Saigon Children's Charlty CIO
Annual Report for the year ended
31 December 2023
CHII

Saigon Children's Charity CIO
Annual Report
For the year ended 31 December 2023
Contents
Page number
Organisation inlormation
Chairman's report
Declaration - Serious Incidents
ExecutlV8 Director's r8POrt
Independent auditors, report
Financial statements
Statement of linancial activStle8
Balance sheet
Stalem8nt of cash flows
Notes lo the Ilnancial statements
7-12
13-15
16-17
18
19-20
21-28
12
saigonchildren
S•lgon ChIldr￿,* Chorlty CIO
J9 Tr8n QU￿ Thao r)Isl J. HCMC. VN
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+84 28 ￿30 3fi￿.
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Saigon Children's Charity CIO
Organisalion Information
Board of Trusteès
David Huw Appl8ton {Chairman)
Diana Simone Wells
Jonathon Ralph Alexander Waugh
Richard James Burrage
Seck Yee Chung
Tieu Yen Trinh (until 14 March 2023)
Alexander Christopher Falter
James Samuel Charles Estaugh
Jason Michael Turnbull
Paul Theodore McGee (until 01 Junè 20231
Executlve Dlrector
Dami8n Roberts
Senior Managemenl Team
Head of Programmes
Nguy8n Thi Duy Huong
Angelique Mass8 Nguyen lunlil 31 July 2023)
Vuong Ngoc Vy Van (from 1 August 20231
LeLeAnNa
Head of Fundraising &
Communications
Head of Finance & Admin
CDSP Programme Manager
School Bullding & Learning
Environment Programme
Manager
Nguyen Sinh Quang Anh
Nguyen Hoang Phuong
Getting Ready lor Work
Programme Manager
Phan Thanh Thuy Hang
Special Needs Educational
Programme Manager
Nguyen Long Dien (from 13 July 2022 until 30
September 2023)
Phan Ngoc Thanh Tra (from 01 February 2024)
United Kingdom Charity
Regislratlon Number
1157774
saigonchildren
sal￿ Chlldren'8 ChaTIty CIO
I rAn I hao. L)1s13. HCMC. VN
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Saigon Children's Charity CIO
Organisalion Information
Registered Offl¢e
{Unlted Klngdom)
24 Gloucester Road
Teddington, Middlesex
TWI I ONU
Main Operatlng Offlce
{Vietn8m)
59 Tran Quoc Thao
District 3, Ho Chi Minh City, Vi8lnam
HSBC United Kingdom, HSBC Vletnam
Viètnam International Bank {VIBI
Standard Chartered Hong Kong
Vietnam Commercial Bank {VCB)
Viatnam Public Joinl Stock Commercial Bank
(Pvcombankl
Bankers
Legal Adv180r {pro bono)
Freshfields Bruckhaus D8rlnger
1101-1103, Saigon Tow8r
29 Le Duan Boulevard
District 1,Ho Chi Minh City, Vietnam
KPMG Limited
Vietnam
Audllor (pro bono)
saigonchildren
S#lgon Chlldr•n'• Charlty CIO
I ran (JLKK rh￿1, Jist 3, HCMC, VN
Rtyislfxixl chawily numbers
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Chairman's Report
From the Chairman ol Saigon Children'8 Chariiy CIO, Mr David Huw Applelon
l arn delighted to introduce the Saigon Children's Charity CIO I'saigonchildren'l Annual Report
for 2023 to those who have already supported our work and those who may be reading ihis to
help decide whether to support our work in the future.
Since 1992, saigonchildren has continued its mission to remov6 barriers to education for th8 most
disadvantaged children and young people in Vietnam. By creating educational opportunities,
building expertise and incrèasing economic inclusion we continue to driv8 Sustainable
devalopment at the individual, Community and national lev81.
With impacff ul programmes, strong governance and an excellent record of financial transparency,
we are proud that our donors include Fortune 500 and ￿SE 100 companies, multilateral
agencies. govemm8nls and passionate individuals around the worfd.
In December 2023 the impact of saigonchildr8n's work was recognised by the national
government of Vietnam which awarded a pr8Stigious trophy and certificate for our 'posilive
conlribulions lo Vietnam's sustainable development in 2023",
Thls mo81 recent award, coming in addition to th8 Prime Mlnister's Certificate of Merlt awarded to
saigonchildren by th8 Prime Minister of Vietnam in 2018 and the National Medal for Peace &
Friendship Among Nations awarded to saigonchlldren's Executive Direclor in November 2023,
underscores the importance and impact ol our work and highlights the longstanding sUPPOrt of
the Government of Vi8tnam for our focus on educallon, development, stability and prosperity.
In 2023 we received record income of US$2.05 million, our fifth succèssive record year.
Importantly, our expenditure in 2023 was also a record as we aim to turn donations into life-
changing help for thousands of children and young p8ople as soon as practicably possible.
The charity maintained Its four longstanding programmes - scholarships, vocatlonal training,
school building and special needs education - all of which continue lo develop alongside Vietnam
to ensure that they remain appropriat8 and as impacttul as possible for tha children we help as
well as for the national benefit.
Our team of so¢lal workers, therapists, counsellors and teachers identity and provide tailored
support for Vietnam's most disadvantaged youngsters, including those with disabililies and
dev61opmental challenges, ethnic minority groups, girls, rural communities, and all children living
in pov8ty and insecurity. In Ihis way our staff enable childr8n lo reach their full polenlial.
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Once again, l extend my sincere gratitude and thanks lo our incredible supporters around the
world who continue lo make it possible for thé saigonchildren leam to keep making life better for
thousands of vulnerable and disadvantaged children across Vietnam.
The Board of Trustees and I remain diligently focused on maintaining the highesl slandards for
saigonchildren's governance and financial Iranspar8n¢y ensuring we continue to exceed the
exa¢ting due diligence ol our international supporters.
This Trustees Annual Report comprising the Chairman's report, Ex8culive Director's r8POrt,
Financial Slalem6nts and Notes (audited by KPMGI. has b88n approved by the Trustees of
saigonchildren on 16 September 2024, and l am authorised to sign the report on their behall.
Thank you.
oReN'S c
N PHONG
Al DIÉN
AI VIET NAM
David Huw
Chairman ol
rusl88S
Saigon Children's Charity CIO
Charity Number 157774
16 Septomber 2024
Kl
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Declaration - Serious Incidents
Charity Law requires us as Saigon Children's Charity CIO Board of Trustees to submit and sign,
as part of this annual return, this declaration lo confirm that there were no serious incidents or
other matters relating lo Saigon Children's Charity CIO during the previous financial year, 2022,
that we should have broughl to Ihe attention of the Charity Commission of England and Wales.
but have not.
OREN'S c
VA PHONG
FDIÉN
I VIÉT NAM
David Huw A
Chairman of the
ustees
Saigon Children's Charity CIO
Charity Number 157774
16 September 2024
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Executive Director's Report
EXECUTIVE DIRECTOR'S NOTE
The focus of Saigon Childran's Charity CIO {'saigonchildren'l continues to be economic
development through education. We remove barriers to education for Vietnam's most
disadvantaged children and young people so they can18arn, develop and Iransform their futures.
Despite the ongoing global and local challenges fac8d in 2023. saigonchildren had its most
successful year ever for both income and for the assistance we provided to vulnerable children
and young people.
DI
Our scholarships, vocational training. school building and special ne&ds education programmes
are constantly adapting to ensure that we arè offering the support that will most benefit our
children. In 2023 this included new Earfy Intervention therapies for children, digital lifè skllls,
safeguarding training, employability skills for university students. leadership training for female
students and much more besides.
The childr8n w8 help are highly likely to have careers and lives which ar8 more secur8, more
stable and happier than their parents, wlth many going on to menlor and inspire younger
saigonchildr8n beneflciarles.
On average, the starting salary of our scholarshlp re¢lpients Is 4.5x higher than their par8nts'
incom8, transforming life for them and thèir families forever.
Among the communilles we serve we are seeing greater levels of economic challenge, including
in areas such as the Mekong Delta whare drought, soil salinisation and rising costs are affecting
the most disadvantaged. We have consulted a substantial number of our beneficiaries and other
affected people so that we can 8nsure our response is community-led and likely to have the
great8sI benefit in Ihe shortest time.
Based on feedback from the communities we serve we hav8 begun to introduce a grealer element
of 'community resilience-building, into our education programmes as we recognise that it is vital
to ensure family and community stability so that our beneficiaries Can fc¢us on their education
wilhout undue threats and pressures.
