Docusign Envelope ID.. 5F06AOE&CFF94DF5-8752-9DD1ACF47C10 C) wasteaid (A Company Limited by Guarantee) Report of the Trustees and Audited Financial Statements For the year ended 31 December 2024 Charity number: l 160263 Company number: 09355505 (England and Wales) Docusign Envelope ID: 5F06AOE5-CFF94DF5-8752-9DD1ACF47C10 WasteAid Contents Page For the year ended 31 December 2024 Pages Reference and Administrative Information Report of the Trustees Independent Auditors Report Statement of Financi al Activities Statement of Financial Position 10 Statement of Cash Flows Notes to the Financial Statements 12-20 DoeAJsign Envelope ID.. SF06AOE￿FF&4DF5-87s2-gDD1AcF47ClO WasteAid Reference and Administrative Details For the year ended 31 December 2024 Charity Name WasteAid (formerly WasteAid UK) Charity Registration Number 1160263 Company Registration Number 09355505 (England and Wales) Registered Office 483 Green Lanes London NW13 4BS Website https'.//wasteaid.org Telephone 0208 0793013 Email info@wasteaid.org Trustees Mr P Barr Mr J-M Grand (Appointed 5 December 2024} Mr W Hubbard Dr J Straight (Chairl Mr N Ward (Appointed 5 December 2024) Ms S Widdowson Chief Executive Officer M5 C Turner-Bailes Bankers TSB PO Box 453 M itcheldean GL14 9LR Auditors Ward Williams Belgrave House 39-43 MonLtment Hill Weybridge Surrey [13 8RN Docusign Envelope ID.. 5F06AOE5-CFF94DF54752-9DD1ACF47C10 Wa5teAid Report of the Trustees For the year ended 31 December 2024 The trustees, who are also directors for the purposes of company law, have pleasure in presenting their report and the financial statements for the charitable company for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the RepLsblic of Ireland (FR5 102- published in October 20191. Chair's Report WasteAid continued the growth trajectory set in the prior year by deliveri ng greater impact and garnering new and diverse funders through the course of 2024. WasteAid delivered 14 individual projects across five countries, opened a new country programme with the launch of an FCDO-funded circular textiles programme in Uganda and undertook initial work in the humanitarian space in partnership with UN IOM in South Sudan. It was particularly 5atlsfying that the organisation once again achieved significant institutional funding from both the UK'S FCDO and the European Union during the year. Overall, in 2024, revenues grew by 11 % year- on-year while expenses were controlled and rose by 9°A reflecting the additional charitable work. The cash position also strengthened considerably, growing balances by 50%. There was significant focus on project delivery throughout 2024 due to the growing complexity and scale of the work carried out by WasteAid. As the new pro9ramme was lauched in Kampala, much effort was directed to Uganda to ￿C[LI[t the team there and to develop good relations with government and civil society partners. This initiative trialled new approaches in circular textiles and launched the flagship Wastepreneur@ project there for the first time. Concurrently, in 2024, the team reviewed the programme strategy and portfolio to best position WasteAid for future growth clearly defining its three flagship programmes and considering how the organisation could innovate and scale these. The board and staff then held a strategy day to review and approve the new two-year plan. With a key staff change in fundraising part way through the year, the new team set about further developing the charity's corporate offering with considerable success in the second half of 2024, smashing WasteAid's Christmas Big Give target with a plethora of generous donations from corporate funders and also deve5oping a new partnership in Gambia and South Africa with global technology solutions company, Veralto. Of note this year was the hugely successful BBC Radio 4 Appeal that featured WasteAid and was fronted by television personality and food writer Hugh Fearnley Whittingstall. The Appeal was one of the more successful of the BBC Appeal serie5 raising £53,261 towards WasteAid's unrestricted income and gaining 224 new supporters. Further supporters such as Cromwell Polythene and Ecosurety donated funds to WasteAid boosting its growing number of corporate funders. In terms of trusts fundraising, although WasteAid didn't build on the efforts made in 2023, by the second half of 2024 resources were directed towards some temporary trusts SUPPOrt to help better position the charity. This work continued throughout the latter half of 2024, ensuring that WasteAid was prepared to capitali5e on thi5 funding stream. Elsewhere, in terms of programming, the charity was delighted to launch a partnership with the John Lewis Foundation in South Africa (agreed in late 20231 focusing on skills, training and employability amongst marginalised youth, using the circular economy as a vehicle for change. This work built on skills WasteAid had