THE LATA FOUNDATION (A Company Limited by Guarantee) Company Registration No. 6264453 (England & Wales) Charity Registrakn'on No. 1123580 DIRECTORS. REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 ACC7XOJP 1flOW2023 COMPMIES HOUSE A24
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THE LATA FOUNDATION C(JYTENTS Page Trustees, Annual Re&t Independert Examinerfs Report ststement of Financial Activtties Balance Sheet Notes to the F•iancial Statements I11
THE LATA FOUNDATION TRUSTEES. ANNUAL REPORT The Trusteesmirertors present their report and accounts forthe yearended 31 December 2022. The Tnlstees considerthat the Accounts comply with the current ststutory requiremerts. tts governing d(tsment and the Statement of Recomrnerrfled Practice-charilies SORP IFRS 1021. REFERENCE & ADMINlSnEATION DAll5 CHARITY NAMÉ: The LATA FOdatK¥n COMPANY NUMBER: 6264453 REGISTERED CHARITY NUM8ER: 1123580 PRINCIPAL & ftEGisfERED OFFICE: 20 Upper Tachbrook Street Lond( SWIV ISH DIRECtORsnRUSTEES: All directors served throughout the year except where shown: Ms J Berry Miss N Gude Mr R Bra55 Mr C Pickard Ms K Mcwilliams Mr C Stewart Mrs P B Tell-GarSlde Ms L Hughes M5 M Parkinson Ms K Ast( Chair WKe£hair Treasurer COMPANY sEcRARY. Mr R Brass INDEPENDENT EXAMINER: Fisher Phillips LLP Summit Hovse 170 Finthley Road London NW3 68P Page I
THE LATA FOUNDATION TRUSTEES. ANNUAL REPORT RE GOVERNANCE AND MANAGEMENT LEGAL sfATUS The LATA Foundation is a company limited by guarantee that was incorporated on 31 May 21J07 and is govemed by its Memorandum and Artbcles ofAs50Ciation. TRUSTEE SELEcfioN MEfHODS Trustees must be of good character. have experience of working with Latin America and have the professional skills and experience needed to contribute to the Eovernance and objertives of the LATA Foundation. Up to 50% of Trustees may be appointed by the Committee of the Latin American Travel Associati(m ILATA) from its ranks. OBJEcfivES AND AcnvmES OBJEcr The LATA Foundation is dedicated to promoting resptsnsible ISInesS praCtIS in the tourism industry a5 well as sustainable development. conservation poverty relief in Latin AmerK3 by fundin& supporting and developing charitable projects throughout the region. A1VITIEs In 2022 grants were made to 10 project partners operatinE in 9 latin American countries in a variety of aa$ including 5UPPOrt for underpri¥lged & homeles5 children. en¥ironmentsl protection & conservation, empowerment of women. developmenL education. and healthcare. VOLUNTEERS The activities of the LATA Foundation are conducted by volunteers using donated facilities and resources. Teams of volunteers work to obtain donations, primarily from companies operating within the travel industry and thelr staff. and funds raised are used to support specifk charitable projetts in L*in America. The Volunteers rewrt directty to the Tntee5. PUBLIC BENEFIT The grants awarded by the LATA Foundation are Subject to a rigorou5 approval process. are made only to charitable organisations and are for projects that are exclusivety for public benefit in accordance with and regard to Section 4 of the Charities Act 2(Kl6. GRANT MAKING POLICY Applications for funding are accepted from charitable organisations. registered NGOS and chafitable projects based in Latin Arnerica as well as charities working in Latin America but regtstered in other countries. Applications that satisfythe criteria of the LATA Foundation for fvrKling rnust be 5ubrnitted using the LATA Foundation application form and providing all of the infomiation required. They are then assessed by the projects team before final approval by the Trustees. Approved applications are then subjert to a projett agreement that specifie5 the goaE5 of the Project as well as the project timeline and reporting requirements. Pa8e 2
