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2025-03-31-accounts

Registered number: 01773933 Charity number: 288388

THE BUSOGA TRUST (A company limited by guarantee)

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

THE BUSOGA TRUST (A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 6
Trustees' responsibilities statement 7
Independent examiner's report 8
Consolidated statement of financial activities 9
Consolidated balance sheet 10 - 11
Charity balance sheet 12 - 13
Consolidated statement of cash flows 14
Notes to the financial statements 15 - 35

THE BUSOGA TRUST (A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025

Trustees Rev Andrew Pearson, Executive Director
Jonathan Franklin, Chairman
Rob Smith, Trustee
Anthony Sharp, Trustee
Tony Cook, Trustee (appointed 1 October 2024, resigned 1 October 2025)
Company registered
number
01773933
Charity registered
number
288388
Registered office
82 St John St (4th Floor)
London
EC1M 4JN
Accountants
MHA
Charter Court
Swansea Enterprise Park
Swansea
SA7 9FS
Bankers
Standard Chartered Bank Ltd - Jinja Branch
DFCU Bank - Jinja Branch
Stanbic Bank (U) Ltd - Luwero Branch
Centenary Bank Ltd - Wobulenzi Branch
Barclays Bank (U) Ltd - Mpigi Branch
Absa Bank
NatWest Plc - UK
Senior Management
Johnson Waibi, Country Programme Manager
John Bosco Kabuye, Finance Manager
Lydia Slack, UK Operations / Development Manager

Page 1

THE BUSOGA TRUST

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025

The trustees, who are also directors of the parent charitable company for the purposes of the Companies Act 2006, present their report with the consolidated financial statement of the charitable company and its subsidiary for the year ended 31 March 2025. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

Mission Statement

To contribute to poverty eradication through providing rural Ugandan communities with sustainable safe water sources with adequate sanitation and hygiene practices. Such development in water, sanitation and hygiene, reduces the burden of disease from vulnerable communities and helps build healthy and prosperous communities.

Objects

Our objectives as stated in the governing documents are:

Activities and how we work

The Busoga Trust operates as a service provider in partnership with funding bodies to implement programmes on the ground. In the past we have been fortunate to enjoy successful partnerships with organisations such as DFID, Comic Relief, Plan Uganda, WaterAid, UN Habitat, the Water Trust, Simavi, Global Fund and, most recently, the Icelandic Embassy.

Water source Borehole rehabilitation, shallow hand dug well construction, shallow hand
construction and dug well rehabilitation, drilled boreholes, rainwater harvesting and spring
rehabilitation: protection.
Sanitation training and Peri-urban community latrine construction (funded via micro-finance),
latrine construction: school latrine block construction and behavioural change triggering
through Community-Led Total Sanitation.
Hygiene: Home improvement campaigns, with training in: building hand washing
facilities, drying racks and kitchens.
Environment: Tree planting, beehives.
Public benefit

The organisation's trustees can confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Commission. Significant activities that we undertook during the year that demonstrate public benefit are set out below.

Page 2

THE BUSOGA TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

OBJECTIVES AND ACTIVITIES

Significant activities

In 2024 - 25 our significant achievements were:

Social investments

Program related investments are applied directly to the projects for which they have been specified. If any changes to the original specification are required, the donor will be contacted to give permission to do so. Every project is managed by a District Manager who records the budget and monitors spending. A completion report is provided at the end of a project and, when required by funders, specialised reports are produced throughout.

Unrestricted funds, which are not specifically to be used on individual programs, are used to fund all aspects of our operations. These include overhead costs for staff, vehicles, office rent, utilities, etc., and may also be used for project operations.

In order to achieve our aims and objectives both types of investment are necessary. Project related investment enables specific work based on these objectives to be completed in the field. Unrestricted funds enable our operations to function to the required level through the provision of staff, equipment, offices and all other relevant overheads.

Volunteers

The Busoga Trust volunteer program has increased alongside our 50+ regular staff. We do not actively seek them, but when they approach us, if we think they have something, both to contribute and to gain by volunteering, we occasionally employ them on the basis that they are volunteers. Many of our in-country volunteers have risen up through our Orphan fund and have proven to be a very much valued part of the B.T. team.

