2020-12-31-accounts

CHARITY REGISTRATION NUMBER: 1166897

Dulwich International Schools Foundation Unaudited Financial Statements 31 December 2020

SHAW WALLACE

Chartered accountants 43 Manchester Street London W1U 7LP

Dulwich International Schools Foundation

Financial Statements

Year ended 31 December 2020

	Page
Trustee's annual report	1
Independent examiner's report to the trustee	3
Statement of financial activities	4
Statement of financial position	5
Notes to the financial statements	6
The following pages do not form part of the financial statements
Detailed statement of financial activities	12
Notes to the detailed statement of financial activities	13

Dulwich International Schools Foundation

Trustee's Annual Report

Year ended 31 December 2020

The trustee presents his report and the unaudited financial statements of the charity for the year ended 31 December 2020.

Reference and administrative details

Registered charity name Dulwich International Schools Foundation Charity registration number 1166897 Principal office Inselhofstrasse 3 8008 Zurich Switzerland

The trustee

The trustees who served the charity during the period were as follows:

Mr O Bettum Mr B Mcdouall Mr I Levy

Independent examiner Hitesh Gadhia ACA 43 Manchester Street London W1U 7LP

Structure, governance and management

Dulwich International School Foundation is an independent charitable foundation governed by its constitution. Registered on the 4th May 2016, registration number 1166897. The elected Trustees are responsible for the overall governance of the foundation. The foundation has 3 trustees who form the management committee which meets on a frequent basis to review the foundation accounts and areas of activity and formulates its strategy.

Objectives and activities

Our mission is to seed, mentor and activate organisations engaged in growing and strengthening the movement for educational and vocational equity and excellence. Our vision is to be a Catalyst for Change. Dulwich International Schools Foundation (DISF) is a philanthropic Catalyst for Social Change. We strive actively to support organisations and social enterprises that are engaged in guiding children and young adults to move from poverty into prosperity.

Achievements and performance

Trustees are satisfied with the broad progress made during the year.

- 1 -

Dulwich International Schools Foundation

Trustee's Annual Report (continued)

Year ended 31 December 2020

Financial review

The attached accounts show the current state of the finances, which the committee consider to be sound. The foundation is reliant on donations and grants, the income from which was $250,000 for the year ended 31 December 2020 (2019: $199,975) and at the end of the financial year net current assets were $275,287 (2019: $179,017).

The trustee's annual report was approved on 19 October 2021 and signed on behalf of the board of trustees by:

Mr O Bettum Trustee

- 2 -

Dulwich International Schools Foundation

Independent Examiner's Report to the Trustee of Dulwich International Schools Foundation

Year ended 31 December 2020

I report to the trustee on my examination of the financial statements of Dulwich International Schools Foundation ('the charity') for the year ended 31 December 2020.

Responsibilities and basis of report

As the trustee of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

2. the financial statements do not accord with those records; or

3. the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Hitesh Gadhia ACA Independent Examiner

43 Manchester Street London W1U 7LP

19 October 2021

- 3 -

Dulwich International Schools Foundation

Statement of Financial Activities

Year ended 31 December 2020

		2020		2019
		Unrestricted
		fundsTotal funds		Total funds
	Note	$	$	$
Income and endowments
Donations	4	250,000	250,000	199,975
		─────────	─────────	─────────
Total income		250,000	250,000	199,975
		═════════	═════════	═════════
Expenditure
Charitable activities	5,6	149,970	149,970	127,904
Other expenditure	7	3,760	3,760	2,239
		─────────	─────────	─────────
Total expenditure		153,730	153,730	130,143
		═════════	═════════	═════════
		─────────	─────────	─────────
Net income and net movement in funds		96,270	96,270	69,832
		═════════	═════════	═════════
Reconciliation of funds
Total funds brought forward		179,017	179,017	109,185
		─────────	─────────	─────────
Total funds carried forward		275,287	275,287	179,017
		═════════	═════════	═════════

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 6 to 10 form part of these financial statements.

- 4 -

Dulwich International Schools Foundation

Statement of Financial Position

31 December 2020

		2020		2019
	Note	$	$	$
Current assets
Debtors	11	4,600		4,600
Cash at bank and in hand		272,652		176,276
		─────────		─────────
		277,252		180,876
Creditors: amounts falling due within one year	12	1,965		1,859
		─────────		─────────
Net current assets			275,287	179,017
			─────────	─────────
Total assets less current liabilities			275,287	179,017
			─────────	─────────
Net assets			275,287	179,017
			═════════	═════════
Funds of the charity
Unrestricted funds			275,287	179,017
			─────────	─────────
Total charity funds	13		275,287	179,017
			═════════	═════════

These financial statements were approved by the board of trustees and authorised for issue on 19 October 2021, and are signed on behalf of the board by:

Mr O Bettum Trustee

The notes on pages 6 to 10 form part of these financial statements.

