Charity rnghtration numb•r 1183037 Company r•gl8trntion numb•r 08733254 IEnghnd •nd Wal••l THE MWEZI FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
THE MWEZI FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Tru•tse• M Hamblin C Paye (Appointed 1 November 20221 (Appolnled 1 November 20221 (Appotnted l Nov8mb•r 20221 S Dawson.Collman W Durigan S•¢r•tsry C Paye Charlty number 1163037 Company numbor 08733254 R•ghtsr•d offl¢• 12 Vicarage Road Henley-OTrThames Oxlordshire United Kingdom RG9 1HJ Ind•p•nd•nt •xamln•r Mark Ja¢kson FCA DChA Westpoint Lynch Wood P•l&rborough CambTidgeshir• United Kingdoffl PE2 6FZ B•nk•rn Lloyds Bank 15 8lac*heath Villag Bla¢khealh London United Kingdom SE3 9LH
THE MWEZI FOUNDATION CONTENTS P• Trustee$. report Independent examlne¢¥ report sialemenl of finan¢io1 aclivitl&s 8alanGg sheat Notes lo the llnancial stslemenls 6-11
THE MWEZI FOUNDATION TRUSTEES, REPORT IINCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 OCTOBER 2023 The Iru$le&s preserhl their annual report arKI ffinancial stslemerbts for the year ended 31 October 2023. The accounts have been prepared in a(£ordance wilh the accounting policies set oul in nole 1 to the accounts and comply with the charity's governing document, the Companies Act 2006 and the Slalernenl of Re¢ownThended Practice, "Aecounting and Reportjng by Charities" issued in March 20(15. Objective• and activitie$ The chaiivs obrIS werg d)anged by Spe¢ial Resolution dated 19 October 2021 to the following.. To reliève poverty through donating or otherwisè lacilitaling the provision of solar energy lo those in need in Kenya or anywhere else in the worfd that the Iruslee5 decide. 2. To advance the education of the public in matter5 relating lo solar energy, climate change and the protection of the environment and to carry out and disseminate the results ol research into all aspects of energy generation, dislribution, supply and use. 3. To advance èducation by making grants for Ihe payment ol educational fvos and the associated ctssls of attending educational establishments. The Iruslee5 have paid due regard lo guidance issued by the Charity Commission in deciding what activities the charity should undertake. Achi•v•m•nts and p•rforn)ane• Financial r•view This was the ninth full year of the charity's activities. During this year the charity (ontinued rts work in the produ¢Thon ar free distribution of solar lighls, as well as in the granling of educalional scholarships. Using our redessgned solar lighl casing we manufactured 2,150 new lights during thi$ year and paired and put back into circulation a further 1,480 lights. We also increased the number of schools supported by the Foundation. Wè continued to re¢eNe genèrous financial donation$ from individual donors and charitable Irusi funds during this year. which have enabled the Trustees lo expand the numbei ol schools that we support. At the end of this year we were supporting more than 200 schools with 501ar lights to enable their students living off-grid to study during Ihe hours of darkness. Wthin Ih05e schools we maintain and repair the donated lights and monitor stud&nt perforrnance. OuTing the year, we continued to assist students with Mwezi Foundation scholarship$ and wèrè supporting 7 students through Ihèir sècondary school education by paying thèir school fees and anci118ry ¢osls thanks lo the support of individual $ponsors. The charty's bankers continue lo be Uoyds Bank. During the year the charity faised £58.D59 in donations and other income. li is the polw ol the Charity that unrèstfictèd funds which havè not beèn designated for a $Pecrf use should be maintained al a level equivalent lo belween three and six month's expendrture. The Iruslee5 consider that reserves al this level will ensure that, in the event of a Significant drop in funding, they wll be able lo continue the charty's current activities while con51deralion is given to ways in which Jddilional lund5 may be raised. This level of reserves has been maintained throughout the year. The trustees have assessed the major risks to which the charity is exposed, and arè $8li$fied that systems are in place to mitl9ale exposure lo the major risks.