Page 3

THE BUSOGA TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

The only financial support we give to a UK volunteer is to cover their accommodation in our Guest House, flights and provide the same field allowance given to our Ugandan volunteers. For the latter, who are covered by our Ugandan insurance policies, a daily allowance for food is provided but we do not provide lodging.

Many volunteers have gone on to become full time paid Trust employees doing valuable work for the Busoga Trust.

FINANCIAL REVIEW

The financial results for the year ended 31 March 2025 are shown in the attached consolidated financial statements. Total income for the year was £736,936 (2024: £772,964).

At the 31 March 2025, the group held total funds of £57,412 (2024: £53,550), of these £NIL (2024: £NIL) were restricted funds. There were no designated funds.

Unrestricted funds totalled £57,412 of which £28,426 are held as unrestricted fixed assets.

Principal funding sources

The Busoga Trust has two funding streams, the Blue Nile (Ugandan income) and the White Nile (UK income). Of these two, UK income has been much the larger and more consistent. Since 2000 all UK income has been from private sources, individuals, charities, churches, schools, Rotary clubs, etc. These funds have to be applicable to the Busoga Trust's key objectives in WASH ‘Water Sanitation and Hygiene’, although occasionally we also monitor donations for projects like schools and clinics from mostly public sources such as government, districts, overseas governments and also some NGOs. Again, these funds must be applicable to the Busoga Trust's key WASH objectives.

Investment policy and objectives

Under the Memorandum and Articles of Association, the charity has the power to make any investment which the trustees see fit. The company invests surplus funds in capital and premium reserve accounts at a bank. The trustees consider that combining instant access and a modest return on investment is the most suitable investment policy for the Trust.

Reserves policy

At the 31 March 2025, the group had unrestricted reserves of £57,412 (2024: £53,550). The timing of donations results in the free reserves fluctuating quite significantly over the course of the financial year. The Trust received some significant donations in April 2025, the start of the next financial year. The trustees aim to maintain sufficient reserves to fund the running and development of the charity, in accordance with the charitable objects. With that in mind the trustees consider that reserves in the range of £100,000 - £150,000 are appropriate which would represent 2-3 months of operating expenditure.

FUTURE PLANS

If we receive the same level of funding from private donors, we anticipate achieving similar outcomes in the next financial year regarding our water source rehabilitation, latrine construction, and hygiene, sanitation and environmental activities.

Page 4

THE BUSOGA TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Impact on activities

A clear strategy for the financial year 2025-2026 is in place for the Trust’s operations in Uganda, which continues to focus on delivering borehole rehabilitations and shallow hand dug well rehabilitations each month with accompanying “WASHBET package” (water, sanitation, hygiene, bees and trees), as well as implementing the PBR programme in each community. B.T.’s WASHBET package includes constructing latrines and handwashing facilities, offering tree saplings at subsidised prices and distributing beehives to help fight deforestation in rural Uganda, and conducting menstrual hygiene management workshops for women and girls.

Measures to protect staff

Although the immediate threat of Covid-19 has passed, the UK team (the Executive Director and UK Manager) have continued to work from home as usual. Trustees’ meetings have taken place via video conferencing in order to avoid unnecessary travel and risk. Communications with donors and supporters have taken place online or via phone.

In Uganda, all necessary precautions have been undertaken to minimise any risks to staff, including but not limited to: reduced staff travel on public transport, wearing of face coverings, office-based staff working from home when possible, hand washing and vigilance when out in the field. Our Ugandan staff have been vaccinated against Covid-19.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is constituted as a company limited by guarantee, incorporated on 29 November 1983 under a Memorandum of Association which established the objects and powers of the charitable company. It is governed under its Articles of Association. In the event of the company being wound up, the members are required to contribute an amount not exceeding £1 each. The Trust has dispensation from the relevant authorities to omit the word "Limited" from its name.

Recruitment and appointment of new trustees

All directors of the company are also trustees of the charity, and there are no other trustees. The Board has the power to appoint additional trustees as it considers fit to do so. The trustees become eligible for re-election every three years.

