Charity Registration No. 1170709
HEALING VENEZUELA
Annual report and financial statements For the year ended 31 December 2023
HEALING VENEZUELA
CONTENTS PAGE
| Trustees' report | 2 to 6 |
|---|---|
| Consolidated Statement of financial activities | 7 |
| Consolidated balance sheet | 8 |
| Charity balance sheet | 9 |
| Statement of cash flows | 10 |
| Notes to the financial statements | 11 to 19 |
HEALING VENEZUELA
TRUSTEES’ REPORT for the year ended 31 December 2023
REFERENCE AND ADMINISTRATIVE INFORMATION
TRUSTEES
Cinzia De Santis, Chairwoman Gabriela Mendoza, CEO (resigned July 2024) Dr. Alejandro Arenas John O’Driscoll Yocelyn De Abreu Andreina Townsend (appointed 1 January 2023) Marius Tkocz (appointed 15 April 2024) Marisol Giardina (appointed 5 July 2024)
PRINCIPAL OFFICERS
There are currently no staff employed by the charity. The activities and business of the charity are coordinated by the Trustees and volunteers.
BANKERS
CAF Bank Limited 25 Kings Hill Avenue West Malling Kent, ME19 4JQ
INDEPENDENT EXAMINER
Pollyanna Services The Studio, William House Quay Street Orford, Woodbridge Suffolk IP12 2NU
REGISTERED OFFICE
Bramah House 9 Gatliff Road London SW1W 8DQ
2
HEALING VENEZUELA
TRUSTEES’ REPORT for the year ended 31 December 2023
OVERVIEW OF THE CHARITY
Healing Venezuela (the Charity) is a volunteer-run organization with a Chairwoman and six Trustees. No staff are employed to run the charity, although the charity does employ some contractors for a variety of administrative work, both in the UK and Venezuela. Healing Venezuela also has over 20 volunteers. They perform a variety of functions - participating in events, organising fundraisers and collecting medical supplies. We have an insurance policy in place to cover volunteers and participants during our activities.
We collaborate where appropriate with other charities and local NGOS.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Healing Venezuela (registered number: 1170709) was incorporated in England on 12 December 2016 and does not have any other names. The registered office of the Charity and the names of the trustees who served during the period and who were trustees at the date of approval of the financial statements, are disclosed on page 2.
The Charity is constituted as a Charitable Incorporated Organisation.
New Trustees are appointed by other Trustees, depending on the needs of the Charity and the qualifications and experience of the potential Trustee.
The Charity has formed associated bodies both in France and in the United States (both primarily for fund-raising purposes). These bodies operate with the oversight and guidance of the UK-based Board of Trustees, but the accounting is done independently according to each country’s laws.
OBJECTIVES AND ACTIVITIES
As stated in its governing document, Healing Venezuela’s object is: “ to relieve sickness and to preserve the health of the patients of hospitals and other health-related institutions in Venezuela by:
-
a. providing or assisting in the provision of health-related supplies; and
-
b. providing support in the improvement of mental health and enabling the exchange of medical expertise and advice to Venezuelan doctors and hospitals and
-
c. supporting projects to foster sustainability and self-reliance of health institutions and communities.
-
In 2023, Healing Venezuela delivered on its objectives with the following activities:
A. EXISTING PROJECTS
During 2023, the Charity continued, and consolidated, the following projects:
-
Sponsoring 100 Junior Doctors in eight state hospitals in Venezuela. To prevent the exodus of medical students from Venezuelan universities, we continued to give a small monthly grant to about 100 junior doctors with the commitment that they will stay in the country for two years. During 2023, this grant supported them with treating more than 120,000 patients in state hospitals.
-
Feeding children and families at risk of malnutrition through a project in a low income area in Sucre State.
3
HEALING VENEZUELA
TRUSTEES’ REPORT for the year ended 31 December 2023
A. EXISTING PROJECTS (continued)
-
We repaired and donated critical medical equipment. In 2023, this included donating three ultrasound devices to a medical school.
-
We maintained water treatment plants installed in three hospitals, benefiting an estimated 20,000 people by giving access to potable water.
-
We continued supporting a pregnancy planning and awareness programme.
-
We continue to raise awareness of Venezuela internationally. In 2023, this included joining the board of DEMAC, an international diaspora organisation, and signed the Jena Declaration promoted by the UNESCO Chair of Global Sustainability, as well as participating in various international conferences.
B. NEW PROJECTS
-
Sustainability: as part of our efforts to address malnutrition, we launched a loan scheme that provides a starting kit for micro-farming to women in Guaraunos, the district where we have had a feeding programme since 2019.
-
Education: Specialised training for 20 senior doctors to use portable ultrasound devices, who in turn will teach other doctors to use the devices.
ASSURANCE
The most significant risk is to ensure our donations get to their destination and are used properly. We have established a network of partners across different states in Venezuela working with doctors we trust who distribute the supplies to those who need them most. We also have staff on the ground (both volunteers and some contractors) who help us monitor the programmes.
We choose institutions with a proven track record to work with. A Co-operation Agreement is signed by the parties by which institutions are obliged to report on their progress and give assurance the donations are used in the way stated in the request for funds submission. We also require pictures and acknowledgement of receipt of supplies.
Volunteers are an essential part of the organization and at Healing Venezuela we consider them our most valuable asset. They support us organising events, collecting supplies and running projects. We have guidelines that we share with those who wish to volunteer and provide assistance to those who want to stage events to raise funds for us.
ACHIEVEMENTS AND PERFORMANCE
The mix of fundraising by the Charity during the year reflected a change of emphasis on the part of the Charity. Individual donations were down during the year, reflecting the number of other global crises in the year, absorbing donors’ attention, and a lower number of fundraising events. However, following a concerted campaign by the Charity to focus on grant income from private companies and foundations and fundraising for specific projects, we greatly increased such funding, taking the total to £106,853 (2022: £12,408). In 2023, as in previous years, we didn’t receive any financial aid from governments except for the GIftAid general scheme in the UK.
4
HEALING VENEZUELA
TRUSTEES’ REPORT for the year ended 31 December 2023
We received nine grants (2022: five) during this financial year. Of the nine, eight are restricted grants for a total value of £106,353 (2022: £4,500) and one is unrestricted for a total value of £500 (2022: £7,908).
