2024-12-31-accounts

Charity registratlon number 1154872 Company reglstratlon number 08508569 (Engtand and Wales) SOLIDARITY PROJECTS LIMITED (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

SOLIDARITY PROJECTS LIMITED (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION Trustees Sr K O'Flynn Rev J G Greene Ms C Roche Mr L K Sebastian Charlty number 1154872 Company number 08508569 Reglstered office Suite 501 The Nexus Building Broadway Letchworth Gar(len Cty Herts SG6 gBL Ind8p8ndent oxamlnor TC Group Suite 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 to th6 financial statements 6-12

SOLIDARITY PROJECTS LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees p￿ent thelr annual report and financial statements for the year ended 31 December 2024. The financial statements have been prepared in accordance with the acwunting policies set out in note 1 to the financial ststements and comply with the charity's governing document, the Companies Act 2006 and °Accounting and Reporting by Charities: Ststement of Recommended Practice applicable lo charities preparing their accounts in accordance with th8 Finanaal Reporting Standard appliixble in the UK and Republic of Ireland (FRS 102)" (as amended for accounting periods commencing from 1 January 2016) Objectives and activities The charity is established for the public benefit to advance education and preserve and protect good health in South Sudan by: - supporting the creation of seif-sufficient education. healthcare, agriculhjral and other infrastructure projects the pn)wsion of training. instnjction or pastoral care to those who are poor in order to develop th@Ir physlcol. mental, emotional and spiritual capacities providing or asslstlng in the proviston or education and healthcare of any child or person in keeping wlth the precepts of the Christian faith and Christian ideals providing assislance for the training of teachers, parents, youth leaders or other p8rsons engaged. or to b8 engaged. in the provision of education, leadership or instruction of individuals provlding wh8r8 needed, assistance for thé furtherance or development of education and healthcare including youth leadership, religious and moral d8V8lopm8nt esp8cially tha young and socially and economically disadvantaged providing any further assistan¢e as the trustees may from time to time think fit for the provision of educational and healthcare facilltles to ci)operate with other charitable organisations whether local, national or intemational for any of the foregoing. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the harity should undertake. Achievements and perforn)ance Financial review During the year the charity had incomlng resources of £111,448 (2023.. £102,203) and OLrtgoing resources of £78,690 (2023.. £273,521). Investmant assets gains amounted to £422,309 (2023: £422,607), which comprisad of £3,365 in Elation to net gains on disposals of investments assets (2023: £3,714 net gains on disposals) and £418,944 that refers to a net increase (2023: £418.893 net increase) in market value of investrnents assets. Accumulated unrestricted funds carried forward amount to £4,409,602 (2023". £3.954,535) and a￿umulated restricted funds catTied forward amount to £nil (2023.. £nil). The trustees have no concems about the company wntinuing to operate as a going concern and wnsider it will be able to meet its liabilities as they fall due. The charity has an investment portfolio managed by Quilter Cheviot on their behaw. The intention is to hold the porttolio for at least five years with the income generated being available to meet the core objectives of the charity. The trustees have assessed the major Ylsks to which the company Is exwsed, In particular those related to the operations and finances of the company. and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. The tnjstees have also paid attention to the ongoing consequences of the political instability in South Sudan and retain all funds in the UK until the time of need and Ihen only for specific projects. The charity's main investments ar8 held in ord8r to help transition th8 manag9m8nt of activities to local South Sudanese management. Unrest in recent years has signrficanlly 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 2024 Strueture, governanee and manag•rnnt The chaTity is reglstered as a charitable company limFted by guarantee and was set up on 29 April 2013 and regISte￿d as a chaiity wtth the Charity Commission for Ervjland and Wales on 4 December 2013. Its company nUM￿r is 0&508569 and tts ¢arity numbar 18 1154872. Th8 charity Is ￿nstituted under a MemO￿ndum of AsK￿lation dated 24 April 2013 8s a￿￿nded by SrEcial Resoluiions of 5 November 2013 and 19 Febn￿ry 2015. The liabilty of Ihe members is limited. Every Inember of the char¢ty undertakes to contribute to the assets of the charity, rf it is wound up whilst helshe is a member or wlthln onp year after helshe ceases to be a member. such amwnts as be required not exceeding one FK)und. The ¢h8rity adheres to the principles of sthdarity and to the charitable purposes of the 'Solidwity wtth Southem Sudan Pr￿eCr, a collabomlive intsmational P￿ie¢t undertaken by members of the USG {Union of Superiors General). UISG (Intemational Union of Superfors General). aTKI South Sudan C8th0lic Blshop Conferenc&. The charity was estsblished to fa(alilate Ihe proiecys administration and in part￿ular Its abilfity to rdise funts Intemalionally. thrO￿h gTant applicit)ns and donations, to support the work being undertaken in South Sudan. The trustees have CC>nsidered the impact of Covi(k19 on charfty and are aware that income and asset values may tdll in the futsjre. As Ihe charty does not have any wular commitments and 15 prepared to take a long te vlew of Inveslments. the bustees do not cutsider any Immedlate actions ar6 need8d but will monitor events gnd act accordlngly. Tha Injstees. who are also the direclors for the purpose of company law, and who served during the year and up to the date of nalure of the finandal statemonts were: Sr K O'Flynn Rev J G Greene Ms C Roch8 Mr L K Sebastlan The management of the tharlty is the responslbuty of the truste8s who are elected and COpOPted under the temis of the Memorandum of Association dated 24 Apri12013 as amended ty sp￿lat Resolutions of 5 November 2013 and 19 February 2015. The names of the trustees are set out on the attached schedule of logal and admin6stralive information as well as above. The Irustees are chosen on the basis of thelr willingn&ss to 8erve, abl￿, governan￿, experience and support of the ett￿$, mission and philosophy of the <writy. Non8 of thè trustses has any beneficial Interest in the charty. All of the trustees are members of the charlty and guarantse to cc*rtrfbute £1 in the event of a winiling up. The tnjstees are uFtimately respO￿lbIe for the policies, a¢llvilies and assets of the tharity. The trustees meet on a regular basis to make decisions on behalf of Ihe thaiity. The trustees retth was approved by the Board of Trustees. Sr K OFlynn TrLthe

