REGISTERED COMPANY NUMBER: 01773933 IEn9land and Wales) REGISTERED CHARITY NUMBER: 2B8388 REPORT OF THE TRuEE$ AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 klAR¢H 2024 FOR THE BUSOGA TRUST MHA Charte knountants & Slatuiory Audltors Elfed House Oak Tret Court Cardiff Gate Busines¥ Park CARDIFF CF23 8RS
THE BUSOGA TRUST CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report ofthe Trustees 1to6 Report of the Indtrpendent Audltows 7t09 consolated Statementof Financial Activibes 10 Consdldated and Charity Balancp Sheet 11 Cons(Aldated Cash Flow Ststement 12 Notes to the Consolidated Cash Flow St8temeTht 13 Notes to the Cl8011d8t8d Finandal Ststgments 14to24
THE BUSOGA TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDEO 31 MARCH 2024 The InJsee$. who are also directors of the pant charitable company for the purposes of the Companies Act 2006. Present their report wth the consolidated finanaal staternenl of the ¢haritable company and Ils subsKliary for the y88r ended 31 March 2024. The trustee3 have adopted the provisnns of Accounting and Reporting by Charities.. Statement of Recomm8nd8d Practice applicable lo charities prepa9 their account5 in acwrdar¢e the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 Janyary 20191. OBJECTIVES AND A¢TIVITIES Objoctives and aims Mi$$ion Statemont To contribute to poverty eradiealK)n through providing njral Ugandan communities %th suslaiTh8blè safa w8teE sources with adequate s8nitstlon and hygiene pracuces. Such developtnetrt in water, 58nitation and hyglene, reduces the burden of disease from vulnerable communit'es and helps build healthy and prosperous ¢¢ynmunities. Obltcts Our objectwe5 as stated in the goveming documents am.. The reliel of poverty through(ytst the world and particularty, bul withoul F¥eludEce to, the ganorallty ol thè for8going in the Busoga region of Uganda. The promotion of the Christian rellglon In Uganda and throughout the worfd. Actlvlties and how we work The Busogs Trust operates as a servlce provider In partne(ship wllh fundlng bodiès to impkrnent prograrnmes on Ihe ground. In the past we have been fortunate to enjoy successful partnerships with organisalions such as DFID, Comic Relief. Plan Uganda, waterd, UN Hèbital. Ihe Water TrusL Simavi. Global Fund and, most reny, the Icèlandic Embassy. Our activiti primarty inrAude- Watgr $ouK• ¢on$tructlon and rehabllkation: Boreho16 rèh8bilitati&ry. shall(Iw hand dug well construction, shalbw hand dug well rehabilitation, drilled boreholes. rainwaler haNesJng and spring protection. Sanitation trainlng and latrfne ¢on$tru¢tl¢Jn.' Peri-urban cunmunity latrine construction (funded via micro-financel, schod latrine blod( construction and behavK)ural rhang8 tdggering through Community-Led Total Sani18ti0n. Hygleng.. Home improvement eampaign8. With trainir4J Trn.. buiksing hand washing laeiltties. ¢Jrwng Tacks and tchen5. Envlronrn•nt- Tree planting, beehives. Publlc benefft The organisation's tru5te85 can confirm that they h8ve ¢cnplled with the duty in Secuon 17 of the Charities Act 2011 to have due regard to public b8nefil guidance published by the Commlsslon. Significant OCttMUes Ihal we unthrtCAik during Ihe year that demonstrate PU1C benefit are 58t out bdow. Page 1
THE BUSOGA TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 OBJECTIVES AND ACTIVITIES Signifieant aetrvities In 2023 - 24 our significant achievements wre'. 142 Rehabilitated Borehdes. 64 Rehabi1Slated Shallow hand Dug W8115 ISHDWI. 4 New Borehole5. Totsl ¢ommunity water sources 210 1.378 Domestic L8trines Instald. 4,315 Tippy tsps Ihandwashing f8cilrtiesl created. 191 Comrnurtbe$ enrdled onto the Payments by Results IPBRI Programme. 192 Menstrual Hyglene Man8gernent {MHMI W0shopS CoThJueted. 9,368 Trees Planted 1.800 Banana tr88 saplings Distributed 10 603 BEehiv8$ Distributed So¢lal Inveslmonts Program related investsrents are applied dI¢Y to the projects ItsF which they h8V8 been specified. If any Change5 to th8 oiginal speeification are required, the donor wlll be contact8d to giv8 P8rmission to do so. Every prO1t Is managed by a Distr1 Manager who records the budget an¢J monitors spending. A Completion rewrt provftled at the end of a project and. when required by funders, speciali5ed reports are producgd throughout. Mixed rnotive inve5trnents, which a not speafically to be used on indivKluaf programs, are wed io fund all aspects of our operations. These include overhead costs for 5tsff, vghicles, office rent, utllilies, eic.. and may also b& used lor project op8rats'ons. In order to 8chi8ve our 8im$ and objectives both types ol investrnenl are necessary. Project lated invesbnenl 8nables specific work based on these obje¢tivès to b8 completed in the field. Mixed rnolive investments enablè our operations to function io the wulfed level through the proM$ion of atsff, equipment, offices and aN other relevant overheads. Volunteers Th8 Busoga Trust vclunteer program has Tficreased alongside our 50+ regular strff. We do not acknvely seek them, bul when Ihey approach us, if we think they h8v8 somethlng, both to ntrIbute anij to gain by volunleering, we occasionalty empby thern on the basis that they a volunteers. Many of our in-country volunteers have rlsen up through our Orphan fund and have proven to be a very much valued part of the 8.T. team. The only financial support we giv8 to a UK volunteer Is to cover their accornm(xlation in our Gu9St Hwse. flights and provide the sarne rId allowance given to our Ugandan vdunteers. For th8 latter. who are covered by our Ugandan insuranr£ pol*e$, a daily allowance lorfoLyJ is Provided bu¢ we do not provide lodgSng. Many volunteers 17ave gone on to bec¢yne full time pald Twst empbyees doing valuable work for th8 Busoga Tnjst Page 2
