Charity registration number 1154872 Company reglstratlon numb&r 08508669 {England and Wales) SOLIDARITY PROJECTS LIMITED (A COMPANY LIMITED BY GUARANTEEI ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
SOLIDARITY PROJECTS LIMITED (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION Trustees Sr K O'Flynn Rev J G Greene Mr A Henderson Charty numbèr 1154872 Company number 08508569 Registered office PO Box 501 The Nexus Building Broadway Letchworth Garden City Herts SG6 9BL Independent examiner UHY Hacker Young PO Box 501 The Nexus Building Broadway Letchworth Garden City Herts SG6 9BL
SOLIDARITY PROJECTS LIMITED (A COMPANY LIMITED BY GUARANTEE) CONTENTS Page Trustees report Independent examinerfs report statement of financial activities Balance sheet Notes lo the financial ststemenls 6-13
SOLIDARITY PROJECTS LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022 The trustees present their annual report and financial statements for the year ended 31 December 2022. The financial slalements have been prepared in accordance with the accounting policies sel out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and 'Accounling and Reporting by Charities". Statement of Recommended Practice applicable lo charities preparing their accoun15 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Irelantl IFRS 1021° las amended for accounting periods commencing from 1 January 20161 Objectives and activities The charity is established for the publi¢ benefit to advance education and presetve and protect good health in South Sudan by.. supporting the creation of self-sufficient education, healthcare, agricultural and other infrastructure projects the provision of training, instruction or pastoral care lo those who are poor in order lo develop their physical, mentsl, emotional and spiritual capacities providing or assisting in the provision or education and healthcare of any child or person in keeping with the precepts of the Christian faith and Christian ideals providing assistance for the training of lea¢hers, parents, youth leaders or other persons engaged, or to be engaged, in the provision of education. leadership or instruction of individuals providing where needed, assistance for the furtherance or development of education and healthcare including youth leadership, religious and moral development espeaally the young and socially and economically disadvantaged providing any further assistance as the Iruslees may from lime lo lime think fit for the provision of educab.onal and healthcare facilities to cooperate with other charitable organisalions whether local, national or international for any of the foregoing. The trustees have paid due regard lo guidance Issued by the Charity Commission In deciding what activities the charity should undertake. Achievements and performance Flnanclal revlew During the year the charity had incoming resources of £105,739 12021.. £131,1301 and outgoing resources of £146,071 12021.. £109,9161. Investment assets losses amounted to £774,496 12021.. £451,393 gains), which comprised of £143,296 in relation lo nel losses on disposals of investments assels12021." £20,080 nel gains on disposals) and £631,200 that refers lo a nel decrease12021.' £431,313 nel increase) in market value of investments assets Accumulated unrestricted funds carried forward amount to £3,654,820 12021.. £4,467,792) and accumulated restricted funds carried forward amount to £48,42612021.' £50,282). The trustees have no COnrS about the company continuing to operate as a going conrn and consider il will be able lo meet ils Iiabililies as they fall due. The charity has an investment portfolio managed by Quilter Cheviol on their behalf. The intention is to hold the portfolio for al least five years with the income generated being available lo meet the core objectives of the charity. The trustees have assessed the major risks to which the company is exposed, In particular those related to the operations and finances of the company, and are satisfied that systems and procedures are in place lo mitigate exposure lo the major risks. The trustees have also paid attention lo the ongoing consequence5 of the political instsbilily in South Sudan and relain all funds in the UK until the lime of need and then only for specific projects. The charty's main investments are held in order to help transition the management of activities to local South Sudanese management. Unrest in recent years has significantly delayed this process and trustees are considering what other interim uses could be made of these investments.
