REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements |
for the Year Ended 31st March 2023 |
for |
PALLE MOELLER FOUNDATION |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements |
for the Year Ended 31st March 2023 |
for |
PALLE MOELLER FOUNDATION |
PALLE MOELLER FOUNDATION |
Contents of the Financial Statements |
for the year ended 31st March 2023 |
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 |
PALLE MOELLER FOUNDATION (REGISTERED NUMBER: 02473092) |
Report of the Trustees |
for the year ended 31st March 2023 |
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 2023. 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. |
PALLE MOELLER FOUNDATION (REGISTERED NUMBER: 02473092) |
Report of the Trustees |
for the year ended 31st March 2023 |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
This time of year is usually a moment of refection, anticipation and hope. Reflection on the year (April 2022 - March 2023) 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 it for granted. At this moment in time the Foundation wish to take this opportunity to pay tribute to the Foundation's Trustees; the Foundation Founder's Family (Mrs Dorothy Moeller & family and Ms Lilly Moeller), but as well as the CEOs & MDs of the General Machinery Group of Companies and Mercantile Credit Bank Ltd for the continued financial support and guidance towards the activities of the Foundation overtime. You have shared your feedback on the Foundation's operations - in form of commendations and observations - which have helped to shape our work better. |
Last but not least, the Foundation wish to pay tribute to our various partners at operational level, the Foundation's Management Committee Members (all working voluntarily) as well as the Foundation's Secretary and the entire secretariat that put in long hours to to deliver on the required paperwork and products so as to achieve the set annual plans and overall objectives for the period. No one is perfect and overall, you all do a great job under enormous pressures. |
To reiterate that feedback is to make our work better, and not to distract us. Together, we can make ourselves and the communities we live in far better than they are presently. Can the Foundation have a merit-based system that ensures that the youth with potential do not get stunted just because they come from poor families, can the Foundation have a system to identify which sick people can be sponsored for treatment even if they don't have a well-to-do relative, and there be a system that decides on how to support victims of natural calamities etc. So what happens when we do not have likes of Palle Moeller Foundation to help? |
Education |
This financial year 2022-2023 the Foundation has supported a number of school going children in Primary, Secondary, Vocational/Tertiary and University level; the Foundation has paid school fees for a total of 28 students from different learning institutions. We supported 11 students at Primary level, 10 at Secondary level and 7 at Tertiary University level. Under this charity The Foundation supported 16 girls and 12 boys. There has been a increment of 8 students compared to the previous financial year where the Foundation supported 20 students, this may not sound great but to the Foundation, it is reasonable. |
Social Welfare |
This being the Foundation's are of focus, a number of financial contributions and support has been made to various organisations and individuals under this section. The various contributions included, support to Wakisa Ministries which reached out to the Foundation seeking for financial support toward the purchase and distribution of start-up kits for the young single mothers. Wakisa Ministries was established in April 2005 as a Crisis Pregnancy Centre to address issues such as female adolescent reproductive health education, care and counselling for pre-teen and teenage girls with unwanted pregnancies, trauma counselling and training in Vocational skills. |
Another case is with Tukuuma Company Limited envisioning into leading and facilitating Kabanga community on the shores of Lake Victoria into becoming a self-preserving zero-waste management community. It applied for Palle Moeller Foundation's support towards their project in Kabanga Parish. The Foundation contributed Ushs: 9.3M to the waste management project that impacted positively 225 individuals. |
Health and Medial Initiatives |
