Docusign En¥ÈlopÈ ID". EC282E4A-OD4246FF-AE59-77C73BF502DD Company registration number.. 06717649 Charity number.. 1127778 ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee) MENZIES BRlbHTEh IAINKIN.
Docusign En¥ÈlopÈ ID". EC282E4A-OD4246FF-AE59-77C73BF502DD THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee) CONTENTS Page Reference and admlnlstratlve detalls of the Company, Its Trustees and advlsers Chairman's ststement Trustees. report Independent examinerfs report Statement of financial activities Balance sheèt Notes to the financial statements 10-18
Docusign En¥ÈlopÈ ID". EC282E4A-OD4246FF-AE59-77C73BF502DD 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 2022 Trustees P Weiss, Chair D McGuire J Greenway Company registered number 06717649 Charity r•gist•rèd numb•r 1127778 Reglstered offlce Lynton House 7-12 Tavistock Square London WC1H 9LT Company secretary C Zakrew5ky Accountsnts Menzies LLP Chartered Accountants CentlUTll House 36 Station Road Egham Surrey TW20 9LF Solicitors Covington & Burling LLP 265 Strand London WC2R 1 BH Indapèndènt Examinèr Janice Matthews FCA Menzies LLP Chartered Accountsnts Centrum House 36 Station Road Egham Surrey TW20 9LF Page 1
Docusign En¥ÈlopÈ ID". EC282E4A-OD4246FF-AE59-77C73BF502DD THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee) CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022 The chairman presents his slalernent for the year. 2022 was a strong year for FINCA UK 85 we continued lo see growth in fundraising, exceeding our financial tsrgels and maintsining 8 healthy pipeline of fuluie funds. We hit a key milestone. secuiing FINCA UK'S first muhi-year 6-figure grant, supporting our work investing in eady-stage social enterprises. We also saw gifts in kind and pro-bono support increase. Unrestricted cash income has mostly been from the support of FINCA UK Board members, with smaller additional support from a handful of donors. It is also worth noting that as well as the recorded income on the FINCA UK annual accounts, FINCA UK has helped to secure additional funding from UK and European donors directly to programmes, including a multi-million Euro results- based finanang award from a European funder, and a five-figure grant FINCA Zambia from a UK foundation. One additional exercise that we carried out in 2022 was to increase the size and diversity of our Board of Directors. We are looking fonard to these highly experienced professionals joining FINCA UK in 2023 in our mission to support the world's poorest people. We extend our gratrtude to 811 of our partners and supporteis and to our h8r(Iworking te8m. We have rnade some good progie5S this year, and we hope to continLJe this success Into 2023 8nd beyond. Thank you for your continued support. In mtmoriam Sadly, in November, we leamed the heartbreaking news that our founder, visionary leader and dear friend, Rupert Scofield, passed away peacefully with his family at his side. Rupert believed the world to be rich in potential but lacking opportunity. He was convinced that that the cycle of poverty could be broken by investing in the untapped wisdom, talent and work ethic of those we serve through social enterprise and financial services. He maintained that innovative and revolutionary thinking is needed to help people see beyond how things are to how they could be. Rupert's leadership led lo so many innovations. from Village Banking to the first global rllicr0flnan financial consumer protection standards. He helped 811 of us realize the potential of the miciofinan movement, while leading FINCA into developing social ènteipiises that expand access to energy, water and sanitation, education, health, agriculture, and rintech. His encouragement and support inspired so many to pursue careers around financial inclusion and soaal enterprise. Here at FINCA UK we promise to continue Rupert's excellent work, and continue to grow his legacy. Docu8•d by.. PdLY (Iknss P Weiss Chairman Date.. 29-Sep-2023 Page 2
Docusign En¥ÈlopÈ ID". EC282E4A-OD4246FF-AE59-77C73BF502DD THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The Trustees present their annual report together with the financial statements of the company. The Foundation for International Community Assistance IUKI (also known as "FINCA UK.? for the 1 January 2022 to 31 December 2022. The Trustees confirm that the Annual Report and financial staternents of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recornrnended Practice ISORPI, applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffe¢tive 1 January 20191. Since the company qualifies as srnall under section 383, the strategic report required of medium and large companies under The Companies Act 2006 Istrategic Report and Director's Report) Regulations 2013 is not required. STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution The company is registered as a charitable company limited by guarantee and is governed by a Mernorandum and Articles of Association last amended on 25 Seplernber 2019. The charity wa5 registered with the Charity Commission on 29 January 2009. Trustees The following served as trustees during the year'.