PUBLIC BENEFIT
The Trustees have considered the public benefit guidance issued by the Charity Commission. It is noted that a charitable organisation must be able to demonstrate that its aims are for the public benefit and that there must be compliance with two principles.
The first principle is that there must be an identifiable benefit or benefits.
The second principle requires that the benefit must be to the public or a section of the public.
The Trustees are satisfied that the Charity complies with both principles.
This report already contains a summary of the objects of this charity, a summary of its main activities and a record of its achievements in relation to its objects.
The Trustees are aware that via section 17 of the Charities Act 2011 there is an obligation to require Trustees to report on the Charity’s public benefit. The above section is intended to meet that requirement. The Trustees are aware that when planning the Charity’s activities they must have regard to the Commission’s guidance on public benefit. They confirm that they have had such regard.
FINANCIAL REVIEW
In 2023, Healing Venezuela raised £155,427 (2022: £143,836) through events, private donations, foundations grants and corporate donations.
Figures below show funds raised per category:
-
Sports and social events: £4,099 (2022: £43,227)
-
Corporate donations: £1,154 (2022: £1,354)
-
Individual donations: £30,200 (2022: £81,572)
-
Donations of supplies, equipment and services: £13,121 (2022: £5,276)
-
Grants: £106,853 (2022: £12,408)
Healing Venezuela has total funds of £247,228 (2022: £245,776).
The policy for holding reserves is stated in note 1 of the financial statements.
No funds are materially in deficit. Healing Venezuela did not borrow funds to finance its operations.
As stated in the Charity Commission Guidelines Chapter 4: Holding, moving and receiving funds safely - “ in the UK and internationally summary Trustees must ensure that they exercise full supervisory control over their charity’s bank accounts. In practice this means the trustees of smaller charities will need to do it personally ”. Our trustees had full visibility of the charity’s money movements. Our accounts are prepared by an independent accountant and thereafter they are reviewed by two trustees with extensive financial experience.
5
HEALING VENEZUELA
TRUSTEES’ REPORT for the year ended 31 December 2023
Healing Venezuela is run entirely by volunteers. Services such as courier, accounting, monitoring and auditing are paid to contractors to ensure the transparency and feasibility of our operations.
The increase in expenses related to fundraising activities and publicity and marketing reflect a change of strategy in 2023 to expand the basis of donations and a review of our recurrent programmes to identify efficiencies. These efforts are bearing fruits in 2024.
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.
In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgments and estimates that are reasonable and prudent;
-
state whether applicable accounting standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees' report on pages 2 to 6 was approved by the Trustees on 11 October 2024 and signed on their behalf by:
Cinzia De Santis Chairwoman & Founder
Registered Charity No. 1170709
6
HEALING VENEZUELA
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (including income and expenditure account) For the year ended 31 December 2023
| Note INCOME FROM: Donations and legacies General grants Charitable activities Other 3 4 5 TOTAL INCOME EXPENDITURE ON: Charitable activities Raising funds Other 6 7 8 TOTAL EXPENDITURE NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS Total funds brought forward Total funds carried forward |
Unrestricted Funds £ Restricted Funds £ Total funds 2023 £ Total funds 2022 £ 44,475 500 4,099 1,802 - 106,353 - - 44,475 106,853 4,099 1,802 88 12 43 9,282 50,877 106,353 157,230 153,118 (42,348) (14,511) (23,684) (74,062) (1,174) - (116,410) (15,685) (23,684) (131 (3 (9,715) (80,542) (75,236) (155,779) (144,640) (29,666) 31,117 1,451 8,478 250,834 221,168 (5,058) 26,059 245,776 247,228 237 245 |
|---|---|
There were no other recognised gains or losses other than those listed above.
All income and expenditure derive from continuing activities.
7
HEALING VENEZUELA
CONSOLIDATED BALANCE SHEET At 31 December 2023
| Note CURRENT ASSETS Debtors – amounts falling due within one year 9 Cash at bank and in hand 10 CURRENT LIABILITIES Creditors – amounts falling due within one year 11 NET ASSETS CONSOLIDATED FUNDS Unrestricted funds: General fund 12 Reserve fund (designated) 12 Restricted funds 12 TOTAL CONSOLIDATED FUNDS |
31 December 2023 £ 31 December 2022 £ 42,001 217,525 25,536 225,898 (12,297) 247,228 (5,658) 245,776 150,301 35,000 61,927 207,475 35,000 3,302 247,228 245,776 |
|---|---|
These financial statements were approved by the Board of Trustees and authorised for issue on 11 October 2024. They were signed on its behalf by:
Cinzia De Santis Chairwoman & Founder Registered Charity No. 1170709
8
HEALING VENEZUELA
CHARITY BALANCE SHEET At 31 December 2023
| Note CURRENT ASSETS Debtors – amounts falling due within one year 9 Cash at bank and in hand 10 CURRENT LIABILITIES Creditors – amounts falling due within one year 11 NET ASSETS CHARITY FUNDS Unrestricted funds: General fund 12 Reserve fund (designated) 12 Restricted funds 12 TOTAL CHARITY FUNDS |
31 December 2023 £ 31 December 2022 £ 46,244 213,984 29,516 221,735 (12,297) 247,930 (5,658) 245,594 151,003 35,000 61,927 207,292 35,000 3,302 247,930 245,594 |
|---|---|
These financial statements were approved by the Board of Trustees and authorised for issue on 11 October 2024. They were signed on its behalf by:
Cinzia De Santis Chairwoman & Founder Registered Charity No. 1170709
9
HEALING VENEZUELA
CONSOLIDATED STATEMENT OF CASH FLOWS for the year ended 31 December 2023
| Note 31 December 2023 £ Net movement in funds Adjustments for 13 Interest income Movements in working capital: Increase in debtors (Decrease)/increase in creditors 1,451 (1,541) (16,466) 6,640 Net cash flows provided by operating activities (9,915) Cash flows from investing activities: Interest received 1,541 Net cash flows provided by investing activities 1,541 Net cash flows provided by financing activities Net increase in cash and cash equivalents - (8,375) Cash and cash equivalents at the beginning of the period 225,899 Cash and cash equivalents at the end of the period 217,525 |
31 December 2022 £ 8,478 (19) (6,400) (6,149) |
|---|---|
| (4,091) 19 |
|
| 19 - (4,072) 229,971 |
|
| 225,899 |
10
HEALING VENEZUELA
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2023
1. ACCOUNTING POLICIES
Company and charitable status
Healing Venezuela, a registered charity, incorporated in England and Wales. The charity was founded on 12 December 2016 and its registered office address is given on page 2.
