THE LATA FOUNDATION (A Company Limited by Guarantee) Company Registration No. 6264453 (England & Wales) Charty Registration No. 1123580 DIRECTORS. REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 111 DBDXV6J 10nW2024 COMPANIES HCWJSE 154
THE LATA FOUNDATION CONTENTS Page 1-6 Trustees. Annual fleport Independent Examinerfs Report Statement of Financbal Activities Balance Sheet Notes to the Financial Statements io-ii
THE LATA FOUNDATION TRUSTEES, ANNUAL REPORT The TrusteeslDlrectors present their report and accounts for the year ended 31 December 2023. The Trustees consider that the Accounts compfy with the current statutory requirements. its governing document and the Statement of Recommended Practice- Charities SORP IFRS 1021. REFERENCE & ADMI N oAl CHAR NAME: The iATA Foundat•on COMPANY NUMBER: 6264453 REGISTERED CHARITY NUM8Eft: 1123580 PRINCIPAL & REGISTERED OFNCE.. 20 UpperTachbrook Street London SWIV ISH DIRECTORSnRUSTEES: All directors ser¥td throughout the year except where 5howTr: J 8erry N Gude R Bra5$ C Pickafd K Mcwilliams C Stewart P B Tellezfjarside L Hughes M Parkn'n50n K Aston C Hendry M Johnson Chair Vice-chair Treasurer Appointed 9 March 2024 Appointed l May 2024 COMPANY SECRETARY- Mr R 8rass INDEPENDENT EXAMINER- Flsher Phillips LLP Summit House 170 Finchley Road London NW3 6BP Page I
THE LATA FOUNDATION TRUSTEES. ANNUAL REPORT sTrucruRE GOVERNANCE AND MANAGEMENT LEGAL STATUS The LATA Foundation is a company limited by euarnntee that was incorporated on 31 May 27 and is governed by its Memorandum and Articles of Association. TRUSTEE sELElON METrIODS Trustees must be of good chararter. have experience of working with Latin America and have the professional skills and experien needed to contribute to the governance and objectives of the LATA Foundation. Up to 50% ofTrustees may be appointed by the Committee of the Latin American Travel Association ILATAI from its ranks. OBJECTIVES AND ACTIVITIES OBJECT The LATA Foundation is dedicated to promoting PonSible business PrartiS in the tourism industry as well as sustsinable development. conservation and poverty relief in Latin Arnerica by fundin& supporting and developing chafitsble projects throughout the region. ACTIVITIES In 2023 grants were made to 11 project partners operating in 10 Latin American countries in a variety of areas induding 5UPPOrt for underprivtleged & homeles5 children, environrnental protection & conservation, empowerment of women. sustainable economic development. education. and healthcare. VOLUNTEERS The activities of the LATA Foundation are conducted by volunteer5 Using donated facilitie5 and re50urce5. Teams of volunteers work to obtsin donation5, primarily from companies operating within the travel industry and their staff. and funds raised are used to SUPPOrt specific charttable projects in latin America. The Volunteers report dlrectly to the Tntstee PUBLIC BENEFIT The grants awarded by the LATA Foundatton are subjert to a rigorous approval process. are made only to charitable orEanisations and are for projects that are exdusivety for public benefit in accordance with and regard to Sertion 4 of the Charities Act 21x6. GRANT MAKING POLICY Applications for funding are accepted frorn charitable organisations. registered NGOS and charitable projects based in Lattn Arnerica as well as charities wotking in Latin America but registered in other countries. Applications that satisfy the criteria of the L4TA Foundation for funding must be submÉtted using the LATA Foundation application form and providing all of the information required. They are then hssessed by the projects team before final approval by ihe Tru51ees. Approved applications are then subjert to a project agreement that specifies the goals of the prolert as well as the project timeline and reporting requirements. Page 2
