Foundations for Hope - Charities report - 21.2
Foundations for Hope - Charities report - 21.2
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 |
FOR |
FOUNDATIONS FOR HOPE |
FOUNDATIONS FOR HOPE |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
Page |
Report of the Trustees | 1 | to | 3 |
Independent Examiner's Report | 4 |
Statement of Financial Activities | 5 |
Statement of Financial Position | 6 |
Statement of Cash Flows | 7 |
Notes to the Statement of Cash Flows | 8 |
Notes to the Financial Statements | 9 | to | 15 |
FOUNDATIONS FOR HOPE (REGISTERED NUMBER: 08339515) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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 31 December 2020. 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 |
A summary of the objects of the charity set out in its governing document are: |
The prevention of relief of poverty in particular in the Middle East and Africa by providing grants, items and services to individuals in need and /or charities, or other organisations working to prevent or relieve poverty. |
Significant activities |
The Charity received a grant of £1.2 million in December 2018. The grant is being used to achieve the charity's objects in working towards the elimination of the causes and consequences of poverty in the Middle East and Africa. |
The activities include 3 year projects and they have delivered the funds to the institutions for activities in Egypt and Sudan for year 2 of those projects in respect of providing dialysis units to help the sick and poor and included:- |
Five dialysis units were funded in the year. located in Sudan. A further fifteen units were funded located in Elmalek Hospital, Guiza and in Deshna and Zakazik. A water treatment plant for a dialysis unit in Menya, Egypt was also funded in the year. |
The Covid-19 pandemic has caused some operational issues within the charity sector in the year on a global basis and this has impacted on our main achievements in 2020. Projects planned to continue in 2020 have to some affect been paused but funds are held in Reserves to continue with our aims and objectives going forward. |
Public benefit |
By raising money from grants, Foundations for Hope provides a public benefit by making grants to institutions it works with to achieve it's objectives in relieving poverty. |
FINANCIAL REVIEW |
Financial position |
The financial position of the charitable company is set out on page 5 of the Financial Statements. The net current assets at the end of the period was £812,555 compared to £943,477 at 31 December 2019. The funds are held in a general unrestricted income fund available to be spent within the objects of the charity. |
Reserves policy |
Statement of the charity's policy on reserves:- |
Any reserves will be used to make grants to charities or voluntary bodies for the prevention or relief of poverty. |
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 trustee selection method is by appointment. |
Archbishop A Angaelos is entitled to appoint charity trustees. |
FOUNDATIONS FOR HOPE (REGISTERED NUMBER: 08339515) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Risk management |
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.They have reviewed those risks and established systems and procedures to manage those risks. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Company Secretary |
Independent Examiner |
Prescott Gendy Aslam & Co |
Hollington House |
Flitton Hill |
Maulden |
Bedfordshire |
MK45 2BE |
FOUNDATIONS FOR HOPE (REGISTERED NUMBER: 08339515) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. |
Approved by order of the board of trustees on |
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
FOUNDATIONS FOR HOPE |
Independent examiner's report to the trustees of Foundations for Hope ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2020. |
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. |
George Gendy |
Prescott Gendy Aslam & Co |
Hollington House |
Flitton Hill |
Maulden |
Bedfordshire |
MK45 2BE |
26 September 2021 |
FOUNDATIONS FOR HOPE |
STATEMENT OF FINANCIAL ACTIVITIES |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
31.12.20 | 31.12.19 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
EXPENDITURE ON |
Raising funds | 3 |
Charitable activities | 4 |
Orphanage in Zigzag, Egypt | - | 18,000 |
Bless Egypt Disability programme | - | 102,308 |
Refurbishment of Boys dormitary at school in Uganda |
- |
1,985 |
Dialysis Units in Egypt | 76,883 | 140,000 |
Dialysis units in Sudan | 25,030 | 25,000 |
Other |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 943,477 |
FOUNDATIONS FOR HOPE (REGISTERED NUMBER: 08339515) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2020 |
31.12.20 | 31.12.19 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 13 |
Unrestricted funds | 943,477 |
TOTAL FUNDS | 943,477 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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 |
FOUNDATIONS FOR HOPE |
STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
31.12.20 | 31.12.19 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (147,803 | ) | (235,129 | ) |
Net cash used in operating activities | (147,803 | ) | (235,129 | ) |
Change in cash and cash equivalents in the reporting period |
(147,803 |
) |
(235,129 |
) |
Cash and cash equivalents at the beginning of the reporting period |
963,618 |
1,198,747 |
Cash and cash equivalents at the end of the reporting period |
815,815 |
963,618 |
FOUNDATIONS FOR HOPE |
