**REGISTERED COMPANY NUMBER: 02473092 (England and Wales) REGISTERED CHARITY NUMBER: 328535**
**Report of the Trustees and**
**Financial Statements**
**for the Year Ended 31st March 2022**
**for**
## **PALLE MOELLER FOUNDATION**
**PALLE MOELLER FOUNDATION**
## **Contents of the Financial Statements for the year ended 31st March 2022**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|5|
|**Independent Examiner's Report**||6||
|**Statement of Financial Activities**||7||
|**Balance Sheet**|8|to|9|
|**Notes to the Financial Statements**|10|to|18|
|**Detailed Statement of Financial Activities**|19|to|20|
**PALLE MOELLER FOUNDATION**
**Report of the Trustees for the year ended 31st March 2022**
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st March 2022. 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**
To advance the education of the public in all subjects of learning including agriculture, medicine, crafts, business and the liberal arts.
To relieve poverty.
To provide housing and accommodation to those persons who by virtue of their circumstances are in need of such facilities. To promote public health through the provision of health care to those persons who by virtue of their circumstances are in need of such facilities.
To relieve persons who are suffering hardship as a result of drought, earthquake, flood or other natural disaster or by reason of their social and economic conditions are in need of assistance.
## **Ensuring our work delivers our aims**
We review our aims, objectives and activities each year. The review looks at the success of each project and the benefits they have brought to those groups of people we are set up to help. The review also helps us to ensure our aim, objectives and activities remain focused on our stated purpose. We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aim and objectives and in planning our future activities.
## **Public benefit**
Our main projects and who we try to help are described below. All our charitable activities are undertaken to further our charitable purposes for the public benefit.
Page 1
**PALLE MOELLER FOUNDATION**
## **Report of the Trustees for the year ended 31st March 2022**
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
Palle Moeller Foundation (PMF) plays an important role in complementing the Government of Uganda's efforts in pertinent areas such as youth empowerment, education, community health care, and what are deemed as national priority initiatives, supported by the General Machinery Ltd Group's robust Corporate Social Responsibility Arm.
In this endeavour, we plan to be more accountable to both our funding partners as well as the people we serve in the year 2022/23 and thereafter.
The uncertainty relating to the Covid-19 pandemic continued to prevail world-wide in the year 2021/22, which led to various follow-on lockdowns world-wide. In Uganda, a second total lockdown of 42 days was announced in June 2021, following the second wave of the Covid-19 pandemic then. Although partial lifting of the lock-down directives was done in Q4/2021, all sectors were only allowed to re-open in Q1/2022. Presently, the country's economy continues to operate in a sub-optimal level, and so is the Foundation's work effort.
The humanitarian world operates based on the Core-Humanitarian Standard on Quality and Accountability (CHS). And many humanitarian institutions, including Palle Moeller Foundation, have strived to improve the quality of services offered to needy persons in line with the new normal prompted world-wide by the covid-19 pandemic. This humanitarian spirit can go a long way in restoring hope to the 'hopeless'. As we move on to provide the badly needed humanitarian assistance in the country, we also need to ensure that the people we serve get to know their rights to certain actions and further get adequate quantities and quality services to solve their problems.
In the year 2022/23, we would like to see the people we work with (Funders and the Local Administrative Units etc, as well as the vulnerable population) become more involved in the decisions and work implemented on their behalf within their communities. It is preferred that they can have access to helpful information, and use this right to obtain gainful support and be equally accountable. Doing this effectively creates not only trust but also the much needed impact of improved services, thus the betterment of the lives of the targeted persons. It also ensures the sustainability and relevance of the services provided.
The Foundation believes as ever before that the best way to care for all Ugandans is through the promotion of education excellence, appropriate primary health care, social support, sports popularization and enterprise initiation. Resources allowing, PMF shall further support the most vulnerable victims of underdevelopment, conflicts and disasters. We again take this opportunity to wholeheartedly thank our funding partners for the continued support given to alleviate human suffering and to promote life as a gift and heritage of communities in Uganda.
