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2025-03-31-accounts

REGISTERED COMPANY NUMBER: 02473092 (England and Wales) REGISTERED CHARITY NUMBER: 328535

Report of the Trustees and

Financial Statements

for the Year Ended 31st March 2025

for

PALLE MOELLER FOUNDATION

PALLE MOELLER FOUNDATION

Contents of the Financial Statements for the year ended 31st March 2025

----- Start of picture text -----
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 16
Detailed Statement of Financial Activities 17 to 18
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PALLE MOELLER FOUNDATION

Report of the Trustees for the year ended 31st March 2025

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 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).

Palle Moeller Foundation (PMF) / Foundation went into agreement with Moeller Foundation Uganda Ltd to become the project implementing partner. The agreement was effective 01 April 2024. Under this agreement, PMF donated Ushs. 26,398,235 to Moeller Foundation Uganda Ltd to implement projects under the Foundation's different strategic objectives from April 2024 to March 2025.

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 by supporting and promoting excellence.

To relieve poverty within Uganda by assisting the vulnerable, supporting poverty relieving activities and initiatives to enhance welfare and social wellbeing.

To promote social welfare by supporting all round activities and initiatives that enhance wellness and preserves nature. To promote public health through the provision of health care to those persons who by virtue of their circumstances arc in need of such facilities.

To relieve persons who are suffering hardship as a result of drought, earthquake, floods 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 do review the Foundation's 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 that the foundation's aims, objectives and activities remain focused on its stated purpose. We have consistently referred to the guidance contained in the Charity Commission's general guidance on public benefits when reviewing the Foundation's aims and objectives and in planning its future activities.

Public benefit

The Foundation's main projects and who it tries to help are described below. All the Foundation's charitable activities are undertaken to further its charitable purposes for the public benefit.

Page 1

PALLE MOELLER FOUNDATION

Report of the Trustees for the year ended 31st March 2025

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

This time of the year is usually a moment of reflection, anticipation and hope. Reflection on the year gone by; anticipation of what may lay ahead of us; and hope that all will be well or better than last year.

Many things are usually out of our hands and we accept them as they come, but many are within our hands, to shape them into whatever direction we choose. Many people touch our lives and our work, and sometimes we take In the year 2025, Palle Moeller Foundation (PMF) should be celebrating 40 years of dedicated service to humanity. Initiated in 1985 by indeed the visionary Mr. Palle Moeller (RIP) with the view to give back to the communities in which his various businesses operated in then successfully, this would be a good time to make reflections on what went well and otherwise in as much as achieving the Foundation’s objectives as outlined at that time.

The continued relevance of PMF underscores its ongoing need to serve humanity purposefully. However, for it to fulfil its mission, each of the key stakeholders in its management team have a role to play. You can contribute in various ways: i.e. by advocating for PMF, joining as a volunteer and or providing financial support if you have the means. The Foundation’s core mission is to ensure that PMF remains a vital force for good. By actively supporting its efforts, we help guarantee its future and enhance its ability to continue to reach out and assist those in need. Together we can be the guardians of PMF’s enduring impact and its vital role in serving humanity in Uganda.

Education

During the Financial year April 2024 - March 2025, PMF through its implementing partner, MFU, has continued to support a number of students at all levels of education including Primary, Secondary, Vocational / Tertiary and University institutions. The Foundation has paid school fees for a total of 32 students from different learning institutions in Uganda in the period. We supported 11 students at Primary level, 12 at Secondary level and 9 at Tertiary / University Level. Under this charity objective, the Foundation supported 18 girls and 14 boys. There is a deduction in the number of PMF’s supported students by ten students because we had a number of candidates who completed the different academic levels and signed off.

Social Welfare

This Financial Year, the Foundation contributed a sum of Ugx 17,400,000 towards the fulfilment of this objective, with 1,757 people benefiting from the support. Projects implemented included the drilling & construction of a safe water borehole; provision of life support packages (bedding, clothes & food items) to individuals with special needs; and offering support to selected needy Islam faith believers during their holy month of Ramadan.

Health and Medial Initiatives

This is a core value charitable area under the Foundation's objective with an interest to advance the health status of needy individuals and communities in Uganda. The Foundation has over time donated generously towards the treatment of various diseases in a number of needy communities around the country. This financial year, the Foundation contributed UGX. 5,000,000 towards the treatment of a baby born with a heart condition. This is just one example of our commitment to giving back to the community

Secondly, the Foundation provided glass fittings for a maternity ward. The installation of glass fittings improved upon the aesthetic appeal and functionality of the Health Centre III facilities. The other donation made of UGX. 2,000,000 made a tangible difference in the lives of 120 vulnerable girls by creating awareness about menstrual hygiene.

Poverty Alleviation

The Foundation granted UGX. 6,770,000 to support 84 women and youths under a registered association in skills' development. This was to enhance their hands on practical skills in crafts shoes, bags, earrings and body washing sponge making to enable them earn a living.

In addition, funds were also granted to selected elderly persons for health and nutrition support, under an ongoing project that aims at providing livelihood assets (Sheep). The project started off in February 2024 with a total of 16 older persons initially benefiting from it. The project methodology was that the with the first group of beneficiaries, each received an ewe (female adult sheep). Commonly an ewe produces twice a year. So the first lamb(s) were to be given out to the next identified and selected beneficiary. This project is to be conducted for a period of 2 years to ensure that a big number of older persons are impacted

Page 2

PALLE MOELLER FOUNDATION

Report of the Trustees for the year ended 31st March 2025

Promotion of sports

This is a core value charitable area under the Foundation’s objective with an interest to advance the health status of individuals and communities in Uganda. The Foundation has over time donated generously towards the treatment of various diseases in a number of needy communities around the country. This financial year, the Foundation contributed UGX: 5,000,000 towards the treatment of a baby born with a heart condition. This is just one example of our commitment to giving back to the community.

FINANCIAL REVIEW

Financial position

There were significant increase in donations of 16% to £29,143 from £25,208.

Total expenditure increased by 26% from £54,341 to £68,595 in the year under review.

Reserves policy

The value of the Endowment Fund was maintained at £105,843 as per the Foundation policy. These funds though were, withheld by the Central Bank of Uganda when the main bank, Mercantile Credit Bank Ltd, then being used by the foundation went into liquidation.

