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← Mojatu Foundation

2023-08-31-accounts

Registered Charity Number :- 1167557

MOJATU FOUNDATION a Charitable Incorporated Organisation

TRUSTEES’ REPORT

AND

FINANCIAL STATEMENTS

FOR THE YEAR END 31 August 2023

MOJATU FOUNDATION

CONTENTS

FOR THE YEAR ENDED 31 August 2023

REFERENCE AND ADMINISTRATIVE INFORMATION ........................................................................................... 3 TRUSTEES' REPORT ....................................................................................................................................................... 4 INDEPENDENT EXAMINER'S REPORT ....................................................................................................................... 5 STATEMENT OF FINANCIAL ACTIVITIES ................................................................................................................ 6 BALANCE SHEET ........................................................................................................................................................... 7 NOTES TO THE FINANCIAL STATEMENTS .............................................................................................................. 8

MOJATU FOUNDATION

REFERENCE AND ADMINISTRATIVE INFORMATION

FOR THE YEAR ENDED 31 August 2023

The trustees present their report with the unaudited financial statements of the charity for the year ended 31 August 2023.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity No. 1167557

Principal Office

Howitt Building Lenton Boulevard Nottingham NG7 2BY

Trustees

The following trustees served during the year: P.Cooper E.Kabando B.B. Koumbu W. Mugo D. Nhidza

Independent Examiners

WKM Accountancy Services Castledine House 5 Heanor Road Ilkeston DE7 8DY

Bankers

The Co-operative Bank Plc Business Direct P O Box 250 Skelmersdale WN8 6WT

MOJATU FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 August 2023

OBJECTIVES AND ACTIVITIES

The objects of the Mojatu Foundation are: Develop the capacity and skills of socially and economically disadvantaged groups in particular but not exclusively women, girls and young people of African and Caribbean communities in such a way that they are better able to identify, help and meet their needs and to participate more fully in the society by:

The trustees believe that the services that are offered to the public by Mojatu Foundation make available. access to all as a community and as such believe that the charity is of benefit to the whole community. The trustees have considered the Charity Commission’s guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'.

FINANCIAL REVIEW

The foundation has had a considerable success in securing funding for ongoing and future projects.

STRUCTURE, GOVERNANCE AND MANAGEMEN T

Mojatu Foundation is a Registered charity [Charitable Incorporated Organisation – CIO] in the UK, registration No. 1167557. It was registered 08 June 2016. We transform communities through media, gender. equality, health and training. We develop the capacity and skills of socially and economically disadvantaged. and ‘hard-to-reach’ groups, in particular but not exclusively women, girls and young people of African and Caribbean communities, in such a way that they are better able to identify, help and meet their needs and to participate more fully in society

Statement of trustees' responsibilities in relation to the financial statements

The charity trustees are responsible for preparing a trustees' annual report and financial statements. in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements. comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed on behalf of the charity's trustees.

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P.Cooper Trustee 15 April 2024

MOJATU FOUNDATION

INDEPENDENT EXAMINER'S REPORT

FOR THE YEAR ENDED 31 August 2023

Independent Examiner's Report to the trustees of Mojatu Foundation

I report to the trustees on my examination of the financial statements of Mojatu Foundation for the year ended 31 August 2023 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes.

Responsibilities and basis of report

As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011('the Act'). The trustees consider that an audit is not required for this year under the Charities Act 2011, s.144(2) (the 2011 Act) and that an independent examination is needed.

I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in, any material respect:

•the accounting records were not kept in respect of the charity as required by section 130 of the Act; or

•the financial statements do not accord with those records; or

•the financial statements do not comply with the applicable requirements concerning the form and content of the financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a 'true and fair' view which is nota matter considered as part of an independent examination.

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 statements to be reached.

