Docusign Envelope ID: 2BCD527C-2789-4F1B-9669-27C4CC2BDE0E
Company registration number: 06717649 Charity number: 1127778
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee)
Docusign Envelope ID: 2BCD527C-2789-4F1B-9669-27C4CC2BDE0E
## 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|
|**Chairman's statement**|2|
|**Trustees' report**|3 - 6|
|**Independent examiner's report**|7|
|**Statement of financial activities**|8|
|**Balance sheet**|9|
|**Statement of cash flows**|10|
|**Notes to the financial statements**|11 - 19|
Docusign Envelope ID: 2BCD527C-2789-4F1B-9669-27C4CC2BDE0E
## 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 2024
|**Trustees**|P Weiss, Chair|
|---|---|
||D McGuire|
||J Greenaway|
||C Zakrewsky|
||G McGillivray|
||E Peacock|
||A Yew|
||T Stumpff|
||S Fryland Møller|
||H Majoor|
|**Company registered**
**number**
06717649
**Charity registered number**
1127778
**Registered office**
4th Floor
95 Gresham Street
London
EC2V 7AB
**Company secretary**
A O' Kane
**Accountants**
Menzies LLP
Chartered Accountants
Magna House
18-32 London Road
Staines-Upon-Thames
TW18 4BP
**Solicitors**
Covington & Burling LLP
265 Strand
London
WC2R 1BH
**Independent Examiner**
Janice Matthews FCA
Menzies LLP
Chartered Accountants
Magna House
18-32 London Road
Staines-Upon-Thames TW18 4BP||
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Docusign Envelope ID: 2BCD527C-2789-4F1B-9669-27C4CC2BDE0E
## THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee)
## CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024
The chairman presents his statement for the year.
Under the leadership of a new Global CEO and with an expanded UK Board of Directors assembling a very capable, experienced and diverse group of individuals, FINCA UK devoted 2024 in great part to getting closer to the causes we support worldwide and to broadening the reach to a wider range of business and institutional prospective fundraising partners.
In addition to the funds raised during the year as reflected in the 2024 financial statements, it is worth noting that FINCA UK commenced its first ever multi-year 7-figure grant funded project, supporting FINCA’s work in Zambia and Malawi. The digitisation project will enable a more efficient, reliable and cheaper delivery of our microfinance suite of products in a number of African countries. It is a solution that, in due course, will be scalable and exportable and we are currently in discussions to enlist additional partners in this venture.
FINCA today operates in 45+ countries and reaches 7.1 million individuals, either with financial products or with products and services delivered through our investee companies, supported by FINCA Ventures, mainly in the fields of global health, education, climate adaptation, agriculture and food security. FINCA UK is proud to be part of the FINCA family and the positive effect it has on a growing number of beneficiaries.
On behalf of the Board, I would like to extend our gratitude to all of our partners and supporters and to our hardworking team. We continue to make progress and look forward to a successful 2025. Thank you for your continued support.
___________________________ 40F641F9BE734C3... P Weiss Chairman Date: 29-Sep-2025
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Docusign Envelope ID: 2BCD527C-2789-4F1B-9669-27C4CC2BDE0E
## THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee)
## TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees present their annual report together with the financial statements of the company. The Foundation for International Community Assistance (UK) (also known as "FINCA UK") for the 1 January 2024 to 31 December 2024. 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 2019).
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.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## • **Constitution**
The company is registered as a charitable company limited by guarantee and is governed by a Memorandum and Articles of Association last amended on 25 September 2019. The charity was registered with the Charity Commission on 29 January 2009.
## • **Trustees**
The following served as trustees during the year:-
P Weiss, Chair D McGuire J Greenaway A Yew E Peacock S Fryland Møller G McGillivray H Majoor T Stumpff C Zakrewsky
## **• 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 once 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 15 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 45 countries.