Going concern

The charity, despite its reserves being withheld by Bank of Uganda under the recently liquidated Mercantile Credit Bank Ltd, has adequate operational funds to enable it continue as a going concern for the foreseeable future.

FUTURE PLANS Partnerships

To achieve the Foundation objectives, institutions and community-based organizations are always corroborated with. The Foundation also expects to nurture existing partnerships as well as bring on board new ones to enhance service delivery.

Capital Developments

The Foundation has plans to redevelop its two physical properties in Kampala City. However, this is still at planning level. Once funds mobilization for the planned redevelopment is achieved, the Foundation expects more income and thus be able to move lo a more self-sustaining position.

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.

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. Mr. W. M. Dawson and Ms. Lilly H. Moeller resigned from their positions in the Foundation at the end of the year 2023/24. Mr. Michael Moeller was appointed during the year, while Mr. Emmanuel Lumu was appointed after the end of the year 2023/24.

Page 3

PALLE MOELLER FOUNDATION

Report of the Trustees for the year ended 31st March 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT TOKEN OF APPRECIATION

As the cast: has always been, PMF continuous lo value its partners, for the ever support towards the Foundation's goals.

In this effort, the Palle Moeller Foundation would again like to highly appreciate the partners' co-funding the Foundations activities and these include related parties i.e. all the companies under the GMACH Group and Capricorn Africa Trust-UK (CAT). The Foundation also greatly appreciates its Trustees for their commendable stewardship and financial contribution to its activities.

The Foundation's Management Committee, the Secretariat Team and the Secretary stand committed alongside our field support teams and network of partners, allies and sympathizers 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 2025/26.

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

Mrs Dorothy Moeller Mr Michael Moeller Mr Emmanuel Lumu

Management Committee Affairs:

There has been no changes in the administration affairs of the Foundation for the year ended 31st March 2023.

The Committee comprised of the following members:

Dr Daniel Seruga Iga : Chairman Mrs Janet Navvuga Bugembe : Member Mr Tom Alwala Adilo : Member Mrs Jocelyn Leletu : Member Mr Kenneth E Mugayehwenkyi : Member Mr J Kaggwa Mukasa : Treasurer Mr Michael Moeller : Member

Company Secretary

Ms. Jackie Nampeera

Page 4

PALLE MOELLER FOUNDATION

Report of the Trustees for the year ended 31st March 2025

REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner

Attenboroughs (Accountants) Limited Chartered Certified Accountants 1 Tower House Tower Centre Hoddesdon Hertfordshire EN11 8UR

Auditors

Augustus Associates Certified Public Accountants P.O. Box 40210 Kampala (U) Musana Plaza, Suite A9 & A12 Plot 1904 Ntinda Road

The Company's auditors, Augustus Associates Certified Public Accountants have expressed willingness to continue in office in accordance with Section 167(2) of the Companies Act, 2012 of Uganda.

Approved by order of the board of trustees on 22nd December 2025 and signed on its behalf by:

Miss D Moeller - 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 2025.

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

Attenboroughs (Accountants) Limited Chartered Certified Accountants 1 Tower House Tower Centre Hoddesdon Hertfordshire EN11 8UR

22nd December 2025

Page 6

PALLE MOELLER FOUNDATION

Statement of Financial Activities for the year ended 31st March 2025

Unrestricted
funds
Notes
£
INCOME AND
ENDOWMENTS FROM
Donations and legacies
29,145
Investment income
3
42,910
Total
72,055
EXPENDITURE ON
Raising funds
4
31,759
Charitable activities
Social work activities
32,574
Other
5,522
Total
69,855
NET
INCOME/(EXPENDITURE)
2,200
RECONCILIATION OF
FUNDS
Total funds brought forward
(6,597)
TOTAL FUNDS CARRIED
FORWARD
(4,397)		 Restricted
Endowment
fund
fund
£
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
13,750
105,843
13,750
105,843		 31/3/25
Total
funds
£
29,145
42,910
72,055
31,759
32,574
5,522
69,855
2,200
112,996
115,196		 31/3/24
Total
funds
£
25,206
44,690
69,896
-
49,522
213,435
262,957
(193,061)
306,057
112,996

The notes form part of these financial statements

Page 7

PALLE MOELLER FOUNDATION

Balance Sheet 31st March 2025

Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
8
(1,170)
Investments
9
71
(1,099)
CURRENT ASSETS
Debtors
10
(6,936)
Cash at bank
14,545
7,609
CREDITORS
Amounts falling due within one
year
11
(10,907)
NET CURRENT
ASSETS/(LIABILITIES)
(3,298)
TOTAL ASSETS LESS
CURRENT LIABILITIES
(4,397)
NET ASSETS
(4,397)
FUNDS
12
Unrestricted funds
Restricted funds
Endowment funds
TOTAL FUNDS		 Restricted
Endowment
fund
fund
£
£
-
75,050
-
-
-
75,050
-
16,289
13,750
14,504
13,750
30,793
-
-
13,750
30,793
13,750
105,843
13,750
105,843		 31/3/25
Total
funds
£
73,880
71
73,951
9,353
42,799
52,152
(10,907)
41,245
115,196
115,196
(4,397)
13,750
105,843
115,196		 31/3/24
Total
funds
£
75,441
71
75,512
24,516
28,876
53,392
(15,908)
37,484
112,996
112,996
(6,597)
13,750
105,843
112,996

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2025 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

continued...

Page 8

PALLE MOELLER FOUNDATION

Balance Sheet - continued 31st March 2025

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 22nd December 2025 and were signed on its behalf by:

M L Moeller - 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 2025

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.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

continued...

Page 10

PALLE MOELLER FOUNDATION

Notes to the Financial Statements - continued for the year ended 31st March 2025

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:-

----- Start of picture text -----
31/3/25 31/3/24
Ushs. Ushs.
1 Pound Sterling 4,709 4,911
The year end exchange rates used to convert all Statement of Financial Position items are as follows:-
31/3/25 31/3/24
Ushs. Ushs.
----- End of picture text -----

1 Pound Sterling
3.
INVESTMENT INCOME
Rents received
Deposit account interest		 4,709
4,911
31/3/25
31/3/24
£
£
42,910
41,390
-
3,300
42,910
44,690
4.
RAISING FUNDS
Raising donations and legacies
Support costs		 31/3/25
31/3/24
£
£
29,150
-
5.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Auditors' remuneration
Depreciation - owned assets
Hire of plant and machinery
Other operating leases		 31/3/25
31/3/24
£
£
340
326
1,859
936
-
977
3,331
-

continued...

