Charlty r8glstrotlon numbor 1176273 (England and Wal•sl
Company r8glstratlon nUM￿r 10747109
THE VOLUNTARY SOLIDARITY FUND INTERNATIONAL
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
• xeinadin

THE VOLUNTARYSOLIDARITY FUND INTERNATIONAL
LEGAL AND ADMINISTRATIVE INFORMATION
Tru8te•s
Professor J Bonnlcl
Lord D J Brennan
Dr D P R su￿anyes Blckel
Mr F Vannl D'Archlrafi
DrL R dr Montelera
MrPLLDuval
MrJ Pcasey
Mrm J SAlvarez
r M von Muralt
MCMCelll
Charlty numb#r (England Ènd Wal&sl
1176273
Company numbèr
10747109
Règlslerod offl¢o
66 Lincofn Inn Figlds
L￿rtOn
London
Unlled Kfjngdot
WC2A3LH
Ind8p8ndent examlngr
Hazel Day
Nighllngale Housg
4648 East Sl¥e81
Epsom
sU￿Y
Unlled KiThJdom
KT17 1HQ

THE VOLUNTARY SOLIDARITY FUND INTERNATIONAL
CONTENTS
Paga
Trustees, report
1-13
Independent examin8rf8 report
14
Statement of fln8ndAI ac11￿lIes
15
Balance she&1
Notes lo the flnandal statements
17-22

THE VOLUNTARYSOLIDARITY FUND INTERNATIONAL
TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2024
Thg trusto85 prasenl Ihelr8nnu81 report and financlal stalemenls for Sh8 year ended 31 Dec6mb¥r 2024.
Tho financlal slalemenls hav8 been prepared In 8ccordonce ¥Ath Ihe 8ceountlng sx)lid98 Egt out In notg 1 lo th8
nanclal stalemenls and eomply wilh Ihg comp8ny's govgmlng document, the Companl8s Act 2006, FRS 102 'The
Financial Reportlng Standard appllcable In the UK end RepU￿1C ol Ireland" knd Ihe Charitigs SORP "Accounllng
nd Reports'ng by Charilies.. Stalemenl ol Recommpnded Practice applicable lo charitt8s preparfng Ih?ir accounls In
accordance wth th8 Finandal Reportlng Slandard Bppllcabl8 In Ihe UK 8nd Republi¢ of Irel8nd IFRS 102)".
Oblectlves and actlvltles
The Vol4Jnt8ry Solld8rfty Fund Intem8tlonal (VSF Int8m8tional"l is bome out of thg need for an effectlve ￿sPOnso
19 Ihe progression of social 8xclu8ion In d8veloped counlfles. Its mission is lo provldo an opportun1ty lor th8 mor
k*rtunAle In soclety lo help tho86 who 8r8 dlsadvÈnt8gad by ttsnlribuling. both financially and by volunleerfng lim8.
The 8irn Is to Taise the capacity ol Ihose Ihrea¢8ned to enable them lo 8am a dlgnlfi8d Ilvlng by u81ng thalr own
capabllllles.
Tho VSF Int8m8tlong1 supporis, Intar alla. axisbng ch81iti8S Wtth 8 proven ￿COrd of success In wnnlng programmgs
in local communllles to bring margiTralised Individuals Into socSety. and whSch ar8 8bl8 to SC81è up th81r Èclivity.
The VSF Intsrnalional relles on donations. 11 wlll collect and dlstrlbut& funds to 8pprov8d progr8mmès that havè tho
potentl81 to counlèr tha di18pidaling 8ff8Cts of 8OCiO-8(x)nomlc decay In cllies. The funds support projects Ihal
enhance th8 capacity of Indivlduals io stand on th&lr own hvo leet but who. withoLtI such support. arè in dang8r of
f8lllng bèhlnd 8nd b8comlng m8rgin81i8gd In s￿{9ty. As noted abovg, this support may go to organlsauons thal are
expgrfenced, have a track-record and are auditod to ensuro tr8n$p8r&n¢y and full compllanco wilh thè VSF'8 alms
And 8pplle8blè règu18titsn$. However, n8w inilialiv8s y￿11 also be consldered. Programmes fall Into three categorfes:
Intègratlon of mBrglna118ed communlll89, for example homeless people, refugees, people with mental health
trauma. vlctlms ol dnjg ond alcohol addictlon. ox-lnmple.. The oblo¢tivè horè 1$ not lo provide th8 Ilr81 leval of
support but ralh8r lo giv8 the extia support necessary lo Inlegrale the person back In soclety and enhanee tha
ablllty to eam tt Ilvlng in a dignified and honoutablg way.
Educatlon, th6 pro9ramrnes 8UPPOrted by the VSF International will provlde grants and scholarships to Indlvldu81s
who are capable and e8ger to stucly a Irade or dlsdpllne order lo Improve Ihglr ¢h8nce5 of fin8n¢io1
Indppgndgn¢e.' aEtd
Interesl-Ire8, mlcro lendlng to Indlvlduals wlth entreprenèuriAI eapobllitigs who ar9 not ablg lo awe8s crgdil
Ihrough Ihfy ¢onvenlional means
The corg valuB8 of lh8 VSF Inlernalional are Insplred by, and fully allgned wlth, Ihe Cathollc S(￿81 teachlngs ol
solldarfty, communlty knd pa￿¢[pa110￿. 8nd humAn dlgnity.
The VSF Intemallonal wa$ created undèr Ihe infiuence of the Cenlesirnus Annu3 pro Ponliffce Foundallon, a
Vatican based enlity establlshed 25 years ago by Pop& John Paul 11 to dlssemlnato Cathollc soclal taachirng in
conomlc drd89.
Tha VSF Intomauonal 1$ 8 Charity 3nd Tegister8d on the Register of Charflles lor England and Wales wllh Number
1178273 a8 Irom Deoember 14 2017. The Board ol Trust88s Is fomièd of 11 •xp8Ylancèd porsons wlh a wida
rangè ol rellglous. profosslonal and philaTrlhropic background, fully £ommiltsd lo comply wllh Ihg most demanding
audit and transparency standards.
11 is Intended that, In addillon lo Ils own acllvlUes In England, the VSF Inlernallonal ￿11 16ad. ovèrs88 ènd support 8
natwork Ispannlng a numbèr of countrt8sI of charilablg 8ntiligs {th8 WSF Neiwork") uslng the VSF logo and name
and adopting oblectlves and pollcSes whlch are fully allgned wlth those of the VSF IntamaUon21. Th6se enlillgs may
bè èstabllshèd A8 br8nch8s of th8 VSF In18m8tlonal or as Ind8P8ndgnl nol-for-profll organlsalions whlch ￿11 be
Ilnkgd lo the ne￿0￿ by a conlractval ag￿ement and govemance structure. adherfng to a slnglè mlg8lon and Sel of
valuès 8nd 8doptlng a cornmon set of policièg and standards. Tlg precise structure of these entllies wlll b&
dep8ndenl lo a slgnlficant gx1ent on Ioc41 laws and regulatSons In thg countrfgs In whl¢h Ihoy aro gsl&bli8hed.
Publlc bgnoflt
The Irusleps hav& pald due regBrd to gvldance Issued by the Chorfty Commlsslon In deddlnu what activilles the
should und8Tlak8.

