**Registered Charity No: 1204666**
## **MVUMI SCHOOL TRUST**
**TRUSTEES’ ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE PERIOD 12 SEPTEMBER 2023 to 31 DECEMBER 2024**
**MVUMI SCHOOL TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION FOR THE PERIOD 12 SEPTEMBER 2023 to 31 DECEMBER 2024**
> **REGISTERED CHARITY NO** 1204666
> **CONTACT ADDRESS OF** PO Box 4806
> **THE CHARITY** Farnham Common Slough SL1 0DR
> **TRUSTEES** John Clark (Chairman) Malcolm Crawford Lucy Elphinstone The Lord Rose of Monewden Laura Allen Zoë VanderWolk Roderick Watson (Honorary Treasurer) Henry Francklin Frederick Dent Helen Grimditch Thomas Robertson (Appointed on 1 January 2025)
> **BANKERS** Barclays Bank plc 1 Churchill place London E145HP
> **INDEPENDENT EXAMINER** Caroline Brazier ACA DChA Cansdales Business Advisers Limited Chartered Accountants St Mary’s Court The Broadway Old Amersham Bucks HP70UT
> **INVESTMENT MANAGERS** Cazenove (part of the Schroder Group) 31 Gresham Street London EC2V 7QA
> **EMAIL ADDRESS** info@mvumischooltrust.org.uk **WEBSITE** www.mvumischooltrust.org.uk
## **MVUMI SCHOOL TRUST**
## **TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD 12 SEPTEMBER 2023 to 31 DECEMBER 2024**
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INDEX Page
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|**INDEX**|**Page**|
|---|---|
|**REPORT OF THE TRUSTEES**|**1**|
|**REPORT OF THE INDEPENDENT EXAMINER**|**6**|
|**STATEMENT OF FINANCIAL ACTIVITIES**|**7**|
|**BALANCE SHEET**|**9**|
|**NOTES TO THE FINANCIAL STATEMENTS**|**10**|
**MVUMI SCHOOL TRUST TRUSTEES’ ANNUAL REPORT (CONTINUED) FOR THE PERIOD 12 SEPTEMBER 2023 to 31 DECEMBER 2024**
## **1. CONSTITUTION AND OBJECTS OF THE CHARITY**
The Charity was established by trust deed in 1999 under a name of Friends of Mvumi Secondary School, which was changed on 20 June 2008 to Mvumi School Trust, and is registered with the Charity Commission (registration number 1075112) as a charity. The Charity became a Charitable Incorporated Organisation (CIO) in September 2023 new Registration Number 1204666.
Mvumi School Trust is governed by the trustees.
A working group of trustees deal with the day-to-day affairs of the charity and communicate with the Trust Representatives in Tanzania.
The function of this charity is “The education of the pupils attending DCT Mvumi Secondary School and Buigiri Blind Primary School, in Tanzania, by the provision of funds for such capital or income expenses as the trustees shall think fit and in particular for the provision of buildings and equipment and other educational benefits and by the provision of bursaries and scholarships to fund the education of pupils at DCT Mvumi Secondary School and Buigiri Blind Primary School.”
## **2. TRUSTEES OF THE CHARITY**
The following acted as trustees during the financial year:
John Clark (Chairman) Malcolm Crawford Lucy Elphinstone Lord Rose od Monewden Zoë VanderWalk Frederick Dent Henry Francklin Helen Grimditch Laura Allen Roderick Watson (Honorary Treasurer)
Trustees are primarily selected from the supporters of the Mvumi School Trust that have strong educational experience and/or knowledge or experience of administration in Africa. All new trustees are asked to read the Charity Commission publication “The Essential Trustee” and the governing document. Trustees are invited to attend a course run by the investment managers, Schroders/Cazenove, and are briefed on the governance structure.
## **3. REVIEW OF THE DEVELOPMENT, ACTIVITIES AND ACHIEVEMENTS OF THE CHARITY**
DCT Mvumi Secondary School, established in 1994, was built on land donated by the village to the Anglican Diocese of Central Tanganyika. The site had previously been occupied by a small middle school. In its 30 years of existence the school has flourished and expanded. From 1995. expatriate Head. Teachers were appointed (Mr. Richard Morris and Mr. John Clark) and from 2009 to 2021 Mr. Francis Malugu, a Tanzanian national was Head. He retired March 2021 and was succeeded by Mr Mwanagoni Lucas who took leave of absence in June 2023. and the governors of the school appointed Hamu Elia Kutoka as acting head from June 2023 to November 2023 and was confirmed to Headmaster of DCT Mvumi Secondary School from that date.
Initially.an expatriate Trust Representatives based at the school administered the Trust’s grants to the school and offered support and advice until succeeded in 2020 by two Tanzanian nationals, Joy Lusinde and Dickson Martin, who are still in post.