THE IATA FOUNDATION TRUSTEES. ANNUAL REPORT ACHIEVEMEpifs AND PERFORMANCE CHARITABLE ACTNITIES During the year. we met our objectives by granting £40.386 to 10 charitable projects throughout Latin America with an emphasis on ongoing support for our long term project partner Frfends of Alalay- 8ollvla We tontinued our longstanding support of the Alalay centre near Santa Cru2 whith provides shetter for children frorn broken homes. many of whorn have spent time sleeping fOh on the streets. In 2022. our funding provided vocational training scholarship: for four thildren as well as generdl funds to be used as a contingency for emergency mediol care for the children and staff. Amount granted in 2022.. £4,(•XI. Projeto Vidanpr- Brnil We tontinued working with Projeto Vidanpr who main attivity. the Vidanpr Dance khool, 15 3n initiative to offer underprivileged children from the favelas of Rio de Janeiro the opportunty to express themselves through ihe art of dan and to provide them with the opportunity to do activitie5 that otherwise would not be possible due to their ecoftomtc situation; such as trips to cultural attractions, Children's Days and Christmas partiCJr wth dirtributionr of tOY5• clothe4 and hygiene kits. Our 2022 funding helped support the expansion of the project to Bahia with the development of a new ballet projert and financed a sewing COU for students, mothers designed to aS5iSt farnilies in generating income. Amount granted in 2022: E5.01)0. Abrfendo Mentes- Costa Rl¢a Abriendo Mentes is a small community-based project in Guanacaste ProvirKe which aim5 to empower individua15 from two rural coastal communities through innovative and engaging education and community development progrèmmes allowing them to develop skills and to seize economic opportunities. In 2022 we continued to support the projerfs Youth Development Programme whith offers English. computer. sport and art lessons to young people aged &20. Amount granted in 2022.. £3.117. Condor Trust- Ecuador We continued working with the Condor Trust to support grass roots work in Quito helping underprNileged families with xhooling. The funding provides un•forms. books. school materwls and living costs to enable children from low-income families to attend secondary school in the city. with the ultimate aim of helping them complete their education. find a job and break the cyde of poverty. In 2022 our fvnding supported 6 children at a time when their families. incomes remained particularty precariovs due to the ongoing effects of the COVID-19 pandemic. Amount granted in 2022: £4.(KX). Fundadon Calkanto- Panama In 2022 we continued to provide fvnding to support Fundaoon Calicanto's CAPTA programme which gives cducational and vocational training •UPPOrt to women with levels of poverty in Panama City. The training includes a strong psycholoEical development component that emK)wers women by lifting self*steem and confidence levels and is accompanied by prOfeonal trainin8 in vocational skills, providing participant5 Wtth access to better opportunities to support themselves and their familie•. Amount granted in 2022: £3wJO. Healing Vene2uela- Venezuela In collaboration with Healing Venezuela. we continued to provide funding in response to the humanitarian in Venc2ucla. The crisis has led to thc 0x0dur of more th3n 50% of medical staff (doctors, nurses and technicians) from the country making Junior Dortors vital to the running of state hospttals and the provision of medical care to tho vaet majority who cannot afford private care. The ralary of a Junior Doctor is as little as S& $15 per month and Jr funding helped to prOe supplementary income to 25 Junior Doctors in hospitals in Barcelona and Porlamar. Amount granted in 2022: £4,5(M). Page 3
THE LATA FOUNDATION TRUSTEES. ANNUAL REPORT Kids Saving the Rainfore5t- C05ta Rrca rids Saving the Rainforest (K5fRI rescues and rehabilitstes Costa Rican wildlife in around the Manuel Antonio National Park and tonducts reforestation. land conservation and research in the area. Following our support in 2021 whith hel ensure that this long-temi partner was able to survive it51055 of income during the COVID-19 pandemic. in 2022 we provided funding toward the building of a new nursery on site. This specific environment will help rescued young animals get the treatment that they need to survive. Amount granted in 2022: £4,000. Peru Porter5- Peru Working with ILKal partners in the travel industry in Peru. we distributed the remaining funding earmarked to providc CJJcntial food parcel: for out of work trek*ing Porters. As a result of phenomenal support for thp initiative from the U.L travel industy, throughout the COVID-19 pandernic we provided an essential lrfeline of regular food parcels to more than 90 families who had been employed in the tourism industry, but who had completely10st their livelihoodk Amount granted in 