Charlty r•glstr*tlon numb•r 1163037 Company rnglstr4tlon number 08733254 IEngland and Wal•$) THE MWEZI FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 THE MWEZI FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Tiu¥te•s M Hamblin C Pay¥ G Cottman S Dawson-coltman W Durigan M Keat A Miler (Appolnled 19 May 202SI (Appoinlgd 19 May 20251 S•¢r•tsry C Paye Charity number 1163037 Company numbor 08733254 Regl•tsr•d offl¢• 12 Vicarage Road Henley-On-Thames Oxlordshire United Kingdom RG9 1HJ Ind•wndent examln•r Mark Jackson FCA DChA Westpolnl Lynch Wood Peterborough Cambridgeshire United Kingdom PE2 6FZ Bank•rn Lloyds Bank 15 Blackheath Villa9• Blackhealh London United lQn9dom SE3 9LH THE MWEZI FOUNDATION CONTENTS Pag• Trustees, report Ind8P8ndenl oxamin&rf$ report Stslemenl of financial activities Balan¢9 sh891 Notes lo the financlal slalements 6-13 THE MWEZI FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 OCTOBER 2024 The IrLtstees present their annual report and financial statements for lh& y&ar endad 31 Octobar 2024. The accounts have been prepared in accordance with the accounting policies sel out sn note 1 to It￿ accounts and Otnpty with the charity's goveming document, the Companies Ad 2006 and the Statement ol Recommended Pra¢b"¢e. 'A¢counling and Reporting by Cha¥ities" issued in March 2(KlS. ObJ'ectiv•s and activities The charity's object5 were ch8nged by Special Resolution dated 19 October 202110 the following.. 1. To relieve poverty through don81ing or othe￿iSe facilitating Ihe provision of solar energy to those in need in Kenya or anywhere else in the worfd that the tru$tÈès decide. 2. To advance the education of the public in matters relating to solar ènergy, dimate change and the protection of the environment and to caTry Out and disseminate the resuhs ol research inlo 811 aspects of ènergy generation. distribution, supply and use. 3. To advance education by making grants for the payment of edu￿tional fees 8n(J the a530cialed costs ol attending eilucational establishments. The trustee5 have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. Achièv•m•nts and perforniance Financial r•viow Thi5 was the lerblh full ytrai of th& charity's activrties. During this year the charity continued its work in the producbon and free distribution of $o18r Iighl$. as well as in the granting of educational scholarships. Using our redesigned 501ar light casing we manulaGtuiÈd 2.368 new lights during this yèar and repaired and put back into circulation a further 2,406 lights. We also increased the number of schools supported by the Foundation. We continued lo receive generous financial donations from indMdu81 donors and ¢h8rrt4ble trust funds durlng this year, which enabled the Trustees to expand the number of schools th81 we 5UPPOrt. Specific donation5 to cover the Cost of repairing lights have also helped to increase the number of lights in circulation. Al the eThY of this year we were supporting 240 schools with solar lights to enable their students living ofkgrid to study during the hours of darkne55. Wlhin those schools we maintain and rèpair the donaled lights and monitor student perfomianc£. During the year. we continued lo assi51 students wrth Mwezi Foundation scholarships and We￿ supporting 6 sludents through their secondary school education by paying their school feès and ancillary costs, thanks to thè support of individual sponsors. The chanty's bankers continue to be Lloyds Bank. Dunng the ye8r the ¢haity rais￿ £53,090 in donations and other income. It is the policy of Ihe charrty Ihal unreslricled funds which have not been designatèd for a specific use should bè maintained at a level equivalent to between three and six month's expendrture. The trustees consider that ieseryes at this level will ensure that, in the event of a significant drop in fundin9. they will be able lo continue Ihe ¢harity'5 current activities while consideration is given lo ways in which addition81 fund5 rnay be raised. This level of reserves has been maintained throughout the year. The Iru51ees have assessed the major risks to which the charsty is exposed. and are satisfied that systems are in place to mitigate exposure to the major risks. THE MWEZI FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) ICONTINUEDI FOR THE YEAR ENDED 31 OCTOBER 2024 Structure. gov•manc• and managem•nt The ch8rfty is a company Ilmited by guarantee. The charity was wSstwed wNh Ihe Chaws Commlssion on 6 August 2015. Tho Iruslees, who are also tho diroctors for the purpose ol companylow, and who s&rvod during the y8ar and up lo the date of signature of the finanaal slalgments w$re.' M Hamblln C Paye G Coltman S Dawsonwcohman W Durigan M Keat A Miller {Appoint8d 19 