REGISTERED COMPANY NUMBER: 06195961 (England and Wales) REGISTERED CHARITY NUMBER: 1129479
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
FOR
SOUTHERN VOICES FOR GLOBAL DEVELOPMENT (A COMPANY LIMITED BY GUARANTEE)
Prime Chartered Accountants Corner Oak 1 Homer Road Solihull B91 3QG
SOUTHERN VOICES FOR GLOBAL DEVELOPMENT
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Cash Flow Statement | 9 |
| Notes to the Cash Flow Statement | 10 |
| Notes to the Financial Statements | 11 to 17 |
| Detailed Statement of Financial Activities | 18 to 19 |
SOUTHERN VOICES FOR GLOBAL DEVELOPMENT
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 AUGUST 2023
TRUSTEES G Devadass T Thomas T M Vadakkancheril M Kochupillai REGISTERED OFFICE 33 The Birches Farnborough Hampshire GU14 9RP REGISTERED COMPANY 06195961 (England and Wales) NUMBER REGISTERED CHARITY 1129479 NUMBER INDEPENDENT EXAMINER Prime Chartered Accountants Corner Oak 1 Homer Road Solihull B91 3QG
Page 1
SOUTHERN VOICES FOR GLOBAL DEVELOPMENT
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2023. The trustees have adopted the provisions of 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).
On 1 September 2023, the organisation changed its name from Praxis UK to Southern Voices for Global Development. Given that its work has now expanded to multiple global partners and is not as closely aligned to Praxis India's main activity as previously, a decision to change the name was taken. The trustees believe that this new name of Southern Voices for Global Development reflects our growing diversity of partnerships.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charitable objects, as stated in the Memorandum and Articles of Association of Southern Voices for Global Development are to benefit the general public through developing the skills of poor and marginalised sections of society in such a way that they are better able to identify and help meet their needs, and to participate more fully in society particularly through involvement in democratic and participatory processes. Such objects are to be advanced directly through action in the community and through the promotion of the efficiency and effectiveness of charities working to provide such benefits to such sections of society.
Strategic Directions
The organisation's vision is a world in which every person has a right to participate in decisions, which affect their lives. Southern Voices for Global Development's mission is to enable excluded people to have an active and influential say in their own equitable and sustainable development.
Our 2023-2028 strategic plan 'Including the Excluded' sets out our road map for making more people feel that they count. We shall do this through carrying out activities to build both civil society and government capacity to voice their aspirations and listen to others, and act; we shall advocate for people's right to participate and help develop more participatory procedures and policies for this to occur. We shall broaden the spheres in which people have a say beyond projects and political elections. And we shall try to build mechanisms which encourage mutual trust and respect between government and civil society, the North and South - so everyone feels, that everyone counts.
To bring coherence to our strategy we have developed three key areas of focus that will help us facilitate inclusion, social justice and democratization. These include:
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Capacity building of communities, civil society, the private sector and government towards inclusion, social justice, and democratization. Every capacity building is a process to unfold the power to change within the individuals and institutions. There is due emphasis on self-learning, discovery, learning by doing and ensures that is groun ded in reality and is practical.
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Influencing development partners and donors by using various dissemination platforms like paper publications and presence at multiple roundtables, conferences and other forums. The focus will be on innovative research engagements that will demystify participation with greater granularity, scale up the use of participatory approaches for a more equitable and sustainable development and also support other partners to do the same.
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Partnership building to strengthen mechanisms for effective and efficient communication and collaboration between communities, civil society, the private sector and governments and pursue co-creation of knowledge with communities. This will deepen research engagements as well as direct interventions and facilitate the developme nt of an eco-system that promotes inclusiveness and participation.
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SOUTHERN VOICES FOR GLOBAL DEVELOPMENT
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023
STRATEGIC REPORT
Achievement and performance
Charitable activities
In 2022-23, Southern Voices for Global Development was able to carry out activities aligned with its new strategic objective and to further its charitable objects for public benefit. This was largely in the form of grants and consultancy contracts for development support services and capacity enhancement.