THE BUSOGA TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW The finar101 results for the year ended 31 March 2024 are shown in th8 attached n$idated flnancial statements. Total income for the year was £772.98412023.' £1,065,145). At the 31 Mah 2024. the group h81d totsl funds of £53,550. of these £Nil were restricted funds. There were no designated ftjnds. Unstricted fvnds totalled £53,550 of these £35.087 are held 8$ unrestrided fixed assets and a fvrther £24,450 as Programm8 related investments. therefor8 th9 group has no free reserves at this time. Principal funding 50urc¢s Th8 Busoga Trust has two fijnillng streams, the Blue Nile (Ugandan incornel and the Whit8 Nile (UK income). Of Ihese o. UK in¢orne ha$ been rnuch th8 larger and more conslstont. Since 2000 all UK income has bèen frorn private sources, individuals, eharilies, chur¢hes. schools, Rotary clubs, etc. These fvnds have to be applicable to the Busoga Trust's key objectiv8s in WASH 'Water Sanitation and Hygiene,. *lhough occasion311y wa also rnonitor donatn$ for proiects lik8 schools and olinles from rnosyy publi¢ sources such as government, districts. overseas governments and also some NGOS. Agaln. these funds must be applicabte tg Ihe Busoga Trusfs key WASH objecbves. Investment policy and objectfves Under the Mernor8ndum and Artides of Ass181[0n. the charity has the power to make any investment whlch the Iruslees see fit. The company Invests surplus funds in cas%tal and premium reserve accounts at a bank. The trustees consider that cornbining instanl access and a modest rttufn on investment Is the nN)st suitablè inv8Strnent policy for the Tw5t. Res¢ryos poll At the 31 March 2024. the group had free reserves of £NA. The timing of donabons results in the free re58rve5 flu¢tuaUng quite significantjy over the ¢ourse ol Ihe financial y8ar. The Trust received some significant donation$ in ri1 2024. the start of the next financial year. The trustees aim lo maintain sufficfit reserves to fund the running and development of Ihe charity. in accordance with th8 charitable objects. With that in mind the trust8es consKler ¢hat reserves In the range of £100,000- £150,000 are appropriate which would resKesent 2.3 months of op8rating expenditu. FUTURE PLANS If we receive the same level of fundtng from private donors, we antiopato achitving $lmilar outcomes in the next financial year regariying our water sourcg rehabilitation, latrine construction, and hygiene, sanital.on anitt enVinMental actniilies. A clear strategy for the financial year 2024-2025 sn place for the Trusvs opèration8 in Uganda, kniGh continu85 to focus on delivering borehote rehabilitations and shallow hand dug well rehabilitations eath month wth accompanwng 'WASH BET package" Iwat8r, sanitation, hygiene, bees and tieesl, as well as implernenting the PBR progrkmrne in each community. B.T.'s WASHBET pa¢ka9e Includes constructing 18trine8 8nd h8ndwashing facilit5, offering tree saplings ot subsidi5ed pri5 and d5stributs.ng b8ehiv8s lo help fight deforestation in njial Uganda. and conducting menstrual hygiene rnanagement workshops forwomen aFtd girf$. Page 3
THE BUSOGA TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENOED 31 MARCH 2024 STRUCTURE. GOVERNAN¢e AND MANAGEMENT Governln9 do¢ument The charity is consb"luted as a company limiled by guarantee, incorporated on 29 November 1983 under a Memorandum of Assoeiati¢)n which established the objects and power5 of Ihe charitable company. It 15 govemed under its Arbcles of As50ci8tion. In the event of the company being Wnd up, the mernbers are required to contribute an amount not exceeding £1 each. The Trust has dlspensation frorn the relevant aulhoribes to omit the word 'Litnited' froffi its name. Recrultrnent and appointmgnt of new trustees AJI directS of th8 company a also trustees of the charity, and ther8 are no other trustees. The 8oard has the power to appoint additsonal trustees as 6t consider5 fit tg dg so. The tnjstees become ellgible for relection every three y¢8rs. Dg¢l$lon maklng The Busooa Trust UK18TUKI has alway5 sought to be a pather to Busoga Trust Uganda (Brui. In 2000 Busoga Trust took a prtncipleé dedslon to devolve gov¢mrnent of the Ugandan operations to our Ugandan manag8m8nt. However. because BTUK is the princip81 funder. and must be fully a¢countable to our donors, whom we also need to find. there is consiant communication and dialogue ben BTUK and BTU Iwhtch is a Ugandan regISted NGO). This allows BTUK to make suogeslions and to offer guidance as well 8$ seek transparent wlomiats"on. We work in Busoga Trust at 811 levels as a united team supporting one another. The senior manag8rnenÉ team. alongside the Executive Director IEDI, address daily operational d¢¢isSons, rèmaining in constant conlacl and sharing thoughts and idea5 to achieve optin7um outcomes. MO slgnlfi(ant decislon-making is first discussed by the senlor management team. then a ftjll report and options are piEsènted to the trustees. Ml parties work in unison to rllak8 final decisions befo they are aconed by the sanbr rnanagem9nl team. Indudlon and lialnin9 of new trustees Busoga Trust tNslees are indivlduals who have already shown a keen interest Sn, and often also offèr8d Iheir support for, our work. Those who ar8 invited by the present ED and the Board to consKler becoffling a trustee are then inlroduced to Ihe Board, and, whgn there is a good Interaetion, may be knvited to becorne a trustee. As part ol their induction, Ihey receDie a full briefing on the rrent aim5 and objective5 and progress towards achlevlng them. Key management remuneration The benchmark 4F58d for the ED'S pay has been to be comparable to the stipend of a Cknfrrch of Engl8nd priest. Thus, frorn £5,000 p.a. in 1983. it has risen gradually to £25,000 p.a. for the year ended 31 Mar¢h 2024, though, as there is no ac¢omm¢)dalion prowded, it 15 much less than thal of a Church ol England priest. The Busog8 Trust believe5 in ke8pir the ED'S pay at a low level in order to maximise the funds devoted to seNing the petsple for whom the Tn1 exists. The remaining trustee5 carry out their stewardship of the Trust wthoul rernuneration of any For other pewnnel. deosions are based on current sector pay brackets tK>th in the UK an¢J Uganda tts ensure salarie$ are fair atsd nol èxctrssive. Remuneration for staff. both In Uganda and the UK, ig (y)mp8r8ble to the rat8s in Ihe NGO sector in their re5peclNe countrie5 and is subject to Ihe approval of the ED. Related partles The charity, by virtue of corn3n tru$tees, controls The Busoga Trust, a non-90Mmental organisation Ireglstration nutnber S5914130781 In Uganda. These finandal statements cont8Sn the consolidated rosults for both ents'ties. Trusteo Consult IUI Llmit8d is a company incorporated in Uganda whlch is entrusted wtth the m8Tragement of operations for th8 Kaliro rainwater harvesting prolect executed under a Memorandum of Understanding. Th¢ sharehddets of Trustco Consult IVI b'mtted