Charity regi5trdtion number. 1083550 Ghana International Foundation Anthual RerM)rt and Financi sements for the Y¢ar Ended 31 December 2023
Ghana International Foundation Contents Reference and Administrative Detwls Trustees. Report 2to4 Stsiement of Trusttt5' Resp)nsibilities Independent Exwninerfs Re)rt Statem¢nt of Financial ActtwtiC5 Balanc¢ Sheet Noies to the FinAn¢i81 St*ements 9t014
Ghana International Foundation Reference and Administrntive Detsils Trnstees Lord P Y Boaten8 Mr D Adan5l Mr C Thomson Mr R J B Sambou Mr S Blmndari ChArity RegistratioD Number 1083550 Principal Office 67 Cheapside London EC2V 6AZ Independent Examiner SgertI & Co Chartr¥ed Accounlants 219 Croydon Road Catetham Surrey CR3 6PH B&thkers Ghana Iniemation81 Bank plc 67 Cheapside London EC2V 6AZ Page I
Ghana International Foundation Trustees, Report The Trustees present the annu81 repon togeiher wtth the financial ststements of the charity for the year ended 31 December 2023. The finarttj statements have been prepared in a¢cordattce with the accounting )liCieS %t out on page 9 and comply with The Foundation's Trust Deed and applJ¢able law. Trnstees Lord P Y Boateng Mr D Adansi Mr C Thomson Mr R J B Samtrou Mr S Bhandari Objectives and aetiYiti¢s Objects #im5 Ghana International Foundation (the -Foundation l is sw)nsored by Ghat)a International Bank plc (th¢ "Bank" ,H1B' and "Sponsor-l. Its objects are to provide relief to persons in Africa alld esp¢¢ia]ly Ghan& from condition5 of need. hardship or distress and the furtherance of health. and ducatiott. These objects are a¢hieved throllgh 8rant$ to provide firwjcial $upp¥)rt for organi5ations wh¢)se a1vIlIeS and goals align with the Foundation's objects. Publit benefit The Trustees confinn thai ihey have complied with the requirements of section 17 of the Charities Aet 2011 to have due re8ard io the publt¢ benefit gllidance published by the Chariry CoTnmi5SiOt) for England and Wales. Grant making polities The Foundation 15 funded principally by the Sptsnsor. Th¢ objedives of the Foundation address three principal areas of need. namely Health. EdtiOn, and the Relief of Poverty. Appli¢ation5 are invited frorn or8anisations. li)oth incorrM)Ted and unincorp(>Tatedl eomprising re8tster¢d charittes, NGOS and commuoity-b&sed prL>j¢cts. The Foundation is small and only has one major souree of fundin8 lap from ad dortations from Directors or cmployees of the Sponsorl. b¢cause an adequate flow of suitable appli105 is forthcomin& no gener advertising is undertaken. Thi5 year, the Foundation has continued to work in partnership with other organisations on certain projects located in remote rurdl areas of Ghan4 where fimds are desperately tte¢ded. Where it is evident that the futjds have been used io maximurn effee4 subject ¢0 meeting condttion5 for additional grants. the Tn]scees are well disposed to making fvrther financial &ssistaTtce available to these organisations. The Trustee5 generdlly aim to direct grants towards specific capital projects. oft¢n hand in hand with local rdiSirt& rather than revenue fvnding. The Trustees r¢le&5e funds in line with the Foundation's GT#llt Makin8 Policy and monitor the use tsf these fijnds. during their annuaj visits tt> Ghan& and fft)m regular project update rtporLS ltypicallv aceomp3nied by photographs of the developing projects} from rectpients of Foundation fiJnd5. Furthermo Ghana-ba5ed reprcsentaiives of th¢ s50r visit Foundation fvnded projects from time to time to monitor grdnt application5, and use of grdllts. Page 2