Page 11

PALLE MOELLER FOUNDATION

Notes to the Financial Statements - continued for the year ended 31st March 2025

6. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st March 2025 nor for the year ended 31st March 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st March 2025 nor for the year ended 31st March 2024.

7.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Restricted
Endowment
funds
fund
fund
£
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
25,206
-
-
Investment income
44,690
-
-
Total
69,896
-
-
EXPENDITURE ON
Charitable activities
Social work activities
49,522
-
-
Other
213,435
-
-
Total
262,957
-
-
NET INCOME/(EXPENDITURE)
(193,061)
-
-
Transfers between funds
-
2,108
(2,108)
Net movement in funds
(193,061)
2,108
(2,108)
RECONCILIATION OF FUNDS
Total funds brought forward
186,464
11,642
107,951
TOTAL FUNDS CARRIED FORWARD
(6,597)
13,750
105,843		 Total
funds
£
25,206
44,690
69,896
49,522
213,435
262,957
(193,061)
-
(193,061)
306,057
112,996

continued...

Page 12

PALLE MOELLER FOUNDATION

Notes to the Financial Statements - continued for the year ended 31st March 2025

8. TANGIBLE FIXED ASSETS

Freehold
Long
property
leasehold
£
£
COST
At 1st April 2024
49,444
71,780
Additions
-
-
Exchange differences
(66)
(78)
At 31st March 2025
49,378
71,702
DEPRECIATION
At 1st April 2024
18,684
27,290
Charge for year
1,206
472
At 31st March 2025
19,890
27,762
NET BOOK VALUE
At 31st March 2025
29,488
43,940
At 31st March 2024
30,760
44,490		 Fixtures
and
Computer
fittings
equipment
Totals
£
£
£
336
-
121,560
-
442
442
-
-
(144)
336
442
121,858
145
-
46,119
34
147
1,859
179
147
47,978
157
295
73,880
191
-
75,441

Included in cost or valuation of land and buildings is freehold land of £18,641 (2024 - £18,641) which is not depreciated.

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 2025 is therefore 92 years.

9. FIXED ASSET INVESTMENTS

Listed
investments
£
MARKET VALUE
At 1st April 2024 and 31st March 2025
71
NET BOOK VALUE
At 31st March 2025
71
At 31st March 2024
71

There were no investment assets outside the UK.

continued...

Page 13

PALLE MOELLER FOUNDATION

Notes to the Financial Statements - continued for the year ended 31st March 2025

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
Tax
11.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Accruals and deferred income
Accrued expenses
12.
MOVEMENT IN FUNDS
At 1/4/24
£
Unrestricted funds
General fund
(6,597)
Restricted funds
Revaluation reserve fund
13,750
Endowment funds
Endowment Fund
105,843
TOTAL FUNDS
112,996
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
72,055
TOTAL FUNDS
72,055		 31/3/25
31/3/24
£
£
8,694
23,884
659
632
9,353
24,516
31/3/25
31/3/24
£
£
5,399
14,708
4,248
-
1,260
1,200
10,907
15,908
Net
movement
At
in funds
31/3/25
£
£
2,200
(4,397)
-
13,750
-
105,843
2,200
115,196
Resources
Movement
expended
in funds
£
£
(69,855)
2,200
(69,855)
2,200

continued...

Page 14

PALLE MOELLER FOUNDATION

Notes to the Financial Statements - continued for the year ended 31st March 2025

12. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net
movement
At 1/4/23
in funds
£
£
Unrestricted funds
General fund
186,464
(193,061)
Restricted funds
Revaluation reserve fund
11,642
-
Endowment funds
Endowment Fund
107,951
-
TOTAL FUNDS
306,057
(193,061)
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
69,896
TOTAL FUNDS
69,896
A current year 12 months and prior year 12 months combined position is as follows:
Net
movement
At 1/4/23
in funds
£
£
Unrestricted funds
General fund
186,464
(190,861)
Restricted funds
Revaluation reserve fund
11,642
-
Endowment funds
Endowment Fund
107,951
-
TOTAL FUNDS
306,057
(190,861)		 Transfers
between
At
funds
31/3/24
£
£
-
(6,597)
2,108
13,750
(2,108)
105,843
-
112,996
Resources
Movement
expended
in funds
£
£
(262,957)
(193,061)
(262,957)
(193,061)
Transfers
between
At
funds
31/3/25
£
£
-
(4,397)
2,108
13,750
(2,108)
105,843
-
115,196

continued...

Page 15

PALLE MOELLER FOUNDATION

Notes to the Financial Statements - continued for the year ended 31st March 2025

12. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund		 Incoming
Resources
resources
expended
£
£
141,951
(332,812)		 Movement
in funds
£
(190,861)
TOTAL FUNDS 141,951
(332,812)		 (190,861)

13. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31st March 2025.

14. 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.

15. EVENTS AFTER THE END OF THE REPORTING PERIOD

On 18th June 2024, Mercantile Credit Bank Ltd (MCBL) was placed into liquidation by the Central Bank.

As a result of MCBL's closure, some of the funds held at Mercantile Credit Bank are at risk of being irrecoverable. The balance sheet dated 31st March 2024 reflects the loss of funds.