THE VOLUNTARYSOLIDARITY FUND INTERNATIONAL
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Achl8v8m8nl$ an(1 performance
Significant 8GllvitAes 8nd aGhlevemont8 agalnsf otyecllves
VSF IntemAllon81. established In 2017. rern8ins In the parfy 818gg8 of it8 organ18allonalJouffley.
The COVID.19 pand8mlc. the war In Ukraine. and a 8eries ol global economlc d[s￿ptIonS have helghtenad Ihg
demand for thè klnd ol support VSF Intém8tlon81 provldes, h81plng Individuals rebuild Ihelr lives. The pandernl¢ has
deepened the condllions for SOCI￿£cOn0rnTC decline. Labour markets continua to lag across all lurfsdlcllons whars
VSF Intèmalion81 opèrattts, whila te¢hnologlcal 8dvan¢o8 a¢¢el8raling autornalion. 11 Is In￿easInglY evldenl that
upskilling wll be essgnU21 In the post-pandernlc era.
Thasè glob81 ev8nlg have triggered widespread cost-ol-INing and Inflallon cdses, affecting every counlry In whlch
the VSF Network Is activè. Unsurprtsingly. the most m&rginglis8d wmmunities arg bgpring Ihg brunt ol Ihe5
ch8llènge8. As a result, charili8s are under imrnense pressure to scalg thelr efforts lo meet the growlng demand for
supporl.
Agaln81 Ihl8 backdrop, the role ol VSF International as a charity acc8leralor remains nol only relevant but urgently
needed. The demand for Ils seThiees and supporl etsnllnues tts grow.
However, in Ihls clim8le ol economlc uncertalnty and slowdown, fundra181ng has become slgTrlftcanlSy more dlfficull.
both for tho chBrfllgs and prolacls supported by VSF Inlèm8llon81 and lor thè org8nls8tltsn Itself. Many charit185 8r8
gr8ppling wllh severe budget shortfalls in the wake of fhe pandemlc and Ihe ongoing cosl-of-living ciisis. Addressing
these fundlng gaps has become thelr primary concern. Thls ffinanclal straln Is 8XPèCt*d to pèrsist wèll ints> 2025 and
bgyond.
Thls was the eontexl In whl¢h tho Boaid ofTwsteg$ opgra1￿ throughout 2024.
D88pllo the80 mounting challenges, VSF Inlernalional and Ihe wider VSF Nethrk have made steady progress over
the past year..
In the UK, VSF Inlemational conllnu8d to con8olldale Sls operations by..
lal slrenglhenlng collaboralfve partnershlps wlth tha four charltles selected In 2020.
Ibl continuing lo build ils brand presence.,
Ic} sourclng funding forlhose charibes..
{d} inlliatino strategic partnerships-, and
lel f6Cmltlng 8nd 8ppoinÉing 8n experien¢8d Exo¢Ut6vo Director toload the developrngnl and irnplementalton of ils
slralegy.
In Spaln. undbr Iha188darship ol Tru8t88 Domlngo 8ugr8ny88 Blckel, th8 Sp8nlsh br8nch has suslained Its
support for prolecls dellvèred by Well-establish￿ pather charitles. It has focused on engaglng mediutll-slzed
eomp8nl88 88 prtslÈ¢l 8pttnsors and h8s c¢ntinutsd Its ￿1$& and dislribul8 fur￿8 lttrough formalised cojlaborative
agreements.
In Malla, Ihg VSF Malla Found8Won. led by Trustee Prof. Josef 8onnlci. ha8 exp8ndgd and diversified its
board. 11 hBs prooressed In selecllng charllable projects to support and In bulldlng relallonshlw& wllh so1?cled
foundation8. whllg al30 raislng lunds lo back these Inllialfves.
In Italy, Ltnd8r Ihe guldRnce of Trustee Lorenzo Rossl dl Montelera, th6 Fondazior*8 Lulgl Rossi has
8imil8rly oxp8nded 8nd diver81fied Its bo8rd. 11 has conlinued to 8UPPQrt its lrnllial aPPToveil pYoject8, 8uch a8 Vllla
Nazareth and Casa Bonaflca, through bolh fundlng and vAlue.added servlces.
THE VSF INTERNATIONALAND THE VSF NEIWORK
The VSF Network operates essenlla11y as a lacllllaloT and acceleraloi lor ils partn8r charitles and not as a promoter
of new ehRrft8ble prolectg of Ils own. Thè 8ppro8ch Is 8 mlx of fund-faislng for Ils pamner charit165 ènd unlaÈshlnu
the force of its netwoTk to enable Ils partner charilles lo source other services and resource thelr wlder needs. The
oblaclive 1$ to a$si81 tha partner ¢harili•810 8¢ale up and Incre88& Ih&ir Impact.
Racognl8lnu that execution takes place largely on th8 grouthd In tho luri$¢iclion6 In which the VSF Nelwork is
operatlng. a prfmary focus of Ihè VSF Internallonal In these earfy stages Is to ovèrsèe, support and develop thg VSF
Nelwork in lh8 fourjurisdiclions in which 11 is currenlty op8r8ting- Ihg UK Ilhe VSF VKI, Spain Ilhe VSF Spaln), Ilaly
Ilhe VSF Italy) and Malla Ithe VSF Mallal. However, the Board has also consldered how to orow the visibility of the
VSF Intemallonal more broadly beyond th8 border ol those four juri8dicl¢ons both ￿th a view lo supporting Ihe
dex
lo
oss
ew
rl dldons.

THE VOLUNTARYSOLIDARITY FUND INTERNATIONAL
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT} (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Strateglc Focus and Intematlonal Dev6lopm8nt In 2024
Throughout 2024. VSF Inlomalional mainlalned its emphasls on slrengthenlng support for Iha ac￿VIll•S of VSF
Ne￿ork members on the ground. whllè also Adv8nclng thè da￿lOpm9n1 of internallonal fundralslng proposals.
Again81 the backdrop of conllnued glob818conomlc uncèrt81nty, much of the Board of Twslegs. dellberatlons
centred on tsvo kgy prforft19S.-
1. sharing irÈslghls and refinlng best prACtlc8s lo Id8nlify Suc￿31￿1 approaches in one county that could be
8d8Pted and r8plical8d in othèr8,- and
2. exploring strategies lo enhance VSF Inlematlonal's vi8lbility among prospective supporters end lunders beyond
Its curr8nl 980gr8phic footprint.
Thls ongoing dialogue and exchange wlll conllnu& into 2025. la￿ng the groundwork for a coherent and acllonable
In18rtF81ion818traiegy.
Fundrals5ng dlseussions have focused on th8 feaslblllty ol launchlng a global crowdfundlng Inltlatlv8, SUPPOrted by a
more dynarnic presence on Boclal medSa plaifomis such as Llnkedln. Inslagram. and Facebook. These
conversallons have drawn on less(Trns 198med frotn ple￿Ou8 Iwal-level eNort8. Of particular Importance has be8n
the exploration of how lo attract major phllanlhroplc conldbullons from Intern8tion31 found8tiotTrs hlgh-nel-worth
IndI￿dual$ whost valu8$ ond &mLllion& allgn with VSF Intemalional's misslon and global outlook.
To gngag8 meaningfully with 8uch donors and inslitulions. VSF Intematlonal must Ilrst 8nsur& th8t its operations ar8
stable and damon$tr8bly eff6ollvè In each of the jurisdictions whgre the VSF Neiwork is actlve. Encouragingly.
progres5 corilinues across all regions. Th8 next phase wlll Involv8 synlhaslslng thè 8chi8vèmènls of individual
Neiwoik members Into a compelling narrabve Ihal showcases VSF Inlemallonal 6 lrnpacl, bolh In lem)s of the
rinanclal resource8 mobllised for supported charftles and thè ou81ilatlvè. v81uè-addèd xèrvlcèy d81iver8d or
facllltaled on thèlr bèhalf.
Efforts have also been dlrected ioward enhanclng th8 orgonlsa¥on's dlg11al Infr88tw¢tur&. In¢ludlnu improvements to
tha VSF Intèm8lion41 websi18, th8 development ol Inlemationa11y orfer*led presenlatlon malertals, and Ihe expansion
of Sis soclal medla footprint. These iniliadves will ￿rry torw3rd into 2025 under the con14nu8d leadershlp of Ihe
Ch81r.
THE VSF UK
The Trustees used p8rt of th8 proceed8 01 a rnalor fundraiser at the House of Lords In @ prevlous year to fund the
part.lime hire ol a UK Exaculve Dlreclor for 2 days waÈk lo 8cc8laratè thè implemen18tion of the VSF'S rn1s8io
nd purpos9.
The Executive Dlreclorfs straleglc workplan was submitted for approv81 to tha VSF 8oard and 8pproved. Th
Included a numb8rol inilialiv8s lo enhance Ihe VSF'S vislbllity In the public square.
Th& malor acllvlues conducted In the VK over th& past year Included-.
Otganising 8 SUCC988ful awareness evont 81 Ihg Alh8neurn club In January 2024, courtesy ol th8 generous support
of 8 benefactor. The fundralger was al full capacily of 60 polènllal donor5 and 8UPPQrt8rs, who li81ened lo
pre59r)1otions by UK Ch3irman th8 Lord Brennan, Executive Director Edmund Adamus and by the CEOS ol each ol
the four charitles Ihe VSF UK Is supportlng.. Prfson Advlce and Care Tmst IPACI), Providenc8 Row, Worn8n al the
Well ond thg Good Counsel Neiwork. The ev8nl was attended by knIg￿profi1e Church flgures Includlng th8 papal
legBle to the U.K. and a senlor offlcl81 of the Archdiocese of Wè51minster.
A significant fundrai81ng event hosted al lh8 Hou8e ol Lord8 by VSF UK Chaimian lh& Lord Brenn&n Sn July 2024.
with an attendanc6 0190. Thls event was generously sponsoréd by 8 £7,500 gr8nl thè VSF UK obt8ill8d from
ccL4, the lead charity investment manager In thg UK, Total funds ralsed amounted lo -£9,000, wllh one generous
glfl of 5,000 accounung for the bulk ol donatlons. Rock band Oobgrfusa offèrèd to play for fmè, in Buppori of th8
ehÈrity. A¥lgnificanl donallon of £15,000 was obtained from a donorover lh& past yeaT.
VSF UK secured another £IO.000 granl for healthlw811-bgln9 seNices lor Provld&n¢g Row'$ homelo88 seryices from
Iha It8llan Medical Charfty- its $8eond Thjnlrtbullon vl8 the VSF In fouryears.

