2023-03-31-accounts - Swaziland Charitable Trust

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			Page
Report ofthe Trustees		1	to	3
Independent Examiner's	Report
Statement of Financial	Activities
Balance Sheet
Notes to the Financial Statements		7	to	15
Detailed Statement of Financial Activities			16

Swaziland Charita	ble	Trust, '	Trust, '
		Consolidated		and Chari		Statement of Financial		Activities
				for	the Year	Ended 31 March 2023
						Group		Charity
						31.3.23	31.3.22	31.3.23	31.3.22
						Total	Total	Total	Total
						fund	fund	fund	fund
					Notes	5	6	6	F
INCOME AND ENDOWMENTS			FROM
Donations						60,776	40,673	60,776	40,673
Investment income					2	65,636	67,069	18,448	16,835
'Total						126,412	107,742	79,224	57,508
EXPENDITURE ON
Charitable activities
Grants to Eswatini	organisations/institutions					90,381	76,931	90,381	76,931
Support costs						53,782	50,946	11,550	10,050
Governance costs						16,630	13,204	4,260	3,864
Total						160,793	141,081	106,191	90,845
Net gains/(losses)	on	investments				110,680	4,962	(40,832)	(12,127)
NET INCOME/(EXPENDITURE)						76,299	(28,377)	(67,799)	(45,464)
PRIOR YEAR ADJUSTMENT
RECONCILIATION	OF FUNDS
Total funds brought		forward				1,680,019	1,708,396	1,417,562	1,463,026
TOTAL FUNDS CARRIED FORWARD						1,756,318	1,680,019	1,349,763	1,417,562

Swaziland Charitable Trust
	Consolidated	and Charit Balance Sheet
		31 March 2023
		Group 31.3.23	31.3.22	Charity 31.3.23	31.3.22
		Total	Total	Total	Total
		fund	fund	fund	funds
	Notes	6	F	5	F
FIXEDASSETS
Tangible assets		3,406	5,279	21	28
Investments
Investments		1,208,102	1,195,877	1,222,091	1,212,200
Investment property		423,094	273,104
		1,634,602	1,474,260	1,222,112	1,212,228
CURRENT ASSE'TS
Stock	8	99	98	99	98
Debtors	9	10,875	8,080	10,748	5,082
Deposits with brokers Cash at bank	10	70,710 52,625	132,290 79,277	70,710 52,291	132,290 75,226
		134,309	219,745	133,848	212,696
CREDITORS
Amounts falling due		(12,593)	(13,986)	(6,197)	(7,362)
within one year
NE'T CURRENT ASSETS		121,716	205,759	127,651	205,334
'TOTAL ASSETS LESSCURRENT
LIABILITIES		1,756,318	1,680,019	1,349,763	1,417,562
NE'TASSETS		1,756,318	1,680,019	1,349,763	1,417,562
FUNDS
Unrestricted funds	12	1,756,318	1,680,019	1,349,763	1,417,562
TOTAL FUNDS		1,756,318	1,680,019	1,349,763	1,417,562

INVESTMENT INC	OME
		31.3.23	31.3.22
Property income Investment income		47,188 18,423	50,234 16,568
Gross interest receivable		25	267
		65,636	67,069
NET (INCOME)/EXPENDITURE
This is stated after	charging:
		2023	2022
		F
Independent examiner's remuneration Foreign exchange (gain)/loss		2,130 56,282	1,932 ~25,285)

TANGIBLE FIXEDASSETS
		Office
		furniture
	Leasehold	and	Office
	Improvements	equipment	equipment
	Subsidiary	Branch	UK
	F	F	F
COST
At 1 April 2022	1,820	786	1,155
Additions Exchange differences	~260)
At 31 March 2023	1,560	674	1,155
DEPRECIA'TION
At 1 April 2022 Charge for year Exchange differences	1,820 ~260)	786	1,127 7
At 31 March 2023	1,560	786	1,134
NET BOOK VALUE
At 31 March 2023			21
At 31 March 2022			28