The DCT Mvumi Secondary School offers a sound education to 11-20. year olds in O-level and 18 -22 in A-level. In the 2024 results for the Form Four national exams which came out this year (2025), the school was ranked as “Very Good” with grade B results and a GPA (grade average) of 2.5536. In Form Six 2023/2024 results it was ranked as “Average” with grade C results and a GPA of 2.7667. As of 2016 State Secondary schools in Tanzania no longer require fees up to O Level. Fees are still required for students in A level course in state secondary
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**MVUMI SCHOOL TRUST TRUSTEES’ ANNUAL REPORT (CONTINUED) FOR THE PERIOD 12 SEPTEMBER 2023 to 31 DECEMBER 2024**
schools. Such is its popularity; the school attracts students from villages some distance away. Some of these students can be accommodated in the school’s boarding houses. Day students live with adults, and some with guardians. Frequently these breeze block or mudbrick tembe homes will have no electricity, no running water. and practically no furniture. One of the objects of the charity has been to improve the school’s facilities in general and to provide suitable student living accommodation within the school and to improve the study conditions of day students who are in receipt of bursaries from the Trust.
Each year Mvumi School Trust offers up to 10 Rose Scholarships based on hardship and merit to enable girls and boys educated at the 3 local primary schools to attend the secondary school. The Trust has also developed a sponsorship system to award bursaries to students living in nearby or outlying villages, these cover the cost of tuition and cost of boarding as appropriate.
In 2008 an Agreement was reached between the Tanzanian Ministry of Education and the Anglican Diocese of Central Tanganyika for DCT Mvumi Secondary School to undertake a ten-year programme to educate and board blind and visually impaired students graduating from DCT Buigiri Primary School (a Diocesan school that specialises in educating primary children with sight impairment). This scheme was initially funded for 10 years by a capital grant given to the Trust from the international electronic stock dealing firm, ICAP plc that enabled the school to build the ICAP Resource Unit for the Visually Impaired, and to buy specialised equipment and fund visually impaired and blind students’ boarding and tuition fees. The first 8 visually impaired students started their education at Mvumi in January 2009.
Since the 10-year period finished at the end of 2017, some individual blind and visually impaired students have been funded by individual sponsors who cover the cost of their boarding and tuition fees. In 2024 there were 23 (2023: 21) students in the unit (Total blind - 12, Low vision – 5, Albinism – 6) Of these 16 were sponsored by the Trust.
There is a continuing difficulty with the provision of braille books to support the Tanzanian O Level and A Level syllabus. The Trust has assisted the Visually Impaired Unit with equipment to produce braille books. A fast multiplex scanner has been purchased in Great Britain and is used in Mvumi to scan hard copies of printed textbooks. After careful editing, these scanned documents are transcribed into braille using specialist software. The final stage is to print the braille texts using the school’s two embossers (donated by the Trust), and to spirally bind them. In 2023, one embosser was replaced with a more up to date version.
Most of the non-visually impaired students in the bursary program board in the school grounds since they come from villages or the countryside too remote to make daily travel a realistic option.
Most Rose Scholars are day students whilst in the junior school (Forms 1 – 4). In the senior school most of the girls and boys go into boarding. All visually impaired students board in the school's boarding accommodation within the. school grounds.
The Trust formerly worked with Just 1 Life, another British charity that provided grants to assist with university education for high calibre Mvumi students. In 2024, 6 students were supported (2023:6) In 2024, 6 Mvumi students who obtained Division I or Division II at A level, received Just 1 Life grants. From 2023 the British charity stopped supporting the university students but fortunately a group of people from the same charity have opted to continue supporting 4 students who achieved a division I result in their A levels, and the previously supported students who are still at university.
In 2023 there were 432 students at DCT Mvumi Secondary School, 302 were boarders and 130 were day students and in 2024 there were 381 students where boarders were 302 and day students were 79 in both O-level and A- level. In 2024 there were 32 (2023:27) teaching staff, 4 (2024:8) temporary teachers and 22 (2023: 22) nonteaching staff.
In terms of students receiving Trust help: Form 1 admissions in 2024 included 10 Rose Scholars (2023: 8), 13 Bursary students, (2023: 10) of which 3 (2023: 3) were visually impaired students. There were in total 120 Rose Scholars and bursary students (2023:108), of which, 82 (2023:82) were boarders. DCT Mvumi Secondary School had 23 (2023:20) blind or visually impaired students.
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**MVUMI SCHOOL TRUST TRUSTEES’ ANNUAL REPORT (CONTINUED) FOR THE PERIOD 12 SEPTEMBER 2023 to 31 DECEMBER 2024**
All local schools, and schools in outlying villages, were visited during August by the Trust Representatives, Dickson Martin and Joy Lusinde, to obtain information about applicants for the incoming Form 1 sponsorship program both for Rose Scholarships and bursaries (There was a set number that each school could put forward). All the students had the cost of sitting the school entrance exam paid for by the Trust. A short list was drawn up and all students living in Mvumi and outlying villages were visited in their homes, where discussions were held with them and their families as to how the Trust could help them.