Decision making

The Busoga Trust UK (BTUK) has always sought to be a partner to Busoga Trust Uganda (BTU). In 2000 Busoga Trust took a principled decision to devolve government of the Ugandan operations to our Ugandan management. However, because BTUK is the principal funder, and must be fully accountable to our donors, whom we also need to find, there is constant communication and dialogue between BTUK and BTU (which is a Ugandan registered NGO). This allows BTUK to make suggestions and to offer guidance as well as seek transparent information. We work in Busoga Trust at all levels as a united team supporting one another.

The senior management team, alongside the Executive Director (ED), address daily operational decisions, remaining in constant contact and sharing thoughts and ideas to achieve optimum outcomes. More significant decision-making is first discussed by the senior management team, then a full report and options are presented to the trustees. All parties work in unison to make final decisions before they are actioned by the senior management team.

Page 5

THE BUSOGA TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Induction and training of new trustees

Busoga Trust trustees are individuals who have already shown a keen interest in, and often also offered their support for, our work. Those who are invited by the present ED and the Board to consider becoming a trustee are then introduced to the Board, and, when there is a good interaction, may be invited to become a trustee. As part of their induction, they receive a full briefing on the current aims and objectives and progress towards achieving them.

Related parties

The charity, by virtue of common trustees, controls The Busoga Trust, a non-governmental organisation (registration number S5914/3078) in Uganda. These financial statements contain the consolidated results for both entities.

Risk management

Where appropriate, systems or procedures have been, and are being, established to mitigate the risks the charity faces. Internal control risks are minimised by the implementation of procedures for authorisation of all projects and transactions. Procedures are in place to ensure compliance with health and safety of staff, volunteers and others. These procedures are periodically reviewed to ensure that they continue to meet the needs of the charity.

Fundraising

The Busoga Trust is a Christian mission of faith and in that respect is different to many other NGOs. We ultimately look to God to supply all our needs, including funding, and we have moved steadily forwards without intermission for 40 years. We seek support from all who share our objectives, of whatever faith or none and we serve those of whatever faith or none. Our method of fundraising is, firstly, to pray and, secondly, to share the need and our story. We only approach charitable bodies directly with funding requests as that is what they require. When invited we make presentations to private groups, and when asked we tell them the funding requirements. Our approach to funding is gentle but active.

Fundraising is undertaken by the ED and UK Operations/Development Manager. Activities include contacting trusts and foundations, contacting previous supporters (with their permission), and individuals taking their own initiative to create fundraising events and pages for donations. All contact channels are managed in accordance with the GDPR compliance regulations. The policy of the Charity is not to contact unknown members of the public who have never expressed an interest in the Charity's work. This protects the vulnerable and other members of the public as there are no intrusions of personal privacy, overly persistent approaches for the purpose of soliciting or otherwise procuring money, or undue pressure on a person to give money or other property.

Approved by order of the Board of Trustees and signed on its behalf by:

............................................. Rev Andrew Pearson Trustee

Date: 30th December 2025

Page 6

THE BUSOGA TRUST (A company limited by guarantee)

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025

The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees and signed on its behalf by:

................................................ Rev Andrew Pearson Trustee

Date: 30th December 2025

Page 7

THE BUSOGA TRUST (A company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2025

Independent examiner's report to the Trustees of The Busoga Trust ('the Group')

I report to the charity Trustees on my examination of the consolidated accounts of the Group comprising the The Busoga Trust ('the parent Charity') and its subsidiary undertakings for the year ended 31 March 2025.

Responsibilities and basis of report

As the Trustees of the parent Charity (and its directors for the purposes of company law) you are responsible for the preparation of the consolidated accounts of the Group in accordance with the requirements of the Companies Act 2006 ('the 2006 Act') and you have chosen to prepare consolidated accounts for the Group. You are satisfied that the accounts of both parent Charity and the Group are not required by either company or charity law to be audited and have chosen instead to have an independent examination.

Having satisfied myself that the consolidated accounts are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Group's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the Group's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the parent Charity and its subsidiaries as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

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.

Signed: Dated: 30th December 2025

Rachel Doyle ACA DChA

MHA Chartered Accountants MHA House Charter Court Swansea Enterprise Park Swansea SA7 9HS

MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).