- P Weiss, Chair R Scofield (until November 20221 O McGuire J Greenaway Method of appointment or election of Trustees The Charity appoints new Trustèes by carefully selecting the functional skills that are required for the development and the governance of FINCA UK. Qualified Trustees are appointed by general iesolution of the members with the recommendation of the Trustees. The Board of Trustees, which must have at least three members, provides govemance and oversight of the Charity and meets al least once a year and more frequently if required. Organisational structure FINCA UK supports the mission and vision of FINCA Inlemalional, Inc.. a nol-for-profil corporation organised under Ihe18WS of the State of New York with a designation 8S 8 public charity under section 501 Icl 131 of the United States Internal Revenue Code. Through it5 agency agreernent 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 lenergy, education, WASH 'water, sanitation and hygiene,, health, agriculture, fintechl in 31 countries. OBJECTIVES AND ACTIVITIES Objects The Charity's objects as sel out in ils Articles are as follows:_ The prevention and ielief of poverty and distress, The advancement of global health and nutrition, The promotion of education, and The protection and preservation of the natural environment. In each case through the creation and development of lasting solutions to intractable social problems impacting the lives of low incorne individuals and families, and the communities in which they live. Page 3
Docusign En¥ÈlopÈ ID". EC282E4A-OD4246FF-AE59-77C73BF502DD THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Policies and objectiveB FINCA UK'S mission is to improve livelihoods through sust8in8ble market-based solutions with the power to iadically tianslorm the lives of disadvantaged people in low-lncome countries, enabling them tts build assets, raise their living standards, and create jobs for their local communities. FINCA does this by creating markets that offer exduded people, particularly women, new opportunities to access finance as well as life-enhanang products and services across dean energy solutions, waterlsanitationlhygiene IWASHI, education. health. agricuhure, and financial technology Ifintechl. Main a¢tivities undertaken to further the charity's purposes for publi¢ benefit FINCA UK provides public benefit by providing financial support and lle$$ary 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, enabling these businesses to start, grow, and diversify, resulting in increases in family income, nutrition, employment and well-being. Further, FINCA UK advances its charitable mission by providing finanaal 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 non-financial goods that are critical for improving health and wellbeing, increasing productivity and alleviating povety. This also includes supporting organisations that are working with various social enterprises to leverage the power of the private sector to reduce poverty in ernerging warkets around the worfd. FINCA UK 81s0 provides public benefit by supporting innovative solutions in off-grid energy. water and sanitation. education. health care and 8gricullure that addiess the challenges f8oed by vulnerable populations. The Truste85 have referred to the Charity Commission's guidance on public benefit when reviewing th8 charty's airns 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 r8ise awareness about the importance of financial inclusion. the benefit5 of soryal entrepieneurship and the need for venture philanthropy. Fundraising The activity aimed to raise funds in support of FINCA UK'S focus programs.. FINCA'S network ol microlinance banks and finanaal institutions across the world provide responsible financial ServIS to low-income customers. We are guided by the belief that accessible and flexible credit, savings and other fi'nancial products are critical tools to achieving financial health. FINCA reaches rnore than 2.8 million customers and consistently delivers a double-bottom line of financial and soaal perfomianTr. FINCA UK also raises funds for other initiatives across the network. In far too rnany communities around the worfd. people lack more than just access to financial services. Many also lack access to electririly, clean water. reliable sources of food. and more. Eradicating povety requires a multidirnensional response lo help rn8rgin8lized communities build 8 real pathway out of poverty. That is why FINCA is now creating 8 community of entrepieneurs and social enterprises working to address the issue5 of financial inclusion, clean energy, education, water and sanitation, health, agricutture, and women's empoweirnent. Institution Building The Board of Trustees developed a strategy for FINCA UK to maintain a minimum cost structure while recruiting new Board mernbers and developing new relationships with potential rnajor donors. Grants The prirnary purpose of giant 8xpenditure was to provid8 increased 108n cApital and fund capital 8XP8nses. Page 4