## **Education**
PMF focuses on advancing the education (key enabler of development) of mainly the youth, but also the general public, in all subjects of learning including in the areas of agriculture, medicine, craft, business and liberal arts by supporting creativity and promoting excellence. In the reporting period, the Foundation has continued to support a number of vulnerable and needy students from all over the country, by equipping them with the right practical knowledge and skills to enable them find solutions to solve the myriad of problems amidst their communities in which they live. With a comparison between the previous financial year 202-2021 and this period, PMF was only able to cater for 20 students. This was an increment of only 8 students and this was mainly influenced by the closure of educational facilities due to covid-19 effects.
## **Social Welfare**
The foundation received a number of grant proposals from a diverse number of non-governmental organisations within the country under this aspect. The Foundation financially contributed a total sum of Ugx. 18,168,000 and this positively impacted 292 vulnerable individuals who then experienced food shortages etc. caused by the covid-19 control lockdown measures.
## **Health and Medial Initiatives**
Page 2
**PALLE MOELLER FOUNDATION**
## **Report of the Trustees for the year ended 31st March 2022**
The Foundation under this theme this year has supported various individuals with health problems. This is witnessed through the generous giving towards the medical treatment of Ms. Shonie Ochwo (an orphan at Makerere University), who had a blockage problem with her oral digestive system; and Mrs Joy Male for specialised eyes' intervention.
Palle Moeller Foundation further raised funds towards community level medical support outreaches and tree planning activities (greening) in Kalangala district in the middle of Lake Victoria in partnership with the Rotary Club of Kampala Ssese Islands and the Rotary Club of Kyambogo to the tune of Ugx. 25,150,000.
The community level medical outreaches included the following activities:
- Medical check-ups, disease treatments and or referrals to established medical facilities
- Distribution of sanitary towels to girls and women in Ssese Islands
- Reusable girl-pads training programs
- Legal clinics - which provided land related legal advice to local people etc.
- General, Optical, Dental, AIDS awareness, Mosquito nets' distribution and Cervical Cancer screening & referral for
- treatment
- Agribusiness and Mission Green Clinics - focusing on planning of trees to conserve the environment etc.
## **FINANCIAL REVIEW**
## **Financial position**
Donations and legacies were up by 98% from the previous year from £23,838 to £47,191.
There was an 11% decrease in total expenditure.
## **Reserves policy**
The value of the Endowment Fund must be maintained at £105,843.
## **Going concern**
The charity has adequate reserves to continue as a going concern for the foreseeable future.
## **FUTURE PLANS**
## **Partnerships**
We expect to nurture existing partnerships as well as bring on board new ones to enhance service delivery. Some positive links have been made and we are following up.
## **Capital Developments**
The Foundation's application to extend its lease on one of its properties was approved by Kampala Capital City Authority for a 99 year lease. This offers the Foundation an opportunity to re-develop the property.
We expect to strategize on income sustainability through capital developments.
These will be in addition to the education, health, sports and social welfare programmes
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Page 3
**PALLE MOELLER FOUNDATION**
## **Report of the Trustees for the year ended 31st March 2022**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Recruitment and appointment of new trustees**
The board of trustees is authorised to appoint new trustees to fill vacancies arising through resignation or death of an existing trustee.
## **TOKEN OF APPRECIATION**
PMF continues to value its partners, i.e. Sablecross Trading Co. Ltd and Capricorn Trust for the ever dedicated support towards the Foundation's goals.
In this effort PMF would again like to highly appreciate the partners' co-funding of the Foundations activities and these include related parties i.e. all the companies under the GMACH Group,Capricorn Africa Trust- UK (CAT), Grundfos Foundation in Denmark, and Sablecross Trading Company Limited, Cyprus.PMFalso greatly appreciates its Trustees for their commendable stewardship and financial contribution to its activities.
PMF's Management Committee and the Secretariat Members stand committed alongside our field support teams and network of partners, allies and sympathisers to continue to contribute to the alleviation of poverty and human suffering in the Ugandan communities through the promotion of education, sports, medical, health, social and financial welfare services so as to build a more equitable country. Best wishes in the New Year.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Registered Company number**
02473092 (England and Wales)
## **Registered Charity number**
328535
## **Registered office**
1 Tower House Hoddesdon Hertfordshire EN11 8UR
## **Trustees**
W M Dawson D Moeller
## **Management Committee Affairs:**
There has been no changes in the administration affairs of the Foundation for the year ended 31st March 2022.