THE MWEZI FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023 Slructur•. goveman¢• •nd manag•m•nt The charity ig a company limSled by guarantee. Th• tharity was registered with the Charity'5 Commisslon on 8 Augu$1 2015. The Iruslees, who are also the dire¢tors for the purpose of company law. and who seryed during the year and up to the dale of slgnature of the financial statements were.. M Hamblin C Paye G Colbnan S DawsoTr&Collman WDurigan (Appolnlod 1 November 2022) (Appointed 1 November 2022) (Appointed 1 November 2022) None of the Iruslees has any beneficial interest in the company. All of the Irusle•s 8re mèmbers of the company and guarantee lo contributè £1 in the event ol a winding UP. Detsils of organisalional $lructure'. during thè period there were fNe Iru$lfj8 directOTg who fuffill6d the roles of Chalrman and Treasurer. The Trustees, r8POrt was approvgd by the 8oar(l ofTru$lee8. M Hamblln Tru8ts• 25th Juty 2024
THE MWEZI FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MWEZI FOUNDATION I report to the trustees on my examination ol the financial stslemenls of The Mwezi Foundation Ilhe CharY) for the year ended 31 October 2023. Rospon¥ibilitiÈs and ba$1$ of report As the trustees of the charity land also its direcloTS lor Ihe purposes of company lawl you are Tespon5ible for the preparabon ol tha financial slalemenls in accordan wrth the requirements of the Companies Act 20( Ilhe 2006 A¢ti. Having satisfied myself thal the financial stslemenls ol the charity are not rèquired tts be audrted under Part 16 of the 2006 Act and are eligible for independent exarninalion. I report in respect of my examination Of Ihe ¢harrty s financial statements carried out under section 145 01 the Charrties Act 2011 Ilhe 2011 Actl. In carrying out my èxarninab'on I havè folbw8d all the applicable Directions given by the Charty Cornmi5sion under seclion 14515llbl of the 2011 Ad. Ind•pendent examinerfs statement I have wmpleled my 8xamination. I confirm that no mattars ha come to my attention in connection with Ihe examination giving me cause lo believe that in any material respect." accounting records were not kept in respect of the chanty as required by seth'on 386 of the 20C6 Act,. or thè financial stalements do not accord with those records.. or the financial sialements do not comply with the accounting requirernenls of section 396 of the 2006 Ad olh&T than any requirement thal the accounts give a true and fair view which 15 not a matter considered as part of an independent examination.. or the financjal Statements have nol been prepareil in a¢¢ordance with the methods and principlès of thè Statement of Recommended Praclice for accounting and reporting by chanlie5 applicable lo tharilies preparing their accounts in accordance with the Financial Reporting Stsnd8rd applicable in the UK and Republic of Ireland IFRS 1021. I have no concems and have ¢ome across no other matters in connection wrth the examination to which attenbon should be drawn in Ihis report in older to enable a proper understanding of thè financial statemènts to be reached. Mark Jackson FCA DChA Az•ts Weslpoint Lynch Vvood Peleiborough Cambridgeshire PE2 6FZ United 'ngdorn Dated. .£&...{.: 2o..&t
THE MWEZI FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2023 Unmtri¢trd Restrictsd funds fund• 2023 2023 Total Unrv4trlctsd RtrIctsd fund• fund• 2022 2022 Total 2023 2022 Not•• In Donations and legacie$ Inv&slmenl$ 20,699 37,316 58,015 44 9,495 22,807 32,302 Total In¢om• 20.743 37.316 S8.059 9.496 22.807 32,303 Ex nd Charitable a¢tiwtie$ 10,653 39.S19 50.172 25,522 25,810 51,332 N•t InGom•l{•xponditur•} for th• yearl N•t rnovem•nt In fund• 10,090 (2.2031 7.887 {18.0261 13.C#J31 119,0291 Fund balances 811 Novembar 2022 28,C¥)4 2,203 30,207 44.030 5.206 49,236 Fund bal•n¢ at 31 Octob•r 2023 38,094 38,094 28,004 2,203 30,207 The statement of ffinancial acliwties indude5 all gains and losse8 recognised in the year. All income and &xpendAuw derlvg from continuing actimlies. The $latement of flnancial actiwlles also compl5 wilh th• requlrem&nts for an nme and expenditure account under th8 Companies Act 20C6.