## **OBJECTIVES AND ACTIVITIES**
## • **Objects**
The Charity’s objects as set out in its Articles are as follows:-
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Docusign Envelope ID: 2BCD527C-2789-4F1B-9669-27C4CC2BDE0E
## THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee)
## TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
1. The prevention and relief of poverty and distress,
2. The advancement of global health and nutrition,
3. The promotion of education, and
4. 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 income individuals and families, and the communities in which they live.
## **• Policies and objectives**
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 individuals 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 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 non-financial 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**
The activity aimed to raise funds in support of FINCA UK’s focus programs: FINCA’s network of microfinance banks and financial institutions across the world provide responsible financial services to low-income customers. We are guided by the belief that accessible and flexible credit, savings and other financial products are critical tools to achieving financial health. FINCA reaches more than 2.8 million customers and consistently delivers a double-bottom line of financial and social performance. FINCA UK also raises funds for other initiatives across the network. In far too many communities around the world, people lack more than just access to financial services. Many also lack access to electricity, clean water, reliable sources of food, and more. Eradicating poverty requires a multidimensional response to help marginalized communities build a real pathway out of poverty. That is why FINCA is now creating a community of entrepreneurs and social enterprises working to address the issues of financial inclusion, clean energy, education, water and sanitation, health, agriculture, and women’s empowerment.
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Docusign Envelope ID: 2BCD527C-2789-4F1B-9669-27C4CC2BDE0E
## THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
## **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 unrestricted reserves of £6,948 at 31 December 2024. 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 in a strong position and is expected to meet all the outgoings. FINCA International has budgeted for providing intercompany support in 2025 if required.
## **• Risk management**
FINCA UK’s Board has overall responsibility for the establishment 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 is required to comply with its general duties and properly disclose any conflicts of interests that may rise in the course of performing its duties. Two members of the Board of Trustees serve as an officer of FINCA International and a Board member of FINCA International. 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 2024 FINCA UK received £216,818 (2023: £232,659) of unrestricted funds, including donated or in-kind services, from its donors. In 2024, FINCA UK received support 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. This value from FINCA International has not been quantified for inclusion in the financial statements.
In 2024 FINCA UK received £499,968 (2023: £69,750) of donor restricted funds.
## _Cost of generating funds_
In 2024 FINCA UK spent £130,709 (2023: £66,949) in fundraising costs, the majority being the cost of two staff members.
## _Charitable activities_
In 2024, FINCA UK spent £371,579 (2023: £261,401) as directed program expenses in FINCA programmes. Included in unrestricted charitable activities expenditures are £30,566 (2023: £37,175) of support costs.
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Docusign Envelope ID: 2BCD527C-2789-4F1B-9669-27C4CC2BDE0E
## THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
## **PLANS FOR FUTURE PERIODS**
- **Future developments**
The Board continues on a strategy of developing new relationships with individuals, trusts and foundations, institutions, governments 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:
- select suitable accounting policies 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 concern basis unless it is inappropriate to presume that the charitable 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.
Approved by order of the members of the board of Trustees and signed on their behalf by:
___________________________ 40F641F9BE734C3... **P Weiss** Chairman
Date: 29-Sep-2025
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Docusign Envelope ID: 2BCD527C-2789-4F1B-9669-27C4CC2BDE0E
## THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee)
## INDEPENDENT EXAMINERS' REPORT
## **Independent examiner's report to the Trustees of The Foundation for International Community Assistance (UK) ('the Company')**
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 December 2024. **Responsibilities and basis of report**
As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
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 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of 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:
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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 made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.