Docusign En¥ÈlopÈ ID". EC282E4A-OD4246FF-AE59-77C73BF502DD THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 FINANCIAL REVIEWI Going concern The Trustees have reported that FINCA UK had unrestricted reserves tsf £23,969 at 31 Dember 2022. The Trustees have considered the cash flow forecasts, budgets and other financial projections including the support committed by FINCA International, Inc. and for this reason believe it is appropriate to adopt the going concern basis in preparing the annual report and accounts. Current projections are showing that FINCA UK will be a strong position and is expected to rneet all the outgoings. FINCA Intemational has budgeted for providing intercompany support in 2023 if required. Risk management FINCA UK'S 808rd ha5 overall responsibility foi the established and oveisight of the organi58tion's risk management fiamework. Resources and changes in management are con51dered to be the chaiity's principal risks and the Board, therefore, monitors these regularly to mitigate the potential operational impact by taking appropriate action where necessary. FINCA UK'S Board has committed to review the organisation's risk management framework in 2023. Conflicts of interests The Board of Trustees is required to cornply with its general duties and properly disclose any conflicts ol interests that may rise in the course ol perforrning its duties. Two members of the Board of Trustees serve as an officer of FINCA International. Inc. The Board will consider these relationships in ils managernent of FINCA UK. Where a conflict is declared or identified. the Trustees musl declare 8 conflict of interest immediately and flag any possibility th81 personal or wider interests could influence deasion-rnaking by communic8ting in writing lo the Chair of the Tluslees, 01 in the case of the Ch8ir having the conflict, to one of the other Members of the Board. Principal activitiès Incoming Resounes During 2022 FINCA UK received £328,661 12021.. £254,8531 in unrestricted funds. In 2022. FINCA UK received support from FINCA International. Inc. in the form of services performed as part of the agency agreement between FINCA International. Inc. and FINCA UK. including rnanagernent. acoounting and marketinglcornmunicalions service5. This value from FINCA International has not been qLJ8ntified foi indusion in the financial staternents. During 2022 FINCA UK received £119,25012021". £5,498) in donor restricted funds. During 2022 the following grants were mobilized from UK and Eu-based funders.. 2.7rn Euro from BGFA (Beyond the Grid Fund for Alrical to FINCA'S solar soaal enterprise BrightLife to expand their outreach and sale to pre-urban and rural regions of Uganda. Over the course of the four-year project, BrightLife will bring first-time energy access to 134,858 households in Uganda. £79.971 in funding from Gomic Relief and Jersey Overse8s Development (JODI lo support upgrading FINCA Zambia's agent banking network. reaching undersetved population segrnenls through financial technology innovation. Because these grants weie made directly to FINCA entities, as noted above, they do not show as income on FINCA UK accounts. Cost ofgenerating funds During 2022 FINCA UK spent £53,751 12021.. £51.9841 in fundraising costs, the majority being the cost of one staff mernber. Page 5
Docusign En¥ÈlopÈ ID". EC282E4A-OD4246FF-AE59-77C73BF502DD THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Gharilable aGlivities In 2022, FINCA UK spent £257,77512021.. £250.1511 as directed progiarn expenses in the FINCA progr8mme of 8iightLife in Uganda, and FINCA Impact Finance In Uganda. Included in unre5tiicted chaiitable activities expenditures ale £31,410 12021". £21,194) of support costs. PLANS FOR FUTURE PERIODS Future developments FINCA UK experienced good results in 2022. with an increase of 72Qh on the previous year's total income. The Board will continue to develop new relationships with Individuals who may become major donois. trusts and foundations and corporate partners as well as maintaining a minimum of expenses. In 2023 FINCA UK will welcome additional llew Directors to the Board who will support FINCA'S growth in the UK and Europe. With FINCA'5 40 year anniversary approaching, FINCA UK will Increase activity and celebrate the Incredible impact the organisation has had over the many years since it was founded. TRUSTEES, RESPONSIBIUTIES STATEMENT The Trustees (who are also directors of The Foundation of International Community Assistance IUV for the purposes of cornpany lawl are responsible lor preparing the Trustees, Report and the financial statements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company 