Company registration number: 06717649 Charity number: 1127778
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2020
THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee)
THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Company, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 6 |
| Independent Examiner's Report | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 - 16 |
THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK)
(A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020
| Trustees | R Scofield, Chair until 29 September 2020 |
|---|---|
| D McGuire | |
| P Weiss, Chair from 29 September 2020 | |
| J Greenaway | |
| Company registered number 06717649 Charity registered number 1127778 Registered office Lynton House 7-12 Tavistock Square London WC1H 9LT Company secretary C Zakrewsky Independent Examiner Malcolm Lucas FCA Menzies LLP Chartered Accountants Centrum House 36 Station Road Egham Surrey TW20 9LF Accountants Menzies LLP Chartered Accountants Centrum House 36 Station Road Egham Surrey TW20 9LF Solicitors Covington & Burling LLP 265 Strand London WC2R 1BH |
Page 1
THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020
The Trustees present their annual report together with the financial statements of the group and the company. The Foundation for International Community Assistance (UK) ("FINCA UK") for the 1 January 2020 to 31 December 2020. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) as amended by Update Bulletin 1 (effective 1 January 2015).
Since the company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.
The company also operates under the name FINCA UK.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution
The company is registered as a charitable company limited by guarantee and was incorporated on 7 October 2008 and is governed by the Memorandum and Articles of Association dated 18 September 2016. The charity was registered with the Charity Commission on 29 January 2009.
Trustees
The following served as trustees during the year:-
P Weiss, Chair from 29 September 2020 R Scofield, Chair until 29 September 2020 D McGuire J Greenaway
Method of appointment or election of Trustees
The Charity appoints new Trustees by carefully selecting the functional skills that are required for the development and the governance of FINCA UK. Qualified Trustees are appointed by general resolution of the members with the recommendation of the Trustees.
The Board of Trustees, which must have at least three members, provides governance and oversight of the Charity and meets at least three times a year and more frequently if required.
Organisational structure
FINCA UK supports the mission and vision of FINCA International, Inc., a not-for-profit corporation organised under the laws of the State of New York with a designation as a public charity under section 501(c) (3) of the United States Internal Revenue Code. Through its agency agreement with FINCA International, Inc., FINCA UK utilises the powerful network and outreach of FINCA to operate and deploy funds in direct programs in 20 countries across Africa, Eurasia, Latin America, the Middle East and South Asia and to invest in companies that deliver life-enhancing products and services in six key areas (energy, education, WASH ‘water, sanitation and hygiene’, health, agriculture, fintech) in 31 countries.
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THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
OBJECTIVES AND ACTIVITIES
Charitable objects
FINCA UK’s mission is to improve livelihoods through sustainable market-based solutions with the power to radically transform the lives of disadvantaged people in low-income countries, enabling them to build assets, raise their living standards, and create jobs for their local communities.
FINCA does this by creating markets that offer excluded people, particularly women, new opportunities to access finance as well as life-enhancing products and services across clean energy solutions, water/sanitation/hygiene (WASH), education, health, agriculture, and financial technology (fintech).
Main activities undertaken to further the charity's purposes for public benefit
FINCA UK provides public benefit by providing financial support and necessary grants to related organisations serving the advancement of its objectives, which are the provision of financial services and products to individual and groups of entrepreneurs and small scale businesses that have been excluded from traditional financial services, enabling these businesses to start, grow, and diversify, resulting in increases in family income, nutrition, employment and well-being. Further, FINCA UK advance its charitable mission by providing financial support to related organisations that are working to provide sustainable long-term solutions to poverty that empower people to improve their own lives via access to nonfinancial goods that are critical for improving health and wellbeing, increasing productivity and alleviating poverty. This also includes supporting organisations that are working with various social enterprises to leverage the power of the private sector to reduce poverty in emerging markets around the world. FINCA UK also provides public benefit by supporting innovative solutions in off-grid energy, water and sanitation, education, health care and agriculture that address the challenges faced by vulnerable populations.