SOLIDARITY PROJECTS LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Structur•, gov•rnnce and manag•m•nt The r.hArity IR rAOi¢tp.rp.A a # chgritable company limit•d by 9u•ranl•• and was Éat up on 20 April 2013 and registered as a charity wilh the Charrty Commission for England and Wales on 4 December 2013. Its company numb&r is 08S08560 and its oharity number 18 1154872. The charity 15 1}s11¢U1 yrKJ¥r s Memorandum of Assodaiion date¢J 24 April 2013 as amenoed by SperA81 Resoluiions of 5 November 2013 and 19 February 2015. Tho liability of the members Is limited. Every member of th¥ bharily undenakes io conirfbut8 ro iY)e asseis of thè ch8nty. If rt IS WOLJnd LJP whilst helshe is a mèmb&r within on8 yèar after helshe tseS lo be a member, such anv)unls as may be requlred r1 exceedlng one pound. The charity adheres to the principles of solmdarity and lo the charilable puwises of the 'Solidarlty wlth Soulhem Sudan PToiecl'. a collatK)rative inlematinnal projerl iindèrtakèn by memb•rs of the USG Iunion of Superiors Gener811, UISG Ilntem¥lional Union of Superiors Generall, and South Sudan Calhofic Bishop Conference. The charity was e$tablish9d to facilitate tho projcct's admini?tratitsn In particular it& ability to raise fuiiTJ¥ intem81ionally, through grant applications and donats'ons, lo support the work being undertaken in South Sudan. The trustees have considered the impact of Covid-19 on the charity and are aware that income and asset valueg may fall ir) Iliv fulur¥. A5 the charfiy aoes nor have any regular commitments and is prepared lo take a long temi ew of investments, the twste8s do rt cLsnsilor any imm8di81e aclions are needed but wtrll monitor events 8nd ath accomingty. The trustees. who are also the dlrectors for the pUrpe of ryjrnpany law, and who served during thè year and up to the date ol signature ol the financial statements w8re'. Sr K O'Flynn Rev J G Gene Mr A Henderson Th¢ rnanagernenl uf the Gharfty15 the re5ws11IIY of Ihe trustees who are elected and C1ted under the lems of the Memorandum of AssociatA)n dated 24 April 2013 as amen(Jeil by Special Resolulwjns of 5 November 2013 and 19 February 2015. The names of the InJstee5 are sel out on the atta¢hed scheoule of legal and 8dministr8tive infom81ion as well as 8txive. The Injstees are chosèn on thè basis of their wlllingnèss to serve, a'lity, govemancg. experience and $upport of the ethos. mission and philosophy of th6 charity. None of the trustees has any beneficial interest in the charity. All of the truste8$ are members of the charity and uuarantAg. tn rJ)ntribute £1 in th8 avent of o winding up. The Irustees are uiiimaiely responslble lor the policies, activitses and assets of Ihe charity. The trustees meet on a regupar basis to make d&¢isions on behalf ol the chanty. The tDJ$tees reF41 was approved by the Board of Trustees. Mr A Henderson Tmstee
SOLIDARITY PROJECTS LIMITED (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SOLIDARITY PROJECTS LIMITED I report lo the trustees on my examination of the financial statements of Solidarity Projects Limited Ilhe charity) for the year ended 31 December 2022. Responsibilities and basis of report As the Iruslees of the charity land also ils directors for the purposes of company lawl you are responsible for the preparation of the financial stslemenls in accordance with the requirements of the Companies Act 2006 (the 2006 Act). Having satisfied myself that the financial statements of the ¢harily 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 charity's financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examinerfs ststement I have completed my examination. I confirm that no matters have come to my attention in connection with the exaTnination giving me cause lo believe that in any material respect". accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act,. or the financial 51alements do not accord with those records., or the financial statements 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 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practi for accounting and reporting by charities applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the financial slalemenls lo be reached. Scott Rouse FCA UHY Hacker Young PO Box 501 The Nexus Building Broadway Lelchworth Garden City Herts SG6 9BL Dated..
SOLIDARITY PROJECTS LIMITED (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022 Unrestricted Restricted fund$ funds 2022 2022 Total Total 2022 2021 Notes Income from: Donations anLI legacies Investments 35,436 53,847 16,456 51,892 53,847 83,376 47,754 Total income 89,283 16,456 105,739 131,130 Ex enditure on: Governance costs Charitable activities 42,658 85,101 1,856 16,456 44,514 101,557 64,556 45,380 Totsl expendlture 127,759 18.312 146,071 109,918 Net gainslllossesl on investments 1774,4961 1774,4961 451,393 Net movement in funds 1812,9721 11,8561 1814,8281 472,607 Fund balances al 1 January 2022 4,467,792 50,282 4,518,074 4,045,467 Fund balances at 31 Dacembar 2022 3,654.820 48,426 3,703,246 4,518,074 The statement of financial activities indudes all gains and losses recognised in the year. All income and expenditure derive from continuing aclivilies. The statement of financial activities also complies with the requirements for an income and expenditure ac¢ounl under the Companies Act 2006.