This is a priority under the Foundation's objective with an interest to promote health, improve on the health status of communities, individuals and the conditions of service at the different medical centres. This is through contributions towards the treatment of individuals, purchasing of medical equipment, construction of a maternity ward at Kasawo Mission Health Centre III; and other activities that positively impact the health status of communities and the whole country at large. |
PALLE MOELLER FOUNDATION (REGISTERED NUMBER: 02473092) |
Report of the Trustees |
for the year ended 31st March 2023 |
This financial year, the Foundation contributed a total sum of Ushs: 45.9M towards the fulfilment of this objective. The different partnerships were undertaken with different organisations, and this positively impacted over forty thousand people from different communities. |
FINANCIAL REVIEW |
Financial position |
Donations and legacies were down by 88.77% from the previous year from £47,191 to £5,299. |
There was an 26% 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. |
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 Palle Moeller Foundation 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.The Foundation also greatly appreciates its Trustees for their commendable stewardship and financial contribution to its activities. |
The Foundation'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. |
PALLE MOELLER FOUNDATION (REGISTERED NUMBER: 02473092) |
Report of the Trustees |
for the year ended 31st March 2023 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
W M Dawson |
D Moeller |
Ms Lilly H Moeller |
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 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 : Treasurer |
Mr Michael Moeller : Member |
Company Secretary |
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. |
PALLE MOELLER FOUNDATION (REGISTERED NUMBER: 02473092) |
Report of the Trustees |
for the year ended 31st March 2023 |
REFERENCE AND ADMINISTRATIVE DETAILS |
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 |
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 2023. |
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 |
12th September 2023 |
PALLE MOELLER FOUNDATION |
Statement of Financial Activities |
for the year ended 31st March 2023 |
31/3/23 | 31/3/22 |
Unrestricted | Restricted | Endowment | Total | Total |
funds | fund | fund | funds | funds |
Notes | £ | £ | £ | £ | £ |
INCOME AND | ENDOWMENTS FROM |
Donations and legacies |
Investment income | 3 |
Total |
EXPENDITURE ON |
Charitable activities |
Other | ( | ) | ( | ) |
Total |
NET INCOME |
Transfers between funds | 12 | - | 1,400 | (1,400 | ) | - | - |
Net movement in funds | ( | ) |
RECONCILIATION OF | FUNDS |
Total funds brought forward | 261,009 |
TOTAL FUNDS CARRIED FORWARD | 294,948 |
PALLE MOELLER FOUNDATION (REGISTERED NUMBER: 02473092) |
Balance Sheet |
31st March 2023 |
31/3/23 | 31/3/22 |
Unrestricted | Restricted | Endowment | Total | Total |
funds | fund | fund | funds | funds |
Notes | £ | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
Investments | 9 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 | ( | ) | ( | ) | ( | ) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 12 |
Unrestricted funds | 175,355 |
Restricted funds | 10,242 |
Endowment funds | 109,351 |
TOTAL FUNDS | 294,948 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006. |
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. |
PALLE MOELLER FOUNDATION (REGISTERED NUMBER: 02473092) |
Balance Sheet - continued |
31st March 2023 |
These financial statements have been prepared in accordance with the provisions applicable to small charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
PALLE MOELLER FOUNDATION |
Notes to the Financial Statements |
for the year ended 31st March 2023 |
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 | - |
Long leasehold | - |
Fixtures and fittings | - |
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. |
PALLE MOELLER FOUNDATION |
Notes to the Financial Statements - continued |
for the year ended 31st March 2023 |
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:- |
31/3/22 | 31/3/22 |
Ushs. | Ushs. |
1 Pound Sterling | 4,680 | 4,742 |
The year end exchange rates used to convert all Statement of Financial Position items are as follows:- |
31/3/22 | 31/3/22 |
Ushs. | Ushs. |
1 Pound Sterling | 4,680 | 4,742 |
3. | INVESTMENT INCOME |
31/3/23 | 31/3/22 |
£ | £ |
Rents received |
Deposit account interest |
4. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
31/3/23 | 31/3/22 |