The Trustees have referred to the Charity Commission's guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities. In particular the Trustees have considered how planned activities will contribute to the aims and objectives they have set.
ACHIEVEMENTS AND PERFORMANCE
Review of activities
Public Outreach
The objective of this activity was to raise awareness about the importance of financial inclusion, the benefits of social entrepreneurship and the need for venture philanthropy.
Fundraising
This activity aimed to raise funds in support of FINCA UK’s focus programs: BrightLife and the Lamp Library initiative. FINCA UK focused mainly on identifying new major donors, foundations and trusts.
Page 3
THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Institution Building
The Board of Trustees developed a strategy for FINCA UK to maintain a minimum cost structure while recruiting new Board members and developing new relationships with potential major donors.
Grants
The primary purpose of grant expenditure was to provide increased loan capital and fund capital expenses.
FINANCIAL REVIEW
Going concern
The Trustees have reported that FINCA UK had reserves of £67,861 at 31 December 2020. Although the global pandemic continues to create uncertainty across the fundraising landscape, these reserves will support FINCA UK’s expenses for the coming year. Current projections are showing that FINCA UK will be a strong position and is expected to meet all the outgoings.
Risk management
FINCA UK’s Board has overall responsibility for the established and oversight of the organisation’s risk management framework. Resources and changes in management are considered to be the charity’s principal risks and the Board, therefore, monitors these regularly to mitigate the potential operational impact by taking appropriate action where necessary.
Conflicts of interests
The Board of Trustees are required to comply with their general duties and properly disclose and conflicts of interests that may rise in the course of performing their duties. One member of the Board of Trustees serves as an officer of FINCA International, Inc. The restrictions on the activities of the Board of Trustees within the scope of activities performed for FINCA UK will not apply to the activities within the entities where they serve or operate. The Board will consider these relationships in its management of FINCA UK. Where a conflict is declared or identified, the Trustees must declare a conflict of interest immediately and flag any possibility that personal or wider interests could influence decision-making by communicating in writing to the Chair of the Trustees, or in the case of the Chair having the conflict, to one of the other Members of the Board.
Principal activities
Incoming Resources
In 2020 FINCA UK received £195,372 (2019: £22,130) of unrestricted funds, including donated or in-kind services, from its individual donors. In 2020, FINCA UK did not receive any donated or in- kind services (2019: £nil) other than from FINCA International, Inc. Services, performed as part of the agency agreement between FINCA International, Inc. and FINCA UK, included management, accounting and marketing/communications services and their value has not been quantified for inclusion in the financial statements.
In 2020 FINCA UK received £54,210 (2019: £29,190) of donor restricted funds.
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THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK)
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
FINCA UK enhances and facilitates the work of FINCA International and, during the year, has helped to generate more than £400k from UK and European sources. These include more than £300,000 in funding from Comic Relief and Jersey Overseas Aid to support FINCA Zambia’s agent banking network, reaching underserved population segments through financial technology innovation; $130,000+ in funding and pro bono legal support from Clifford Chance Foundation; and $13,000+ in pro bono support from Credit Suisse. Because the grants were made directly to FINCA entities, they do not show as income in FINCA UK accounts.
Cost of generating funds
In 2020 FINCA UK spent £38,370 (2019: £39,085) in fundraising costs, the majority being the cost of one intermediate staff member.
Charitable activities
In 2020, FINCA UK spent £120,483 (2019: £33,071) as directed program expenses in the FINCA programme of BrightLife and in FINCA Impact Finance Zambia, Afghanistan, and Jordan. Included in unrestricted charitable activities expenditures are £20,562 (2019: £6,197) of support costs.
Reserves Policy
Although the global pandemic continues to create uncertainty across the fundraising landscape, the reserves at the end of the year will provide working capital to support FINCA UK’s expenses for the coming year whilst it continues to grow, and provide a buffer to protect against unforeseen reductions in income or increases in expenditure. As a grant-making organisation with limited overheads, we only send funds to programmes when they are raised, which reduces the amount of reserves that are required. The Trustees will continually review the reserves amount at each meeting, and develop this Reserves Policy in more detail in 2021.
