CharSty R•gi¥tration No. S¢033449 Iscotlandl MALAWI TOMORROW CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 MALAWI TOMORROW CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Truste Charity number {Seotland) SC033449 Prlnclpal addre$B 48 Cl¢veden Drive Kglvinsi¢Je Glasgow G120NU Ind•p•ndont •xaminer eiihdm Con&tray & C.0 Chartered A￿untants 16 Royal er•scgni Glasgow G3 7SL MALAWI TOMORROW CHARITABLE TRUST CONTENTS Pag• Truslees. r8port Ind¢pendent ex8miners report Stslement of financial activilies Balance shoot Notes to the financial ststements MALAWI TOMORROW CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 The trustses present thèir ann¢J81 ￿ptsrt ond financial slalement5 for the year ended 30 September 2024. The financi81 stalements have been prepared in 8c¢ordance with the accourtrling policies set out in note I to the financial statements and comply with the charity's Constitutson, the Charities and Tn&slee Investment IS¢otlandl Act 2005, the Charities Accounts Iscollandl Regul&tions 2006. FRS 102 -The Financral Reporting Standard applic8ble in the LIK and Republic of Irelan(J and Accounting and Reporting by Charities.. Stalernent of Recommended Practice appli￿ble to charities preparin9 their accounts in aGcordgnce with the FirTr8ncFal Repo￿n9 Standard applicable in th8 UK Rep￿blIC of Irèland IFRS 1021. Oble¢tlvos And actlvlties The charlty's objective is the Telief of poverty and thè advancernent of educatlon antj health in Malawi. The trustees have paid due regard lo gu*dancÈ issued by the Charity Cornrnissltsn in deciding what aci'vitie8 thè charity Should undertake. Aehievemenls and perfomance In the past year the trustees have concentrated on the seholarship awards programrne which aFms to provide basic primary and secondary education targeted principally on orphans and other vulnerable children. This has resulted in awards for sixty primary and ftsrty seeondary pupils together with three young people eftlering university. Flnanclal review Results for the year ended 30 September 2024 Èr8 given in the S181ement ol Financial Aclivili•$ on p8ge 4. The assets and li8bilitie8 are det8iled on the Balance Sh8et on page S. The Slatement of Financial Activities show$ a nel inflow of funds for the year ol £18712023 - oufflow of funds £6651. This added to the funds brought forward give5 8 ijeficit to carry IoN4ard of £18012023 - £3671. Full details ol income and expendiiure are set out In notes I to 8 of the aGcounts. The Iruste65' policy is to maFntsin resèrves at around three months of normal operating Costs. Cash reserves at the year end were £40012023 - £2131. rhe low balance is ¢au58d due to extra project work being undèrtaken and it is the truste8s intention to get back lo the aforementioned three months lev61 of operating funds. Thè trustees have assèssed the major risks to which the chadty is exposed, and S￿ satisfied that systems are in place lo mitigatè exposure to the major risks. Future plans h is the trustees, intention to ¢ontinue to Support educatioTr through its 5Gholarship awards programme. New premises have been found for the build of a new school which will initially be opened 8s a pr&school. There h83 beerb a delay wilh moving this project forward due to addition81 fundraising in Malkwi. It IS 31111 Ihe trustees. intentions to continue to look for 8 solution. The opening of the sGhool has been pushed back to a later dale in th8 futur¢. Half ihe pupi5s will be fee paying and this Should meel the School's running costs. MALAWI TOMORROW CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Stnjcture. goveman¢e and management The charity was s￿ale{l by the completion ol 8 Letter ¢fTw$l on 22 August 2002. The charity its controlled by its goverr5ing document, a Deed ol Trust. aNJ tonstitutas an unirt￿rpOra1•d charity. The Iw$le¢$ whu 8eNod during the year and up lo the date ol s￿nature of the financial statements weie.. Trustees arg appEiintod fo¥ a lerrn of 12 months, There is no reslrictTon on the number of times a trustee may bè ra•letted. The tru8tee8 8re respon8ible for the maintenance and integrity ol the charity and finantk41 infoTm81ion indudéd on lh8 ch8rity$ wabsit8. Lègk%18tioA in thg Unitsd Kingdom 9overning the pr8P8ralim and dis5¢rninalKJn of financigl slat¥m•rnts may diflorlrorn l•gislation itt olh8r junsdictioDs. MALAWI TOMORROW CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MALAWI TOMORROW CHARITABLE TRUST I rr*pori to the charity trustees oft my examination ol the finjnckql $tslem$nts of the charity for Ehe year endod 30 Sèptsmb8r 2024, which are set out on pages 4-9. Respeetlve r•sponsSbJlltl#s of trtssl•¢$ and frxamlnor The chaF£ly'S tw$tees are responsible lor the prep8ration of thè financlal sttlements ix accord8nce with the 16nHs of th8 Charit1•$ aftd TrLtrStée Investmgnt Iscodandl Act 2005 and the charit￿s Accounts IScotl8ndl Regulations 2006. The charity trustees consider th81 the 8udS1 requiremenl of Regulation 10111 lal to Icl ot thÈ Aceounts Regu18tion$ does not apply. It is my responsibilily to examine the financial statements as requi￿￿ under 5eGtion 44111 Icl of th8 Act 8nd to ststfj whether Part￿￿lar mattws hav• comè to my attention. Basts of