May 20251 {Appoinled 19 May 20251 None oflhe Iwsle&$ has any ben&fiual interest in Ihg ￿MpanY. AJI of the trusleos are membgrs of Ihg company and guarantee lo contrlbule £1 in the event of a windlng up. Details of organisational structure.. during the per¢od there were five trustee dire¢tors who fvifilFed thfj roles of Chaimian and Treasurar. The Trustees, report was approvetj by th& Board ofTw$l&&s. M Hamblin Trust•• Date.. 17th June 2025 THE MWEZI FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MWEZI FOUNDATION I report lo the trustees on my examination of the financial statemenls of The Mwezi Foltndats'on Ith& charity) lor the year ended 31 October 2024. R•sponslbillti•• and basls of rèport As Ihe trust&&s of the charity land also its directors for the purposes of company lawl you are responsible lor the preparation ol the financial statements in accordan￿ with the requirements of the Companies Act 20[￿ Ilhe 2006 Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 01 the 2006 Acl and are eligible for independent examination, I report in respect ol my examination of the charity's financial slatements carried oth under section 145 of the Charities Act 2011 Ilhe 2011 Act). In carrying out my examination I have fo15owed all the applicable Directions given by the Charity Commission under sedion 14515llbl of Ihe 2011 Act. Indepèndènt •xamirtèe$ $tst•m¢nt I have completed my examination. I confirm that no matters have come to my attention in connection wrth the examinalion giving me cause to bglieve that in any material rèspact". accounting records were not kepl in respect of the charity as required by section 386 01 the 2006 Act,. or the financial statements do not accord with those records., or the finan¢i81 slaternenls do not comply wrth the 8eeounting requirements of seCt￿n 396 of the 2006 Act other than any requirernenl that the aC￿UnIS give a true and fair view which is not a matter considered as part of an independent examination.. or the financial $lalem¢nts havè not beèn prèpared in accordance wilh the rn&lhods and piinciple5 of the Statement ol Recommended Pr8¢licÈ lor accounting and rèporting by ¢h8ri1ie$ applicable lo charrties preparing their accounts In 8ccordance with the Finan¢i81 Reporting St8ndard applicable in the UK aTrJ Republic of Ireland {FRS 1021. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statemènts to bè reachèd. Mark Jackson FCA DChA Azèts Westpoint Lynch Wood Peterbofough Cambridgeshire PE2 6FZ United Kingdom Oaled.. THE MWEZI FOUNDATION STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2024 Unre$trl¢tsd Restrl¢t•d funds funds 2024 2024 Total Unre$tri¢tsd R•$trl¢t¥d lunds funds 2023 2023 T¢tsl 2024 2023 Notes Donations and legacies Inv&strnenls 11.037 41,945 52.982 108 20.699 37.316 58.015 Total income 11,145 41.945 53,090 20,743 37.316 58.059 Charitable activities 14,714 34,463 49,177 10,653 39,519 50,172 Net loutyolnglllncomlng re$tsurtès beforè transfern {3.5691 7.482 3.913 10.090 12.2031 7.887 Gross Iransfers between funds 160) 60 Net l*xpèndltur•}Iln¢on forthe yearf Net movttm•nt In fund* 13.6291 7.542 3,913 10.090 12.2031 7.887 Fund balances al 1 November 2023 38,094 38,094 28,004 2,203 30,207 Fund b41an¢•¥ at 31 October 2034 34.465 7.542 42.007 38.094 The slalernenl of financi818ctivilies Includes all gains and losses re¢x)gnised in the year. All income and expendilure derive from continuing actiwties. The statement of financial activities also complies with the requirements for an income and expenditure account und&r the Companies Act 2006. THE MWEZI FOUNDATION BALANCE SHEET ASAT31 OCTOBER 2024 2024 2023 Not•s Cuffentas••ts Stocks Debtors Cash at bank and in hand 11 12 11,237 149 31.245 16.984 1,552 20.674 42.631 39,210 Cr•dltorn: amounts f*lllng du• wSthln on• y••r 13 16241 {1,1161 Nel current assots 42,007 38,094 In¢om¢ fund¥ Restn'ct•d funds Unrestricted funds 14 7.542 34.465 38.094 42.007 38,094 The company is enlillfjd to the exemption trom the audit requirement contained in section 477 ofthe CompaniesAct 20[￿. for the year en¢Jed 31 October 2024. The directors acknowledge their responsibililles for comptying with the requiremonts of the CompaTh•s Act 2006 with respect to accounting records and the preparn￿on of financial stslemgnls. The mgmbèrs have not required the company lo obtsin an audit of Ils ffnancSal slalements for the year queslSon In a¢¢ordan¢e with $9dion 476. Thesè financial 8lalemenl8 have begn prepared In accordan￿ with the provisions applicable lo Companies 8ubJ8d to the small companies reglme. 