Qur flagship special needs e¢Jucalion work conlinues to grow, with more young children receiving
vital Early Intervention Classes in Ho Chi Minh City and in the fast-growing Mekong Delta city of
Can Tho. This work is carried out across Vielnam. through a national network of special needs
education experts Irained by saigonchildren and now working in dozens of provinces to directly
support neurodiverse children including Autism Spectrum Disorder {ASDI and Attention-D8ficit
and Hypèractivity Disorder {ADHDI, as well as training parents, teachers and othèr specialists so
Ihal the national capacity for educational support is increased and fewer children miss out on the
opportunity lo reach th8ir full potential.
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Alongside our growing focus on ASD and neurodevelopm8ntal challenges. saigonchildren has
continued to help groups of children affected by hearing impairmgnt, loss of vision and mobility
problems.
Our COVID Orphans campaign has successfully supported more than 200 vulnerable children
through the most diff icult years of their young lives, and we are delighted that the majority are
now in situations which are safe, slable and hopeful and no longer in need of our support. Around
50 childrèn will continue lo be h8lped by saigonchildren until we are confident that they are also
able to Ihrive.
Saigonchildren always plans to disburse all of our incom8 as soon as we can so that our donors
can be confident that their contribullons are turned into tangible help for children as quickly and
effectively as possibl8.
Our cash reserves remain stable and are enough to meet our scholarship liabilities for slx months
in case ol serious unforeseen operational issues, in line with our slralegy.
PUBLIC BENEFIT
The Trustees have had due regard to the Charlty Commission's public benefit guldance when
exercising their pow8rs and duties. This report is designed to demonslrale saigonchildren's
activities, thinking and approach in working with the children, families and communities in which
we operate to ensure their well-being, and that saigonchildren continuously strives to deliver real
benefit to those people we support, in a way that enables them to use this support Constructively
in their lives.
OBJECTIVES OF SAIGONCHILDREN
Saigonchildren helps those childr8n and young people in the most difficult clrcumstances to
receive an education. Over 31 years of working in Vigtnam, education has proven to be the most
effective and sustainable way we can hèlp children and their families to escape from the cycle of
poverty and ¢ontribvle lo the continued growth and development ol Viètnam.
OUR FOUR PROGRAMMES:
SCHOOL BUILDING AND LEARNING ENVIRONMENT PROGRAMME
Saigonchildren builds schools in disadvantaged areas, serving communities where existing
facilities have become unsafe or unsuitable, and in areas where children must Iravel a long
distanc8 to school. Our schools are usually situated in areas with a high proportion of ethnic
minorities. We use private donations, along with contributions from the government. to build
schools which are publicly owned and operated.
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In addition to building safe, secure and beautiful schools, we provide hygienic toilel and wash
facililios, libraries, playgrounds and equipment to enhance th8 school environment and improve
the lives ol the children who study in our schools.
We use these schools and our strong community ne￿Ork lo strengthen awareness and
understanding of a range of vital issues including sustainability, environmental protection, heallh
and inclusion.
We provide essential tralning such as Positive Discipline in Schools, How lo Identify Children with
Intellectual Disabilities, Child Rights, Prevention against Child Abuse and First Aid to teachers
and school managers of the schools we build. This initiative is extremely popular with teach8rs
and school staff.
Since the first saigonchildran school was buill in Can Gio in 1993, 610 classrooms have opened
doors lo brighter lulures for around 20,000 disadvantaged Ghildren every y8ar, Irom Tra Vinh on
Vietnam's southern coast to Tuyen Quang close to the border with China, nearly 2,OOOkm to the
north.
In 2023 we built and renovated 16 classrooms in the provinces of Hau Giang, An Giang and Tra
Vinh, providing access to enhanced learning facilities to 567 children, helping them lo be safe
and happy at school. In addition, we equipped eight computer rooms which serves 2,242 ¢hildren
of six primary and secondary schools In enhancing their digital Illera¢y.
AN
rAI
CHILD DEVELOPMENT SCHOLARSHIP PROGRAMME
Our Child Development Scholarship Programm8 removes barriers to education by providing
scholarships
including social care, tuition 18es, books, rice. uniforms, and slallonery - to
disadvantaged children from primary school to university.
We lake a holistic approach to supporting children, their families, teachers and community lead8rs
to work togalher to keep kids in education through a community-based chlld development support
ne￿ork.
The children most in ne8d are identified through a careful process carried out by saigonchildren's
social care team. We visil each family al home to assess Iheir needs through an eflicient and
impartial process.
Our scholarships are not awarded to the children with th8 b8St grades, they are award8d to
children who have expressed a strong desire to stay in educalion. but whose pov8ty and
disadvantage makes this extremely unlikely.
School year 2022-2023 was an extremely challenging year for both saigonchildren and our
children as economic Conditions in Vietnam remained very diff icult, and many international donors
themselves faced greater demands from populations experi8ncing growing instability. How8ver,
saigonchildren was able to:
Provide 1,899 scholarships to disadvantaged childr8n and young adults in six provinces
of Vietnarn.,
Visit 741 childr8n either at their homes to learn about their lives, th8ir learning situation,
and to help them understand saigonchildren's support.
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Provi¢Je urgent support to 68 children.
Provide 116 bicycles to children who liv8 more than 3km from school to short8n their
journey lo school.,
Organise Iwo online life skills training sessions on "online safev for 693 students lo help
pr8v&nt them from danger while learning online.
Organise a summer camp for 162 post high school students and alumni whera they were
provided with opportunities to exchange and learn from each other as well as lo receive
training on essential soft skills., and
Organise 71 meetings with the participation of 1,511 parents.
GETTING READY FOR WORK PROGRAMME
Our Gètting Ready lor Work Programme gives young adults in difficult circumstan¢es the
opportunity lo learn vo¢ational skills and develop th8mselves, so they integrate inlo work and
social life. These young adults enhance their employability by completing vocational courses and
learning English, IT and soft skills at Thang Long Vocational Training School operated by
saigonchildren in Ho Chi Minh City.
Lrfe skills Iraining and social and communlty actlvlties are a fundamental part of this programme.
Saigonchildren and our local training partners guide disadvantaged youths lo become conlidenl,
self-suffici8nt, skllled and r8sponsible individuals.
W8 continued to implement a project on providing short-term vocational Iraining lo children aged
14 to 17 years old lo prèvent them from being exploit8d through child labour.
We run three main projects within Ihe Getting Ready tor Work Programme:
1. Vocatlonal Training and Job Placemènl,.
The Vocational Training and Job Placement project supports disadvantaged young adults
between the ages of 17 and 25. These sludenls18arn the knowlèdge and skills required lo securè
a job aligned with their interests, capabilities and ambition
whether that is to be a software
developer, an engineer, a beauliclan, a barista or a bartender.
In 2023, 86 young adults look part in this vtxational training, with 45 of them graduating within
this time. The annual dropout rat8 was just 20A, due to the comprehenslve support provided by
th8 saigonchildren team.
Within 2023, 37oflhose 45 vocational training graduates w8re employed, with an average income
of US$262 per month.
The average salary received by our vocational training graduates in 2023 was over 36.10 higher
than the top level of minimum wage in Vietnam, and in the top 25°/0 ol salaries for under 25s in
Vietnam.
2. English, IT and Social Activities..
In 2023, 380 students developed their English communication skills and Computer skills. We
encourago the development of students, creativity through classes in art, dance, swimming and
alumni activities to support the next generalion of student5 to develop their talents.
saigonchildren
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10