Buigiri School for the Blind has 86 pupils (a drop of 24 children) of which 51 are visually impaired (a drop of 35) and 35 have no impairment (an increase of 11). Staff numbers are 51 of which 35 are teaching staff and 16 nonteaching.
In 2024, 16 students completed primary education with 100% pass rate. 13 of the pupils who passed were visually impaired, three were fully sighted. This 100% pass rate compares favourably with the National pupils pass rate of 65%. Buigiri is ranked 1st out of 131 primary schools in the district. The Tanzanian Ministry of Education pays for teaching staff and food for the children. Everything else has to be funded by the Diocese or our trust.
During the year Dickson has produced a series of informative newsletters that were distributed to sponsors, supporters and interested parties, together with collecting letters from sponsored students to their sponsors. Joy Lusinde and Dickson work analysing the sponsored students’ marks to provide feedback to the Trust, they supervised the sponsored students in school and assisted with the Mvumi finances. November, the start of the University year, was a busy time for Just 1 Life administration, with Dickson paying many of the university fees via the e-payment system using the phone network.
## **4. CONSIDERATION OF OBJECTIVES FOR THE YEAR ENDING 31[ST] DECEMBER 2024:**
- Audit and review Board composition given recent changes **Ongoing**
- Establish a strategy meeting for the Board: October strategy meeting was postponed because of uncertainty over the Head’s appointment, now resolved.
- Further coordinate the communications of the Trust – website, newsletters and letters to sponsors **Completed** – discussions over the regularity and size of newsletters, modification of the letters from sponsors.
- Action a suitable way to celebrate the 25th anniversary of the Trust. **Completed** - The newsletters and Christmas card have focused on the achievements of alumni.
- Formalise a fund-raising strategy for the Trust with achievable targets. **On hold** following the strategic decision to limit capital expenditure at the school until the appointment of a new Head
- Establish a plan for the funding of Buigiri given the declining fund. **Ongoing,** lead by Helen and Andrew Grimditch
- Carry out a formal appraisal of our Tanzanian employees. **On hold**
## **5.TRUST'S OBJECTIVES FOR 2025**
- Find new sponsors for a strong group of possible sponsored students. A small shortfall because of the strength of the field
- Explore with the School increasing the number of sponsored day students. Constrained by the availability of new sponsors and the high total number of sponsored students.
- Seek the agreement of the bishop for the new Protocol. Significant changes with the appointment of the new Head and new Board Chair. Other aspects ongoing
- Formalise an agreement with the Diocese to increase the amount of available information concerning School finances. Agreed with the Bishop, the Board Chairman and new Head.
- Organise a strategy meeting on Zoom following discussions with the bishop. Postponed until a visit from the Chair to the School.
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**MVUMI SCHOOL TRUST TRUSTEES’ ANNUAL REPORT (CONTINUED) FOR THE PERIOD 12 SEPTEMBER 2023 to 31 DECEMBER 2024**
- Carry out an audit of Committee membership. Succession planning is ongoing.
- Re-visit a fund-raising strategy for the Trust.
- We are continuing our valuable relationship with Francis Holland School and exploring other avenues of support.
- Continue the process for securing funding for Buigiri. Ongoing
## **6. FINACIAL REVIEW**
In 2024 the unrestricted General Fund had a surplus of £8,912 (2023: deficit £11,833) before realised and unrealised investment gains of £11,519 (2023 gains of £1,260). With a balance brought forward of £136,302 the final balance was £156,733. The other unrestricted fund is the Stuart Rose Fund which supports the Rose Scholars, being day students educated at local primary schools. The Rose Fund in 2024 has a small deficit of £5,836 (2023: surplus of £3,092) before adding an unrealised investment gain of £37,249 (2023: gain of £4,765). The Rose Fund balance carried forward is £472,820 (2023: £441,407). The total unrestricted fund of the Trust stands at £629,553 (2023: £577,709).
We are very grateful for grants from John Armitage Charitable Trust (£20,000) and the Francis Holland Girls School £10,000) for their generosity.
The Bursary fund is financed by many friends of the Trust sponsoring both blind and sighted students have a deficit of £10,155 (2023: £3,200). The balance on the that fund is £57,553 (2023: £67,708). The Peter Russell Fund is to permit students whose parental source of funding has dried up to continue at the school until they sit their national examinations. We are grateful to Peter Russell and the Queen Elizabeth Girls High School Gainsborough for their regular contributions.
