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

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

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.

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

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.

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

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

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

31/3/25

31/3/24

Unrestricted

Restricted

Endowment

Total

Total

funds

fund

fund

funds

funds

Notes

£

£

£

£

£

INCOME AND

ENDOWMENTS FROM

Donations and legacies

29,145

-

-

29,145

25,206

Investment income

3

42,910

-

-

42,910

44,690

Total

72,055

-

-

72,055

69,896

EXPENDITURE ON

Raising funds

4

31,759

-

-

31,759

-

Charitable activities

Social work activities

32,574

-

-

32,574

49,522

Other

5,522

-

-

5,522

213,435

Total

69,855

-

-

69,855

262,957

NET INCOME/(EXPENDITURE)

2,200

-

-

2,200

(193,061

)

RECONCILIATION OF

FUNDS

Total funds brought forward

(6,597

)

13,750

105,843

112,996

306,057

TOTAL FUNDS CARRIED FORWARD

(4,397

)

13,750

105,843

115,196

112,996

31/3/25

31/3/24

Unrestricted

Restricted

Endowment

Total

Total

funds

fund

fund

funds

funds

Notes

£

£

£

£

£

FIXED ASSETS

Tangible assets

8

(1,170

)

-

75,050

73,880

75,441

Investments

9

71

-

-

71

71

(1,099

)

-

75,050

73,951

75,512

CURRENT ASSETS

Debtors

10

(6,936

)

-

16,289

9,353

24,516

Cash at bank

14,545

13,750

14,504

42,799

28,876

7,609

13,750

30,793

52,152

53,392

CREDITORS

Amounts falling due within one year

11

(10,907

)

-

-

(10,907

)

(15,908

)

NET CURRENT ASSETS/(LIABILITIES)

(3,298

)

13,750

30,793

41,245

37,484

TOTAL ASSETS LESS CURRENT LIABILITIES

(4,397

)

13,750

105,843

115,196

112,996

NET ASSETS

(4,397

)

13,750

105,843

115,196

112,996

FUNDS

12

Unrestricted funds

(4,397

)

(6,597

)

Restricted funds

13,750

13,750

Endowment funds

105,843

105,843

TOTAL FUNDS

115,196

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

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

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

The financial statements were approved by the Board of Trustees and authorised for issue on 22nd December 2025 and were signed on its behalf by:

M L Moeller - Trustee

1.	STATUS OF THE ACCOUNTING ENTITY

The Foundation is registered in the United Kingdom under the Charities Act, 1960 and in Uganda as a foreign company under Section 251 of the Companies Act 2012. The registered number of the Foundation is 2473092 and the registered office address is 1 Tower House, Tower Centre, Hoddesdon, Hertfordshire EN11 8UR.

The Foundation is also registered in Uganda as a Non-Governmental Organisation under the Non-Governmental Organisation Registrations Statue 1989.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention modified such that freehold land and buildings are stated at valuation and on an accrual basis.

Income

Rental income and bank interest are recognised when receivable. Donations are recognised only when received.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

4% on reducing balance

Long leasehold

-

Over the period of the lease

Fixtures and fittings

-

10% on reducing balance

Taxation

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

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

The Endowment Fund represents donations by the founder which may be used only to generate income, but may not be expended on the activities of the Foundation.

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.

Foreign currency transactions

The Income and Expenditure Account stated in Uganda shillings is translated into Pound Sterling at an average rate as follows:-

31/3/25

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.

1 Pound Sterling

4,709

4,911

3.	INVESTMENT INCOME

31/3/25

31/3/24

£

£

Rents received

42,910

41,390

Deposit account interest

-

3,300

42,910

44,690

4.	RAISING FUNDS

Raising donations and legacies

31/3/25

31/3/24

£

£

Support costs

29,150

-

5.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31/3/25

31/3/24

£

£

Auditors' remuneration

340

326

Depreciation - owned assets

1,859

936

Hire of plant and machinery

-

977

Other operating leases

3,331

-

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

Total

funds

fund

fund

funds

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

25,206

-

-

25,206

Investment income

44,690

-

-

44,690

Total

69,896

-

-

69,896

EXPENDITURE ON

Charitable activities

Social work activities

49,522

-

-

49,522

Other

213,435

-

-

213,435

Total

262,957

-

-

262,957

NET INCOME/(EXPENDITURE)

(193,061

)

-

-

(193,061

)

Transfers between funds

-

2,108

(2,108

)

-

Net movement in funds

(193,061

)

2,108

(2,108

)

(193,061

)

RECONCILIATION OF FUNDS

Total funds brought forward

186,464

11,642

107,951

306,057

TOTAL FUNDS CARRIED FORWARD

(6,597

)

13,750

105,843

112,996

8.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Long

and

Computer

property

leasehold

fittings

equipment

Totals

£

£

£

£

£

COST

At 1st April 2024

49,444

71,780

336

-

121,560

Additions

-

-

-

442

442

Exchange differences

(66

)

(78

)

-

-

(144

)

At 31st March 2025

49,378

71,702

336

442

121,858

DEPRECIATION

At 1st April 2024

18,684

27,290

145

-

46,119

Charge for year

1,206

472

34

147

1,859

At 31st March 2025

19,890

27,762

179

147

47,978

NET BOOK VALUE

At 31st March 2025

29,488

43,940

157

295

73,880

At 31st March 2024

30,760

44,490

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.

10.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/25

31/3/24

£

£

Trade debtors

8,694

23,884

Tax

659

632

9,353

24,516

11.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/25

31/3/24

£

£

Trade creditors

5,399

14,708

Accruals and deferred income

4,248

-

Accrued expenses

1,260

1,200

10,907

15,908

12.	MOVEMENT IN FUNDS

Net

movement

At

At 1/4/24

in funds

31/3/25

£

£

£

Unrestricted funds

General fund

(6,597

)

2,200

(4,397

)

Restricted funds

Revaluation reserve fund

13,750

-

13,750

Endowment funds

Endowment Fund

105,843

-

105,843

TOTAL FUNDS

112,996

2,200

115,196

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

72,055

(69,855

)

2,200

TOTAL FUNDS

72,055

(69,855

)

2,200

Comparatives for movement in funds

Net

Transfers

movement

between

At

At 1/4/23

in funds

funds

31/3/24

£

£

£

£

Unrestricted funds

General fund

186,464

(193,061

)

-

(6,597

)

Restricted funds

Revaluation reserve fund

11,642

-

2,108

13,750

Endowment funds

Endowment Fund

107,951

-

(2,108

)

105,843

TOTAL FUNDS

306,057

(193,061

)

-

112,996

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

69,896

(262,957

)

(193,061

)

TOTAL FUNDS

69,896

(262,957

)

(193,061

)

A current year 12 months and prior year 12 months combined position is as follows:

Net

Transfers

movement

between

At

At 1/4/23

in funds

funds

31/3/25

£

£

£

£

Unrestricted funds

General fund

186,464

(190,861

)

-

(4,397

)

Restricted funds

Revaluation reserve fund

11,642

-

2,108

13,750

Endowment funds

Endowment Fund

107,951

-

(2,108

)

105,843

TOTAL FUNDS

306,057

(190,861

)

-

115,196