Southern Voices for Global Development's work on a study to explore how equitable the global evaluation landscape is, helped us collaborate with eight organisations across the global south to produce a grounded and significant report. The monitoring and evaluation expertise that we demonstrated through this also attracted a large grant to influence social movements and grant making organisations to reflect on their journey towards participation, inclusion and equity.
We continued to work on business and human rights, and this year, received a large multi-year grant to work on transparency and accountability by strengthening existing voluntary and emerging mandatory responsible business regulations in Asia. In addition, we are also working on a global movement to advance mandatory human rights and environmental due diligence and corporate accountability.
In the forced labour and trafficking context we developed a new relationship with a grantee to support two of their programmes with the aim of enhancing the participatory approaches of several partners they worked with on the ground as well as to assess their ongoing capacity to protect children and adolescents (including migrant children) from harmful labour and child marriage, and to set their own priorities as a micro-plan for continued efforts.
Financial review
Financial review
Southern Voices for Global Development made a net deficit of £156,266 in the year ended 31 August 2023 (2022: deficit £54,849).
The results for the year to 31 August 2023 are laid out in the Statement of Financial Activities and its state of affairs in the Balance Sheet. The trustees consider the state of affairs satisfactory.
The organisation reviewed its reporting of its activities and considered that what had previously been reported as unrestricted funds should have reflected restrictions placed on the organisation by its funders and the collaboration with other not for profit organisations in delivering the outputs agreed with the funders. As such both this years financial statements and the comparatives for the 2022 accounts have been adjusted to reflect this new understanding.
Reserves policy
It has been and remains the intention of Southern Voices for Global Development's trustees to pursue its charitable objectives in partnership with Praxis in India, which has significant expertise and insights in this area. Support is anticipated to be through grants either to Praxis India itself or directly to projects it has identified.
Praxis India has requested Southern Voices for Global Development to retain the funds till such time that it is requested by them.
Risk Management
The trustees have examined the major strategic business and operational risks, which the organisation faces and confirms that systems are in place to enable regular reports to be provided so that the necessary steps can be taken to minimise any potential risks.
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SOUTHERN VOICES FOR GLOBAL DEVELOPMENT
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023
STRATEGIC REPORT
Future Plans
In the next year, Southern Voices for Global Development will be seeking more volunteers to represent it at forums and see some changes in its leadership. It hopes to engage with more UK based stakeholders and to generate enough opportunities to stay in business given the tough economic climate. Southern Voices for Global Development plans to continue to fulfill its charitable objects through pursuing new partnerships and maximization of its income from current streams. The trustees acknowledge brief periods of uncertainty and change in plans and operations and hope to tide over these with minimal interruption to the core charitable work of the organisation. Southern Voices for Global Development has planned to increase its geographical reach as well as diversity in the nature of tasks that it has done.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The organisation is a charitable company limited by guarantee, incorporated on 2 April 2007 and Southern Voices for Global Development was registered as a charity on 6 May 2009. The company was established under a Memorandum of Association, which established the objects and powers of the charitable company and is governed by its Articles of Association. In the event of a winding up members are required to contribute an amount not exceeding £1.
Recruitment, appointment, induction and training of new trustees
The Trustees of the charity are shown on page 1
Trustees are appointed at the Board meetings or co-opted. On appointment, all trustees are provided with copies of constitutional documents.
There is a separate class of membership known as Guardian Membership. A new Guardian Member can be appointed only with the approval of existing Guardian Members who shall consult with the Board of Praxis India prior to making any new appointment. In the event there are no existing Guardian Trustees then Praxis India has the right to determine two new Guardian Members.
Organisational structure
All major operating decisions are made by the Chair of the Board of Trustees in consultation with other board members.
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SOUTHERN VOICES FOR GLOBAL DEVELOPMENT
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Responsibilities of the trustees
The Trustees, who are the charitable company's directors under company law, are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations
Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the charitable company and of the results 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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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 1985. 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.