2022: £2.480. XtraordlnaryWomen- Nicaraeua Xtraordinory Women works with vrneTr INing in marBinaliMI communities in Nicaragua. providin8 thpm with job skills. training programmes. entrepreneuh1p bootcamps and job placement. The aim 15 for them to become financialfy independent by giving them the tools to break the cycle of extrerne poverty ind violence that often dominate5 their lives. In 2022, our fvnding 5UPPOrted 40 wornen entrepreneurs in impoverished areas of Managua. helping them to regenerate their livelih(Kxls and grow their businesse5. The fvnding 5UPPOrted P•ychologil viritir to the communities at the start of the entrepreneurship bootcamp cycle and the Subsequent implementation of training session& Amount granted in 2022= £5.1KIO. El Rio FOdatIOn- Colombia In 2021 we began Working with El Rio Foundation which was established due to the desire of the El Rio H05tel in Buritica. near Santa Marta. lo give back to the local comrnunity by offering educational support and communty sport opportuniti. 35 well as reforestation and waste management projects. As well as fur1Thg the provision of English language classes. our initial support allowed for the purthase of teaching materials that can be used for years to come and in 2022 we continued to prowde fundin8 to help improve the education and level of Énglish of 24 chiklren in Buritica. The funding allowed for the provision of 16 hour5 Ot teaching each week to children who had not been to school at all throughout the COVltk19 pondemio Amount granted in 2022: E4,489. Pro artners for 2023 In 2023, we aim to support the following projects the majority of which are core projects operated by our long- term project partners: -Projeto Vidaryr- Br1[ -condor Trust- Ecuador -Abriendo Mentes- Costa Rica -Kids Saving thè Rainforest- Costs Rica -Xtraordinary Wornen- Nicaragua 41ealing Venezuela- Venezuela -Friend5 of Alalay- Bolivia -El Rio Foundation- Colombia -Calicanto- Panarna -mano Vuelta- Mexico -just a Drop- Nicaragua Page 4
THE LATA FOUNDATION TRUSTEES, ANNUAL REPORT FUNDRAISING In 202Z, our corporate donations tontinued to be negatively imparted by the10$5 of s)ficant donors during the cov119 pandemi¢. However. as the travel industry an to recover. we benefrted from regular support from donors such as Senderos, La5 Iguanas and Journey Latin America as well as donations from Audley Travel. Latin Routes and Sunvil. Moreover. we benefitted from the support of a number of individual donor5. including from long-standing regular donors to whorn we are very grateful. FINANCIAL REVIEW YEAR END FINANCIAL POSMON Durin8 the year we recorded a deficit on Unrestricted Funds of £3,149 leaving a balance at the yearnd of £57,098 and a deficit on Restricted Funds of £2.301 leaving a balance at the year*nd of £224. At the end of the year, we had sufficient fund5 in hand to meet all of our agreed grant commitments and to plan support for our 2023 project partners. RESERVES POUCY We currently aim to maintsin a minimum reseTht tevel of Q5,IXIO. Thi5 will alk)w us to continue providing ongoing support to existing projett partner5 in the event that we fail to iaise Sufficient additional fiJnd& The policy is revlewed annualty- Page 5
THE LATA FOUNDATION TRUSTEES. ANNUAL REPORT STATEMEPll OF TRUSTEES'IDIRECTORS. RESPONSIBILITIES The directors are respongble for preparing the Annual report and financial statements in accordance with appllcable law and regulations. Company law requires the directots to prepare finantial sL*ements for each financial year. The financial statements are required by law to eive a true and fair view of the stste of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial ststements. the direttors are required to: -5elect suitsble accounting policies and then apply them consistentlv; -make judgements and estimates that are reasonable and prudent. -follow applicable accounting standards: -prepare the financial statements on the going concern basis unles5 it 15 inappropriate to pre5urne that the Company will continue in busines The dIreCtS are reSpOble for keepin8 proper accountiW records that disdose with reasonable accuracy at any time the financial position of the Cthnpany and enable them to ensure that the financial statements comply with the Companie5 Act 2LK16. They are reswnsible for safeguarding the assets of the Company and hence for taking rea50nable 5tep5 for the prevent and detertion of fraud and other irregularities. The report of ihe dirertors ha5 been prepared in accordance with the provisions of Financial Reporting Standard 102 Section IA relating to small entities, the special provisions of Part 15 of the Companies Act 2(J)6 relating to small companies and in accordance with AccountinE and Reporting by Charities: Statement of Recommended Practice applicable to charities Prepari their accounts in actordano with FR5102- Charities SORP (FRS1021. is report was approved by the board 4 Septernber 2023 and signed on its behalf. rass Dirertor Page 6