NOTES TO THE STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
1. | RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES |
31.12.20 | 31.12.19 |
£ | £ |
Net expenditure for the reporting period (as per the Statement of Financial Activities) |
(129,841 |
) |
(239,886 |
) |
Adjustments for: |
(Decrease)/increase in creditors | (17,962 | ) | 4,757 |
Net cash used in operations | (147,803 | ) | (235,129 | ) |
2. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.20 | Cash flow | At 31.12.20 |
£ | £ | £ |
Net cash |
Cash at bank | 963,618 | (147,803 | ) | 815,815 |
963,618 | (147,803 | ) | 815,815 |
Debt |
Debts falling due within 1 year | (15,000 | ) | 15,000 | - |
(15,000 | ) | 15,000 | - |
Total | 948,618 | (132,803 | ) | 815,815 |
FOUNDATIONS FOR HOPE |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
1. | 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 2019)', 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. |
INCOME |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
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. |
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. |
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. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. |
FOUNDATIONS FOR HOPE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
2. | DONATIONS AND LEGACIES |
31.12.20 | 31.12.19 |
£ | £ |
Grants |
Grants received, included in the above, are as follows: |
31.12.20 | 31.12.19 |
£ | £ |
GS Gives Annual Giving Fund | - | 118,932 |
3. | RAISING FUNDS |
RAISING DONATIONS AND LEGACIES |
31.12.20 | 31.12.19 |
£ | £ |
Support costs |
4. | CHARITABLE ACTIVITIES COSTS |
Grant |
funding of |
activities |
(see note |
5) |
£ |
Dialysis Units in Egypt | 76,883 |
Dialysis units in Sudan | 25,030 |
101,913 |
5. | GRANTS PAYABLE |
31.12.20 | 31.12.19 |
£ | £ |
Face for Children in Need | - | 25,997 |
Life Vision for Development | - | 16,933 |
Orphanage in Zigzag, Egypt | - | 18,000 |
Bless Egypt Disability programme | - | 102,308 |
Refurbishment of Boys dormitary at school in Uganda | - | 1,985 |
Dialysis Units in Egypt | 76,883 | 140,000 |
Dialysis units in Sudan | 25,030 | 25,000 |
101,913 | 330,223 |
FOUNDATIONS FOR HOPE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
5. | GRANTS PAYABLE - continued |
The total grants paid to institutions during the year was as follows: |
31.12.20 | 31.12.19 |
£ | £ |
Life Vision for Development | - | 16,933 |
Dialysis Units | - | 165,000 |
Bless Egypt | - | 102,308 |
Zagzig Orthanage |
- | 18,000 |
Rafiki Thabo Foundation | - | 1,985 |
Face for Children in Need | - | 25,997 |
6. | SUPPORT COSTS |
Governance |
Management | Finance | costs | Totals |
£ | £ | £ | £ |
Raising donations and legacies | 26,108 | - | 1,800 | 27,908 |
Other resources expended | - | 20 | - | 20 |
26,108 | 20 | 1,800 | 27,928 |
7. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
31.12.20 | 31.12.19 |
£ | £ |
Audit-related assurance services | 1,800 | 1,800 |
8. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019. |
TRUSTEES' EXPENSES |
There were no trustees' expenses paid for the year ended 31 December 2020 nor for the year ended 31 December 2019. |
FOUNDATIONS FOR HOPE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
9. | STAFF COSTS |
31.12.20 | 31.12.19 |
£ | £ |
Wages and salaries |
Other pension costs |
26,108 | 26,534 |
The average monthly number of employees during the year was as follows: |
31.12.20 | 31.12.19 |
Management |
10. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted |
fund |
£ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Orphanage in Zigzag, Egypt | 18,000 |
Bless Egypt Disability programme | 102,308 |
Refurbishment of Boys dormitary at school in Uganda |
1,985 |
Dialysis Units in Egypt | 140,000 |
Dialysis units in Sudan | 25,000 |
Other |
Total |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 943,477 |
FOUNDATIONS FOR HOPE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Other loans (see note 12) |
Trade creditors | ( |
) |
Social security and other taxes |
Other creditors |
Nest pension Control | - | 114 |
Accrued expenses |
12. | LOANS |
An analysis of the maturity of loans is given below: |
31.12.20 | 31.12.19 |
£ | £ |
Amounts falling due within one year on demand: |
Other loans | - | 15,000 |
13. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.1.20 | in funds | 31.12.20 |
£ | £ | £ |
Unrestricted funds |
General fund | 943,477 | (129,841 | ) | 813,636 |
TOTAL FUNDS | (129,841 | ) | 813,636 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | - | (129,841 | ) | (129,841 | ) |
TOTAL FUNDS | ( |
) | (129,841 | ) |
FOUNDATIONS FOR HOPE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
13. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net |
movement | At |
At 1.1.19 | in funds | 31.12.19 |
£ | £ | £ |
Unrestricted funds |
General fund | 1,183,363 | (239,886 | ) | 943,477 |
TOTAL FUNDS | 1,183,363 | (239,886 | ) | 943,477 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 118,932 | (358,818 | ) | (239,886 | ) |
TOTAL FUNDS | 118,932 | (358,818 | ) | (239,886 | ) |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 1.1.19 | in funds | 31.12.20 |
£ | £ | £ |
Unrestricted funds |
General fund | 1,183,363 | (369,727 | ) | 813,636 |
TOTAL FUNDS | 1,183,363 | (369,727 | ) | 813,636 |
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 | 118,932 | (488,659 | ) | (369,727 | ) |
TOTAL FUNDS | 118,932 | (488,659 | ) | (369,727 | ) |
FOUNDATIONS FOR HOPE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
14. | RELATED PARTY DISCLOSURES |