previously gained in the Mpumalanga area of South Africa, which started in 2022 with funding from UKRI. Due to this new investment, WasteAid was able to expand its reach, while building even stronger relations Docusign Envelope ID.. 5FD6AOE5-CFF94DF5-8752-gDD1 ACF47C10 WasteAid Report of the Trustees (continued) For the year ended 31 December 2024 with local authorities and communities through its First Step Resource Management programme. WasteAid continued to deliver its flagship Wastepreneur@ programme in Johannesburg with funding from Huhtamaki. Bunzl plc further sUPPOrted the charityto export this impactful programmeto Kampala, Uganda, in early 2024 with great succe55. By the end of 2024 a further consortium of funders continued to support the Wastepreneur@ programme in South Africa. WasteAid was able to add an e-waste repair element to thi5 project, reflecting the charity's expanding approach. In Gambia, there was the recruitment of a new Country Manager to support the implementation of the final year of the NREF projert, a new EU Organics programme and our flagship Circular Economy Network generously funded by the Chartered Institute of Wastes Management ICIWM). This recruitment reflected a long-term organisational development goal of empowering the country programmes further in terms of both delivery and future development. The second phase of the CIWM funded project saw a further 'Waste To Use. challen9e in the country which showcased green entrepreneurs who went through a business incubation and mentoring process. Three winner5 were then awarded crucial seed funding to scale their businesses. In mid-2024, WasteAid launched a partnership with Lufthansa in India designed to support circularity in Mumbai Airport. This challenging and innovative project could deliver a replicable model, demonstrating how airlines can best manage waste in similar geographical contexts. Finally at the end of the year, WasteAid partnered with UN IOM to undertake an assessment around waste valorisation in Internally Displaced Persons IIDP) camps in South Sudan. This was a strategic decision, being the first time the charity had worked in the humanitarian space. The aim is for Wa5teAid to develop a model to effectively intervene in the humanitarian context. Outside of its programmes, WasteAid brought its communication function back in-house having previously outsourced to a communications company. This move enabled WasteAid to focus more on developing inspiring stories of impact and ensuring its remarkable story is told to all relevant audiences going forward. Concerning external relations, the WasteAid senior team continued to attend waste and packaging industry events to take up speaking slots. They were also invited to participate in conferences, debates and podcasts over the year to promote the charity's work. Towards the end of 2024, WasteAid was saddened that Director of Programmes, Michelle Wilson, departed firstly on Sick leave, before eventually stepping down due to ill health. Michelle has contributed so much over her five years with the charity, All staff and trustees were grateful for her hard work and contribution to WasteAid's story and were sorry to see her leave. WasteAid thanks all its partners, supporters, and donors for their continued support during 2024 and looks forward to their continued support in the coming years. Objectives and Activitie5 The trustees confirm that in the year the charity has acted in line with its objects for public benefit. The charity's website http://wasteaid.org set5 Out details. Public Benefit The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance by the charity commission for England. Docusign Envelope ID.. 5F06AOE&CFFW4DFM752-9DD1ACF47C10 WasteAid Report of the Trustees (continued) For the year ended 31 December 2024 Financial Review The charity had a successful year financially growing income by 11 % to £1,212,733 (2023.. £1,094,579). Costs were 9% higher in 2024 at £948,518 {2023- £869,504). An overall surplus of £264,215 is reported for 2024 12023.. £225,075), which increased total reserves to £797,21912023.' £533,004). Please refer to the Statement of Financial Activities on pa9e 9 for a detailed summary of the financial activity during the year. Reserves Policy The reserves target is set at 3 months, worth of operating expenses to protect the charity from unnecessary risk and unforeseen circumstances, whilst also allowing it to invest and to deliver the charitable objectives effectively. At the end of the financial year the charity held free reseNes of £189,954 representing 2.4 month5 of operating expenditure, slightly below target. The trustees have approved a budget for 2025 that includes an unrestricted surplus to tackle the shortfall. Structure, Governance and Management The board of trustees are responsible for determining the policies and strategic direction of the charity, and