Basis of accounting
The financial statements are prepared under the historical cost convention, in accordance with the Charities SORP - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), effective 1 January 2019, and the Charities Act 2011.
The principal accounting policies are set out below, and have been consistently applied throughout the current period and prior year.
Functional and presentation currency
The functional and presentation currency of the Charity is the sterling pound (£).
Going concern
Having assessed the Charity’s financial position and its plans for the foreseeable future, the Trustees are satisfied that the going concern assumption is an appropriate basis on which to prepare these financial statements.
Income
Income is recognised when donations are received or when the Charity has entitlement to the funds, any performance conditions attached to the items of income have been met and it is probable that the income will be received and the amount can be measured reliably.
Income arising from the Charity’s activities is recognised as performance obligations are satisfied.
Grant income is credited to the statement of financial activities evenly over the period to which they relate. Where grant income is received in advance of the activity it is shown as deferred grant income in creditors.
Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Taxation
The Company is a registered charity and has no liability to corporation tax on its charitable activities under the Corporation Tax Act 2010 (chapters 2 and 3 of part ii, section 466 onwards) or Section 256 of the Taxation for Chargeable Gains Act 1992, to the extent surpluses are applied to its charitable purposes.
Fund accounting
General funds (including designated funds) are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. The Reserve fund represents a designated fund, and will be only accessed if there is a significant shortfall in cash.
Restricted funds are those where the use of donations, gifts, grants or legacies received is restricted to purposes specified by the donor. Such purposes are within the overall aims of the organisation.
11
HEALING VENEZUELA
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2023
1. ACCOUNTING POLICIES (continued)
Employees and volunteers
There are no staff employed by the charity (2022: none). The activities and business of the charity are coordinated by the Trustees and unpaid volunteers.
Public benefit entity
The Trust constitutes a public benefit entity as defined by FRS 102.
Financial instruments
The Charity only has financial assets that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost.
(i) Cash in bank and in hand
Cash and cash equivalents comprise cash in bank deposits. There are no amounts held within cash in bank and in hand that are unavailable for use.
(ii) Debtors
Trade and other debtors are normally recognised at the settlement amount due after any trade discount offered.
(iii) Creditors
Trade and other creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
2. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
The Trustees do not consider that there are any critical judgements or key sources of estimation uncertainty requiring disclosure.
3. DONATIONS AND LEGACIES
| ATIONS AND LEGACIES | ||
|---|---|---|
| Donations from people (inc. gift aid) Donations from companies Donated professional services Total |
Year ended 31 December 2023 £ Year ended 31 December 2022 £ 30,200 1,154 13,121 81,572 1,354 5,276 44,475 88,201 |
|
| 88,201 |
12
HEALING VENEZUELA
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2023
4. GENERAL GRANTS
| Global Giving - Food 2023 Global Giving – Micro Farms Intermediate Capital Group Global Giving – Cancer Global Giving – doctors GB Ultras Ltd Mudano Accenture UK Ltd Stockwell TT LATA Foundation Moody's Cyber Grants La Vida Foundation Total |
Unrestricted Funds £ - - - - - - - 500 - - - 500 |
Restricted Funds £ Year ended 31 December 2023 £ Year ended 31 December 2022 £ 32,583 29,660 20,000 95 2,683 - 8,333 - 3,000 - 10,000 32,583 29,660 20,000 95 2,683 - 8,333 500 3,000 - 10,000 - - - - - 327 6,250 500 4,500 831 - 106,353 106,853 12,408 |
|---|---|---|
The charity received 9 grants during the year, 8 of which were subject to restrictions in how they are spent:
£20,000, £10,000, £8,333, £3,000 and £2,683 was received from the Intermediate Capital Group, La Vida Foundation, Mudano Accenture UK Ltd, Lata Foundation and Global Giving respectively, all of which was for supporting the education of junior doctors in Venezuela.
£32,583 was received from Global Giving for our food programme in Sucre State.
£29,660 was received from Global Giving for the micro-farm project in Sucre State.
£95 was received from Global Giving for Save Patients with Cancer.
The Charity is using these funds only for the restricted contractual purposes.
13
HEALING VENEZUELA
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2023
5. INCOME FROM CHARITABLE ACTIVITIES
| Fund raisings Music events Buy Venezuelan Pop-up Parties and events Sale of merchandise Others Total |
Year ended 31 December 2023 £ Year ended 31 December 2022 £ 3,268 - - 831 - 30,853 - 2,593 9,761 20 - - 4,099 43,227 |
|---|---|
6. EXPENDITURE ON CHARITABLE ACTIVITIES
| Medical and food supplies for Venezuela Transport costs to Venezuela Projects and activities funded in Venezuela Total |
Unrestricted funds £ 20,238 - 22,110 42,348 |
Restricted funds £ 26,988 - 47,074 74,062 |
Year ended 31 December 2023 £ Year ended 31 December 2022 £ 47,226 - 69,184 63,354 - 68,561 116,410 131,915 |
Year ended 31 December 2023 £ Year ended 31 December 2022 £ 47,226 - 69,184 63,354 - 68,561 116,410 131,915 |
|---|---|---|---|---|
| 131,915 |
7. EXPENDITURE ON RAISING FUNDS
| 7. EXPENDITURE ON RAISING FUNDS | ||||
|---|---|---|---|---|
| Expenses from organising activities Education and awareness Postage printing and stationery Publicity and marketing Others Total |
Unrestricted funds £ 6,167 455 - 7,619 270 14,511 |
Restricted funds £ 1,174 - - - - 1,174 |
Year ended 31 December 2023 £ Year ended 31 December 2022 £ 7,341 455 - 7,619 270 1,077 306 - 1,627 - - 15,685 3,010 |
|