THE MWEZI FOUNDATION BALANCE SHEET ASAT31 OCTOBER 2023 2023 2022 Curnnt au•ts Stocks D8btor5 Cash al bank and In hand 11 12 18,984 1,552 20,674 4.700 149 25,898 39,210 30.747 Cr•dltorn: amounts fallln9 due wlthln on• yur 13 {1,1161 15401 Nel current assets 30.207 Incom• fund* Reslrlcted funds Unre$tri¢ted fund$ 14 2,203 28,004 38,094 38,094 30,207 The company is enlilled lo the exemption from the audit requlrement contained in Sgclion 477 ofthe Companles A 20Ce, for the year ended 31 October 2023. The directors acknow19dge Ihgir ra$pon$ibililig$ for Complying with th8 requirements of th8 Companies Act 2006 with resped lo accounting records 8n¢J the preparation of financial Statements. Th8 m8mbers have r1 rèquired Ihe company lo obtain an audll of 118 finandal statements fw the year In questlon In ac¢ordance wrth section 476. These financial slalomenls ha b&gn pr8parad in accordance with the provisions applicabje to companies subject lo the small Companies r•gim&. 251h Juty 2024 The finanaal slalements were apwove(I by the Truslegs on ...-........-..-......... M H8mblln Trust•• Company regl•tratlon number 08733254
THE MWEZI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Accounting policies harity infornwtion The Mwezi Foundation 1$ a private company lirniled by guarantee incorporated In England and Vvales. The registered office is 12 Vicarage Road. Henley-On-Thames, Oxfordshire. RG9 IHJ, United Kingdom. 1.1 Accounting Convention The financial stalernents have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standar(F applicablè in the UK and RÈpubli¢ ol Ireland. I'FRS 102.1 and the Chaiilies SORP "Acoounling and Reporting by Charrfies." Statement of Recommended Pradice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. (effective 1 January 20191. The charity is a Public Benefit Enlily as defined by FRS 102. The charity has taken advantage of the promsions in the SORP for charities not lo prepare a Slalemenl of Cash Flows. The financial stalements are prepared in sterling, which is the lunctional currency of the charrty. Monetary amounts in these financial statements are roundod lo the nèarest £. The financial sl8lemenls have been prepared under Ihe historical cosl c£Invenln. The principal accounting poIic4es adopted are sel out below. 1.2 Golng conc•m Al the lime ol approwng the financial slalements, the trustees have a reasonable expectation that the charity has adequate Tesources to conts'nue in operational oxistenee lor the foreseeable future. Thus the Iruslees continue to adopt th* going concern basis of accounting in prepaiing the financial slalements. 1.3 Charltabl• lund$ Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted tunds are subject to specific conditions by donors as to how they may be used. The purposes and uses ol the restricied funds are sel out in the notes lo the financial slalemenls. Endowment funds are subject to specific condrtions by donors thal the capital musl be maintaine(I by the charity. 1.4 Income Income is recognised when the charity is legally entitled lo it after any performance condrtions have been met. the amounts can be measured reliably, and it is probable that income wll be received. Cash donatnS are recognised on receipt. Other donations are recognised OTh the charity has been nolffjed of the donation. unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations ieceived under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise rf the charity has been notth'ed of an impending distribulion. the amount is known, and receipt is expecled. If the amount is not known. the legacy is treated as contingent asset.