Ghana International Foundation Trustees, Report (continued) The nllrnr of grdnts made by the Trustees in 2023 was significantly hi8her than the pr¢vious financial year with more application5 in 2023 received by th¢ Foundation closely ali8nin8 with its objects or otherw5e being in-swpe of the Grant Making Policy. A tora] of 17 {2022=12} requests were received by the Foundation during the year. of which 1012022.61 Ivere rejected for various re&son5 in line the Found10n.5 ptslicies. and of whi¢h 712022.61 were accepted and grants awarded to applicatlts. Finan¢i#l review The SponsoT donates to the Found10 ai the end of ea¢h financial year on th¢ basis of its perfomiar)¢e for that year. In 2023, a donation of £50,000 {2022.-£50,0001 was paid on the basis of the Sponsor's Annual Repon and Financial Ststements for the Year Ended )022 . The Trustees have no reason to believe that there will be any change in the Sponsor's commikneni to the yearly donations to the Foundation based on its perfonnancc OT that these donations will otherwise cease. The Foundation continued to r¢ceive proposals from a M'ide spectn]m of worthy u5¢S during the year artd in the Follndation's twenty third year of operations it made nem. disbursemeni cotnmttments toralling £147.?i5. In 2023, 260/• of donation5 have been for H¢aJth-related projts.. 460/0 for Edueation and 280/0 for the relief of Poverty. Details of disiribution5 made in 2023 are shown in Note 6 on page 12. These include 8 grant of £20,000 awarded to To Live in H.O.P.E. in December 2023 and paid in January 2024 which is included in the fLnan¢ial ststwn¢nts. From time to time. the Foundation matches donations (if any) by indLVLdua] dirtt¢oTS and employees of the Sponsor made to approved beneficiaries whose activities all with the objects of the Foundation. The Found10n reports an ex¢ess of exp¢ndiwre over income of £93,797 for the year under r¢view {2022 exces5 of expenditure over income of £42,138} i¥ith iothl funds at the year-end of £45.368 12022- £139,160) The Foundation's monies are deposited in an interesi-bearing account with the Spon50r from which donatiODS ond grants are paid. No chatLge5 to this policy are ¢xpeeied in the fortseeable fuiur¢. Policy on reserves The Foundarion has tm) othcr &8sets apart from cath balanccs wtth its Bat)k¢rs. The Tru5tee5 and stalT of the Sponsor in London and Accrd give their lim¢ voluntarilj to rfOrn) the Work required for and by the Foundation. The Found&ion's operating expenses art nominal and are borne by its Spx)r)sor. Consequently. the need and level of reserves is based on the commitments tnade by th¢ Foundation for future years but at the end of 2023 there were no su¢h commitments outstanding. The Tnee5 disburse re¢eapts, as far Is is TK)S5ible. tt> worthy cause5 during the a¢touniing vear in which Sponsor's fimds are received. No commitment is made lo applicants for future funding. Grants are made &s and when funds are available in any given year. The Trustees. resetve poli¢y position is reviewed fyom lime to time_ The Trngtees euffenily maintain a de minimis resetve level of £2.000 per annwn. klow which no commitment i5 made by the Foundatton for any award of granis. During th¢ year a sum of £20.000 of designated funds for the Fouthdation has been a]locai¢d for a matched fi]nding scheme for fijndraising by staff. Structsre governate and m#ngemeDt Naiure of governillg docu¢1 Th¢ FoundatlOIl 15 regulated by a TnLSt dated l August 2(N)O as amended by de£ds of variation dated 12 (ktober 2000 and 26 October 2021. Pag¢ 3