18w requires the Trustees lo prepare financial statements for each financial year. Under company law the Tiustees must not approve the fin8nci81 staternents unles5 they are 58tisfied that they give a true and 18ir view of the st8te of affairs of the charitable company and of the incoming ie50urces and application of ie50urces, Including th8 incorne and expenditure, of the charitable company for that period. In preparing these financial statements, the Tiustees are required to.. select suitable accounting poliaes and then apply them consistently., observe the methods and principles in the Charities SORP., make judgments and accounting estimates that are reasonable and prudent.. prepare the financial statements on the going conrn basis unless it is inappropriate to presume that the charitable company will Continue in operation. The Trustees are responsible for keeping 8dequ*e 8ccounting records that ale sufficient to show 8nd explain the charitable cornpany's transactions and disclose with ieasonable accuracy at any time the financial position of the chaiitable company and enable them to ensLJre that the financial statetllents comply with the Companies Act 2006. They are also responsible ft)r safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by.. Do¢uSl9n•dby'. PdLr (Jknss P Weiss Chairman Date.. 29-Sep-2023 Page 6
Docusign En¥ÈlopÈ ID". EC282E4A-OD4246FF-AE59-77C73BF502DD THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee) MENZIES INDEPENDENT EXAMINER'S REPORT Independent examinerf8 report to the Trustees of The Foundation for International Community Assistan¢e IUKI I'the Company'l I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 December 2022. Responsibilities and basis of report As the Trustees of the Company land its directors lor the purposes of company lawl you are responsible lor the preparation of the accounts in accordance with the requirements of the Companies Act 20061.the 20 Act'l. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company's accounts carried out under section 145 01 the Charities Act 20111'the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examiner's statem8nt Since the Company's gross income exceeded 2250,000 your examiner must be a tnetnber of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member ol The Institute of Chartered Accountants in England and Wales , which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe.. accounting records were not kept in resp8ct of the Company as required by section 386 of th8 2tK)6 Act., or the aVnI3 do not accord with those recoids.. or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirernent that the acwunts give a 'true and fairf view which is not a rnalter ¢oNsidered as part of an independent examination.. or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practi for accounting and reporting by charities lapplicable to charities preparing their accounts in accordance with the Finan81 Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211. 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. This report Is rnade solely to the Company's TIu5tees, as a body, in 8ccoidance with Part 4 of the Chaiities IAccounts and Reportsl Regulations 2008. My work has been undertaken so that I might state to the Cornpany's Trustees those mattels I am required to state to them in an Independent Examinerfs Report and for no other purptsse. To the fullest extent pemitted by law, I do not actspt or assume responsibility to anyone other than the Company and the Company's Trustees as a body, lormyw Ea•Feport. Signed.. Dated.. 29-Sep-2023 Jani Matthews Menzies LLP Ch3rtered Acwunlanls Centrum House 36 Station Road Eghat Surrey TW20 9LF Page 7
Docusign En¥ÈlopÈ ID". EC282E4A-OD4246FF-AE59-77C73BF502DD 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 2022 Unrestricted funds 2022 Restricted funds 2022 Total funds 2022 Total funds 2027 Note Income from.. Donations and legacies 328,661 119,250 447,911 260,349 Total incomè 328.661 119.250 447.911 26LI,349 Expenditure on.. Raising funds Charitable activities 53,752 264,18S 53,752 289,18S 51,984 271,345 25,000 Total èxpènditurè 317.937 25.000 342.937 323,329 Net movement In funds 10,724 94.250 104.974 (62,980) Reconciliation of fundB= Total funds brought fotward Net rnovement in funds 13,245 10,724 13.245 104,974 76.225 (62.9801 94,250 Total funds carried fonward 23,969 94,250 118,219 73,245 The Statement of financi81 activities includes all gains and losses recognised in the year. The notes on pages 10 to 18 foim part of these financial 5tatementS. Page 8