THE VOLUNTARYSOLIDARITY FUND INTERNATIONAL
TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
UK VSF EXecu￿Ve Dlrector atiended PACt's 125th an￿￿ersary volunleer gwards gvoniny in October and on the
back ol a £2,000 pledge lo PACI, and was asked lo hand out the awore In Ihe presence ol HRH Prfncess Anne.
UK VSF Executive Dlrector partlclpated in the nalionwd9'CEO $1gepoul' project In November 2024 al Lord's crickol
g￿und, raising £3,500 for Providence Row.
VSF UK Executive D1￿Ctor scaled up soclal medla presence by over 80% and con1rf￿Ied lo research by Cenlre for
SoclBI Juslicg report'supercharging Philanlhropf
Conunued fin8ncial $upporlw8s offered from the VSF UK In favourofthe four charill88l18up￿rt&
A VSF UK Trustee dellvered the koynote address Bl th8 Calhollc FundralsSng Naiwork 8V8nt In Novembar hosted,
gponsored by wealth manager Evelyn Pertners.
Dug lo Ihg UK VSF'S fundralslng efforts not achlevlng 119 largel the TNstees had hoped, the Trustees declded
accordlng to prudent m2n8gament of Ils assels to r8duca thè Ex8cullv• Dlrèctorfs tlmè eommltm8nt from iwo d&ys I
week io ong day I week, and to undertake a further slraleglc review ol Ihe UK VSF'S aclvllles.
Th8 following 18sllmonlals wèr8 dollv8r8d by th8 four charltlas tha UK VSF h8s béèn SUp￿r11n9'.
Pr
vldoneo Row Wwi.pm¥Ad8n￿rOW.org.uk
'Thg VSF UK have b¥en wondorful p8rtn?rs ov8r th& 18$1 five yo8r8. A8 prTraclN¢ supporter8 and 1rf8nd$ ol
P￿VIdenCe Row, VSF-VK enabled us lo eslabllsh networks that would nol have been open to us olhetwise. Thanks
lo Ih8lr support, wè hav8 providèd lifè-changing 8ssis18ACa to many hundrèds of th8 mtsgt vulnsr8blè and axdudèd
people affected by homglessness across East London and the Cityl By supportlng VSF-UK, please know that you
hav81gft a huge lega¢y that will enable thosts wg serye lo acces8 the help Ihèy desperately require over many year8
to comèl. Tom Hlll Head ofPhllanthropy Provid9[￿ Row
Womèn at t
a W•ll
ttPsJA￿W.￿￿1w.org.U
VSF-UK has provldod lnvolu8blg support in recent yg8rs bolh In funding for our speclallsl suppprl sorvlces,
as well as grants for some ol the baslc mBlerlal goods that the women who use our s8rvlce5 need. We are grateful
for th9 0PPQrtuni1195 the VSF-UK leatn cre8ted for us to profjle whD Wg are and whot we dg lo individuols and
netsyorks we wouldn't olherwSse galn access to..
sarah Gro¢n CEO, Women alThg Well- Phon9.' 07984 717817 E￿811.. 8arah.gfepn
W8￿.0[9.vk
'As a charfty Insplred by Calhollc social leachlng. Pact has b88n lrnmensgly blessed by lh9 SUPPOrt from VSF-VK.
Havlng unloue opportunltlos to speak al VSF 6vanls has ralsed our proflle as a leBdlng charfty In our fteld of
prison9r gdvlcg and support. Sev8ral ggnerous grants have supported our work wllh th8 fafflllle8 slnJgglln9 %vllh lh9
Impact of having 8 lovad ona In pr￿sOn s￿1 halp8d u8 hlghllghl ouf lanlastlc volunl8grs wllh sponsorship ol the
Golden Thread AwaTd"
Andy K•an.Downs CEO P8et IPrlson Advlcè and Carn Trustl emall. &8@prfsor*8dvlc8.org.uk
Our Lad of Good Counsèl Nétwork w%w.g<)odc￿nsalnet.￿Y.Uk
Yhè p8rtnèrshlp wth VSF-UK Supportèd our spèc181 Pregnancy Food 88nk. hglplng to fund our Tralnlna and
Educatlon lor Mothers Programme as well as a grant whlch allowed us to PrO￿de educallonal toys and equipment
lo Molhèrs wth disablèd childrÈn. Wè Èlsts m8d• soma Inv8luablè connèctions wilh professlonals In a varièly of
elds who have advlsed and asslsled the women we servg and thelr ch11dren.' Clare Mccullough- DIFeclor
The VSF SPAIN
The VSF Spanlsh branch Is rog1ste￿d under tax Idenlificallon number N8269615D granied by the Spanlsh Tax
Agency on 11 Jun8 2018. The Board of TThsle8s of VSF lnt8malional h85 givèn managemènt powars of 8ttornay to
one of Ils members re51denl In Spaln, Dornlngu Sugranyes Blckel, and jolnl banklng Powers ol attorney to Domlngo
Sugr8nyes Bickel and Jesus Avgzuela ca￿e1. For ¢ornmvni¢alion PUTPOSe8 VSF Spain has its headquarters 81
Paseo Juan XXIII. 3- 28Q40 Madrid.