Page 16

PALLE MOELLER FOUNDATION

Detailed Statement of Financial Activities for the year ended 31st March 2025

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Investment income
Rents received
Deposit account interest		 31/3/25
31/3/24
£
£
29,145
25,206
42,910
41,390
-
3,300
42,910
44,690
Total incoming resources
EXPENDITURE
Other trading activities
Bad debts
Charitable activities
Wages
Rates and water
Postage and stationery
Education costs
Social welfare costs
Medical costs
Sports activity costs
Poverty alleviation
Project execution expenses
Other charities		 72,055
69,896
1,349
-
1,262
-
-
411
782
137
19,613
21,352
-
7,791
-
9,281
-
508
-
1,459
4,939
8,583
5,978
-
Other
Hire of plant and machinery
Rent & rates
Repairs, maintenance and administration
Exchange differences
Freehold property
Long leasehold
Fixtures and fittings
Computer equipment		 32,574
49,522
-
977
3,331
-
1,282
1,261
(950)
17,314
1,206
732
472
184
34
20
147
-
Support costs
Finance
Bank charges		 5,522
20,488
294
113

This page does not form part of the statutory financial statements

Page 17

PALLE MOELLER FOUNDATION

Detailed Statement of Financial Activities for the year ended 31st March 2025

Finance
Other
Administration costs
Impairment of cash at bank
Impairment of interest		 31/3/25
31/3/24
£
£
4,177
2,527
22,420
184,125
-
3,300
Governance costs
Auditors' remuneration
Accountancy and professional fees		 26,597
189,952
340
326
3,179
2,556
3,519
2,882
Total resources expended 69,855
262,957
Net income/(expenditure) 2,200
(193,061)

This page does not form part of the statutory financial statements

Page 18

PALLE MOELLER FOUNDATION

APRIL 2024 – MARCH 2025 ANNUAL REPORT THE ART OF BALANCiNG GENEROSiTY AND FiNANCiAL RESPONSiBiLiTY

TABLE OF CONTENTS

----- Start of picture text -----
01 Background Information on the Foundation
01 Message from the Chairman, Management Committee
01 Who We Are & Strategic Objectives
02 Our Core Values & The 2024/25 Foundation’s Areas of Focus
14 Financial Summary, April 2024 - March 2025
19 Organization workplan (April 2025-March 2026)
20 Activities in Pictures
21 The Foundation’s Partners
21 The Foundation’s Contacts
----- End of picture text -----

BACKGROUND INFORMATION ON THE FOUNDATION

WHO WE ARE?

Palle Moeller Foundation (PMF) started its operations in 1985 and is registered in both the United Kingdom as a Charitable Trust No. PALLE 2473092 and in Uganda as a non-profit charity organization under the Non-Government MOELLER Organizations (NGO) Registration Board with a Registration Number S5914/428. PMF is named FOUNDATION after its Founder, the late Mr. Palle Moeller (RIP).The Foundation has a Management Committee of Ugandan Professionals from diverse backgrounds, working as volunteers and a Secretariat to run its business operations. The Foundation further functions as General Machinery (GMach) Group of Companies’ Corporate Social Responsibility Arm, and as society demands that the Group’s business practices are undertaken ethically and in cognizance of the needs of the society in which they operate. Each company within the Group makes an annual commitment through financial contributions towards improving and changing lives in Uganda. With effect from 1st April, 2023, Moeller Foundation Uganda Ltd (MFU) became the project implementing partner for PMF. Under this agreement, PMF donated Ushs. 26,398,235 to MFU to undertake projects under the Foundation's different strategic objectives for the period, April 2024 to March 2025.

Palle Moeller Foundation (PMF) is a charity organization that works among the less fortunate and under-privileged communities in Uganda, in the fields of Education, Sports, Poverty Alleviation, Health and Social Welfare, so as to promote excellence and human dignity. The Foundation has had overtime a varied team of Ugandan professionals with diverse backgrounds and working voluntarily to guide its day-to-day operations. Currently these

----- Start of picture text -----
are:
Ms.
Eng.Tom Alwala Member Jocelyn Leletu MugayehKenneth wenkyiMr.
Member ~ Member
Ms. Mr. J.
Betty N. Kaggwa
Lumu Mukasa
Member Dr. Treasurer
e~ . ! Daniel S. J
Iga
Chairman
Ms. Jackie Mr.
Nampeera Micheal
Secretary Moeller
Member
"a
e--6@ Ms. Mrs.
Jackline Janet N.
Nalubowa Ms. Bugembe
OfficerField Tibesigwa Sharot Member
Admin.
Assistant
w~
----- End of picture text -----

Message from the Chairman, PMF / MFU Management Committee

In the year 2025, Palle Moeller Foundation (PMF) should be celebrating 40 years of dedicated service to humanity. Initiated in 1985 by indeed the visionary Mr. Palle Moeller (RIP) with the view to give back to the communities in which his various businesses operated in then successfully, this would be a good time to make reflections on what went well and otherwise in as much as achieving the Foundation’s objectives as outlined at that time.

The continued relevance of PMF underscores its ongoing need to serve humanity purposefully. However, for it to fulfil its mission, each of the key stakeholders in its management team have a role to play. You can contribute in various ways: i.e. by advocating for PMF, joining as a volunteer and or providing financial support if you have the means. The Foundation’s core mission is to ensure that PMF remains a vital force for good. By actively supporting its efforts, we help guarantee its future and enhance its ability to continue to reach out and assist those in need. Together we can be the guardians of PMF’s enduring impact and its vital role in serving humanity in Uganda.

STRATEGIC OBJECTIVES

  1. To advance the education of the public in all subjects of learning including agriculture, medicine, craft, business and the liberal arts by supporting and promoting excellence.

  2. To relieve poverty within Uganda by assisting the vulnerable, supporting poverty relieving activities, and initiatives to enhance welfare and social wellbeing.

  3. To promote social welfare by supporting all round activities and initiates that enhance wellness and preserves nature.

  4. To promote public health through the provision of health care to those people in Uganda who by the virtue of their circumstances and are in need of such facilities by supporting health promoting activities and initiatives.

  5. To relieve persons in Uganda who are suffering hardships as a result of drought, earthquake, floods or natural disasters or who by reasons of their social and economic conditions are in need of assistance

