Report of the Trustees and Financial Statements for the Year Ended 30 April 2024 For Bees for Development Registered No. 1198116
Bees for Development Year ended 30" April 2024 Contents of thefin8n¢ial 5tatement5 Pages Trustees, Annual Report Ito6 Auditor's Report 7t09 Statement c>f FinancialActivities 10 Balan¢e Sheet Statement r>tCash flows Note5 to the AcGounts 13to21 Detailed Statement of Financi8lAttivities 22to24
Bees tor Development Ygar 8nd8d 30, April 2024 The trusteespresent their report withthelinancial statements ofthe charitable Incorporatedorganisation ICIOI for year ended 30 April 2024. The trustees have adopted the provisions ol Accou nting and Reporting by Charities". Siaicmcr)tol Flccommcnilcd Praciicc applicablcto charitics prcparingtheiraccountsinaccordancewiththe Financiat Reporting Standard applicable in the UK and Republi c of Ireland IFRS 1021 (effective l January 20191. REFERENcEANDADMINISTFTlVE DETAILS Registered No. 1198116 TRUSTEES The following Tiustees served duringthe period.. S. Brown C. Cooper L. Fos51ez (appointed 19 January 20241 M. Krefta S. Shaw P. Smirh R. Speiicei Iiesigned 11 July 20231 O. Hertz- (appointed 6 February 20241 G. Solomon- (appointed 6 February 20241 Overseas Tiustees CHIEFEXECUTIVE OFFICER Megan Denver REGISTERED OFFICE 1 Angel Court St. Mary Street MONMOLITH Gwent, NP25 3DB BANKERS CAF Bank Barclays Bank ACCOUNTANTS Aubrey&CoAccountaney Limited 19 Church Street, Ross onwye HR9 5HN AUDITORS Thorne Widgery Accountancy Limite(J Chartered Accountants 2Wyevale Elusiness Park Hereford, HR4 78S OBJECTIVESAND ACTIVITIES Objective5 and aims The objects of the CIO as set out in Its governing document are.. To promote sustainable development forthe ber)efit of the public by.. the relief of poverty and the Improvernent of the conditions of life In socially and economically disadvantaged communities using habitat restoration and the craft of beekeeping., and b. the promotion of sustainable means ol achievingeconomic growth and iegeneiation. 2. To advancethe educationolthe public in the science and craftof sustainable beekeeping and the role ol beesin maintaining biodiversity. Sustainable developtnent mear)sdevelopmeniwhich meetsthe needsof the presentwitnout cotnpromisingthe abilty ot tuture generations to meet their own needs.
Bees for Developmènt Year ended 30" April 2024 The CIO was incorporated on 2 March 2022. and for administrative reasons activity commenced late in the previous accountingperiod,with activitylimited toreceipt of someincoming donations, a grant cippli¢atitrn, and transactions in connection with th8 Bee Gard9n Party in lune 2023. As a result, there w38 limited charitable activity during the cornparative period. Shortly after the beginning of the financial yeaf. the CIO fully took over the activities of The Troy Trust IBees for Development Trust, UK number 10788031. PUBLIC BENEFIT The Trustees have had regard to Charity CDmmi5sion guidance on public benefit in the determination of seivicesto be provided and tlie identification of btneficiaries. POLICYON SOCIALINVESTMENT Most of the CIO'S activities are social investment, accordingto the CIO'S Objecis stated above. POLICYON GRANTMAKING The Clodoes not provide grants, it disburses fundstopartner organisations io undertake agreed work programmes rith our t)eneficiaries. The work Is managed by Proleci Managers In UK, and all or our work is evaluated Wlih the use ot Monitoring and Evaluation Frameworks. ACHIEVEMENTSAND PERFORMANCE In 2023124 Beesfor Developrnent delivered project work in Ethiopia, Ghana, Uganda, UK, Zimbabwe and worldwide. Ethiopia.. 392 peopleweretrained in beekeepingorgiven supportfor theirbeekeeping activities, 56,450treeseedlingsweie planted in two sites, physical soil erosion activities were undertaken at two sites. 172 farmers enE3ged In Farmer Fie Schoolabout integiated pesttnanagetnentllPMI and 145 extensionwork8rsRained newknowledge about IPM. 35Village Savings and Loans Groups received support. Farmers, staff, co-operative leaders were trained in using a lool to aid the establishrnent of a honey and wild-coffee trace8bility system In south west Ethiopia. Ghana.. 1100 were trained in beekeeping or given su pportfor their beekeeping activities. Our Honeyand BeeswaxTrade Centrewas cornpleted and puiehased8.5tons ofhoneycotnbfrom 154 beekeepers.generatingincomelor reinvestment in the social enteiprise. Baseline surveyswere completed on forest cover and incidence of fire, against which we can measurechanges goingforward. 20 FiieNanagementVolunteerTeamsweietrained InAfram plains. 200children in basic schools in Ghana participat8d in activities of their beekeepingclubs, called Buzz Clubs, in 10 schools learning abcxjt bees, beekeeping and nature con5eiv¥tion. Uganda.. Uganda.. Atotalof615peopleweretrained in beekeepingand connected to a suslainablehoney market, incLuding 118 people with a disability IPWDS) and 48 Batwa people. A women's empowerment project supported 113 women beekeepers using the GenderAction Learningsystem. ir)creasingwomen'svoice in the use of household Income. 70 youth, including 30 with a di5abilityweie tiained to make beekeepingequipment 3nd v3lue-added pioducts. Thirteen TUNADOapiary mastersorbeekeepingextension off icers recewed additionaldis8bilityand gender inclusion tiaining.Two apiary masters completed sign language training. Zimbabwe.. 35women larmerswere trained in treesee(Jlingnurserypractice, forest protection and beekeeping,and Vre supportedwith their beekeepingenterprises. Fireguardswere prepared in theforest covering12000square meiers. Ore farm gate honey kiosk was built. New project was developed and designed built on previous work, to start in 2024. InforTnotion and awareness iaising In 811 the countries where we work, and in UK, Bees for Development used the opportunity of World Bee Dayto raise awareness about the imporiance ol bees and beekeeping. We offer an advice and enquiry servicè by email and anSr questionslrom beekeepers indevelopingcountries. We shared newsand updatesvi8 our Bee Bulletinwhich is sent on a quarierlybasisto 1500 readers. We maintainedouronline Resourcecentreofdigitalinfoimation materials on allaspects of beekeepingindevelopment. Ourcolleagues inzimbabweare neiwDrkingwiih OlhersviaaWhatsAppgrovpon N8ture- based Beekeeping. Nèwwork We laid the foundations for newwork in Mal8wi, Sierra Leone and In UK, to start inyear 2024125. All of ourwork is closely monitored and is on track.