Whereas board and education for the blind and visually impaired students (three or four in each year) attending DCT Mvumi Secondary School is financed by sponsorship through the bursary funds, some of the extra items are funded through the Mvumi Visually Impaired Fund, whose balance is now quite small at £3,145 (2023: £4,836). The close relatives of late Brian Atkins are the source of £170,000 funding for the Buigiri Visually impaired fund. This restricted fund enables the Buigiri Primary School for the Blind to pay for its non-teaching staff. The teaching staff are funded by the Tanzanian Department for Education. Annual net costs are £20,853 so unless more money can be raised, this fund has a finite life.
The Trust’s balances are mostly invested in a multi asset fund and deposit managed by Cazenove. The total of all funds increased in value by £18,153 (2023: £83,904) and Fund balance at the end of the year £835,703 (2023: £817,550).
## **7. RISKS AND RESERVES**
The Trust maintains a risk register which is updated periodically. Risks reassessed for their likely severity and with probability of occurring, and mitigating measures are also considered. One of these mitigating measures was for the Trust to obtain limited liability by becoming a Charitable Incorporated Organisation. What was unforeseen is that our UK bankers, Barclays Bank, required the Trust to change the number of our bank account! This means that we must write to our numerous sponsors who mainly pay monthly by standing order, to persuade them to change their standing orders. We have been given six months to accomplish this exercise. There is a risk that some may just call it a day and terminate their donations.
Trust Reserves have increased to £835,703 (2023: £817,550), of which unrestricted reserves not designated for a particular purpose is £156,732 (2023: £136,302). The Trustees have set a general reserve target of £150,000.
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**MVUMI SCHOOL TRUST TRUSTEES’ ANNUAL REPORT (CONTINUED) FOR THE PERIOD 12 SEPTEMBER 2023 to 31 DECEMBER 2024**
## **8** . **STATEMENT OF RESPONSIBILITIES OF THE TRUSTEES**
The Trustees are required to prepare accounts for each financial year, which give a true and fair view of the state of affairs of the Charity and of its financial activities for that period. In preparing those accounts the Trustees are required to:
- select suitable accounting policies and then apply them consistently.
- make judgements and estimates that are reasonable and prudent.
- observe the methods and principles in the charities SORP (FRS 102)
- state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the accounts.
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the Charity, and which enable them to ascertain its financial position. 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.
In so far as the Trustees are aware:
- there is no relevant information of which the Independent Examiner is not aware; and
- the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant Information and to establish that the independent examiners are aware of that information.
## **9. INDEPENDENT EXAMINATION**
The Trust records are audited in Tanzania by Avirux Tanzania, Certified Public Accountants. The Trustees considered that an audit is not required for the records in the UK and have appointed Caroline Brazier ACA DChA of Cansdales Business Advisers Limited to undertake an independent examination.
## **Signed on behalf of the Trustees**
**Chairman of the Trustees Approved by the Trustees on 30 October 2025**
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**MVUMI SCHOOL TRUST**
## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF MVUMI SCHOOL TRUST**
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2024 which are set out on pages 7 to 13.
## **Responsibilities and basis of report**
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the 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 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:
1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a 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 accounts to be reached.
## **Use of this report**
This report is made solely to the Trustees of the Board, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My independent examination work has been undertaken so that I might state to the Trustees of the Board 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 Board and the Trustees of the Board as a body, for my independent examination work, for this report, or for the opinions I have formed.
## **Caroline Brazier ACA DChA**
Cansdales Business Advisers Limited Chartered Accountants St Mary’s Court The Broadway Old Amersham Bucks HP70UT Date: 30[th] October 2025
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## **MVUMI SCHOOL TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 12 SEPTEMBER 2023 TO 31 DECEMBER 2024**