Praxis India
Southern Voices for Global Development was incorporated with the intention of bringing the experience and expertise of Praxis India to the North. Praxis India has been providing services to the development sector for the past ten years and is considered a pioneering institute in the field of participatory research and training. Praxis India is not the parent company of Southern Voices for Global Development but it is considered to be a related party. A separate class of Guardian Membership exists through which Praxis India has the ability to intervene in Southern Voices for Global Development in exceptional circumstances.
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on ............................................. and signed on the board's behalf by: 24 May 2024
................................................................. T Thomas - Trustee
Page 5
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SOUTHERN VOICES FOR GLOBAL DEVELOPMENT
Independent examiner's report to the trustees of Southern Voices for Global Development ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2023.
Responsibilities and basis of report
As the charity's trustees of the Company (and also 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 your charity's accounts as 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 your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can 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:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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.
Jeremy Kitson FCA The Institute of Chartered Accountants in England and Wales
Prime Chartered Accountants Corner Oak 1 Homer Road Solihull B91 3QG Date: ............................................. 24 May 2024
Page 6
SOUTHERN VOICES FOR GLOBAL DEVELOPMENT
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023
| 2023 | 2022 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||
| fund | Designated | funds | funds | funds | ||
| as restated | ||||||
| Notes | £ | £ | £ | £ | £ | |
| INCOME AND | ||||||
| ENDOWMENTS FROM | ||||||
| Donations and legacies | 3 | 291 | - | 435,129 | 435,420 | 434,772 |
| Other trading activities | 4 | 1,990 | 89,641 | - | 91,631 | 34,915 |
| Investment income | 5 | 12,629 | - | - | 12,629 | 532 |
| Total | 14,910 | 89,641 | 435,129 | 539,680 | 470,219 | |
| EXPENDITURE ON | ||||||
| Charitable activities | 6 | |||||
| Activities to advance core | ||||||
| objectives | - | 89,277 | 604,074 | 693,351 | 521,949 | |
| Other | 2,595 | - | - | 2,595 | 3,119 | |
| Total | 2,595 | 89,277 | 604,074 | 695,946 | 525,068 | |
| NET | ||||||
| INCOME/(EXPENDITURE) | 12,315 | 364 | (168,945) | (156,266) | (54,849) | |
| RECONCILIATION OF | ||||||
| FUNDS | ||||||
| Total funds brought | ||||||
| forward | ||||||
| As previously reported | (6,231) | 21,126 | 695,248 | 710,143 | 492,787 | |
| Prior year adjustment | 11 | - | - | (272,205) | (272,205) | - |
| As restated | (6,231) | 21,126 | 423,043 | 437,938 | 492,787 | |
| TOTAL FUNDS CARRIED | ||||||
| FORWARD | 6,084 | 21,490 | 254,098 | 281,672 | 437,938 |
The notes form part of these financial statements
Page 7
SOUTHERN VOICES FOR GLOBAL DEVELOPMENT
BALANCE SHEET 31 AUGUST 2023
| Unrestricted fund Notes £ CURRENT ASSETS Cash at bank and in hand 1,242,380 CREDITORS Amounts falling due within one year 13 (1,236,296) NET CURRENT ASSETS 6,084 TOTAL ASSETS LESS CURRENT LIABILITIES 6,084 NET ASSETS 6,084 FUNDS 14 Unrestricted funds Restricted funds TOTAL FUNDS |
Designated £ 364 21,126 21,490 21,490 21,490 |
Restricted funds £ 252,768 1,330 254,098 254,098 254,098 |
2023 Total funds £ 1,495,512 (1,213,840) 281,672 281,672 281,672 27,574 254,098 281,672 |
2022 Total funds as restated £ 1,254,124 (816,186) 437,938 437,938 437,938 14,895 423,043 437,938 |
|---|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 24 May 2024
............................................. T Thomas - Trustee
The notes form part of these financial statements
Page 8
SOUTHERN VOICES FOR GLOBAL DEVELOPMENT
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2023