The Committee comprised of the following members:
Dr Daniel Seruga Iga : Chairman Mrs Jackie Nampeera : Member Mr David F Mpanga : Member Mrs Joy Male : Member Mrs Janet Navvuga Bugembe : Member Mr Tom Alwala Adilo : Member Mrs Jocelyn Leletu : Member Mr Kenneth E Mugayehwenkyi : Member Mr J Kaggwa Mukasa : Member Mr Michael Moeller : Member
Page 4
**PALLE MOELLER FOUNDATION**
## **Report of the Trustees for the year ended 31st March 2022**
## **REFERENCE AND ADMINISTRATIVE DETAILS Company Secretary**
W M Dawson
## **Independent Examiner**
Attenboroughs (Accountants) Limited Chartered Certified Accountants 1 Tower House Tower Centre Hoddesdon Hertfordshire EN11 8UR
## **Auditors**
MK Patrick & Co P.O. Box 14140 Kampala, Uganda
The Company's auditors, MK Patrick & Co, Certified Public Accountants have expressed willingness to continue in office in accordance with Section 167(2) of the Companies Act, 2012 of Uganda.
## **Advisers**
Mercantile Credit Bank Limited 8 Old Port bell Road P.O. Box 620 Kampala, Uganda
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.......................................................................... W M Dawson - Trustee
Page 5
**Independent Examiner's Report to the Trustees of Palle Moeller Foundation**
## **Independent examiner's report to the trustees of Palle Moeller Foundation ('the Company')**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st March 2022.
## **Responsibilities and basis of report**
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company 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 your charity's accounts as 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**
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 Company 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.
Mr David Roger Pattman FCCA Attenboroughs (Accountants) Limited Chartered Certified Accountants 1 Tower House Tower Centre Hoddesdon Hertfordshire EN11 8UR
Date: .............................................
Page 6
## **PALLE MOELLER FOUNDATION**
## **Statement of Financial Activities for the year ended 31st March 2022**
|Unrestricted
funds
Notes
£
**INCOME AND**
**ENDOWMENTS FROM**
Donations and legacies
47,191
Investment income
3
40,951
**Total**
88,142
**EXPENDITURE ON**
Raising funds
-
**Charitable activities**
Social work activities
33,090
Costs in furtherance of charity's
object's
5,619
Other
15,494
**Total**
54,203
**NET**
**INCOME/(EXPENDITURE)**
33,939
**Transfers between funds**
13
-
**Net movement in funds**
33,939
**RECONCILIATION OF**
**FUNDS**
**Total funds brought forward**
As previously reported
167,079
Prior year adjustment
8
(25,663)
**As restated**
141,416
**TOTAL FUNDS CARRIED**
**FORWARD**
175,355|Restricted
Endowment
fund
fund
£
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
7,833
(7,833)
7,833
(7,833)
2,409
117,184
-
-
2,409
117,184
10,242
109,351|31/3/22
Total
funds
as
£
47,191
40,951
88,142
-
33,090
5,619
15,494
54,203
33,939
-
33,939
286,672
(25,663)
261,009
294,948|31/3/21
Total
funds
restated
£
23,838
33,553
57,391
2,139
26,471
-
32,212
60,822
(3,431)
-
(3,431)
264,440
-
264,440
261,009|
|---|---|---|---|
The notes form part of these financial statements
Page 7
## **PALLE MOELLER FOUNDATION**
## **Balance Sheet 31st March 2022**
|Unrestricted
funds
Notes
£
**FIXED ASSETS**
Tangible assets
9
76,378
Investments
10
70
76,448
**CURRENT ASSETS**
Debtors
11
1,927
Cash at bank
106,377
108,304
**CREDITORS**
Amounts falling due within one
year
12
(9,397)
**NET CURRENT ASSETS**
98,907
**TOTAL ASSETS LESS**
**CURRENT LIABILITIES**
175,355
**NET ASSETS**
175,355
**FUNDS**
13
Unrestricted funds
Restricted funds
Endowment funds
**TOTAL FUNDS**|Restricted
Endowment
fund
fund
£
£
-
-
-
-
-
-
-
-
10,242
109,351
10,242
109,351
-
-
10,242
109,351
10,242
109,351
10,242
109,351|31/3/22
Total
funds
as
£
76,378
70
76,448
1,927
225,970
227,897
(9,397)
218,500
294,948
294,948
175,355
10,242
109,351
294,948|31/3/21
Total
funds
restated
£
71,832
66
71,898
1,819
231,392
233,211
(44,100)
189,111
261,009
261,009
141,416
2,409
117,184|
|---|---|---|---|
||||261,009|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2022 in accordance with Section 476 of the Companies Act 2006.