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Unrestricted funds Restricted Funds
Stuart Rose Total Just1Life The John Total Funds
Particulars Designated Fund General Fund Unrestricted Fund Hardship FundBursary Peter Russell Fund ScholarshipUniversity Mvumi Visually Impaired Buigiri Visually Impaired Charitable FundArmitage Total Restricted Fund 2024
INCOME
Donations and grants - Gift aided - 188 188 29,188 - - - - - 29,188 29,376
Donations and grants - Non Gift aided - 32,369 32,369 14,999 1,374 7,450 - - - 23,823 56,192
Investment Income 20,009 3,619 23,628 - - - - - - - 23,628
Other Interest - 3,604 3,604 - - - - 6,707 - 6,707 10,311
Other Income - - - - - - - - - - -
Exchange Gains - (1,024) (1,024) - - - - - - - (1,024)
Gift aid adjustment - (187) (187) - - - - - - - (187)
Total Income 20,009 38,569 58,578 44,187 1,374 7,450 - 6,707 - 59,718 118,296
EXPENDITURE - - -
Charitable Activities: - - -
Rose Scholarships, bursaries and hardship 23,627 - 23,627 52,184 - - - - - 52,184 75,811
Other Student Costs 900 - 900 2,158 - - 1,493 - - 3,651 4,551
Grant for higher education to Trust staff - - - - - 9,716 - - - 9,716 9,716
School Staff tour, portion paid by Trust - 909 909 - - - - - - - 909
School Books - 840 840 - - - - - - - 840
School Other - 957 957 - - - 198 - - 198 1,155
Embosser Equipment for Visually Impaired unit - 662 662 - - - - - - - 662
Grant towards non teacjhing staff wages - - - - - - - 27,560 - 27,560 27,560
Information centre - 67 67 - - - - - - - 67
Maintenance - 1,555 1,555 - - - - - - - 1,555
Trust's staff remuneration in Mvumi - 13,111 13,111 - - - - - - - 13,111
Staff Housing costs in Mvumi - 1,209 1,209 - - - - - - - 1,209
Trust office in Mvumi - 2,503 2,503 - - - - - - - 2,503
Cost of Visitors - 513 513 - - - - - - - 513
Audit in Tanzania - 612 612 - - - - - - - 612
Independent Examination in the UK - 4,375 4,375 - - - - - - - 4,375
Professional Fees - 409 409 - - - - - - - 409
Communication Domain name, web and other computer related
costs - UK - 180 180 - - - - - - - 180
Mail box UK - 424 424 - - - - - - - 424
Fund Raising expenses - - - - - - - - - - -
Investment manager's fees 1,318 598 1,916 - - - - 100 - 100 2,016
Bank charges and exchange conversion costs - 733 733 - - - - - - - 733
Total Expenditure 25,845 29,657 55,502 54,342 - 9,716 1,691 27,660 - 93,409 148,911
Net income/(expenditure) before transfers and investment
gains (5,836) 8,912 3,076 (10,155) 1,374 (2,266) (1,691) (20,953) - (33,691) (30,615)
Net gains/(losses) on investments 37,249 11,519 48,768 - - - - - - - 48,768
Net movement in funds 31,413 20,431 51,844 (10,155) 1,374 (2,266) (1,691) (20,953) - (33,691) 18,153
Reconciliation of funds: - - -
Total funds brought forward 441,407 136,302 577,709 67,708 5,638 3,494 4,836 154,417 3,748 239,841 817,550
Total funds carried forward 472,820 156,733 629,553 57,553 7,012 1,228 3,145 133,464 3,748 206,150 835,703
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## **MVUMI SCHOOL TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023**
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Unrestricted funds Restricted Funds
Particulars Designated FundStuart Rose General Fund Unrestricted Total Fund Hardship FundBursary Peter Russell Fund ScholarshipUniversity Just1Life Mvumi Visually Impaired Buigiri Visually Impaired Charitable FundArmitage The John Total Restricted Fund Total Funds 2023
INCOME
Donations and grants - Gift aided 12,500 3,213 15,713 32,190 - - - 338 - 32,528 48,241
Donations and grants - Non Gift aided - 12,206 12,206 11,373 822 7,000 - 80,846 16,620 116,661 128,867
Investment Income 20,061 5,304 25,365 - - - - - - - 25,365
Other Interest - 3,328 3,328 - - - - 3,733 - 3,733 7,061
Other Income - 626 626 - - - - - - - 626
Exchange Gains - 1,947 1,947 - - - - - - - 1,947
Gift aid adjustment - - - - - - - - - - -
Total Income 32,561 26,624 59,185 43,563 822 7,000 - 84,917 16,620 152,922 212,107
EXPENDITURE - - -
Charitable Activities: - - -
Rose Scholarships, bursaries and hardship 27,582 - 27,582 42,506 - - - - 3,456 45,962 73,544
Other Student Costs 929 - 929 2,523 311 - 95 - - 2,929 3,858
Grant for higher education to Trust staff - - - 1,734 - 7,609 - - - 9,343 9,343
School Staff tour, portion paid by Trust - 1,561 1,561 - - - - - - - 1,561
School Books - 1,222 1,222 - - - - - - - 1,222
School Other - 1,361 1,361 - - - 68 - - 68 1,429
Embosser Equipment for Visually Impaired unit - 4,949 4,949 - - - - - - - 4,949
Grant towards non teacjhing staff wages - - - - - - - 8,000 - 8,000 8,000
Information centre - 58 58 - - - - - - - 58
Maintenance - 1,344 1,344 - - - - - - - 1,344
Trust's staff remuneration in Mvumi - 1,767 1,767 - - - - - - - 1,767
Staff Housing costs in Mvumi - 953 953 - - - - - - - 953
Trust office in Mvumi - 14,770 14,770 - - - - - - - 14,770
Cost of Visitors - 276 276 - - - - - - - 276
Audit in Tanzania - - - - - - - - - - -
