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2023-09-30-accounts

REGISTERED COMPANY NUMBER: 07375179 (England and Wales) REGISTERED CHARITY NUMBER: 1140426

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 30 September 2023

for

SPS CAMBODIAN FOUNDATION LIMITED

TaxAssist Accountants 126 Southdown Road Harpenden Herefordshire AL5 1QQ

SPS CAMBODIAN FOUNDATION LIMITED

Contents of the Financial Statements FOR THE YEAR ENDED 30 SEPTEMBER 2023

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Page
Report of the Trustees 1 to 6
Independent Examiner's Report 7
Statement of Financial Activities 8
Balance Sheet 9 to 10
Notes to the Financial Statements 11 to 14
Detailed Statement of Financial Activities 15
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SPS CAMBODIAN FOUNDATION LIMITED

Report of the Trustees FOR THE YEAR ENDED 30 SEPTEMBER 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 30 September 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 2015).

Page 1

SPS CAMBODIAN FOUNDATION LIMITED

Report of the Trustees FOR THE YEAR ENDED 30 SEPTEMBER 2023

OBJECTIVES AND ACTIVITIES The objectives of the charity are :

To advance education by sponsoring specific individuals in Cambodia through secondary and tertiary education.

To enable the advancement of the lives of students in Cambodia,who are socially or economically disadvantaged,to ensure they reach their potential by sponsoring them through secondary and tertiary education or vocational training, whichever is most appropriate for the individual students.The aim is also to assist them gain their first employment opportunity.

To promote such other purposes as are exclusively charitable under the laws of England and Wales for the benefit of students in Cambodia as the Trustees determine from time to time.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

At present, 16 students live in the four houses leased by the charity and they all form part of a family unit. Each house is managed by a carer who has been known to at least one of the trustee for over ten years. Six students still study at various top-class universities within Phnom Penh including the Royal University of Phnom Penh, Pannasastra University and the International University. Six students have already graduated and found high quality employment but still live in the houses rent free although they are self-sufficient in all other ways.In addition there is one family of four children at Primary and Secondary/ High School living in one of the houses. All our students over the years have predominantly come from the Good Shepherd Orphanage,the Aspeca orphanage or from three communities in the provinces of Bantam Meanchay, Battambang and Kratie.

The success of the charity in achieving its goals has been seen over the past eight years when 22 students completed their studies and have found employment well above the level they may have normally expected. Our students have taken up roles as doctors, nurses, physiotherapists, accountants, in financial services and in the travels and tourist industry.In each case the graduates have found employment in the career of their choice and are now self sufficient although several continue to live in the houses from choices.In addition, a number of our former students have now got married and have started families of their own.

The students who have not yet graduated continue to progress well in their educational institutions and the trustees were pleased to note at a recent visit how the students have continued to mature and develop. For the undergraduates who remain in the houses the charity provides support for all their needs including a safe and caring living environment, nutritious food, a small allowance, clothes and full cover of the cost of education. Additionally, both the carers and the trustees provide advice and guidance to the students on all aspects of their lives. As all of the students have either come from an institution or from a deprived family background, it has been essential that they could continue their educational and personal development in a safe, caring and supportive environment.

In addition to supporting the students in the houses the charity has also previously supported five student from a poor background who aspired to go to university but whose parents had been unable to support their dream of tertiary education. All these students have now graduated and are now each in high quality employment.The main support for this student is the provision of funds to cover all educational costs, laptops and transport to university

As part of the charity's objective to promote other charitable activities the charity has supported two families in provincial towns near Phnom Penh in Svay Pak and Takmao for a number of years. Each families consist of a mother and four children each and the charity provides allowances and also covers all educational costs of the children. In both cases the mothers support two orphans within their own family unit.

Page 2

SPS CAMBODIAN FOUNDATION LIMITED

Report of the Trustees FOR THE YEAR ENDED 30 SEPTEMBER 2023

To ensure that the objectives are met the Trustees have historically made regular visits to Cambodia. During the pandemic it was not possible for the Trustees to visit Cambodia, however, the lack of visits was supplemented by the Chairman having regular calls with the lead carer throughout the pandemic. In 2023, three of the Trustees have been able to visit again. The annual holiday for all the students arranged by the Trustees had to be postponed during the pandemic but went ahead again in December 2022 with a final such holiday planned for December 2023.. This event has historically provided an excellent opportunity for the Trustees to reward the students for their ongoing hard work and commitment and to spend time with the students. The three Trustees who joined the holiday in 2022 were very pleased with the way all the students have developed and matured.