THE VOLUNTARYSOLIDARITY FUND INTERNATIONAL
TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
VSF Spaln defines Itself as an aeceleralor of non-wofit solidority projects. 1188ek8 lo bulld bridge8 of collaboration
b8twe8n cornpani88 and charflable entltles In Spaln. To thls end. It tjeslgns or selects speclflc long.term support
projects ft>r people at ￿sk of m3rgltTr8lis81ion. wnan8ged by organlsalion8 of recognised solvency, wlh whlch il has
collabofalion agre8m8nts, and seeks bvsln6ss iesourees of dtfferènt lYp￿ lo help In thè d8v8fopmant of thos8
projects.
In 2024 VSF Spaln ha5 locused on acllvltle8 to'help tho80 who help":
Dlgltal Iransformalion for thg un9fflployed. A 4th edluon of Ihg free digltal Ilteracy cour8e for persons al rfsk of 8odal
exclusion. financed by the company Mozo Grau SA. took plac• 8t lh& Fund8cIOn P8blo Vl, Madrfd, fiom 13
Fèbruary lo 23 April 2024. The twenty partlclpan18, mostly Imrnigrants, had been selected by the diocesan
employment s8￿c￿ of Cerflas Marsdd. and rèceived thèlr flnal dlploma on 2 May. Thè partlClP8rils racéivèd laptops
donated by the ¢oThpanies MAPFRE Espafia and SOLUNION, previously recycled by the computer services ol Ihe
Funtjacion Pablo Vl. whleh lends Its pr8mls6s Itèa ol Chargè. From th8 èvaluatlon8 carrfsd out by the t8ach8rs and
by the particlpants themselves, there Is a cl8ar benefit in tgms ol employabillty. self-esteem and sodal Integrallon.
VSF has &rr8ng8d th8 n8C8S8ary funding for Ihls 8CtThilty to continuè and dèvèlop, with Iwo èditions plannèd rn 2025
(spring and aulumnl.
Course for asslslanl sports coaches for young unemployed. In collaborÈllon wllh the soElal cooperatlve Opclon 3-
In chargè of thè Madrid munlclp81 nètwork ASPA and th8 apÈn mental h8allh centr8 of Vallecas for young p80pIg
betsyeen 16 and 22 al fisk of marglnallsalion~ and wllh Ih&Atléllco de Madrid Foundation, VSF has promoted a pllot
courso for 88slstanl foolb811 coach88. Thig hon-fom181 Irdlnln9 eour88 for boys and girfs look place lor 120 hovrs
be￿een Aprtl and June 2024 at the Alléiico de Madrid sports lacllilies In Aleaia de Henares. Thi5 Iraining. Very
atlraclivd dué to the 8due8tion81 participation ol a renowned sports enttly, has neverth81ess Bncounlergd difficulties
of pa￿¢[patIon due lo thè dlstanco ol Iha fa¢ilities ond Ihg PXfQSSIVg durgtion of thg cour89 for young people in an
unstable silualion.. ol th8 Inillal 20 particlpanls, only 4 con7pleted the enllre course., one of them has been admllled
to conlnue an official profe55ional Iraining as a coach. For 2025, il 15 planned lo continue this activity wlh 4 shorter
fomial and uslng If posslble sports fadlilles close lo th8 p8rt1clpants' places ol resldence In Maddd. ￿th the help of
the competenl tnuniclpal 8eNloes.
8uslnos$ ¢onts¢ts for tho Carilos Madrfd C8TT*PUS. Thg C8rits¥ Madrfd Campu8 In En8anchg de Valleca8 offers PTO-
vocallonal Iralnlng lo young peopl8 al rfsk ol m8rglnalSsatlon, especlally In constrncllon. c£lerfng, eleclronlcs and
home care seryice5. Thanks lo conla¢ts 8818bllshed by VSF Spain wllh Ihg a88oGyation ol develop8rs and builders
ASPRIMA, o mulllform collaborallon Is developlng be￿en conslwctSon compBnles and the Carltas tralnlng cenlro,
wfjlh 8 view to Tn¢orpoF81ing unemployed people. Also a8 8 Tesull ol Ihg contacts created by VSF Spaln, a mullilorm
collaboration conlnues to d8velop betswen th8 Campus knd thg company ASITUR. wllh th8 IncorporAllon ol eall-
centre staff Ir8ined al the C8mpu8 and the participation of ASITUR in Cartlas acllvilles such as the recycled dolhing
company ModaRe and the caleflng eompany CaAfo(xl. Thanks lo contaclg from VSF Spaln. Iha Campus has
Inllialed an 8rt15lic training. DuAng the fir81 week of October 2024, a pairillng workshop was held for 6 students of
tha Carftas Tralnlng Cènlrè for Employmènt, whlch w89 olven by fha eontampor8ry artlst Pablo Sisb81
{www.pablos18bel.coml. Thg sludenls were Inlioduced lo creative arl, slartlng with drawing, and finlshed Ihe
workshop wllh lh8 craallon tsf varfous woths of 8rt. It 1$ for8s8an Ihat thls 811rulslic co118bDrallon wlll ctsnlinuè 8nd a
ngw edSllon of the workshop will be repealed In Ihg first quarterof 2025.
Prevenllon of vlolence amono teenagers. VSF has been supportlng for several years Ihe ploneerfng programme for
th8 pr8v8nllon of vloléncè 8g8ln8t wom8n and Viè promolon of èqv81ity 8mtsno tè8nag8rs davèlopéd by thè Luz
Casanova Foundallon. Thls programme, almed al teenager groups In cooperallon wllh schools and publlc
Institutions. Is bagèd on an inrtovaliv& And pardupatory mèthodology. Thé digllal marketing company t20 Admèdi8
Services S.L. has ag￿ed to be ong ol Ihg sponsors of Ihls prolecl from 2024 onwards. Thanks lo VSF Spaln's
contaols ￿th th8 ASPRIMA 898oclation. afforts are 81s0 bolng mada lo find r8duced-cogla(￿0mmo￿81I0n lor
women and fam1119s of women vlcums ol violence.
Schools of Peace. Thg CommunSly of Sanl'Egldlo has been provldlng lor years a completely volunlary and free
8NÈr-school c8ré s•rvic8 for childrén In vuln8rable f8mlly ènvironfflènt8. It hélps thè child in hls or h8r school
Illnerary and helps the fèrnily In their ￿spOnSIbl1511es, ￿th an open educatlonal model. The aclivlty is carried out In
Ihr88 localtons Tn Madrid (Pan 88ndito, Calle 0Sivar, C8118 L8rral ffiv8 hours a week. Summer camps are also held.
VSF Spaln has been obl¢ lo cotlaborate by provldlng somtr f(nanclal support to thls activity. whlch is ¢ntirgly rarried
out by volunteers.

THE VOLUNTARYSOLIDARITYFUND INTERNATIONAL
TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Hu8rt0 Hermana Tlerra (Slster E8tih Orchard). SERCADE, the 801idarily 8ervice of Ihe Capuchln fdars, has an
or9anlc f8rm In El P8rilo where they provlde temporary WO￿ and tr8lnlng for immigran¢8. Th8 products Sre also 801d
and dislrlbuled free of charge at various a851s18n¢e pThnls In Madrid. VSF Spain has been able to collaborale wllh
50rng fin8ndal sUPPOrt lo this aclivlty, whlch has bgan sp8claI￿ ssxJnsor6d by Awlon &)ci81 Empfes8ri81 ASEI. an
organlsatlon wllh whloh VSF h&$ g ¢olloborotion agre8rnenl.
San Cri81ob81 Market School. The solldarity organlsallon CESAL has 18ken ov8r thè m8n8gÉm8nt of th8 recenlly
refurbished San Crfstdbal munlclpal m8rf(èt, whlth 1$ ltxaled in front of the Cualro Torres do la Caslellana In Maddd.
a very allraclive ILKallon close to one of the m&ln new flnanci81 dlstrfols in Madrid. CESAL hÈ$ obtained Ihal the
cornpanl8s managlng Iha boutlquas employ and train young unemployed Immlgrants, who also naed gEn6ral
Iraining and mentoring. VSF Spain has publlclzed th6 project and hop88 to firtd sponsor8 fr*r th8 g8n8ral trainlng
componant, whtch reoulrax non-r8payab18 fundlng.
Mlgr8nt educauon in Valladolld. Th8 Red Incola Foundauon, ValladolKI, Is the re8uII of an alllance between 88veral
rellgioug ¢horitlo8 8nd ¢arrfo8 oul an important training a¢livlty aimed al vulne¥8bl& people. especA811y Immlgranls.
R8d Incola needs to ￿cOVer a sullable urban Space throu9h restorallon and equlpment works for which VSF Is
seeking 5pollsor8hip from ¢ompanie8 active in C8Stllla y Leon.
Ald for ￿c￿MS ol the floods. At Ih? request of Iha Sp&nEsh svb$ldiary of the French Insurance brokerage company
KEREIS. VSF has Provided old lo vicllms of the 29 October catastrophlc flood. whloh the ¢omp2ny wanted to carry
out In a personallsed manner and wrlh direct follow-up,. Ihoy have been pul In contact with Caritas Valenda. on Ihe
one hand. ond wlh Ihg Communlly of SanlEgidio Velencia, on Iha olher.
Promotlon and rocognltlon actlvltlas
Thanks lo lh8 Interv8nlion of the Presldenl of Madrfd's employers. organ15atiDll CEIM. Miguel Garrido,
presenlallon ol VSF Spaln was made on 19 Januarylo Its Co4K)r818 Social Rts$pon8lbility Comrnission, ch81red by
Hllarfo Affaro. On 4 Jung 2024, an evenl lo promote VSF Spain was held In the audltorium ol lh9 Poroz Llorca Igw
mi, In the Castellana SO buildlng In Maddd. with the p3rti¢ipal*on of 74 gu8518. Speakers included Hllarfo Allaro,
pr88id8nt of Madrid Foro Empresarfal, In dlalogue wllh Javler Fernandèz-cld. ptesidenl ol Arcion Social
EMp￿Sarial- and J05é Suarez, partner al Pérgz LI0￿3, In dial
ue wilh Manuel Martlnez Pedraza, former partner at
EY. Aft8￿ards, In a round tabl8 rnoderated by lournallst Mart
ngelès Lopèz Romero. chBrity lo8d9TS spoke oboul
speclfic proleets and businoss cdloboralion .' Callus Buslo of the Comrnunlly of Sanl'Egidlo,' Marlo Cosgaya of the
Opet6n3 opèn rn8ntal h8alfft cenlre- Isabel Jlménez, CSR dlrector of Pérèz Llor¢a', Pkblo Llano. oen9ral ¢Jireclor of
CESAL.. and Eduardo Rodrlgugz, marksling director ol ASITUR. Teresa Garcla-Guercero, Dlreetor of
Communicallons at VSF Spaln., Fr. 8enlAmln Echeverila OFM. Rector of Crislo de Medinaceli,. 8nd Domlngo
Sug(anye5, Pre51d8nl of VSF Sp8ln. took pari in the Inlrodu¢lion and concluslon.
On 13 November, anolher VSF Spaln promollonal event was held 81 lh6 Hotel Vlncel Frontaura In Vall8dolid. The
&vent was Introduced by the City Counclllor for Fingncg, F¥an¢isco d8 Paula Blanco, who was presented wllh a
plaqu8 of recognition. In Ihe round tables. moderated by th6 loum81ist Ana Rodrlguez M8nso, the spgakers warg
Gersrdo Gullérrez. presid8nl of INCOSA, Joso Luls Zurro, partner al Garrtgues, Javier Fernandez-cld. presld&nl of
AcciOr* Social Empresarfal, and Femando Rublo, managèr of tha Innovatlon 8nd Davèlopm8ntAgency ol Valladolid,
on thè so¢ial comrnitfflenl of the company,- and Marla Eugenla Gonzaigz, coordinalor of Rod Incol8. Pablo Llano.
director ol CESAL. and José Ramdn Amor. académic diraclor ol Fund8ciOn Pablo Vl, to illustrate employfflent
tr8ining prol8cts and support for people al risk of marginalisallon. The evenl closed wllh speechos by Fem8ndo
Mozo Grau. sporssor ol thg 6vent. and Dornlngo Sugt8nye8. prosidenl of VSF Spaln. On Ihe occaslon of Ihe
Advisory Board vRee￿ng In Valladolid on 18 Aprfl. Iha dlreclors of Iho compony Mozo Grau ￿re prosenl8d Vvilh an
acknowledg8m8nt as a eomp8ny collaborating In sdidarity prèjèct8, In gratltude for thelr financlal support for th?
ba81c digltal skllls course for Ihg unemployed al Ihe Pablo Vl Foundatlon.
On 29 May. a plaque of recognltlon was 8150 pre8onted to Ihg general manager and the m8n8gemenl team of the
¢ompany ASITUR, in Madrid, In appreclallon ol thelr commitmeThl lo Iralnlng and volunleerfng at the C3rit&5 Modrid
Campus In Ens&ncha de Vallecgs. In ord8r lo gxpand ils wnlacts In Ihg busines8 worfd, VSF Spain has obtalned
th8 col18bor8tion of distingulshed ambassadors, who loln Ihe efkjrts of Ihe Advlsory 8oard members Ihem5elve5-
Monlca de Oriol e Icaza Iprgsident of Ne141hln9s). HilJrio Alfaro fpresidenl Madrid Foro Empresarfall, FTanclsoo
Gassèl Loring (ex-partner al Spencer Stuart), Fellpe Buhlgas Imarketsng dlffjclor of Solunltsnl, Anlonio Qporto
(Sec￿tary genBral ol Clr¢ulo dg EMp￿San95}, Alfon80 Galate Ipresidenl-founder of EulaLinkl, Antonlo camu￿@$
Ilawy8r, $p8ciali81 In corporate diplomacy) and Jorge Glnés Ig&nerBI dlrector of ASPRIMAI. Throughout the ye8r,
VSF Spalft has maintained an 8clive pr65ence IhTough its w8b8ile www.v8fe8pana.OTg. and through publlcallons on
lh9 Llnkedln network. Several vldeos have been made avallable on YouTube, Indudlng È short pr88ent81ton b8Sgd
on the June 2024 evenl htips.'Ifv￿￿.Y0UtvbQ.C9￿￿WalCh?y=N1zQDP$Yxn1.