THE MWEZI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023 Accounting pollcles {Continuedl 1.5 Exp•ndltur• Expendilure is recognised once there is a legal or constructive obligation lo Iransfei economic benefrt to a thifd party. it is probable thal a traftsfei of economic bgntrfits will be required in settlement, and the amount of the obligation can be measured rèIbty. Expendrture is cla$sthed by activity. The c051s of eath actiwly afe made up of the total ol dirg¢t ¢o$ls and shared cos15. including support costs involved in undertaking each activty. Direct costs attributable to a $ingle activity are allocated directly lo that activity. Shaied costs which contribule to more than one activtty and 5UPPOrt Costs which are not attributable lo a single activity are apportioned belween those activities on a basis conslstent with the use of resources. Central staff costs a allocated on the basis of time spent. and depreciation charges are allocated on the portion of Ihe as$&l's use. Charitable expenditure comprises those cos1$ in(wrred by the ¢harlty in the delivery of its adivities and services for its benefarles. Goveman¢e costs include those costs assorialed with meeting Ihe constitutional and statutory Qu1ments of the charrty and included audit fees and costs linked lo the strategic management of the charity. C0515 are allocated. where possible. directly to the activity. Where the cost is not diieclly attributable it is allocated by infomied management's best estimate ol the actiwties undèrtaken. 1.6 Stocks Slo¢ks ale staled al the lower of ¢osl and eslimaled selling price less costs lo completè and sell. Cost ¢omprises direct malerials and, where applicable. direcl laboLFr costs and Ihose overheads that have been incurred in bringing the stocks lo their present location and condition. It&ms held foi distribution al no or nominal consideration afe measured Ihe lower ol replacement cost and cost. Net realisablè value is the estimated selling price les5 all estimated costs ol LXJMplet and costs lo be Incurred in marketing. selling 8nd dislribLrtion. 1.7 Cash and cash equivalents Cash and cash eqviv81enls include cash in hand, deposrts held at call with banks, other short-lerm liquid investments with original maturrties of three months or less. and bank overdrafts. Bank oveidrafts are shLw4n within borrowings in current liabilities. 1.8 Flnan¢lal Instruments The charity has elected to apply Ihe provisions of Section 11 'Basic Financial Inslnjmenls, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all ol its financial instruments. Financial instnjments ale recognised in the eharity's balance sheet when the charity becomes party to the ¢ontra¢tual piovisions of Ihe inslrurnenl. Financial assets and li8biltties are offset, with the net amounts presented in the financial $lalemenls. when there is a legally enfoTceable right to set off the recognised amounts and thère is an intention lo settle on a nel basis or to realise the asset and settle the liability simultaneously. Basle flftanelal ass•ts Basic financial assets, which includ& d&btors and ¢a$h bank balances. are initially measured at transaction price induding transacbon ¢o$ts and are subsequently carfied 81 amortised cost using the effective Inlerèst method unless the arr8ngemenl conslilules a financing transaction. where the transaction is measured al the present value of the future receipts discounted al a market rate of interest. FinanLial a$set$ classified as receivable within one year are not amortised.
THE MWEZI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023 Aeeountlng pollcles {Coniinuedl 8asi¢ finan¢ial liabilltie$ Basi¢ financial liabilrties. including Creditors and bank loans are initially recognised at transaction price unless the arrangement conslilutes a financing Ir8nsaction. where the debt instmmenl is measured at the present value of the future payments discounted al a market rale of interest. Financial li8bililies elassified as payable wrthin one year are nol arnortised. Debt instruments are subsequèntty camèd at amortised eost, using the effective interest rate method. Trade creditors are obligations lo pay for good5 or Services that have been a¢quired in Ihe ordinary course ol operalions Irom suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, Ihey are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. Crltlcal accounting •stimat•s and judgoments In the application of the charrty's 8¢¢ovnling policies. the trusteès are require¢J to make judgements, estimates and assumptions about the carrying amount ol assets and liabi111ies that are not ieadily apparent from other sources. The estimales and assocAated assumptions are based on historical expenence and other factors thal are considered to be relevant. Actual results may differ from these estimate5. The Èslimales and undèrlying assumptions arè réviewèd on an ongoing basis. Revisions to accounting eslimales ale recognised In the period in which the estimate is revised where the revision affects only that period. or in the peiiod of the revision and future periods where the revision affects both Current and futu periods. Donatlons and kga¢l•$ Unrfrstri¢t•d R•$tri¢ted funds funds Totsl Total 2023 2023 2023 2022 Donations and grfts 20.699 37,316 58,015 32.302 For th• y•ar ¢nd•d 31 Oetobèr 2022 9,495 22,807 32,302 Inv*stm•nts Unrestrlet•d Unrestricted funds lund$ 2023 2022 Inlerest recewable
THE MWEZI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023 Chathablo a¢tSvltl•• Provl8lon of School Ilghting •¢holarnhip Totsl 1023 Total 2022 Piovlston of Ilghllng Bank chargos Subcontractors Components Freight and transport ¢o$ts Rgnt Mis¢ellaneou8 èxpèndilure Profe8sional setNlce Scholarship ffjgs 2,203 434 11,861 26,468 5,385 772 137 2.203 434 11,861 26.468 5.385 772 137 3.003 323 9,619 27,077 6.236 914 900 2,120 2,336 2.336 47,200 2,336 49,596 50,792 Sharg of govemancx co$1$ (see nol8 6) 576 576 47.836 2.336 50,172 51,332 Anatysls by lund Unreslrict8d funds Restricted funds 10,S37 37.299 116 2,220 10,8S3 39,519 2S,522 25,810 47.836 2.336 SO.172 51.332 Support ¢osts Gov•man¢• colts 2023 2022 A¢ts)unlancy 576 576 540 576 576 540 Thi•te•8 None of the Iru8lees lor any persons connected wlth them) r•c•lved any remuneratlon durlng the year, and none of them were reimbursed tralling expenses.