FINANCIAL REVIEW

For the year commencing 1st October 2022 the charity has changed its policy such that it will build unrestricted cash reserves, which have not been designated for a specific use, to a level equivalent to six months expenditure. This has been revised downward from twelve months previously given the level of committed funding and the reducing level of expenses as the profile of the beneficiaries has been changed. The trustees consider that cash reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. Cash balances stood at GBP 45,869 at the end of the financial year and were held with six separate bank accounts and cash funds.

During the year there was an accounting deficit of GBP 13,023 which the Trustees felt was a satisfactory result for the charity, in testing financial conditions and given its cash reserves. Debtors of GBP 12,225 existed at the year end and this amount was received within three months of the year end.

Costs for food, clothing, health and education for the students being cared for in the houses were GBP 35,071 and the cost for the support of additional families was GBP 27,325. Property maintenance and general household cost amounted to GBP 35,775.The remaining costs of GBP 23,659 were related to special events organized by the carers for the community and to cover some health costs. In addition GBP 2,977 was spent during the year to support the primary school children in a community in Kratie province.

The Trustees spend time reviewing the annual budget and reserve policy to enable the Charity to meet its financial challenges as a viable charity. The Trustees remain very focused on the financial robustness of the Charity and continue to look for new and sustainable sources of funds .

Page 3

SPS CAMBODIAN FOUNDATION LIMITED

Report of the Trustees FOR THE YEAR ENDED 30 SEPTEMBER 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is a company limited by guarantee, incorporated on 14th September 2010 and registered as a charity on 15th February 2011. The charity was established under its memorandum and articles of associates. In the event of the charity being wound up, members may be required to contribute an amount not exceeding £10.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr Peter C Slater Ms Victoria Slater Ms Hilka Schmitz Mr Guy Hemington Mr Mark Petterson

The company does not employ any staff in the UK but does employ two carers in Cambodia. All the activities associated with fund raising and financial management are performed out of the UK by the five Trustees. On the ground in Cambodia, the students live in one of four houses where each house is headed by a family carer who receives an allowance to cover the costs of providing food and accommodation for the student supported by the Charity.

The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. The primary risks are financial and 'human'.

Financial risk is directly managed by the Trustees in the UK. Monies are disbursed to Cambodia according to an assessment of standard costed monthly requirements (e.g. for food, accommodation, transport, education). Any extraordinary items require pre-approval from the trustees and, where possible given local circumstances, are supported by receipts.

The 'human' risk relates to the physical, educational and emotional welfare of our students in Cambodia. This risk was one of the primary drivers for adopting an approach whereby the students live within, and as part of, an existing family unit. The trustees believe this is the key to ensuring a level of appropriate welfare, emotional and physical support, encouragement with studies and general well-being.

Page 4

SPS CAMBODIAN FOUNDATION LIMITED

Report of the Trustees FOR THE YEAR ENDED 30 SEPTEMBER 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT Plans for the future

It has always been the intention of the trustees that the charity would support a defined set of students from specific backgrounds and that there would be a limit to the total number of 30 students at any point in time. In the coming years there will be one more sibling of one of the existing students who is likely to be sponsored by the charity.

In the next four years approximately 95% of the students will have completed their tertiary education and are expected to be in full time employment. As a policy the charity supports each student for the first six months post graduation as they seek employment and a stable working environment, if this is requires. In addition, as the houses are on long leases, the students are also offered rent free accommodation post graduation given their family circumstances.

It is anticipated that the two families in provincial towns near Phnom Penh will be supported for the foreseeable future but that this support will reduce in the next four years.

Over the past year the trustees have agreed to continue to support a small extremely poor community in Kratie province, the home province of a number of the students living in the houses and also the home village of the manager of the charity in Cambodia. The charitable activity is focussed on this particular community with the aim of ensuring that the students at the local primary school can have an effective primary education, which they do not receive at present.

To date, each year the charity has provided approximately 40-50 students with school uniforms, books, pencils and other equipment as well as successfully petitioning the local officials to provide a second teacher for the school. In addition, over the past five years the charity has provided the community with fresh water, connected the community to mains electricity, built a library and built basic toilets.