are employees of The 8usog8 TNst Iugandal. R15k managemènt Where appropriate. syslerns or procedures have been, are being, establish8d lo mitt9ate the risks the charity face5. Internal Control risks are mbnlm1s by thè implefflentation of procedures Igr 8Uthori$ation of all projects and transactions. Procedures Bre In place to ensure Cornplian with health and safety of staff, volunteer5 and others. The5& woceduies ar8 periodically reviewed to ensu that they continue lo meet the nèeds of tho charity. Fundrai$lng The Busog8 Trust is a Chrisl'an misslon ol faith and Sn Ihat re5pect1s different to many other NGOS. We ults'malety lod to God to supply all our need5, including funding, and as we approach ¢xJr 40 year we have moved steadily forwards wllhout Intermisslon. We seèk SUPF)Ort from all who share our obje¢tives, of whateverfarth or none and we seNe those of whatever faith or none. Our rnethod of fundraising is. firstly. to pray and, secondly, to shar8 the n8ed and our story. We only approach charitable bodies dlrecuy with fijndiry requ8Sts a5 that Is what they require. When invited wt makè presentats.ons to private groups, and when asked we tell them the funding reouirements. Our appFvach to funding IS genlje bul act(ve. We have never badgered anyone for money and we have never used a prOf6sSnaj lurvjraiser. Page 4
THE BUSOGA TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Fundraising continued Fundraisin9 is underiaken by the ED 8r¥J UK Oper8tionslDeveJopment Manager. Activth'es indude contacting trusts and foundations. (ontsding prevTOUS SUPPOrters (th their pennissionl, and Individuals taktng Ih8ir own initiative to create f¥ndraising events and pages for donations. All contact channels ar8 In8nag8d in accordance wllh the GDPR compliènce regulations. The policy of the Charity is not lo Contact unknown members of the public who have never expressed ar* interesl in the Charitys work. This protects th8 vulnerable and other members ol the public as ther8 ar8 no intrusions of personal privacy, overfy persistent approachgs lor the purpose of Solicng or otherwise procuring money, or undu& pressure on a person to give money or other prop6tty. REFERENCE AND ADMINISTIiATIVE DETAILS Reglstered Company number 01773933 (England and Wales) Reglstered Charlty number 288388 Regl$tgrod offi¢¢ 82 St John St14th floor) London EC1M 4JN Trustees Canon Andrew Pearson Jonalhan Franklin Rob Smith David Leonard Anthony Sharp Anthony Cook Executive Director hairnian Resigned 20 May 2024 Appointed 21 Octob8r 2024 Senlor Managem•nt Johnson Walbi John Bosco Kabuye Lydia Sla¢k Country Programrrn Manager Finance Manager UK OperationslDevelopmeTrt Manager Company S8crotary D S C PeatsLYÈ Audltors MHA Chartered Aceountants & Statutory Auditors Elfed House Oak Tree Court Cardiff Gate Business Pa CARDIFF CF23 8RS Bankers Standard Chartered Bank Ltd- J5nja Branch DFCU Bank- Jinja Branch Stanbic Bank (UI Ltd - Luwero Branch Cefttanary Bank Ltd- Wobulenzi BTaMh Balay$ Bank IUI Ltd- Uganda Slanblc Bank {U} Ltd- Mpigl Branch Absa Bank Natwest PIC- UK Page 5
THE BUSOGA TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF TRUSTEES RESPONSIBILITIES The Irustees (who are afso the directors of The Busoga Trust for the puw)ses of company lawl are spOnsIe for preparing the Report of the Trustees and the financial Statements in accordan¢8 Wth applicable law and Llnlted Kingdom Accounting Stsnd8s (United Kingdom Generdlly Accepted Accounting practi). Cornpany requires th% trustees to prepare hnancial ststements loi each finanal year which gwe a true and lair thew of the state of affairs of the Charifable company arKI of th8 incoming resources and appli¢8bon of resourees. induding the Sncome and expenditu, ol the chanlabje company for that period. In preparing those financ1 statèments, the trustees are required to select suFtable accounting policies and then apply them consl$lentty,' obseNe the methods and principles in the Charity SORP., make judgements and estirnales that are reasonable and prudent., prepare the financial statements on the golng conom basis unle5$ tt is inappropriats to Presume Ihat the charitable MpanY VAII conts.nue in business. The trustees are resp)nsible for keeping proper ac¢ounling COld$ which disd¢>se 1th reasonable accuracy at any time the financial position of the charitable Company and lo ènable them to ensur8 Ihat Ihe financial stalernents compty wlh the Companles Act 2006. They are also responsible for safeguarding the assets ol the charltable company and hence for taking ¥easonable steps lor the pr8vention and detection of fraud and Other irregula¥its"ès. In so far as the trustees afe awa.. Ihere is llo relevant audit information of which the (*aritable companys auditor5 are unaware.. and the trus1885 have taken all Steps that they ought to have takèn to make thèmstlves aw8r8 of any relevant audSt Infonnation and to estsblish that the audltors are aware of that inforrnation. Approved by 0er of the Board of Trustees on..... .... and signed on tts behalf by: Canon Andrew Pearson- Trustee Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE BUSOGA TRUST Oplnlon We have audited the financial 51atements of The Busoga Trust (the 'parent ch8ri1abl8 c(Ynpany'l and its subsidiary Ithe 'group'l for the year ended 31 March 2024 which comprise the consolidated Statement of Financial Adivitie5, IF18 Consolidated and charity BalaTr Sheets, the eonsolidated Cash Flow Statement and notes to the financl81 slaternents. Includin9 a summary of significant accounting policies. The financial reporting frarnework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdorn Generally Accepted Accounting Practice). In our opinion the financial staternents.. give a true and fair view of the stale of the group's and Pant charitable cornpanys aflairs as al 31 March 2024 and of the group ¥ incoming resourcos and application of resourc8$, including its and expendStuie, for the year then ended.. have been properly prepared in accordance hth Unlted K6Trgdotn Gen8raHy Acrpted Accounting Practke., and have been prepared in a¢cordance wth Ihe requirements of th8 Companies Act 2006. Bas1$ for oplnkn Wè conducted our audit in accordance with Intemafjonal Standards on Auditing IUKI IISAS IUKII and appltcablo law. Our resporssibilitres under those stsndards are furtt)er descrlbed in the Auditors responsibilities