Bees for Development Year ended 30" April 2024 FUNDRAISING The CIO raises funds from individuals and corporate sponsors. In addition, it applies for appic>piiate granis from Government and other bodies 10 fund specilic projecrwork Ifor examplethe training ol visually impaired beekeepersl. Fundraisingactivities are planned and budgetedfor in advance. The costs incurred 8ncl the Income resultingfrtsm the ctivity are tracked for comparison to budget to assess effectiveness and assist In the planning of future activities. FINANCIAL REVIEW FINANCIAL POSITION Total incomingresourcèsfortheyear amounted to £1.8m12023.. £212kl.withtotaleKpenditUfe 01£1.04m 12023.. £57k), resuliingin nei Income befoiè gain5 or 10s5es tsf £778k12023.. £155kl. RESTRICTED FUNDS Restricted funds held total É137k12023.. £13kl. These fLJnds are designated lor overseas projects as directed by the terms and conditions of the giant piovider. These will be disbursed in line wth each project's budget agreement. UNRESTRICTEDAND FREE RESERVES In addition, unrestricted funds 01£794kl2023.. £142kl ale held in ieseive, 2llol which arelree rèserve5. Theseare funds that have been iaised with a specific end use but ar8 not subject to donor contractuEI obligations. Total net assets held at year end were in excess of the level mandated by the reserves policy, due In pait to timing of grant receipts and the funding ol overseas partners. Tot31 reserves held are in Line with the r8seives policy and committed fund ing. The trustees do not consider ihe levelof funds on hand ai ihe year-end to be a long-term Issue. RESERVESPOLICY Reserves adequate to Lover four months outEoinES are held as per our Reserves Policy. Monthly cost of sales a overhead eypenditureisestimatedat É50kpm. Therefore, a minimum of É200kis tob9 held in reservo at anygiventim to cover saL2ries and on costs. This is ¢onsiderÈd a suitsble period In which to idÈntify alternstive sources offunding 8ndlor review activity levels for sustainability. INVESTMENT POLICY AND OBJECTIVES Funcls are Iield on depLTrSit with the CIO'5 bankers 3nd invested in short term lixed interest insiiumenl5. Thi5 activityis manaoed through the Flagstone cash deposit platform in accordance with the Investrllent Policy. The airn is to maximise the return on cash ar the lowest possible riskto ihe CIO. PRINCIPAL RISKS The piincipal operating risks face(J bythe CIO are.. Staff retention and recruitment riskswhich are Inherent In a relatively small organisation Loss of funding Income due tofinancial pressures experienced by key funders. These risks are managed by working closely with ou r existing donors and seeking to develop new funding relationships, following on the risk management stratogy previously adopted bythe predecessor organisation, tt TroyTrust. RISK MANAGEMENT The Trustees have assessed the maioi risks to which the CIO Is exposed, In particular those related to the operations and finances of the chariiy and are satisfied that systems £nd procedures are in place to mitigate our exptssuietot major risks. GOINGCONCERN After m2kingappropri3teenquiries, the tru%iees have a reasonable expectation that the CIO has adequate resources tocontinue Inoperationalemistencefortheforeseeablefuture. Forthis reason, they continuetoadoptthe goingconcern basis in preparingthe financial statements. Further details regard ing the 8doption of the goinE concern b8SIS C8n be found in the Accounting Pc>licies.