In conclusion, the trustees remain committed to the students currently supported by the charity and their siblings to ensure they can complete their full educational careers and enter society as young adults focussed on improving their own lives, those of their families and of the communities around them . The success of the past six years, as more and more students graduated and found meaningful employment, is a testament to the approach taken by the charity and refined over the past ten years.

The trustees do not plan to take on any more students and will look to reduce the core activities of the charity over the next four years.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

07375179 (England and Wales)

Registered Charity number

1140426

Registered office

61 West Common Harpenden Hertfordshire AL5 2LD

Page 5

SPS CAMBODIAN FOUNDATION LIMITED

Report of the Trustees FOR THE YEAR ENDED 30 SEPTEMBER 2023

Trustees

Mr G Hemington Mr M Petterson Ms H Schmitz Ms V Slater Mr P C Slater

Company Secretary

Mr P C Slater

Independent Examiner

TaxAssist Accountants 126 Southdown Road Harpenden Herefordshire AL5 1QQ

Approved by order of the board of trustees on 5 April 2024 and signed on its behalf by:

Hilka Schmitz

Ms H Schmitz - Trustee

Page 6

Independent Examiner's Report to the Trustees of Sps Cambodian Foundation Limited

Independent examiner's report to the trustees of Sps Cambodian Foundation Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 September 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

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.

TaxAssist Accountants

TaxAssist Accountants 126 Southdown Road Harpenden Herefordshire AL5 1QQ

Date: .............................................

Page 7

SPS CAMBODIAN FOUNDATION LIMITED

Statement of Financial Activities FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
124,430
EXPENDITURE ON
Charitable activities
137,453
NET INCOME/(EXPENDITURE)
(13,023)
RECONCILIATION OF FUNDS
Total funds brought forward
82,757
TOTAL FUNDS CARRIED FORWARD
69,734		 2022
Total
funds
£
153,141
171,785
(18,644)
101,401
82,757

The notes form part of these financial statements

Page 8

SPS CAMBODIAN FOUNDATION LIMITED

Balance Sheet 30 SEPTEMBER 2023

2023
Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
4
38,680
CURRENT ASSETS
Debtors
5
12,225
Cash at bank
45,869
58,094
CREDITORS
Amounts falling due within one year
6
(27,040)
NET CURRENT ASSETS
31,054
TOTAL ASSETS LESS CURRENT
LIABILITIES
69,734
NET ASSETS
69,734
FUNDS
7
Unrestricted funds
69,734
TOTAL FUNDS
69,734		 2022
Total
funds
£
48,030
22,212
44,555
66,767
(32,040)
34,727
82,757
82,757
82,757
82,757

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

continued...

Page 9

SPS CAMBODIAN FOUNDATION LIMITED

Balance Sheet - continued 30 SEPTEMBER 2023

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 5 April 2024 and were signed on its behalf by:

Hilka Schmitz

Ms H Schmitz - Trustee

The notes form part of these financial statements

Page 10

SPS CAMBODIAN FOUNDATION LIMITED

Notes to the Financial Statements FOR THE YEAR ENDED 30 SEPTEMBER 2023

1. 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 2015), 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 has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

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.

Land and Building 1 : Over the useful life of 16 years (SLM) Land and Building 2 : Over the useful life of 15 years (SLM)

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.

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.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

continued...

Page 11

SPS CAMBODIAN FOUNDATION LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023

2. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2023 2022
£ £
Depreciation - owned assets 9,350 9,350

3. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 September 2023 nor for the year ended 30 September 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 30 September 2023 nor for the year ended 30 September 2022.

4. TANGIBLE FIXED ASSETS

COST
At 1 October 2022 and 30 September 2023
DEPRECIATION
At 1 October 2022
Charge for year
At 30 September 2023
NET BOOK VALUE
At 30 September 2023
At 30 September 2022		 Freehold
property
£
145,803
97,773
9,350
107,123
38,680
48,030

continued...