3. Psychosocial Counselling and Life skills
Life skills training on topics such as Communication Skills, Attitudes and Professional
Appearances, Budget Management, and Personal Safety are provided to young adults as a
foundation for their personal and professional life.
In 2023, saigonchildren offer8d 26 life skills training sessions which benefited 913 participants.
4. ENHANCE Proj8cI {Prevention of Child Labourl
In 2023, 1,884 nutritional support packages were provided to 628 children aff8Cted by Covid-19
who live in three dislricls of Ho Chi Minh City., 41 children who attended semi-boarding school in
Ihre8 districts of HCMC were provided with nutritional and educational support- 34 meals were
provided lo hundreds of migrant's children who were studying al Thien An Love School; 26
training sessions were organised which equipp6d n8ces5ary life skills for 2,614 participants who
were beneficiaries of th6 ENHANCE Project.
ENHANCE Project is funded by our partner, the Inl8rnalional Labour Organisation IILOI.
SPECIAL NEEDS EDUCATION PROGRAMME
Saigonchildren supports childrèn with disabiliti8s and helps them to hav8 a better life through
proper education with our Spècial Needs Education Programme.
We specialise in autism education, including community-based identification and early
Intervention, and work with speech therapists, physical Iherapisls and specialist trainers lo build
expertise across Vietnam. We provide vital educational resources in Vielnamese for the firsl time
and are working lo develop Centres of Exc811ence and build a national network of high-quality
care and education.
We also cooperate with specialist organizations across V18tnam to help childr8n wilh disabilities
such as cer8bral palsy, deafn8ss, blindness and congenital conditions including those associated
with the èffects of Agent Orangè. We provide education & training and social development
aclivilies for children, improve learning facilities, and support local organizations to build their
fundraising and management capabilities.
In 2023, the programme ran eight projects which bersefitted 824 children and parents.
RISKS AND RESERVES
The key risks id8ntified for saigonchildrèn are repulalional and financial. Saigonchildren's
reputation is very good and we continue to be appreciated for the eff iciency and efficacy of our
programmes and the exacting standards we maintain in all areas of governance, accounlability
and transpar8ncy. We review and revise all policies on an ongoing basis.
The greatest risk to saigonchildren is a significant loss of funding. While many of our projects wait
for funding before starting, we have areas of ongoing operation or commitment which the Trustees
have agreed should be protected by reserv8s. The need for reseNes has been specifically
identified:
saigonchildren
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To ensure that in all circumstances we Can provide up to six month5. SUPPOrt to scholarship
children.
To ensure that we can, in all circufflstances, promde up to six months, notice to teachers and
students al Thang Long School.
To provide for above minimum levels of notice period and pay for existing staff of the charity
In all above scenarios lo provide enough operating lim8 lup to six monthsl for the charity to
assign ils responsibilities adequately elsewhere where possible.
To provide for other emergencies and adverse unforeseen matters which have a financial
implication on th8 ¢harity.
STRUCTURE. GOVERNANCE AND MANAGEMENT
Saigonchildren is managed by a constilulion and is a Charitable Incorporated Organisation. The
organisation Is governed by a Board of Trustees.
At the end of 2023 there wer8 8ight Trustees, with the majorlty based in Vietnam.
Trustees are selected by the Board and invited to joln wlth proper regard to their suitabllily for the
role as w811 as the skills they can add lo the Board. Th8y arè provided with Charity Commission
guidance as well as an induction and introduction to slaff and programm8s. More about the
Trustees and saigonchildren can be found on our w8bsit8- www.saigonchildr8n.com.
The Trustees delegate manag8m8nl of the day-to-day activities of the organisatlon lo the
Executiv8 Director. Damien Roberts, and this is managed through an approved strategy and
annual budgèt. This allows an approprlate degree of autonomy for the Executiv8 Director whilst
8nsuring that the Trustees remain informed and involv8d in a timely manner on key agreed areas
such as..
Significant policy, proc8dural or project changes
Financial concerns
Major personnel issu8S
Fundraising and other opportunities for engag8menl
Other matters of significance
The Trustees aim to meet fomially as a Board four tlmes every year and receive monthly
financial and operational reports from the Executive Director. Performance and pay of the
Executive Director is evaluated by the Trustees and other staff pay is proposed by the Director
through the budge
ke a continually active interest in the organisation and are often
involved in supp
he work, as well as participating in fundraising events and
other activities
N PHONC,
Al DI¢N
VIET NAM
Damien Robe
Executive Direct
Saigon Children's Chan
16 September 2024
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12