lor the audit of the financial statements section of our report. We are Tndependent of the group and parent charitable company in accordance th ethical requirnents that are relevant to our audit of the finanual statements in the UK, induding the FRCS Ethical Standard, ènd we have lulfilled our other ethical responslbilille5 in accordanc8 with these requirements. We bdieve that the audit ewdence w8 have oblained is sufficient and appropriate to provide a for our opinKJn. Con¢luslon$ relating to gtslng concern In audthng the financi81 statements, we have concluded thal Ihe tnf5tee5' use of th8 going concem basis of acwunting in the pr8paration of the financial statements Is appropriate. Based on the work we have perforrned. w8 have rK)t identified any malefial UnrtaIntieS lating to gV8nt5 or conditions that, indivlljually or collectively, may cast svJnifi¢anl doubt on the chaiitable groups abi1Sty to eontinue as a going concem for a period of at least hvelve months from when the finantsal 5tatem8nts are authorised for issue. Our re8ponsibililies and the SponsIbl11t[es of the trustees with respect to going ¢on¢ern a described in the relevant section$ of this report. other Informatlon The trustees are responslble lor the olhèr informabon. The other inlomialion coMpe8 the Infomaiton included in Ihe anThu report, other than the finanoal statements and our Report of the IndependentAuditors thereon. Our opIn)n on the ffinancial stslements does not cover Ihe other information 8nd. except io the extent othewse 8xplicilly Stated In our POrt, we do nol exp$$ any forrn of assuran conclush)n thereon. In connection with our audit of Ihe flnancia statements. our rèsponsibilty is to read th9 Other information and. in doing so, consider whether the other Snfom)atr"on Is rn2terially inconsistent with the financial stsiemenls or our knoedge obtained in Ihe avdil or otheM5e appears to be materially misslated. If we k5enlify such materlal Inconsistencies or apparent material mlsstatements, W8 are required to detemiine whether there is a material misstaternent In Ihe finanual statements or a material misstatement of th8 Other tnformation. If, based on the work we have perfomied, we conclude that there is a matedal mlsstatement of thi5 0lh8r information, we are required to report that lact. We have nothing 10 report in this regard. Opinions on other matters pre$cribed by the Companies Act 2006 In our opinlon, based on the work undortak8n in the ¢ourse ol the audit.. the infomatlon geTh in th8 Report of the Trustees for the financial year for whleh the finanual statemer¥ts ar6 prepared is consistent wth the finandal statements,, and the Report of the Trustees has btèn ppared in 8ccordance with applr¢atAe legal requlfements. Page 7
REPORT OF ThE INDEPENDENT AUDifoRS TO THE MEMBERS OF THE BUSOGA TRUST Matters Ctn whl¢h w• ar• requTrred to report by gx¢eptlon In the light of the knowledge and understanding of the charitable compary and its environment obtained in the ¢cKJtse of the audiL we have not identifled mat8ri41 misstatements in Reix)rt of the Trusteès. We have nothing to report in respect of Ihe followrnj malter5 where the Cornpanies Act 2006 qUIreS us to report to you if. in our opinion.. adequate accounting records have not been kept by Ihe Pallt charitable eornpany, or retums adequate for our audit have not been received from branches not vksiled by vs= or Ihe parent charitable company's financial ststernents are not in agreement with the a¢coun"Tr4 records and returns.. or certain disclosu$ of trustees, Muneration specified by law a not made.. or we have not retsived 811 the inlomiati¢)n and emplanations we roquire for our8udit', or Ihè trustè85 wère not enl'tled to prepare the financial statem6nts in accordance vrilh the sman companias iegime and take advantag8 of the small cgmpanles. exempuon In preparing the dire¢tgrs' report. R85ponsibiliti83 of trustees As explained more ftjlly in the Slatement of TNstè8s Responsibilities, the bijslees Iwho a also the directr$ of Ihe charitable company for U)e purposes of cornpany lawl are responsible lor the preparation of the financial statements and for belng satisfd that they give a tnje and fair view, and for such intemal control as the trustees determine is necessary to enable the preparation of ffinan¢ial statemethts that are free from material miss¢8temen( vthether due to fraud or error. In preparing the financial statement5, the Iruslees are responslble hr èsses5ing the group's and parent charitable companls ability to continue 8s a going Concern. dlscloslng, as applicable. fflatters relat8d to going ¢oncem and uslng the going concéin basis of accounting unless the trustees eith9r intend lo liquidate the group or the parent tharitsble )mp8ny or to cease operations. or have no realist aliernative but to do so. Our responsibilities for the audit of the flnan¢ial Statements Our objective5 are to obtain reasonable assuran¢ts about whether the fjnancial Statements os a bthole arè free from rnatellal misstatemer*L whether due to fraud or error, and to IS5u8 a Report of the Independent Au¢sito that indudes our opinion. Reasonable assurance is a high18vel of assurance bul Is not a guafanlee that an audit conducted in accordancè with ISAS IUKI wll always detect a material misststemenl when it exists. Misstatements can 8rise from fraud or error and ère considered material rf, individually or in the aggregate, they could reasonabty b8 8xpecled lo infiuence the economic d8cLslons of usar5 taken Ihe basis of these financial statem8nts. IgUlarthes, induding fiaud, org instsnces of non-comp1iar5 wllh laws and regulotions. We design proCedUS in Ilne wth our SponSibl11t1es, outlined above. to ¢Jetect rnaterial misstatements in respect of Irregularit$, including fraud. The specific procedures for Ihis engagement and the extent to which these a capable of det8cling Irr8gularities, induding fraud is detailed below.. We evaluated management's incantives and opportunities for fraudulent rnanipulation of the finasTrcial statemen15 (including the risk of override of controls) and ¢Jetermined that the principal risks were related to posting inaccurate journals. We addressed these risks by carrwng out SP8cificdly tsr9eted procedures, bthich Included.. Enquiries of fflanagement, th058 Chaed with govemance around actual and potential litigation and