TANGIBLE FIXEDASSETS - continued
		Office
		furniture
	Motor	and
	vehicles	equipment
	Subsidiary f	Subsidiary E	Totals F
COST
At 1 April 2022	16,058	2,869	22,688
Additions Exchange differences	~2,297)	~411)	~3,080)
At 31 March 2023	13,761	2,458	19,608
DEPRECIATION
At 1 April 2022 Charge for year Exchange differences	11,612 953 ~1,660)	2,064 160 ~295)	17,409 1,120 ~2,327)
At 31 March 2023	10,905	1,929	16,202
NET BOOK VALUE
At 31 March 2023	2,856	529	3,406
At 31 March 2022	4,446	805	5,279

FIXEDASSET INVESTMENTS
	Listed
	investments
	E
MARKET VALUE
At 1 April 2022 Additions	1,195,877 68,908
Disposals Revaluations	(34,603) ~22,0BD)
At 31 March 2023	1,208,102
NET BOOK VALUE
At 31 March 2023	1,208, 102
At 31 March 2022	1,195,877

Fixed Asse	t investm	ents
				2023	2022
					F
Listed investments				1,208,102	1,195,877
Investment	property	- Land and Buildings; Subsidiary	-see note 7	423,094	273,104
				1,631,196	1,195,877
			Cost/Market
			value when
Listed investments			gifted	2023	2022
			F	F
Fixed income			99,616	100,260	101,867
UK equities Overseas equities Alternatives			114,186 271,736 93,823	310,393 698,482 98,967	296,185 766,685 31,140
			579,361	1,208,102	1,195,877

portfolio in quoted Securiti	es:
Description					Market value	%of
						portfolio
					31.3.2023
Unilever pic ordinary M&G securities charifund	income				96,370 88,990	8.0 7.4
Baillie Gifford Shin Nippon Findlay park funds pic american Baring Fund Managers First Sentier INVRS (UK )fds Ltd					134,716 283,562 60,816 123,220	11.2 23.5 5.0 10.2
Comparative: 2022					Market value	%of
Description					31.3.2022	portfolio
Unilever pic ordinary M&G securities charifund	income				79,465 94,783	6.6 7.9
Baillie Gifford Shin Nippon Findlay park funds pic american Reckitt Benckiser Group First Sentier invrs (UK) FDS Ltd					156,729 327,481 62,802 116,611	13.1 27.4 5.3 9.8
The trustees are not aware	ofany material	restrictions		which	might apply on realisation	ofthese assets.
Cost or valuation at 31 March 2023 is represented			by:

FAIR VALUE
At 1 April 2022	273,104
Revaluation	189,042
Currency translation	~39,052)
At 31 March 2023	423,094
NET BOOK VALUE
At 31 March 2023	423,094
At 31 March 2022	273,104

STOCKS
		31.3.23	31.3.22
		F	E
Stocks		99	98
DEBTORS: AMOUNTS	FALLING DUE WITHIN ONE YEAR
		31.3.23	31.3.22
			F
Accounts receivable		8,850	2,937
Other debtors		2,025	5,143
		10,875	8,080

10.	CURREN'T ASSET INVESTMENTS	CURREN'T ASSET INVESTMENTS	CURREN'T ASSET INVESTMENTS	CURREN'T ASSET INVESTMENTS		31.3.23	31.3.22
							6
	Deposits	with	brokers			70,710	132,290
11.	CREDITORS: AMOUNTS			FALLING DUE WITHIN ONE YEAR
						31.3.23	31.3.22
						6	F
	Taxation and social security Other creditors					299 12,294	299 13,687
						12,593	13,986
12.	NIOVEMENT		IN FUNDS
						Net
						movement	At
				At	1.4.22	in funds	31.3.23
					6	6	F
	Unrestricted		funds
	General	fund		1,680,019		76,299	1,756,318
	TOTAL	FUNDS		1,680,019		76,299	1,756,318

Net mov	ement	in funds, included	in the above are as follo	ws:
			incoming	Resources	Gains and	Movement
			resources	expended	losses	in funds
			5	6	6	6
Unrestricted		funds
General	fund		126,412	(160,793)	110,680	76,299
TOTAL	FUNDS		126,412	(160,793)	110,680	76,299