KPMG Limited Branch
10th Floor, Sun Wah Tow8r
115 Nguyen Hue Street, Ben Nghe Ward
District 1, Ho Chi Minh City, Vietnam
+84128138219266 | kpmg.com.vn
INDEPENDENT AUDITORS, REPORT
To the Trustees
Saigon Children's Charity CIO
Opinion
We hav6 audited the financial statements of Saigon Children's Charity cio I'lhe Organisation'},
which comprise the balance sheet as al 31 DeGember 2023, the slat8menl of financial activities
and th6 statement of cash flows for the year then ended, and notes to thè financial slatemenls,
including significant accounting policies and other explanatory inlormation as set out on pages 16
10 28.
In our oplnion, the accompanying financial statements present fairly, in all material respects, the
financial position of the Organisalion as at 31 December 2023, and ils financial activities and its
cash flows for the year then endèd in accordance with the Statement of Recommended PractlC8
applicable to charities, Charitles SORP IFRS102), and the Charities Act 2011. Charities SORP
{FRS1021 is applicable lo the accounls of r818vant Charities for reporting periods beglnning on or
after 1 January 2019.
8asis for Oplnion
We conducted our audit in accordance with Intemational Standards on Auditing IISAS). Our
responsibilities under thos8 Standards are further described in the Auditor's Responsibilities for th8
Audit of the Financial Slat8menls section of our report. We are independent ol the Organisation in
accordance with the ethical requirements Ihal are relevant to our audit of the financial statements
in Vietnam, and we havè fulli118d our ethical responsibilities in accordance with these requirements.
We believe that the audit 8vidence that we have obtained is sufficient and appropriale to provide a
basis of our audit opinion.
Other Information
Trustees are responsible for the other information. The other information comprises the
Chairman's R6POrt and Executive Director's Report included on pag8s 4 to 12, but does not
include th8 linancial statements and our auditors, report thereon.
Our opinion on the financial statements does nol cover the other information and we do not
expréss any fomi of assurance conclusion thereon.
13
VPMG LI￿￿￿Br￿1￿,

