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2021-12-31-accounts

Ghana International Foundation

Report and Financial Statements

Year ended: 31 December 2021

Charity registered in England number 1083550

GHANA INTERNATIONAL FOUNDATION

YEAR ENDED 31 DECEMBER 2021

Contents

Contents
Page No.
Legal and administrative information 1
Report of the Trustees 2 - 3
Statement of Trustees’ Responsibilities 4
Independent report of the auditors 5
Statement of Financial Activities 6
Balance sheet 7
Notes forming part of the financial statements 8 - 12

GHANA INTERNATIONAL FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2021

Trustees

Lord P Y Boateng D Adansi R J B Sambou C M Thomson (appointed on 26 October 2021)

Registered Office

67 Cheapside London, EC2V 6AZ

Charity No

1083550

Independent Examiner

Sargent & Co Chartered Accountants and Registered Auditors 219 Croydon Road Caterham Surrey CR3 6PH

Bankers

Ghana International Bank plc 67 Cheapside London EC2V 6AZ

GHANA INTERNATIONAL FOUNDATION

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustees submit their annual report and the financial statements for the period of twelve months ended 31[st] December 2021. The financial statements have been prepared in accordance with the accounting policies set out on page 8 and comply with the Foundation’s Trust Deed and applicable law.

Objectives and Activities

Ghana International Foundation (the “Foundation”) is sponsored by Ghana International Bank plc (the “Bank” and “Sponsor”). Its objects are to provide relief to persons in Africa and especially Ghana, from conditions of need, hardship or distress and the furtherance of health and education. These objects are achieved through grants to provide financial support for organisations whose activities and goals align with the Foundation’s objects.

Public Benefit Statement

The Trustees confirm that, in reviewing the Foundation’s aims and objectives and in planning future activities, they have had due regard to the Charity Commission’s general guidance on public benefit.

Grant Making Policy

The Foundation is funded principally by the Sponsor. The objectives of the Foundation address three principal areas of need, namely Health, Education and the Relief of Poverty. Applications are invited from organisations, (both incorporated and unincorporated) comprising registered charities, NGOs and community-based projects. The Foundation is small and only has one major source of funding (apart from the matching program for Directors and staff of the Sponsor), and because an adequate flow of suitable applications is forthcoming, no general advertising is undertaken. This year, the Foundation has continued to work in partnership with other organisations on certain projects located in remote rural areas of Ghana where funds are desperately needed. Where it is evident that the funds have been used to maximum effect, the Trustees are well disposed to making further financial assistance available to these organisations. The Trustees generally aim to direct donations towards specific capital projects, often hand in hand with local fund raising, rather than revenue funding.

The Trustees release funds in line with the Foundation’s Grant Making Policy and monitor the use of these funds, either during their annual visits to Ghana or from regular project update reports (typically accompanied by photographs of the developing projects) from recipients. Furthermore, Ghana-based representatives of the Sponsor visit Foundation funded projects from time to time to monitor the application and use of grants.

The number of grants made by the Trustees in 2021 was significantly lower than previous financial years mainly as a result of the volume of requests for funding received by the Foundation not aligning with its objects or otherwise being out of scope of the Grant Making Policy. A total of six requests were received by the Foundation during the year, of which five were rejected in 2021 for various reasons in line with the Foundation’s policies.

Financial Review and Investment Policy

The Sponsor donates to the Foundation at the end of each financial year on the basis of its performance for that year. In 2021, a donation of £50,000 was paid on the basis of the 2020 financial results. The Trustees have no reason to believe that there will be any change in the Sponsor’s commitment to the yearly donations to the Foundation based on its performance or that these donations will otherwise cease.

The Foundation continued to receive proposals from a wide spectrum of worthy causes during the year and in the Foundation’s twenty first year it made new disbursement commitments totalling £504. Total funds committed since the inception of the Foundation now amount to £1.75M. Cumulatively to date, 24% of donations have been for Health-related projects: 51% for Education and 25% for the relief of Poverty. Details of distributions made in 2021 are shown on page 6 and in Note 3 on page 9.