claims., Performing audit wod( over the risk of management override of controls, including testing oljoumal entries and other adjustments for appropiiateness. evaluating the business rationale ol significant transactions outside the norrnal course of business.. Reviewing miTrutes of Meetings ofthose tharged with governan.. Evaluating the reasons for any large or (Fnusual trans8dions', Rewiewing financial slal8rnent disclosures and testing to suppordng doctJment8tion to a58ess cornliancewtth applicab18 laws and regulations. Becaus8 of the inherent limitation5 of an akjdit there 1$ a risk that we will not detect all Irregularittts. induding those leading to a material mi5Statement in the financial statement5 or non-compliance wrth regulation. The risk increases the more that compllance %wth a law or regulation is rerngved from the events and transadons fvfiected in the finanThal statements as we will 18ss l&kety io b8¢ome aware (Ff instances of non-compliance. The risk is also greater regarding irregularities OCCUfring due to fraud rather than orroi, as fraud Involves Inlenth)nal cona1rnent. forgery, collusion. omisslon or misrepre5ent8tions. Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE BUSOGA TRUST A fvrther descrfption of our respon51billti8s for the audit of the finanLyal statements is located on the Finan¢i81 Reporting Counctl's website at m.fre.org.ukJauditorsresponsibilthes. Thls dèscription forms part of our Raport of the Indepondèni Auditots. Us¢ of our report Tttis POrt is made solely to the charitable company's members, a5 a body, in accordanc8 Wlth Chapter 3 of Part 16 of Ihe Companies Act 2006. Our audit work has been undertaken so thal we Might state to the charflable eornpany's members tho88 matters we are reqUId to state to them in an auditors, reix)rt and for no other purpose. To the fullest extent permilled by law, we do not acc8pI or assurne responsibility lo anyone olhar than the charitablg cornpany and Ihe charitabl8 company's mernb8r8 8S 8 body, for OUT aud work, lor this report, or for the op'nions we have lomied. Julla Mortlmer FCCA ISeniorSt8tutory Auditor) for and on behalf of MHA StatOry Auditor CARDIFF CF23 8RS Date..R.kn.knr.2oaiF MHA is the tra#lng name of Maclntyre Htygson LLP, a limtted Ilablllty parts)ershlp in Englan(J and Walgs Irggls¢ered numbèr OC3123131 Pag6 9
THE BUSOGA TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTMTIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2024 2024 Total funds 2023 Total funds Unrestricted fund Restri¢led ftjnds Nots$ INCOME ANO ENDOWMENTS FROM Donatn$ and lega¢des Charltsble a¢tlvlUès Luwero project Uganda Sanitstion Health ACtty 763,918 763.918 1.013,881 654 654 927 44,087 Investment incom8 other income 2.770 5,622 2,770 5,622 1,361 Total 772.964 772.964 1.065.145 EXPENDMJRE ON Raising funds Charliable actlvltle3 Luwero proiect Jinja project Oper&hons and maintenan (Luukal Vganda Sanitation Health Activity Other project areas 25,0(K) 25,000 25,000 256.763 226,919 179.779 256,763 226.919 179.779 1.613 142.118 377.567 249.994 184,900 59.417 176,915 1,613 142,118 Tolgl 830.579 t.613 832,192 1,073,793 INCOMEIIEXPENDITUREI {57,615} 11,6131 159,2281 18.6481 TIiANSFER BETWEEN FUNDS RECONCILIATION OF FUNDS Total lund$ brought fornard 111.165 1,613 112.778 121.426 TOTAL FUNDS CARRIED FORWARD 53,550 53.550 112,778 The notes fomi part ofthese llnandal statements Page 10
THE BUSOGA TRUST CONSOLIDATED AND CHARITY BALANCE SHEET AT 31 MARCH 2024 Group Chaty 2024 2023 2024 2023 Notes FIXED ASSETS Tangible assets Programme relat Investrnenls 14 15 35,087 24,450 48,545 25.653 21.610 28,814 CURRENT ASSETS Stocks Debtors.. amounts falwng due within ong ygar Cash at bank 11,189 45.925 121 113 12.898 24.991 142,120 17 7.330 82.565 178,227 180,009 $4.774 82,565 CREDoRs Amounts falling due within one year 18 1184,214) 1141,4291 115,3671 121.6881 NET CURRENT ASSETSIILIABILITIESI 38,580 39.387 60,877 TOTAL ASSETS LESS CURRENT LIABILITIES 53.550 112,778 eo,997 89,691 NET ASSETS 53.550 112.778 60.997 89.691 FUNDS Unreslricled funds R8Stricttd funds 19 53.550 111.165 1.613 60,997 89,691 TOTAL FUNDS 53,550 112.788 60,997 These flnancial statements tsave been prepared in accordanea th tho provisions apiCabl9 to th8ritablè companles subject to Ihe small companies wirne. The finanoal ststements were approved and atrthorfsed lor Issue by the Boarf of Trustees on .j.n.4..3ga4e signed on ils behalf by..
z Canon Andrew Pearson-Trustee The notes form part ofthese financial ststements PAgO 11
THE BUSOGA TRUST CONSOUDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operallng a¢Uvltl¢s.' C8$h generated Irom operations 23.314 Net cash provided by (used Inl operatln9 acllvltlès 23.314 27.584 Cash flows from Investlng a¢tivitios- Purchase ol tangFble fixed ass&tg Interest receNed 14631 2,770 16.0031 1.361 Not ¢ash provlded by (used in) inv•stlng a¢vItI&$ 2.307 Change in ea$h and cash equlvalents In the reportlng perlod Ca$h and $h equlvalents at tho IinnIng of the reporting period 121.0071 Y2.942 142,120 119.178 Cash and Cash equlvalents at th• end of tho reporting poriod 121 113 142,120 The notes fom) part ol these finanth81 staternonts P8ge 12
THE 8USOGA TRUST NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 RECONCILIATION OF NET INCOMEIIEXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTVIITIES 2024 2023 Net Incomellexpendlturel for the reporting period {a$ perthe statement of financial activities) Adjustments lor.. Depreaalion charges Interest receive Loss on disposal of red assets Exchange movement on social investrnent Exchange rnovernent on fixed assets Ilncreaseydocrease in stocks Ilncr8a5eydecr8ase in debtors Inc$8 in ¢reditors 159.2281 18.6481 11.083 12,7701 15,681 11,3611 6,552 11641 13.1271 14,0001 17,3611 1.203 2,858 1,709 120,9341 42,785 Net cash provlded by (used Inl opgrating actlvlths 23.314 27,584 ANALYSIS OF CHANGES IN NET FUNDS At 114123 Cash fiow At 3113124 Net ¢ash Cash al bank 142.120 121.0071 121.113 Total 142.120 210071 121.113 Page 13