Page 8

THE BUSOGA TRUST (A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025

Note
Income from:
Donations and legacies
4
Charitable activities
5
Investments
6
Other income
7
Total income
Expenditure on:
Charitable activities
8
Other expenditure
9
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2025
£
-
60,000
-
-
60,000
60,000
-
60,000
-
-
-
-		 Unrestricted
funds
2025
£
648,798
-
3,611
24,527
676,936
646,824
26,250
673,074
3,862
53,550
3,862
57,412		 Total
funds
2025
£
648,798
60,000
3,611
24,527
736,936
706,824
26,250
733,074
3,862
53,550
3,862
57,412		 Total
funds
2024
£
763,918
654
2,770
5,622
772,964
807,192
25,000
832,192
(59,228)
112,778
(59,228)
53,550

The Consolidated statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 15 to 35 form part of these financial statements.

Page 9

(A company limited by guarantee) REGISTERED NUMBER: 01773933

THE BUSOGA TRUST

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2025

Note
Fixed assets
Tangible assets
13
Programme related investments
14
Current assets
Stocks
15
Debtors
16
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
17
Net current assets / liabilites
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
18
Unrestricted funds
18
Total funds		 7,646
54,929
127,824
190,399
(186,345)		 2025
£
28,426
24,932
53,358
4,054
57,412
57,412
-
57,412
57,412		 11,189
45,925
121,113
178,227
(184,214)		 2024
£
35,087
24,450
59,537
(5,987)
53,550
53,550
-
53,550
53,550

Page 10

(A company limited by guarantee) REGISTERED NUMBER: 01773933

THE BUSOGA TRUST

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025

The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................

Rev Andrew Pearson

Date: 30th December 2025

The notes on pages 15 to 35 form part of these financial statements.

Page 11

(A company limited by guarantee) REGISTERED NUMBER: 01773933

THE BUSOGA TRUST

CHARITY BALANCE SHEET AS AT 31 MARCH 2025

Note
Fixed assets
Tangible assets
13
Current assets
Debtors
16
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
17
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
18
Unrestricted funds
18
Total funds		 5,530
51,271
56,801
(16,757)		 2025
£
16,183
16,183
40,044
56,227
56,227
-
56,227
56,227		 7,330
47,444
54,774
(15,386)		 2024
£
21,610
21,610
39,388
60,998
60,998
-
60,998
60,998

Page 12

THE BUSOGA TRUST

(A company limited by guarantee) REGISTERED NUMBER: 01773933

CHARITY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025

The Charity's net movement in funds for the year was £ (4,771) (2024 - £18,893) .

The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................ Rev Andrew Pearson

Date: 30th December 2025

The notes on pages 15 to 35 form part of these financial statements.

Page 13

THE BUSOGA TRUST (A company limited by guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest Received
Net cash provided by investing activities
Cash flows from financing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 15 to 35 form part of these financial statements		 2025
£
3,284
(184)
3,611
3,427
-
6,711
121,113
127,824		 2024
£
(23,314)
(463)
2,770
2,307
-
(21,007)
142,120
121,113

Page 14

THE BUSOGA TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. General information

The Busoga Trust is a registered charity and private company limited by guarantee without share capital. It is incorporated in Wales in the United Kingdom. The registered office is 82 St John St (4th floor), London, EC1M 4JN.

The trustees of the parent charitable company are also trustees of The Busoga Trust, a non-governmental organisation in Uganda (with registration number S5914/3078). The subsidiary based in Uganda has operational centres in Jinja, Luwero, Luuka, Bugembe, Buyende and Kaliro. Its county office address is PO Box 1993, Jinja, Jinja Municipality.

The nature of the group's operations and principal activities is disclosed within the Report of the Trustees.

The financial statements are presented in Sterling (£), the group's functional currency, and rounded to the nearest pound.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Busoga Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.

2.2 Going concern

The Trustees have assessed the use of going concern and have considered possible events or conditions that might cast significant doubt on the ability of the Group to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of the approval of these financial statements. The Trustees have concluded that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, and that no material uncertainties exist. The Group therefore continues to adopt the going concern basis in preparing these financial statements. No material uncertainties related to events or conditions that may cast significant doubt upon the group's ability to continue as a going concern exist.