| 3,010 |
14
HEALING VENEZUELA
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2023
8. OTHER EXPENSES
| HER EXPENSES | ||
|---|---|---|
| Foreign exchange charges Accounting and legal services Bank and other related charges Bad debts Others Total |
Year ended 31 December 2023 £ Year ended 31 December 2022 £ 483 14,231 (387) 8,766 203 6,356 2,411 182 1,152 - 23,684 9,715 |
|
| 9,715 |
9. DEBTORS – AMOUNTS FALLING DUE WITHIN ONE YEAR
| Group Trade debtors Other debtors Prepayments Amount due from associate Total Charity Trade debtors Other debtors Prepayments Amounts due from related parties Total |
31 December 2023 £ 31 December 2022 £ - 42,317 515 169 25,536 - - 42,001 25,536 31 December 2023 £ 31 December 2022 £ - 41,317 515 4,412 25,536 - - 3,980 46,244 29,516 |
|---|---|
15
HEALING VENEZUELA
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2023
10. CASH IN BANK AND IN HAND
| Group Cash in hand Cash in bank Cash in Paypal account Total |
31 December 2023 £ 31 December 2022 £ 130 217,100 295 133 224,991 774 217,525 225,898 |
|---|---|
| Charity Cash in bank Cash in Paypal account Total |
31 December 2023 £ 31 December 2022 £ 213,694 290 220,961 774 213,984 221,735 |
|---|---|
11. CREDITORS - AMOUNT FALLING DUE WITHIN ONE YEAR
| Group and Charity Trade creditors Accruals Other creditors Total |
31 December 2023 £ 31 December 2022 £ 7,087 5,210 - 5,658 - - 12,297 5,658 |
|---|---|
12. CHARITY FUNDS
| Group and Charity Balance at 01 January 2022 Net movements during the year Transfers Balance at 31 December 2022 Net movement during the year Transfers* Balance at 31 December 2023 |
Unrestricted fund: General fund £ 197,667 9,849 - |
Unrestricted fund: Reserve fund £ Restricted funds £ 35,000 4,673 - - (1,371) - |
Unrestricted fund: Reserve fund £ Restricted funds £ 35,000 4,673 - - (1,371) - |
Total £ 237,299 8,478 - 245,777 1,451 - 247,228 |
|
|---|---|---|---|---|---|
| 207,475 (29,666) (27,508) 150,301 |
35,000 - - 35,000 |
3,302 31,117 27,508 61,927 |
16
HEALING VENEZUELA
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2023
12. CHARITY FUNDS (continued)
As of 31 December 2018, the Charity decided to designate a Reserve fund. The purpose of this fund is to act as a security cover to fund future operations. Whilst the Reserve fund represents an unrestricted fund, it will be only accessed if there is a significant shortfall in cash.
Restricted funds are those where the use of grants received is restricted to purposes specified by the donor. More information about the grants falling within the scope of this fund is in note 4.
*The transfer of £27,508 from the general fund to the restricted fund resulted from a review of the Giving Tuesday fundraising initiative in 2022. Although these were primarily individual donations not legally tied to any programme, the campaign was marketed as part of the Guaraunos food programme. It is therefore considered appropriate to regard these as restricted funds.
A reconciliation of the restricted funds as of 31 December 2023 is provided below:
| Opening balance £ Reach Fund of Social Investment Business Global Giving 2022 – Food Programme Global Giving 2023 – Food Programme Global Giving – Junior Doctors Intermediate Capital Group Mudano Accenture UK Ltd. Global Giving – Micro Farms Global Giving – Save Patients with Cancer La Vida Foundation Lata Foundation Total restricted funds 3,302 27,508 - - - - - - - - _ 30,810 |
Incoming resources Resources expended Closing balance £ £ £ - - 32,583 2,683 20,000 8,333 29,660 95 10,000 3,000 106,353 (1,174) (26,894) - (2,683) (20,000) (8,333) (3,058) (95) (10,000) (3,000) ___ (75,237) 2,128 614 32,583 - - - 26,602 - _ 61,927 |
|---|---|
A reconciliation of the restricted funds as of 31 December 2022 is provided below:
Reach Fund of Social Investment Business LATA Foundation – Junior Doctors 4,673 - 3,30 - 4,500 2
17
HEALING VENEZUELA
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2023
(1,371) - (4,500)
| Total restricted funds | 4,673 | 4,500 | (5,871) | 3,302 |
|---|---|---|---|---|
| 13. FINANCIAL INSTRUMENTS | ||||
| 31 | December | 31 December | ||
| 2023 | 2022 | |||
| £ | £ | |||
| Financial assets held at amortised cost: | ||||
| Cash in bank and in hand | 217,520 | 225,898 | ||
| Debtors | 47,958 | 25,536 | ||
| Non-financial assets | - | - | ||
| Financial liabilities held at amortised | ||||
| cost: | 7,087 | 5,658 | ||
| Creditors | ||||
| - | - | |||
| Non-financial liabilities |
The carrying value of all financial instruments approximates to its fair value.
Interest income of £1,541 (2022: £19) has been earned from amounts held in a bank savings account; which is included within ‘other’ in the income section of the statement of financial activities.
18
HEALING VENEZUELA
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2023
14. RELATED UNDERTAKINGS
The entities below are separately registered charities that manage their own affairs with the support of local volunteers and the management of the Trustees of Healing Venezuela.
| Entity & Registered Address | Entity Reg. Number |
Date of incorporation |
2023 Total Income |
2023 Total Funds |
|---|---|---|---|---|
| £ | £ | |||
| Healing Venezuela – France | ||||
| 152 Impasse des Pommiers et Poiriers, | W691102926 | 30/07/2020 | (539) | (721) |
| 69380 Marcilly d’Azergues, France. | ||||
| Healing Venezuela Inc. 66 W66 ST Apt 25C, NY 10023, USA. |
95-0547234 | 30/09/2022* | 0 | 0 |
*Healing Venezuela Inc. received Section 501(c) exemption in June 2023.
Healing Venezuela France 2022 total income during 2022 was £640 and total funds were £(182).
Healing Venezuela Inc. total income during 2022 was £0 and total funds were £0.
15. RELATED PARTY TRANSACTIONS
No Trustee received payment for professional or other services supplied to the Charity or received reimbursement of expenses from the Charity during the current period or prior year.
The Charity has taken advantage of the exemption afforded by FRS 102 not to disclose any related party transactions with other wholly owned members of the Group.
16. EVENTS AFTER THE REPORTING PERIOD
There were no events of significance after the end of the reporting period.