THE BUSOGA TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 MARCH 2024 STATUTORY INFORMATION The Busoga Trust 15 8 registered chadty private eompany limited by guarantee wlthout share capttal. It is incorporated in Wales in the United Kingdorn. Th& re9lStered office 1$ 82 St John Sl141h floor). London, EC1M 4JN. The tr%J5tee5 of the panI tharftable company a also trustees of The Busoga Trust, a nonwvernrnental organisation in Uganda Iwilh gIstratIon number S5914130781. The subsidiary based in Uganda has operational centres in Jinja, Luwero, LuLtk8. 8u9grnbe, Buyende and Kalsro. Its county office addRss is PO Box 1993, Jinla, Jinja Muniupality. The nature of the grujp's operations and prfnryP activities Is dlsch)sed within the Report of the Trustees. Tho financial statements are presented in Slerfing (£1, the group's fvnctional cuyrency. and rounded to thg nearest pound. The slg)ificant accounting policies applied in the pParatIOn of these financial slaiements are set out bdow. These policie5 have been consistenuy applied lo all years presented unless otheise stated. ACCOiINTING POLICIES 8a5is of preparing the finan¢lal statements The financial statements of the charitable company have been prepared In &ccord8nce with Ihe Charitses SORP IFRS 1021 'AccountirYJ an¢J Reporting by Charities.. Statement of Recommended Practice applicable to ¢haritl8S preparing th6ir accoullt5 in accordance wilh the Financial Reportino Standard applicable tn the UK and Regubllc of Ireland IFRS 1021 leffective l January 20191,, Financial Reporbng SlaTh8ard 102 The Financial R8FQrtin9 standard 8pplicable in the UK and Republic of Ireland. and the Cornpanies Act 2006. Th8 finanaal statements have been prepa under Ihe hlstorrcal cosl Conventn. The Busoga Trust moets the defrnilion of a publlc bene61 enl(ty 89 d#rnonstr*ed within the Report of the Trustee$. The statement of finantsal actMtl8s, balance sheet and cash llow statement ar8 of the parent, The Busoga fnjst and its 5ub5i¢Jiary undertaking The Busoga Trust (registerèd in Ugandal. The results of the SubSary 8re consolidated on a kne by line basis. There have been no matèrigl dèpartures from Finanaal Reportlng Standard 102. Golng concern No material uncertainties rEl8ted to events or CAditio that may ¢asl significant doubt upon th8 group's abS1ty b) conlnue 09 8 going Co¢rn 8XiSt. Page 14
THE BUSOGA TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS . CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES- ¢ontlnu8d Income All income is re¢ognised in the Staternent of Financial Activities once the group charty has elttrfement kn the funds, It is probable that the incom6 will be CeIved, and the amount can be measured reliably. This includes capital grants. Donations and le9a¢ies income Donations and legaciès income >nclvdes donations, gffts and grdnls that provide core funding or, are of a g8nèTal nature and are recognised where ther8 is entillemenl, probabS11ty of re¢elpt 8nd the afflount Can be measuwd wilh suffiuent reliabllity. Such incorne is only deferyed when the donor specffies il musl be used in fulure accounts.ng peiiod5 or th8 donor has irnry)sed conditM)ns which must be mgt before the group has uncondilion81 entillemant. In¢om¢ from ¢harltabla aetlvltlos Income from charitable activities indudes income received under contrdct or where enb'llement to grant funding 15 subject to specific performance Conditions. This incLyna is r8cognised as the related services are pmwded and there is entidement, probabillty ol recèipt and Ihe amoL¢n¢ can be measured wth suffident reliability. Income Is deferred when the amounts received are tn advance ol Ihe perfot¥nance of tha $8rvic8 or event to leh thoy relate. Invg$tm¢nt In¢ome Investsment income Is COgnIsed on 8 rece¢vable tiasis. other Incorne Other income is recognlsed on a racaiv8bl8 basis. Expendlluro Ltabililes are recognised as expenditure as soon as there 15 8 legal or constructive obligation committing th8 group to that Èxpenditur8, it is prObae that a transfer of economic benefits will be 91 in settlement and the amount of the obligation can be measur8d reliably. Expenditure is a¢coutFted for on an accruals basis and has been classlfied under headings that aggregate all c05t related to the c8t890ry. Where costs cannot dir8cUy attributed to particular h8adings they have beèn allocated to actiwties on a basis con&stent wth the use of r&sourc8S. Expenditu on charitable activities MpriseS those costs Incuffed by the group in the delivery of its activities and 5eryices for *ls beneficiaries. It indudes both costs that can allocated directly to such activlties and th¢)59 costs of an indirect nature necessary to support tham. Support costs are those costs IhaL whilst necessary tts deliver an actpiity, do not Ihemselves produce or eonstitute the output of the charitsble actmty. Thi5 indude5 govemance costs which are those Costs as50Cl8ted with meetin9 the constitutional and slatulory iequirements ol the Charity an¢Y indude the acc4)untsncy fges and costs Ilnked to the strategic managernenl of the charity as well 8s a proporkon of salaries based on an approxirnalion of tirne spent in this aa. Allocatlon ond apportionment of cost5 Costs a fltsuy alloc8t8d directly as to al costs ol generatlng voluntary income, bl Charitable a¢tivilies. and cl 90vemance costs. Support costs are allocated where p05sib18 on a ttme basis, a$ v41th salaries. Any remaining allocaJon overcharilable activltios Is pro-rated 8ccording to the relative amounts ol aladY allctated direct costs. Page 15
THE BUSOGA TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES- eontlnuod Tanglble flxed assets Depreciation ss provkled at the following annual rates in ordgr to ¥vrite off each asset over its astirnated useful Iwe. Computer equlpment Motor vehic18S Equipment. Ilxtures and fittings 25%- 30% on reducing balanc8 25% on reducing balanr 15Qh on reducing balance Fixed assets are in111811y rewrdtsd al cosL Progromme related Investments Programrne related Inveslrnents are held lo furthw Ihe charitable wrposes of the charity, measured al c05t less any provisth for dSminution in value. Stocks Stocks are valued at the lower of cost arfd nel reallsable valu8. after making aH¢)wance for obsolete and slow movtng Items. Taxatlon The group Is exempt from corw8tior* tsx on ils Charitab a¢vIties. Forelgn en¢l¢S Assets and Ilabilitses in foreign currencies are Iranslèted into 5terting at the ra¢8s gf exchange ruling at Ihe balanco sheel date. Transaetions in foreign currencles a tr8nslaled into st8rfing at the rale of exchange ruling at the date of transaction. Ehange differerKes are taken into 8ccount in arriv¢ng at the operatiwd result. Employee benef6ts