01

CORE VALUES

APRIL 2024-MARCH 2025 PMF IMPACT ON SOCIAL WELL BEING Lo

NO
STUDENT NAME
~~——__—~~		 SCHOOL
~~——__—~~		 CLASS
~~——__—~~
1

[		 Kajubi Wonder
Christine
~~——__—~~		 Ndejje University
~~——__—~~
2

~~		 ~~ Nannono Esther
~~——__—~~		 Kyambogo University
~~——__—~~
3
~~		 ~~ Mapenzi Jozian Mpoma school
4
 Niwegariho Licky
5
[		 Muketi Pheona Victoria school of nursing and
midwifery
6
~~		 ~~ Kaddu Jeremiah Fountain of Hope Junior School
7
~~		 ~~ Ssekajja Raymond MackayMemorial College
8
 Kizito Raymond
9
[		 Nabasirye Renah Lady Valeria Voc. & Business
college
10
[		 5 Deserving
Students		 Nangabo Vocational Institute
11
school fees for a total of 32
[		 Okello Gerald
Otukene		 Kyambogo University
12
 Wegosas Sharifah
13
[		 Ekapolon Raphael
Micheal		 Old Kampala SSS
14
[		 Namuddu Maria
Asumpta		 Buloba High School
15
~~		 ~~ Lagen Joash Hill PreparatorySchool
16
~~		 ~~ Lunkuse Rashidah St. John’s SS
17
 Mabiriizi Byron
18
 Aisha Namakula
19
 Rehema Nakitende
20
[		 Tushabe Denise
Courtney		 St. Julian High School
21
[		 Mutebi Joshua
Luzida		 King’s College Budo
22
~~—~~		 Fahad Sekamatte MST. Junior School Primary6
23
~~—~~		 Kato Andrew Mukiibi MTS. Junior School Primary6
24
 Kakama Innoncet
25
 Atomi Jemimah
26
 Ayebare Mercy
27
 Nakato Desire
28
 Lugoloobi Duncan

02

AFTER REFURBISHMENT OF THE SCHOOL LIBRARY

Betty Lumu Foundation is a charity organization operating within Wakiso District, Central region of Uganda. The organization applied for support from the Foundation to help them enhance literacy, educational resources and fostering a culture of reading and studying among students by establishing a school library at St. Kizito Nabitalo Primary School. The Foundation donated Ugx: 3,515,000 to purchase furniture and fittings. We are pleased to advise that the project was successfully completed.

----- Start of picture text -----
BEFORE REFURBISHMENT OF THE SCHOOL LIBRARY
----- End of picture text -----

03

Under this same sector of education, the Foundation donated UGX: 3,000,000 towards the purchase of five computers for John Paul Secondary School Gayaza, Kasanje; so as to improve learning through the computer-based environment.

Yamba Childcare Organization is located in Bikurungu Town Council, Rukungiri District south-western Uganda. The Foundation has donated over UGX: 26,000,000 million towards the construction of a five (5) classroom block at Yamba School. The funds have been disbursed in phases and during the current financial year, the Foundation provided a grant of UGX: 5,325,000 towards the purchase of roofing timber to the organisation. We are pleased to advise that the classroom block is now in use and it has provided shelter and a conducive learning environment for the local students.

04

EDUCATION SUCCESS STORY AS TOLD BY A STUDENT

I am Kakama Innocent, an old boy from Mbarara High School who recently graduated from Bishop Stuart University with a Bachelor of Science in Economics and Statistics with honors. Second Class Upper.

During my eduction initiative at Bishop Stuart University, I experienced financial challenges. One of the old boys and a teacher of Mbarara High School made and shared fliers explaining the resilience, courage, determination and hard work of a cook who studied only for one (1) year at O Level by skipping senior 1, Senior 2 and Senior 3 while working as a cook, but later joined A Level with a dream of achieving a university degree. The fliers were posted on different social media platforms, and Palle Moeller Foundation came across one. I received a phone call from the Foundation’s Secretariat informing me about the flier they had come across; and I was requested to submit more detailed information about my situation and to further write an application for a fellowship.

“I was overwhelmed when after a few weeks of my application submission, to be informed that a full tuition sponsorship (100%) had been granted to me for three (3) years of the University education. This was a dream come true,” says Innocent with joy.

When the Foundation started paying my tuition, I had nothing to worry about. I informed them every semester about the total amount of tuition fees, and these were always paid on time.

Being a cook earns me only Uganda shillings 100,000 monthly as a salary, which wasn’t enough to raise Uganda shillings 1,300,000 for the University tuition fees every semester. The support from PMF for three (3) years at Bishop Stuart University while pursuing my dream of attaining a degree of Science in Economics and Statistics motivated, encouraged and empowered me with a spirit of hard work and strengthened me to read harder to achieve my dream without any financial worry. I want to thank the Management of the Palle Moeller Foundation for the great opportunity it gave me to attain a university degree from Bishop Stuart University in Economics and Statistics with Second-Class upper honors. I am proud and grateful to be part of PMF’s beneficiaries.

As a resilient cook, my prayer is to get a good-paying job and pursue further studies. Currently, I am working as a Library supervisor at Mbarara High School, Kakama narrates.

05

THE GRAPH BELOW, SHOWS THE NUMBER OF STUDENTS FUNDED AT EACH EDUCATION LEVEL IN THIS FINANCIAL YEAR

----- Start of picture text -----
No. of StudentsNo. of Students
University LevelUniversity Level
NO. of StudentsNO. of Students
Secondary LevelSecondary Level
Primary LevelPrimary Level
00 22 44 66 88 1010 1212 1414
----- End of picture text -----

PROMOTION OF SOCIAL WELFARE

This financial year, the Foundation contributed a total sum of UGX: 17,400,000 towards the fulfilment of this objective and 1,757 people benefited from the support.

N0 Implementer Target Area Project Beneficiaries Amount
(UGX)
1 John Paul S.S
Gayaza, Kasanje		 Buwaya,
Wakiso
District		 To drill and construct a borehole 1,224 members of
Buwaya
community		 7,400,000
2 The ROTOM
School		 Magoggo,
Mukono
District
Nabitalo,
Wakiso
District

l
lI
Bless a grandchild this Christmas.
To provide beddings, clothes and food items
to the needy & deserving children under the
care of older persons.
To provide care packages to various families;
including individuals with special needs within
the communities of Kiwenda and Nabitalo.		 93 grandchildren
under the ROTOM
care		 5,000,000
3 Betty Lumu
Foundation		 40 vulnerable
families benefited
here		 2,000,000
4 UMMAT
Mohammad
Group		 Nakawa
Division		 To provide support to needy Muslims during
Ramadan. (To purchase food items like rice to
be distributed to Muslims during Ramadan)		 400 individuals
were targeted
during the month
of Ramadhan		 3,000,000

06

JOHN PAUL SECONDARY SCHOOL AT GAYAZA, KASANJE

John Paul SS is a registered private school located in Gayaza - Kasanje, Wakiso District. The school sought support from MFU to help them drill and construct a borehole for the community of Buwaya and the school community at large. The Foundation granted UGX: 7,400,000 towards the purchase of drilling equipment and materials. The borehole was successfully completed and handed over to the community.