Independent Examination in the UK - 4,260 4,260 - - - - - - - 4,260
Professional Fees - 2,700 2,700 - - - - - - - 2,700
Communication Domain name, web and other computer related costs - 850 850 - - - - - - - 850
Mail box UK - 396 396 - - - - - - - 396
Fund Raising expenses - 457 457 - - - - - - - 457
Investment manager's fees 958 907 1,865 - - - - - - - 1,865
Bank charges and exchange conversion costs - 626 626 - - - - - - - 626
Total Expenditure 29,469 38,457 67,926 46,763 311 7,609 163 8,000 3,456 66,302 134,228
Net income/(expenditure) before transfers and investment gains 3,092 (11,833) (8,741) (3,200) 511 (609) (163) 76,917 13,164 86,620 77,879
Net gains/(losses) on investments 4,765 1,260 6,025 - - - - - - - 6,025
Net movement in funds 7,857 (10,573) (2,716) (3,200) 511 (609) (163) 76,917 13,164 86,620 83,904
Reconciliation of funds: - - -
Total funds brought forward 433,550 146,875 580,425 70,908 5,127 4,103 4,999 77,500 (9,416) 153,221 733,646
Total funds carried forward 441,407 136,302 577,709 67,708 5,638 3,494 4,836 154,417 3,748 239,841 817,550
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## **Continuing Operations**
The charity, Mvumi School Trust (registered charity number 1075112), was converted into a Charitable Incorporated Organisation (CIO) under the same name, Mvumi School Trust (registered charity number 1204666), on 12 September 2023. The assets, liabilities, and operations of the former charity were transferred to the new CIO on 9 May 2025. Accordingly, the prior year figures relate to the former charity.
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**MVUMI SCHOOL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 12 SEPTEMBER 2023 to 31 DECEMBER 2024**
|**Particulars**
**Notes**
**Fixed Assets**
Investments
6
**Current Assets**
Debtors and advances
7
Cash with deposits in bank and in hand
**Creditors: amounts falling due within one year**
8
**Net Current Assets**
**Total assets less current liabilities**
**Income funds**
Restricted Fund
9
Unrestricted Fund
10
**Total Funds**|**For the period ended**
**31 December 2024**
**For the year ended**
**31 December 2023**
**£**
**£**
592,520
545,423
7,320
12,808
246,598
265,679
253,918
278,487
10,735
6,360
**243,183**
**272,127**
**835,703**
**817,550**
206,151
239,841
629,552
577,709
**835,703**
**817,550**|
|---|---|
Approved and authorised for issue on 30 October 2025 and signed on behalf of Mvumi School Trust by:
|…………………………………………………….|…………………………………………………………|
|---|---|
|J R Clark|R G Watson|
|Trustee|Trustee|
## **Continuing Operations**
The charity, Mvumi School Trust (registered charity number 1075112), was converted into a Charitable Incorporated Organisation (CIO) under the same name, Mvumi School Trust (registered charity number 1204666), on 12 September 2023. The assets, liabilities, and operations of the former charity were transferred to the new CIO on 9 May 2025. Accordingly, the prior year figures relate to the former charity.
9
**MVUMI SCHOOL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 12 SEPTEMBER 2023 to 31 DECEMBER 2024**
## **1 Accounting Policies**
- **(a) Basis of preparation and assessment of going concern**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention
The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1.
The charity, Mvumi School Trust (registered charity number 1075112), was converted into a Charitable Incorporated Organisation (CIO) under the same name, Mvumi School Trust (registered charity number 1204666), on 12 September 2023. The assets, liabilities, and operations of the former charity were transferred to the new CIO on 9 May 2025. Accordingly, the prior year figures relate to the former charity.
## **(b) Fund Accounting**
- (i) Restricted Funds are fund subject to specific trusts which may be declared by the donor or with their authority but still within the objects of the Charity.
- (ii) Unrestricted funds are expendable at the discretion of the trustees in furtherance of the objects of the Charity.
- (iii) Designated funds-these are funds that are unrestricted, but the trustees have earmarked them for certain purposes.
## **(c) Listed investments**
Listed investments are stated at their market value at the balance sheet date. Holdings in authorised unit trusts are included in the balance sheet at bid price. Realised and unrealised gains and losses on investments are reported in the Statement of Financial Activities allocated to the appropriate fund.
## **(d) Investment Income**
Dividend and other investment income are credited on an accrual basis. Deposit interest is credited on a Payment basis. Income from investments is allocated to the appropriate fund.
## **(e) Voluntary Income**
Voluntary income comes from grants and donations. It is included on receipt, or when the donation has been promised and the receipt is certain, and inclusive of recoverable gift aid where appropriate.