16th ju[￿ 2025 The financial statements wefe appiovef I￿land IFRS 1021" leffective 1 January 20191. The charity is a Public Benefit Enlity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statenent ol Cash Flows. The finanaal statements are pr￿pa￿d in slerting. which is the functional currency of the charity. Monetary amtsunls in thèse financial statements are rounded to the nearesl £. The financial stalemenl5 have been prepared under the historical cost convention. The principal a¢¢ounling policies adopted are set out below. 1.2 Golng concam At the lime of approving the financial statements, the tmstees have a reasonable expectation that the charity has adequate resouices to continue in opoiational existence for the foreseeable future. Thus the Inslees continue to adopt thè going concern basis o18c¢ounling in preparing the fin8ncial slalemenls. 1.3 Charltabl• funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their ¢haritable objectives. Reslricted fund5 are subjeGI to specAfic conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment fund5 are subject to specific conditions by donors that the capital must be maintainèd by the charity. 1.4 Iricome Incotne is recognised when the ¢harty 1$ legally enlilled lo il after any perfomiance conditions have been met, the amgunls can be measured ieliably, and il is probable Ihal income will be received. Cash donations are recognised on re￿ipt. Other donations are ￿e￿gnISed once the cha¥ity has been notified ol the donalitsn. unless performanGe condrtion5 require deferral of the amount. Income tax recoverable in relation to donations rècèivèd under Gifi Aid Or deed5 of ¢ovenanl is recognised al the lime of the donation. Lega¢i8s are rècognisad on rèceipt or oth&￿1$• if thè tharily has been nolified of an impendin9 di51ribution, the amount is known. and receipt is expeetèd_ If the amount is not kntswn. the leg#¢y is treated as ctsntin9enl asset. THE MWEZI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 A¢¢ountlng pollel•s (Continued) 1.5 Expenditure Expenditure is recognised once there is a legal OT constructive obligation lo transfer economic benefit to a third party, it 1$ probable that a transfer of economic benefrts will be required in settlement, and the amount of the obligation ean bè measured reliably. Expenditure 15 classthed by actwity. The costs ol each actiwty are made up of the total of dIr￿t cY*sls and shared costs, induding support Costs 1nvolved in undertaking each aclivity. Direct costs attributable to a single actiwty are allocated directly to that activity. Shared costs which contribule to more ihan one activity and support costs which are not attributable to a single adivty are apportioned between those activities on a basis consistent with the use of resources. Central staff costs a￿ allocated on the basis of time spent, and depre¢iation charges are allocated on the portion of the asset's use. Charitable expenditUTe comprise5 those costs In￿rred by the charity in the delivery of its aetiwties and seNices for its beneficiaries. Governance costs indude those costs associated wrth meeting Ihe ¢onslitutional and statutory ￿quireMents of the charty and indud&d audit f8•s and costs linked to Ihe strategic management of the charity. Costs are allocated. where possibtre. directly to the activity. Where the cost is not directty attributable it is allocated by informed management's best estimatè of the activities undertaken. 1.6 stocks Stocks a￿ stated at the lower of cost and estimated selling price less ￿$ts lo complete 8nd sell. Cost comprises dired m8lerial$ and. where applicable, direct labour costs and those overheads that have been incurred in bnng1ng the stocks to their present location and condrtion. Items held for distribution at no or nominal con5ideialion are measured the lower of replacement cost and cosl. Net realisable value is the estimated selling price less 811 eslimaled costs ol oimplelion and costs to be inujrred in marketing, selling and distribution. 1.7 C4$h •nd ¢8$h oqulval•nts Cash and cash equivalents include cash in hand. deposits held al call with banks, other short-lem liquid investments with original maturities of ihree monlhs or les5. and bank overdfafts. Bank overdiafts are shown wrthin boirowings in currènl liabilities. 1.8 FSnanclal Instruments The ¢harity has Èlected to apply the provisions of Sedion 11 'Basic Financial Inslrumenls. and Section 12 'other Financial Instruments Issuès, ol FRS 102 to all of ils financAal instruments. Financial instruments are ¥eeognisèd in the charity's balance sheel when the charity becornes party lo the conlraclual provisions of the instrument. Financial assets and liabilities are offset. with the net amounts presènted in the finanaal statèments, whèn there is a legally enforceable right to set off the re¢ognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liabilrty sirnuttaneously. 