I,piy
In connection with our audit of the financial slalemenls, our responsibility is to read the other
information and, in doing so, consider whèther Ihe other information is malorially inconsistenl with
the financial statements or our knowledge oblained in the audit, or otherwise app8ars to be
materially misstated. If, based on th8 work we have performed, we concludè Ihal there is a material
misslaternenl of this other infomiation, we are required to report thal fact. We have nothing lo report
in this regard.
Responsibilities of Management and Those charged wlth Governance for the
Financial Statemenls
Management is responsible for the pr8paration and lair presentation ol the financial statements
in accordanc8 with the Statement of Recommended Practice applicable lo charities, Charities
SORP IFRS1021, and the Charities Act 2011, and for such internal control as the management
detèrmines is n8cessary to enable the preparation of financial statements that are free of malerial
misstatement, whether due to fraud or error.
In preparing the financial slat8ments. management is responsible for assessing th8
Organisation's ability to continue as a going conc8rn, disclosing, as applicable, matters related to
going concern and using the going conc8rn basis of accounting unless manag8menl either
intends lo cease operations, or has no realislic alternative but to do so.
Those charg8d with governanc8 are responsibl8 for overseelng the Organisation's Ilnancial
r8POrting process.
Audltors, Responsibllltles for the Audlt of the Flnancial Statoments
Our objectives are to obtain reasonable assuranc8 about wh8ther the financial slatem8nts aB a
whole are free from material misslatemenl. whether due to fraud or error, and to issue an auditor's
report that includes our opinion. 'Reasonable assurance, is a high level of assurance, but is not a
guarantee that an audit Conducted in accordance with ISAS will always delect a material
misslatemenl when it exists. Misstalemenls can arise from Iraud or error and ar8 considered
material if, individually or in aggregate, they could reasonably be expected to influence the
economic d8cisions of users taken on the basis of the financial slalements.
As part of an audit in accordance wlth ISAS, we exercise professional judgement and maintain
professional scepticism throughout the audit. We also..
Identlfy and assess the risks of material misstatomenl of the flnancial stalemenls, whether
due lo fraud or error, design and perform audit procedures responsive to those risks, and obtain
audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatemenl resulting from Iraud is higher than for one resulting from error.
as fraud may involve collusion. forgery, intentional omissions, misrepresentations or the ov8rride
of intemal control.
Obtain an understanding of internal control relevant to the audit In order to design audit
procedures that are appropriate in the circumstances. but not for the purpose of èxpressing an
opinion on the effectiveness of the Organisation's internal control.
14

Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
Conclude on the appropriateness ol management's use of the going concern basis of
accounting and, based on the audit evidence obtained, whelher a material uncertainly exists
related to 8vents or conditions that may cast significant doubt on the Organisation's ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required to
draw altention in our auditors, r6port lo the related disclosures in the financial statements or, if
such disclosures are inadequate, lo modify our opinion. Our conclusions are based on the audit
evidence obtained up to Ihe date of our auditors, report. However, future events or conditions
may cause the Organisation to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statemenls,
including the disclosur8s, and whether the financial slalements represent the underlying
transactions and events in a manner that achieves fair presentation,
We communicate with those charged with governance regarding, among other matt8rs, the
planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audil.
On behalf of KPMG Llmlled's Branch In Ho Chl Mlnh Clty
Vietnam
Audit
24-01-00443-24-1
INH
Ha
Practicing Auditor Registration
Certificate No. 0414-2023-007-1
Deputy General Director
Ho Chi Minh City. 16 September 2024
15