£ | £ |
Auditors' remuneration | 342 | 342 |
Depreciation - owned assets |
Other operating leases | 1,959 | - |
5. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31st March 2023 nor for the year ended 31st March 2022. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31st March 2023 nor for the year ended 31st March 2022. |
PALLE MOELLER FOUNDATION |
Notes to the Financial Statements - continued |
for the year ended 31st March 2023 |
6. | STAFF COSTS |
The average monthly number of employees during the year was as follows: |
31/3/23 | 31/3/22 |
Secretarial and administrative services |
7. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Endowment | Total |
funds | fund | fund | funds |
£ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Investment income |
Total |
EXPENDITURE ON |
Charitable activities |
Other |
Total |
NET INCOME |
Transfers between funds | - | 7,833 | (7,833 | ) | - |
Net movement in funds | ( | ) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
As previously reported | 167,079 | 2,409 | 117,184 |
Prior year adjustment | (25,663 | ) | - | - | ( | ) |
As restated | 141,416 | 2,409 | 117,184 |
TOTAL FUNDS CARRIED FORWARD | 175,355 | 10,242 | 109,351 | 294,948 |
PALLE MOELLER FOUNDATION |
Notes to the Financial Statements - continued |
for the year ended 31st March 2023 |
8. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Long | and |
property | leasehold | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1st April 2022 |
Exchange differences |
At 31st March 2023 |
DEPRECIATION |
At 1st April 2022 |
Charge for year |
Exchange differences |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
Included in cost or valuation of land and buildings is freehold land of £18,641 (2022 - £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 2023 is therefore 94 years. |
9. | FIXED ASSET INVESTMENTS |
Listed |
investments |
£ |
MARKET VALUE |
At 1st April 2022 |
Exchange differences |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 | 71 |
At 31st March 2022 | 70 |
There were no investment assets outside the UK. |
PALLE MOELLER FOUNDATION |
Notes to the Financial Statements - continued |
for the year ended 31st March 2023 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/23 | 31/3/22 |
£ | £ |
Trade debtors |
Tax |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/23 | 31/3/22 |
£ | £ |
Trade creditors |
Accrued expenses |
12. | MOVEMENT IN FUNDS |
Net | Transfers |
movement | between | At |
At 1/4/22 | in funds | funds | 31/3/23 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 175,355 | 11,109 | - | 186,464 |
Restricted funds |
Revaluation reserve fund | 10,242 | - | 1,400 | 11,642 |
Endowment funds |
Endowment Fund |
109,351 | - | (1,400 | ) | 107,951 |
TOTAL FUNDS | 11,109 | 306,057 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 51,218 | (40,109 | ) | 11,109 |
TOTAL FUNDS | ( | ) | 11,109 |
PALLE MOELLER FOUNDATION |
Notes to the Financial Statements - continued |
for the year ended 31st March 2023 |
12. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Prior | Net | Transfers |
year | movement | between | At |
At 1/4/21 | adjustment | in funds | funds | 31/3/22 |
£ | £ | £ | £ | £ |
Unrestricted funds |
General fund | 167,079 | (25,663 | ) | 33,939 | - | 175,355 |
Restricted funds |
Revaluation reserve fund | 2,409 | - | - | 7,833 | 10,242 |
Endowment funds |
Endowment Fund |
117,184 | - | - | (7,833 | ) | 109,351 |
TOTAL FUNDS | 286,672 | (25,663 | ) | 33,939 | - | 294,948 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 88,142 | (54,203 | ) | 33,939 |
TOTAL FUNDS | 88,142 | (54,203 | ) | 33,939 |
A current year 12 months and prior year 12 months combined position is as follows: |
Prior | Net | Transfers |
year | movement | between | At |
At 1/4/21 | adjustment | in funds | funds | 31/3/23 |
£ | £ | £ | £ | £ |
Unrestricted funds |
General fund | 167,079 | (25,663 | ) | 45,048 | - | 186,464 |
Restricted funds |
Revaluation reserve fund | 2,409 | - | - | 9,233 | 11,642 |
Endowment funds |
Endowment Fund |
117,184 | - | - | (9,233 | ) | 107,951 |
TOTAL FUNDS | 286,672 | (25,663 | ) | 45,048 | - | 306,057 |
PALLE MOELLER FOUNDATION |
Notes to the Financial Statements - continued |
for the year ended 31st March 2023 |
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: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 139,360 | (94,312 | ) | 45,048 |
TOTAL FUNDS | 139,360 | (94,312 | ) | 45,048 |
13. | RELATED PARTY DISCLOSURES |
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. |