Bees for Development Year ended 30, April 2024 PLANS FOR THE FUTURE The CIO work5 very c105ely with pgrtner org8nisations who Implement our in-country workwith communities. These ale.. Bees for D8v8Lopm8nt Ethiopia, Bees for Development Ghan8. The Keystone Foundation, Indlè, The Ugand NationalApi¢ultureDeveLopment Organization ITUNADOI,WorkingforBees, Zimbabwe". thiswillcontinue, and we may add new partner organisètions where feasible opportunitie5 8r15¢. STRUCTURE.GOVERNANCE AND MANAGEMENT GOVERNING DOCUMENT The CIO is governed by its Constitution and Is constituted a5 a Charitable InGorporaied Organisarion. ORGANISATIONAL STRUCTURE Decision-making responsibility rests with ihe Board. Day-io-day operational decisions which are within the agreed operatingbudget are deleg8tedtothe appropriale membersolthe managementteamand theoutcomegfthese reported at Board meetings. Matters of particular significancc arc discusscd at thc Board. KEY MANAGEMENT REMUNERATION Key management remunerat is set by ieferencetothe employmont markei locally lor comparable positions. Where recruitmentof senior personnelis required, advice istakenfrom recruitment consultants working inthe charity sector. APPOINTMENT AND RECRUITMENTOFNEWTRUSTEES The specific skills and experience required ol new and addiiionE*I Trusiees 3re monitored on an ongoing basis, and recruiimeni is iargeied to, for example, relevant professional bodies, and nominees. There are no consiiiuiional provisions concerningthe appointmentofTrustees. NewTrusteeswillmeetwithexistingTrusteesand staff lor brielir on the activities of the CIO, the policies adopted and the partiCUr issues lacingthe CIO. Speeilic training needswll be dealt with a5 they ar15e. The key risks laced by ihe CIO, as identified above, are reviewed by rhe Tiustees on J regular basis, and appropwte controls are in place to mitigate exposures. CONNECTEDAND RELATED PARTIES The CIO works voiy closely with partner organisations who implement our in-countryworkwith ¢ommunities.These ale.. Bees for Development Ethiopia, Bee5 lor Development Gh3n8, The Keystone Foundation, India, The Uganda Apiculture Development Organization ITUNADOI, Bees for Life, National Zimbabwe.. thiswill continue, and we may add new partner orRanisation5 where feasible oopoitu nities arise. FUNDRAISINGSTANDARDS INFORMATION The CIO has established fundraisingstandard5 In Drdeito ensure all fundr8isingactivitiesof8ees for Developmentaie ethical, transparent, and aligned with oui missionto support 5UStainable beekeepingpr8Cticesthat Improvelivelihoods and conserve biodiversity. Five key principles are followed. being mission alignment. transparencylaccountability, iespect loi don015, ethical fundraising and impact reporting. In addition, guidelines ale established OVEr the use of funds ra58ed, meaningful engagernent with donors, vetting of paitneis, compliance with best practice and stewardship of donorllong term supporter relatlOn5hip5. Fundraising standards are maintained by the training of all staff and volunteers involved in fundraising activities, a periodic audit and evaluation of fundraising practices. PLANSFOR FUTURE PERIODS The Charitywill ¢ontinue to work with existing partners and to seek out new opportunities in new location5 where beekeeping can l)clp pcoplc to Improvc thcir Iivcs. Participation In Intern8tional bcckccping cvcnts providcs an important way to identify and develop these relationships.
Bees for Development Yeai ended 30" April 2024 STATEMENTOFTRUSTEES, RESPONSIBILITIES IN RELATIONTOTHE FINANCIAL STATEMENTS The tiustees are ie5POn5ible tor pieparingthe Repoit ot the Tiustees and the financial staternents in accordance with pplicable law and United Kingdom Accounting Standards Iunited Kingdorn GenerallyAccepted Accounting Practicel. The law applicableto charitable incorporated organisatiolls ICIOI in England and W8les, the Charities Act2011, Charty (Accounts and Reports) Regulations 2008 and the piovisions ol the trust deed requires the trustees io prepare financial statementsfor each linar)cial year which give a true an¢J fair view of the state ol affairs tsl the CIO and ol ihe incoming resources and application ol iesources. including the income and expenditure. ol the CIO ftsi that peiitsd. In preparing those financial st8tements, the trusiees are required to select suitable accounting policies and then 8pply them consistently., observe the methods and principles In the Charity SORP., make judgements and estimates that are ieasonable and piudent., prepare the financialstatements on the going concern basis unless li is inappropriate to presume that they will continue In business. The trustees are responsit)lefor keeping proper accouniingrecordswhich disclosewifh reasonableaccur2cy212nyiime the finJn¢ial p051tion of the CIO and to enable them to ensurethat thelinancial statements complywiththe CharitiesAct 2011, the Charity (Accounts and Reportsl Regulations 2008 and the provisionsofthetrLJStdeed.They2re also responsibLe foi safeguaidingthe assets ofthe CIO and hencefor 18kingieasonable stepsfoithe preventionand detectionoffraud arKI other irregularities. Approved by order of the board of trustees on. -.1g.Fokruary..?.Q25........... and signed on its behalf by.. P L£JL P Smith- Trustee
