Charity registration number: 1083550
## Ghana International Foundation
Annual Report and Financial Statements
for the Year Ended 31 December 2024
## **Ghana International Foundation**
## **Contents**
|Reference and Administrative Details|1|
|---|---|
|Trustees' Report|2 to 4|
|Statement of Trustees' Responsibilities|5|
|Independent Examiner's Report|6|
|Statement of Financial Activities|7|
|Balance Sheet|8|
|Notes to the Financial Statements|9 to 14|
## **Ghana International Foundation**
## **Reference and Administrative Details**
**Trustees** Lord P Y Boateng Mr D Adansi Mr C Thomson Mr R J B Sambou Mr S Bhandari **Charity Registration Number** 1083550 **Principal Office** 67 Cheapside London EC2V 6AZ **Independent Examiner** Sargent & Co Chartered Accountants 219 Croydon Road Caterham Surrey CR3 6PH **Bankers** Ghana International Bank plc 67 Cheapside London EC2V 6AZ
Page 1
## **Ghana International Foundation**
## **Trustees' Report**
The Trustees present the annual report together with the financial statements of the charity for the year ended 31 December 2024.
The financial statements have been prepared in accordance with the accounting policies set out on page 9 and comply with the Foundation’s Trust Deed and applicable law.
## **Trustees**
Lord P Y Boateng
Mr D Adansi
Mr C Thomson
Mr R J B Sambou
Mr S Bhandari
## **Objectives and activities**
## **Objects and aims**
Ghana International Foundation (the “Foundation”) is sponsored by Ghana International Bank plc (the “Bank”, “GHIB”, 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**
The Trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
## **Grant making policies**
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 ad hoc donations from Directors or employees of the Sponsor), and no general advertising is undertaken.
This year, the Foundation continued to allocate funds to organisations supporting projects located in impoverished urban and remote rural areas of Ghana. Where it is evident that the funds have been used to maximum effect, subject to meeting conditions for additional grants, the Trustees are well disposed to making further financial assistance available to these organisations. The Trustees generally aim to direct grants 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, during their annual visits to Ghana, and from regular project update reports from recipients of Foundation funds, which typically include photographs of the progress made. Furthermore, Ghana-based representatives of the Sponsor visit Foundation funded projects from time to time to monitor grant applications, and use of grants.
The number of grants made by the Trustees in 2024 was less than the previous financial year with more grant applications in 2023 closely aligning with the Foundation's objects or otherwise being in-scope of the Grant Making Policy. A total of 7 (2023:17) requests were received by the Foundation during the year, of which 2 (2023:10) were rejected for various reasons in line with the Foundation’s policies, and of which 3 (2023:7) were accepted and grants awarded to applicants. The remaining applications were incomplete.
Page 2
## **Ghana International Foundation**
## **Trustees' Report (continued)**
## **Financial review**
The Sponsor donates to the Foundation at the end of each financial year on the basis of its performance for that year. In 2024, a donation of £50,000 (2023:£50,000) was paid on the basis of the Sponsor's Annual Report and Financial Statement for the Year Ended 2023. 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 fourth year of operations it made a new disbursement commitments totalling £66,167. In 2024, (41%) of donations have been for Health-related projects and (59%) for Education. Details of distributions made in 2024 are shown on page 7 and in Note 6 on page 12.
The Foundation reports an excess of expenditure over income of £14,203 for the year under review (2023 excess of expenditure over income over expenditure of £93,792 with total funds at the year-end of £31,164 (2023:£45,368) 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.
## **Policy on reserves**
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. The Foundation’s operating expenses are nominal and are borne by its Sponsor. Consequently, the need and level of reserves is based on the commitments made by the Foundation for future years and at the end of 2024 there were no such commitments outstanding. The Trustees disburse receipts, as far as is possible, to worthy causes during the accounting year in which Sponsor’s funds are received. No commitment is made to applicants for future funding. Grants are made as and when funds are available in any given year. The Trustees’ reserve policy position is reviewed from time to time. The Trustees currently maintain a de minimis reserve level of £2,000 per annum, below which no commitment is made by the Foundation for any award of grants.
## **Structure, governance and management**
## **Nature of governing document**
The Foundation is regulated by a Trust Deed, dated 1 August 2000 as amended by deeds of variation dated 12 October 2000, 26 October 2021 and 12 December 2024.
## **Organisational structure**
The Foundation is controlled by the Trustees, all of whom are based in the United Kingdom and comprise the Sponsor’s Chief Executive Officer, Deputy Chief Executive Officer & Chief Operating Officer, and three of the Bank's Independent Non-Executive Directors, one of whom is the Trustee chair. 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 from grant applicants, policy development, secretarial support, and other responsibilities, 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 quarterly meetings in each 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 and vulnerable persons, risk management, anti-money laundering and counter-terrorism financing, gifts and hospitality and investment management. The Trustees regularly review their risk exposures to determine the need, if any, for additional policies, procedures and other controls.