THE VOLUNTARYSOLIDARITY FUND INTERNATIONAL
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Tr& malèTia15 and graphlcs were produced by VSF Spaln's cotnrnunlc81ion8 dlredor. Ter9sa G8rclg Gueriero, wllh
Ihe help of the $8rvice$ ol the Fundaclon Pablo Vl In Madrtd. Through the agreement In force, people Ilnked to Ihls
Foundation havg also provided o¢c88i¢)n81 hplp for8dtnlnlslr8t5ve 8lld serA8lwial t88k8.
Flnanclal Informatlon
VSF provldès Its sarvlcas frea of chargb. Somètlmas grants flow dlr8cIty from donors to thè $8lèctad prolècts.
wllhoul pa3slng through VSF. Theielore, nol all activ1￿98 are reflected In the financial 81atgrnents. VSF Spain ha8
reeelved cash don8llons of E52.903. comp8r&d tts É37.920 in Ihè pravious yèar. This amount i$ broken d(w4n
follows.. E24,393 In generic donatlons and contributions al the promotional event. É8.OOQ In earn)arked ¢Jonatior4s,
W￿1h 8 dèslgn8t8d reelpi8nl, É20.510 in advanc8 paym8nts for 8p8cific pfoj8cls to b8 implern8nled in 2025. VSF
Spain has mad9 donations lor a lotal amount é38,255. compared lo É28.755 Sn the previous year.
The breakdown of benefici8rtes 18 85 follows: 10.255 lo Ihe Pablo Vl Fttundalion lor th8 Implam8nl8llon ol él9it81
Iranslormatlon course., E10,000 to the Communlty ol Sanl'Eoldlo for the summer camps and ￿¢tImS ol Ihe Valencia
fluods.. £6.000 lo Ihg Luz Ca8anov8 Foundalion for 8clivili8s wilh 1gen8ggr8 ag8in31 partner violence.. £5.000 10
Opcion3 for the Open Menial Health Cenlre,. É4.000 lo CESAL for further trdlnlng of apprenllces In Ihè San Crlslobal
m8rkel,. 63,000 for SERCADE'8 Huerta Herrnana Tiefra. In lolal, since ils creation, donations made by VSF amount
to é113,847', In addlllon, an estlmated É74.000 ol funds have been donated dlrecuy to the Implemenllng entitles as a
result ofVSF Spain's efforts, ￿thOut golng through VSF Spaln'8 accouTrts. The event promotlon costs bome by VSF
amounted lo E1.580. Outsourced 98ner81 OPEralFn9 oxpenses atnounled lo £4.083 (accounling and $ecrelari&l
SUPPOrt, IT, bank charges). VSF Spain has fixed slafl costs, and Ils runnlng costs are financed by speclal
btsnelactors.
THE VSF ITALY
The VSF N6Nvork18 pr8S8nl In Italy Ihrough th& Lukjl Rossl Found8tlon. an It8118n founrlatlon vAth Its own Board of
Dlrectors. chalred by Lorer￿0 Rossl di Montelera. a Trustee of the VSF Inlernalonal.
ThE VSF Italy prepares Its own ffinanclal 5talernents and11 Is not evNently consolldaled ￿th the VSF Inlgnatlonal.
The VSF Italy18 bound to Ihe VSF Internabonal, and is & member ofthe VSF Nelwork, by a Memorandum of
Und&rstandlng whlch brfngs It wilhln the controclu81 gtsv9rllan￿ orrongernenls gstsblish£d for tha VSF N8lwoFk and
reqvires il lo i)bserve Ihe VSF Polici8s. The VSF Italy had the followlng objeclives for 2024
To Incrèase the ￿sibIlIty. brand and dloital footprintofthe VSF Italy
To continue to 8UPPOrt Ihe Villa Nazareth and Ca88 B8nefica projects
To conllnue with tho DID Ptole¢t (Dona11 Dlgitaltr- Donate tha Dlglt811
Recoonising the difficulty of ralslng funds In the present envlronmenl, to explore Ihe possibility of provldlng
8dded valv6 by connecting ch8ritgble projeds with those who c8n supply whal those projects need.
1. Educallon: VSF Italy. In collaborallon wllh Coopgrallva Biosfera, donaled n.7 compuleTS lo be used by
7 unsceompanlad for8lgn mlnors wllh thè aims l%)Ih of léamlng It8118n18nguag8 8nd ovèrcomlng thè
CISCO tralnSng coutse- a cybersecurfty certlficatlon.
2. Dlg51al Educ8don'. in 2024 VSF Italy has aclivaled a Dlgit81 Educ811on prDl8Ct Iin8nced by CRT. Thls
project indudas tha dtsnallon ol Pcs and the act￿￿￿Oft of tralnlng courses. Tha alm 1$ to off8r
vulnerable Indivlduals, due lo economlc and soclo-cullural disadvantages, lh8 OPPOrtunlty lo acqulte
speclfic digllal 8kills. As a part of th8 Plnerolo DID prol8¢1, a digital classroom wlh 14 digila
wthstolJon9 have beon sèl up wilhln 8 reception centra managed by the Dlocegan Carttas.
3. Dlgital Edvcation and Ernployinent integration- VSF SlaEy has also collal)oratad with Ol&conla Valdes
or*ating 7 computers In Luserna San Glovannl (Vllla Olanda- provlnce of Turlnl to 8el up another dlgltal
classroom. In Ihls case. beneflclarfè5 are yovng people who need supr>Drt In betomlng f8mlll8rwllh
digllal loo18 and soft skills lo increase Ihgiremployability and access lo the lob market.
VSF1181y has consolidatad tha DID Prolèet (Dona11 DlgltAla. Donat8 the Dlgllall And the collaboratlon
with companies who are dismlsslng compulers.
The proje¢l aiJn$ kn doDale refi￿bIshed computers to public entities or individuals inneed.
promoting dlgital Ineluslon and reduelng teehnologltal w&ste.