## **(f) Expenditure**
Expenditure includes all material costs on an accrual basis
Charitable activities include assistance given towards DCT Mvumi Secondary School's capital and working costs, the cost of the Trust Representative(s) resident in Tanzania, costs associated with volunteers helping the Trust and School, scholarships, bursaries and hardship payments for students at the school and grants for further and higher education of some of these students, payment toward the running cost of Buigiri Primary School of for the Blind.
Governance costs are the fees of the Independent Examiner in the UK and the auditor in Tanzania.
10
**MVUMI SCHOOL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 12 SEPTEMBER 2023 to 31 DECEMBER 2024**
## **(g) Allocation of costs**
Costs are allocated to the appropriate category of expenditure. Where costs relate to more than one category a reasonable method of allocation is determined.
## **(h) Stock**
There was no stock in 2024.
## **(i) Foreign Currency**
Transactions denominated in foreign currency are recorded at rates of exchange ruling at the date of the transactions or at an average rate for the period if the rates do not fluctuate significantly. Monetary assets and liabilities are translated at the yearend rates. The resulting exchange rate differences are written off.
## **2 Taxation**
Mvumi School Trust is a registered charity and as such is exempt from taxation of its income and gains falling Within part 11 of the Corporation Tax At 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that they are applied to charitable objectives. No tax charge has arisen in the year.
## **3 Net income before transfers**
Net income for the year before transfers is stated after charging
||**2024**|**2023**|
|---|---|---|
|Independent examination and accounting fees in the UK £4,375
||£4,080|
|Audit fees in Tanzania|£612
|-|
## **4 Trustees’ remuneration, expenses and donations**
During the year, neither the Trustees nor any person connected with them received any remuneration (2023: None) .
Specific small items purchased by trustees were reimbursed.
Trustees made donations to the charity aggregating £2,671 (2023: £16,790).
## Related Party Transactions
None other than set out above.
## **5 Employee Pensions**
There are no pensionable employees.
## **6 Fixed Assets Investments**
|Listed investments:recognized UK Stock Exchange
Market value( bid price) -opening value
Addition/(Disposal)
Gain /(Reduction) in value
Market value -closing balance|**2024**
**2023**
545,423
£
539,398
£
(1,247)
£
-
£
48,344
£
6,025
£
592,520
£
545,423
£|
|---|---|
Historical cost of investments at 31 December 2024 £450,169 (2023: £451,416).
11
**MVUMI SCHOOL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 12 SEPTEMBER 2023 to 31 DECEMBER 2024**
|**7**
**Debtors**
Tax recoverable
Loan
Other Debtors
Staff Loan
**8**
**Creditors: amounts following due within one-year**
Other Creditors
Provision for Independent Examiners fees|**2024**
£5,875
£65
£1,380
-
£7,320
**2024**
£6,360
£4,375
£10,735|**2023**
£9,648
£171
£1,380
£1,609
£12,808
**2023**
£2,280
£4,080|
|---|---|---|
|||£6,360|
- **9 Restricted Funds for the period ended 31 December 2024**
|**Movements of Restricted funds**|**Balance at**
**September 12**
**2023**|**Income**|**Expenditure**|**Income less**
**Expenditure**|**Balance at**
**December 31**
**2024**|
|---|---|---|---|---|---|
|Bursary and Hardship fund
Peter Rusell Fund
Just1 Life University Sponsorship Fund
Fund for educating visually impaired students
Buigiri Primary School (for the blind) Fund
John Armitage Charitable Trustgrants|67,708
£
5,638
£
3,494
£
4,836
£
154,417
£
3,748
£|44,188
£
1,374
£
7,450
£
-
£
6,707
£
-
£|54,343
£
-
£
9,716
£
1,691
£
27,660
£
-
£|(10,155)
£
1,374
£
(2,266)
£
(1,691)
£
(20,953)
£
-
£|57,553
£
7,012
£
1,228
£
3,145
£
133,464
£
3,748
£|
|**Total**|**239,841**
**£**|**59,719**
**£**|**93,410**
**£**|**(33,691)**
**£**|**206,150**
**£**|
## **Restricted Funds for the year ended 31 December 2023**
|**Movements of Restricted funds**|**Balance at**
**January 1**
**2023**|**Income**|**Expenditure**|**Income less**
**Expenditure**|**Balance at**
**December 31**
**2023**|
|---|---|---|---|---|---|
|Bursary and Hardship fund
Peter Rusell Fund
Just1 Life University Sponsorship Fund
Fund for educating visually impaired students
Buigiri Primary School (for the blind) Fund
John Armitage Charitable Trustgrants|70,908
£
5,127
£
4,103
£
4,999
£
77,500
£
(9,416)
£|43,563
£
822
£
7,000
£
-
£
84,917
£
16,620
£|46,763
£
311
£
7,609
£
163
£
8,000
£
3,456
£|(3,200)
£
511
£
(609)
£
(163)
£
76,917
£
13,164
£|67,708
£
5,638
£
3,494
£
4,836
£
154,417
£
3,748
£|
|**Total**|**153,221**
**£**|**152,922**
**£**|**66,302**
**£**|**86,620**
**£**|**239,841**
**£**|
## **Bursary and Hardship Fund**
The fund was established to provide bursaries and hardship payments for needy pupils attending or who have attended DCT Mvumi Secondary School.