Ghana International Foundation Trnstees, Report (continued) Org8nisational strnfture The Foundation is controlled by the Trustees. all of wh(An are based in the Llniied Kingdom and cornprise the Sw)nsor's Chief Exe¢utive OtTJ¢er. Deputy Chicf Executive oificer & Chief Operating Offjcer. and three of the Bank's Independent Non-Execulive Direetors. one of wknm t$ the Trustee chair. The TnteeS delegate the day to day running of the Foundaiion to the Sponsor s stsff. who. on a voluntary b&%is, undertake adrninistr8tiwe aciivilie5 5u¢h as screening requests from grant applieanty policy development, Sttretarial sup)rt. and other respon5ibiliti¢s, as delegated by the TTUSttts from titne to lime. All Trustee5 are involved in the decisio$ of the Foundatton by an exchange of emails and quanerly mtttings in each year. The Foundation has in place various policies and procedures. which arc regularly reviewed. including. without limitstion. policies covering grdnt-making. conflicts of inieresL 5afegllardin8 and vulnerable persons, antt-money laundering 3nd counter-terrorism fJn8ncin& gifts and hospitajtty and investhient management. The Trustees re8ularly Tcview their risk exsre5 to dern]Ine the need. if any, for addtltonai w>licie& procedures and other conlrols. Mgjor risks XDd m4n#gement ofthose risks During ihe year ended 31 December 2023. the Trustees havc und¢rtak-¢n a risk a55e55ment of all perceived risks to whtch the Foundation is exposed and. where appropriale. have taken Steps to miligatr against those risks. The Foundation's risk &s5e5smeni framework is revtewed re8ularlv and at least 8JLnuallv. Approved by the Trustees of the charity on I I September 2024 and 5i8ned on its b¢ha]f by: )rdP oateng Trustee Chair Pag¢ 4
Ghana International Foundydtion Statement of TSt$, Responsibilities Th¢ Tn]stees are responsible for preparing the truste¢s' report a[ the finan¢iai statements in a¢¢ordanee with the Uniied Kingdom Accounting Sthndard5 (United Kin8th)m Generally A¢cepted Accounting Ptxcticel and appli¢abl¢ law and regulations. The law applicable io charities requires the tswitts to prepare finan¢iai stalements ftsr ea¢h financia] year whi¢h give a true and fair view of the stsle of affairs of the charity and of the incoming resources and appliraiion of resources of the charity for thai period. In preparing these fi]wicial sthmenLK the Trust¢e$ are required kn.. sele¢r suitable accounting px)lieies and then apply them consist¢nt]y observe the methods and principles in th¢ Charities SORP- make judgements and estimates that are reawnable aTLd pwdenL sta¢¢ whether applicable a¢¢ountin8 Standards have been ftsllowed, subject to any materÈal departur¢s di5¢1osed ad explained in the financial ststernents. and prepare the financial statements on the going ¢oncern basis unless it i5 inappropriate 10 presume that the charity will Continue in business. The Tse$ are respojtsible for ke¢pin8 prOr ac¢(pllntin8 records thai diselose with rtasonable accuracy ai any time ihe financial TK)silion of the charity and enabl¢ them io ensure thai th¢ financial statements comply with the Charities A¢t 201 l. the Charities (Aceounts and R¢p)]ts} Re8uSat10115 2008, and the proyisiorts of the con5titutitsn. The Tnjstees are a150 r¢sp)nsiblt for 58fegu8rdin8 the assets of the charity and hen¢e for taking reasonable $p$ for the prevention and detection of fiavd and other irregularities. Approved by the Tnlee5 of the chariry on I I September 2024 and 5ign¢d on its behalf by: Lord P Boat¢ng Trustee Chair Pag¢ S