THE LATA FOUNDATION TRUSTEES. ANNUAL REPORT ACHIEVEMENTS AND PERFORMANCE CHAR ABLE A1vrnES During the year. we met our objectNes by granting £39,897 to 11 charitable projects throughout Latin Amefica with an emphasis on (gOIng sUPPOrt for our long-tenn proiert partners. Frfends of Alalay- Boll¥4 We continued our longstanding support of the Alalay centre near Sants Cruz which provide5 shelterfor children from broken homes. many of whom have spent time sleeping rough on the streets. In 2023. ourfunding provided vocational training stholarthips for four children as well a5 general funds to be used as a contingency for emergency medical care for the children and 5tsff. Amounl granted in 2023: £4.(KKI, Projeto Widanpr- 8raiil We continued working wlth Projeto Vidanpr whose main artivity. the Vidan[ar Dance School. 15 an initiative to offer underprivileged children from the favelas of Rio de Janeiro the opportunity to expres5 themselves through the art of dante and to provide them with the opportunrty to do attivities that otherwise would not be possible due to their economic situation: suth as trips to cultural attrartions. Children's Days and Christmas parties wÉth distri1tIOnS of tOY5. clothes and hygiene kits. Our 2023 funding helped 5upporl the continued expansion of the project to Bahia with online courses in classical ballet. a sewinE course for students, mother5 designed to assist families in generating income, and field visits to students without intemet aCsS to support them wÉth urgent need5 With the donation of food and Sch( supplies. Amount granted in 2023: É4.0ts). Condor Tntst- Ecvador We continued working with the Crndor Trust to SUPPOrt 8ras5 roots work in Quito helping underprivileged familie5 With schooling. The funding provides uniforms. books. sclwl materials and living costs to enable chlldren from low-lncome families to attend secondary school In the Lity, with the ultimate alm of helping them complete their education, find a job and break the cycle of poverty. In 2023 our funding supported 6 children aged between 11 and 15 with the first part of their secondary education. Arnount granted in 2023: £4,000. Fundacion Caficanto- Panama In 2023 we continued to provide funding to support Fundacion Calicanto's CAPTA programme whith gives educational and vocational training support to women with high levels of poverty in Panama City. The training includes a strong psychological development component that empowers women by Irfting self-esteem and confidence leve15 and is accompanred by professional trainine in vocatTronal 5ki11s. provlding participants with access to better opportunities to support themselves and their tamilies. Amount granted in 2023.. £4,255. Healing Venezuela- Venezuela In collaboration with Healing Venezuela. we continued to provide funding in response to the humanitsrwn crisis In Venezuela. The crisis has led to the exodus of more than 50% of medical stsff Idoctors. nurses and techniaansl from the country maknng Junior Dortors vital to the running of state hospits15 and the provision of medical care to the Yast majority who cannot afford prNate care. The salary of a Junior Doctor is a5 little as $8_ $15 per month and our funding helped to provide a supplernentary income of $40 per month to a number of D(Ktors who were 5elerted according to need. Amount granted in 2023: £3.000. Kids Saying the Rainforest- Costs Ri Kids Saving the Rainforest IKsfR) rescue5 and rehabiliLites C05ta Rican wildlrfe in and around the Manuel Antonio National Park and condurts reforestation. land conservation and research in the area. Continuing or long-term support for this partner. in 2023 we provided funding for new wildlife Cages to help keep sick animals in a safe environment and for a flat panel Wem whith is the final piece needed for an X-Ray machine whkh will help dia8nose problems more efficiently and with ereater success. Amount 8ranted in 2023: £4.783. Page 3
THE LATA FOUNDATION TRUSTEES. ANNUAL REPORT Peru Porters- Pe During the cov119 pandemic we had worked with local partners in the travel industry in Peru to distribute essential food parcels to out of work trekkIr Porters. This provided an essential lrfeline for more than families who had been employed in the tourism industry. but who had tompletely lost their livelihoods. On the conclusion of this project. a small amount of ear marked funds remained, and in 2023 this was used to pay for Porters to visit Machu Picchu. which they had nevef been able to Visit despite having guided countless tourists towards the 51te along the Inca Trnil. Amount granted in 2023: £125. XtraovdinaryWomen- Nicaragua Xtraordinary Women works with women living ID marginalized communities in NicaTrBua, providing them with job skills, training prograrnmes. entrepreneurship bootcamps and job placement. The aim is for them to become financialty independent by glving them the tools to break the cycle of extreme poverty and violence that often dominates their lives. In 2023. our funding supported 30 women entrepreneurs in impoverished areas of