19
Charity Registration No. 1170709
HEALING VENEZUELA
Annual report and financial statements For the year ended 31 December 2023
HEALING VENEZUELA
CONTENTS PAGE
| Trustees' report | 2 to 6 |
|---|---|
| Consolidated Statement of financial activities | 7 |
| Consolidated balance sheet | 8 |
| Charity balance sheet | 9 |
| Statement of cash flows | 10 |
| Notes to the financial statements | 11 to 19 |
HEALING VENEZUELA
TRUSTEES’ REPORT for the year ended 31 December 2023
REFERENCE AND ADMINISTRATIVE INFORMATION
TRUSTEES
Cinzia De Santis, Chairwoman Gabriela Mendoza, CEO (resigned July 2024) Dr. Alejandro Arenas John O’Driscoll Yocelyn De Abreu Andreina Townsend (appointed 1 January 2023) Marius Tkocz (appointed 15 April 2024) Marisol Giardina (appointed 5 July 2024)
PRINCIPAL OFFICERS
There are currently no staff employed by the charity. The activities and business of the charity are coordinated by the Trustees and volunteers.
BANKERS
CAF Bank Limited 25 Kings Hill Avenue West Malling Kent, ME19 4JQ
INDEPENDENT EXAMINER
Pollyanna Services The Studio, William House Quay Street Orford, Woodbridge Suffolk IP12 2NU
REGISTERED OFFICE
Bramah House 9 Gatliff Road London SW1W 8DQ
2
HEALING VENEZUELA
TRUSTEES’ REPORT for the year ended 31 December 2023
OVERVIEW OF THE CHARITY
Healing Venezuela (the Charity) is a volunteer-run organization with a Chairwoman and six Trustees. No staff are employed to run the charity, although the charity does employ some contractors for a variety of administrative work, both in the UK and Venezuela. Healing Venezuela also has over 20 volunteers. They perform a variety of functions - participating in events, organising fundraisers and collecting medical supplies. We have an insurance policy in place to cover volunteers and participants during our activities.
We collaborate where appropriate with other charities and local NGOS.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Healing Venezuela (registered number: 1170709) was incorporated in England on 12 December 2016 and does not have any other names. The registered office of the Charity and the names of the trustees who served during the period and who were trustees at the date of approval of the financial statements, are disclosed on page 2.
The Charity is constituted as a Charitable Incorporated Organisation.
New Trustees are appointed by other Trustees, depending on the needs of the Charity and the qualifications and experience of the potential Trustee.
The Charity has formed associated bodies both in France and in the United States (both primarily for fund-raising purposes). These bodies operate with the oversight and guidance of the UK-based Board of Trustees, but the accounting is done independently according to each country’s laws.
OBJECTIVES AND ACTIVITIES
As stated in its governing document, Healing Venezuela’s object is: “ to relieve sickness and to preserve the health of the patients of hospitals and other health-related institutions in Venezuela by:
-
a. providing or assisting in the provision of health-related supplies; and
-
b. providing support in the improvement of mental health and enabling the exchange of medical expertise and advice to Venezuelan doctors and hospitals and
-
c. supporting projects to foster sustainability and self-reliance of health institutions and communities.
-
In 2023, Healing Venezuela delivered on its objectives with the following activities:
A. EXISTING PROJECTS
During 2023, the Charity continued, and consolidated, the following projects:
-
Sponsoring 100 Junior Doctors in eight state hospitals in Venezuela. To prevent the exodus of medical students from Venezuelan universities, we continued to give a small monthly grant to about 100 junior doctors with the commitment that they will stay in the country for two years. During 2023, this grant supported them with treating more than 120,000 patients in state hospitals.
-
Feeding children and families at risk of malnutrition through a project in a low income area in Sucre State.
3
HEALING VENEZUELA
TRUSTEES’ REPORT for the year ended 31 December 2023
A. EXISTING PROJECTS (continued)
-
We repaired and donated critical medical equipment. In 2023, this included donating three ultrasound devices to a medical school.
-
We maintained water treatment plants installed in three hospitals, benefiting an estimated 20,000 people by giving access to potable water.
-
We continued supporting a pregnancy planning and awareness programme.
-
We continue to raise awareness of Venezuela internationally. In 2023, this included joining the board of DEMAC, an international diaspora organisation, and signed the Jena Declaration promoted by the UNESCO Chair of Global Sustainability, as well as participating in various international conferences.
B. NEW PROJECTS
-
Sustainability: as part of our efforts to address malnutrition, we launched a loan scheme that provides a starting kit for micro-farming to women in Guaraunos, the district where we have had a feeding programme since 2019.
-
Education: Specialised training for 20 senior doctors to use portable ultrasound devices, who in turn will teach other doctors to use the devices.
ASSURANCE
The most significant risk is to ensure our donations get to their destination and are used properly. We have established a network of partners across different states in Venezuela working with doctors we trust who distribute the supplies to those who need them most. We also have staff on the ground (both volunteers and some contractors) who help us monitor the programmes.
We choose institutions with a proven track record to work with. A Co-operation Agreement is signed by the parties by which institutions are obliged to report on their progress and give assurance the donations are used in the way stated in the request for funds submission. We also require pictures and acknowledgement of receipt of supplies.
Volunteers are an essential part of the organization and at Healing Venezuela we consider them our most valuable asset. They support us organising events, collecting supplies and running projects. We have guidelines that we share with those who wish to volunteer and provide assistance to those who want to stage events to raise funds for us.
ACHIEVEMENTS AND PERFORMANCE
The mix of fundraising by the Charity during the year reflected a change of emphasis on the part of the Charity. Individual donations were down during the year, reflecting the number of other global crises in the year, absorbing donors’ attention, and a lower number of fundraising events. However, following a concerted campaign by the Charity to focus on grant income from private companies and foundations and fundraising for specific projects, we greatly increased such funding, taking the total to £106,853 (2022: £12,408). In 2023, as in previous years, we didn’t receive any financial aid from governments except for the GIftAid general scheme in the UK.
4
HEALING VENEZUELA
TRUSTEES’ REPORT for the year ended 31 December 2023
We received nine grants (2022: five) during this financial year. Of the nine, eight are restricted grants for a total value of £106,353 (2022: £4,500) and one is unrestricted for a total value of £500 (2022: £7,908).
PUBLIC BENEFIT
The Trustees have considered the public benefit guidance issued by the Charity Commission. It is noted that a charitable organisation must be able to demonstrate that its aims are for the public benefit and that there must be compliance with two principles.
The first principle is that there must be an identifiable benefit or benefits.
The second principle requires that the benefit must be to the public or a section of the public.
The Trustees are satisfied that the Charity complies with both principles.
This report already contains a summary of the objects of this charity, a summary of its main activities and a record of its achievements in relation to its objects.