From time to time, the Foundation matches donations (if any) by individual directors and employees of the Sponsor made to approved beneficiaries whose activities align with the objects of the Foundation.

GHANA INTERNATIONAL FOUNDATION REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2021 (Continued)

Financial Review and Investment Policy (cont.)

The Foundation reports an excess of income over expenditure of £51,379 and in 2020 excess of income over expenditure of £16,397 for the period under review and has total funds at the year-end of £181,298 (2020 - £129,919). The Foundation’s monies are deposited in an interest-bearing account with the Sponsor from which donations and grants are paid. No changes to this policy are expected in the foreseeable future.

Reserves Policy

The Foundation has no other assets apart from cash balances with its Bankers. The Trustees and staff of the Sponsor in London and Accra give their time voluntarily to perform the work required for and by the Foundation. Consequently, the need and level of reserves is based on the commitments made by the Foundation for future years but at the end of 2021 there were no such commitments outstanding. Otherwise, it is the ambition of the Trustees to disburse all receipts, so far as is possible, to worthy causes during the accounting year in which funds are received.

Risk Assessment

During the year ended 31 December 2021, the Trustees have undertaken a risk assessment of all perceived risks to which the Foundation is exposed and, where appropriate, have taken steps to mitigate against those risks. The Foundation’s risk assessment framework is reviewed regularly and at least annually.

Trustees

The Trustees (who receive no remuneration for their services to the Foundation) who served during the year are as follows: -

Lord P Y Boateng D Adansi R J B Sambou C M Thomson

Structure, Governance and Management

Governing Document

The Foundation is regulated by a Trust Deed, dated 1[st] August 2000 as amended by deeds of variation dated 12[th] October 2000 and 26[th] October 2021.

Organisation

The Foundation is controlled by the Trustees, all of whom are based in the United Kingdom and comprise the Sponsor’s Chief Executive Officer, its Deputy Chief Executive Officer/Chief Operating Officer, and two Independent Non-Executive Directors. A third Independent Non-Executive Director was appointed to the Board of Trustees on 7[th] March 2022. The Trustees delegate the day to day running of the Foundation to the Sponsor’s staff, who on a voluntary basis, undertake administrative activities such as screening requests for funding received from applicants, policy development and maintenance and other matters as delegated by the Trustees from time to time. All Trustees are involved in the decisions of the Foundation by an exchange of emails and meeting at least once if not more a year. The Foundation has in place various policies and procedures, which are regularly reviewed, including, without limitation, policies covering grant-making, conflicts of interest, safeguarding, risk management, anti-fraud and corruption, anti-money laundering and counter-terrorism financing, whistleblowing, complaints handling, and investment management. The Trustees regularly review their risk exposures to determine the need, if any, for additional policies, procedures and other controls.

Approved by the Trustees and signed on their behalf on 20 October 2022

Lord Paul Boateng Trustee Chair

GHANA INTERNATIONAL FOUNDATION

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustees are responsible for preparing the Trustees' annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Charity law requires the Trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the Foundation and of the incoming resources and application of resources of the Foundation for the year. In preparing those financial statements the Trustees are required to:

The Trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any time, the financial position of the Foundation and enable them to ensure that the financial statements comply with the Charities Act 2011 and regulations made thereunder. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

GHANA INTERNATIONAL FOUNDATION

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES

OF GHANA INTERNATIONAL FOUNDATION

I report to the Foundation Trustees on my examination of the accounts of the Foundation for the year ended 31 December 2021 which are set out on pages 6 to 12.

Responsibilities and basis of report

As the Foundation’s Trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Foundation’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Foundation as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

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.