THE VOLUNTARY SOLIDARITY FUND INTERNATIONAL
TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
024 VS
Ital donated:
Monza Prison IMIlan}:
12 Pcs d8lN6red
Tu￿n Pdson..
12 Pcs deltvered
Verona Prfson:
13 PCS dellvered
Th098 PC8 8r8 used lo acllvale Ira1nlng courses wlth InrTr&lgs. cre81ed by Unlver80 Coopgravva Soclale.
* Durlng 2024 our fund.ralslng plan has produced a lolal of 12.000 euro {from prlvat8 donois and 81s0
from tho CRT Foundation approvlng a project to bg Implemanted in 2025.
VSF Italy Flnanclal Informatlon
The VSF Italy 18 on iftdepend8nl foundation Ilhe Fondazlon8 Lulgl Rossl onlu$l èstsbli$h&d In Ilaly and Ihrough a
Memorandum of Understanding ant&red Inlo wth th8 VSF Internauonal Is a member ol the VSF NoNvork18nd
subjèct lo th8 govomance arrangements and pollcles ol Ihe VSF N•two￿l- It pr8P8rès 118 own financlol statements
and Is not consollijated I￿1h thè VSF Int8malional.
At tha ènd of2024, fho a¢￿Unts of thg Foundallon showed o nat lo$$ ofÉ28.945. Th8 Foundatron has an
endowment ofÉ10.441.
Thè VSF MALTA
The VSF Ne￿0￿ Is present In Malla through Ihg Voluntary Solidarity Fund Malla, an Ind6pendent foundation with
115 vwn Board of Oirectors, chalred by Prof. J(>sof Bonnlcl. the Chair of Ihg VSF Internallonal. The VSF Malta
prepares lis own finanual 5tatemeTrls and 11 18 not curTenlly consolldaled wllh th& VSF InleMa￿0na1. Tha VSF Ma118
18 bound lo the VSF Intemalional, and Is a m8mb8r ol tho VSF Nèiwork, by a Memorandum of Uwtdefslandlng whSch
brfngs It vAlhln Iha conlr8ctuo1 govgm8nce arrangements eslabllshed for the VSF Natwortc and réqulrès It to observe
the VSF PollThe8.
Tho VSF Malta httd th• following obl•cllvg8 In 2024
- To mak& those b8tter￿ff more consdous ol the need lo help out Ihose ar6 le$s ftsrtunale, as part of Ihe drfve
to combat increaslng Incoma Inequality.
- To Id8nlify furlhgr projecls for support by the VSF Matta.
- To In￿e2S61und-r01s1ng pot￿ll81.
VSF Malta added iwo fernal8 candldales lo Ils board In 2021. and anolher Tn819 member in 2023 and a female
Board secretary In 2024. The p0511ivg ITnpact of Ihls div8r8ificaUon and enlargemenl ol lh8 Board has 8lraady18ft 8
P08ttIV8 impacl In Ihe way VSF Malla fvncllons.
In 2024 Ihg Board of VSF M&lt& modo a courtesy call on Hi8 Grace the Archbishop of Malla, Mons Ch8rfés J.
Scl¢lvna. The me81ing was very poslUve. wllh the maln mess898 tsf Hig Grace b81ng that VSF is filling an Important
role with Its emphasis on offs8llin9 In part Ihe negative effects ol Increaglng ineoma and waalth in8qualily, th8
consequenl rise ol Inequallty of opportunlly. 8nd that It is important lo rnake those who are relallvely betler olf
consdous of Ihg need lo support others, especially In ways Ihal gel thos6 81 risk ol f8lllnu b8hlnil, back on their feel
and abl8 lo partlolpat• vAth dlgnlty In soclèty. Gr8c& a180 noted the inlernallonal dlm?nslon of VSF and that It 1$
rofreshing to see that such an inillalve Is gainlng tiacllon. He 8ugur8d w811 lor thè ltsturè work ol VSF and staled
Ihal IheATchdlocesa ￿11 conllnue to supptrrt thi8 posillv8 Innovative Inillatlve In any way11 can.
Orn thè lund-r81sing front, an Important breakthrough was madtr through a donalion or É10,000 from the Bank of
Vallella. Part of thls donalionlg also Inlendgd lo Support Ihe inlemalional dimenslon ol VSF. The fact that VSF Is
focuglng so much on the negatwe impact of Increaslng Incom8 and wealth iRequality. w95 a tnolor rea80n for the
support granted by thls Bank.
Another bank hos adDpled an Innovallv& modgl of supportlng VSF. Th& 8mploy888 of th1$ bank 8gr69d to ¢ontdbule
monlhly, a small part ol Ihelr salary whlch Is thèn match8d by their employer. In Ihls way th8 SUPPOrt for VSF Is
recognlsed much morg widgly, 8nd the message ol helplng those In need to g&t back on their leol, through
supportSng charftles that have such programmès. is tnore effeclivgly 8prgad.
Ag noled In last yoarf8 reporl. anolher ￿mpar}Y (Foster Clark Limiledl slgned an agrèement for thr88 yèars In whl¢h
11 contiibule6 É4.000 yearfy, part ol whlch Intèndèd to 8180 511PPOrt th$ VSF Inlernallonal. The VSF Malta also
conllnugs to feceive sorlle donation8 In Ihg form of deductions from employees. salhry ol tha Sèmin8ry of Malta
following an Inlllallve be￿een Ihe VSF Malla and th8 Séminary. Various other wmp8nies and i*Kllviduals also
contribute to the funding of VSF Malts.