Ghana InterDational Foundation Independent Examiner's Report to the trustees of Ghana International Foundation I r¢ptsrt to the Tru5tee5 on my txamination of the accounts of Ghana Intrrnational Foundation for th¢ year ended 31 December 2023. Rt5pon5Rbilities and $15 of report As the charity Trustees of Ghana International Foundion you resp)n5ible for the preparntion of the accounts in accordance the requirements of the Charitie5 Act 2011 I'the Act'l. I rep)rt in respect of my examination of the Ghana Intemational Foundation's accounts carried out under section 145 of the 2011 Act and irt canying out mv eXamIr10n I have followed a]1 the applicable DireciÈons given by the Charity Commission under sertion 145{5Kbl of the Act. Independent examiner'5 5tatemtnt I have ¢otnpleied m) examin]0. I eonfinn no material mattws have come to my tention in conn¢ction with th¢ examinaiion giving me case believe that in any material respect.. l. aecoutrting records were not kepi in respect of Ghana Internattonal Foundation 8$ required by section 130 of the A¢L or 2. the accounts th) not accord with those rtcords: or 3. the accollnts do noi ¢omply wtth the aceourtting requrtetnents concerning the forni and contertt of ae¢ounts set Oui in the Charitics IA¢ctsunts and Rew>rtsl RegUl10th$ 2008 other than ar]y requitrment that the accollnts give a 'true and fair Vie which is not a matter eon51dered 8$ part of an ind¢pendent exatnination. I have no coneems and have come a¢ross no other matters connertion wtth the examtnation to which attentiotl should e drawn in this report tn orderto enable a prop¢r understsnding of th¢ accounts to be reach. Alison Sargent FCA Sargent & Co Chartered Accountants 219 Croydon Road Caierham Surrey CR3 6PH Date-. 18 September 2024 Page 6
Ghana Internation21 Foundation Statement of Financial Activities for the Year Ended 31 December 2023 Unrestrirfed funds Tot*1 2023 Unrestricted funds Totsl 2022 Note Income from: Donatiort$ 2nd lewies Investment income 54.022 3,141 54.022 3.141 5 1.920 448 51,920 448 Total inwme 57,163 57.163 52,368 52.368 Expenditure on: Charitable activities 1150.955) {150.9551 194.5061 (94,5061 Total expenditure Net ¢xp¢nditure Net tntsvement in funds 1150,9))) 1150.9551 194,506} 194,5061 193.7921 193.79)1 142.li8) 142.1381 (93.792) (93,7921 {42.1381 {42,1381 Reconciliation of funds Total funds broughi forward 139.160 139.160 181.298 181.298 Ttsta] funds carried foThYard 10 45.368 45.i68 139.160 139.160 All of the charity'5 activities derive from continuing operations during the above two periods. The notes on pages 9 to 14 fonn an integral part of thes¢ financial statem¢nts. Page 7
Ghgna International FouDdation (Regtstration Dumber: 1083550) Balallee Sheet as at 31 December 2023 21J23 2022 Note Current &ets Cash at bank and tn hand 65J68 139.160 Creditor5: Amounts fAlling due wi¢hin ODe vear Net assets 120.0001 45.368 139.160 Fund5 of the ¢hxrity: Uttrestri¢ted ineomt funds Unrestricted funds 45.368 139,160 Total fund5 10 45.i68 139.160 Th¢ financial statements on pages 7 to 14 were approved by the Tnjstees. and authorised for issue on I I September 2024 and sigtEed on th¢ir behalf by.. Lord P Boaten8 Trustee Chair The noies on pages 9 10 14 fonn an irrtegral part of these financial stst¢ments. Page 8