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by operating activities Cash flows from investing activities Interest received Net cash provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2023 £ 228,759 228,759 12,629 12,629 241,388 1,254,124 1,495,512 |
2022 as restated £ 234,186 |
|---|---|---|
| 234,186 | ||
| 532 | ||
| 532 | ||
| 234,718 1,019,406 |
||
| 1,254,124 |
The notes form part of these financial statements
Page 9
SOUTHERN VOICES FOR GLOBAL DEVELOPMENT
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2023
| 1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 £ Net expenditure for the reporting period (as per the Statement of Financial Activities) (156,266) Adjustments for: Depreciation charges - Interest received (12,629) Increase in creditors 397,654 Net cash provided by operations 228,759 2. ANALYSIS OF CHANGES IN NET FUNDS At 1.9.22 Cash flow £ £ Net cash Cash at bank and in hand 1,254,124 241,388 1,254,124 241,388 Total 1,254,124 241,388 |
2022 as restated £ (54,849) 23 (532) 289,544 234,186 At 31.8.23 £ 1,495,512 1,495,512 1,495,512 |
|---|---|
The notes form part of these financial statements
Page 10
SOUTHERN VOICES FOR GLOBAL DEVELOPMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
1. STATUTORY INFORMATION
Southern Voices for Global Development is a charitable company, limited by guarantee, registered in England and Wales. The company's registered number and registered office address can be found on the Reference and Administrative Details page.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income.
Donated Income is income received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.
Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included in these accounts.
Incoming resources from charitable activities are accounted for when earned.
Incoming resources from grants, where related to performance and specific deliverables, are accounted for as the charity earns the right to consideration by its performance
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
continued...
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SOUTHERN VOICES FOR GLOBAL DEVELOPMENT NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023
2. ACCOUNTING POLICIES - continued
Fund accounting
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
Transactions with Praxis India are normally conducted in sterling and so exchange differences do not arise unless specifically charged by Praxis India.
3. DONATIONS AND LEGACIES
| Donations Grants Grants received, included in the above, are as follows: Other grants 4. OTHER TRADING ACTIVITIES Charitable trading income |
2023 £ 291 435,129 435,420 2023 £ 435,129 2023 £ 91,631 |
2022 as restated £ 1,046 433,726 |
|---|---|---|
| 434,772 | ||
| 2022 as restated £ 433,726 |
||
| 2022 as restated £ 34,915 |
continued...
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SOUTHERN VOICES FOR GLOBAL DEVELOPMENT
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023
| 5. INVESTMENT INCOME Deposit account interest 6. CHARITABLE ACTIVITIES COSTS Activities to advance core objectives 7. DIRECT COSTS OF CHARITABLE ACTIVITIES Costs of fulfilling grant obligations Consultants (grant fulfilment) Reimbursed project costs Irrecoverable VAT Cost of services 8. SUPPORT COSTS Year-ended 2023 Other resources expended Year-ended 2022 Other resources expended |
2023 2022 as restated £ £ 12,629 532 Direct Costs (see note 7) £ 693,351 2023 2022 as restated £ £ 492,691 521,949 101,704 - 2,327 - 7,352 - 89,277 - 693,351 521,949 |
2023 2022 as restated £ £ 12,629 532 Direct Costs (see note 7) £ 693,351 2023 2022 as restated £ £ 492,691 521,949 101,704 - 2,327 - 7,352 - 89,277 - 693,351 521,949 |
2023 2022 as restated £ £ 12,629 532 Direct Costs (see note 7) £ 693,351 2023 2022 as restated £ £ 492,691 521,949 101,704 - 2,327 - 7,352 - 89,277 - 693,351 521,949 |
2023 2022 as restated £ £ 12,629 532 Direct Costs (see note 7) £ 693,351 2023 2022 as restated £ £ 492,691 521,949 101,704 - 2,327 - 7,352 - 89,277 - 693,351 521,949 |
|
|---|---|---|---|---|---|
| Other | Governance costs |
Total 2023 |
|||
| £ | £ | £ | |||
| 762 | 1,833 | 2,595 | |||
| Other | Governance | Total | |||
| £ | £ | £ | |||
| 109 | 3,010 | 3,119 | |||
continued...