Bees for Development Year ended 30, April 2024 Re rt fthe Inde end tA ditors to theTru5t885 Opinion We have aud ited the linancialstatementsol Bees for Development Ithe'charitable incorporated organisationlCIOI'I for the year ended 30 April 2024which comprise the Statement of Fin3nCi81 Activities, the Balance Sheei and notes to the financial statements. including8 summaryof significant accountingpolicie5.The financigl reportinglrameworkthat has been applied In their preparation is applicable Law and U nited Kingdorn Accounting Standards (United Kingdcxr Generally Accepted Accounting Practice). In our opinion the financial statements.. give 8 true and lair view ol the state ol Ihe CIO'S affairs as al 30 April 2024 and ol ils incoming resources and pplication of resources, forthe year then ended., have been properly prepared In accoidance with United Kingdom GenerallyAccepted Accounting Praotice,. and have been prepared in accoi(tance with the requirements ofthe CharitiesAct 2011. Ba$ls for opinron We cond ucted ouraudit in accordancewith InternationalStandardsonAuditinglUKI IISAS IUKII and applicablc law. Our responsibilities u ndeithose standards arefurtherdescribed in theAuditors' responsibilitiesfoithe auditofthe financial statemenissectionol our report. We are independent of the CIO in accordan¢ewith the ethical iequirementsthat arc relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Stand£rd, 8nd Ihe provisions available for small entities, in the circu mstances set out In the notes to the financial statements. and we have fulfilled Qui othei ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained 15 sufficient and appropriate to provide a basis lor our opinion. ConeLusions reiatingto going ¢on¢em In auditingthe financial statements, we have concluded thatthe tlU5tee5' use of the going concern basis ot accounting in the preparation of the finan¢ial st8tements Is appropriate. Based on thewoik we have performed, we have not identified any materialunceiiainties ielatingto eventsor conditions that, individuallyor collectively, maycastsignificant doubt onihe CIO'S abiliry 10 continue as a goingconcernfora peri (xl ot at least twelve months from when the financial statements are authorised lor issue. Our responsibilities and the responsibilities of the trustees with respect ro goingconcern Zre describ8d In the relevant sections of this ieport. Other information The tIU5tee5 ale respon5iblefor the other Information. The olher information comprisesthe information included in the Annual Repciit, other th3n thp financial 51atement5 and our Repori of the Independeni Audiiois tliereon. Our opinion on the financial statements does not cover the other information and, except to the ext@nt otherwise explicitly stated in our iepoit, we do not express any form of assur8nce conclusion thereon. In connection with our audit of the financial statements. our responsibility isto read the other information and, in doing so, consider whether the other inlormatior) is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially missiaied. If we identify such material inconsistcncies or apparent materialmissraiements, we are required to determinewhètherthisgives risetoa material misstatement IntPe fintsnc5al sttstements them8clvtts. If, bascd on the work we have performed, we conclude th31 Ihore is a material misstatement ol this Other Information, we are reouired to report that fact. Wc havc nothingto report in this regard. Matt8r5 on which we are required to report byexceptlon We have nothing to report in respECt of the following matters where the Charities IAccounts and Reports) Regulations 2008 requires us to report to you If. In our opinion.. the information given in the Repori of Ihe Trustees is inconsistent In any material respect with the financial statements., or sufficicnt accouniing records havc not been kept", or the financial sraremenis are not in agreement with the accouniing records and retLJrns', or we have noi received all Ihe inftsitnation and explanatlOll5 we iequiie for our audit.
Bees for Development Year ended 30, April 2024 Responsibilities of trustees As expl8ined tnore fully in the Staternent of Trustees. Responsibilities, the trustees are iesponsible for the preparation of Ihe financial statements which give a true and Yair view, and for such internal conirol as the trustees determine is necessary to enable the prepar8tion of financial statements that are free from material misstatement. wheiher dueto fraud or error. In preparingthefinancial statements. thetrustees are responsible foi assessifigthe CIO'S ability to continue 2s 2 going concern, disc1051ng, as applicable, matters related to going concein and using the going concern basis of accountir unles5 the tru5tee5 either intend to liquidate the Cloor to cease operations. or have no realistic alternative butto d050. Our responsibiliiies forthe audii of Ihe flnanclal siatements We have been appointed as auditors under Section 144 01 the CharitiesAct 2011 and report in accordancewiththe Act and relevant regulations made or having effect thereunder. Our objectives ale to obtain ieasonable assurance about whether the financial statemenis as a whole are free from ateiial misstaterllent. whether d ue tofiaud or error. and to Issue 8 Report of the Independent Auditois that include5 our opinion. Reasonable assurance Is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI willalwaysdetect a mateii8lmisstatementwhen it exist5.Misstatementscan8risefrom fraud or error and are considered