Ghana International Foundation Notu to the Fillancial Statements for the Year Ended 31 December 2023 l Aceounting poli¢i¢s Statement of complinct The fjnancial statements have been prepared in accordance with the second edition of the Charities Ststement of Recommended Pra¢ti¢e issu¢d in October 2019. the Financial Rew>rtiTh8 Standard applicable in the United Kingdom and Republic of Ireland (FRS I02} and the chan.iies Aa 2011. Bisls of prepgrntion Ghana International Foundion meets the definition of a public beneflt enttty under FRS 102. The accounts Ifjnancial statements) have been prepared utlder the historical ¢osr convention with items r¢¢ognj5ed at cost or transa¢tion value unles5 otherwise sth¢ed in the relevant notelsl to th¢se accounts. Going ¢on¢ern The TnLsie¢s consider that there are no materia] uncertainties aut the Chwity's ability to continu¢ &5 a going concem. Ineome and endov•'ments Voluntary income including d¢)nations. gifts. legacies and grants that provide core funding or are of a generdl nature is re¢ognised when the charkty has entitlement to the income. it is probable that the income will be received and th¢ amouni c4n be measured with suffJeieM reliability. tknnaied serviees Where seryices are provided to the charity as a donatiotl that would ty)rnlty be purdlased from our Suppliers, this ben¢fit is inGluded Jrt the fjnancial stat¢m¢nts a( ifs fair value. Expenditure All expenditure is recognised once there is a legal or cOnS1¥e obligation to that expenditure, it is probable Settlement is requjred and the atnouni can be rne4sur reliably. All eosts are a]ltsrated to the applicable expendin]re he4ding that aggregate $Èmilar eosts to ¢8tegory. ChAritable activitie5 ChaTitsble t.xpendiiuTe mPriseS th05C Costs iTb¢urred by the charity in the delivery of its a¢tivities and services for its erI¢laric5. It includts both ¢osts thai can be a]lo¢ated directly to such aetLVLiies and thos¢ ¢osts of an indirert natur¢ necessary to supwrt them. Grgnt prowisioM$ Provisions for grants are made when the intention tts mak'e a grdnt h&s been Communicated to the re¢ipient but th¢r¢ is unL%rtainty aboui ¢ither the timing of the 8Tant or the amount of 8rant payable. Governanee costs These include the costs attributsble to the charity's cotnpliance with constitutiort and statutory requirements. including itldependent exatnination sirate8ic management and trustees meeting5 and reimbursed expenses. Page 9
Ghgng Internation41 Foundation Notes to the Financial Statements for the Year Ended 31 December 2023 (continued) Taxatlon The chaNty' is considered p&ss th¢ tcsts set out iu Pardgraph I khedule 6 of the Finance Act 2010 and therefor¢ li meets the definition of a charitable company for UK ¢OTporatton thx PUTP05es. Accordingly. the charity is potentially exempt from in respeci of income or capits] gains received within c8regories covered by Chapter 3 Part I l of the cOTration Tax Act 2010 or Section 256 of the Ta¥ation of Chargeable Gains Act 1992. 10 the extent that such incorne or gains are applied exclusively to charitable purtx)s¢s. Cash 8nd ea$h equivxltnts Cash and cash ¢quivalents comprrse c&sh on and call detrtisi ]d other shtsrt-term highly liquid investrnents tha¢ adIlY cortvertible 8 known amount of cash and are subject to an insigllificani risk of change in valt]e. Foreign exchange Transactions in fo]g currencies are rerded at the rne of exchange the de of the transaction. Fund structure Unrestrieted income funds are 8enera] ndS thai are alIable for use at the Trustee5 discretion in fvrtherdnce of the objectives of ihe charity. Designated funds are llntrstricted fid$ set &side ftir specific purp¥)se5 at the discretion of the Tntsiees. 2 Ineome from donatlolls 40d legacies L.nrts¢Tirted fund5 GeD¢r•l Totsl 2022 2023 Donations and leg&ies: Dortation from Ghana Int¢maiional Bank plc Donations from individuals Donated services 50.IK>O 50.000 302 3.720 50.000 3.720 1,920 54.022 54.022 51,920 3 I[tVe$tellt income Unresiricted funds GeDer#l Ttstsi 2023 Total 2022 Interest reeeivablc and similar income. Inierest receivable on bank deposits 3.141 3.141 448 Page 10