Indèpendènt •xamln*r'$ report My exami[￿tion 18 carried out in accy)rdance with Regulotion 11 of the 2006 Aetounts Regulation5. An exarninalioTr Ènclude5 a r8¥iew of the actountlno records kfypt by Ihfr charity and a comparison of the financ￿1 Statements presented wrfh those r9￿r￿s. 11 also includes consideration of any unusu81 it8ms or disdosurps in the financial stateTP.ent5. and seeks Èxp￿nèt￿ns from the iru8tefps ¢oncerning any such rn8tter$. The pro(xdures undertaken do nol provide 811 the evillence that WO￿1￿ be requirecl in 8n 8udit, and conswu¢ntly I do not express an audit opinion on the vifrw given by the fin3n¢i81 Statements. Independent examIne￿$ statement In Ihe cotsrse of my 6xarnirkation. no malter has come lo My attention= lal which givès rn6 f8ason8bla cause to believe th&t in Mny material respect th¢ Tequirements.. li) to keep accounting re¢ords in 8¢cord&rnco wlth sac1￿￿n 44111 lal of the 2005A¢t and Regulation 4 of the 2006 Accounts RegvlaliL)ns', and lill to prèpare financial slalements which 8cL'oré Ihe ac¢ovntin9 roci)rds and eomply with Re9ul8liDn 8 bjectivès unlèss the funds have been designated for other wrposès. Rèstricted fund3 are 8ubject to specific conditions by donors as to how they may be used. The purpo58$ 3nd uses of the restrtcled funds are sel out in the notes to the financial statamènts. 1.4 Incomlng resource5 Incorne is recognisèd when tre charity is legally enlitjed to It aftèr any pèrfotmancè conditions have beèn mèt. the amounts can be measurgd reliably, and it is probable that income will bè received. Cash donations are recogTEiSed on r&c91Pt. Other donation5 are ¥ecognisèd once the charity has been noÈ'fied of Ihe donation. Income lax recoverable In r818lK)rh to don8lions received under Gift Aid or deed5 of ¢ovenant is recognised at Ihg time of the donation, MALAWI TOMORROW CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Aeeoumting poli¢io$ Icontlnued) 1.5 Resources expended Liabilities are roco9nisÈd as resources expended as soon as ther8 is a legal or constructlvè oblig81ion committing the charity to the expenditure. All expenditure is accounted for on an accrua15 b88is and has t>een classified under headings that aggre9at& all wsts felated to the category. These are alltsc8ted as between charitable expenditure and support costs. Charitable expenditure is Incurred in direct pursuance ol the charlly's principal obje￿iveS and as set out in the trustees. report. Support costs comprise of those Costs direcuy attribut£ble to the support of the ch8rity. 1.6 Cash and cash equlval8nt5 Cash and cash eqLLivalents include cash In hand and deposits helij st call with bank5. 1.7 Financial instruments The charity has el6et6d to 8ppty the provisions of Section 11 'Basic F￿n8￿￿81 Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of rt$ linancial instrumenls. Financial instruments are recognised in the charitys ba18ncè sheet when the eharity becomes party lo the contractual provlslons ol the instrumenl. Baslc flnanclal assèts B3$iG fillan¢ial 8ss&ts, wh￿h include cash and bank b8lance8, are rn8asuTed at trAns8ction price. Bas1¢ flnanclal Ilabllltlès Basic financial liabilities aro recognised al transaction priee. 1.8 Taxation The company Is a registerèd charity and accordingw is exempt from taxation on its income and gains where they are applied for charitablfr purposas. Crltlc•l accounting 9Stim?te$ and ludgem•nts In the appliration ol Ihe charity's acetsunling pdi¢ie8, the trustees are required to make judgements, estimates 8nd assumptions about the Carrying amoL5nt ol a55et5 and liabilities that are not readily apparent from other sources. The estimal¢s and associated assumptions are based on historical experience 8nd other factors that are considered to be relevant. Act￿atr results may differ from these estimales. The esllmatts and undertying assumptlons are rtviewed pn an ongoiro basis. R¢vi8ions to accountin9 estimates are recognised in the period in which the estimate is revisèd where the revision affects (￿lY that period, or in the perbd of the revision ènd future periods where the ￿VIsiOn affects both curient and fulure periods. The trustees consider there to be no ¢rili¢al acwunting estlmates and judg&ments. MALAWI TOMORROW CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Donalionfj ond 9lfts 2024 2023 Donations and 9ifts Gift aid 190.724 37,406 182.155 38,159 228,130 220,314 Invèstmènts Unresld¢tsd Totol 2024 2023 IRtere8t re¢eivable 17 Charltable a￿1VItIeS 2024 2023 Donations made Consultancy lees 198.030 28.150 191.799 27,500 226.180 219,299 Share ofsupport costs 1,780 1,680 227,960 220.979 Analys1$ by fund Unreslricled funds 227,960 220,979 Support costs includes payment io Ihe indepen(Jent examiners of £480 12023 £4801 for independent examinatKJn lees. Trustees None of the trustees lor any PErson5 conned9d with theml received any rèmuneration or reimbursement of expenditure during the year. MALAWI TOMORROW CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Crodhors- amounts falllng du• wlthln ona ￿#T 2024 2023 A¢Grual8 and deferred income 580 580 Related party transactlons There were no dis¢ltss8ble related party transactions durin9 the year12023- None).