Compar	atives	for moveme	nt in fun	ds
							Net
							movement	At
						At 1.4.21	in funds	31.3.22
						F	E	E
Unrestricted		funds
General	fund					1,708,396	(28,377)	1,680,019
TOTAL	FUNDS					1,708,386	~28,377)	1,6170,018
Comparative		net movement	in funds,	included	in the above	are as follows:
					Incoming	Resources	Gains and	Movement
					resources F	expended F	losses f	in funds E
Unrestricted		funds
General	fund				107,742	(141,081)	4,962	(28,377)
TOTAL	FUNDS				107,742	(141,081)	4,962	~28,377)

A curren	t yea	r 12 months and prior year	12months combined position is	as follows:
				Net
				movement	At
			At 1.4.21	in funds	31.3.23
			6	6	F
Unrestricted		funds
General	fund		1,708,396	47,922	1,756,318
TOTAL	FUNDS		1,708,396	47,922	1,756,318

above a	re as	follows:
			Incoming	Resources	Gains and	Movement
			resources	expended	losses	in funds
			6	6	F	6
Unrestricted		funds
General	fund		234,154	(301,874)	115,642	47,922
TOTAL	FUNDS		234, 154	L301,874)	115,642	47,922

A summary ofthe financi	al p	erfor	manc	e ofthe sub	sidiary is shown b	elow:
						2023		2022
Turnover						47,188		50,234
Cost ofsales and administration			expenses			~54,598)	~50,237)
Profit/(loss) on ordinary	activities		before taxation			(7,410)		(3)
Tax on loss on ordinary activities Profit/(loss) for the financial year						~7,410)	~3)
The above activity includes		loan	interest of anil (2022: anil) payable			by Wiganco (Proprietary)		Limited
to Swaziland Charitable	Trust, which			is eliminated	on consolidation.
The aggregate ofassets	and	liabilities		were:		2023 f		2022 E
Tangible fixed assets Investment properties Current assets						3,388 423,094 461		5,251 273,104 7,048
Current liabilities						426,943 ~6,395)	285,403 ~6,624)
						420,548		278,779
Representing Shareholder's loan						128,470		149,906
Revaluation reserve						359,826		199,280
Profit and loss account						~67,748)	~70,407)
						420,548		278,779

Swaziland Charitable Tr	ust	ust	ust
	Detailed Statement of Financial Activities
			for the Year Ended 31 March 2023
				31.3.23	31.3.22
				6
INCOME AND ENDOWMENTS
Donations
Donations				44,776	40,673
Grants				16,000
				60,776	40,673
Investment income
Property income				47,188	50,234
Investment income				18,423	16,568
Gross interest receivable				25	267
				65,636	67,069
Total incoming resources				126,412	107,742
EXPENDITURE
Charitable activities —Aid to Eswatini
Schools				16,834	15,340
Support for people with disabilities OVC Scheme				4,411 44,731	7,140 18,174
Health and social welfare				5,760	11,450
Community				9,263	6,064
SSPScheme (Deans scheme)				9,382	7,356
Covid feeding scheme					11,407
				90,381	76,931
Charitable activities —Support		costs
Property expenses Investment management	fees			48,211 3,060	46,801 3,124
Print, postage &stationery Other expenses				601 399	163 485
Travel &subsistence				1,504	364
Depn of office equipment	UK			7	9
				53,782	50,946
Support costs
Governance costs
Independent examiner's	remuneration			2,130	1,932
Bookkeeping and secretarial Accountancy UK				5,980 2,130	5,905 1,932
Accountancy Swaziland				6,390	3,435
				16,630	13,204
Total resources expended				160,793	141,081
Net expenditure before	gains and		losses	(34,381)	(33,339)
Realised recognised gains and		losses
Realised gains/(loss) on investments				(22,080)	(24,738)
Gain on revaluation of investment		property		189,042
Foreign exchange gain/(loss)				~56,282)	29,700
Net income/(expenditure)				76,299	~28,377)