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2023-03-31-accounts

ZayoHub Foundation Charity Number 1190407

Unaudited Financial Statements for the Year Ending March 2023

Contents

Reference and administrative details of the charity, its trustees and advisers for the year ended March 31 2023 ........................................................................................................................................ 3 Trustees Report for Year Ended March 2023 ......................................................................................... 4 Objectives and Activities ..................................................................................................................... 4 Achievements and performance ......................................................................................................... 4 Financial review .................................................................................................................................. 4 Structure, governance and management. .......................................................................................... 5 Plans for future periods ...................................................................................................................... 5 Trustees' responsibilities statement ................................................................................................... 6 Independent examiner's report for the period ended 31 March 2023 .................................................. 7 Independent examiner's report to the trustees of ZayoHub foundation ........................................... 7 Respective responsibilities of trustees and examiner ........................................................................ 7 Basis of independent examiner's report ............................................................................................. 7 Independent examiner's statement ................................................................................................... 7 Disclosure section ............................................................................................................................... 8 Statement of Financial Activities for the Year Ended 31[st] March 2023 .................................................. 9 Balance sheet as at 31[st] March 2023 .................................................................................................... 10 Notes to the financial statements for the period ending 31[st] March 2023 .......................................... 11

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Reference and administrative details of the charity, its trustees and advisers for the year ended March 31 2022

Trustees

Eleanor Sykes Rosie Rafferty Catherine Hinds Charlotte Scott

Charity registered number 1190407

Principal office Popes Farm, The Green, Depden, IP29 4BY

Independent examiner Nicholas Jenkins

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ZayoHub Foundation

Trustees Report for Year Ended March 2023

The Trustees present their annual report together with the financial statements of the ZayoHub Foundation (the charity) for the period ended 31 March 2023. The Trustees confirm that the Annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities (effective 1 January 2015).

Objectives and Activities

a. POLICIES AND OBJECTIVES

The principal object of the charity is to the relief of poverty and the improvement of the conditions of life in socially and economically disadvantaged communities in Zambia by:

Achievements and performance

a. REVIEW OF ACTIVITIES

The charity has focused on understanding the situation and development needs of the selected communities in western Zambia. From that, the charity’s objectives and strategies in terms of how to support local activities have been developed during the reporting year.

The trustees have had due regard to the Charity Commission guidance on public benefit.

Financial review

a. GOING CONCERN

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

b. RESERVES POLICY

A formal reserves policy has not yet been established. At the period end the charity had unrestricted funds carried forward of

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Structure, governance and management.

a. CONSTITUTION

The charity was established as a foundation model Charitable Incorporated Organisation (CIO). It was incorporated and registered with the Charity Commission on the 14th of July 2020 and the registered charity number is 1190407.

b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES

The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the constitution. There must be at least three trustees. There is no maximum number of trustees.

The first charity trustees are as follows, and are appointed for the following terms – Catherine Hinds for 4 years Rosie Rafferty for 4 years Charlotte Scott for 4 years Eleanor Sykes for 4 years

In selecting additional individuals for appointment as charity trustees, the charity trustees have regard to the skills, knowledge and experience needed for the effective administration of the CIO. The members of the CIO shall be its charity trustees for the time being. The only persons eligible to be members of the CIO are its charity trustees. Membership of the CIO cannot be transferred to anyone else. Any member and charity trustee who ceases.to be a charity trustee automatically ceases to be a member of the CIO.

c. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES

The charity trustees will make available to each new charity trustee, on or before his or her first appointment:

d. ORGANISATIONAL STRUCTURE AND DECISION MAKING

Any decision may be taken by trustees either:

The charity trustees may delegate any of their powers or functions to a committee or committees, and, if they do, they shall determine the terms and conditions on which the delegation is made. The charity trustees may at anytime alter those terms and conditions or revoke the delegation.

Plans for future periods.

a. FUTURE DEVELOPMENTS

The CIO plans to secure further grants and donations to enable it to fulfil its charitable objectives.

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Trustees' responsibilities statement

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

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the Trustees on behalf by:

(date) and signed on their

Eleanor Sykes

Chair

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Independent examiner's report for the period ended 31 March 2023

Independent examiner's report to the trustees of ZayoHub foundation

I report on the financial statements of the charity for the period ended 31 March 2023 which are set out on pages 9 to 12.

This report is made solely to the charity's Trustees, as a body, in accordance with section 145 of the Charities Act 2011 and regulations made under section 154 of that Act. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.