Managua. helping them to reeenerate their livefihood5 and grow their businesses. The funding supported psychologist visits to the communities at the start of the entrepreneurship boottamp cyde, the subsequent implementation of training se5sion5 including community ¥i5its and follow up Sessions. Amourrt granted in 2023- £4,107. El Rlo Foundallon- Colombla El Rio Foundation was established due to the desire of the El Rio Hostel in Buritica. near Santa Marta. to give back to the local community by offering educational support and communtty sport opportunities. as well as reforestation and waste management projects. Building on the English laftguage programme we 5UPPOrted in 2021 and 2022. in 2023 our fUring supported further acadernic tutorin8 for more than 15 children. The package included Six hours of tutoring per week focusing English, Maths and Spantsh for children Suffering huge gaps in their school as a result of their lack of schooling during the COVID-19 pandemiL Amount granted in 2023: £4.580. Just a Drop- Ni&w•8uè Just a Drop work5 to SUPPOrt communities arnd the world with access to Sustainable safe water solutions. sanitation facilitie5 and knowledge of safe hygiene practices. In 2023, we contributed to the Just a Drop projett working to restore and protert the watershed near Las Cru5 in Nicaragua in order to improve the lives and health of the local residents the strength ofthe local economy. Or support funded the planting of 6,OCw) trees intended to allow greater rainwater infittfation. helping to preserve the soil, keeping streams in the area full. and improving access to water for the Ial communty. Amount granted in 2023: £3.0. Mano Vuelts. Mexico Mano Vuelta is an organi5ation based in Oaxaca with a multidistiplinaryteam of Tndigenous and Afro-mexitan women who promote equality and human rights for indigenous people throu8h research. trainin accompaniment. and advocacy. In 2023. we supported their proeramme by providing fundin8 for the training and development of 10 young women allowing them to progress to become advocates fortheir community and to help promote the rights of indtgenous women and children in their rew'on. Amount 8ranted in 2023: £4,047. Page 4
THE LATA FOUNDATION TRUSTEES, ANNUAL REPORT Future Diredion and PTO"ect Partne¥s for 2024 In 2023 we condurted a review of our pdicies and project crlteria and decided that in future we would align our proje£t5 more closely with the areas of interest of our principal donors in the travel sndustry. We consequently decided to cease support for a number of project partners. but to provide transitional funding in 2024 to those Projects most in need. and to support a reduced number of core projects in future. For 2024. the list of projects that we intend to support is therefore as below: With transitional fundin -Xtraordinary Women- NiL7ra8ua -Friends of Alalay- 80livia -Healing Venezuela- Veneiuela -Projeto Vldanyr- Bra211 With core proiert supporL" -Kids Saving the RainfOr- Costa Rica -El Rio Foundation- Colombia -Picaflor House- Peru -AMA Torres del Paine - Chile FUNDRAISING 2023 saw a continued recovery in our corporate donations from key partners in the travel and hospitality industries as their businesses continued to recover from the shutdowns of the cov119 pandemic. In particular. we received significant SUPPOrt from regular donors suth as Senderos. ias Iguanas and Journey Latin America as well as donations from Last Frontier5. AudIeyTr1. Latin Routes and Sun¥il. We also benefited from the opportunity to fundraise at LATA Expo and from the support of a number of individual donors. including long-5t3nding regular donor5 to whom we are very grateful. FINANCIAL RFdlEW YEAR END FINANCIAL POSITION During the year we recorded a surplus on Unrestricted Funds of £13,674 leaving a balance at the year-end of £70,772 and a surplus on RestrÈcted Funds of £904 leaving a balance at the year*nd of £1.128. At the end of the year, we had sufficient funds in hand to meet all of our agreed grnnt commitments and to plan support for our 2024 project partners. RESERVES POLICY We currently airn to maintain a minimum reser¥e level of £25.LIMI. This will allow us to continue provldifig ongoing support to eXtIng project partnefs in the event that we fail to raise sufficient additional funds. The policy is reviewed annually. Page 5