maieri8lif, Individually or in the aggregate, they could reasonably be expecied Irjinlluence the eeonomie deeisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting Irregulaiities, includingfraud is detailed below.. In Identifying and assessing risks of tnateiial misstatement in respect of irregu larilies, Includin8 fraud and non- cOmpance with laws and regulations, we considered the following.. the nature of the industry and sector, control enviionrnent and business performance resultsof oureiiquiriesof managernent abotjt theirown Identification and asse55ment of the iisks ol irregulaiities any matterswe identified having obtained and reviewed the policies and procedures ielatingto.. Identifying. evaluatingand cornplying witti 18w8 arid regulations and whether ihey were aware ot any instances ot non-compliance detectingand respondingtoihe risks ol fraud and whether ihey have knowledge of any actual, suspected oralleEed fr8LJd the Iniernal¢oniroLs established to mitigate risks of fraud or non-compliance with laws and regulations the matters discussed among the audit eng3gement team and involving Internal specialists, regarding how and where frgud might occur in the tin8nci81 statements and any potential indicators of fraLJd A5 D result vf thE5E procedurE5 WE cvn5idered the VPPDrtunities that may exist within the organisation for fraud and Identified the greatest potential for fiaud in incotne, which was raised as a key aud1t matter in the current year. In ommon with all UK aud itswe are 8Lso reqLJired to perform specifie procedures to respond 10 Ihe risk of management override. We also obtained an understand ing of the leeal 2nd règuL8tory framework the orEanisation operates in. locusinE on provisions of those laws and regulations that had a direct effect on the determination ol material amounts and disclosures in the financial statements. The keys laws and regulations we considered in this context include rhe CompaniesAct. Charities Act and Chariries SORP and tax legisLation. In addition, we considered provisions of other laws 8nd ieguLations that do not have d direct effect on the financial siatements but compliancewithwhich may befundamentaltothe organisation's abilitytooperate. These Include heaLth and safety. In 8ddition to the 8bove. our procedures to iespond to risks Identified include the following.. reviewingthefinancial statements disclosures and testingtosupportingdocument8tionto assess cornpliancewith provisions of relevani laws and regulations described as having an effect in the financial statements enquiring ot management concerning actual and potential Iitigatiorb claims
Bees for Development Year ended 30" April 2024 performinganalytical procedures to identify any unusualor unexpected relationships that may indicate risks ol material misstatements due to fraud reading minuies oof meeiings of those charged with governsnce in addressing the risk ol fraud through management override of controLs, testing the appropriateness of journal entiies and other Bdjustments." assessing with their judgements made In m8kinE accountir)g estimares are indieative of a potenrial bBs'. and ev31uatingthe businessrationale of any significant transactionsthat are unusual or outside the r)ormalcourse of business. We aLso communicated relevant laws and regulations and potential fraud risks to &ll engagement team members, including Internal SpeciaSeS8nd remained alerttoany indit2tionsoffr3udor non-compliarice Wlthlawsand reRulatl(S throughout the audit. A furtherdescriptionof our responsibltieS1O[the audit of thefinancial statements islocated on the Financial Reporting Council's website 8t wmv.frc.org.uklauditorsiespoF)sibilities. This description forfms part ol our Report of the Independent Auditors. Use of oui report This report is made solely to the CIO'S trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Ou r audit work has been undertaken so that we might state to the CIO'S trustees those matterswe are Fequired tostate to theffl in an auditois, report and lor no other purpose. Tothe fullest extent permill bylaw, we do not accept orassume responsibilitytoanyone otherthanthe CIO and the CIO'S trusteesasa body, for our audit work. for this report. or lor the Dpinions we have formed. Lkd Thtsrne Widgeiy Accountancy Ltd Chartered Accountants Statutory Auditors 2 Wyevale Business Park Kings Acie Hereford Herefordshire HR4 7BS Date..
Bees for Development Year ended 30" ApriL 2024 Statemeni of FinancIaLAeiitieS Unreslricted Restricted funds lunds Totalf unds Totalfunds 2024 2024 2024 2023 Notes Income and endowments from.. Don8tions and legacies Charitable activities 405,367 104,390 27,874 23,594 742,551 1,030 439,651 406,397 544,041 27,874 23,594 810,350 165,628 46,166 Other trading activities Investments 135 Other 67,799 Total 1.303.776 508,480 1,812,256 211,929 Expendilure on- Charitable activities 651,449 384,844 1,036.293 56,934 Total 651,449 384,844 1,036.293 56,934 Net gains on Investments Net income 652,327 123,636 775,963 154,995 Transfors botwoon funds Net Income before other gainslllossesl 652,327 123,636 775,963 154,995 Othergains and loss•s Net movement in funds 652,327 123,636 77S.963 154,995 Reconcitiation of funds= Tot8lfunds brought forward 141,886 13,129 1 $4,995 Totalfunds carried forward 794.193 136.765 930.958 154,995 Contlnulng operètlons All income and expenditure has arisen from continuing operations.