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Mariah Tompkins FMAAT WKM Accountancy Services Castledine House 5 Heanor Road Ilkeston DE7 8DY

15 April 2024

MOJATU FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 August 2023

Recommended
categories by activity
Notes
Incoming resources
Income and
endowments from:
Donations and legacies
2
Charitable activities
3
Total
Resources expended
Expenditure on:
Raising funds
4
Charitable activities
5
Other
7
Total
Net
income/(expenditure)
before investment
gains/(losses)
Net
income/(expenditure)
Net movement in funds
Reconciliation of funds:
Total funds brought
forward
Total funds carried
forward		 Unrestricted
funds
£
Restricted
income funds
£
Total Funds
2023
£
Total Funds
2022
£
79,258.96
108,098.67
187,357.63
145,835.80
33,387.00
85,082.20
118,469.20
52,931.68
112,645.96
193,180.87
305,826.83
198,767.48
125.00
17,412.02
17,537.02
6,405.50
77,182.85
191,425.65
268,608.50
178,457.69
632.70
1,710.63
2,343.33
785.42
77,940.55
210,548.30
288,488.85
185,648.61
34,705.41
(17,367.43)
17,337.98
13,118.87
34,705.41
(17,367.43)
17,337.98
13,118.87
34,705.41
(17,367.43)
17,337.98
13,118.87
20,914.72
12,748.56
33,663.28
20,544.41
55,620.13
(4,618.87)
51,001.26
33,663.28

MOJATU FOUNDATION

BALANCE SHEET

FOR THE YEAR ENDED 31 August 2023

Recommended
categories by activity
Notes
Current assets
Debtors
8
Cash at bank and in hand
9
Total current assets
Creditors: amounts
falling due within one
year
10
Net current
assets/(liabilities)
Total assets less
current liabilities
Total net assets or
liabilities
Funds of the Charity
Unrestricted funds
11
Restricted income funds
11
Endowment funds
11
Total funds		 Unrestricted
funds
£
Restricted
income funds
£
Total Funds
2023
£
Total Funds
2022
£
84,652.55
-
84,652.55
25,030.55
(1,248.72)
12,302.33
11,053.61
48,434.10
83,403.83
12,302.33
95,706.16
73,464.65
32,664.49
(250.00)
32,414.49
39,801.37
50,739.34
12,552.33
63,291.67
33,663.28
50,739.34
12,552.33
63,291.67
33,663.28
50,739.34
12,552.33
63,291.67
33,663.28
55,620.13
55,620.13
20,914.72
(4,618.87)
(4,618.87)
12,748.56
-
-
55,620.13
(4,618.87)
51,001.26
33,663.28

The financial statements were approved by the Board on 15-April-2024 and signed on its behalf by:

Penny Cooper Trustee

MOJATU FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 August 2023

1 Accounting Policies

1.1 Accounting Policies

The principal accounting policies adopted by the Charity, which is a public benefit entity, in the preparation of the accounts are as follows.

1.2 Basis of preparation

These accounts have been prepared under the historical cost convention, as modified by the inclusion of charitable properties and fixed asset investments and investment properties at valuation.

These accounts have been prepared 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 applicable in the UK and Republic of Ireland (FRS 102)” (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.

Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.

Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.

Income

Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.

Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA.

Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.

Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates.

Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.

Volunteer help The value of any volunteer help received is not included in the accounts.

MOJATU FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 August 2023

Investment income This is included in the accounts when receivable.

Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year.

assets

Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets

Expenditure

Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.

Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising fund trading costs and investment management costs.

Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.

Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.

Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.

Other expenditure These are support costs not allocated to a particular activity.

Taxation

The charity is exempt from tax on its charitable activities.

Freehold investment property

Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

MOJATU FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 August 2023

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably. result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement. amount after allowing for any trade discounts due.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.

All exchange differences are taken into account in arriving at net income/expenditure.

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.

Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds. Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources. and expenditure at an estimate of the value to the charity.

1.3 Going concern

The Trustees have prepared financial projections, taking into consideration the current economic conditions and have, at the time of approving these accounts, a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the accounts.