Respective responsibilities of trustees and examiner

The charity's Trustees are responsible for the preparation of the financial statements, and they consider that an audit is not required for this period under section 144(2) of the Charities Act 2011 (the Act) and that an independent examination is needed.

It is my responsibility to:

Basis of independent examiner's report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all. the evidence that would be required in an audit, and consequently no opinion is given as to whether the financial statements present a 'true and fair view' and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention, other than that disclosed below:

  1. Which gives me reasonable cause to believe that in any material respect the requirements:

  2. To keep accounting records in accordance with section 130 of the Act; and

  3. To prepare financial statements which accord with the accounting records and comply with the accounting requirements of the Act.

have not been met; or

  1. To which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

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Dlsclosure sectlon Your attention is drawn to the fact that the eharity has prepared the accounts 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 published 16 July 2014, the Financial Reporting Standard for Smaller Entities IFRSSEI in preferente to the Accounting and Reporting by Charities.. Statement of Recommended Prarti¢e issued on l April 2005 which 15 referred to in the extant regulations but has since been withdrawn. We understsnd that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after l January 2015. Inde ndent Exominer

Statement of Financial Activities for the Year Ended 31[st] March 2023

Note Unrestricted
funds 2023
£
Balance carried
forward
Income from
Donations and
grants
2
Bank interest
Total income
Expenditure on
Management
and fundraising
3
Charitable
activities
4
Total
expenditure
Net income
Reconciliation
of funds
Total funds at
1 April 2022
Total funds as
at 31stMarch
2023		 Restricted funds
2023
£
248,366.04
100,000.00
4,028.43
104,028.43		 Total funds 2023
£
248,366.04
100,000.00
4,028.43
104,028.43


1,199.51
306,854.40
308,053.91
(204,025.48)


248,366.04
44,340.56

The notes on pages 11 to 12 form part of these financial statements.

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Balance sheet as of 31[st] March 2023

Current assets
Debtors
Cash at bank and in hand
Creditors
Amount falling due within one year
Net current assets
Net assets
Charity funds
Restricted funds
TOTAL FUNDS		 2023
2022
£
0
0
44,340.56
248,336.04
44,340.56
248,336.04
0
44,340.56
248,336.04
44,340.56
248,336.04
44,340.56
248,336.04
44,340.56
248,336.04

The financial statements have been prepared in accordance with the provisions applicable to small entities within the Charities Act 2011, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The financial statements were approved by the Trustees on (date) and signed on their behalf by

Eleanor Sykes Rosie Rafferty

The notes on pages 11 to 12 form part of these financial statements.

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Notes to the financial statements for the period ending 31[st] March 2023

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements 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 for Smaller Entities published on 16 July 2014, the Financial Reporting Standard for Smaller Entities (effective January 2015) and the Charities Act 2011 and applicable regulations.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and. Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following 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 published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

1.3 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

1.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accrual basis inclusive of VAT. All expenses including support costs and governance costs are allocated to the applicable expenditure headings.

1.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

1.6 Debtors

Other debtors are recognised at the settlement amount.

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1.7 Cash at Bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.8 Creditors and provisions

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.

1.9 Financial instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value.

2. Income from donations and legacies

One donation totalling £100,000 was received in the reporting period from the Lucille Foundation.

3. Costs of generating income

Costs of CIO management and fundraising in the year were £1,199.51. These costs were related to local travel for relevant meetings and events, and for one Trustee trip to Zambia (flight and UK train fare only) in March 2023.

4. Donations

£100,000 was transferred to Zayohub Zambia for project use. A further £206,854.40 was used to make direct payments on behalf of ZayoHub Zambia. Chief amongst this was an expenditure of £185,355.40 made for the purchase of five new Toyota Land Cruisers, for which funds have been received in Zambia. These were purchased by the CIO on behalf of ZayoHub Zambia. The reason for the purchase being made by the C I O is that UK charitable organisations can register for highly discounted vehicles from Toyota, whereas is this privilege is not extended to African organisations. The vehicles in question were purchased and shipped for approximately half the retail price in Lusaka.

Other expenditures incurred on behalf of ZayoHub Zambia were specialist equipment to support the water development programme, and UK consultancy fees for advice on the same programme.

5. Governance costs

No costs were incurred for governance. Trustees received no payment and were not reimbursed for any costs incurred in executing their role as trustees.

6. Related party transactions

There are no related party transactions during the period requiring disclosure.

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