Bees for Development Year ended 30" April 2024 Balance Sheet ReKlsieied No. 1198116 2024 2023 Current assets Debtors 25,588 170,000 1.000 Investments Cash at bank and in hand 747.512 209.865 943,100 210,865 Creditors.. Amount falling due with1n one year 112,1421 155.8701 Net current assets 930.958 154,995 Total assets less current liabilities 930,958 154.995 Net assets excluding pension asset or liability 930,958 154.995 Total net •$$et$ 930,958 154,995 Thefunds of the CIO Restricted fund$ 14 Restricted income funds 136,765 13,129 136,765 13,129 Unrestricted funds Generalfunds 794, 193 141.866 794,193 141,866 Reserves Totalfunds 930,958 154,995 The financial srarements were approved by ihe Board of Trustees and authorised for issue on .1 glh.Ffikniuar.y. 2D25.. an¢ were signed on lis behalf by". P. Smith Trustee
Bee5 for Development Year ended 30" April 2024 2024 2023 Cash flows from operating activities Net Income per Statement of Financial Activit18S 775,963 154,995 Adjustments for: Dividends, Interesi and rents tiom investments 1878, 1191 11351 11,0001 55,870 Increase in trade and other receivables 124,5881 143,7281 IDecieasel/lncrease in tiade and other payables Not ¢a$h lu$gd inllprovided by operating activit195 1190,4721 209,720 Cash flows Irom investing aetiviiies Dividends. interest and rentsfro Investtnent5 878,119 135 Net cash from Investlng a¢tlvitio$ 878,119 135 Net cash fromfinancing activities Net 4ncr8aso In cash and cash gquivaLonts 707,647 209.865 ash and cash equivalents atthe beginning otthe year 209,865 Cash and cash equivalents at the end of the year 917,512 209.865 Components of cash and ¢ash equivalent$ Cash and bank balances 917,512 209,865 917,512 209,865
Bees for Development Year ended 30" April 2024 Notes t0efine1aIstaternts A¢¢tsunting policies Basis of preparation The financial statements of the CIO, which 1$ 8 public benefit entiry under FRS 102, have been prepared In accordance with the Ch2rities SORP IFRS 1021 'Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting siandard applicable In the VK and R¢publi¢ of Iicland IFRS 1021 leffectivc 1 January 20191. Financial Rcportin¥ Standard 102'The Financial Reporting Standard applic8bte In the UK and Republic of Ireland, and the CharitiesAct 201 l. The financial statements have been prepared Ljnder rhe historical cost convention, with the exception of investmentswhich are included at market value, as modified by the revaluation of certain assets. Going Concern The trustees assess whether the use of going concern is appropri8te i.e. whether there are any material unceitainties relEJtedto events or conditionsthat may Cast significant doubt on the ability of the CIO to continue as a going concern. The trustees makethis assessment in respect of a period of at least one yearfrom the dale ot authorisation for issue of the financial statements and have concluded that the CIO has adequate resources to continuo in operational existence for the foresccablc future and there are no material uncertainties about tho CIO'S abilityto continue as a going conccrn, thusthey continueto adopt the going conccrn basis of accciunting in preparingthe financial statements. Change in basis of accounting orto prèwous accounts There has been no change to the accoLJnting policies (valuation rules and method of accounting) since last year and no changcs have been made to accountsfor previous years. Fund 8¢¢ountinE Unrestricted These are av3ilablc for usc at tho discretion of the irustoos in furtherance of the gcncral objects of the CIO. funds Designated Fund5 These are unie5tiicted funds earmarked by the rrusrees lor partieutar purposes. RevaluatlOD. funds These are unresirictedlundswhich InclLJde a rev81u8tion reserve representingihe restatement ol investment assets at their market values. Restricted These are avait2ble for use subject to restriction. imposed by the donor or through term5 of gn appeal, funds
Bees for Development Year ended 30, April 2024 Income RecoEnitic>n ot Income is included in the Statement ol Fin2ncialAciivities ISOFAI when the CIO becomes income entitled to, and virtually certain to re¢eive, 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 reLaied expenditure is reported gross in the SOFA. expen(Jiture Don2tionsand Voluntaiy Income receivedbyw2yofgr2nts, donationsand gifts Is Included inthethe StsFAwhen leEseies ieceivable and onlywhenthe CIO h85 unconditional entitletnent to the Ineome. Tax reclaimson Income from tax reclaims is included in ihe SOFA at the same timeas thegiftldonation towhich donations and it relates. gifts Donated These are only Included In Income (with an equivalent amount In expendituielwherethe benefit to the CIO is reason8bly quantifiable. measurable and material. services and Volunteer help The value ot any volunteei help ieceiv8d Is not included in the accounts. Investment income This Is Included In the accounts when rece1vable. G31nslllos%esl on revaluation ol fixed assets This includÈs any gain or loss resultingfrom revaluinginvestmentstom8rket Vslueai the end of the year. Gainslllossesl This includes any gain or loss on the sale of investments. on Inve5trnent assets Expenditure Recognition of expenditu re Expenditu re is recognised on an a¢cruals basis. Expenditure includes any VATwhich cannot be lully recovered, ar)d Is reporied as parr ol Ihe expenditure to which it relates. Expenditure on raising funds These comprise the cost5 3ssociatedwith8ttrachngvoluntary incotne,fundraisingtr8dingcosts and Investment management costs. Expenditurc on ¢harit8ble These comprise the costs Incurred by the CIO In the delivery of its act1V1t1cs serviccs In thc furLherance ol ils objecis, includiiigthe making of grants and govern8nee costs. Governance These Include those costs associated with meeting the constitution8l and st8tutory requirement5 olthe CIO, includingany auditlindependent examinationlees. costs linked to the strategic management of the CIO, together wilh a share of oiher administration costs. costs Other expenditure These are support costs not allocated to a particular ¢lCtivity.