THE LATA FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES I report on the accounts of the company forthe year ended 31 Dernber 2021 which are set out on.pages ii. Res ective res nsibilities of trustees and examin The charity's trustees (who are also the directors of the company forthe purposes of company lawl are responsible for the pparatIOft of the accounts. The chariirfs trustees consider that an audtt is not required for this year under section 144 {2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. Having Aatirfiod myself that the c.harity i not subject to audit under Company law and is eligible for independent examination. it is my lM)nsIbl11ty to- examine the accounts under section 145 of the 2011 Act. follow the procedures laid down in the eeneral Directions given by the Charity Commi$5ion (under sertion 145151{bl of the 2011 Act. and stste whether particular matters have come to my attention. Basis of o inFon My examination was carried out in accordantr with General Oirection5 wen by the Charity Commtssion. An examination includes a review of the attount1 record5 kept by the charity and a cornparison of the accounts presented with those records. It also indudes consideration of any unusual items or disclosures in the accounts. and seeking ey4)lanattons from the trustees concernine any suth matters. The procedures undertaken do not provide all the eviden that would be required in an audit. and consequentty no opinion is gwcn ar to whcther the accounL present a 'true and fairf vièw al the rep)rt it limited to those rnatters set out in the statement below. Inde endent examiner's statement In connection with my examination. no matter has come to my attention: l. which gives me reasonable cause to bel¥e th. in any material the requirements: • to keep accounting record5 in accordance WFth sedion 386 of the Companies Act 2006 and. to prepare accounts which accord with the accounting records and comply with the attountinB requirements of section 396 of the Companies Act 2]6 and wlth the method5 and principals ofthe Statement of Recommended PractKe: Accounting and Reporting by Charit*s have not been met: or 2. to which. in my opinion. attention should be drawn in orderto enable a proper understsnding of the accounts to be reached. Philip S es For and on behalf of, Fisher Phillips LLP Summit House 170 Finchley Road London NW3 68P Date: 4 September 2023 Page 7
THE LATA FOUNDATION STATEMENT OF FINANCIAL ACTMTIES (INCORPORATING THE INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2Q2 Unrestricted Restricled Totsl Funds Totsl Funds Funds F4mds 3111V2022 3U1212021 INCOME FROM: -Oonations 4ncome from fundraising events ank Interest TOTAL INCOME 27.111 7149 41.925 341 42.266 27573 EXPENDITURE ON- -Charitsblegrants -cost of fundraisin8events -Bank, fundrai5ing&5undry tha TOTAL EXPENDITURE io. 66,220 490 406 1.135 67.355 io. NET INCOME -1149 -2301 -25.089 RECONCIUATION OF FUNDS: Total funds brought forward Total fundscaTried forward 60247 57J198 525 224 61772 87,861 62.772 All recognised gains and10sses are reflected through the statement of financial artivitie5. The notes on pages 10 to 11 fomi part olthese attounts. Pa8e 8