Saigon Children's Charity CIO
Statement ol financial activities for the year ended 31 December 2023
2023
2023
Llnrestrlcted Restricted
funds
funds
USD
USD
2023
2022
Note
Total
USD
Total
USD
Income
Donations
School building
Child Development
Scholarship Program
Gelling Ready for work
Special needs
education Program
COVID-19 Appeal
You are not alone
General donations
Bank interest
Oth8rs
321,404
321,404
141,280
695,763
270,583
695.763
270,583
441,644
176,125
186,120
198,528
29,050
186,120
198,528
29,050
80,805
37,100
6,475
175,877
292,688
90,129
116,422
20,650
11,901
80,805
37,100
324
6,151
Ev8nts and trading activities
Exchang8 dlfferences
239.682
118.1351
239,682
343,449
118,1351 153,5421
Tolal Income
339,776 1.707,599 2,047,375 1,756,623
NH
IHH
The accompanying notes ar8 an integral part of these linancial statements
16

Saigon Children's Charily CIO
Statement of financial activities for the year ended 31 December 2023
(Continued)
2023
2023
Unrestricted Restricted
lunds
lunds
USD
USD
2023
2022
Note
Total
USD
Tolal
USD
Expendllure
Charitable aclivitl8S.'
School building
Child Development
Scholarship Program
Getting Ready for work
Special needs
education Program
COVID-19 Appaal
You ar8 not alone
352,495
352,495
164,360
579,388
283,245
579,388
283,245
477,175
167,564
176,333
176,389
37,533
176.333
176,389
37.533
188,465
291,220
108,660
Cost of g8n8rating funds..
Fund raising
80,046
139,875
219,921
226,055
Governanc8
4,420
22,215
26,635
24,351
Total Expendlture
Nat incomel(expenditur8)
before transfer8
84,466 1,767,473 1,851,939 1,647,850
255.310
(59,874)
195,436
108,773
Gross transler8
between funds
159,874)
S9,874
Nèl Income after tran8fer8
195.436
195,436
108,773
The slatemenl was approved and authorlsed for issue by the Board of Trustees on 16
September 2024 .
Prepared by..
Reviewed b
Approve
VAN PHONG
Al DieN
I VIÉT NAM
lon
LeLeAnNa
Head of Finance and
Administration
Damien Roberts
Executive Director
David Hu
Chair
on behall o
the Board of Trustees
The accompanying notes are an integral part of these financial statements
17

Saigon Children's Charity CIO
Balance sheet as at 31 December 2023
Note
3111212023 3111W2022
USD
USD
Current assets
Accounts receivable
Cash
Held-lo-maturity investments
212,611
1,054,000
391,726
133,931
790,759
412,682
10
1,658,337 1,337,372
Current liabilities
Accrued expenses
Deferred income
12
13
1155,0671
179,131)
1864,4161 {814,823)
11,019,483) {893,954)
Net a8S8t8
638,854
443,418
Fund8
Funds brought forward at th8
beginning of the year
Net expenditure lor the year
443,418
334,645
108,773
195,436
Funds carrled forward at tho end of th• y•ar
14
638,854
443,418
The statement was approved and authorised for issu8 by the Board of Trustees on 16
September 2024 .
Prepared by:
Reviewed by:
Approved b
ofiEN'8 e
VAN PHONG
Al DieN
I VIET NAM
eloh
eL8AnNa
Head of Finance and
Administration
Damien Roberts
Ex8CUtiva Director
David Hu
Chair
on behal
th8 Board of Trustees
The accompanying not8s ar8 an integralpart of these financial statements

Saigon Children's Charity CIO
Stalement of cash flows for the year ended 31 December 2023
(direct method)
Note
2023
USD
2022
USD
CASH FLOWS FROM OPERATING ACTivrriES
Income
School building
Child Development Scholarship Program
Getting Ready for work
Special needs education Program
COVID-19 appeal
You are not alone
Other activit18S
316.443
705,012
265,248
243,881
176,732
6,725
487,543
261,168
440,352
197,946
118,506
223,200
62,511
484,694
2,201,584
1,788,377
Expendlture
School building
Child Development S¢holarship Program
Getting Ready for work
Special needs 8du¢alion Program
COVID-19 appeal
You are not alone
Other activities
Operating expenses
266,805
597,074
301,354
191,366
180,086
39,410
316,948
60,870
194,955
497,746
186,837
217,577
293,949
108,893
236,345
40,281
1,953,713
1,776,583
Net ¢08h flows from operating activltle8
247,871
11,794
CASH FLOWS FROM INVESTING ACTIVITIES
Placements of term deposits
Receipts of term deposits
Receipts of Interest
1635,327)
616,147
30,518
{308,633}
306,955
16,056
Nel cash flows from Inve81ing activitle8
11.338
14.378
The accompanying notes are an integral part of th8S8 financial statements

Saigon Children's Charity CIO
Statement of cash Ilows for the year ended 31 December 2023
(direct method - continued)
Note
2023
USD
2022
USD
Nel cash flows during thè year
259,209
26,172
Cash at beglnning ol the year
790,759
818.130
Effect of exchange rale fluctuatlons on cash
4.032
(53,543)
Cash at end ol the year
10
1,054,000
790,759
The slatemenl was approv8d and authoris8d for issue by the Board of Trustees on 16
September 2024 .
Pr8pared by:
R8vlewed by..
Approved by..
ofiEN's c
AN PHONG
DAI DIÈN
1¥16h NAM
LeLeAnNa
Head of Finan￿ and
Administr8tion
Damien Roberts
Executive Director
David H
Gha
on beha
the Board of Trustees
vi
The accompanying notes ar8 an integral part of these financial statemènts
.,HH
20