Signed: Janice Matthews FCA Menzies LLP Chartered Accountants Magna House 18-32 London Road Staines-Upon-Thames TW18 4BP
Dated: 29-Sep-2025
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Docusign Envelope ID: 2BCD527C-2789-4F1B-9669-27C4CC2BDE0E
## 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 2024
|**Note**
**Income from:**
Donations and legacies
3
Investments
4
**Total income**
**Expenditure on:**
Raising funds
5
Charitable activities
6,7
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2024**
**£**
**216,818**
**799**
**217,617**
**130,709**
**94,063**
**224,772**
**(7,155)**
**14,103**
**(7,155)**
**6,948**|**Restricted**
**funds**
**2024**
**£**
**499,968**
**-**
**499,968**
**-**
**308,082**
**308,082**
**191,886**
**41,000**
**191,886**
**232,886**|**Total**
**funds**
**2024**
**£**
**716,786**
**799**
**717,585**
**130,709**
**402,145**
**532,854**
**184,731**
**55,103**
**184,731**
**239,834**|_Total_
_funds_
_2023_
_£_
_302,409_
_-_
_302,409_|
|---|---|---|---|---|
|||||_66,949_
_298,576_
_365,525_|
|||||_(63,116)_|
|||||_118,219_
_(63,116)_
_55,103_|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 11 to 19 form part of these financial statements.
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Docusign Envelope ID: 2BCD527C-2789-4F1B-9669-27C4CC2BDE0E
## THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee) REGISTERED NUMBER: 06717649
## BALANCE SHEET AS AT 31 DECEMBER 2024
||||**2024**||_2023_|
|---|---|---|---|---|---|
||**Note**||**£**||_£_|
|**Current assets**||||||
|Debtors|11|**134,809**||_-_||
|Cash at bank and in hand||**108,367**||_55,819_||
|||**243,176**||_55,819_||
|Creditors: amounts falling due within one year|12|**(3,342)**||_(716)_||
|**Net current assets**|||**239,834**||_55,103_|
|**Total assets less current liabilities**|||**239,834**||_55,103_|
|**Total net assets**|||**239,834**||_55,103_|
|**Charity funds**||||||
|Restricted funds|13,14||**232,886**||_41,000_|
|Unrestricted funds|13,14||**6,948**||_14,103_|
|**Total funds**|||**239,834**||_55,103_|
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 accordance with 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 financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................ 40F641F9BE734C3... **P Weiss** (Chair of Trustees)
## Date: 29-Sep-2025
The notes on pages 11 to 19 form part of these financial statements.
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Docusign Envelope ID: 2BCD527C-2789-4F1B-9669-27C4CC2BDE0E
## THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee)
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024
|**Cash flows from operating activities**
Net cash used in operating activities
**Cash flows from investing activities**
**Net cash provided by investing activities**
**Cash flows from financing activities**
**Net cash provided by financing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
The notes on pages 11 to 19 form part of these financial statements|**2024**
**£**
**52,548**
**-**
**-**
**52,548**
**55,819**
**108,367**|_2023_
_£_
_(24,559)_
**-**
**-**
**(24,559)**
_80,378_|
|---|---|---|
|||_55,819_|
||||
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Docusign Envelope ID: 2BCD527C-2789-4F1B-9669-27C4CC2BDE0E
## THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
## **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 4th Floor, 95 Gresham Street, London, EC2V 7AB. 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.
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 included 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 Company's 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 it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
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Docusign Envelope ID: 2BCD527C-2789-4F1B-9669-27C4CC2BDE0E
## THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
## **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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Docusign Envelope ID: 2BCD527C-2789-4F1B-9669-27C4CC2BDE0E
## THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
## **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.
Investment income, gains and losses are allocated to the appropriate fund.