8a5ie financialassets Basic finanaal assets, whic* indude debloT5 and eosh and bank balances. are initially measured transaction price including transaction costs and are subsequently ¢8med at amortised cost using the effective inleiesl mèthod unless the arrangemenl constitutes a financing Iransaclion. where the transaction is measurèd at the present value of the lulure receipts discounted at a market rate ol interesl. Financial assets dassrfied as receivable Mlhin one year are not amoriised. THE MWEZI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Accountlng pollcles (Continued) 8asic financial liabilities Basi¢ financial liabilities. in¢ludin9 creditors and bank loans are In￿l811Y recognised al transaction price unless the arrangement ¢onslilutes a financing transaction. where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequgnlly carried at amorts'sed cost, using the effe¢tive interest rale method. Trade ¢redilois are obligations to pay for goods or services that have been acquired in Ihe ordinwy course ol operations from suppliers. Amounts payable are classified as current liabiltties if payment is due within ong year or less. If not, they are presenled as non-current liabilitses. Trade creditors are recognised initially at transaction price and subsequentty measured at amoty'sed cost using the effective inleresl method. DerKognition olfinan¢ial liabilities Financial liabilitiès artr d¢re￿gnISed when the charity's contractual gbligalions expire or are discharged or ¢ancelled Critical accounting estimatss and judg•m•nts In the application of the charity's accounting policies. the Iruslees are required lo makè jLJdgemenl$, eslimat8S and assumptions about the carrying amount ol asse15 and Iiabililies that aFe not rea(Jity apparent from other sources. The eslim*es and 8ssocialed assurnptions are based on histofic31 expèrience and other factors that are considered lo be relevant. Actual results may differ from these eslimales. The eslimales and underfying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which Ihe estimate is revised where the revision affects ￿lY that period, or in the period of the rewsion and futurè periods where the rewsion affects both current and ftjlure pèriods. Donations and legacieB Unrostrict•d R•strictsd funds fundg Total Total 2024 2024 2024 2023 Donations and gifts 11,037 41,945 52,982 58.015 For the year end•d 31 October 2023 20.699 37.316 58.015 Inv¢$tments Unrestricted Unrestrided fund$ funds 2024 2023 Interest receivable 44 THE MWEZI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Charltabl• activiti•• Provl•lon ol S¢hool lighting •cholarshlp f• Totsl 2024 Total 2023 Provision of ligh￿n9 Bank charges Subcontractors Components Freight and transport costs Rent MisceHaneous expenditure Seholarship fegs 3,3ry) 3,300 408 14,078 25,1100 2.076 778 1,146 1,767 2,203 434 11,861 26.468 5,385 772 137 2,336 14,078 25,0 2.076 778 1,146 1,767 46,786 1.767 48,553 49.596 Share of governance ￿$1$ (see noto 6) 624 624 578 47.410 1.767 49,177 50.172 Analys1$ by fvnd Unrostricled fund$ Restrtcted funds 14.714 32.696 14,714 34.463 10,653 39,519 1.767 47.410 1,767 49,177 50,172 Support ¢o¥ts Gov•rnanco costs 2024 2023 AC￿￿NIanCY 624 624 576 824 624 578 Trust•es None ol the Iwsle•s lor any persons connected with them) received any remuneration during the year, and none of them were relmbursed tro￿lI1n9 expenses. THE MWEZI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Employe The average monthty number ol employees during the y•arwas'. 2024 Numbor 2023 Numb•r Totsl There were no employees whose annual iemuneTalion wats more than £60,000. T•x•llon The charity 58 exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these ale applied to its charitabl8 objects. 10 Flnancl•l instrum•nt¥ 2024 2023 Carrylng amount of flnanclal assets Debt instruments measured at amortised cost 149 1.552 Carylng amount of tlnanclal IlabSllttes Measured al amortised Cost 624 1.116 11 Stocks 2024 2023 Raw materials and consumables 11,237 16.984 12 D•lrtorn 2024 2023 Amounts falllng du• wlthln on• y•ar.' Olher debtors 149 1.552 13 CY•dltors: amounts f•lllng du• wlthln on• y•4v 2024 2023 Accwals and deferred in¢ome 624 1,116 10- W) ¢) 7: £2 £ THE MWEZI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 15 An4tysl¥ of n•t •*¥•ts bèt*￿￿ funds Unr•*trict•d R•8trlct•d lun funds 2024 2024 Tolal Unf•strkted Rmtrlctsd fund8 fund$ 2023 ZO23 Tot*1 2024 2023 Fund balanGe$ 4131 O¢tob&r 2024 are represented by.. Curronl assetsllliabillli&$l 34.465 7.$42 42.007 38,094 38,094 34,465 7,542 42,007 38,094 38,094 16 R•l•tsd paty traM*ctlon8 OuTing the year Ihere were donation$ re¢wv•d from Trustees lol9l1ing £5.580 {2023- £5.525). 13-