When employees have rendèr8d 58rwc8 to the group, short-temi empltsyeè ben8rrt5 to which empk)yees Are entiled are recognlsèd at th8 undiscounted arnount expected to be paid in exchan9e for that servi. Fynd accountln9 Unrestricted ¢und5 ean be used in accordance with Ihe tharitable objèctives at th8 discrelKJn of Ihe tnjstees. Restricted fund5 Can onty be used for particular reslricled purposes wthin the obje¢(s of the charity. Restrictions arise when specified by the donor or when funds are raised for partlcular restricted PUfP058S. Further explanation of th¢ nature and purpose of each fund is indud8d in the notes to the fjnandal statemènts. Penslon Costs and C¢ther p95ttIrement beneflts The parent charttable eotnpany OP8fdtgs a defined contribution pension Scheme. Contributions payable to the charitable cornpanws pensK)n scheme are charged to the Stal8rnent of Finan¢ial Act(vities In the period to whi thèy retatè. Operatlng leases Rentals applicable to operating leases where sub5tanli8lly all ol the benefits and risks ol ownership r8mwn with the lessor are charged against profits on 8 straighl line basis over the pgrtod ol the lease. Financial instruments Th8 group onty has financial assets anij fin8neial li2.11t19$ ol a kind that qualify as basic financial instnjments. Ba81¢ financk?I Instruments a initially recognised at transaction value and subseq¢Jently rneasured at Ihdr sethmèntvalut. Debtors wlth rKJ stated Intèrest rate arKI recelv8ble withln one yeai are recorded at transaction price. Any losses arising from impairrnent ar8 recognised in expenditure. Prepaym8nts are valued at the amount prepaid net of any trade discounts due. Credltors and provlstons ar8 recognised where the group has a prèsent obtKJation r8sulting from a past event that will probably result in the transfer ol funds to a third party and the amount due lo se¢Ue the abligation can b8 measured or eslimated reliably. Creditors and provlsions are nomially recognisèd at their sèttlèmant amount after allowing for any trade discounts due. Page 16
THE BUSOGA TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDEL131 MARCH 2024 ACCOUNTING POLICIES- connue Sl9nlflcant a¢countlng }udgomonts and estirnates Estimates and judgements are contillually evaluated and a based on experience and other levant fa0. including expectations of future events that are believed to be reasonable under th8 circum$tan¢es. The preparatron ol the financial statements requires management to make estlmate5 and as5umption$ concemiTrg tho future. Th8 resulting ac¢ounting estimates wlll. by definition, be likely to differ frorn the related 8CtU81 result5. No estimates or assumptions have been identified that have SnIfiCant risk of r2using material adjustment to Ihg ry1J any)unts of assets and liabiliti85 within the next financial year. DONATIONS AND LEGACIES 2024 2023 Donatlons and grants received- UK L8gzcy- UK Donats'ons r8eeived- Uganda Local funding partners- U9and2 (Seè note bdowl 660.516 7f.735 4,437 995,793 12,439 763.918 1013881 INVESTMENT INCOME 2024 2023 Deposit aetount interest 2.770 INCOME FROM CHARITA8LE ACTIVITIES 2024 2023 Actlvlty Luwero project Sa18 of spares & pumps 654 927 Grant Income UgarKla Sanllation Heallh Aclvity IUSAIDI 44.087 654 45.014 Local fuThYing partners In Uganda irtludè." 2024 2023 Africa Moslern Agency Haj8t Haehira DEI International Lions CILJb Why Not AfriL* Ugarnda 8,685 3.754 20,980 1.774 12,439 Page 17
THE BUSOGA TRUST NOTES TO THE CONSOUDATED FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 RAISING FUNDS Ralslng donation$ and 18gacle5 2024 2023 Tntsstee's remuneralon 25,000 25.000 25,000 CHARITABLE ACTIVITIES COSTS Dlrect costs Support cost5 (See note 81 Totals Luwero project Jinia project Operations and Maint8nanc¢ (Luukal USHA other proied areas 234,793 209.343 164.400 1,613 142 118 21.970 17.576 15,379 256.763 226.919 179.779 1.613 142.118 752,267 807,192 SUPPORT COSTS Gov8man¢e costs Staff costs Other o)sts Totals Luwero proiect Jinja project 0pgr81ion$ and Maintsnance ILuuko1 15.764 12.611 11.035 2,330 1.864 1.631 3.876 3.101 21,970 17,576 15,379 39,410 5,825 9.690 54,925 NET INCOMEIIEXPENDITUREI Nèt incomtllexpenditurel is slated after charglngllcreditingl.. 2024 2023 preciation- owned assets.. Uganda Depreciation- owned assets.. UK Auditors. remuneration.. UK Auditors, rernuneration.. Uganda 3,858 7,204 5,500 4.190 6.076 9.60S 4.200 3.987 Page 18
THE BUSOGA TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 qo. TRUSTEES. REMUNERATION AND BENEFITS Twstees, remun¢rali¢n The were no trustees. remLtner8tlon or other benefits for the year ended 37 March 2024 or ftsr the yoar ended 31 Maich 2023 in respect of seNices as a trustee. Included within staff costs Note 11 15 t25,000 12023.. £25.0001 for salary paid lo Canon Andrew Pearson, tn respe¢t of services fyndered for fundr8ising work undertaken. This sary has beèn paid with the written consent ot the Charity Commission ¢lav5e 4 01 the charity's Memorandurn & kticle5. The rem8inin9 trustees carry out their stewardship of the Trust without remuneration of8ny kind. Truste85' expen585 There w8r8 no trustee5' expenses paid lor the year ended 31 Marth 2024 or for the yearended 31 March 2023. 11. STAFF COSTS 2024 2023 Wages and salariès - UK Wages and salaries- Uganda Soci81 Security costs. UK Social Security costs. Ugan¢Ja Pension cost5- UK 63,438 255,675 215 14.683 756 57,100 303,744 532 17,077 378.453 No empbyees fecelved ernc4urnents in excess of £60,000. The average monthly number of employees during the year was as fvIIow5'. 2024 2023 UK Uganda 55 The totsl key management rsOnnel muneral10n ben8fit5 during the year was £25.00012023.' £25.0001. 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTMTIES- 31 MARCH 2024 Un$(ri¢led fund Restrfcted fvnds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies Charltable a¢tlvitlgS Luwero project Uganda Sanitation Heatth Advity 1,013,881 1,031,881 927 927 44,087 44,087 Inv8Stment incorne Other income 1,357 4.889 1,361 4,889 Tfjtsl 1.021.054 44.091 1,065,145 Page 19