THE LATA FOUNDATION BALANCE SHEET AS AT 31 DECEMBER 2022 2021 CURRENT ASSETS Debtors Cash atbankand in hand 1.284 61.488 62,772 57322 CREDITORS Amountsfallingduewithin oneyear NET CURRENT ASSErs 57J22 62.772 CREDITORS Amounts fallingdue aftermorethan oneyear NET ASss 57322 62,772 NET ASSETS REPRESENTED BY Unrestritted funds Restricted fund5 57.098 224 57322 60,247 2.52S 62,772 lal For the year endTng 31 December 2022 the companywas entitled to exemption from under section 477 of the CompanieJ Act 21K relating to Jrmall (ompanies. Ibl The members have not required the companyto obtain an audit of its accounts forthe year in question in accordance with section 476. Icl The directors acknowledge their responsibilityfor comptrying with the requirefflerbts of the Act wlth respert lo accounting records and the preparation of accounts. Idl ThCe accounts have bcon prepared in accordance with the provisions 3ppli(able to companies subject to the small companTes' regime. e financial statements were approved tythe board on 4 Septernber 2023 and signed on its behalf. ass Director The notes on pages 10 to 11 forrn part of these account> Pa8e 9
THE LATA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 I.ACCOUNTING POUCIES Basis of Pre ration of accounts The accounts have been prepared in accordan with Financial Reporting Stsndard 102 Section IA relating to small entities. in accordance AccountinE and Reporting by Chartties: Statement of Recommended Practice applicable to charities preparÈng their accounts in accordan with FR5102- Charities SORP (FRS102): and with the Companies Att 2006. They have been prepared under the historical cost tonvention. include no material uncertainties and have been prepared on a going conrTr basis. Cash Flow Statement The financial statements do not indude a Cash flow ststement because the company, as a small pOrting enttty. is exempt from the reqU1mertt to prepare such a statement under Sertion IA of Financial Reporting Standard 102. Income All incoming SoUrceS are included in the Statement of Financial ActNities when the tharity is legally entitled to the income and the amount can be quanttfied with reasonable accuracy. Fund Accountin Unrestricted funds are available for use at the discretion of the Twstees in furtherance of the general objectives of the charity. RestrKted funds are fun(ts which are to be used accordance with specific restrictions imposed by donors. Resources Ex ended All expenditure is accounted foron an atrruèls basis arKI has been th55ified underthe reknnt headings. -Charftabte grants comprises grants made by the charity in the furtherance of its objects. -costs of fundraising events are those costs incurred in holding events to raise funds. -Bank. fundraising & sundry costs represent bank payment charges. expenses incurred from the use of the Just Giving and other donation platforms and any sundry administration expenditure. Goin Concem The financial *atements have been prepared using the goine concern contept. The Trustees have considered the negative impact of the Covid-19 pandemic which resulted in the Ioss of significant donors. After undertaking the review. and CsIdering the Charitys reserve of unrestricted funds, the Trustees are confident that the Charity will be able to continue to operate as normal for a period ifb exce55 of 12 months from the date of this report. 2.TAXATION The organi5atilYl 15 exempt from income tax by reason of its tharitable ststus. 3.DIRECTORS' REMUNEBATION AND EXPENSES No remuneration directly or indirectly out of the funds of the charity w35 paid during the period to any trustee or to any persons known to be tonnected with them. No reimbursement of expenses has been made or 15 due to be made to any of the trustees in re5pert of the perd. There were no employees of the charity during the year. 4.SHARE CAPITAL The cornpany 15 limited by guarantee and has no share capitsl. All members have agreed to cortribute a sum not exceeding £1 in the event of windin8 UP. Page 10
THE LATA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 5.RELATED PARTY TRANSAcfioNS A donation without conditions totalling £490 was reiVed dufing the year from the Latin American Travel Association. There were no tran&ictions with related parties during the yearthat require further disclosure. 6. OEBTORS 2021 Pledged Donatims Gift Aid due 1.134 Iso 1.284 7. SUMMARY OF MOVEMENT OF RESTRICTED FUNOS Fund BalaThs Brought Forward Income Fund Balances Expenditure Carrled Forwaid Funds foT: Projeto VIdanr- Brazil Kids Savifftg the Rainforest- Costa Rica Penj Porters Food Par15- Peru 5.126 2.674 53 7.853 2.674 2.525 2.525 98 10.154 8.GRANTS BY COUNTRY Grants made to institutions in or operating in: 2021 Bolivla 8razil 4.(KJO 8.752 3,455 8.158 8.195 4.994 s.0 3.771 15.895 Colombia Costa Rica Etuador Guatemala Nicaragua Panama Peru Venezuela 7.117 66.220 Page 11