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SOUTHERN VOICES FOR GLOBAL DEVELOPMENT
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023
9. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2023 | 2022 | ||
|---|---|---|---|
| as | |||
| restated | |||
| £ | £ | ||
| Depreciation - owned assets | - | 23 |
10. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2023 nor for the year ended 31 August 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 August 2023 nor for the year ended 31 August 2022.
During the year £186 was reimbursed to J.Thomas, brother of T.Thomas who is a trustee, for board meeting expenses. There were no trustees' expenses paid for the year ended 31 August 2022..
11. PRIOR YEAR ADJUSTMENT
The charity reviewed its reporting of its activities and considered that what had previously been reported as unrestricted funds should have reflected restrictions placed on the charity by its funders and the collaboration with other not for profit organisations in delivering the outputs agreed with the funders. As such the prior years financial statements have been adjusted to reflect this new understanding.
As a result of the prior year adjustment the costs incurred by the charity have increased by £272,205 in the year ended 31 August 2022 to reflect subgrants due to Praxis India for their input into the charity's delivery of its funding responsibilities.Funds brought forward decreased as at 1 September 2022 by £272,205 to £437,938.
12. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |
|---|---|
| Plant and | |
| machinery | |
| £ | |
| COST | |
| At 1 September 2022 and | |
| 31 August 2023 | 749 |
| DEPRECIATION | |
| At 1 September 2022 and | |
| 31 August 2023 | 749 |
| NET BOOK VALUE | |
| At 31 August 2023 | - |
| At 31 August 2022 | - |
continued...
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SOUTHERN VOICES FOR GLOBAL DEVELOPMENT
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors VAT Other creditors Accruals and deferred income 14. MOVEMENT IN FUNDS Unrestricted funds General fund FF - Global Evaluation Landscape (Designated) Restricted funds People Powered Digital Narratives Pathways Empowering Children Study Confidence in Justice System FF Evidence Support Trafficking during Covid TRACKS CSR grants Porticus Empowering Initiative Forced Labour TOTAL FUNDS |
At 1.9.22 £ (6,231) 21,126 14,895 177,846 287,571 55,889 25,041 48,240 21,078 67,468 - - 12,115 - 695,248 710,143 |
Prior year adjustment £ - - - (177,846) - - (25,041) (48,240) (21,078) - - - - - (272,205) (272,205) |
2023 £ 1,203,270 7,304 1,106 2,160 1,213,840 Net movement in funds £ 12,315 364 12,679 - (287,571) (55,889) - - - 60,639 14,612 113,886 (12,115) (2,507) (168,945) (156,266) |
2022 as restated £ 812,920 - 1,106 2,160 816,186 At 31.8.23 £ 6,084 21,490 27,574 - - - - - - 128,107 14,612 113,886 - (2,507) 254,098 281,672 |
|
|---|---|---|---|---|---|
continued...
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SOUTHERN VOICES FOR GLOBAL DEVELOPMENT
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023
14. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund FF - Global Evaluation Landscape (Designated) Restricted funds Pathways Empowering Children TRACKS CSR grants Porticus Empowering Initiative Forced Labour TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund FF - Global Evaluation Landscape (Designated) Restricted funds People Powered Digital Narratives Pathways Empowering Children Study Confidence in Justice System FF Evidence Support Trafficking during Covid TRACKS FF Tech Support TOTAL FUNDS |
Incoming resources £ 14,910 89,641 104,551 - 43,083 195,156 14,612 122,213 25,216 34,849 435,129 539,680 At 1.9.21 £ - - - 214,501 178,960 55,889 10,355 18,467 14,615 - - 492,787 492,787 |
Resources Movement expended in funds £ £ (2,595) 12,315 (89,277) 364 (91,872) 12,679 (287,571) (287,571) (98,972) (55,889) (134,517) 60,639 - 14,612 (8,327) 113,886 (37,331) (12,115) (37,356) (2,507) (604,074) (168,945) (695,946) (156,266) Net movement At in funds 31.8.22 £ £ (6,231) (6,231) 21,126 21,126 14,895 14,895 (214,501) - 108,611 287,571 - 55,889 (10,355) - (18,467) - (14,615) - 67,468 67,468 12,115 12,115 (69,744) 423,043 (54,849) 437,938 |
|---|---|---|
continued...