Bees lor Development Year ended 30, April 2024 Taxatlon The CIO is exernpt from tax on its charitable activities. Tangible flxed assets The CIO has a capitalisation policy of 2S,OOOforTan8ible fixed asset5. Trade and other debtors Trade and other debtors are recognised at the seitlement amount due after any trade disco)unt offered. Piepayments ar8 vglued gt th9 arnount prepaid net ol any irade discounts due. ¢a$h and cash equlvalents Cash and cash equivalent5 comprise cash at bank and on hand, dem8nd deposits with banks and other short- term highly liquid Investments with original maturities ol three months or less and b8nk overdrafts. In the 5tatementoffinanci31posiiion, bankoverdraftsareshown withinborrowingsorcurrent liabilities. In rhe Statemert of Cash Flows. ¢ash and cash equivalenis are shown net of bank overdrafts th8t are repayable on demand and form an Integial part of the cornpany's cash management. Trade and other creditor5 Short term ¢reditorsaremea$ured atthe transaction price. Other creditorsand provisions are reoognised where the CIO has a present obtigation resutitngfrom a past event that will probably result in the tian5fei of fund5 to third party and the amount due to settle the obligation can be measured or estimated retsably. Creditors arKI provisions are normally recognised at their settlement amount after allc>wingfor any tiade d15courits due. Research and development Expenditure on research and developmeni iswritien off in the year in which it is incurred. Foreign cuyiencies Monetary assets and liabilities denominated in currencies othei than th8 functional Currency of the CIO are translated at the rates of exchange prevailing at the end ol the repoiting peiiod. Transactions In currencies other than the functional Curiency of the CIO are recorded at the rate of exchange on the date that the transaction occurred. All exchange differences are are taken into account in arriving at net incomelexpendituie. Leased assets Where the CIO enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease istreated as a finance lease. Leases which donot transfer substantially allthe risks and rewards of owneishipto CIO ale classificd gs operating leases. Assets held underfinance leases are Initially recognised as assets ol the CIO at their fair value2t the Inception of the lease or, if lower, atthe presentvalue of the minimum lease payments. The correspondingliabilitytothe lessor is included in the balance Sheet date as a finance lease obligation. Lease payments are apportioned between finance expensesand reduction ofthe lease obligation so asto achieve a constant late of Interestonthe remaining balance of the liability. Finance expenses are recognised immediaiely, unless they are directly atliibutable to qualifying 8ssets, In which case they are capitalised In accordance with the CIO'S policy on borrowing costs. Assets held under finance leases are depreciated in the same w(iy as owned assers. Operating lease psyments are recognised as an expense on a straight-line basis over the lease term. In the evenr that le3se Incentivesare received toentei Into operatingleases. such incentives are recognised as a Ilability. The sggregate benefit of Incentives Is recognised as a reduction of rental expense on a straight-line basis.
Bees for Development Ygar ended 30" April 2024 Pension costs The Clooperatesa defined contributionplanlor itsemployees.Adefined contribution plan 15 a pension planunder which the CIO pays fixed coniribuiionsinioa separateeniity. Oncethe coniributions have been paid the CIO has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounrs not paid are shown in accruaLs in the b818nc8 sheet. The 8ssets of the plan are held separately from the CIO in independently administered funds. Receipt of donated goods, facilities and s8rvic85 AU donated goods, facilities and services received 8re reoognised within Incorning resources and expenditure at an estimate of the value tothe CIO. 2 Statement of FinancialActivities- prior year Unrestricted funds Restricted funds Total funds 2023 2023 2023 Income and endowments from.. Donations and legacies Chariiatile aciivilies 182,333 11,166 135 3,295 35,000 165,628 46,166 135 Investments Total 173,634 38,295 211,929 Expenditure on: Charitable activiiies 31.768 25,166 56,934 Total 31.768 25.166 56,934 Net In¢ome 141,866 13,129 154,995 Net income before other gainslllossesl 141,866 13,129 154,995 Othergains an(1 losses- Net movement in funds 141,866 13,129 154,995 Reconciliation of funds: Toialf unds carried lotward 141.866 13,129 154,995 3 Income from donations and Legaeies Unrestricted Restricted TotaL Toial 2024 2023 Individual donation5 218,053 30 218,083 9,654 Company donation5 169,529 1,000 170,529 155,974 Gift aid 17,785 17.785 405,367 1,030 406,397 165.628
Bees for Development Year ended 30, April 2024 4 Incomefrom charitable activities Unrestricte(I Restrieted Total Total 2024 2023 Courses 11,616 11,616 375 Fundraising events Granis 80,374 80,374 10,791 439,651 439,651 35,000 C8mp8Igns 12,400 12,400 104,390 439,651 544,041 46,166 S Incomefrom othertrading activities Unrestricted Total Toial 2024 2023 Sales of Merchandise 1,278 1,278 Sales ol Bfd journal 206 206 Consulting lee income 26,390 26,390 27,874 27,874 6 Incomefiom invèstment5 Unrestrictèd Total Total 2024 2023 Bank Interest 23.594 23,594 135 23,594 23,594 135 7 Othei income Unrestricted Restricted Total Total 2024 2023 Other Income 350 350 Transfer from The TrDy Trust 742,201 67.799 810,000 742,551 67,799 810,350 Shortly gfterthe beginning of the financial year, the CIO fullytook over the activities of The Troy Tiust (Bees for DevelopmentTrust, UK CIO number 10788031. The assets and liabilities otthe TroyTrustweretransteired tothe CIO at thistime.