THE VOLUNTARYSOLIDARITY FUND INTERNATIONAL
TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Thè axlrÈmely eh8118nglng 8nvlronmènt for Vdisirtg ￿ndS in Malt8 In 2024 has eonlinued as in most other locatlons
In whleh VSF operates. In 2024 VSF Malta granted almost É1S.000 In donallons. Th? princlpal locus has been lo
d8V81op ils relalionsblp8 Iha Sl. Jeanne Antide Foundallon, Fondazlcinl Sebh and 8180 a 8¢hol8rshlp to a
refugee from Sudan.
Thg Sl. Jeann8 Antide Foundation fo¢uso5 on women whg org. for reason5. in dlslress. In particular they
61JPPOrt women who Ilnd themselves abused Bnd havlng lo cater for young chlldren whlle they hav8 to leavg their
f8mily horn8. In such situations Ihgre is need for nol only fin8nrial suppgrt bul 81so rngnlowing so Ih81 such affected
persons can once more sland on thelr feet and look forward to a Ille In dlgnlty and able to support themselve8. VSF
Malla has agreed lo enable Iwo tr81ngrslrnenlors io 8ss151 in lh8 pro￿￿10n of support and In See￿n9
Income èarnlng opportunltles. The budget eost for thls support In 2024 was É12,000.
Th8 St. Je8nne Antldg Foundallon hos been provlded wtth pr8mls8s by tho Archdlocese of Malla, whlch need
extensive renovallon and Ihe addillon of a kitchen 8nd work oenlre from whlch women parlcipaling in thelr
progr8mmes ean s18rt partldpallng In soclAI ènterpAsès. Thls Is An Innovallv8 progr8mm8 and VSF Malta will
explore way8 of assisling Sn thi8 development.
Another Foundation - Fondazzjlonl Sebh focuses on young adults in provldlng accommodation and mentoring
until lh8 898 0118 y8ars. How8vÉr. thls lound8tlon 8pproachèd VSF whh 8 pllot programma to provldo. wlth B
Ilmlled support of accommodallon and more autonomous living condillons lor those who are over 18 years who
normally havè to èxit thalr support. Thay found Ihat In somè casas, furlhar m8ntoring and support MEY 8nabl& these
"graduates. of their programme to have a MO￿ successful transillon lo an Independenl Ilfe. VSF agreed lo supw)rt
the m8ntors for thi8 proaramma, to providè 8 tègt casè of fhls 8Xtanded support and 8xplor8 w8ys of d6veloplng a
wlder programme In the near future. In thls way, VSF Malta Is provlding cruclal support lor a new programmg, which
otherwi89 would not hav8 b88n posslb18 W8n to t851 th8 prol8cL
In 2024, VSF Malt8 coMp18ted ils IhTÈÈ-yèat support of a rèfugèè from Sudan who was pursving an Msc In Publlc
Health Polley al Queens Unlverslty In London. VSF Malta was contrfbullng 40°k of his unlverslty fees, aftgr the
Unlverslty reduced Sls fe88 by 600k, taking into account lh8 SP8cial status of thls slud8nt. It ia worth notlng Ihal thls
¢a5g WO5 rolerred lo VSF Malta by Ihe Archblshop's office In Malia. after a requgst was recelved from an
Inlemalional ald worker, who with Ihe aid of Amn8sty Iniernational. was Instrumèntal In rèscving this Éludanl from
dlrè con5equone85 In Sudan. duo to hls op&n cribclsm ol human rights vlolallons. In 2024 h6 completed hls course
requlrements and had submitted hls dissertatlon. The total aid ur8ntèd lo Ihis Studènl ovèr 3 yaars wag
gpproxlmalely É10,000.
V8F Malta Flnanclal Informatlon
As noted above. VSF Malta Is an Indep8ndpnl foundation ostsblishEd In Molts Ihrou9h a Memtsrandum of
Underslandlng entered Into vAth the VSF IntemallonBI Is a member ol the VSF Nefyvork (and sublecl to the
gov8rnance arrangem8nls and pollcies of th8 VSF N8tsyorkl. 11 prgP8¥gs its own fjn8nc181 sl8tements ond Is not
consolldaled wlth the VSF IntemAtlon81. It also repoFls lo the Voluntory Cornmlsslon IVOI in Malta, a legally sel up
commission with which all voluntary and charity oroar*lsalion8 in Malta ttave lo be rg9151ered 8nd r9PQrt io gnnuolly
about thèir activitiès. VSF M8118 comp1189 wllh Ihès8 legal r8oulr8m8nts onnually.
Al the 8nd Of 2024, th8 acC￿nIS of Iha VSF Malt8 showed a b818nc8 01É15.000.

THE VOLUNTARYSOLIDARITY FUND INTERNATIONAL
TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Flnancl81 revlew
Flngnel81 posltlon
To a$8isI wllh th8 initial expenditure of establishlng and launchlng the VSF Inlemallonal Ilegal, accounlSng and web-
sllg ralal¢dl the C&nl&slmus Annu$ pro Ponliftco Foundation gonerou$ly made a ¢onlribvllon tho VSF Inlorn8lional
of Euros 30,000. However, the expenses incurred In the set-up and admlnlstrallon of the VSF Internatlonal
(l￿dudIng Ihg Sp8nlsh br8n¢hl havg bgen 9nllrgly ft11￿0￿ by conlribulion8 by m8n7beT8 of the 808rd of Truslees and
so the VSF Inlemallonal was able to cary Into 2024 fvnds io meat addlllonal cosls aThl otherexpenses.
The acllvltles of the VSF Inlematlonal Indudlng funikralslng prolecls. conllnued to (levelop In 2024. In the UK tho
funds rai8gd were mainly111 fund brought foFW8rd Irom 2023 fundrai8ing li1} Ihg frJnd8 provlded by CCLA to fund an
evenl at the House ol Lords whlch were unresldcted funds avAllable to thè VSF11111 some minor additional donallons
on the back of Ihe Hou88 of LoTd8 event.
The funds Garried Inlo 2025 are Inlend8d lo be kept as a reserve.
The members ol Ihg Board of Trustees cover per30nally their 8xpenses incurred In allendlng meetlngs ol th8 BoaTd
of Trustees of the VSF Intamatlonal.
Rèservos
As al tlia ènd of2024. VSF Intemattonal had r8s8ry8s of£35.167 (èxduding tunds of lh8 Spanish br8nth whieh
had the equivalenl of £12,2811n reserye61.
In 118 eady development stage. the VSF Iniernatlon81 wlll ensure that a small conllngency is bulll Into tts budget for
unforesa8n 8xpen$os. As the levol of r&vanuo$ riso. lh9 Bo&rd ot Tw8tg98 wll conslder tho need k) e$t8bligh 8
permanent reseNe. The reasons might include:
- The tlsk of unforeseen emergency or other unexpected need lor funds..
URfoTe$e8n day lo day operational (x)sts-
- Ashortfall in Income dva to asource ol funds not bolng renewed:
- The need lo fund short-ierm d8fidls In a cash budgeL
Based on Its assessment, and laklng Into account ea¢h lurfsdkllon In whlch It operates, th? Board of Trustees will
o$labli8h 8 tsrg91 r8nge for a p8nnanenl 1o$eN8 and build an annual ¢onllnggn¢y Into118 8nnual budget$ vAth a
vlew to Teachlng ihe targel level wSlhln a reallstl¢ perfod.
Re$eNe$w)IiGy
11 Is Ihg pollcy of the VSF Ihal unTeslrlcted funds whl¢h havtr not been de819naled for a specific use should bo
malnlalned at a level equlvÈlerst lo between Ihree and slx month's expendlture. The Irvstees conslder that resetves
al Ihis18vel will ensure that, In ttte event ol a significant drop in funding, Ihey will be able lo continue thg 's current
activities whlle eonsidemlion Is g5ven lo ways In whlch addlilonal IuAds may be raised. This level of reserves has
been m85nlained Ihroughoul the year.
10-

THE VOLUNTARY SOLIDARITY FUND INTERNATIONAL
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Plans for future perlods
Key oble¢tSv8s for 2025
At the Internatlonal tavel
- To expand and dlverstfy Ihe 8oar(l of Trustees.
Given thal strategy execution tsk88 place on the ground locally, to share experfonces, develop begt pracvce and
leveraga contacts and succes5 Ecr055 the VSF Ngtwork,
- To contlnue lo monitor and oversee progreBS In each ol Ihe oountrtes In whlch th6 VSF No￿ork Is pre8Bnl.
To ralse thè profil6 of Iha VSF Inlomational gnd thg VSF Neiwork al the Inlemalional lev81 using social media and
lo develop a 61ralegy for inlemauonal fund-ralslng A part of th18 work ¥￿11 b8 tha dèvèlopmènt ol a framèwo￿ for
presenting the overall ifflpact of Ihfy VSF Nelwork.
In Ihe UK
To Sour￿ fund8 and granls for the four¢harille8 Inlllally sup￿ted by the VSF Inlerrtalional in London
To ralse slgnlficanlly brand AwAr6n8SS
- To recrull additional UK based Trusleas and expand the operational capac4ty of the group
- To contlnue lo dèvelop som8 strat8glc p8rtn8rshlps to 8sslsl Iha VSF Inlémallon81 to support Its eh8ri1igs.
In Spaln
- To source fund8 8nd 9r8nts fortha ch8riUgs èxecuting projacts d8slgn8d gnd supported by lh8 VSF Espana.
To ￿nn8¢1 companlgs and Indlvlduals wllh the prolecls belng supported by VSF Espana In the contexl of Ihe
provlslor% of funding #nd volunt8èrfng tlma.
- To consolidaie and develop relalionshlps In other reglons. beyond the Madrfd area.
To plan addlllon81 lund-r8lslng 8Ctivitiès artd to axplorè w8yS to support addillonal charitabl8 projects and lo
accelerate Sls slfategy execuuon.
In Malta
- Tofurther expand fvndin9 through rllultl-y8?r agr8?monts.
- To kl8ntify further proleds for support byVSF Malta.
To Increase the visibility glVSF in the rnfjdia
VSF Malta b ¢onUnulng Ihg proce58 of 9stabl1shl￿g relalion8hlps ￿th a lletwork ol companle8, loundalions and
weallhy Indfviduals End employ8es who are commltung some funds In support ofthe VSF Malta.
In Italy
-To comm8nce a fund-ralslng plan and Increase the v1s1l￿1lty. brand ènd dloltal lootprfnl of thè VSF Itaty
-To conllnue Io 8UPPOrt th8 Villa Nazareth 2nd Casa B8n8fica project8
-To conllnue wllh Ihe DID Proleel IDon811 Dlgllale- Donate thè Dlgil*ll
-Recogni8ing the difficulty ol raising IiJnd8 In the present environment, lo explore the po68iblllty of provldlng added
value by connecdng charitabla prol8cly with thos8 who c8n supply what those PTojècls n&8d
VSF Ilaly Is strengthenlng It8 Infr8slnJctur8 and W0￿1ng to 8xpand It8 nèiworkof p8rin8rs 8nd potèntl81 donorn.
IMPACT
The Impact ol VSF 19 not always èasy lo measure. Thls Is 8spacl8lly thè casè whan ag8lst8ne& Is trlv8n by th8
donors lo the charilies concgmed. However, il Is clear that the projects being SUp￿rted by the VSF International
across all ludsdlctlong 8r8 very posltive about the sUpp￿t thay 8r8 receivlng and thè collabor8tlv8 r8latitsn$hlps
which Ih8y have establlshed wlth the VSF. As an Slluslratlon please See above quolos by the four charities
supported In tho UK.