Alison Sargent FCA Sargent & Co Chartered Accountants & Registered Auditors 219 Croydon Road Caterham Surrey CR3 6PH

Date: 20 October 2022

GHANA INTERNATIONAL FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2021

Notes
INCOME
Incoming resources from generated funds
Voluntary income
2
Investment income - bank interest
__
Total income
EXPENDITURE
Costs of activities in furtherance of
the Foundation’s objects
3
Educational activities
Health activities
Activities to relieve poverty
Commitments Retired(Expired)
Governance costs & Advertising Costs
Independent Examiner Fees
6
Interest Paid
Total expenditure
Net income/expenditure
before transfers
Transfers between funds
Net movement in Funds
Fund balances brought forward
Fund balances carried forward
9		 General
Designated
Funds
Funds
2021
2021
£
£
50,050
504
21
-
__

__

50,071
504
-
-
-
504
-
-
(1188)
(120)
-
-
-
(1,308)
504
51,379
-
-
-
_

51,379
-
127,919
2,000

__
179,298
2,000		 Total
Funds
2021
£
50,554
21
__
_

50,575
-
504
-
(1188)
(120)
-

(804)
51,379
-

51,379
129,919
___
181,298		 Total
Funds
2020
£
81,023
104
__
_
81,127
3,700
33,493
25,797
-
1,740
-
_
64,730
16,397
-

16,397
113,522
___
129,919

All amounts derive from continuing activities.

All gains and losses in the year are included in the Statement of Financial Activities.

GHANA INTERNATIONAL FOUNDATION

BALANCE SHEET

31 DECEMBER 2021

Notes
£
CURRENT ASSETS
Cash at bank
181,298
Sundry Debtor
5
-
181,298
CREDITORS: AMOUNTS FALLING DUE WITHIN
ONE YEAR
Grant commitments
4
-
Sundry Creditor
6
-
______
NET CURRENT ASSETS
CREDITORS: AMOUNTS FALLING DUE AFTER
MORE THAN ONE YEAR
Grant commitments
4
NET ASSETS
UNRESTRICTED RESERVES
General funds
9
Designated funds
9
TOTAL FUNDS		 2021
2020
£
£
150,020
16,500
166,520
(34,681)
(1,920)
______
181,298
-
__
181,298
179,298
2,000
___
181,298
£
129,919
-
__
129,919
127,919
2,000
___
129,919




The financial statements were approved and authorised for issue by the Trustees on 20 October 2022 and signed on their behalf by

Lord Paul Boateng

Trustee

Raymond J.B. Sambou Trustee

GHANA INTERNATIONAL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021

1 ACCOUNTING POLICIES

(a) Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Charities Act 2011 and in accordance with applicable accounting standards, namely the Financial Reporting Standard Applicable in the United Kingdom and Republic of Ireland (FRS102)

The Foundation constitutes a public benefit entity as defined by FRS102.

The financial statements are prepared on a going concern basis, as no material uncertainties exist, and under historical cost convention. The financial statements are presented in pounds sterling which is the functional currency of the Foundation.

(b)

Income recognition

Items of income are recognised and included in the accounts when the Foundation has entitlement to the income, there is sufficient certainty that receipt of the income is considered probable and the accounts can be measured reliably.

Voluntary income includes donations received from both the Sponsor and its staff and directors which are accounted for as they become receivable.

Investment income comprises interest on bank deposits which is accounted for on an accruals basis.

(c) Expenditure

All expenditure is accounted for on an accruals basis once there is a legal or constructive obligation to make a payment to a third party and the obligation can be measured reliably.

Activities in the furtherance of the Foundation’s objects comprise grant expenditure which is accrued for, in full, when the grant is awarded. Provisions are made for grant commitments where the Trustees believe that amounts due in the future, under existing grant arrangements, are expected to be paid.

Costs of generating funds are borne by the Sponsor, who has agreed to pay all management and administration expenses for the Foundation.

(d) Funds

Unrestricted funds comprise those funds which the Trustees are free to use in accordance with the charitable activities which include all the donations received from the Sponsor.

