Charity Regi¥tration No. 1194746 QIMA FOUNDATION THE QIMA FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JANUARY 2023 THE QIMA FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trusts Rashed Thabet Fahad Raja Fans Abubaker Ahmed Sheibani Chalrperson Fans Abubaker Ahmed Sheibani Charity number 1194746 Prfnclpal addros$ Qima Coffee Ltd 21 War￿n st￿•t London W1TSLT THE QIMA FOUNDATION CONTENTS Page Trustees. report Statement of financial acb'vitie5 Balance sheet Notes lo the finandal $tstemgnts 8-11 THE QIMA FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 JANUARY 2023 Thè Trustees piesent their rèport and financial statements ft>r the year ended 31 January 2023. The financial statements have been prepared in accotdance %￿lh the accounting pdicies set out in note 1 to the financial statements and compty wrth Ihe Qima Foundation's goveming document. the Charrties Act 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their account5 in accordance with the Finanrial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021. las amended lor accounling periods commencing from 1 January 20161. Objec¢ive¥ and activiti The objective of The Qima Foundation is lo provide poverty ￿￿'e1 through.. al designing and implementing sustainable agriculture proje¢as that support famiing communities to generate a sustainable income and be se114ufficienl through the adoption ol environmentalfy and economically sustsinable tsrming pr8clices that conln'bule to 5011 health. producbvity and yield improvernents, 8$ well as efficAenl water rnanagemenl syslems.. bl supporting the Socioeconom￿ development ol women through increasing access to kno￿edge and resources ne￿SSary for women to enter the WO￿Orce confidently and create sustainable livelihoods for themsèlvè$ and their lamilie$', cl designing and implementing education projects and programs Ihat provide qualty education and future ¢aw¥r opportunrties for di$advanlag¢d chikj￿n and youlh; and dl such olh¥r m8an$ a$ the Tw$t¢&$ may from to tim8 ￿ fil. The Qlma Foundallon received in¢ome from private donatlons 0￿y. These werè used to fund the operatlons of th8 ch8rity in the year. Some of the highlighls ol the activrties during the period We￿.. Th¥ Qima Foundation carried out the design ol a g&n$ti¢ally v&rifi¥d ¢off&e seedling nui$ery. Th& advantage of this nursery is lo guaranlee thal Ihe seedlings disbursed to faryners from this nursery. are of the correct variety and quality. This presents excellent value for coffee famers as it lowers the mortality rale of planted seedlings and in¢reases productivity as thw fruit. The de¢i$ion of which setrdlings to plant is one ol Ihe rnost important decisions a smallhdder farn￿r makes. with ihe consequence of the decision spanning over Ihe lifets.me of the tree. The Qima Foundation also carried out the design of a cost effectwe. scalable. irrigation water reservolr. Thls is to combat water scarcrty, and the Mu￿rtude of consequences to famers suffering from It. Thls newly designed reseNoir costs a fifth of Ihe amount a Iradilional reservoir would cost, all with loc31ty available materials, resurting in a praciical, Scalab￿ solutKJn towards water scarcity. The above projects were selected to start wrth based on a needs assessment carried out at community level with in-country operators. and own markel research. ConSide￿d projects induded Ibul were not limited tol agricultural practices, access to finanaal services, processing infraStn￿ture and knth￿edge, household economics. land use, fami management. gender dynamics within the househokj and the community. U88 of Voluntt•r8 The Charity is grateful for Ihe unstintrng work of rts volunteers who are involved in the seNce provision and fundraisin9 activities. The Irustees are giving their time free of any char9es to prornote Qim8 Foundation's activities in the UK and abroad. The trustees would like to aCkn￿￿edge the tremendous efforts of the volunteers, particularfy staff from Qima Coffee Ltd. an associated company and many 5UPPOrters of the charity for their continuous support in helping The Qirn8 FouwKlalion lo athieve its objectives during Ihe period. Achlevements and performance During the period endeil 31 January 2023. Qima Found8tion generaled incoming resources of £21.551 and THE QIMA FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 JANUARY 2023 expensed resources of £22.302. This compares to a tolal incorne of £23.431 in the prior period. The results of rinancial statements show a deficit of £751 12022.. £nill. The Board of Trustees wll continue to review the reserve porri on an annual basis to ensure adequate funds are available to meet obligations and an evÈr-incrÈasing numbers of emefgencies. This ptslicy ptoved its effectiveness in enabling the Charity to respond swiftty 8nd effectivety lo unprecedenled challenges. Strueturè. go¥èrnane• and manag•mw)t The Qima Foundats'on is managed by rts go¥emin9 document. which is signed and agreed by 811 trustee5 and constrtutes the goveming document of a registered lun4ncorporatedl charity Organisation. The Trustee3 who served during the period and up to the dale of signature ofthe finana81 