THE ROTOM SCHOOL AT MAGOGGO-MUKONO DISTRICT

The school was started in January 2018 with 30 children in kindergarten class and has since grown to currently 93 children at kindergarten level to Primary 6 (Grade 6). The ROTOM School is a

center of Innovation,i Excellence and Le eerie) ‘x by ROTOM to provide good quality Character development. It waere aSan) basic education to children under the care of older persons. The school is located in Magoggo Village, Mukono Uganda. It provides a tranquil quiet environment, conducive for children to learn. The school sought support from oRedOES the Foundation towards a Christmas campaign (Bless a Grandchild - UGANDA Christmas Campaign), and the Foundai tion donated UGX: 5,000,000 towards providing beddings, clothes and food items to the deserving children under the care of older persons.

07

Betty Lumu Foundation (BLF)

BLF is a charity organization operating within Wakiso District, Central region of Uganda. The organization applied for a grant from PMF to enable them provide care packages to 40 families, including individuals with special needs within the communities of Kiwenda and Nabitalo. The Foundation granted UGX: 2,000,000 for the cause.

08

UMMAT Mohammad Group

The Holy month of Ramadhn is a time of spiritual reflection, compassion and generosity. Recognizing the importance of this sacred period, the Foundation donated UGX: 3,000,000 million to UMMAT Mohammad Group to enable them provide support to needy Muslims during Ramadan. This donation to UMMAT Group demonstrates the Foundation’s commitment to supporting vulnerable communities and promoting social welfare in collaboration with both Faith Based & Non Faith Based Institutions.

09

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POVERTY ALLEVIATION
~ 7
----- End of picture text -----

Women and Youths’ Skills Development Association

The Association is located in Kyengera town, Central Region, Wakiso District. WYSDA started as a group of five individuals during Covid-19 in 2021 and it currently has an enrolment of 84 women and youths. The Association provides hands on practical skills in craft shoe making, making bags, earrings, body sponges and other products which they sell on a retail and whole sale basis. The Association applied for support from Moeller Foundation to help them provide practical skills to women and youths and to purchase electric shoe making machines to enable them become self-reliant. A grant of UGX: 6,770,000 was approved in two phases towards the purchase of training materials and electric shoe making machines.

10

Ngora Older Persons Health and Nutrition Concern (NOPHNC)

Ngora Older Persons Health and Nutrition Concern is a community-based organization registered with Ngora Town Council Local Government, Eastern Uganda under REG/NTC/10551/012 and operating under the supervision of Reach One Touch One Ministries (ROTOM). The organization is targeting older persons and their care givers within the district of Ngora.

The on going project aims at providing livelihood assets (Sheep), and it kick-started off in February 2024 with a total of 16 older persons initially benefiting from the project. The project methodology was; that the first group of beneficiaries each received an ewe (female adult sheep). Commonly an ewe produces twice a year. So, the first lamb(s) were to be given out to the next identified and selected beneficiary. This project is to be conducted for a period of 2 years to ensure that a big number of older persons is impacted.

On 16thAugust, 2024, PMF/MFU’s Field Officer travelled to Ngora to inspect the project progress and witness the handing over of the lambs to the 2nd set of beneficiaries. In conclusion, the project so far is yielding results and its set objectives and goals are in their initial stages of achievement, though there is still high demand and need to support more older persons in the area since most of them are left alone and leave in isolation.

11

PROMOTION OF SPORTS Po

Watoto Childcare Ministries - Watoto Laminadera Children’s Village:

Watoto Laminadera Children’s Village is located in Gulu District, Northern Uganda. It focuses on transforming lives of children with the power for a bright future through promotion of extracurricular activities & education. Watoto Childcare Ministries applied to Moeller Foundation Uganda seeking for support to help them purchase basketball Jerseys for their team at Watoto Laminadera Village. The management committee approved UGX: 1,044,000 towards the purchase and branding of basketball jersey. On the 18th/06/2024, the sports jerseys were handed over and the MFU Field Officer participated in the exercise.

12

PROMOTION OF PUBLIC HEALTH

This is a core value charitable area under the Foundation’s objective with an interest to advance the health status of individuals and communities in Uganda. The Foundation has over time donated generously towards the treatment of various diseases in a number of needy communities around the country. This financial year, the Foundation contributed UGX: 5,000,000 towards the treatment of a baby born with a heart condition. This is just one example of our commitment to giving back to the community.

WELLS OF HOPE (WOH) MINISTRIES

WOH Ministries is a non-profit organization dedicated to supporting vulnerable communities. Recently it received a donation of UGX: 2,000,000 from the Foundation to help them distribute sanitary towels to 120 vulnerable girls. The Foundation’s donation has made a tangible difference in the lives of these 120 vulnerable girls and to create awareness about menstrual hygiene.

KASAWO MISSION HEALTH CENTRE III

The Foundation has consistently demonstrated its commitment to supporting community development projects. One notable example of this commitment is the Foundation’s support to Kasawo Mission’s project by providing glass fittings for the maternity ward. The installation of glass fittings has improved the aesthetic appeal and functionality of the Health Centre III facilities.

13

FINANCIAL SUMMARY (PALLE MOELLER FOUNDATIO0N)

INDEPENDENT AUDITOR'S REPORT TO THE PROMOTERS OF PALLE MOELLER FOUNDATION

Opinion

We have audited the financial statements of Palle Moeller Foundation, which comprise the statement of financial position as at 31 March 2025, the income and expenditure statement, statement of changes in equity, statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying financial statements give a true and fair view of the financial position of Palle Moeller Foundation as at 31 March 2025, and its financial performance and its cash flows for the year then ended in accordance with the International Financial Reporting Standard for Small and Medium-Sized Entities (IFRS for SMEs Accounting Standard).

Basis for Opinion

We conducted our audit in accordance with the International Standards on Auditing (ISAs) and Guidelines issued by the Institute of Certified Public Accountants of Uganda. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Organization in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code), together with the ethical requirements that are relevant to our audit of the financial statements in Uganda, and we have fulfilled our other responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Responsibilities of Management and those Charged with Governance for the Financial Statements

Management is responsible for the preparation and fair presentation of financial statements in accordance with International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs Accounting Standard), and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Organization’s ability to continue as a going concern, disclosing, as applicable, matters related to the going concern and use of the going concern basis of accounting unless management either intends to liquidate the Organization or cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Organization’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with International Standards on Auditing will always detect material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

14

As part of an audit in accordance with International Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

-Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentations.