## **3. Income from donations and legacies**
|Donations
_Total 2023_|**Unrestricted**
**funds**
**2024**
**£**
216,818
_232,659_|**Restricted**
**funds**
**2024**
**£**
499,968
_69,750_|**Total**
**funds**
**2024**
**£**
**716,786**
_302,409_|_Total_
_funds_
_2023_
_£_
_302,409_|
|---|---|---|---|---|
||||||
## **4. Investment income**
||**Unrestricted**|**Total**|_Total_|
|---|---|---|---|
||**funds**|**funds**|_funds_|
||**2024**|**2024**|_2023_|
||**£**|**£**|_£_|
|Interest income|799|**799**|_-_|
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Docusign Envelope ID: 2BCD527C-2789-4F1B-9669-27C4CC2BDE0E
## THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
## **5. Expenditure on raising funds**
## **Costs of raising voluntary income**
|Other costs
Wages and salaries
Support costs|**Unrestricted**
**funds**
**2024**
**£**
1,382
119,393
9,934
130,709|**Total**
**funds**
**2024**
**£**
**1,382**
**119,393**
**9,934**
**130,709**|_Total_
_funds_
_2023_
_£_
_1,501_
_57,112_
_8,336_|
|---|---|---|---|
||||_66,949_|
## **6. Analysis of expenditure on charitable activities**
## **Summary by fund type**
|Charitable expenditure
_Total 2023_|**Unrestricted**
**funds**
**2024**
**£**
94,063
_175,576_|**Restricted**
**funds**
**2024**
**£**
308,082
_123,000_|**Total**
**2024**
**£**
**402,145**
_298,576_|_Total_
_2023_
_£_
_298,576_|
|---|---|---|---|---|
||||||
Page 14
Docusign Envelope ID: 2BCD527C-2789-4F1B-9669-27C4CC2BDE0E
## THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
## **7. Analysis of expenditure by activities**
|**Activities**
**undertaken**
**directly**
**2024**
**Support**
**costs**
**2024**
**£**
**£**
Charitable expenditure
371,579
30,566
_Total 2023_
_261,401_
_37,175_
**Analysis of support costs**
**Charitable**
**expenditure**
**2024**
**£**
General support costs
24,353
Governance costs
6,213
30,566
**8.**
**Independent examiner's remuneration**
Fees payable to the Company's independent examiner for the independent
examination of the Company's annual accounts
**9.**
**Staff costs**
Wages and salaries
Social security costs
Contribution to defined contribution pension schemes|**Total**
**funds**
**2024**
**£**
**402,145**
_298,576_
**Total**
**funds**
**2024**
**£**
**24,353**
**6,213**
**30,566**
**2024**
**£**
**4,920**
**2024**
**£**
**151,853**
**18,087**
**3,552**
**173,492**|_Total_
_funds_
_2023_
_£_
_298,576_|
|---|---|---|
|||_Total_
_funds_
_2023_
_£_
_29,953_
_7,222_|
|||_37,175_|
|||_2023_
_£_
_4,620_|
|||_2023_
_£_
_82,814_
_10,475_
_1,321_|
||||
|||_94,610_|
Page 15
Docusign Envelope ID: 2BCD527C-2789-4F1B-9669-27C4CC2BDE0E
## THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee)
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
## **9. Staff costs (continued)**
The average number of persons employed by the Company during the year was as follows:
||**2024**|_2023_|
|---|---|---|
||**No.**|_No._|
|Employees|**2**|_1_|
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
|||**2024**|_2023_|
|---|---|---|---|
|||**No.**|_No._|
|In the band £70,001|- £80,000|**1**|_-_|
|In the band £80,001|- £90,000|**-**|_1_|
|In the band £90,001|- £100,000|**1**|_-_|
Total compensation paid to key management personnel during the year was £96,795 ( _2023: £94,_ 610)
## **10. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2023 - £NIL)_ . During the year ended 31 December 2024, no Trustee expenses have been incurred _(2023 - £NIL)_ .