Page 3
## **Ghana International Foundation**
## **Trustees' Report (continued)**
## **Major risks and management of those risks**
During the year ended 31 December 2024, 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.
Approved by the Trustees of the charity on 8 September 2025 and signed on its behalf by:
......................................... Lord P Y Boateng Trustee Chair AA.
Page 4
## **Ghana International Foundation**
## **Statement of Trustees' Responsibilities**
The Trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The Trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees of the charity on 8 September 2025 and signed on its behalf by:
......................................... Lord P Y Boateng Trustee Chair
Page 5
## **Ghana International Foundation**
## **Independent Examiner's Report to the trustees of Ghana International Foundation**
I report to the Trustees on my examination of the accounts of Ghana International Foundation for the year ended 31 December 2024.
## **Responsibilities and basis of report**
As the charity Trustees of Ghana International Foundation 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 Ghana International Foundation's accounts carried out under section 145 of the 2011 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 Ghana International 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 accounting 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 219 Croydon Road Caterham Surrey CR3 6PH
15/09/2025 Date:.............................
Page 6
## **Ghana International Foundation**
## **Statement of Financial Activities for the Year Ended 31 December 2024**
|**Note**
**Income from:**
Donations and legacies
2
Investment income
3
Total income
**Expenditure on:**
Charitable activities
4
Total expenditure
Net expenditure
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
11|**Unrestricted**
**funds**
**£**
54,009
1,435
55,444
(69,647)
(69,647)
(14,203)
(14,203)
45,368
31,165|**Total**
**2024**
**£**
54,009
1,435
55,444
(69,647)
(69,647)
(14,203)
(14,203)
45,368
31,165|**Unrestricted**
**funds**
**£**
54,022
3,141
57,163
(150,955)
(150,955)
(93,792)
(93,792)
139,160
45,368|**Total**
**2023**
**£**
54,022
3,141|
|---|---|---|---|---|
|||||57,163|
|||||(150,955)|
|||||(150,955)|
|||||(93,792)|
|||||(93,792)
139,160|
|||||45,368|
All of the charity's activities derive from continuing operations during the above two periods.
The notes on pages 9 to 14 form an integral part of these financial statements. Page 7
## **Ghana International Foundation**
## **(Registration number: 1083550) Balance Sheet as at 31 December 2024**
|||**2024**|**2023**|
|---|---|---|---|
||**Note**|**£**|**£**|
|**Current assets**||||
|Debtors|9|438|-|
|Cash at bank and in hand||30,727|65,368|
|||31,165|65,368|
|**Creditors: Amounts falling due within one year**|10|-|(20,000)|
|**Net assets**||31,165|45,368|
|**Funds of the charity:**||||
|**Unrestricted income funds**||||
|Unrestricted funds||31,165|45,368|
|**Total funds**|11|31,165|45,368|
The financial statements on pages 7 to 14 were approved by the Trustees and authorised for issue on 8 September 2025 and signed on their behalf by:
**==> picture [103 x 25] intentionally omitted <==**
**----- Start of picture text -----**
.........................................
Lord P Y Boateng
Trustee Chair
**----- End of picture text -----**
The notes on pages 9 to 14 form an integral part of these financial statements. Page 8
## **Ghana International Foundation**
## **Notes to the Financial Statements for the Year Ended 31 December 2024**
## **1 Accounting policies**
## **Statement of compliance**
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
## **Basis of preparation**
Ghana International Foundation meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
## **Going concern**
The Trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
## **Income and endowments**
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
## **Donated services**
Where services are provided to the charity as a donation that would normally be purchased from suppliers, this benefit is included in the financial statements at it's fair value.
## **Expenditure**
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required, and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category.
## **Charitable activities**
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
## **Grant provisions**
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
## **Governance costs**
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including independent examination strategic management and trustees meetings and reimbursed expenses.
Page 9
## **Ghana International Foundation**
## **Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)**
## **Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **Trade debtors**
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
## **Foreign exchange**
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction.
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the Trustees discretion in furtherance of the objectives of the charity.
Designated funds are unrestricted funds set aside for specific purposes at the discretion of the Trustees.
## **2 Income from donations and legacies**
|Donations and legacies;
Donation from Ghana International Bank plc
Donations from individuals
Donated services|**Unrestricted**
**funds**
**General**
**£**
50,000
529
3,480
54,009|**Total**
**2024**
**£**
50,000
529
3,480
54,009|**Total**
**2023**
**£**
50,000
302
3,720|
|---|---|---|---|
||||54,022|
Page 10
## **Ghana International Foundation**
## **Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)**
## **3 Investment income**
|Interest receivable and similar income;
Interest receivable on bank deposits
**4**
**Expenditure on charitable activities**
Grant funding of activities
Allocated support costs
Governance costs|**Unrestricted**
**funds**
**General**
**£**
1,435
**Unrestricted**
**funds**
**General**
**£**
66,167
1,560
1,920
69,647|**Total**
**2024**
**£**
1,435
**Total**
**2024**
**£**
66,167
1,560
1,920
69,647|**Total**
**2023**
**£**
3,141|
|---|---|---|---|
||||**Total**
**2023**
**£**
147,235
1,800
1,920|
||||150,955|
## **5 Analysis of governance costs**
## **Governance costs**
|Independent examiner fees
Examination of the financial statements|**Unrestricted**
**funds**
**General**
**£**
1,920
1,920|**Total**
**2024**
**£**
1,920
1,920|**Total**
**2023**
**£**
1,920|
|---|---|---|---|
||||1,920|
Page 11
## **Ghana International Foundation**
## **Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)**
## **6 Grant-making**
## **Analysis of grants**
|**Analysis**
Education
Health
Relief of poverty and education
Below are details of material grants made to institutions.