Ghana International Foundation Notes to the Financial Ststemettts for the Year Ended 31 De¢ember 2023 (continued) 4 E%penditur¢ oll chritbl¢ ¢tivities L'nrestrfetrd fuDds Gener1 Total 21b23 Totsl 2022 GI1 funding of a¢iiviues Allocated 5UPPOrt costs Governance costs 147235 1.800 1.920 147,235 1.800 1,920 92.586 1,920 150,955 150,955 94.506 5 Analysis of governnce costs Govern&thee costs Lnrestricted fund5 Gentrgl T•txl 2023 Totl 2022 Independent examiner f¢es Examination of the financial swtmcnts 1,920 1.920 1,920 1.920 1,920 1.920 Pagell
Ghallx International Foundation Notes to the Financial Ststements for the Year EDded 31 December 2023 (continued) 6 Grant-m8kiDg Analy$ls of grants Grnnts to in$titution5 2023 2022 Anglysis Education Health Reltef of wverty and education 67,562 38.700 40.973 65,345 27,241 147,235 92.586 Below are details of rnaterial made io institutions. 2023 2022 N&me of irtstitutioo Attivity Creating New Besi[lg$ Educatign Move the World Education Action through Enterprise Relief of p>verty and edueation Porridge & Pens Relief of p)verty and edu¢atiOD Street Children Empowemiwt Fund R¢lief of erty and ¢duc*ion Korle Bu Girls S¢hwl Relief of rrf)verty and education Cur¢ Internatiotjal Heajth To Liv¢ in H.O.P.E Health 57.562 10.000 20.000 20.0) 60,345 5.000 8,832 10.000 8.409 973 18.700 20.000 147.2i5 92.586 7 Trnstees remuneration and expenses No Tnr$t¢e3, nor any p¢r30ns conncctcd with (hem. havr receÈved 8nv remuneration from the charity during the year. No Tnjstees have received any re1mburd expenses or any other benefits from the charity durittg the year. Page 12
Ghana Internalion81 Foundation Notes to the Financial Statements for the Year Ended 31 December 2023 (continued) 8 Tsxation The charity is a registered ¢harity and is thcrefore exempt from 10n. 9 Creditors: fallin2 due within one yur 2023 Grants payable 20.000 10 Funds BalAnce at 31 December 2023 Balance At I J#ttu#ry 2023 IncorniDg Resources eipended Trnn$f¢rs Urtried funds General 139.160 57.163 {150,9551 {20,000} 25.368 Designated 20.000 20,0( Total funds 139.160 57.163 1150.955) 45.368 A sum of £20.000 of desigDat¢d fi]nds for the Found&ion have been allocat for the matched fi]ndiTr8 schem¢ for fundraising by stsff. Balance At 31 De¢¢mb¢r 2022 Balance xt I January 21122 Incorning Resources eipeDded Tr*n$fers Unre$tri¢ted funds General 179298 52J68 194.506) 2,000 139.160 Designated {2,000 Total fund$ 181.298 {94.5061 139.160 Page 13
Internationgl FoundatlOD Note5 to the Financial Statements for the Year Ended 31 December 2023 (continued) 11 AnaIy$is of net 8ss¢ts brtt¥een funds Unrestricted funds General Total nIts it 31 December 2023 Cyrrent assets Current liabilities 65.i68 120.0001 65.368 120.000} Total n¢t assets 45.368 45.368 Uttre5tritt¢d funds Gener21 TotAI fund5 Ilt 31 December 2022 Cunynt &ssets 139.160 1.19,160 12 Related pgrty tra1158ctions During the year th¢ charity tnade th¢ ftillowing related paty tran5aetions: Ghan# International Bank plc Donation from the Bank of £50.000 12022 £50.0001. Indepet*d¢nt examith¢rf5 fees of £1.9?012022.. £1.9201 a]]d accountancy fees of £l.800 12022.. £Nill were paid by GHIB from its fijnds in 2023 and shown In the financial Statements doned services. At the balance Sheet date the amount due tolfrom Ghana International Bank plc was £Nil 12022- £NJll. Page 14