- 5 -

Dulwich International Schools Foundation

Notes to the Financial Statements

Year ended 31 December 2020

1. General information

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Inselhofstrasse 3, 8008 Zurich, Switzerland.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through income or expenditure.

The financial statements are prepared in US Dollars, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustee for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

- 6 -

Dulwich International Schools Foundation

Notes to the Financial Statements (continued)

Year ended 31 December 2020

3. Accounting policies (continued)

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

• income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.

• legacy income is recognised when receipt is probable and entitlement is established.

• income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.

• income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

• expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.

• expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.

• other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

- 7 -

Dulwich International Schools Foundation

Notes to the Financial Statements (continued)

Year ended 31 December 2020

3. Accounting policies (continued)

Financial instruments (continued)

Debt instruments are subsequently measured at amortised cost.

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Donations

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2020	Funds	2019
	$	$	$	$
Donations
Donations	250,000 ═════════	250,000 ═════════	199,975 ═════════	199,975 ═════════

5. Expenditure on charitable activities by fund type

		Unrestricted	Unrestricted
		funds 2020	funds 2019
		$	$
	Charitable activities	149,970	127,904
6.	Expenditure on charitable activities by activity type
		2020	2019
		$	$
	Charitable activities	149,970	127,904

- 8 -

Dulwich International Schools Foundation

Notes to the Financial Statements (continued)

Year ended 31 December 2020

7. Other expenditure

		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2020	Funds	2019
		$	$	$	$
	Accountancy fees	1,965	1,965	1,859	1,859
	Printing and Stationery	1,500	1,500	–	–
	Bank charges	308	308	273	273
	Foreign exchange gain / loss	(13)	(13)	107	107
		───────	───────	───────	───────
		3,760	3,760	2,239	2,239
		═══════	═══════	═══════	═══════
8.	Independent examination fees
				2020	2019
				$	$
	Fees payable to the independent examiner for:
	Independent examination of the financial statements			1,965	1,859
				═══════	═══════

9. Staff costs

The average head count of employees during the year was NIL (2019: NIL)

10. Trustee remuneration and expenses

There was no remuneration received by trustees for the year ended 31 December 2020.

11. Debtors

		2020	2019
		$	$
	Other debtors	4,600	4,600
		═══════	═══════
12.	Creditors: amounts falling due within one year
		2020	2019
		$	$
	Accruals and deferred income	1,965	1,859
		═══════	═══════

- 9 -

Dulwich International Schools Foundation

Notes to the Financial Statements (continued)

Year ended 31 December 2020

13. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
	At			At
1	January 202		31 December
	0	Income	Expenditure	2020
	$	$	$	$
General funds	179,017	250,000	(153,730)	275,287
	═════════	═════════	═════════	═════════
	At			At
1	January 201		31 December
	9	Income	Expenditure	2019
	$	$	$	$
General funds	109,185	199,975	(130,143)	179,017
	═════════	═════════	═════════	═════════
Analysis of net assets between funds
			Unrestricted	Total Funds
			Funds	2020
			$	$
Current assets			277,252	277,252
Creditors less than 1 year			(1,965)	(1,965)
			─────────	─────────
Net assets			275,287	275,287
			═════════	═════════
			Unrestricted	Total Funds
			Funds	2019
			$	$
Current assets			180,876	180,876
Creditors less than 1 year			(1,859)	(1,859)
			─────────	─────────
Net assets			179,017	179,017
			═════════	═════════

14. Analysis of net assets between funds

- 10 -

Dulwich International Schools Foundation

Management Information

Year ended 31 December 2020

The following pages do not form part of the financial statements.

- 11 -

Dulwich International Schools Foundation

Detailed Statement of Financial Activities

Year ended 31 December 2020

	2020	2019
	$	$
Income and endowments
Donations
Donations	250,000	199,975
	─────────	─────────
	─────────	─────────
Total income	250,000	199,975
	═════════	═════════
Expenditure
Charitable activities
DetailedSOFAExpenditureOnCharitableActivitiesType2H	149,970	127,904
	─────────	─────────
Other expenditure
Accountancy fees	1,965	1,859
Printing and Stationery	1,500	–
Bank charges	308	273
Foreign exchange gain / loss	(13)	107
	───────	───────
	3,760	2,239
	───────	───────
	─────────	─────────
Total expenditure	153,730	130,143
	═════════	═════════
	─────────	─────────
Net income	96,270	69,832
	═════════	═════════

- 12 -

Dulwich International Schools Foundation

Notes to the Detailed Statement of Financial Activities

Year ended 31 December 2020

	2020	2019
	$	$
Charitable activities
Charitable activity
Activities undertaken directly
Direct charitable activity	149,970	127,904
	─────────	─────────
	─────────	─────────
Charitable activities	149,970	127,904
	═════════	═════════

- 13 -