We communicate with those charged with governance regarding among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Report on Other Legal and Regulatory Requirements

As required by the Non-Governmental Organizations Act, Cap.109, we report to you based on our audit that:

(i) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;

(ii) In our opinion proper books of account have been kept by the organization so far as appears from our examination of those books; and

(iii) The organization’s statement of financial position and statement of income and expenditure are in agreement with the books of account.

The engagement partner on the audit resulting in this independent auditor’s report is CPA Augustine Lule-P0169.

----- Start of picture text -----
CPA Augustine Lule
> aa : ® .
Kampala
----- End of picture text -----

15

STATEMENT OF FINANCIAL POSITION AS AT 31st MARCH 2025

STATEMENT OF FINANCIAL POSITION AS AT 31st MARCH 2025 STATEMENT OF FINANCIAL POSITION AS AT 31st MARCH 2025 STATEMENT OF FINANCIAL POSITION AS AT 31st MARCH 2025 STATEMENT OF FINANCIAL POSITION AS AT 31st MARCH 2025
Notes Year ended Year ended Year ended Year ended
31.03.2025 31.03.2024 31.03.2025 31.03.2024
Shs Shs £UK £UK
ASSETS
Non-Current Assets
Property, plant and equipment 3 346,215,604 352,884,676 73,019 71,853
Investments ~~Re~~ 334,000 334,000 70 68
Total Non-Current Assets
~~ee~~		 ~~ee~~
~~Re~~		 346,549,604
~~ee~~		 353,218,676
~~ee~~		 73,089
~~ee~~		 71,921
~~ee~~
~~Re~~
Current Assets
Accounts receivable 4 40,939,089 117,299,162 8,634 23,884
Tax recoverable 3,103,794 3,103,794 655 632
Cash and cash equivalents
~~a~~		 5
~~ee~~		 201,522,730
~~es~~		 141,813,203 42,502 28,875
Total Current Assets
~~a~~		 ~~ee~~ 245,565,613
~~es~~		 262,216,159 51,791 53,391
~~a~~ ~~ee~~
~~ee~~		 ~~es~~
Total Assets
~~a~~		 ~~a~~
~~ee~~		 592,115,217
~~a~~		 615,434,835
~~a~~		 124,880
~~a~~		 125,312
~~a~~
~~ee~~
EQUITY AND LIABILITIES
Accumulated Fund
Endowment fund 6 501,850,139 519,818,894 105,843 105,843
General Trust Fund 7 -5,010,976 -8,496,888 -1,057 -1,730
Revaluation reserve fund 8 49,515,584 31,546,829 10,443 6,423
Capital reserves
~~a~~		 ~~ee~~ 334,000 334,000 70 68
Total Accumulated Fund
~~a~~		 ~~ee~~ 546,688,747 543,202,835 115,300 110,604
~~a~~ ~~ee~~
Liabilities
Accountspayable 9 25,426,470 72,232,000 5,363 14,708
Deferred Income ~~ee~~ 20,000,000
~~es~~		 - 4,218 -
Total Liabilities
~~a~~		 ~~a~~
~~ee~~		 45,426,470
~~a~~
~~es~~		 72,232,000
~~a~~		 9,581
~~a~~		 14,708
~~a~~
~~ee~~ ~~es~~
Total Accumulated Fund and Liabilities
~~es~~		 Total Accumulated Fund and Liabilities
592,115,217
~~es~~		 615,434,835
~~es~~		 124,880
~~es~~		 125,312
~~es~~

The accounts were approved by the Foundation’s Management Committee on………………….2025 and signed on its behalf by:24/06/

………………………………. ……………………………….

Committee Member Committee Member

16

STATEMENT OF FINANCIAL POSITION AS AT 31st MARCH 2025

INCOME AND EXPENDITURE STATEMENT FOR THE YEAR ENDED 31
MARCH 2025
ST		 INCOME AND EXPENDITURE STATEMENT FOR THE YEAR ENDED 31
MARCH 2025
ST		 INCOME AND EXPENDITURE STATEMENT FOR THE YEAR ENDED 31
MARCH 2025
ST		 INCOME AND EXPENDITURE STATEMENT FOR THE YEAR ENDED 31
MARCH 2025
ST		 INCOME AND EXPENDITURE STATEMENT FOR THE YEAR ENDED 31
MARCH 2025
ST
Year ended Year endedYear endedYear ended Year endedYear endedYear ended Year endedYear endedYear ended
31.03.2025 31.03.202431.03.202531.03.2024 31.03.202431.03.202531.03.2024 31.03.202431.03.202531.03.2024
UShs UShs £UK £UK
Income
Rental income 10 202,044,780 203,274,840 42,612 41,390
Donations 11 137,222,750 123,800,000 28,941 25,208
Bank interest ~~ee es~~ -
~~es~~		 16,207,435 - 3,300
Total Income
~~es~~		 ~~es~~
~~ee es~~		 339,267,530
~~es~~
~~es~~		 343,282,275
~~es~~		 71,553
~~es~~		 69,897
~~es~~
~~ee es~~ ~~es~~
Expenditure
Education Charity 92,349,180 104,865,475 19,477 21,352
Other Charities 12 28,149,000 93,505,808 5,937 19,039
Depreciation 8,749,072 4,596,928 1,845 936
Property Maintenance 6,035,987 6,193,000 1,273 1,261
Administration 19,666,178 12,409,556 4,148 2,527
Salaries and Wages 5,400,000 - 1,139 -
NSSF employer contribution 540,000 - 114 -
KCCA Property Rates 2,148,120 2,020,066 453 411
Ground rent 8,735,290 - 1,842 -
Rent 4,800,000 4,800,000 1,012 977
Audit fees 1,600,000 1,600,000 337 326
Bank charges 1,383,863 556,721 292 113
Courier and postage 503,000 - 106 -
Printing and stationery 3,180,500 670,500 671 137
Loss on Foreign Exchange 8,333,412 32,055,895 1,758 6,527
Accounting fees 6,534,496 5,661,419 1,378 1,153
Professional fees 2,500,000 1,000,000 527 204
Project execution expenses - MFU 23,256,635 42,153,461 4,905 8,583
Impairment of receivable from MFU - 904,282,500 - 184,125
Impairment of interest receivable - 16,207,435 - 3,300
Impairment of funds held at
Mercantile Credit Bank		 13 105,566,352 - 22,265 -
Provision for bad debts
~~a~~		 ~~ee~~ 6,350,535 - 1,339 -
Total Expenditure
~~a~~		 ~~ee~~ 335,781,620 1,232,578,764 70,818 250,971