PLANS FOR FUTURE PERIODS
Future developments
The Board continued with the strategy of developing new relationships with individuals who may become major donors, trusts and foundations and businesses as well as maintaining a minimum of expenses.
TRUSTEES' RESPONSIBILITIES STATEMENT
The Trustees (who are also directors of The Foundation of International Community Assistance (UK) for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable
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company will continue in operation.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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THE FOUNDATION FOR INTERNATIONAL COMMUNITI ASSISTANCE (UK) (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 In prepariNJ this rewt, the direrknrs have laken thantage oflhe 5rnall cornpani85 exernpbcfis provhled by seclion 415A the CompaTri8s Act 21Kh8. Approved by order of tr*mb8rs of the tKJard 0fTr wj swJVj on thr behalf by.. P Welss Page 6
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THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2020
| Note Income from: Donations and legacies 3 Total income Expenditure on: Raising funds Charitable activities Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2020 £ 195,372 195,372 38,370 44,751 83,121 112,251 (44,390) 112,251 67,861 |
Restricted funds 2020 £ 54,210 54,210 - 75,732 75,732 (21,522) 29,886 (21,522) 8,364 |
Total funds 2020 £ 249,582 249,582 38,370 120,483 158,853 90,729 (14,504) 90,729 76,225 |
Total funds 2019 £ 50,320 50,320 |
|---|---|---|---|---|
| 39,085 33,071 72,156 |
||||
| (21,836) | ||||
| 7,332 (21,836) (14,504) |
These figures do not include in excess of £400,000 raised from UK and European sources which has been sent directly to operations in the field.
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 10 to 16 form part of these financial statements.
Page 8
THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee) REGISTERED NUMBER: 06717649 BALANCE SHEET AS AT 31 DECEMBER 2020 2020 2019 cUrrt ass•ts Debto Cash at bank aNJ in hand 8.37T 69.344 27.589 77,721 27.569 ditors.. amounts falling due within y 11M961 (42.093) Not curr•nt ass•ts I Ilablllt•s 7&225 {14.5Q4) Total assets 1898 cuThent Ilabllls 76.22$ (14,5Q4) Total net assets 76.225 {14.504) Charftyfunds ReStted funds Unrestricted fijnds 10 10 29,886 {44.390) 67.861 Total fvnd8 76.225 (14.504) Thè company was enliUe(I to eXeMptw [rn audit under section 477 ofth8 Ccffipani8s A¢t 21K)6. The rn8mb8rs have not requlr&l lo oblain an audit ts th8 y8ar in qU8StiC in acrA)rdance th sgcllon 476 of C(mpanles Ad 2CMJ6. The Truste acknowkdgè Ih8ir reSpOnbillbaS for cx)mptyiro tth (rf Ihe Ad writh resp8Ct to arwunting records preparation of finan(i statements. The financial ststements h compank?s regirrts. been in accordan wilh th8 WOViSK)n$ appl1 to ent"e9 subject to the 5rn811 The finanual stat were approved and authorised for bythe Truslees and gneil on thtyr behall by.. P Welss zyl./2-y The noles on pages 10 to 16 lom) part of1* ffinaThial stat8rll. Pa9e 9
THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1. General information
FINCA UK is a private charitable company, limited by guarantee, registered in England and Wales, registration number 06717649. The registered office is Lynton House, 7-12 Tavistock Square, London, WC1H 9LT. The charity is a Public Benefit Entity. Details of the company's operationsand activities are set out in the Trustees' Report.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Foundation for International Community Assistance (UK) meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
It is the Trustees opinion that based on available reserves and forecast income that the charity will remain a going concern for at least twelve months from the date of approval of these financial statements and the going concern basis of preparation of the accounts continues to be appropriate.
