 2024-25_
**19**
## **NOTES TO THE ACCOUNTS**
## **(4) EXPENDITURE ON OTHER COSTS (ALL UNRESTRICTED)**
||||||||
|---|---|---|---|---|---|---|
|||**Activities**
**Undertaken**|**Support**|**Total**|**Total**||
|||**Directly**
**GBP**|**Costs**
**GBP**|**2024–25**
**GBP**|**2023–24**
**GBP**||
||Bank Charges|42|0|42|196||
||Information
Technology|0|0|0|22||
||Asset Depreciation|222|0|222|346||
||Human Resources|0|36,361|36,361|8,505||
||Equipment &
Stationery|0|0|0|6||
||Legal Fees|0|0|0|0||
||Audit and Accounting|0|0|0|570||
||Exchange Rate Losses|0|233|233|0||
||Travel|0|0|0|106||
||Permission and
Licenses|36|0|36|245||
||Other|0|1816|1816|235||
||**Total**|**300**|**38,410**|**38,710**|**10,237**||
||||||||
## **(5) TOTAL EXPENDITURE ON CHARITY ACTIVITIES (ALL UNRESTRICTED)**
||||||||
|---|---|---|---|---|---|---|
|||**Activities**|||||
|||**Undertaken**|**Support**|**Total**|**Total**||
|||**Directly**|**Costs**|**2024–25**|**2023–24**||
|||**GBP**|**GBP**|**GBP**|**GBP**||
||Raising funds + Charitable
activities (Workshop series)|6,651|8,488|**15,139**|79,545||
||Others - Admin|0|38,710|**38,710**|10,237||
||**Total**|**6,651**|**47,198**|**53,849**|**89,782**||
||||||||
_United Social Ventures Annual Report & Accounts 2024-25_
**20**
**NOTES TO THE ACCOUNTS**
## **(6) 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
Depreciation
June 2024 June 2025
5 Laptops 703 251 452
703 251 452
Total
**----- End of picture text -----**
## **(7) CREDITORS**
On 30th June 2025, a total of £17,330 was owed to creditors for salaries due.
_United Social Ventures Annual Report & Accounts 2024-25_
**21**