The Trustees are aware that via section 17 of the Charities Act 2011 there is an obligation to require Trustees to report on the Charity’s public benefit. The above section is intended to meet that requirement. The Trustees are aware that when planning the Charity’s activities they must have regard to the Commission’s guidance on public benefit. They confirm that they have had such regard.
FINANCIAL REVIEW
In 2023, Healing Venezuela raised £155,427 (2022: £143,836) through events, private donations, foundations grants and corporate donations.
Figures below show funds raised per category:
-
Sports and social events: £4,099 (2022: £43,227)
-
Corporate donations: £1,154 (2022: £1,354)
-
Individual donations: £30,200 (2022: £81,572)
-
Donations of supplies, equipment and services: £13,121 (2022: £5,276)
-
Grants: £106,853 (2022: £12,408)
Healing Venezuela has total funds of £247,228 (2022: £245,776).
The policy for holding reserves is stated in note 1 of the financial statements.
No funds are materially in deficit. Healing Venezuela did not borrow funds to finance its operations.
As stated in the Charity Commission Guidelines Chapter 4: Holding, moving and receiving funds safely - “ in the UK and internationally summary Trustees must ensure that they exercise full supervisory control over their charity’s bank accounts. In practice this means the trustees of smaller charities will need to do it personally ”. Our trustees had full visibility of the charity’s money movements. Our accounts are prepared by an independent accountant and thereafter they are reviewed by two trustees with extensive financial experience.
5
HEALING VENEZUELA
TRUSTEES’ REPORT for the year ended 31 December 2023
Healing Venezuela is run entirely by volunteers. Services such as courier, accounting, monitoring and auditing are paid to contractors to ensure the transparency and feasibility of our operations.
The increase in expenses related to fundraising activities and publicity and marketing reflect a change of strategy in 2023 to expand the basis of donations and a review of our recurrent programmes to identify efficiencies. These efforts are bearing fruits in 2024.
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.
In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgments and estimates that are reasonable and prudent;
-
state whether applicable accounting standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees' report on pages 2 to 6 was approved by the Trustees on 11 October 2024 and signed on their behalf by:
Cinzia De Santis Chairwoman & Founder
Registered Charity No. 1170709
6
HEALING VENEZUELA
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (including income and expenditure account) For the year ended 31 December 2023
| Note INCOME FROM: Donations and legacies General grants Charitable activities Other 3 4 5 TOTAL INCOME EXPENDITURE ON: Charitable activities Raising funds Other 6 7 8 TOTAL EXPENDITURE NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS Total funds brought forward Total funds carried forward |
Unrestricted Funds £ Restricted Funds £ Total funds 2023 £ Total funds 2022 £ 44,475 500 4,099 1,802 - 106,353 - - 44,475 106,853 4,099 1,802 88 12 43 9,282 50,877 106,353 157,230 153,118 (42,348) (14,511) (23,684) (74,062) (1,174) - (116,410) (15,685) (23,684) (131 (3 (9,715) (80,542) (75,236) (155,779) (144,640) (29,666) 31,117 1,451 8,478 250,834 221,168 (5,058) 26,059 245,776 247,228 237 245 |
|---|---|
There were no other recognised gains or losses other than those listed above.
All income and expenditure derive from continuing activities.
7
HEALING VENEZUELA
CONSOLIDATED BALANCE SHEET At 31 December 2023
| Note CURRENT ASSETS Debtors – amounts falling due within one year 9 Cash at bank and in hand 10 CURRENT LIABILITIES Creditors – amounts falling due within one year 11 NET ASSETS CONSOLIDATED FUNDS Unrestricted funds: General fund 12 Reserve fund (designated) 12 Restricted funds 12 TOTAL CONSOLIDATED FUNDS |
31 December 2023 £ 31 December 2022 £ 42,001 217,525 25,536 225,898 (12,297) 247,228 (5,658) 245,776 150,301 35,000 61,927 207,475 35,000 3,302 247,228 245,776 |
|---|---|
These financial statements were approved by the Board of Trustees and authorised for issue on 11 October 2024. They were signed on its behalf by:
Cinzia De Santis Chairwoman & Founder Registered Charity No. 1170709
8
HEALING VENEZUELA
CHARITY BALANCE SHEET At 31 December 2023
| Note CURRENT ASSETS Debtors – amounts falling due within one year 9 Cash at bank and in hand 10 CURRENT LIABILITIES Creditors – amounts falling due within one year 11 NET ASSETS CHARITY FUNDS Unrestricted funds: General fund 12 Reserve fund (designated) 12 Restricted funds 12 TOTAL CHARITY FUNDS |
31 December 2023 £ 31 December 2022 £ 46,244 213,984 29,516 221,735 (12,297) 247,930 (5,658) 245,594 151,003 35,000 61,927 207,292 35,000 3,302 247,930 245,594 |
|---|---|
These financial statements were approved by the Board of Trustees and authorised for issue on 11 October 2024. They were signed on its behalf by:
Cinzia De Santis Chairwoman & Founder Registered Charity No. 1170709
9
HEALING VENEZUELA
CONSOLIDATED STATEMENT OF CASH FLOWS for the year ended 31 December 2023
| Note 31 December 2023 £ Net movement in funds Adjustments for 13 Interest income Movements in working capital: Increase in debtors (Decrease)/increase in creditors 1,451 (1,541) (16,466) 6,640 Net cash flows provided by operating activities (9,915) Cash flows from investing activities: Interest received 1,541 Net cash flows provided by investing activities 1,541 Net cash flows provided by financing activities Net increase in cash and cash equivalents - (8,375) Cash and cash equivalents at the beginning of the period 225,899 Cash and cash equivalents at the end of the period 217,525 |
31 December 2022 £ 8,478 (19) (6,400) (6,149) |
|---|---|
| (4,091) 19 |
|
| 19 - (4,072) 229,971 |
|
| 225,899 |
10
HEALING VENEZUELA
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2023
1. ACCOUNTING POLICIES
Company and charitable status
Healing Venezuela, a registered charity, incorporated in England and Wales. The charity was founded on 12 December 2016 and its registered office address is given on page 2.
Basis of accounting
The financial statements are prepared under the historical cost convention, in accordance with the Charities SORP - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), effective 1 January 2019, and the Charities Act 2011.
The principal accounting policies are set out below, and have been consistently applied throughout the current period and prior year.