Page 12

SPS CAMBODIAN FOUNDATION LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
6.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Accrued expenses
7.
MOVEMENT IN FUNDS
At
1/10/22
£
Unrestricted funds
General fund
82,757
TOTAL FUNDS
82,757
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
124,430
TOTAL FUNDS
124,430
Comparatives for movement in funds
At
1/10/21
£
Unrestricted funds
General fund
101,401
TOTAL FUNDS
101,401		 2023
2022
£
£
12,225
22,212
2023
2022
£
£
27,040
32,040
Net
movement
At
in funds
30/9/23
£
£
(13,023)
69,734
(13,023)
69,734
Resources
Movement
expended
in funds
£
£
(137,453)
(13,023)
(137,453)
(13,023)
Net
movement
At
in funds
30/9/22
£
£
(18,644)
82,757
(18,644)
82,757

continued...

Page 13

SPS CAMBODIAN FOUNDATION LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023

7. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
153,141
153,141		 Resources
Movement
expended
in funds
£
£
(171,785)
(18,644)
(171,785)
(18,644)

8. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 30 September 2023.

Page 14

SPS CAMBODIAN FOUNDATION LIMITED

Detailed Statement of Financial Activities FOR THE YEAR ENDED 30 SEPTEMBER 2023

INCOME AND ENDOWMENTS
Donations and legacies
UF Donations and gifts
Total incoming resources
EXPENDITURE
Charitable activities
Student Nutrition & Health
Student education
Retirements
UF Charitable expenditure
Other trading activities
Additional Family Support
Property Cost
Additional items
Kratie Community
Total resources expended
Net expenditure		 2023
£
124,430
124,430
29,975
5,096
-
12,646
47,717
27,325
35,775
23,659
2,977
89,736
137,453
(13,023)		 2022
£
153,141
153,141
36,136
10,523
61,840
9,018
117,517
23,443
25,084
4,083
1,658
54,268
171,785
(18,644)

This page does not form part of the statutory financial statements

Page 15

Issuer

Issuer TaxAssist Accountants Document generated Thu, 8th Feb 2024 10:35:05 UTC Document fingerprint c012e55ad3fb6407b41ad604c6db9ae7

Parties involved with this document

Document processed Party + Fingerprint Sat, 17th Feb 2024 10:48:17 UTC Ms Hilka SCHMITZ - Signer (0963bb4c8e9364ac5d99647374a22da9) Sat, 17th Feb 2024 10:48:17 UTC Jansen Neo - Copied In (3f5868f3ef501d55c689763c55bda347)

Audit history log

Date Action Sat, 17th Feb 2024 10:48:18 UTC Ms Hilka SCHMITZ viewed the envelope (188.211.162.216) Sat, 17th Feb 2024 10:48:18 UTC Document emailed to party email (13.41.200.64) Sat, 17th Feb 2024 10:48:17 UTC This envelope has been signed by all parties (188.211.162.216) Sat, 17th Feb 2024 10:48:17 UTC Sent the envelope to Jansen Neo for signing (188.211.162.216) Sat, 17th Feb 2024 10:48:17 UTC Ms Hilka SCHMITZ signed the envelope (188.211.162.216) Sat, 17th Feb 2024 10:41:56 UTC Ms Hilka SCHMITZ viewed the envelope (188.211.162.216) Sun, 11th Feb 2024 17:00:00 UTC Ms Hilka SCHMITZ viewed the envelope (188.211.162.216) Thu, 8th Feb 2024 10:35:19 UTC Document emailed to party email (13.42.52.79) Thu, 8th Feb 2024 10:35:07 UTC Sent the envelope to Ms Hilka SCHMITZ for signing. (18.171.133.220) Thu, 8th Feb 2024 10:35:07 UTC Jansen Neo has been assigned to this envelope. (18.171.133.220) Thu, 8th Feb 2024 10:35:07 UTC Ms Hilka SCHMITZ has been assigned to this envelope. (18.171.133.220) Thu, 8th Feb 2024 10:35:07 UTC Envelope generated. (18.171.133.220) Thu, 8th Feb 2024 10:35:07 UTC Document generated with fingerprint c0a8ae7e177f75d9ef160dea2a73a3d5. (18.171.133.220) Thu, 8th Feb 2024 10:35:07 UTC Document generated with fingerprint c012e55ad3fb6407b41ad604c6db9ae7. (18.171.133.220) Thu, 8th Feb 2024 10:35:05 UTC Envelope generated with fingerprint a413590218c8ea402a8ea615a31e287e (18.133.63.166)