THE BUSOGA TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- ntInUed Unr8slricted lund Restricted fun¢s Total lunds EXPENDuRE ON Raising funds Charltsble a¢tlvltles Luwero project Jin18 projeot Operations and MaiThtenan (Luukal Uganda Sanhalion Health Actsvity Other project a•S 25,000 25,0 377,$67 249.994 184,900 16,939 176,915 377,567 249.994 184.900 59.417 176,915 42,478 Totsl 1,031,315 42.478 1.073,793 NET INCOMEIIEXPENDITURE) Transfer betwoen funds 110,2611 15,436 1,613 {15,436) 18,6481 RECONCILIATION OF FUNDS Total funds brought folward 105,990 15,436 121,426 TOTAL FUNDS CARRIED FORWARD 111 165 1,813 112.778 13. RESULTS OF PARENT CHARITABLE COMPANY The total ineomtr of the par9nt chaiitable company was £734,945 and net deficSt was £28.693. 14. TANGIBLE FIXED AssEfs- Group Tools. equipment & Office fumiture machillery & equipm8nt Motor vehicles Computer equipment TotsL COST At 1 April 2023 Addthons Dlsposals Exchange differences 32,467 463 13,406 119.598 14.423 179.894 463 2.0151 At 31 March 2024 13.245 14,014 177.499 DEPRECIATION At 1 April 2023 Charge for year 27,357 833 11,202 321 80.785 9,283 12.005 626 131.349 11,063 Al 31 March 2024 11,523 90,068 12.631 142,412 NET BOOK VALUE At 31 March 2024 4.467 1,722 27,515 1.383 35,087 At 31 March 2023 2,204 38.813 2.418 48,545 Paga 20
THE BUSOGA TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- CONTINUED FOR THEYEAR ENDEO 31 MARCH 2024 14. TANGIBLE FIXED ASSETS- Charlty Induded Mlhin Motor vehKI85 above, 1$ motor vehides at a cts5t £53,22012023.' £53,2201, depreciation charg8 of £7.20412023.. £9,605), ¢umulabve deplatIOn of £31.61012023.' £24,406) and net book value of £21,61012023.' £28,814) rglating to the parent charity only. 1S. SOCIAL INVESTMENTS- Group PrL¥ramme r818ted invesbnents Totsls MARKET VALUE At 1 April 2023 Exchange ¢Jifferences 25,653 1,2031 25,653 1.2031 At 31 March 2024 24,450 NET BOOK VALUE At 31 March 2024 24.450 24,450 At 31 March 2024 25.853 The atrrt)ve progTamrne related investment represent5 frjnds leFtt to fjnance the constructh)n of ffush knlets and venlilated impfOV8d lalrtnes IVIP latrfnosl. 16. STOCKS- Group 2024 2023 Fini8hed goods 11.189 17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR- Group and ¢harfty Group 2024 Group 2023 Charity 2024 Charity 2023 Other debtors 24.991 7,330 24,991 7.330 CREDITORS: AMOUNTS FALLING DUE MTHIN ONE YEAR- Group and charlty Group 2024 Group 2023 Charity 2024 Chailty 2023 Trade creditor5 Microfinance Revolvlng lund Accruals and deferred incom8 Other cretlitor5 135,708 24.450 3,687 20,369 84,246 25,653 8,188 23,342 3,687 8,188 13,500 184,214 141.429 15.387 21.688 Page 21
THE BUSOGA TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- CONTINUED FOR THE YE4R ENDED 31 f4lAR¢H 2024 19. MOVEMENT IN FUNDS Net movement Transf8r In funds bèiween fvnds At 114123 At 3113r24 Unrestrl¢td furtds General lund 111.165 157,615) 53,550 R•strlcted funds Uganda Sanitation Health Activity 1.613 11,6131 1,613 11.6131 112.778 (59.228 53,550 Nel movement In fijnds, included In Ihe above are as follows= Ircoming resources Resourc8S 8XP8nd8d Movement in fvnds Unrestrlcted funds General lund 772.964 1830,579) 157,6151 Re$¢rl¢l¢d fvnds Uganda Sanitatlon HeaHh Activity 11.6131 11.6131 TOTAL FUNDS 772.964 832.1921 59,22ei ComparatFvg$ for movemenl in funds Nèt rnOV8rnent Transfer in funds between furids At 114122 At 311W23 Unre$trlcted funds General fijnd 105,990 1102611 15,436 111,165 R05trieted funds Kaliro project Vganda Sanitstion Health Activity 15.436 115,4361 1.613 1.613 15.436 1.613 1,613 121.428 8,648 112.778 Comparauve nel rmvoment in funds. in¢luded in the above ar• as lotlow5'. Incomlng resources Resourcès expended Movement in tunds Unrestrlctsd fvnds General fund 1,021,054 (1,031,315) 110,2611 Restricted funds Uganda Sanitation Health Actmty 44.091 142.4781 1,613 TOTAL FUNDS 1065,145 1073 793 8,648 Page 22
THE BUSOGA TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 19. MOVEMENT IN FUNDS- contlnued During tha yèar to 31 Mah 2024, tho group had th6 lolknwing r8Stricted fvnds.. U9anda San5tatJr)n Health A¢tlvlty Funding was kindly ceiVed from USAID to the Uganda Sanitslion Health Activity project. The principal acbvities of th8 project are lo improve household sanitation and increase a¢ce5s lo sanitation products and $6rvices aThJ to enhance school WASH standards, management. behaviours and practices in four schi)ols. The reThaining fund balance was lully utilised during 2023-24. Prior ear on Kallro proJtGt Durfng 2016117 grant lunding of £24,437 was kindty received frorn the Ministry ol Water and Educallon to the Kaliro projecl The purFX)se of the prqect is to promote rainwater haNesting at household, institutional and communal levels U)rough revclving funds.. to train benef ciaries so they acqui constwclion ¥kill3 and to monhor the construction activlts'es. A transfer of £15.436 was made from the restricted Kaliro project to the general fund. This transfer was made to recbfy a previovs reporting error. Th8 timescale of delivery on the Kalirts proj8Ct was 2016 to 2019 with Ihe requlred oulputs of the project delivered and sattsfled durfng that fjmo. 20. RELATED PARTY DISCLOSURES Durfng tho year the group received aggregate donalons of £1,82012023.. £8.4401 from trjstees. Trusico Consult IUI Limrted Is th• company 8ntntsted wth the management of operallons for the Kalirts rainwatsr harvesting prq'ect executed under 8 Mernor8ndum of Understanding. Trustco Consult IU) Limited shareholders and staff are emJoyees ofThe 8usog8 Trust. At 31 March 2024. 8 closing debtor balan of £20,308 {2023.. £20.3081 due from Twstco ConsLtIt (UI Limited was provided for In full. 21. A14ALYSIS OF GROUP NET ASSETS BETWEEN FUNDS uns¢ted funds Restridtrd funds Total Fund balances al 31 March 20Z4 ar• represented by: Tangible fixed assets Programrne related inv83trnenls Current assets Cuirent liabil"e$ 35.087 24.450 178.227 184,214 35,087 24,450 178,227 184 2141 53,550 53.550 Page 23
THE BUSOGA TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS . coKfiNUED FOR THE YEAR ENDED 31 MARCH 2024 22. SUBSIDIARY COMPANY Canon Andrew Pears¢)n, a charity trusteè, 5$ 8180 a tnlstee of The Buso9a Trust, a non-govemmental org8nisalion Iregistrathon number S5914130781 sn U92nda. All a¢livitle5 have been consolidat8d on a Ilne by lin8 basis Sn the SOFA. A suffimary ofthe resEtJts of the subskliary Ibelore consolldation adjuslmentsl Is shown bèlLW.' 2024 2023 Income Expend¢ture 691.079 733,533) 939,793 929.8561 Surplu3llDefi¢itl 42,4541 The aggregate of the assets. liabilities and funds was.. 2024 2023 Assets LlabililtOS 151,545 168.8281 149,230 119.7411 Funds 17 2831 29,489 Page 24