**Name of institution**
**Activity**
Ghanata Senior High School
Education
Creating New Beginnings
Education
Move the World
Education
Komfo-Anokey Teaching Hospital
(KATH)
Health
Cure International
Health
To Live in H.O.P.E
Health
Action through Enterprise
Relief of poverty and education
Porridge & Pens
Relief of poverty and education
Korle Bu Girls School
Relief of poverty and education||**Grants to institutions**
**2024**
**£**
**2023**
**£**
39,059
67,562
27,108
38,700
-
40,973
66,167
147,235
**2024**
**£**
**2023**
**£**
1,511
-
37,548
57,562
-
10,000
27,108
-
-
18,700
-
20,000
-
20,000
-
20,000
-
973
66,167
147,235|**Grants to institutions**
**2024**
**£**
**2023**
**£**
39,059
67,562
27,108
38,700
-
40,973
66,167
147,235
**2024**
**£**
**2023**
**£**
1,511
-
37,548
57,562
-
10,000
27,108
-
-
18,700
-
20,000
-
20,000
-
20,000
-
973
66,167
147,235|**Grants to institutions**
**2024**
**£**
**2023**
**£**
39,059
67,562
27,108
38,700
-
40,973
66,167
147,235
**2024**
**£**
**2023**
**£**
1,511
-
37,548
57,562
-
10,000
27,108
-
-
18,700
-
20,000
-
20,000
-
20,000
-
973
66,167
147,235|
|---|---|---|---|---|
|||||147,235|
|||||**2023**
**£**
-
57,562
10,000
-
18,700
20,000
20,000
20,000
973
147,235|
## **7 Trustees remuneration and expenses**
No Trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No Trustees have received any reimbursed expenses or any other benefits from the charity during the year.
Page 12
## **Ghana International Foundation**
## **Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)**
## **8 Taxation**
The charity is a registered charity and is therefore exempt from taxation.
## **9 Debtors**
|**9**
**Debtors**|||
|---|---|---|
||**2024**||
||**£**||
|Accrued income||438|
## **10 Creditors: amounts falling due within one year**
|Grants payable
**11 Funds**
**Unrestricted funds**
General
Designated
**Total funds**|**Balance at 1**
**January**
**2024**
**£**
25,368
20,000
45,368|**Incoming**
**resources**
**£**
55,444
-
55,444|**Resources**
**expended**
**£**
(69,647)
-
(69,647)||**2024**
**£**
-
**Transfers**
**£**
15,000
(15,000)
-||**2023**
**£**
20,000|
|---|---|---|---|---|---|---|---|
||||||||**Balance at**
**31**
**December**
**2024**
**£**
26,165
5,000|
||||||||31,165|
A sum of £5,000 of funds for the Foundation have been allocated for the matched funding scheme for fundraising by staff.
|**Unrestricted funds**
General
Designated
**Total funds**|**Balance at 1**
**January**
**2023**
**£**
139,160
-
139,160|**Incoming**
**resources**
**£**
57,163
-
57,163|**Resources**
**expended**
**£**
(150,955)
-
(150,955)|**Transfers**
**£**
(20,000)
20,000
-|**Balance at**
**31**
**December**
**2023**
**£**
25,368
20,000|
|---|---|---|---|---|---|
||||||45,368|
Page 13
## **Ghana International Foundation**
## **Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)**
## **12 Analysis of net assets between funds**
|**12 Analysis of net assets between funds**|||
|---|---|---|
|Current assets
Current assets
Current liabilities
Total net assets|**Unrestricted**
**funds**
**General**
**£**
31,165
**Unrestricted**
**funds**
**General**
**£**
65,368
(20,000)
45,368|**Total funds at**
**31 December**
**2024**
**£**
31,165|
|||**Total funds at**
**31 December**
**2023**
**£**
65,368
(20,000)|
|||45,368|
## **13 Related party transactions**
During the year the charity made the following related party transactions:
## **Ghana International Bank plc**
Donation from the Bank of £50,000 (2023 £50,000). Independent examiner's fees of £1,920 (2023: £1,920) and accountancy fees of £1,560 (2023: £1,800) were paid on behalf of the Foundation by GHIB from its own funds in 2024 and shown in the financial statements as donated services. At the balance sheet date the amount due to/from Ghana International Bank plc was £Nil (2023 - £Nil).
Page 14