THE MWEZI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023 Employ••• The overage monthly numbw of gmployees durfng the year was.. 2023 Numlxtr 2022 Number Total There were no émployees whose annual r9muneralion wa$ more than £60,000. Tax•tlon The ¢harily is exempt from lax on income and gains falllng within se¢tlon $05 of the Taxes Act 1988 or sectlon 252 of the Taxation ol Chargeable Gains Act 1992 to the extgnt thal these are applied lo ils charitable objects. 2023 2022 10 Fln•n¢lal in•lruments Carrylng amount of finan¢lal •ss•ts Debt instruments measured al amortised cost l.S52 149 Carrying amount of financlal Il•bllltl•• M8a511red at amortised cost 1,116 540 11 Slo¢k* 2023 2022 Raw materials and consuma5 16,984 4,700 12 Debtors 2023 2012 Amounts falllng du• wlthln on• y•4r. Olh8r debtors 1,552 149 13 Cr•dltOM: 4mounts tslllng du• wlthln on• year 2023 2022 AcGruals and dgfgrr8d income 1,116 540 10.
THE MWEZI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023 14 Restricted funds The in¢ome funds of the charrty indude restricted funds comprising the following unexpendeil balance5 01 donalions and 9rants hèld on trust for speufic purposes.. Movement In funds Incrffllng Movemènt In funds Incomlng resourcè5 Rp50urttrs Balan¢0 t •xpgn4gd 1 Novgmbr 2022 Balance at 31 Octo[ 2023 1 14ovomber 2021 èxpèndod Thè Watedoo Foundation School Scholarships BFSS Lasl-mile project Fresh Leaf Charitable Foundation Nexl Energy 5,206 {3.0031 2,203 (2,2031 1,610 10.003 {1.6101 {10.0031 2.220 11,649 {2.2201 111.6491 11,194 {11,194} 12,314 11,133 112,3141 111,1331 5,206 22.807 125,8101 2.203 37,316 139,5191 Thè Watedoo Foundation grant is to supporl the development of our maintenance and operation strategy. During the yeai, the foundation amended its charitable objects'ved to include making grants for the payrnenl of educats.onal lees. These are partly funded by sponsorship donations. During the year the ft)undalion received a grant from BFSS for the provision of portable solar lights for 150 Kenyan primary schools. The last-mile project relates to grants received for the provision of 1.200 portable solai lights. swead betr4een 100 primary schools in rural Kenyan villages. 15 AnatyJi¥ of net a8$ets befyvwi fvnd$ Unrestrict•d R•strTrcted funds funds 2023 2023 Total Unrestricted Restricted funds funds 2022 2022 Total 2023 2022 Fund balances al 31 October 2023 are represented by.. Current assetsllli8bililiesl 38,094 38,094 28,004 2,203 30,207 38,094 38,094 28.W4 2.203 30.207 16 Related party transaction$ There were no disdosable related party transactions during the year12022- none).