## **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
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## **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.
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## **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
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## **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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities Statement of Recommended Practice (FRS 102);
- make judgments and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material deviations that must be disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Foundation will continue in business.
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.
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## **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
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## **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.
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## **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
- 7 -
## **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.
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## **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|
|---|---|---|
||||
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## **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|
|---|---|
||_
|
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## **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.
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## **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.
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