Functional and presentation currency
The functional and presentation currency of the Charity is the sterling pound (£).
Going concern
Having assessed the Charity’s financial position and its plans for the foreseeable future, the Trustees are satisfied that the going concern assumption is an appropriate basis on which to prepare these financial statements.
Income
Income is recognised when donations are received or when the Charity has entitlement to the funds, any performance conditions attached to the items of income have been met and it is probable that the income will be received and the amount can be measured reliably.
Income arising from the Charity’s activities is recognised as performance obligations are satisfied.
Grant income is credited to the statement of financial activities evenly over the period to which they relate. Where grant income is received in advance of the activity it is shown as deferred grant income in creditors.
Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Taxation
The Company is a registered charity and has no liability to corporation tax on its charitable activities under the Corporation Tax Act 2010 (chapters 2 and 3 of part ii, section 466 onwards) or Section 256 of the Taxation for Chargeable Gains Act 1992, to the extent surpluses are applied to its charitable purposes.
Fund accounting
General funds (including designated funds) are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. The Reserve fund represents a designated fund, and will be only accessed if there is a significant shortfall in cash.
Restricted funds are those where the use of donations, gifts, grants or legacies received is restricted to purposes specified by the donor. Such purposes are within the overall aims of the organisation.
11
HEALING VENEZUELA
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2023
1. ACCOUNTING POLICIES (continued)
Employees and volunteers
There are no staff employed by the charity (2022: none). The activities and business of the charity are coordinated by the Trustees and unpaid volunteers.
Public benefit entity
The Trust constitutes a public benefit entity as defined by FRS 102.
Financial instruments
The Charity only has financial assets that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost.
(i) Cash in bank and in hand
Cash and cash equivalents comprise cash in bank deposits. There are no amounts held within cash in bank and in hand that are unavailable for use.
(ii) Debtors
Trade and other debtors are normally recognised at the settlement amount due after any trade discount offered.
(iii) Creditors
Trade and other creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
2. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
The Trustees do not consider that there are any critical judgements or key sources of estimation uncertainty requiring disclosure.
3. DONATIONS AND LEGACIES
| ATIONS AND LEGACIES | ||
|---|---|---|
| Donations from people (inc. gift aid) Donations from companies Donated professional services Total |
Year ended 31 December 2023 £ Year ended 31 December 2022 £ 30,200 1,154 13,121 81,572 1,354 5,276 44,475 88,201 |
|
| 88,201 |
12
HEALING VENEZUELA
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2023
4. GENERAL GRANTS
| Global Giving - Food 2023 Global Giving – Micro Farms Intermediate Capital Group Global Giving – Cancer Global Giving – doctors GB Ultras Ltd Mudano Accenture UK Ltd Stockwell TT LATA Foundation Moody's Cyber Grants La Vida Foundation Total |
Unrestricted Funds £ - - - - - - - 500 - - - 500 |
Restricted Funds £ Year ended 31 December 2023 £ Year ended 31 December 2022 £ 32,583 29,660 20,000 95 2,683 - 8,333 - 3,000 - 10,000 32,583 29,660 20,000 95 2,683 - 8,333 500 3,000 - 10,000 - - - - - 327 6,250 500 4,500 831 - 106,353 106,853 12,408 |
|---|---|---|
The charity received 9 grants during the year, 8 of which were subject to restrictions in how they are spent:
£20,000, £10,000, £8,333, £3,000 and £2,683 was received from the Intermediate Capital Group, La Vida Foundation, Mudano Accenture UK Ltd, Lata Foundation and Global Giving respectively, all of which was for supporting the education of junior doctors in Venezuela.
£32,583 was received from Global Giving for our food programme in Sucre State.
£29,660 was received from Global Giving for the micro-farm project in Sucre State.
£95 was received from Global Giving for Save Patients with Cancer.
The Charity is using these funds only for the restricted contractual purposes.
13
HEALING VENEZUELA
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2023
5. INCOME FROM CHARITABLE ACTIVITIES
| Fund raisings Music events Buy Venezuelan Pop-up Parties and events Sale of merchandise Others Total |
Year ended 31 December 2023 £ Year ended 31 December 2022 £ 3,268 - - 831 - 30,853 - 2,593 9,761 20 - - 4,099 43,227 |
|---|---|
6. EXPENDITURE ON CHARITABLE ACTIVITIES
| Medical and food supplies for Venezuela Transport costs to Venezuela Projects and activities funded in Venezuela Total |
Unrestricted funds £ 20,238 - 22,110 42,348 |
Restricted funds £ 26,988 - 47,074 74,062 |
Year ended 31 December 2023 £ Year ended 31 December 2022 £ 47,226 - 69,184 63,354 - 68,561 116,410 131,915 |
Year ended 31 December 2023 £ Year ended 31 December 2022 £ 47,226 - 69,184 63,354 - 68,561 116,410 131,915 |
|---|---|---|---|---|
| 131,915 |
7. EXPENDITURE ON RAISING FUNDS
| 7. EXPENDITURE ON RAISING FUNDS | ||||
|---|---|---|---|---|
| Expenses from organising activities Education and awareness Postage printing and stationery Publicity and marketing Others Total |
Unrestricted funds £ 6,167 455 - 7,619 270 14,511 |
Restricted funds £ 1,174 - - - - 1,174 |
Year ended 31 December 2023 £ Year ended 31 December 2022 £ 7,341 455 - 7,619 270 1,077 306 - 1,627 - - 15,685 3,010 |
|
| 3,010 |
14
HEALING VENEZUELA
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2023
8. OTHER EXPENSES
| HER EXPENSES | ||
|---|---|---|
| Foreign exchange charges Accounting and legal services Bank and other related charges Bad debts Others Total |
Year ended 31 December 2023 £ Year ended 31 December 2022 £ 483 14,231 (387) 8,766 203 6,356 2,411 182 1,152 - 23,684 9,715 |
|
| 9,715 |
9. DEBTORS – AMOUNTS FALLING DUE WITHIN ONE YEAR
| Group Trade debtors Other debtors Prepayments Amount due from associate Total Charity Trade debtors Other debtors Prepayments Amounts due from related parties Total |
31 December 2023 £ 31 December 2022 £ - 42,317 515 169 25,536 - - 42,001 25,536 31 December 2023 £ 31 December 2022 £ - 41,317 515 4,412 25,536 - - 3,980 46,244 29,516 |
|---|---|
15
HEALING VENEZUELA
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2023
10. CASH IN BANK AND IN HAND
| Group Cash in hand Cash in bank Cash in Paypal account Total |
31 December 2023 £ 31 December 2022 £ 130 217,100 295 133 224,991 774 217,525 225,898 |
|---|---|
| Charity Cash in bank Cash in Paypal account Total |
31 December 2023 £ 31 December 2022 £ 213,694 290 220,961 774 213,984 221,735 |
|---|---|
11. CREDITORS - AMOUNT FALLING DUE WITHIN ONE YEAR
| Group and Charity Trade creditors Accruals Other creditors Total |
31 December 2023 £ 31 December 2022 £ 7,087 5,210 - 5,658 - - 12,297 5,658 |
|---|---|
12. CHARITY FUNDS
| Group and Charity Balance at 01 January 2022 Net movements during the year Transfers Balance at 31 December 2022 Net movement during the year Transfers* Balance at 31 December 2023 |
Unrestricted fund: General fund £ 197,667 9,849 - |
Unrestricted fund: Reserve fund £ Restricted funds £ 35,000 4,673 - - (1,371) - |
Unrestricted fund: Reserve fund £ Restricted funds £ 35,000 4,673 - - (1,371) - |
Total £ 237,299 8,478 - 245,777 1,451 - 247,228 |
|
|---|---|---|---|---|---|
| 207,475 (29,666) (27,508) 150,301 |
35,000 - - 35,000 |
3,302 31,117 27,508 61,927 |
16
HEALING VENEZUELA
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2023
12. CHARITY FUNDS (continued)
As of 31 December 2018, the Charity decided to designate a Reserve fund. The purpose of this fund is to act as a security cover to fund future operations. Whilst the Reserve fund represents an unrestricted fund, it will be only accessed if there is a significant shortfall in cash.