The notes form part of these financial statements
continued...
Page 8
## **PALLE MOELLER FOUNDATION**
## **Balance Sheet - continued 31st March 2022**
The trustees acknowledge their responsibilities for
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
.............................................
W M Dawson - Trustee
The notes form part of these financial statements
Page 9
**PALLE MOELLER FOUNDATION**
**Notes to the Financial Statements for the year ended 31st March 2022**
## **1. STATUS OF THE ACCOUNTING ENTITY**
The Foundation is registered in the United Kingdom under the Charities Act, 1960 and in Uganda as a foreign company under Section 251 of the Companies Act 2012. The registered number of the Foundation is 2473092 and the registered office address is 1 Tower House, Tower Centre, Hoddesdon, Hertfordshire EN11 8UR.
The Foundation is also registered in Uganda as a Non-Governmental Organisation under the Non-Governmental Organisation Registrations Statue 1989.
## **2. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention modified such that freehold land and buildings are stated at valuation and on an accrual basis.
## **Income**
Rental income and bank interest are recognised when receivable. Donations are recognised only when received.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 4% on reducing balance Long leasehold - Over the period of the lease Fixtures and fittings - 10% on reducing balance
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
The Endowment Fund represents donations by the founder which may be used only to generate income, but may not be expended on the activities of the Foundation.
continued...
Page 10
**PALLE MOELLER FOUNDATION**
## **Notes to the Financial Statements - continued**
## **for the year ended 31st March 2022**
## **2. ACCOUNTING POLICIES - continued**
## **Foreign currency transactions**
The Income and Expenditure Account stated in Uganda shillings is translated into Pound Sterling at an average rate as follows:-
||as follows:-|||||
|---|---|---|---|---|---|
|||31/3/22||31/3/21||
|||Ushs.||Ushs.||
||1 Pound Sterling|4,742||5,093||
||The year end exchange rates used to convert all Statement of Financial Position items are as follows:-|||||
|||31/3/22||31/3/21||
|||Ushs.||Ushs.||
||1 Pound Sterling|4,742||5,093||
|**3.**|**INVESTMENT INCOME**|||||
|||31/3/22||31/3/21||
|||||as restated||
|||£||£||
||Rents received|35,946||33,319||
||Deposit account interest|5,005||234||
|||40,951||33,553||
|**4.**|**NET INCOME/(EXPENDITURE)**|||||
Net income/(expenditure) is stated after charging/(crediting):
||31/3/22|31/3/21|
|---|---|---|
|||as restated|
||£|£|
|Auditors' remuneration|342|232|
|Depreciation - owned assets|1,025|945|
continued...
Page 11
**PALLE MOELLER FOUNDATION**
## **Notes to the Financial Statements - continued for the year ended 31st March 2022**
## **5. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31st March 2022 nor for the year ended 31st March 2021.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31st March 2022 nor for the year ended 31st March 2021.
## **6. STAFF COSTS**
The average monthly number of employees during the year was as follows:
||31/3/22|31/3/21|
|---|---|---|
|||as restated|
|Secretarial and administrative services|1|1|
No employees received emoluments in excess of £60,000.
## **7.**
|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
Restricted
Endowment
funds
fund
fund
as
£
£
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
23,838
-
-
Investment income
33,553
-
-
**Total**
57,391
-
-
**EXPENDITURE ON**
Raising funds
2,139
-
-
**Charitable activities**
Social work activities
26,471
-
-
Other
32,212
-
-
**Total**
60,822
-
-
**NET INCOME/(EXPENDITURE)**
(3,431)
-
-
**Transfers between funds**
-
(11,341)
11,341
**Net movement in funds**
(3,431)
(11,341)
11,341|Total
funds
restated
£
23,838
33,553
57,391
2,139
26,471
32,212
60,822
(3,431)
-
(3,431)|
|---|---|
continued...