all major decision5 are taken at board level. It meets quarterly to review the charity's activities and to track progress towards strategic targets. The board delegate5 day-to-day running of the charity to a senior management team. New trustees are recruited based on terms of reference for specific vacancies, typically when certain skill sets and experiences are sought by the board. The Chair of the board over5ee5 all trustee recruitment, with induction, orientation and training support provided by charity staff. The induction procedure provides new trustee5 Wlth information on their duties and obligations within the governing body. WasteAid's day-to-day activities are overseen by a senior management team comprising a Chief Executive, Director of Programme5 and Head of Development. The board of trustees is consulted annually in the development of the charity's annual operating plan. Statement of Major Risks WasteAid'5 approach to risk management is proactive and fully integrated into the charity's day-to-day operations. The charity maintains a comprehensive register of risks (governance, operational, financial, regulatory and external risks), and maintains mitigation controls and contingency plans. This register is reviewed and updated quarterly by the senior management team and the board. The main risks to WasteAid's work is identified by the board as follows: Safeguarding WasteAid works closely with communities at the forefront of the climate crisis, including vulnerable adults and children. To ensure the safety and wellbeing of beneficiaries, WasteAid has a safeguarding policy in place, ensuring all staff and contractors sign a code of conduct and conducts training for in-country partners. These practices are reviewed quarterly by the board. Beneficiary and partner health - Due to the operational activities WasteAid undertakes, including work at dumpsites, it is key to mitigate health and safety risks to beneficiaries and partners. To minimise any ri5l WasteAid ha5 a health and safety policy shared with relevant stakeholders and is reviewed regularly. WasteAid also have relevant insurance policies in place and maintain close liaison with partners for information sharing and risk mitigation plan ning. Docusign Envelope ID.. 5F06AOE&CFF94DF5-8752-90D1ACF47C10 WasteAid Report of the Trustees (continued) For the year ended 31 December 2024 Responsibilities of the trustees The trustees, who are also director5 for the purposes of company law, are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The trustees are required to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application Df resources of the charitable company for that period. In preparing those financial statement5, the trustees are required to.. select 5Ultable accounting policies and then apply them consistently,. observe the methods and principles in the charities SORP., makejudgements and estimates that are reasonable and prudent., state whether applicable UK accounting standards and statements of recomrnend practice have been followed, subject to any departures disclosed and explained i n the financial statements,. and prepare the financial statements on a going concern basi5 unless it is inappropriate to presume that this basis applies. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position o* the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware: there 15 no relevant information, being information needed by the auditor in connection with preparing their report, of which the auditor is unaware,. and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. Auditor Ward Williams were appointed as auditor to the company and a resolution proposing that they be re- appointed will be put at a General meeting. Approved by the board of trustees and signed on its behalf by Docuslgned by.. 2ÉDFF7D77E9A496... Dr J M Straight 2￿Sep-25 Docusign Envelope ID.. 5F06AOE5-CFF94DF5-8752-9DD1ACF47C10 WasteAid Independent Auditor's Report To The Trustees of WasteAid Opinion We have audited the financial statements of WasteAid (the 'charity'l for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of Significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financit71 Reporting Standard applicoble in the UK and Republ£c of IrelL7nd Iunited Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements- give a true and fair view of the state of the charitsble company's affairs as at 31 December 2024 and of its incoming resources and application of resources, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibil£ties for the audit of the occounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other inlormation. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this Other information, we are required to report that fact. We have nothing to report in this regard. Docusign Envelope ID.. 5F06AOE&CFFg-4DF5-8752-9DD1ACF47C10 WasteAid Independent Auditor's Report (Continued) To The Trustees of WasteAid Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audiL we have not identified material misstateinents in the directors, report included within the trustees, report. We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the trustees. report,. or sufficient accounting records have not been kept,. or the financial statements are not in agreement with the accounting records,- or certain disclosures of trustees, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees A5 explained more fully in the statement of trustees. responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatemenL whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessi ng the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liqu idate the charitable company or to cease operations, or have no realistic élternative but to do SO. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditors under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are f ree from material mis5tatemenL whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit condurted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud, is detailed below. We obtained an understanding of the legal and regulatory frameworks applicable to the charity and the sector in which they operate. We determined that the following were most significant. the Companies Act 2006, the Charities Act 2011, Child safeguarding and the Health & Safety Executive IHSEI. We obtained an understanding of how the charity are complying with those legal and regulatory f rameworks by making inquiries to the management of the charity. We corroborated our inquiries through our review of correspondence duying our audit work. WasteAid Independent Auditor's Report (Continued) To The Trustees of WasteAid We assessed the susceptibility of the charity's financial statements to material misstatement, including how fraud might occur. Audit procedures performed included.. identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud,. understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting proce5S- challenging assumptions and judgements made by management in it's significant accounting estimates., identifying and testing journal entries, in particular and journal entries posted with unusual account combinations-, and assessing the extent of compliance with the relevant laws and regulations. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be le55 li kely to become aware of instances of non-compliance. The risk is also greater regarding irregularitie5 occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. http.'//www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charity's trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undeitaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report or for the opinions we have formed. Colin Hamilton (Senior Statutory Auditor) for and on behalf of Ward Williams Chartered Accountants Statutory Auditor Belgrave House 39-43 Monument Hill Weybridge Su rrey KT13 8RN Ward Williams is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006 Docusign Envelope ID.. 5F06AOE5-CFF9-4DF&8752-9DD1ACF47C10 WasteA5d Statement of Financial Activities For thÈ yèat ènded 31 December 2024 Unrestricled Funds 2024 Restricted Funds 2024 Total Funds 2024 Total Fund5 2023 Note Iniome frgm: Donations Income from charitable activities.. 293,149 647,248 272,336 940,397 272,336 569,598 524,981 Total income 293,149 919,584 1.212.733 1,094,579 Expenditure on: Charitable Activities Fundraising 1177,1151 179,5611 1691,842) {868.9571 179.5611 1790,1451 (79,3591 Total resour¢Ès expended 1256,6761 1691,842) {948,5181 1869,5041 Net income/lexpenditure) before transfers 36,473 227,742 264.215 225,07S Transfers between funds 14 13,1311 3,131 Net movement in funds 33,342 230.873 264.215 225,075 Reconciliation of funds Total funds brought forward 156,612 376,392 533.004 307,929 Total funds carrFed lonNard 189.954 607.265 797,219 533,004 The stoternent of financial activities includes all gains and losses recognised in the year and therefore a statemenl of comprehensive income has not been prepared. All income and expenditure derive from continuing èctivities. The statement trf financial activities als() complie5 WltFI the requirements for an income and expenditure account under the Companie5 Act 2006. The notes on the ltsllowing page5 foTrn part of these fjinèncial st3tements. Do￿sIgn Envelope ID.. 5F06AOE5QFFg_4DF5_8752_9DD1ACF47C10 Wa5teAid Statement ol FFnancial Position As at 31 December 2024 Restricted Fund 2024 Unrestrltted Fund 2024 Totrl Fuxds 2024 Totsl Funds 2023 Note Fixed Assets.. Tangible Fixed Assets 1,181 1.181 1,181 1,587 1.587 Current Assets: Debtors Cash at bènk and in hand 111,220 500,839 612,059 23,406 202,612 226,018 134.626 703,451 838.077 108,436 470,626 579,062 12 Credltor& mounts fallirtg due within one year 14,7941 137.2451 (42.0391 147,6451 Net