SOLIDARrrY PROJECTS LIMITED (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SOLIDARITY PROJECTS LIMITED I report to the trustees on my examination of the financlal statements of Solidarity Projects Llmlted (the charty) for the year ended 31 De￿mber 2024. Responsiblllties and basis of report As the Irustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordan￿ with the requirements of Ihe Companies Act 2006 (the 2006 Act). Having satisfied myself that the financial statements of the charity 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 statsments carri8d out und8r section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the app￿Cable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent exarniner'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 ihat in any material ￿Spe￿.. accounting records were not kept in respect of the charlty as requlred by s8Ctlon 386 of the 2006 Act. or the financial staternents do not accord with those records., or the financial ststements do not comply with the accounting requirements of section 396 of the 2006 Act oth6r than any requlrement that the accounts glv8 a true and fair vlew which is not a matter considered as part of an independenl examination- or the financial statements have not been prepared in accordan￿ with the methods and principles of the Statement of Recommended Practice for a￿OuntIng and reporting by charities applcable to charities preparing their a￿oUnts in ac¢ordan¢è with the Financial Rèporting Stsndard 8pplicable in the UK and Republic of Ireland (FRS 102). I have no concems and have come across no other matters in connection with the examination to whlch attention should be drawn in this report in ord6r to enable a proper understsnding of the financial statements to be reached. Scott Rouse FCA TC Group Suite 501 The Nexus Buitding Broadway Letchworth Garden Cty Herts SG6 9BL

SOLIDARITY PROJECTS LIMITED (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrlcted R•strl¢tod funds funds 2024 2024 Total Total 2024 2023 Notes Income from: Donations and legacies Investments 12.850 74,873 23.725 36.575 74,873 21.930 80.273 Total incomo 87.723 23.725 111.448 102,203 nditurè on: Governance costs Charitable activities 37.149 16,745 1,060 23,736 38,209 40.481 35.738 237.783 Total expenditure 53,894 24,796 78,690 273.521 Net gainsl{losses) on investments 422.309 422.309 422.607 Net incomingl{outgolng} resources beforo transfers 456.138 (1.071) 455,067 251.289 Gross transfers be￿een funds (1,071> 1.071 Net movement In funds 455.067 455,067 251.289 Fund balances at 1 January 2024 3,954,535 3,954,535 3,703.246 Fund balances at 31 December 2024 4,409.602 4,409,602 3,954.535 The statement of financial aclivities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also Complies with the requirements for an income and expendiiure a¢¢ount under the Companies Act 2006.

SOLIDARITY PROJECTS LIMITED (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET AS AT 31 DECEMBER 2024 2023 Fixed assets Inveslments 11 4.(￿3282 3.609,759 Current assets Debtors Cash at bank and In hand 12 2.742 356.076 8.601 349.930 358.818 356,531 Credltors: amounts falling due within one year 13 (12.498) (11,755) Net current assets 346,320 344.TT8 Total assets le53 current liabllities 4.409.602 3.954.535 Ineome funds Unrestrtcted funds 4.409,602 3,954,535 4.409,602 3,954,535 The company 18 entiued to the exemption from the audit requiremenl contsined in ￿tIOn 477 of the CompaniesAct 2006. for the year ended 31 Decettthr 2024. Th8 directors acknowledge their responsibilities for cJ)mptying wtth the requirements of the Compantes Act 2006 with respect to accountlng records and the preparation of financial statements. The ffmtets have not required the company to obtain an audit of tts finawaal statements for the year In questlon In accordance wtth seciion 476. These financ￿ ststsments have boen prepared in accordance WFth the proVtsi￿S applirnble to companies subject to the small companÉes regime. Thè fknandal ststewnts were approved by tha Tiustees on .... . .... Sr K O'Ftynn Trust6 Company R¢glstratlon No. 08508569