avLiuAfEI i T l J LIMI I (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET AS AT31 DECEMBER 2022 Z022 2021 Not•• Fixed a$s•ts T¥ngible assets Investments 10 11 15,460 3,23S,772 23.191 4.036,85.. 3,251,232 4.060,04: Cun•nt A4¥•t8 Debtors Cash at bank and in hand 12 2,695 460.510 475,874 463.205 477.818 CredStorn= •mounts falllng due wllhln one y•ar 13 {11.1911 119,7871 Nel current awls 452,014 458,03- Totsl a8Ut8 less currènt Ilabllltles 3,703.246 4,518.07L Income funds Rèslrfcled funds Unresirteted fvnds 48,426 3.654.820 4,467,794 3,703,246 4.S18.074 The company is entstled to the exemption from the audit rgquirement contsined in secIn 477 of tha Companies Aej 2006, lor Ihe year ended 31 December 2022. Thè directors acknowledge their re$ponsibiliti&s for cmping with the requirements of the Companies Art ?tK)6 Ith respect to accountsng rerdS and the preparallon of financlal statements. rhe members have not requifed the company to obtain an audit of its finanual ststements for the yèar in quA%tion n accordanca with secbon 476. rhese finanual statements h8ve been prepared in aecordance wlh thè provisions 8DDlicable to tompanios subjeet o the small ts)mpanies regime. MIIY TDIS rhe financial s18tem$nts were approved by the Trustees on ......................... Ar A Hend8rson rrustee ompany R•gl$tratlon No. 08508569
SOLIDARITY PROJECTS LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting policies Charity inforniation Solidarity Projects Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is PO Box 501, The Nexus Building. Broadway. Letchworth Garden City, Herts, SG6 9BL. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's Igoverning documenll. the Companies Act 2006, FRS 102 'The Financial Reporting Standard applicable in the UK and RepLJblic of Ireland" l°FRS 102.1 and the Charities SORP 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" leffedve 1 January 20191. The charity is a Public Benefit Enlily as defined by FRS 102. The charity has tsken advantage of the provisions in the SORP for charities not lo prepare a Slalement of Cash Flows. The financial stslemenls are prepared in slet1ing, which is the functional currency of the charity. Monetary amounts in these financial ststemenls are rounded to the nearest £. The financial slalements have been prepared under the historical cost convention, Imodified to include the revaluation of freehold properties and lo include investment properties and certain financial instruments al fair valuel- The principal accounting policies adopted are set out below. 1.2 Charitable funds Unrestricted funds are available for use al the discretion of the trustees in furtherance of their charitable objectives. Reslricled funds are subject lo specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial slatemenls. Endowment funds are subject to specific conditions by donors that the capitsl musl be maintained by the charity. 1.3 Income Income is recognised when the charity is legally entitled lo il after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised On the charity has been notified of the donation, unless performance condrtions require deferral of the amount. Income lax recoverable in relation to donations received under GiftAid or deeds of covenant is recognised at the lime of the donation. Legacies are re¢ognised on receipt or otherwise rf the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. Turnover is measured al the fair value of the consideration received or receivable and represent amounts receivable for goods and services provided in the normal course of business, nel of discounts, VAT and other sales related taxes. 1.4 Expendlturg Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit lo a third party, il is probable that a transfer of e¢onomi¢ benefits will be reqUId in settlement and the amount of the obligation Can be measured reliably.
SOLIDARITY PROJECTS LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2022 Accountlng pollcles Icontlnuedl Charitable activities are grants payable to charitable institutions and individuals. Govemance costs are costs incurred relating lo the governance of the Charity and are not apportioned to charitable activities. l expènditure is inclusive of irrecoverable VAT. 1.5 Tanglble flxed assets Tangible fixed assets are initially measured al cost and subsequently measured at cost or valuation, net of depreciation and any impaimient losses. Depreciation is recognised so as to write off the cost or valuation of assets less their sIdUal values over their useful lives on the following bases.. Motor vehides 25% on cost The gain or loss arising on the dispos81 of an asset is detemined as the difference between the sale proceeds and the Carrying value of the asset, and is recognised in the slalement of financial adivities. 1.6 Flxed asset Investments Fixed asset Investments are initially measured al transaction price exduding transaction costs, and are subsequently measured at fair value al each reporting dale. Changes in fair value are recognised in nel incomellexpenditurel for the year. Transaction costs are expensed as incurred. 1.7 Impalrment of flxed assgts At each reporting end date, the charity reviews the carrying amounts of ils tangible assets to detemiine whether there is any indication that those assets have suffered an impaimienl loss. If any such indication exists, the recoverable amount of the asset is eslimaled in order lo determine the extent of the impairment loss lif any). 1.8 Cash and cash equlvalents Cash and cash equivalents indude cash in hand, deposits held al call wth banks, other short-lerm liquid investments with original malurilies of three months or less, and bank overdrafts. Bank overdrafts are shown thin borrowings in cuirenl Iiabililies. 1.9 Financial instrument5 The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of ils finanryal inslrumenls. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the inslrumenl. Financial assets and liabilities are offset, wrth the net amounts presented in the financial slatemenls, when there is a legally enforceablè right to sel off the recognised amounts and there is an intention to sellle on a nel basis or lo realise the asset and settle the liability simultaneously. Basie financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured al transaction price induding transaction costs and are subsequently carried at amottised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted al a market rale of interest. Financial assets classified as receivable within one year are not amortised.