Page 12
**PALLE MOELLER FOUNDATION**
## **Notes to the Financial Statements - continued for the year ended 31st March 2022**
|**7.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**
Unrestricted
Restricted
Endowment
funds
fund
fund
as
£
£
£
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
144,847
13,750
105,843
**TOTAL FUNDS CARRIED FORWARD**
141,416
2,409
117,184|Total
funds
restated
£
264,440|
|---|---|
||261,009|
## **8. PRIOR YEAR ADJUSTMENT**
The foundation underwent a tax audit by the Uganda Revenue Authority for the prior period as the income tax exemption expired and was not renewed. It is a requirement in Uganda to apply on a regular basis to the Ugandan Revenue Authority for exemption from taxes on Ugandan property rental income. This application was overlooked and so the Foundation was assessed on the tax due during the period when exemption the exemption was not in place. The assessment on the foundation was 121,704,976 Ugandan Shillings as principal tax and interest. The whole of this amount has been recognised in these accounts as a prior year adjustment of £25,633.
## **9. TANGIBLE FIXED ASSETS**
|Freehold
Long
property
leasehold
£
£
**COST**
At 1st April 2021
50,430
73,230
Additions
-
-
Exchange differences
(1,404)
(2,039)
At 31st March 2022
49,026
71,191
**DEPRECIATION**
At 1st April 2021
20,542
31,290
Charge for year
520
479
Exchange differences
(3,617)
(5,144)
At 31st March 2022
17,445
26,625
**NET BOOK VALUE**
At 31st March 2022
31,581
44,566
At 31st March 2021
29,888
41,940|Fixtures
and
fittings
Totals
£
£
82
123,742
253
253
(2)
(3,445)
333
120,550
78
51,910
26
1,025
(2)
(8,763)
102
44,172
231
76,378
4
71,832|
|---|---|
Included in cost or valuation of land and buildings is freehold land of £18,641 (2021 - £18,641) which is not depreciated.
continued...
Page 13
**PALLE MOELLER FOUNDATION**
## **Notes to the Financial Statements - continued for the year ended 31st March 2022**
## **9. TANGIBLE FIXED ASSETS - continued**
The remaining lease of 20 years for Plot 5 Kitante Road has been surrendered in exchange for a renewal of 99 years with effect from 1 June 2018. The remaining life of the lease at 31 March 2022 is therefore 95 years.
## **10. FIXED ASSET INVESTMENTS**
|**FIXED ASSET INVESTMENTS**||
|---|---|
||Listed|
||investments|
||£|
|**MARKET VALUE**||
|At 1st April 2021|66|
|Exchange differences|4|
|At 31st March 2022|70|
|**NET BOOK VALUE**||
|At 31st March 2022|70|
|At 31st March 2021|66|
There were no investment assets outside the UK.
## **11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
||31/3/22|31/3/21|
|---|---|---|
|||as restated|
||£|£|
|Trade debtors|1,273|1,210|
|Tax|654|609|
||1,927|1,819|
continued...
Page 14
**PALLE MOELLER FOUNDATION**
## **Notes to the Financial Statements - continued**
## **for the year ended 31st March 2022**
## **12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Trade creditors
Accruals and deferred income
Accrued expenses
**13.**
**MOVEMENT IN FUNDS**
Prior
year
At 1/4/21
adjustment
£
£
**Unrestricted funds**
General fund
167,079
(25,663)
**Restricted funds**
Revaluation reserve fund
2,409
-
**Endowment funds**
Endowment Fund
117,184
-
**TOTAL FUNDS**
286,672
(25,663)
Net movement in funds, included in the above are as follows:
**Unrestricted funds**
General fund
**TOTAL FUNDS**|Net
movement
in funds
£
33,939
-
-
33,939
Incoming
resources
£
88,142
88,142|31/3/22
31/3/21
as restated
£
£
8,004
6,635
-
36,125
1,393
1,340
9,397
44,100
Transfers
between
At
funds
31/3/22
£
£
-
175,355
7,833
10,242
(7,833)
109,351
-
294,948
Resources
Movement
expended
in funds
£
£
(54,203)
33,939
(54,203)
33,939|31/3/21
s restated
£
6,635
36,125
1,340
44,100
At
31/3/22
£
175,355
10,242
109,351|31/3/21
s restated
£
6,635
36,125
1,340
44,100
At
31/3/22
£
175,355
10,242
109,351|
|---|---|---|---|---|
||||294,948||
|||||33,939|
Page 15
continued...