2.3 Income
All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Page 10
THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
2. Accounting policies (continued)
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.5 Foreign currencies
FINCA UK transacts business with FINCA International, Inc. as well as in foreign countries where its programs are located, using the local currencies of these countries. Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Balances denominated in foreign currencies at the balance sheet date are reported at the spot rates prevailing at that date. Accordingly, gains and losses from changes in exchange rates between the functional currency, and the currency in which the translation is denominated, are recorded as foreign currency transaction gains or losses, as appropriate, within the Statement of financial activities.
2.6 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.7 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
2.8 Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
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THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
2. Accounting policies (continued)
2.9 Pensions
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
2.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
3. Income from donations and legacies
| Donations Total 2019 |
Unrestricted funds 2020 £ 195,372 22,130 |
Restricted funds 2020 £ 54,210 28,190 |
Total funds 2020 £ 249,582 50,320 |
Total funds 2019 £ 50,320 |
|---|---|---|---|---|
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THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
4. Analysis of expenditure by activities
| Charitable expenditure Total 2019 |
Activities undertaken directly 2020 £ 99,921 26,874 |
Support costs 2020 £ 20,562 6,197 |
Total funds 2020 £ 120,483 33,071 |
Total funds 2019 £ 33,071 |
|---|---|---|---|---|
5. Independent examiner's remuneration
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Fees payable to the company's independent examiner for the independent | ||
| examination of the company's annual accounts | 3,600 | 3,570 |
6. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2020 £ 92,690 5,136 438 98,264 |
2019 £ 55,946 5,535 98 |
|---|---|---|
| 61,579 |
The average number of persons employed by the company during the year was as follows:
| 2020 | 2019 |
|---|---|
| No. | No. |
| 1 | 1 |
No employee received remuneration amounting to more than £60,000 in either year.
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THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK)
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
7. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2019 - £NIL) .
During the year ended 31 December 2020, no Trustee expenses have been incurred (2019 - £NIL) .
8. Debtors
| Due within one year Amounts owed by FINCA companies |
2020 £ 8,377 8,377 |
2019 £ - |
|---|---|---|
| - |
9. Creditors: Amounts falling due within one year
| Amounts owed to FINCA companies Other creditors |
2020 £ - 1,496 1,496 |
2019 £ 41,134 959 |
|---|---|---|
| 42,093 |
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THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
10. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds Restricted funds FINCA Plus Lamp Library Project Total of funds Statement of funds - prior year Unrestricted funds General Funds Restricted funds FINCA Plus Lamp Library Project Zambia Enter text here - user input Total of funds |
Balance at 1 January 2020 £ (44,390) 29,886 (14,504) Balance at 1 January 2019 £ (6,549) 12,882 999 13,881 7,332 |
Income £ 195,372 54,210 249,582 Income £ 22,130 28,190 - 28,190 28,190 |
Expenditure £ (83,121) (75,732) (158,853) Expenditure £ (59,971) (11,186) (999) (12,185) (72,156) |
Balance at 31 December 2020 £ 67,861 |
|---|---|---|---|---|
| 8,364 | ||||
| 76,225 | ||||
| Balance at 31 December 2019 £ (44,390) |
||||
| 29,886 - 29,886 (14,504) |
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THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
Restricted funds
Zambia - represents donations made from a sole individual who wished for her contributions to be spent to fund FINCA's primary activities and objectives in Zambia.
FINCA Plus - represents grants and donations made from individuals and organisations who wished for their contributions to be spent to fund the Bright Life activities in Uganda, providing access to clean energy to low income families, as well as a solar lantern lending programme in schools, to improve children’s education.
11. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Current assets Creditors due within one year Total |
Unrestricted funds 2020 £ 69,357 (1,496) 67,861 |
Restricted funds 2020 £ 8,364 - 8,364 |
Total funds 2020 £ 77,721 (1,496) 76,225 |
|---|---|---|---|
Analysis of net assets between funds - prior period
| Current assets Creditors due within one year Total |
Unrestricted funds 2019 £ (2,297) (42,093) (44,390) |
Restricted funds 2019 £ 29,886 - 29,886 |
Total funds 2019 £ 27,589 (42,093) (14,504) |
|---|---|---|---|
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