Docusign En¥ÈlopÈ ID". EC282E4A-OD4246FF-AE59-77C73BF502DD THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee) REGISTERED NUMBER.. 06717649 BALANCE SHEET AS AT 31 DECEMBER 2022 2022 2027 Note Current assets Debtors 10 41,000 80,378 C8sh at bank and in hand 15,322 121,378 15,322 Creditors.. amounts falling due within one year 13,1591 (2,077) Net current assets 118,219 13.245 Totsl assets less current liabilitie8 118,219 13.245 Totsl net as8et8 118.219 13.245 Charity fund¥ Reslricled funds Unreslricled funds 12 12 94,250 23,969 13.245 Total funds 118,219 13.245 The Company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordan wrfth section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of finanaal statements. The financial staternents have been prepared in accordance with the provisions applicable to entities subject to the small cornpanies regirne. The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by.. Do¢u81gn•dby'. P Weiss Date.. 29-Sep-2023 The notes on pages 10 to 18 form part of these financial statements. Page 9
Docusign En¥ÈlopÈ ID". EC282E4A-OD4246FF-AE59-77C73BF502DD THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 General information FINCA UK is a private charitable company. limited by guarantee. registered in England and Wales. regislr8lion number 06717649. The iegisleied office is Lynton House. 7-12 T8VlStock Square. London. WC1H 9LT. The Charity 15 8 Public Benefit Entity. Details of the company's opeiationsand activities are set out in the TrLJStees' Report. Accountlng pollcles 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021- Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their 8ccounts in 8ccord8nce with the Finsncial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffedive 1 J8nu8ry 20191, the Financi81 Reporting Standaid applicable in th8 UK and Republic of Ireland IFRS 1021 and the CoTnpanies Act 20(. The Foundation for International Community Assistance IUKI 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 conTrrn for at least Melve months frorn 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 iecognised On the Company h8s entitlement to the income, it is piob8ble that the income will be received and the amount of Income receivable can be measured reliably. Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are induded as income when they are sold. Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Companys accounting policies. On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Company which is the amount il would have been willing to pay to obtain services or facilities of equivalent economic benerrt on the open market.. a corresponding 8mounl is then recognised in expenditure in the period of receipt. Income tax recoverable in ielation to donations received under Grft Aid or deeds of covenant is iecognised at the time of the donation. Page 10
Docusign En¥ÈlopÈ ID". EC282E4A-OD4246FF-AE59-77C73BF502DD THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting policies Icontinuedl 2.4 Expenditu Expendrfcure is rewgni5ed once there is 8 leg31 or wnstiudive obligation lo transfer ewnomi¢ benefit lo 8 third party. it is probable that a transfei of econornic benelits will be required in settlement and the arnount of the obligation can be measured reliably. Expenditure is classified by activity. The costs ol each activity are made up of the total of direct costs and shared costs, induding 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 activrty and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of reSoUrs. 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 charitsble purposes and incjudes costs of all fundraising activities events and non-charit8ble trading. Expenditure on ¢h8ri18ble 8clivilies is incuired on diie¢lly undertaking the a1vIlle5 whith further the Comp8nY5 obj8Ctives, as w811 as any associ8ted support COSts. All expenditure is InclUse of itrecoverable VAT. 2.5 Foraign eurrèneiès 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 currenaes are recorded at the rate ol exchange at the date of the transaction. Balances denominated in foreign currencies at the balance sheet date are reported at the spot rates prevailing al that dale. Accordingly, gains and losses frorn changes in exchange rates beeen the functional currency, and the currency in which the translation is denominated, are recorded as foreign rrenry transaction gains or losses. as appropri8te. within the Staternent of Financial Activities. 2.6 Cash at bank and in hand Cash at bank and in hand indudes cash and short-tem highly liquid investments wth a short maturity of three months or less from the date ol acquisition or opening of the deposit or similar account. 2.7 Llabllltles and provlslons 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 Iransler of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised al the arnount that the Company antiripates il will pay lo settle the debt or the amount it has received 8s advanced payments for the goods or services it musl provide. 2.8 Financial instrumentB The Company only has fin8na81 assets and financial liabilities of a kind that qualify 85 basic fin8nci81 Instruments. 8a5ic financial in5tturnents 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. Page 11