Bees for Development Y$ar ended 30" April 2024 8 Expenditure on Charitable activities Unrestricted Reslrictèd Total Total 2024 2023 Project expenditure Event and ctsuise expenses Advertising and marketing costs 186,964 384.844 571.808 15,160 60,315 60,315 22,062 8.149 8,149 Bfd Journalexpense5 1,605 1,605 Employee costs Motor and travel costs 351,371 351,371 14,433 4,023 4,023 Premises costs 5,638 5,638 400 General administrative costs 16,926 16,926 559 Legal and professional costs 16,458 16,458 4,320 651.449 384,844 1,036,293 56,934 9 Net income beforetransfers 2024 2023 This is stated after charging.. Auditors, remuneration Independent Examiner's lee 6.600 350 10 Staft costs 2024 2023 Salaries and wages Socialsecuiity costs Pension costs 310,693 25,325 14,162 4,386 271 340,404 14.433 One employee received remuneration in ihe year ol between £80.000- £90.000. All other employees received remuneration lower than £60.000 for ihe ye8r. The average headcount duringthe year was as follows.. 2024 2023 Number Number The CIO offers and enrols all eligible employees into an auto enrolment pension scherne operated by NEST and complies with pension regulaior auto enrolmeni obligations. Key management personnel The key management perstsnnel of the CIO is considered to be the trustees and the Chief Executive Officer. The total amount of empltsyee benefits (including employer pension contributions) received by key management personnelfoi their seivices ttsthe CIOwas £81,250.
Bees for Development Year ended 30" April 2024 Trustees Remuneration and expenses i. There were no irustees, remuneraiion or other L>enefits for the year ended 30 April 2024 nor for the year ended 30 April 2023. ii. Travel 3nd subsistence totallinll £ 993 for one trustee was paid ftsr bythe CIO. 11 Debtors 2024 2023 orher debtors 14,258 11,330 1,000 Prepayments and accrued income 25,588 1,000 12 Current a55et investments 2024 2023 Short term Cash investment5 170,000 170000 13 Creditors: amountsfalling due within one year 2024 2023 Trade creditors 1,465 46,360 Other taxes and social security Other creditors 2,408 1,071 4,402 Accruals 9.606 2,700
Bee$ for Development Year ended 30" April 2024 14 Movement in funds Incoming resources At30 Iln¢luding A11May other 2023 galnslLossesl Resources expended April 2024 Restricted funds: Restrlcted Ineomefunds- Ghana Beekeepers Restore Forests 9,840 105.000 1102,3141 12,526 Uganda Bee5 foi Batwa11 Ukraine Beekeepers Elhiopia More Bees Ethiopia TRANSFORM Ghana Bee The Voice 2,764 525 700 13,4641 1,205 119,128 94,590 26,1S7 20,063 1,730 47,178 15,574 17.993 20,063 171,9501 179,0161 18.1741 U K Bees ol Monmouthshiie Other Pfojects in Ethiopi3, Ghana and ughanda and UK 141,627 1119,9261 21.701 rotal 13,129 508.480 1384,8441 136.765 Unrestricted funds: General funds 141,866 1.303.776 1651,4491 794.193 Toialfunds 1 81225 1 036 293 Puiposesand restrictions In reL8tiontothefunds.' Restricted funds.. Ghana Beekeepers Restore Forests Transforming and enr1ching a forest landscape in Alram PLains by reducing fires and charcoal making and by Increasing nature-based beekeeping. Uganda Bees for Batwall Enabling Batwa people to earn moneythrough selling honeyand beeswax and to enhance their socialstanding within their communitiès. We raised funds to support beekeepers in Ukraine In 2022 We raised funds to support beekeeper5 In Ukraine In 2022 Traceable natural products for forest management Training women In Ghana as protessional beekeepers Recording bee species across Monmouthshire VC To provide proiectsthat meet ihe aims and objectives of the CIO Ukr2ine Beekeepers Ethiopia More Bees Ethiopia TRANSFORM Ghana Bee The Voice UK Bees ot Monmouthshire Other projects in Eihiopia. Ghana and UKhanda and UK 20
BÈÈS for Development Year ended 30, April 2024 15 Analysis of net assets between fund$ Unrestrieied Rgstricted tund5 funds Total Net current sssets 774,196 156,762 930.958 16 Reconciliation of net debt A130 At1M8y 2023 April 2024 Cash flows Cash an(1 cash equivalents 209,865 209,865 537.647 537,647 747,512 747,512 Nei debt 209 865 537 647 747512 17 Commitments Operatingiease commitmtrnts The CIO hold5 a peppercorn lease for the premises it occupies wilh BID Bee Shop Ltd. There is no financial commitment In reLation to this lease. Pension commitments 2024 2023 The pension cost charge tothe CIO amounted lo.. 86 18 Related PartyTransactions The TroyTrust, En unincorpor3tedch8rityll 07B8031 that hascommon Trustees. tiansferredit'sactiwtiesinto Bees lor Developments. A transfer of £810,000 was made Into the CIO In the relation of transferred of assets. BfD Bee Shop Ltd, a Mited company whose sole directors is N Br3dbe8r, who was CEO duringthe period and founder ol BID. During the year expenditure of £99,150 paid by the BfD Bee Shop Ltd on behalf of Bees for Development and was recharged to Ihe CIO. Income of £17.510 was collected by BfD Bee Shop on behalf of the CIO and recharged to them. At the year end È232 was due to BfD Beo Shop Lld. Bees for Development have 8 nLJmber of close organisations th8t they support via in country work with communities. P8yments to the following org8n15aiions have been mpcle in the year". Bees for Development Ghans Bees lor Development Ethiopia The Uganda NaiionalApicultu re Development Organisation Workingfor Bpe.4 (Zimbabwel Keystone Foundation Ilndial