slalements were.. R8$hed Thabel Fahad Raja Fans Abubaker Ahmed Sh8ibanl When appointing new trustees to the charity. Ihe board of trustees consider Ihe skills, kno￿edge and experience of the Individual In making the appointment. All trustees have collecti¥e responsibility. which were possible, is in accordance with their skill8 and expeiience. The trustees meel regularly to discu8s affairs of The Qima Foundation. The Tru$t8ès ar6 responsiblè for preparing th¢ report and thè finanoal statèments in accordance with applicable law and United Kingdom Generally Accepted Actountsng Practice. Charity law in England and Wales requires the Trustees to prepare financial statements for each finanaal period which give a true and fair view ol the state of affairs ol the Charity and of the in¢oming re$our¢e$ and appli¢ation ol resoui¢o$ ol tho Charity for that poliod. In preparing those financial statements, the Tnjslees a￿ wuired to.. select suilabk accounting poliries and appty thern con8iStentty'. observe the methods and principles of the Charities SORP., make judgements and esiirn8le$ that are reasonable and pwdenl.. * Slate whethef applicable 8¢¢ounling standards have been followed. subiecl lo any deparlures disdosed and explained in the financial statements, and prepare the financAal statements on the going concem basis unless it is inappropriate to presume that the activities of the Chanty will conts'nue. The Trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the finanoal position of the Charty and enables them to ensure that the financial statements comply with the Charrties Act 2011, the Charity IAccounts and Reptsrtsl Regulatitsns 2008 and the prtsvisions of the governing document. The Trustee5 are also responsible for safeguarding Ihe assels of the Charity and hence for taking reasonable steps for the prevenbon and ¢Jetection of fraud and other ir￿gUIanties. The Trustees are rèsponsible for thè maintenance and inlè9rity ol the Charty and finan(>al inftlmiation included in thè Ch8rty'$ website. The trustees. report was approved by the Board of Twstees and signed on Iheir behalf by.. Farls Abubakèr Ahm•d Sh&lbanl Trustee Dated.. 4 October 2024 STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE PERIOD ENDED 31 January 2023 unles￿¢ted funds 2023 Unrestsicted funds 2022 Total 2023 Total 2022 Notes Ineomè from= Donations - Qima Coffee Other Donations Total Income 9.922 11,629 21,551 9,922 11,629 21.551 23,431 23,431 23,431 23,431 Expenditure on: Raising funds Admini$lralive exwnses 80 {7801 780 17801 R8search & development Charitable activities Total re8ource• expended 18.529 12.993 122,3021 18,52911 12.993 122,3021 123,4311 123,4311 Net movement In lund• 17511 17511 Roeonelllatlon of lund8'. Fund balances as at 31 January 2022 Fund balanc48 a8 at 31 January 2023 17511 17511 All funds are unrestrict611 and the charty recewed no reStr￿ted funds during the period12022.' None). The statement ol financial activities includes all gains and losses recognised in the period. All income and expenditure was derived from continuing activities. There were no other recognised gains or losses other than (hose ststed above. BALANCE SHEET ASA T31 January 2023 Company Number.. CE025403 2023 2022 Notes Fixed assets.. Tangible assets Current assets: C85h at bank 29 Liabilities.. Creditors.. amounts falling due within oné yaar 17801 Not currènt a88•ts 17511 Total a88•ts k88 current Ilabllltl•s 17511 The fund8 of the charlty: Unrastricted funds 9en¥ral Restricted funds 17511 <7511 Total fund8 hèld Th& financial slalemenls were approved by lh& TN$l¥&$ and sign¥d on thoir behaff by.. Farfs Abubaker Ahmed Shelbanl Trustee Dated." 4 October 2024 NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 January 2023 AccountSng pollcSes Charity information The Qima Foundation I"Qim8 Foundalion") is an UK registered Chanty. The regi51eied office 8ddiess is 21 Warren Street London, W1T SLT. 1.1 Aecotsntlng eonvèntlon The financial statements have been Prepared in accordance wth the Oima Foundatton's goveming document, the Charities Act 2011 and "Accounting and Reporting by Charities." Slatemenl ol Recommended Practice 8ppIic8ble to charities prep8ring their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffecbve 1 January 20191". The Qima Foundalion is a Putlic Benefrt Entity 8$ defined by FRS 102. The Qima Foundation has tsken advants9e of the provisions in the SORP for Char￿e$ 8pptying FRS 102 Update Bulletin 1 not to p￿pare a Statement of Cash Flows. The finan¢ial $lalements have departed from Ihe Charities IA¢¢ounl$ and Reports) Re9ul8tion$ 2008 only to the extent required to provide a true and fair view. This departure has involved following the Staternent of Recommended Practice for charities apptying FRS 102 rather than the version ol the Statement ol Recommended PracliGe whiGh is referred to in the Regulations bul whith ha$ since been wrthdrawn. The financial statements are prepared in sterting. which is the functional CU￿ncY ol the Qima Foundation. Monetary amounts in Ihese financial statements are rounded to Ihe nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation ol freehold properb'es and to include investment properties and certain financial instruments at fair value. The principal accounting policAes adopted a￿ set out below. 