## **11. Debtors**
|**Due within one year**
Amounts owed by FINCA Companies
**Creditors: Amounts falling due within one year**
Other creditors|**2024**
**£**
**134,809**
**134,809**
**2024**
**£**
**3,342**|_2023_
_£_
_-_|
|---|---|---|
||||
|||_-_|
|||_2023_
_£_
_716_|
## **12. Creditors: Amounts falling due within one year**
Page 16
Docusign Envelope ID: 2BCD527C-2789-4F1B-9669-27C4CC2BDE0E
## THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
## **13. Statement of funds Statement of funds - current year**
|**Unrestricted funds**
General Funds - all funds
**Restricted funds**
UK Clifford Funds
JOA
**Total of funds**
**Statement of funds - prior year**
General Funds - all funds
**Restricted funds**
UK Clifford Funds
**Total of funds**|**Balance at 1**
**January 2024**
**£**
**14,103**
**41,000**
**-**
**41,000**
**55,103**
_Balance at_
_1 January_
_2023_
_£_
_23,969_
_94,250_
_118,219_|**Income**
**£**
**217,617**
**-**
**499,968**
**499,968**
**717,585**
_Income_
_£_
_232,659_
_69,750_
_302,409_|**Expenditure**
**£**
**(224,772)**
**(41,000)**
**(267,082)**
**(308,082)**
**(532,854)**
_Expenditure_
_£_
_(242,525)_
_(123,000)_
_(365,525)_|**Balance at 31**
**December**
**2024**
**£**
**6,948**|
|---|---|---|---|---|
|||||**-**
**232,886**|
|||||**232,886**|
|||||**239,834**|
|||||_Balance at 31_
_December_
_2023_
_£_
_14,103_|
|||||_41,000_|
|||||_55,103_|
Page 17
Docusign Envelope ID: 2BCD527C-2789-4F1B-9669-27C4CC2BDE0E
## THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee)
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
## **Restricted funds**
UK Clifford Funds - This is funding towards developing collaboration between early financial technology businesses and microfinance institutions supporting the world's poor.
JOA - FINCA UK successfully won its first government grant, and its largest ever funding relationship from a donor. After two years of building a strong relationship with Jersey Overseas Aid, they awarded FINCA UK a multi-year grant to support the development and implementation of FINCA's digitisation project 361 in Zambia and Malawi. The grant will be funding product development work, as well as contributing towards the technical resources required to build the 361 operating platform, managed by FINCA International.
## **14. Analysis of net assets between funds**
## **Analysis of net assets between funds - current period**
|Current assets
Creditors due within one year
**Total**|**Unrestricted**
**funds**
**2024**
**£**
10,290
(3,342)
6,948|**Restricted**
**funds**
**2024**
**£**
232,886
-
232,886|**Total**
**funds**
**2024**
**£**
**243,176**
**(3,342)**
**239,834**|
|---|---|---|---|
## **Analysis of net assets between funds - prior period**
|Current assets
Creditors due within one year
**Total**|_Unrestricted_
_funds_
_2023_
_£_
_14,819_
_(716)_
_14,103_|_Restricted_
_funds_
_2023_
_£_
_41,000_
_-_
_41,000_|_Total_
_funds_
_2023_
_£_
_55,819_
_(716)_
_55,103_|
|---|---|---|---|
Page 18
Docusign Envelope ID: 2BCD527C-2789-4F1B-9669-27C4CC2BDE0E
## THE FOUNDATION FOR INTERNATIONAL COMMUNITY ASSISTANCE (UK) (A Company Limited by Guarantee)
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
## **15. Reconciliation of net movement in funds to net cash flow from operating activities**
|Net income/expenditure for the period (as per Statement of Financial Activities)
**Adjustments for:**
Decrease/(increase) in debtors
Increase/(decrease) in creditors
**Net cash provided by/(used in) operating activities**
**16.**
**Analysis of cash and cash equivalents**
Cash in hand
**Total cash and cash equivalents**
**17.**
**Analysis of changes in net debt**
**At 1 January**
**2024**
**£**
Cash at bank and in hand
**55,819**
**55,819**|**2024**
**£**
**184,731**
**(134,809)**
**2,626**
**52,548**
**2024**
**£**
**108,367**
**108,367**
**Cash flows**
**£**
**52,548**
**52,548**|_2023_
_£_
_(63,116)_
_41,000_
_(2,443)_|
|---|---|---|
|||_(24,559)_|
|||_2023_
_£_
_55,819_|
|||_55,819_|
|||**At 31**
**December**
**2024**
**£**
**108,367**
**108,367**|
## **18. Related party transactions**
During the year the charity received £48,519 in donations from related parties _(2023: £42,362)_ .
There are no other related party transactions during either year.
Page 19