Designated funds comprise those funds where the Trustees, at their discretion, have created a fund for a specific purpose. There is a single designated fund in connection with the matching donations scheme.

(e) Foreign Exchange

The foreign exchange rate ruling on the day of the transaction is used.

(f)

Cash at bank

Cash at bank includes monies held in the bank both in a current account and on short term deposits.

GHANA INTERNATIONAL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021

2
VOLUNTARY INCOME
Donations from Ghana International Bank plc
Donations from GHIB staff and directors
3
INSTITUTIONAL GRANTS PAYABLE
Education
Creating New Beginnings
Exchange gains / losses on grants paid
Total Education
Health
Cure International
Korle Bu Teaching Hospital

Total Health

Relief of Poverty
Community Legacy Initiative Programme
Total Relief of Poverty
Total Institutional Grants Payable		 2021
£
50,000
554
__
50,554
2021
£
-
-


-
2021
£
-
504

504
2021
£
-
_
-
504		 2020
£
81,023
-
_
81,023
2020
£
3,700
-
_
3,700
2020
£
15,265
18,228

33,493
2020
£
25,797
__
25,797
62,990

GHANA INTERNATIONAL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021

4
GRANT COMMITMENTS
Reconciliation of grants payable
Commitments made in the year
Commitments retired in 2021
Total per note 3
Commitments at 1 January 2021
Grants paid in the year
Commitments retired
Commitments at 31 December 2021
Commitments at 31 December 2021
are payable as follows:-
Within one year
After more than one year
Total Commitments
5.
Sundry Debtor
Consultancy Fees
Total
Sundry Debtor re Consultancy Fees		 2021
2020
£
£
504
62,990
-
-
__
_
504
62,990
34,681
4,488
(33,997)
(32,797)
(1,188)
-


-
34,681
-
34,681
-
-
__

-
34,681
2021
2020
£
£
-
16,500

_
-
16,500
-
16,500
_

GHANA INTERNATIONAL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021

6. GOVERNANCE & ADVERTISING COSTS

Independent Examiner’s Fees
Total
Sundry Creditor re Examiners Fees		 2021
£
(120)
____
(120)
-		 2020
£
1,740
____
1,740
1,920

7. EMOLUMENTS OF TRUSTEES

The Trustees of the Foundation received no emoluments for their services during the year (2021: nil). No expenses were reimbursed to Trustees during the period (2020: nil).

8. TAXATION

The Foundation is a registered charity and is consequently within the tax exemptions granted to charities for charitable activities.

9. MOVEMENTS OF FUNDS

Balance at 1 January 2021
Incoming resources
Expended in the Year
Transfers
Balance at 31 December 2021
Balance at 1 January 2020
Incoming resources
Expended in the Year
Transfers
Balance at 31 December 2020		 General
Designated
£
£
127,919
2,000
50,071
504
1,308
(504)
-
-
_

179,298
2,000
General
Designated
£
£
111,522
2,000
81,127
-
(64,730)
-
-
-
_

127,919
2,000		 Total
£
129,919
50,575
804
-
_
181,298
Total
£
113,522
81,127
(64,730)
-
___
129,919

The Designated Fund represents an amount set aside out of general funds to finance the ‘matching donations’ scheme.

GHANA INTERNATIONAL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021

10. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Current Assets
Current Liabilities
Balance at 31 December 2021		 General
Designated
£
£
179,298
2,000
-
-
_
__
179,298
2,000		 Total
£
181,298
-
_____
181,298

11. RELATED PARTY TRANSACTIONS

The only related party transaction is the donation from Ghana International Bank plc, being the Foundation’s Sponsor, as stated in note 2. This was all paid within the year.

The Foundation’s Sponsor has also agreed to pay the fees of the Independent Examiner for the 2021 financial statements and going forward.

12. LEGAL STATUS OF THE CHARITY

The charity is unincorporated and is regulated by a Trust Deed, dated 1 August 2000 as amended by deeds of variation dated 12 October 2000 and 26 October 2021.