1.2 Golng ¢on¢¢rn At the time of approving Ihe finanaal statements. Ihe Truslees have a reasonable expectation that the Qima Foundation has adequ81e re$our¢e$ lo continue in operatsonal exi$ten¢tr for the fvre$ee8ble future. In addition, the Twstee5 have no inlention lo wind the company up in the foreseeable fvture. The Trustees consider that the￿ are currently no material uncertainties which impact on the charity bèing able lo ￿ntinUe in 11$ ¢urrenl form. Thus th& Trustee$ ¢ontinu& lo adopt Ihtr 90ing concern b8$i$ of a¢¢ounts'ng in preparing the financial statements. 1.3 Charitabk lund8 Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable obje¢tive$. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes 8nd uses of the restricteil ftjnds 8re sel out in the notes lo the financial slatements. 1.4 Income Income is recognised vthen the Qima Foundation is legalty enlimed to il after any performance conditions have been met, the amounts can be measured reliably. and it is probable Ihat income wll be ￿e1ved. Cash donations are recognised on receipl. Olher donations are recognised once the Qima Foundation has been notified of the donation. unless perfomance conditions require delerral of the amount. Income tax recoveiable in ielab.on to donats.ons receNed un(kr Gsft AMI 01 deeds of covenant is recognised at the tsme of the donation. THE QIMA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023 Aecountlng policl8s (Continu￿) 1.3 Expendlture Expenditure is recognised vh)en li is incurred. Expendrture is ceported gross of related income. 1.6 Cash and cash equSvalents Cash and cash equivalents include cash in h8nd. deposits held at call with banks, other short-temi liquid investments with original maturities of th￿e months or less, and bank overdrafts. Bank overdrafts are shown wthin borrowings in ojrrenl liabilities. 1.7 Taxation Th8 Qima Foundation is a registered tharity and a$ $u¢h 1$ a ¢harity within thè meaning of ￿hedUle 6 of the Finance Act 2010. Accordingly. the Charity is potenbalty entitled to tax exemplion under part 11 of the Corporation Tax Act 2010 or seclion 256 of Ihe Taxation of Chargeable Gains Act 1992 in respect of income and gain5 arising. Crltlcal accountlng •8tlmate8 and judgements In the application of the Qim8 Foundation'$ a¢¢tsunbng wli¢ie$, th& Trustees are required lo maktr judgtsmenls, estimates and assumptions about the carying amount of assets and liabilities that are not readily apparent from other $ouree$. The 6stimat6s and associated a$sumptions arè based on hi$torical &xperi¥n¢& and other factors that are Considered to be ielev8nt. Actu81 results may differ from these estim8les. The estimates and undertying assumptions a￿ reviewed on an ongoing basis. Revisions to accounting e$limat6s ar¥ r&¢ognised in Ihe p¥riod in which th& estimat& 1$ ￿vIS￿d wh&r& th¥ revision 8ff¥¢t$ only that period, or in the period of the wision and futu￿ periods Whe￿ the revision affects both cUr￿nt and future parfo¢Js. Donatlon• and l¢go¢10• Unrestrlcted lund8 2023 Restrfcted fund8 2023 Totsl 2023 Total 2022 Donations- Qima Coffee other Donations For th8 period 9,922 11.629 21.S51 9,922 11.629 21,551 23,431 23,431 Othèr trading aetivitiès There were no other trading aclmlies during Ihe penod12022.. None). THE QIMA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023 Ralslng lunds and admlnbstratlve Costs Unrestrfcted funds 2023 Unrestricted funds 2022 Admlnlstratlvè Exp8ndltur• Accountancy fees Expenditures on Fundraising Fundraising activities costs 780 780 780 Cost allocation includes an elemenl ol judgement and the Charity has had to consider the cost benefit of detailed calculations and record keeping. All categories have been alkjcated on a basis consistent with the use of sources. Charltsbl• actlvltlè8 Ch•rltob Expendlture 2023 Charrtable Expenditure 2022 Seeding and planting Research and develOpn￿nt 12.993 8.529 21.522 23.431 23,431 c￿￿table Income 2023 Charrtable Income 2022 Unrestricted fiJnds- general Restricted funds 21.552 23.431 21.552 23.431 10- THE QIMA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023 Creditors: Amounts falling due within one year 2023 2022 Other creditors 780 780 Trustses None ol the Trustees lor any persons conne¢¢&d wth them) received any ￿mUn¢￿8￿.0n or benefits from th¥ Qima Foundation during Ihe period. 10 Employ¢e$ The Qima Foundabon hatl no employees on average during ihe period12022.' Nonel. 11 R•lat•d party tran8aetlons Qlma Coffee Ltd, a company incorporated in England & Wales, has pledged to support The Qima Foundation through direct funding ¥wlh 10¢kn ol all Company profits being donated to The Qima Foundation. During the period, Qima Coffee Ltd donated £9.922 towards Ihe wnning costs of The Qima Foundation12022'. £ None). Qlma Coffee Ltd is considered a related party, giv¥n one the Tru$le¢$ of Tho Qima Foundation is a diro¢lor and $1gnifi¢anl Shareholder of the ￿Mpany. 12 Ultlmate Controlllng Party The Trustees do not consider Ihere to be an ulbmate controlling party.