THE LATA FOUNDATION TRUSTEES, ANNUAL REPORT STATEMENT OF TRUSTEES'/DIRECTORS' RESPONS161unES The directors are responsible for pParingthe Annual report and financial sLitements in accordance with appllcable law and regulations. Company law reguires the directors to prepa financial statements for each financial year. The financial ststements are required by law to 8ive a true and fair view of the state of affails ofthe Company and of the profit or loss of the Company for that perKKI. In preparing these financial ststements, the dirertors are required to: -selett suitable accounting policies and then app them consistently;. -make judgements and estimates that are reasonable and prudent: -follow applicable accounting standards: -prepare the financial statements on the going concern basis unle55 it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping proper accounting re£d5 that disc105e with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for safeguarding the assets of the Company and hence for taklng reasonable steps for the prevention and detection of fraud and other irregularlties. The report of the directors has been prepared in accordance with the pmisions of Financial Reporting Standard 102 Sertion IA relating to small entities, With the special provisions of Part 15 of the Companies Art 2006 relating to small companies and in accordance with Accounting and Reporting by Charities". Statement of Recommended Practice applicable to dritIeS preparing their accounts in accordan with FRS102 - Charities SORP IFR5102). This report was approved by the board 4 Septernber 2024 and signed on its behalf. R Brass Oirettor 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 2023, which are set out on pages 8- ii. Res ective res nsibilities of trustees and examiner The charity's trustee5 (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The charitys trustees consider that an audit is not required for thi5 year under section 144 {21 of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. Having satisfied myself that the tharity is not 5ubjert to audit undef company ljw and is eligible for independent examination. it 15 my responsibility to: examine the accounts under sertion 145 ofthe 2011 Act. follow the procedures laid down in the general Directions given by the Charity Commission (under section 14515)(bl of the 2011 Act. and state whether particular matters have come to my attention. Basis of nion My examination was carrled in accordance wfth General Directions given bythe Charity Commisslon. An examination includes a review of the accounting records kept by the tharity and a comparison of the accounts presented with those records. It also indudes consideration of any unusual items or disclosures in the accounts. and seeking explanations from the trustees COnMir* any such matters. The procedures undertaken do not provide all ihe eviden that would be required in an audit. and consequently no opinion Is given as to whether the accounts present a true and fatrf View and the rewrt is limited to those matters set out in the statement below. end min In connection with my examination. no matter has come to my attention: em l. which gives me reasonable cause to bele that. in any material respect. the requirements: to keep attounting records in accordance with section 386 of the Companies Act 2006 and. to prepare accounts which accord with the accouirting records and comply with the accounting requirements of section 396 of the Cofftpanies Art 2006 and with the methods and principals of the Ststement of Recommended Prartice: Accounting and Reporting by Charitte5 have not been rnet: or 2. to whlch. in my opinion. atterltion should be drawn in order to enable a woper understsndlng of the accounts to be reached. Michael For and on behalfof. Fisher Phillips LLP Summit House 170 Finchley Road London NW3 68P Date: 4 September 2024 Page 7
THE LATA FOUNDATION STATEMENT OF FINANCIAL ACTMTIES (INCORPORATING THE INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 310ECEMBER 2023 Unrestricted Funds Total Funds 31112A023 Total Funds 3111212022 Funds INCOME FROM: -Donations -Income frorn fundraising events -Bank Interest TOTAL INCOM 912 53348 34,960 1.535 45.371 li 9.523 I46 466 35,426 EXPENDITURE ON-. -charitable grants -C05t of fundraising events -Bank, fundraising & sufKlry tharge5 TOTAL EXPENDtruRE 3L278 8.619 39A97 40.386 419 3L697 419 40316 490 40.876 NET INCOME 13.674 14,578 -5.450 RECONaLIATION OF FUNDS: Total funds brought forward Total funds catried forward 57.(198 5732Z 71JOO 62.772 57.322 1.128 All recogTrised gains and los refiected through the ststement of financial activities. The notes on pages Ioto 11 fofm part of these accounts. Page 8