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SOUTHERN VOICES FOR GLOBAL DEVELOPMENT
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023
14. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund FF - Global Evaluation Landscape (Designated) Restricted funds People Powered Digital Narratives Pathways Study Confidence in Justice System FF Evidence Support Trafficking during Covid TRACKS FF Tech Support TOTAL FUNDS |
Incoming resources £ 13,588 34,915 48,503 92,370 125,279 14,686 29,773 6,463 139,058 14,087 421,716 470,219 |
Resources Movement expended in funds £ £ (19,819) (6,231) (13,789) 21,126 (33,608) 14,895 (306,871) (214,501) (16,668) 108,611 (25,041) (10,355) (48,240) (18,467) (21,078) (14,615) (71,590) 67,468 (1,972) 12,115 (491,460) (69,744) (525,068) (54,849) |
|---|---|---|
15. RELATED PARTY DISCLOSURES
Praxis India is considered to be a related party of Southern Voices for Global Development as it is able to intervene in the decision making process of Southern Voices for Global Development in exceptional circumstances through the special category of Guardian Membership.
Under its agreements with its funders Southern Voices for Global Development made subgrants of £314,768 (2022: £272,205) to Praxis India for the input of Praxis India into the collaborative work undertaken in conjunction with Southern Voices for Global Development in fulfilling its grant obligations.
At 31 August 2023 Southern Voices for Global Development owed Praxis India £1,203,270 (2022: £812,920).
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SOUTHERN VOICES FOR GLOBAL DEVELOPMENT
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023
| Unrestricted Restricted funds funds £ £ INCOME AND ENDOWMENTS Donations and legacies Donations 291 - Grants - 435,129 291 435,129 Other trading activities Charitable trading income 91,631 - Investment income Deposit account interest 12,629 - Total incoming resources 104,551 435,129 EXPENDITURE Charitable activities Costs of fulfilling grant obligations - 492,691 Consultants (grant fulfilment) - 101,704 Reimbursed project costs - 2,327 Irrecoverable VAT - 7,352 Cost of services 89,277 - 89,277 604,074 Support costs Management Advertising - - Other Sundries 186 - Bank charges 18 - Office costs 68 - Travel costs 87 - Irrecoverable VAT on overheads 333 - Compliance costs 70 - Plant and machinery - - 762 - Governance costs Accountancy and legal fees 1,833 - |
2023 2022 Total Total funds funds as restated £ £ 291 1,046 435,129 433,726 435,420 434,772 91,631 34,915 12,629 532 539,680 470,219 492,691 521,949 101,704 - 2,327 - 7,352 - 89,277 - 693,351 521,949 - 76 186 - 18 10 68 - 87 - 333 - 70 - - 23 762 33 1,833 3,010 |
2023 2022 Total Total funds funds as restated £ £ 291 1,046 435,129 433,726 435,420 434,772 91,631 34,915 12,629 532 539,680 470,219 492,691 521,949 101,704 - 2,327 - 7,352 - 89,277 - 693,351 521,949 - 76 186 - 18 10 68 - 87 - 333 - 70 - - 23 762 33 1,833 3,010 |
|---|---|---|
| 434,772 34,915 532 |
||
| 470,219 521,949 - - - - |
||
| 521,949 76 - 10 - - - - 23 |
||
| 33 3,010 |
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SOUTHERN VOICES FOR GLOBAL DEVELOPMENT
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023
| Unrestricted Restricted funds funds £ £ Total resources expended 91,872 604,074 Net (expenditure)/income 12,679 (168,945) |
2023 2022 Total Total funds funds as restated £ £ 695,946 525,068 (156,266) (54,849) |
|---|---|
This page does not form part of the statutory financial statements
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