SOLIDARITY PROJECTS LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles Charity Infomiallon Solidarity Projects Limited is a private company limited by gvarantee incorporated in England and Wales. Tho registered office is Suite 501, The Nexus Buikling, Broadway. Letchworth Garden City, Herts, SG6 9BL. 1.1 Accounting convention The financial statemenls have been preparod in accordance with the charity's tgoveming documentl, the Companies Act 2006. FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. (°FRS 102°} and the Charities SORP "AC￿untIng and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Siandard applcable in the UK and Republic of Ireland (FRS 102). (effective 1 January 20191. The charity is a Public Benefft Entity as defined by FRS 102. The charty has tsken advantage of the provisions In the SORP for charities not to prepare a Statement of Cash Flows. The financial statements are prepar8d in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. Th8 financial statemants have been prepared under the historical ¢ost convention, [modified to include th8 revaluation of freehotd properties and to Include investment prop8rt18s and certaln financial instruments at fair value]. The principal accounting policies adopted are set out below. 1.2 Charltable funds Unr8Stricted funds are available for use at the discretion of the trustees in fiJrtheran¢e of Iheir charitable objectlves. Restricted funds ar6 subject to SP8cific conditions by donors or granlors as to how they may be used. The purposes and uses of the restricted fijnds are sat out in the notes to the financlal slatements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charlty, 1.3 Income Income is recognised when the charity 1$ legally entitled to it after any performance condilions have been met, the amounts can be measured reliably, and It is probable that income will be receÉved. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notrfied of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations receiv￿ under GIR Aid or deeds of covenant is recognised at the tlme of the donation. Legacies are rocognised on receipt or othgrwise if the charity has been notified of an impending distiibution. the amount is known, and receipt Is expected. If the amount is not known, the legacy is treated as a contingent asset. Tumover is measured at the fair value of the consideration received or recelvabl8 and rèpresent amounts receivable for goods and servi¢Ès provided in the normal course of business, not of discounts. VAT and other sales related taxes. 1A Expenditure Expenditure is rewgnised once there is a legal or construclive 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.

SOLIDARITY PROJECTS LIMITED {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles (Contlnued) Charitsble activlties are grants payable to charitable institutions and indFviduals. Governance costs are costs Incurred relating to the governance of the Charity and are not apportioned to charitable aclivities. All expendiiure is inclusive of irrecoverable VAT. 1.5 Fixed asset investments Fixed asset investments are initially measur6d at transaction price exduding transaction costs, and are subsequentty measured at fair value at each reporting date. Changes in fair value ar8 recognis8d in net Incomel(expenditure) for the year. Transaction costs are expensed as incurred. 1.6 Cash and cash equivalents Cash and cash equivalents indude cash in hand, deposits held at call WFth banks, other short-term liquid Investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowsngs in current liabilities. 1.7 Flnancial instruments The charity has ele¢tod to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Flnancial Instrum6nts Issues. of FRS 102 to all of its financial instruments. Flnanclal instruments are recognised in the charity's batance shaèt when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a ￿galty enfor￿able right to set off the recognised amounts and there is an intention to settle on a net basis or to realise Ihe asset and settle the liabilty simult8neously. Baslc flnanclal assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price inC￿ding transaction costs and are subsequently carried at amortlsed cost uslng the effecttve interest method unless the arrangement constiiutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are inttialty recognisod at transaction price unless the anangemenl constitutes a financing transaction. where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt insts￿rnents are subsequently ￿rrIed at amortised cost, using the eff8clive interest rate method. Trade credttors are obligations to pay for goods or services that have been acquired in the ordinary cours8 of operations from Suppliers. Amounts payable are classified as current liabilities rf payment is due within one year or less. ff not. they ar8 presented as nonthcurrent liabilities. Traije creditors are recognised initially at transaction price and subsequenfjy measured at amortised cost using the effective interest method. Derecognthon of flnanclal Ilabllities Financial liabilities are derecognised wh6n the charity's contractual obligations expire or are discharged or cancelled.