The accounts were approved by the Foundation’s Management Committee on………………….2025 and signed on its behalf by:24/06/ .…………………………. ………………………….. enable APSR QGuEn. Committee Member Committee Member

17

STATEMENT OF CASHFLOWS

STATEMENT OF CASHFLOWS
Year ended Year ended
31.03.2025 31.03.2024
Shs Shs
Operating Activities
Surplus/ (Deficit)for theyear 3,485,910 -889,296,489
Adjustment for:
Depreciation 3 8,749,072 4,596,928
12,234,982 -884,699,561
Changes in Working Capital Items
(Increase)/Decrease in receivables 76,360,073 -110,948,628
Increase/(Decrease)in Creditors and Accruals -46,805,530
~~Fr~~		 18,495,798
~~Fr~~
Deferred income
~~F~~		 20,000,000
~~Fr~~		 -
~~Fr~~
Prior Year Adjustment
~~F~~		 2 -1
Cash Flow from Operating Activities 61,789,527 -977,152,392
Investing Activities ~~F~~ ~~F~~
Purchase of property and equipment
~~_—:.— ——~~
~~een~~		 ~~een~~ -2,080,000
~~F~~
~~een~~		 -
~~F~~
~~een~~
—
Net cash flow from investing activities
~~_—:.— — —~~
~~een~~		 ~~een~~ -2,080,000
~~een~~		 -
~~een~~
—
Financing Activities ~~F~~ ~~F~~
~~Fr~~		 ~~Fr~~
Contribution to accumulated reserves -
~~F~~
~~Fr~~		 -
~~Fr~~

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Year Projections 2025 – 2026

PALLE MOELLER FOUNDATION - Organization Work Plan (April 2025 – March 2026)

Goal 1: PLANNING AND BUDGETING
~~a~~		 Goal 1: PLANNING AND BUDGETING
~~a~~		 Goal 1: PLANNING AND BUDGETING
~~a~~		 Goal 1: PLANNING AND BUDGETING
~~a~~		 Goal 1: PLANNING AND BUDGETING
~~a~~		 Goal 1: PLANNING AND BUDGETING
~~a~~
Key Action Steps Timeline Expected Outcome Data Source and
Evaluation
Methodology		 Person/Area
Responsible		 Comments
Work plan and
budget for activities
to be done
throughout the year		 By 16 April
2025
th		 To present the draft
2024/25 PMF/MFU
annual budget and
work plan to the
Committee for
approval and further
submission to the
NGO Board		 Refer to prior year
activities to identify
areas for action and
areas that may require
strong interventions.		 The
Management
Committee		 Time frame
should be
strictly
observed.
Registration of
Moeller Foundation
Uganda Limited with
NGO Bureau by 31
March 2026.
st
Goal 2: PROMOTION OF SOCIAL WELFARE
~~a~~
Key Action Steps Timeline Expected Outcome Data Source and
Evaluation
Methodology		 Person/Area
Responsible		 Comments
To improve social
services and welfare
in per-urban and
rural areas. Example,
install safe water
systems, solar
energy and promote
community led
initiatives. Promote
advancement of the
welfare of vulnerable
persons, natural
Eco-systems etc		 welfare of vulnerable
By 31 March
2026
st		 Reduced human
suffering and poverty,
community
empowerment,
improved social
facilities and
streamlined roles.
Access to safe and
clean water,
improved Eco-
systems. All in
selected community
groups around
Uganda.		 suffering and poverty,
Identify deserving
areas, screen, supervise
and evaluate impact of
support to relevant
Ugandan communities.		 The
Management
Committee		 Organized
groups and
communities are
to be targeted.
Partnerships
shall be sought
where
applicable.
Goal 3: PROMOTION OF HEALTH
~~a~~
Key Action Steps Timeline Expected Outcome Data Source and
Evaluation
Methodology		 Person/Area
Responsible		 Comments
To promote health
and safety among
communities
through nutrition,
basic health & health
training
interventions; as well
as install medical
equipment		 interventions; as well
By 31 March
2026
st		 A healthy community,
better nutrition,
empowered
communities, well
equipped health
facilities, increased
awareness of safety
standards and
measures, increased
use of clean energy		 To identify key
actionable areas,
screen, supervise and
remedy, as well as to
evaluate post support
circumstances		 The
Management
Committee		 Organizations
and
communities are
targeted.
Partnerships are
preferred where
applicable
Goal 4: PROMOTION OF SPORTS
~~a~~
Key Action Steps Timeline Expected Outcome Data Source and
Evaluation
Methodology		 Person/Area
Responsible		 Comments
To promote sports
nationwide as a key
issue in
development
of
communities.		 By 31 March
2026
st		 A healthy community,
interactive
communities through
promotion of
different sports
activities. Increased
love for sports among
communities and
talent.		 Identify individuals and
institutions, screen and
report on performance.		 The
Management
Committee		 Outstanding
and deserving
individuals
recommended
by institutions
are targeted.
Individuals may
be targeted at
the discretion of
the Committee.
Promotion of talent
and instil love for
sports among the
children, youth and
the elderly.

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ACTIVITIES IN PICTURES 11 20

PMF FUNDING PARTNERS

General Machinery Group of Companies

-General Machinery Limited -Victoria Motors Ltd. -Victoria Equipment Ltd.

-Mercantile Car Rentals Limited -Victoria Engineering and Pumps Ltd

-Sus-Tech Limited

-Specialised Motors Ltd -Merca Limited

Mercantile Properties Ltd

SUPPORTING PARTNERS Mercantile Executive Services Ltd

IMPLEMENTING PARTNER Moeller Foundation Uganda Ltd

PMF’S CONTACT

E-Mail Address: pallemoellerfoundation@gmail.com Website Information: www.pallemoeller.gmachgroup.com Physical Address: Plot 10, Old Port Bell Road P.O Box 6080, Kampala-Uganda

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