Docusign En¥ÈlopÈ ID". EC282E4A-OD4246FF-AE59-77C73BF502DD THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting policies Icontinuedl 2.9 Pensions The cornpany oper8tes 8 defined contribution pension scheme and the pension charge represents the amounts Payable by the cotnpany to the fund in respect of the year. 2.10 Fund aceountlng General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtheran 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 13 set out in the notes to the financial slalemenls. Income from donations and legaeiès Unrestrlcted funds 2022 Restrlcted funds 2022 Total funds 2022 Total funds 2021 Donations 328.661 119,250 447,911 26Q.349 Total 2021 254.857 5.498 260.349 Expendlture on ralslng funds Costs of ralsSng voluntary Income Unrestricted funds 2022 Total funds 2022 Total funds 2027 Wages and salaries Support costs 47,914 5,838 47,914 5,838 47.923 4,061 53,752 53,752 51,984 Page 12
Docusign En¥ÈlopÈ ID". EC282E4A-OD4246FF-AE59-77C73BF502DD THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Anal1$ of expenditure on charitsble activities Summary byfund type Unr•striet•d funds 2022 Rèstrictèd funds 2022 Total 2022 Total 2027 Charitable expenditure 264,185 25,000 289,185 271,345 Total 2021 257,483 13,862 271,345 Analy¥i¥ of expenditure by a¢tivitie¥ Activities undertaken directly 2022 Support costs 2022 Total funds 2022 Totèl funds 2021 Charitable expenditure 257,775 31,410 289,185 271,345 Total 2021 250. 157 21,794 271.345 Analysis of support costs Charitable expenditure Totsl fund8 2022 Tol81 funds 2027 2022 General support costs Goveinance costs 24,097 7,313 24,097 7,313 14, 707 7,087 31,410 31,410 21.794 Ind•nd*At •xamin•rfs r•mun•ration 2022 2021 Fees payable to the Companvs independent examiner for the independent examination of the Company's annual accounts 4,200 3,800 Page 13
Docusign En¥ÈlopÈ ID". EC282E4A-OD4246FF-AE59-77C73BF502DD THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Stsff costs 2022 2027 Wages and salaries Soaal security costs Contribution to defined contribution pension schemes 78,840 9,939 1,321 83,060 7,741 1,319 90,100 92,720 The average number of persons employed by the Company during the year was as follows.. 2022 No. 2021 No. Etnployees The number of employees whose employee benefits lexcluding employer pension costs) exceeded £60,000 was". 2022 No. 2021 No. In the band £70.001 - £80.000 In the band £80,001- £90,000 Trustses. remuneration and expen¥es During the y88r, no Trustees received any r8rnuneration or other b8nefits (2021- £NIL). During the year ended 31 December 2022, no Tiustee expenses have been incuired {2021- £NIL). 10. Debtors 2022 2021 Due within one year Amounts owed by FINCA Companies 41,000 41,000 11. Creditors= Amounts falling due within one year 2022 2021 Page 14
Docusign En¥ÈlopÈ ID". EC282E4A-OD4246FF-AE59-77C73BF502DD THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 11. Creditors- Amounts falling due within one year Icontinuedl 2022 2027 Other creditors 3,159 2.077 Page 15
Docusign En¥ÈlopÈ ID". EC282E4A-OD4246FF-AE59-77C73BF502DD THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 12. Statement of funds ststement of funds- current year Balance at 31 December Balance at 1 January 2022 Income Expenditurè 2022 Unrestricted funds General Funds- all funds 13,245 328,661 1317,9371 23,969 Re8tri¢ted funds FINCA Plus Lamp Library Project Atenburg Foundation UK Clifford Funds 25,000 125,0001 94.250 94.250 119,250 125,0001 94.250 Total of funds 13,245 447.911 1342,9371 118.219 Page 16
Docusign En¥ÈlopÈ ID". EC282E4A-OD4246FF-AE59-77C73BF502DD THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 12. Statement of funds Icontinuedl ststement of funds- prior year BalanGe 8137 D8C6mber 1 Janufjry 2021 Income EXped1ture 2027 General Funds- all funds 67,861 254,851 (309,467) t3,245 Re$tri¢ted fund$ FINCA Plus Lamp Library Project Atenburg Foundation UK Clifford Funds 8,364 (8,364) (5,498) 5,498 8,364 5,498 (13,862) Total of funds 76,225 260,349 1323.329) 73,245 Restricted funds 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. UK Clifft)rd Funds - This is funding towaid5 developing collaboration between e8rfy fin8nci81 technology busine55es and tnicrofinance institutions supporting the worfds poor. Page 17
Docusign En¥ÈlopÈ ID". EC282E4A-OD4246FF-AE59-77C73BF502DD THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 13. Anal1$ of net assets between funds Analysi¥ of net as¥ets between funds- current year Unrestricted funds 2022 Restricted funds 2022 Total funds 2022 Current assets 27,128 13,1591 94.250 121,378 13,1591 Creditors due within one year Totsl 23,969 94,250 118.219 Analysis of net assets beeen funds- prior year Unrestricted funds 2021 Total funds 2027 Current 8ssets Creditors due within one year 15,322 (2.077) 15,322 (2.0771 Total 13,245 13,245 14. Related paty transactions During the year the charity received £35,000 in donations from ielated paties (2021." £35,OOOJ. There are no other related party transactions during either year. Page 18