Restricted funds are those where the use of grants received is restricted to purposes specified by the donor. More information about the grants falling within the scope of this fund is in note 4.
*The transfer of £27,508 from the general fund to the restricted fund resulted from a review of the Giving Tuesday fundraising initiative in 2022. Although these were primarily individual donations not legally tied to any programme, the campaign was marketed as part of the Guaraunos food programme. It is therefore considered appropriate to regard these as restricted funds.
A reconciliation of the restricted funds as of 31 December 2023 is provided below:
| Opening balance £ Reach Fund of Social Investment Business Global Giving 2022 – Food Programme Global Giving 2023 – Food Programme Global Giving – Junior Doctors Intermediate Capital Group Mudano Accenture UK Ltd. Global Giving – Micro Farms Global Giving – Save Patients with Cancer La Vida Foundation Lata Foundation Total restricted funds 3,302 27,508 - - - - - - - - _ 30,810 |
Incoming resources Resources expended Closing balance £ £ £ - - 32,583 2,683 20,000 8,333 29,660 95 10,000 3,000 106,353 (1,174) (26,894) - (2,683) (20,000) (8,333) (3,058) (95) (10,000) (3,000) ___ (75,237) 2,128 614 32,583 - - - 26,602 - _ 61,927 |
|---|---|
A reconciliation of the restricted funds as of 31 December 2022 is provided below:
Reach Fund of Social Investment Business LATA Foundation – Junior Doctors 4,673 - 3,30 - 4,500 2
17
HEALING VENEZUELA
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2023
(1,371) - (4,500)
| Total restricted funds | 4,673 | 4,500 | (5,871) | 3,302 |
|---|---|---|---|---|
| 13. FINANCIAL INSTRUMENTS | ||||
| 31 | December | 31 December | ||
| 2023 | 2022 | |||
| £ | £ | |||
| Financial assets held at amortised cost: | ||||
| Cash in bank and in hand | 217,520 | 225,898 | ||
| Debtors | 47,958 | 25,536 | ||
| Non-financial assets | - | - | ||
| Financial liabilities held at amortised | ||||
| cost: | 7,087 | 5,658 | ||
| Creditors | ||||
| - | - | |||
| Non-financial liabilities |
The carrying value of all financial instruments approximates to its fair value.
Interest income of £1,541 (2022: £19) has been earned from amounts held in a bank savings account; which is included within ‘other’ in the income section of the statement of financial activities.
18
HEALING VENEZUELA
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2023
14. RELATED UNDERTAKINGS
The entities below are separately registered charities that manage their own affairs with the support of local volunteers and the management of the Trustees of Healing Venezuela.
| Entity & Registered Address | Entity Reg. Number |
Date of incorporation |
2023 Total Income |
2023 Total Funds |
|---|---|---|---|---|
| £ | £ | |||
| Healing Venezuela – France | ||||
| 152 Impasse des Pommiers et Poiriers, | W691102926 | 30/07/2020 | (539) | (721) |
| 69380 Marcilly d’Azergues, France. | ||||
| Healing Venezuela Inc. 66 W66 ST Apt 25C, NY 10023, USA. |
95-0547234 | 30/09/2022* | 0 | 0 |
*Healing Venezuela Inc. received Section 501(c) exemption in June 2023.
Healing Venezuela France 2022 total income during 2022 was £640 and total funds were £(182).
Healing Venezuela Inc. total income during 2022 was £0 and total funds were £0.
15. RELATED PARTY TRANSACTIONS
No Trustee received payment for professional or other services supplied to the Charity or received reimbursement of expenses from the Charity during the current period or prior year.
The Charity has taken advantage of the exemption afforded by FRS 102 not to disclose any related party transactions with other wholly owned members of the Group.
16. EVENTS AFTER THE REPORTING PERIOD
There were no events of significance after the end of the reporting period.
19
Pollyanna Services The Studio, William House Quay Street, Orford Woodbridge, Suffolk IP12 2NU
Contact: 07747893858 pollyanna-sevices@outlook.com
Healing Venezuela Charity Number :117079
I report to the Trustees on my examination of the accounts for the year ended 31[st] December 2023
Responsibilities and basis of report
As the charity trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (The Act)
I Report in respect of my examination of the accounts 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:
-
Accounting records were not kept as required by section 130 of the Act: Or
-
the accounts do not accord with those records
Any Concerns I have come across have been addressed to my satisfaction and there are 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.
Signed:
Name: Pauline Caswell MICB Pollyanna Services The Studio, William House Quay Street, Orford Woodbridge IP12 2NU