Saigon Children's Charity CIO
Notes to the financial statements for the year ended 31 December 2023
These notes form an integral part of and should be read in conjunction with the
accompanying financial statements.
Reporting organisation
Th8 Saigon Children's Charity CIO I'lhe Organisation'l was entered on the Register of
Charities of the Charity Commission of England and Wales on 8 July 2014, with
registered charity number 1157774. Tho Organization's operation in Vietnam was
authorised by the Organisalion's Establishment Decision of Vietnam No. 211CNV-VPDA
issued by the Ministry ol Foreign Affairs of Vietnam dal6d 31 December 2014 and is valid
until 11 April 2018. Its amendment No.631CNV-VPDD was issued by the Ministry of
Foreign Affairs of Vietnam dated 22 June 2023 and is valid until 22 June 2028.
2. Summary of signiflcant accountlng policies
The following significant accounting policies have be8n adopted by th8 Organisation in
the pr8paration of these financial slal&ments.
(a) Ba81s of flnanclal statement8 preparation
The accounting policies ar8 in accordance with the Sta18m8nl of Recommended Practice
applicable lo charities, Charities SORP IFRS1021, and thè Charities Act 2011. Charities
SORP IFRS1021 is applicablè to the accounts ol rel8vanl charities lor reporting periods
bèginning on or after 1 January 2015.
The financial staternents. 8xcepi for the statement of cash flows, are prepared on the
accrual basis using the historical cost concept. The statement of cash flows Is prepared
using the direcl method.
The Organisalion's accounting currency is United Slates Dollars I'USD"), which is also
the currency used for financlal statement presentation purpose.
HO
)1¢
{b) Foreign currency transactions
Monetary assets and liabilities denominated in currencies other than USD are translated
into USD at rates ol 8xchange ruling al the balance sheet date. Transactions in
currencies other than USD during lh8 year have been translated into USD al rates of
exchange ruling at the transaction dates.
All foreign exchange differences are recorded in the statement of financial activities.
(c) Cash
Cash comprises ¢ash balances and call deposits.
21

Saigon Children's Charity CIO
Notes to the financial statements lor the year ended 31 December 2023
(Continued)
(d) Held-to-maturity investments
Held-to-maturity investments are those Ihat the Organisalion has the inlention and ability
to hold until maturity. Held-lo-maturily investments included term deposits at banks,
which are stated at cost.
(e) Aceounls receivable
Accounts receivable ar8 stated at cost less allowance for doubttul debts.
(f) Trade payables
Trade payables are stated al their cost.
(g) Income
Unrestrict8d funds are avallable for use at the discretion of the Organisation's Trustees
n lurtherance of the charitable objectiV8s of the Organisation. Restricted funds are
subject to specific restrictions impos8d by donors or by th8 purpose of the appeal.
Income is recognised wh8n earned by the Organisation and there are no slgnillcanl
uncertainties regarding the Consideration due.
Unrestricted fund income is earned wh8n donors are comm1tt8d to the donation if there
are no significant uncertaintles regarding the consideration due, or when th8 donation is
received.
Restrict8d ftjnd income is earned li) when donors are committed to the donation if there
are no significanl uncertaintl85 regarding th8 ¢onsideration due, or when the donation is
received,. and lil) when aclivilies lor which the fund is donalad are started or lime prorated
in case of Child Development Scholarship Program Iformerly known as scholarships).
3. Events and trading actlvities
2023
2023
Unrestrictod Restricted
funds
funds
USD
USD
2023
2022
IM
Total
USD
Total
USD
Summer Ball events
Charity Cyclè Adventure
Cards, calendars and T-shirts
Step challenge
Others
117,053
78,068
20,709
117.053 146.931
78,068
96,244
20,709
15,227
14,412
70,635
23,852
23,852
239,682
239,682 343,449
22

Saigon Children's Charity CIO
Notes to the financial statements for the year ended 31 December 2023
(Continued)
4. Fund raising
2023
2023
Unrestrlcted Restricted
funds
funds
USD
USD
2023
2022
Total
USD
Total
USD
Staff costs
Support costs
Summer Ball events
Charity Cycle Adventure
Cards. calendars and T-shirts
Slep challenge
Events lor donors
Olh8rs
25,567
2,264
34,111
2,411
4,385
128,494
11,381
154,061
13,645
34,111
2.411
4.385
133,971
13,817
45,009
25,098
1,286
2,386
3,080
8,228
3,080
8,228
4,488
80,046
139,875
219,921
226,055
5. Governance
2023
2023
Unre8trlcled Restrlcted
funds
funds
USD
USD
2023
2022
Total
USD
Total
USD
Staff costs
Flent and utilities
Office expens6S
Travelling expenses
Bank charges
Others
1,795
1,000
605
68
445
507
9,021
5,023
3,043
344
2.235
2.549
10,818
6,023
3,648
412
2.680
3.056
10,129
5,827
2,341
119
3,006
2.929
4,420
22,215
26,635
24,351
Trustee remuneration and expenses
The organisation's Trustees are not remunerated and do not usually claim expenses for
attènding meetings or for fulfilling their duties as Trustees. Expenses may be paid up to
once per year lor our UK Trustee to visit our projects in Vielnam and attend our annual
strategy and budget meeting.
VJ
rA
23