## **Peter Russell Fund**
This is a fund created by the kind donation from Peter Russell following his visit to Mvumi as a volunteer. Its purpose is to provide temporary assistance to students who are not in receipt of bursaries and Scholarships but whose parents or guardians through no fault of their own are not in a position to pay fees.
12
**MVUMI SCHOOL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 12 SEPTEMBER 2023 to 31 DECEMBER 2024**
## **Just1Life Fund University scholarships**
Just1Life is British charity that provides grants to Mvumi students with a strong academic record to up University loans.
## **Fund for educating visually impaired students**
The fund was established by a specific grant of £120,000 from ICAP (part of a larger donation of £180,000). Subsequent donations have been received from other sources . The fund is set up to provide equipment and bursaries for Mvumi's visually impaired students.
## **Buigiri Primary School Fund**
In 2023 a new restricted funds were set up in support of Buigiri Primary School for the blind, which, each year, sends visually impaired students to DCT Mvumi Secondary School.
## **The John Armitage Charitable Trust Fund**
A final instalment of the John Armitage Charitable Trust Fund of £16,620 was received in July 2023.
## **10 Unrestricted Funds for the period ended 31 December 2024**
|**Movements of Unrestricted funds**|**Balance at**
**September 12**
**2023**|**Income**|**Expenditure**|**Income less**
**Expenditure**|**Investment**
**Gains/(losses)**|**Balance at**
**December 31**
**2024**|
|---|---|---|---|---|---|---|
|General funds
Designated funds:
Stuart Rose Fund for Rose Scholarships|136,302
£
441,407
£|38,569
£
20,009
£|29,657
£
25,845
£|8,912
£
(5,836)
£|11,519
£
37,249
£|156,733
£
472,820
£|
|**Total**|**577,709**
**£**|**58,578**
**£**|**55,502**
**£**|**3,076**
**£**|**48,768**
**£**|**629,553**
**£**|
## **Unrestricted Funds for the year ended 31 December 2023**
|**Movements of Unrestricted funds**|**Balance at**
**January 1**
**2023**|**Income**|**Expenditure**|**Income less**
**Expenditure**|**Investment**
**Gains/(losses)**|**Balance at**
**December 31**
**2023**|
|---|---|---|---|---|---|---|
|General funds
Designated funds:
Stuart Rose Fund for Rose Scholarships|146,875
£
433,550
£|26,623
£
32,561
£|38,456
£
29,469
£|(11,833)
£
3,092
£|1,260
£
4,765
£|136,302
£
441,407
£|
|**Total**|**580,425**
**£**|**59,184**
**£**|**67,925**
**£**|**(8,741)**
**£**|**6,025**
**£**|**577,709**
**£**|
## **Designated Fund-Stuart Rose Fund**
The fund was established following generous donations from Lord Rose (then Mr Staurt Rose) and the George Davies Charitable Trust. The fund is invested in listed investments (See Note 6) and the income is intended to be used:
- (j) to fund up to10 scholarships in each school year for pupils from 3 Mvumi Village primary schools;
(i) if funds permit, to provide ongoing maintenance and refurbishment of school buildings.
13
**MVUMI SCHOOL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 12 SEPTEMBER 2023 to 31 DECEMBER 2024**
## **11 Analysis of net assets between funds for the period ended 31 December 2024**
|**Particulars**|**General funds**|**Designated funds**|**Restricted funds**|**Total 2024**|
|---|---|---|---|---|
|Investments
Debtors
Cash current accounts and deposits
Creditors|127,527
£
1,445
£
38,496
£
(10,735)
£|464,993
£
38
£
7,789
£
-
£|-
£
5,837
£
200,313
£
-
£|592,520
£
7,320
£
246,598
£
(10,735)
£|
|**Total**|**156,733**
**£**|**472,820**
**£**|**206,150**
**£**|**835,703**
**£**|
**Analysis of net assets between funds for the year ended 31 December 2023**
|**Particulars**|**General funds**|**Designated funds**|**Restricted funds**|**Total 2023**|
|---|---|---|---|---|
|Investments
Debtors
Cash current accounts and deposits
Creditors|114,048
£
12,808
£
15,806
£
(6,360)
£|431,375
£
-
£
10,033
£
-
£|-
£
-
£
239,840
£
-
£|545,423
£
12,808
£
265,679
£
(6,360)
£|
|**Total**|**136,302**
**£**|**441,408**
**£**|**239,840**
**£**|**817,550**
**£**|
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