SOLIDARITY PROJECTS LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles (Contlnued) 1.8 Employee beneflts The cost of any unused holiday entitlement is recognised in the period in which the employee's seNi¢es are recEived. Termination benèfits are reGognised immediately a5 an expense when the charily is demonstrabty committed to terminate the employment of an employee or to provide tennination benefits. Critical accounting estimates and judgements In the application of the charl￿S accounting policies, the trustees 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 to be relevant Actual results may differ from these estimates. The estimates and undèrlylng assumpiions arg reviewed on an ongolng basls. Revisions to accounting estimates ar8 rècognised in th8 period in which th8 estimate is r8vised where th8 revision affects onty that period, or in Ihe period of the revision and future per50ds where the revision affects both current and fvture periods. Donatlons and logacl•s Unrestricted Restrl¢ted funds funds Total Total 2024 2024 2024 2023 Donations and gifts 12.850 23,725 36.575 21.930 12,850 23.725 36.575 21,930 Invéstmènts Unrestrlcted Unrestricted funds funds 2024 2023 Income from listed inveslments Interest re￿1vable 65,082 9,791 72,078 8.195 74,873 80.273

SOLIDARITY PROJECTS LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 . Governance costs Unrestricted Restricted funds funds Total Total 2024 2024 2024 2023 Bank fees offi￿ costs Travel Legal and professional Accountancy Investment management fees Charged dlrectty to investment account 168 q,538 414 1,968 5,531 254 2,454 1,464 769 207 1.968 5,531 769 207 5,590 28.590 28.590 25,976 37.149 1.060 38,209 35,738 Expendlture on charitable activiti08 2024 2023 Dlrect costs Grant funding of activities {see not8 7) 40,481 237,783 Analysls by fund Unrestricted funds Restricted funds 16.745 23,736 31,858 205,925 40,481 237,783 Grants payable 2024 2023 Grants to institutions: SolidariLy with South Sudan Sustain Catholic University Solldarity with South Sudan (SThC College) 36,745 31,858 3,468 186.023 36,745 221,349 Grants to individuals 3,736 16,434 40,481 237,783

SOLIDARITY PROJECTS LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Total Net gainsl{lossesl on investments Unrestricted Unrestricted funds funds 2024 2023 Revaluation of investments Gainl(loss} on sale of investments 418,944 3,365 418,893 3,714 422,309 422,607 10 Taxation The charlty Is exempt from tax on profits and galns to the extent that these are applled to Its charftable obj8Ctives. No tax charges have arisen in this period. 11 Flxed asset Invastments Listed Inv6stments Cost or valuation At 1 January 2024 Additions Valuation changes Disposals 3,609,759 284,000 422.309 (252.786) At 31 December 2024 4.063,282 Carrylng amount At 31 Decembor 2024 4.063.282 At 31 Dgc8mber 2023 3.609,759 10-

SOLIDARITY PROJECTS LIMITED {A COMPANY LIMrrED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 Debtors 2024 2023 Amounls falling due within one year: Prepayments and accrued income 2,742 6.601 Prepayments and accrued income relates to amed dividend income from the Charit￿s investment portfollo. 13 Creditors: amounts falling due withln one year 2024 2023 Accruals and deferred Income 12,498 11,755 Included within accruals and deferred Incom8 Is an accrual for the preparation and independent examination of the charity's financial ststements and an accrual for management charges relating to the ¢harity's Investment portfollo manag6d by Qullter Cheviot. 14 Restrlcted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specrfic conditions by donors as to how they may be used. At 1 January 2024 Incoming resources Resour¢es expended Transfers At31 December 2024 23.725 (24,796) 1,071 Prevlou$ year: At l January 2023 Incomlng Resources rasources expended Transfers At31 December 2023 48,426 3,468 {208,011) 156,117 11

SOLIDARITY PROJECTS LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 1S Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and g￿nIorS as to how they may be used. These indude designaled funds which have been set aside out of unrestricted funds by the tnjstees for specific purposes. At 1 January 2024 Incoming resources Resources expended Transfers Gains and losses At31 D•c•mb•r 2024 General funds 3.954.535 87.723 (53.894) (1,071) 422.309 4,409,602 Previous year: At 1 January 2023 Incoming resources Resources expended Transfers Galns and lossos At31 Do¢ombor 2023 General fijnds 3,654,820 98,735 (65,510} (156,117) 422,607 3,954,535 16 Analysls of net assets between funds Unrestrlcted Restricted funds funds 2024 2024 Total Unrestrieted Restricted funds funds 2023 2023 Total 2024 2023 Fund balances at 31 December 2024 are represented by- Invéstments Current ass6ts1(labiliti8s) 4,063,282 346,320 4,063,282 3.609,759 346.320 344.776 3.609,759 344,776 4,409,602 4,409,602 3,954,535 3.954,535 17 Relat&d party transactions The trustees were reimbursed expenses of £414 (2023: £1.466> during the year. 12-