Saigon Children's Charity CIO
Notes to the financial statements lor the year ended 31 December 2023
(continued)
6. Allocation and apportionment of support costs
Support costs are apportioned lo the key activity areas at Charitable Activities, Cost of
generating funds, and Governance each year in appropriate ratios, which are in
accordance with the Policy ol Apportionment of Support Costs, reviewed and approved
annually by the Truste8S.
The breakdown ol support costs incurr8d in year, and how they were allocaled be￿een
Charitable Activit18s, Cost of generating funds, and Governance are shown in Ihe table
below..
Cost of
Charitable generating
activities
funds
USD
USD
Basls of
apportionment
Cost type
Governance Total
USD
USD
2023
Staff costs
Rent and utilities
Office expenses
Travelling exp8nses
Bank charges
Olhers
191,511
14,245
8,629
974
6,339
7,227
43.265
5.195
3,148
355
2,312
2,635
10,816 245.592
6,023 25,463
3,648
15,425
412
1,741
2,680 11,331
3,056 12,918
228,925
56,910
26,635 312,470
Cost of
Charltablè generating
actlvllle8
funds
uso
USD
Ba818 01
apportlonmenl
C08t iyp•
Govemanu Total
USD
USD
2022
Staff costs
Rent and ulili118S
Office expenses
Travelling expenses
Bank charges
Others
189,937
14.595
5.863
296
7,531
7,337
30,406
5,661
2,274
116
2,921
2,846
10,135 230.478
5,827 26,083
2,341
10.478
118
530
3,007 13.459
2,930
13,113
225,559
44,224
24,358 294,141
(') Staff time charges.
Ai
vi
I") Averag8 equivalent key number of people employed within each activity.
ANH
rNH14
24

Saigon Children's Charity CIO
Notes to the financial statements for the year ended 31 December 2023
(continued)
7. Staff numbers
The average number ol persons employed calculated on full-time equivalent basis
analysed by activity was..
Average number
2023
2022
Director
Charitable activities
Fundraising
Finance. Admin, HR, IT
16
16
31
32
8. Slaff costs
2023
USD
2022
USD
Salaries, wages and benefits
Insurance
Others
431,253
97,515
23,647
384,449
89,303
5,033
552,415
478,785
Th8 number of employees whosè emolumenls (salaries and benefits) f811 with th8
following bands..
Number of employees
2023
2022
USD100,000- 110,000
9. Accounts receivable
3111212023 3111 W2022
USD
USD
Donation receivables
212,611
133,931
25

Saigon Children's Charity cio
Notes to the financial statements for the year ended 31 December 2023
(continued)
10. Cash
3111212023 31￿2￿022
USD
USD
Cash on hand
Cash in banks
7.411
1,046.589
7,442
783,317
1,054.000
790,759
11. Held-to-maturity investments
Held-to-maturity investments represent term deposits in banks with original maturity ol
more than three months and not greater than twelve months from their placemenl dat8S.
Th8 term deposits are denominated in VND and earned interest ranging from 5.0°/0 lo
8.1•A12022: 4.6 % to 7.OVo) per annum during the year.
12. Accrued expenses
3111W2023 3111212022
USD
USD
School building
Bonus and 131h salary
Others
115,185
39,882
28.914
41.297
8,920
155,067
79,131
)N
NA
26

Saigon Children's Charity CIO
Notes to the financial statements for the year ended 31 December 2023
(continued)
13. Deferred income
3111212023 3111212022
USD
USD
Current liabilittes
Unrestrlcted donations
23,788
59,650
Restrlcted donatlon8:
School building (al
Child Development Scholarship Program (b)
Getting Ready for work Ib}
Special needs educalion Program Ibl
COVID-19 Appeal Ib)
You are not alone
Others
125,282
448,392
74,160
175,007
2,778
15.009
229,115
297,198
60,486
104,504
24,822
39.048
864,416
814,823
la) Deferr8d incom8 for School Building related lo money received for particular School
Building projects which had not been started by the end of 2022 and are expected lo be
built durlng 2023.
(bl Deferred incom8 related to donations lor Child Development Scholarship Program,
Getting Ready for worf(, Sp8¢lal needs education Program and COVID-19 Appeal
received bul for 2023 onwards,
Movemenls in the deferred income during the year wer8 as follows:
USD
Opening balance
Increase in deferred incom8 during th8 year
Deferred income realised during the year
814,823
864,416
{814,8231
Closing balance
864,416
IH
27

Saigon Children's Charity CIO
Notes to the financial statements for the year ended 31 December 2023
(continued)
14. Funds
Unrestrlcted Restricted
funds
fund8
USD
USD
Total
USD
Income
Expenditure
339,776
1,707,599
2,047,375
(84,466) (1.767,473) 11.851,939}
Net income/{8xpenditurel before transfers
255.310
{59,874)
195,436
Gross transfers betW88n funds (')
159,8741
59,874
N81 expenditure after transfers
Total funds broughl forward
at 1 January 2023
195,436
195,436
443,418
443,418
Total funds carried forward
at 31 De¢emb8r 2023
638,854
638,854
(') Gross transfers between funds, amount was approved annually at year-end by the
organisalion's Trustees to balance the deficit of restricted funds as al 31 Decemb8r.
15. CommStments
Leases
The future minimum lease paym8nls under non-cancellable op8ratlng leases w8r8'.
3111W2023 3111 W2022
USD
USD
Within one year
Within two to fiv8 years
15,341
877
26,376
15,646
16,218
42,022
28
.NH
,'NHH