THE LATA FOUNDATION BALANCE SHEEr AS AT 31 DECEMBER 2023 2023 2022 CURRENT ASSETS Debtors Cash at bank and in hand 901 70.999 71.9(Xl 640 56.682 57322 CREDITORS Amounts falling due within one year NET CURRENT ASSETS 7&91 57,322 CREDITORS Amountsfalling due after more than one year NET A55ETS 71.gxl 57.322 NET ASSEfs REPRESENTED BY Unrestritted funds Restricted funds 70.T12 57.098 224 57.322 71.glX) lal For the year ending 31 Decembef 2023 the company was entitled to exemption from audit under sertion 477 ofthe Companies Act 2006 lating to small companies. Ib) The members have not required the company to obtsin an atsdit ol its actnts forthe year in question in accordance with sertion 476. Icl The directors acknowledge their responsibility for complying with the requifements of the Act with re5pett to accounting records and the preparation of accounts. Idl These accounts have been prepared in accordance wlth the wovlsions applicableto companies subject to the small Compani regime. The finan tements were approved tythe board on 4 September 2024 and sl8ned on tts behalf. Brass Director The note5 pa8e5 10 to 11 forni part ofthese accounts. Page 9
THE LATA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 I.ACCOUNTING POUCIES sis of Pre aration of atcounts The accounts have been Prepared in accordance with Financial Reporting Stsndard 102 Sertion IA relating to small entities. in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charitie5 preparing their account5 in accordano with FRS102- Charitie5 SORP {FR5102): and with the Companies Act 2006. They have ljeen prepared under the histofical cost convention. include no material uncertaintie5 and have been prepared on a going concem basts. Cash Flow Statement The financial statements do not include a Cash flow 5taternent because the comp3ny* a5 a 5rnall reporting entity. 15 exempt from the requirement to prepare suth a ststement under Sertion IA of Financial Reporting Standard 102. Income All incorning resources are induded in the Statement of Financial Acti¥ityes when the tharity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Fund Accountin Unrestricted frJn(ts are available for use at discretion of the Trustees in furtherance of the general objettives of the charity. Re5trirted fiJnd5 are fvnd5 whith are to be used in accordance with specific restrittions imposed by donors. Resources Ex All expenditure 15 accounted for on an accrua15 basis and has been da55ified under the relevani headings. -Charltable grants comprw Erants made by the tharity in the furtherance of its objects. -costs of fundraising event5 are those costs incurred in holding events to raise funds. -8ank, fundraising & sundry costs represent bank pawnent charges, expenses incurred from the use of the Just Giving and other donation plarform5 and any Sundry administration expenditure. 2.TAXATION The organisation is exemptfrom income tax by reason of its tharitable status. 3.DIRECTORS' REMUNERATION ANO EXPENSES No remuneration directly or indirectly out of the funds of the charitywas paid during the period to anytrustee or to any persons known to be connected with them. Payments totall1r £55 were rnade to trustees during the period for the reimbursement of expense& There were no efflployee5 of the tharity during the year. 4.SHARE CAPAL The company is limited guarantee and has no share capital. All rnembers have a8reed to corrtribute a sum not exceeding £1 in the event of windine up. 5.RELATED PARTYTRANSACTIONS A donation without conditions totsllinE É419 wa5 received during the year from the Latin American Travel Association. There We no transactions with related parties duri the year that requi further di5cIosure. Page 10
THE LATA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 6. DEBTORS 2022 Pledged Donations Gift Aid due 419 490 150 7. SUMMARY OF MOVEME1 OF RESTRicfED FUNDS Fund Balances Brought Forward Fund Balan5 Carried FoTward Income Expenditure Funds for.. Proieto VIdanr- 8fazil Kids Saving the Rainfore5t- Costa Rica Peru Porters Food Parcels- Peru 126 s,(12 4,521 4.521 98 98 224 9.523 8.619 1.128 8.GRANTS BY COUNThY Grants made to institutions in or operating in: 2022 Bolivia Brazil Colombia Costa Rica Ecuador Mexlco Nicaragua Panama Peru Venezuela 4.489 7,117 4.047 7.107 125 39A97 40.386 Page 11