SOLIDARITY PROJECTS LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2022 Accountlng pollcles Icontlnuedl Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constilules a financing transaction, where the debt instrument is measured al the present value of the future payments discounted at a market rate of Interest. Financial Iiabililies dassilied as payable thin one year are not amortised. Debt instruments are subsequently carried al amortised cost, using the effective interest rale method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are dassified as CLJrrent liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequenuy measured al amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derècognised when the charity's eonlractual oblig8tions expire or are discharged or cancelled. 1.10 Employee benefits The cost of any unused holiday enliuement is recognised in the period in which the employee's services are received. Temiination benefits are recognised immediately as an expense when the charity is demonstrably committed lo lerminale the employment of an employee or to provide termination benefits. Critical accounting Ostimates and judgements In the application of the ¢harily's accounting policies, the Iruslees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these eslimales. The estimates and undedying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Donatlons and legacles Unrestricted Restricted fund$ funds Total Total 2022 2022 2022 2021 Donations and grfts Olhei 35,200 236 16,456 51,656 238 83,254 122 35,436 16,456 51,892 83,376
SOLIDARITY PROJECTS LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2022 Investments Unrestricted Unrestricted funds funds 2022 2021 Income from listed investments 53,847 47,754 Governanc& costs Unrestrlcted Restrlct&d funds funds Totsl Totsl 2022 2022 2022 2021 Bank fees Office costs Travel Legal professional Accountancy Investment management fees charged directly lo investment account Sundry costs 222 2,522 968 10,025 4,428 186 2,244 1,261 484 10,025 4,428 1,261 484 13,337 6,341 26,349 26,349 27,865 14,583 42,658 1,856 44,514 64,556 Grants payable 2022 2021 Grants lo institutions18 granlsl.. Solidarity with South Sudan Solidarity with South Sudan (Wau Cornmunityl Catholic Health Training Institute 77,371 10,000 31,294 87,371 31,294 Grants lo individuals11 grant) 6,456 6,336 93,827 37,630
SOLIDARITY PROJECTS LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2022 Employees The average monthly number of ernployees during the year was.. 2022 Number 2021 Number Total Net gainsl{lossesl on investments Unrestricted Unrastricted funds funds 2022 2021 Revaluation of Investments Gainlllossl on sale of investments 1631,2001 1143,2961 431,313 20,080 1774,4961 451,393 Taxatlon The charity is exempl from lax on profits and gains lo the exienl that these are applied to r(s charitable objectives. No tsx Charges have arisen in this period. 10 Tangible fixed assets Motor vehi¢lÈs Cost Al 1 January 2022 30,920 At 31 December 2022 30,920 Depreclatlon and Impalrment At 1 January 2022 Depreciation charged in the year 7,730 7,730 Al 31 December 2022 15,460 Carrying amount Al 31 December 2022 15,460 Al 31 December 2021 23,190 10-
SOLIDARITY PROJECTS LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2022 11 Fixed asset investments Llsted Investments Cost or valuation At 1 January 2022 Additions Valuation changes Disposals 4,036,853 887,052 1774,4961 1913,6371 Al 31 December 2022 3,235,772 Carrylng amount At 31 December 2022 3,235,772 Al 31 December 2021 4,036,853 12 Debtors 2022 2021 Amounts falllng due wlthln on& year: Prepayments and accrued income 2,695 1,944 Prepayments and accrued income relates to accrued dividend income from the charity's investment portFolio. 13 Credltors: amounts falllng due wlthln one year 2022 2021 Accruals and deferred Income 11,191 19,787 Included within accruals and deferred income is an accrual for the preparation and independent examination of the charity's financial statements and an accrual for management Charges relating to the charity's investment portfolio managed by Quilter Cheviol.
SOLIDARITY PROJECTS LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
| 14 Analysis of net assets between funds Unrestricted funds Restricted funds 2022 2022 £ £ Fund balances at 31 December 2022 are represented by: Tangible assets 15,460 - Investments 3,235,772 - Current assets/(liabilities) 403,588 48,426 3,654,820 48,426 |
Total Unrestricted funds Restricted funds 2022 2021 2021 £ £ £ 15,460 23,190 - 3,235,772 4,036,853 - 452,014 407,749 50,282 3,703,246 4,467,792 50,282 |
Total 2021 £ 23,190 4,036,853 458,031 |
|---|---|---|
| 4,518,074 |
15 Related party transactions
The trustees were reimbursed expenses of £203 (2021: £nil) during the year.
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