Page 15

THE BUSOGA TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Grants are included in the Consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

Page 16

THE BUSOGA TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.5 Allocation and apportionment of costs

Costs are firstly allocated directly as to a) costs of generating voluntary income, b) charitable activities, and c) governance costs. Support costs are allocated where possible on a time basis, as with salaries. Any remaining allocation over charitable activities is pro-rated according to the relative amounts of already allocated direct costs.

2.6 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.7 Tangible fixed assets and depreciation

Tangible fixed assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following basis:

Motor vehicles - 25% reducing balance
Fixtures and fittings - 15% reducing balance
Office equipment - 15% reducing balance
Computer equipment - 30% reducing balance

2.8 Programme related investments

Programme related investments are held to further the charitable purposes of the charity, measured at cost less any provision for diminution in value.

Investments held as fixed assets are shown at cost less provision for impairment.

2.9 Taxation

The group is exempt from corporation tax on its charitable activities.

2.10 Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Page 17

THE BUSOGA TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.11 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.12 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.13 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.14 Liabilities and provisions

The group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. Prepayments are valued at the amount prepaid net of any trade discounts due.

Creditors and provisions are recognised where the group has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.

2.15 Pensions costs and other post-retirement benefits

The parent charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company’s pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Page 18

THE BUSOGA TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.16 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

4. Income from donations and legacies

Unrestricted
funds
2025
£
Donations
648,798
Unrestricted
funds
2024
£
Donations
664,953
Legacies
71,735
Local funding partners - Uganda
27,230
763,918		 Total
funds
2025
£
648,798
Total
funds
2024
£
664,953
71,735
27,230
763,918

Page 19

THE BUSOGA TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

5. Income from charitable activities

Restricted
funds
2025
£
Grant income
60,000
Sale of spares & pumps
-
60,000
Unrestricted
funds
2024
£
Sale of spares & pumps
654
Investment income
Unrestricted
funds
2025
£
Deposit account interest
3,611
Unrestricted
funds
2024
£
Deposit account interest
2,770		 Total
funds
2025
£
60,000
-
60,000
Total
funds
2024
£
654
Total
funds
2025
£
3,611
Total
funds
2024
£
2,770

6. Investment income

Page 20

THE BUSOGA TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

7. Other incoming resources

Other income
Other income		 Unrestricted
funds
2025
£
24,527
Unrestricted
funds
2024
£
5,622		 Total
funds
2025
£
24,527
Total
funds
2024
£
5,622

8. Analysis of expenditure on charitable activities

Summary by fund type

Luwero Project
Jinja Project
Operations and Maintenance (Luuka)
Other Project Areas		 Restricted
funds
2025
Unrestricted
funds
2025
£
£
-
204,550
-
287,630
-
162,467
60,000
(7,823)
60,000
646,824		 Total
2025
£
204,550
287,630
162,467
52,177
706,824

Page 21

THE BUSOGA TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

8. Analysis of expenditure on charitable activities (continued)

Summary by fund type (continued)

Luwero Project
Jinja Project
Operations and Maintenance (Luuka)
USHA
Other Project Areas		 Restricted
funds
2024
£
-
-
-
1,613
-
1,613		 Unrestricted
funds
2024
£
256,763
226,919
179,779
-
142,118
805,579		 Total
2024
£
256,763
226,919
179,779
1,613
142,118
807,192

9. Raising funds

Unrestricted
funds
2025
£
Trustee's remuneration
26,250
Unrestricted
funds
2024
£
Trustee's remuneration
25,000		 Total
funds
2025
£
26,250
Total
funds
2024
£
25,000

There were no trustees' remuneration or other benefits for the year ended 31 March 2025 or for the year ended 31 March 2024 in respect of services as a trustee.

Included within staff costs is £26,250 (2024: £25,000) for salary paid to Rev Andrew Pearson, in respect of services rendered for fundraising work undertaken. This salary has been paid with the written consent of the Charity Commission and clause 4 of the charity's Memorandum & Articles. The remaining trustees carry out their stewardship of the Trust without remuneration of any kind.