**PALLE MOELLER FOUNDATION**
## **Notes to the Financial Statements - continued for the year ended 31st March 2022**
## **13. MOVEMENT IN FUNDS - continued**
**Comparatives for movement in funds**
|Net
movement
At 1/4/20
in funds
£
£
**Unrestricted funds**
General fund
144,847
(3,431)
**Restricted funds**
Revaluation reserve fund
13,750
-
**Endowment funds**
Endowment Fund
105,843
-
**TOTAL FUNDS**
264,440
(3,431)
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
57,391
**TOTAL FUNDS**
57,391|Transfers
between
At
funds
31/3/21
£
£
-
141,416
(11,341)
2,409
11,341
117,184
-
261,009
Resources
Movement
expended
in funds
£
£
(60,822)
(3,431)
(60,822)
(3,431)|
|---|---|
Page 16
continued...
**PALLE MOELLER FOUNDATION**
## **Notes to the Financial Statements - continued for the year ended 31st March 2022**
## **13. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
Revaluation reserve fund
**Endowment funds**
Endowment Fund
**TOTAL FUNDS**|At 1/4/20
£
144,847
13,750
105,843
264,440|Prior
year
adjustment
£
(25,663)
-
-
(25,663)|Net
movement
in funds
£
30,508
-
-
30,508|Transfers
between
funds
£
-
(3,508)
3,508
-|At
31/3/22
£
149,692
10,242
109,351|
|---|---|---|---|---|---|
||||||269,285|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
||Incoming|Resources|Movement|
|---|---|---|---|
||resources|expended|in funds|
||£|£|£|
|**Unrestricted funds**||||
|General fund|145,533|(115,025)|30,508|
|**TOTAL FUNDS**|145,533|(115,025)|30,508|
## **14. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31st March 2022.
continued...
Page 17
**PALLE MOELLER FOUNDATION**
## **Notes to the Financial Statements - continued for the year ended 31st March 2022**
## **15. PURPOSES OF FUNDS**
## **General Fund**
The general fund is unrestricted and can be used in accordance with the charitable objectives at the discretion of the trustees.
## **Restricted Fund**
Restricted funds are donated for a particular purpose and may not be used for any other purpose without permission from the donor.
## **Endowment Fund**
The endowment fund represents donations by the founder which may be used only to generate income, but may not be expended on the activities of the Foundation.
Page 18
**PALLE MOELLER FOUNDATION**
## **Detailed Statement of Financial Activities for the year ended 31st March 2022**
||31/3/22|31/3/21|
|---|---|---|
|||as restated|
||£|£|
|**INCOME AND ENDOWMENTS**|||
|**Donations and legacies**|||
|Donations|47,191|23,838|
|**Investment income**|||
|Rents received|35,946|33,319|
|Deposit account interest|5,005|234|
||40,951|33,553|
|**Total incoming resources**|88,142|57,391|
|**EXPENDITURE**|||
|**Other trading activities**|||
|Bad debts|-|2,139|
|**Charitable activities**|||
|Wages|1,529|1,237|
|Rates and water|2,673|1,563|
|Postage and stationery|-|72|
|Education costs|6,239|6,423|
|Social welfare costs|18,549|5,515|
|Medical costs|4,100|7,777|
|Sports activity costs|-|118|
||33,090|22,705|
|**Other**|||
|Repairs, maintenance and administration|2,615|911|
|Exchange differences|11,854|30,356|
|Freehold property|520|504|
|Long leasehold|479|441|
|Fixtures and fittings|26|-|
||15,494|32,212|
|**Support costs**|||
|**Finance**|||
|Bank charges|92|51|
This page does not form part of the statutory financial statements
Page 19
## **PALLE MOELLER FOUNDATION**
## **Detailed Statement of Financial Activities for the year ended 31st March 2022**
||31/3/22|31/3/21|
|---|---|---|
|||as restated|
||£|£|
|**Finance**|||
|**Other**|||
|Administration costs|2,842|2,506|
|**Governance costs**|||
|Auditors' remuneration|342|232|
|Accountancy and professional fees|2,343|977|
||2,685|1,209|
|Total resources expended|54,203|60,822|
|**Net income/(expenditure)**|33,939|(3,431)|
This page does not form part of the statutory financial statements
Page 20