MOJATU FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 August 2023

2 Income from Donations and Legacies

Unrestricted
funds
Restricted
income
funds		 Endowment
funds		 Total funds
2023		 Total funds
2022
Analysis £ £ £ £ £
General grants provided
by Government/other 79,258.96 108,098.67 - 187,357.63 145,835.80
charities
79,258.96 108,098.67 - 187,357.63 145,835.80
3 Income from Charitable Activities
Unrestricted
funds
Restricted
income
funds		 Endowment
funds		 Total funds
2023		 Total funds
2022
Analysis £ £ £ £ £
Commissioning -
Research & Training		 20,180.00 85,082.20 - 105,262.20 24,808.00
Sale of service 13,207.00 - - 13,207.00 28,123.68
33,387.00 85,082.20 - 118,469.20 52,931.68

3 Income from Charitable Activities

4 Expenditure on Raising Funds

Total funds 2023 Total funds 2022
Analysis £ £
Staging fundraising
events		 375.00 -
Advertising, marketing,
direct mail and publicity		 17,162.02 -
Rent collection, property
repairs and maintenance - 6,405.50
charges

MOJATU FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 August 2023

17,537.02 6,405.50

5 Expenditure on Charitable Activities

Analysis
Subcontractor Costs
Charity running cost
Employee costs
Advertising and
marketing
Printing and stationery
Bank charges
Legal/professional fees
Staff costs
Support Costs		 Total funds 2023
Total funds 2022
£
£
58,938.00
47,697.41
4,270.75
1,158.40
122,518.77
80,032.80
6,347.59
17,436.27
-
319.41
10.50
-
3,335.59
2,279.00
69,795.00
24,764.60
3,392.30
4,769.80
268,608.50
178,457.69

6 Support Costs

Analysis
Governance Costs
Travel Costs
Insurance
Light and Heat
Telephone
Accountants’ fees		 Total funds 2023
Total funds 2022
£
£
90.18
-
928.64
1,213.97
-
218.94
-
770.35
2,373.48
2,566.54
3,392.30
4,769.80

7 Other Expenditure

Unrestricted Restricted Endowment Total funds Total funds funds income funds funds 2023 2022

Analysis

MOJATU FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 August 2023

Pension Costs £
£
£
£
£
632.70
1,710.63
-
2,343.33
785.42
632.70
1,710.63
-
2,343.33
785.42

8 Debtors: Amounts falling due within one year

Trade debtors
Other debtors		 Total funds 2023
Total funds 2022
£
£
63,972.00
4,350.00
20,680.55
20,680.55
84,652.55
25,030.55

9 Cash at bank and in hand

Cash at bank and on hand
10 Creditors: Amounts falling due
Accruals and deferred income
Taxation and social security
Other creditors		 Total funds 2023
Total funds 2022
£
£
11,053.61
48,434.10
11,053.61
48,434.10
within one year
Total funds 2023
Total funds 2022
£
£
1,500.00
1,750.00
15,091.19
16,456.97
15,823.30
21,594.40
32,414.49
39,801.37

MOJATU FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 August 2023

11 Charity funds

11.1 Details of material funds held and movements during the CURRENT reporting period

Fund names
Unrestricted funds
Unrestricted Funds
General Fund
Unrestricted General
Funds
Restricted income
funds
Restricted Funds
Total		 Fund
balances
brought
forward
Income
Expenditure
Transfers
Gains and
losses
Fund
balances
carried
forward
£
£
£
£
£
£
370.31
112,645.96
(77,940.55)
-
-
35,075.72
17,171.20
-
-
-
-
17,171.20
3,373.21
-
-
-
-
3,373.21
12,748.56
193,180.87 (210,548.30)
-
-
(4,618.87)
33,663.28
305,826.83 (288,488.85)
-
-
51,001.26

11.2 Details of material funds held and movements during the PREVIOUS reporting period

Fund Fund
Fund names balances
brought		 Income Expenditure Transfers Gains and
losses		 balances
carried
forward forward
£ £ £ £ £ £
Unrestricted funds
Unrestricted Funds - 4,574.00 (4,203.69) - - 370.31
General Fund 17,171.20 - - - - 17,171.20
Unrestricted General
Funds		 3,373.21 - - - - 3,373.21
Restricted income
funds
Restricted Funds - 194,193.48 (181,444.92) - - 12,748.56
Total 20,544.41 198,767.48 (185,648.61) - - 33,663.28