Page 22

THE BUSOGA TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

10. Analysis of expenditure by activities

Luwero Project
Jinja project
Operations and Maintenance (Luuka)
Other Project Areas
Luwero project
Jinja project
Operations and Maintenance (Luuka)
USHA
Other Project Areas		 Activities
undertaken
directly
2025
£
186,677
270,614
148,267
52,177
657,735
Activities
undertaken
directly
2024
£
234,793
209,343
164,400
1,613
142,118
752,267		 Support
costs
2025
£
17,873
17,016
14,200
-
49,089
Support
costs
2024
£
21,970
17,576
15,379
-
-
54,925		 Total
funds
2025
£
204,550
287,630
162,467
52,177
706,824
Total
funds
2024
£
256,763
226,919
179,779
1,613
142,118
807,192

Page 23

THE BUSOGA TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

10. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Other costs
Governance costs		 Luwero
project
2025
£
12,042
2,331
3,500
17,873		 Jinja
Project
2025
£
11,465
2,219
3,332
17,016		 Operations
and
Maintenance
(Luuka)
2025
Total
funds
2025
£
£
9,568
33,075
1,852
6,402
2,780
9,612
14,200
49,089
Luwero
Project
2024
Jinja Project
2024
£
£
Staff costs
15,764
12,611
Other costs
2,330
1,864
Governance costs
3,876
3,101
21,970
17,576
Independent examiner's remuneration
Audit fee - UK
Fees payable to the Charity's independent examiner in respect of:
Independent Examiners Fees - UK
Auditors Fees - Uganda		 Operations
and
Maintenance
(Luuka)
2024
£
11,035
1,631
2,713
15,379
2025
£
-
5,500
4,112		 Total
funds
2024
£
39,410
5,825
9,690
54,925
2024
£
5,500
-
4,190

11. Independent examiner's remuneration

Page 24

THE BUSOGA TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

12. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
2025
£
322,688
1,243
618
324,549		 Group
2024
£
319,113
14,898
756
334,767		 Charity
2025
£
57,464
1,243
618
59,325		 Charity
2024
£
63,438
215
756
64,409

The average number of persons employed by the Charity during the year was as follows:

UK
Uganada		 Group
2025
No.
3
45
48		 Group
2024
No.
3
46
49

No employee received remuneration amounting to more than £60,000 in either year.

The total key management personnel remuneration benefits during the year was £26,250 (2024: £25,000)

Page 25

THE BUSOGA TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

13. Tangible fixed assets

Group

Cost or valuation
At 1 April 2024
Additions
Foreign exchange movement
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Motor
vehicles
£
117,583
-
2,198
119,781
90,068
6,871
96,939
22,842
27,515		 Fixtures and
fittings
£
32,657
104
99
32,860
28,190
711
28,901
3,959
4,467		 Office
equipment
£
13,245
-
39
13,284
11,523
268
11,791
1,493
1,722		 Computer
equipment
£
14,014
80
(876)
13,218
12,631
455
13,086
132
1,383		 Total
£
177,499
184
1,460
179,143
142,412
8,305
150,717
28,426
35,087

Page 26

THE BUSOGA TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

13.
Tangible fixed assets (continued)
Charity
Cost or valuation
At 1 April 2024
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Motor
vehicles
£
53,220
53,220
31,634
5,403
37,037
16,183
21,586

Page 27

THE BUSOGA TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

14. Social investments

Group
Cost or valuation
At 1 April 2024
Foreign exchange movement
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Programme
related
investments
£
24,450
482
24,932
24,932
24,450

The above programme related investment represents funds lent to finance the construction of flush toilets and ventilated improved pit latrines (VIP latrines).

15. Stocks

Group Group
2025 2024
£ £
Finished goods and goods for resale 7,646 11,189

16. Debtors

Due within one year
Other debtors		 Group
2025
£
54,929
54,929		 Group
2024
£
45,925
45,925		 Charity
2025
£
5,530
5,530		 Charity
2024
£
7,330
7,330

Page 28

THE BUSOGA TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

17. Creditors: Amounts falling due within one year

Trade creditors
Microfinance Revolving Fund
Other creditors
Accruals and deferred income		 Group
2025
£
136,215
24,932
19,698
5,500
186,345		 Group
2024
£
135,708
24,450
20,370
3,686
184,214		 Charity
2025
£
-
-
11,700
5,057
16,757		 Charity
2024
£
-
-
11,700
3,686
15,386

Page 29

THE BUSOGA TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

18. Statement of funds

Statement of group funds - current year

Unrestricted funds
General Fund
Restricted funds
Water Projects Fund
Total of funds
Statement of group funds - prior year
Unrestricted funds
General Fund
Restricted funds
Ugandan Sanitation Health Activity
Total of funds		 Balance at 1
April 2024
£
53,550
-
53,550
Balance at
1 April 2023
£
111,165
1,613
112,778		 Income
£
676,936
60,000
736,936
Income
£
772,964
-
772,964		 Expenditure
£
(673,074)
(60,000)
(733,074)
Expenditure
£
(830,579)
(1,613)
(832,192)		 Balance at
31 March
2025
£
57,412
-
57,412
Balance at
31 March
2024
£
53,550
-
53,550

Page 30

THE BUSOGA TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

18. Statement of funds (continued)

During the year to 31 March 2025, the group held the following restricted finds:

Water Project Funds

This fund is allocated for the construction of boreholes and rehabilitation of water systems in rural Uganda, aimed at improving access to clean and safe drinking water for communities.

Prior Year Only

Uganda Sanitation Health Activity

Funding was kindly received from USAID to the Uganda Sanitation Health Activity project. The principal activities of the project are to improve household sanitation and increase access to sanitation products and services and to enhance school WASH standards, management, behaviours and practices in four schools. The remaining fund balance was fully utilised during 2023–24.

Page 31

THE BUSOGA TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

19. Summary of funds

Summary of charity funds - current year

General funds
Restricted funds
Summary of charity funds - prior year
General funds
Restricted funds		 Balance at 1
April 2024
£
53,550
-
53,550
Balance at
1 April 2023
£
111,165
1,613
112,778		 Income
£
676,936
60,000
736,936
Income
£
772,964
-
772,964		 Expenditure
£
(673,074)
(60,000)
(733,074)
Expenditure
£
(830,579)
(1,613)
(832,192)		 Balance at
31 March
2025
£
57,412
-
57,412
Balance at
31 March
2024
£
53,550
-
53,550

20. Analysis of net assets between funds Analysis of net assets between funds - current year

Unrestricted
funds
2025
£
Tangible fixed assets
28,426
Fixed asset investments
24,932
Current assets
190,399
Creditors due within one year
(186,345)
Total
57,412		 Total
funds
2025
£
28,426
24,932
190,399
(186,345)
57,412

Page 32

THE BUSOGA TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

20. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2024
£
35,087
24,450
178,227
(184,214)
53,550		 Total
funds
2024
£
35,087
24,450
178,227
(184,214)
53,550

21. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the year (as per Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Interest received
(Increase)/decrease in stocks
Increase in debtors
Increase in creditors
Exchange movement on social investment
Exchange movement on fixed assets
Net cash provided by/(used in) operating activities		 Group
2025
£
3,862
8,305
(3,611)
3,543
(9,004)
2,131
(1,485)
(457)
3,284		 Group
2024
£
(59,228)
11,063
(2,770)
1,709
(20,934)
42,785
1,203
2,858
(23,314)

Page 33

THE BUSOGA TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

22. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 Group
2025
£
127,824
127,824		 Group
2024
£
121,113
121,113

23. Analysis of changes in net debt

Cash at bank and in hand
Debt due within 1 year		 At 1 April
2024
£
121,113
(24,450)
96,663		 Cash flows
£
6,711
(482)
6,229		 At 31 March
2025
£
127,824
(24,932)
102,892

24. Trustees' benefits: advances, credit and guarantees

There were no trustees' expenses paid for the year ended 31 March 2025 or for the year ended 31 March 2024.

25. Related party transactions

During the year the group received aggregate donations of £8,720 (2024: £1,820) from trustees.

Page 34

THE BUSOGA TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

26. Principal subsidiaries

Canon Andrew Pearson, a charity trustee, is also a trustee of The Busoga Trust, a non-governmental organisation (registration number SS5914/3078) in Uganda. All activities have been consolidated on a line by line basis in the Statement of Financial Activities.

A summary of the results of the subsidiary (before consolidation adjustments) is shown below:

Name Income Expenditure Profit/(Loss) Net assets
£ £ / Surplus/ £
(Deficit) for
the year
£
The Busoga Trust 600,462 (579,186) 21,275 1,185

Page 35