THE VOLUNTARY SOLIDARITY FUND INTERNATIONAL
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Slructurei governance and management
The is a company IlrnSled by guaranleo.
Tho ch8rfty Is controlled by119 gov8mlng docum8nl. a dèad of trusf. and con8tllutès È Ilmltad company. Ilmlled by
guarantee, a8 dellned by the Companlgs Act 2008.
Thg govemlng documgnl ol Thg Voluntary Solldarfty Fund Inlgrnalonal Is Its Memorandum and Artlcles of
Assod8lion. dndèrvthlch It h88 baÈA eonslilut8d as a company Ilmitéd by gu8rantè8 (88 defifted by the Comp8nie8
Act 2006). The Chartty was feglslered wllh the Charfty Commisslon on 14th December 2017.
Thè trusteès, who ar8 81s0 the dir8clors for Iha purpose ol ￿rnpanY law, and who served duiing Ihè yoar and up lo
Ihe datè of slgnature of the finanual statem?nts were..
Professor J BoTrniGi
Lord D J Brennan
Dr D P R SugrBnyes Blckel
Mr F VBnnl D'Archlrafi
DrL R dl Montelera
MrPLLOuval
Mr J P Casey
r M J SAlvarez
Mr M von Murdli
MCMCelll
MrMP8ray
Deceased 27 S8pl8mbgr20251
12-

THE VOLUNTARY SOLIDARITY FUND INTERNATIONAL
TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Othgr mott8rs
The VSF Inl8m81ion81 has adopted the Ch8rfty Govemance Code for smaller charllles os promotad by the Chadty
Cornmisslon.
The VSF Iniernatlonal Is commltted to obs•N8 'bèst pr8cU¢6' for a newly e3tablished charitable organisalion In
England and Wa18s. The govemancg pracllces will be regularty re￿eWed updated by the Boa¥d ol Trustees as
the VSF Internatlonal develops and becom6s mor8 rnalur8. As 8 new Organisalion In the earfy stages of
d8V81optnenl, the VSF Inlernallonal had no permanent staff In 2024 bul 8 eonlr8etor orb 8 part-Iltn8 ba81s as
ExecutSve Dlreclor lflrsl 2. then 1 day a w88k a8 expl8ln8d above) and, with a small Board ol Tnjslees, no sub-
¢ommille98 of the Board ol Trustees. Consequently, wlth regard to dèclslon-mAkln9. risk and contfol. Iho
governance procèsses a￿ curienlly gimplè 8nd wll d8V81op a8 the VSF International grows and develops.
A comprehensive sat ol policies 8ppropri8t8 for ¢h9 VSF Intemalional and the VSF N8Nvork were presented to the
Board of Trustees for adoption ITh 2020 and approved.
The VSF Intemallonal encounlei tlsks In th& follovAng key araas:
strateglc - these concem the strategles and oblectives of the VSF Inlern8Uon81. They c8n be aflecled by such
8re85 as capital av8i18b18. legal 8nd regulatory changes In the counldes In whlch It operales. reputollon and
changes in Ihe physlcal envlronment.
Operallonal these ¢oncem the day lo day Issues thal the VSF Inlernallonal wlll confront as It wo￿5 to dalivér
oblectlvès. Indudlng the 85sessmonl. monitoring 8lld over8ighl of projects approved lor supporl by the VSF
Inlgmalional.
Flnanclal th858 conc8m the 8ff8cUve tnanog9tneDI 8nd control ol the flnances of the VSF Inleinallonal IwSlh
appropria18 separalion ol reslrfcted and uTrreslricted funds) and the effects of 6xlemal factors.
Compllanco
th*sè concern thg eff9div9 managgrn8nl and control of Ihe VSF Inlemallonal's regulatory
environment In each lurisdlcllon In whlch sl operates. Includlng health & safèty. data protect(on 8nd consutner
protection.
- Network- these concem the efieelSve oversSghl and govemance control of members of th8 VSF Ngiwork.
The policy manual adopted by the VSF Intemallonal In 2020 ￿11 &nsur8 that the80 ri$k8 8rg gpPToprf8iely
8ddrè5s8d.
Th9 Iw819e8' reFX)rt was approved by the Board ol Tru8te8s.
P￿reSS0rJ Bonnlcl
Trustee
Dale- 16 the October 2025
13-

THE VOLUNTARYSOLIDARITY FUND INTERNATIONAL
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE VOLUNTARY SOLIDARITY FUND INTERNATIONAL
I report IL) the trustees on Tny examlnation ol the fln8nd818talements of The Voluntary Solldprfty Fund Interna￿Onal
{th6 I ltsr thg ytsar Ènded 31 Docember 2024.
R•8ponslbllltles and basls of rèport
As the trustegs of the 18nd 9150 Its dlraetors for Ihè PU￿￿)$&$ of company lawl, you are responslble for the
prepaialion ol the financial slalements in accordance wilh the requiTemenls of the Companies Act 2006.
Havlng sallsfied myself that the flnanclal statements ol the ale nol require¢J lo b8 audited under Part 18 of the
Compan198 Act 2006 and arè eli9ible for Indèpèndent examlrnalion. I reF)Ort rèspect of my axamlnallon of Ihe 's
financial stRlaments earrfed out under sectlon 145 01 the Chartll6s Act 2011. In carrylng out my examination I have
lollowed Ihg Directions given by the Charity ComTn158lon und9r 89clign 14515llbl of th8 Charftlès Act 2011.
Independent examlner's statement
I have completed my exarnlnallon. I confirm Ihal no mallers hav8 (x)m8 lo my attèntion In connèclion with th8
èX8m1n8tion giving m8 Cause to b611èv6 that In any material respect:
8ccountlnu récord8 ware not kept In 18spect ol Ihe BS requlfed by section 386 of the Companles Act 2006.
thè finaneI81 slatèmènls do not accord wllh t￿se records:
tha Iln8ncl81 st8lèmènls do not comply ¥￿th the accounting requ1￿ ments of section 396 of the Companles Act
2006 other than any reqU1￿ment that Ihe financlal slatemenls glv? a twe and falr vlew, whlch Is not 8 rnat18r
conBldere(l as part of 8n ind8pèndènt èX8mln8tlon: or
the financial statgmen18 hav8 not b8811 pf8pAr8d In 8¢cordancg wSlh th¢ m?thod$ and prtndp19s of the
Slatsmènt of Roeommended Praclce lor accountjng and repojllng by charftles appllcabl8 lo charities
prÉparfng thelr financial slatem8nls in a¢corf8neo wllh tho Flnancial Reporting Standard gppllcabla In the UK
and Republ￿ of IrelawKI IFRS 1021.
I havg no wncgrns 8nd havè come auoss no olher matters In connecuon wlth the examlnation lo whlch attention
should be drawn In Ihls report in order lo enable a proper unde￿landing ol the fln8nclal 8tal8rn8nl¥ lo bg Tgached.
Hazel Day
Xolnadln
Nichlingal8 Hou88
4648 East Str881
Epsom
Surroy
KT17 1HQ
Unlled lfjngdom
Dat&.. 17.1.p.l*.Kk%..
14

THE VOLUNTARYSOLIDARITY FUND INTERNATIONAL
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
Unr¢$trI￿od Unroslrlebd
funfl$
fund$
2024
2023
Note8
Incomo from:
Donation5 and leg8¢l&s
Investments
64.411
43.380
96
Total Income
64,501
43.476
Expendllure on:
Raislng ftjnds
Charflabl8 aclmles
15,929
70,016
2,428
38,104
Total •xp8ndltu
85.945
40.532
N•t In¢omg1{•xpondlturo1 and mov•mant In funds
121.4441
2.944
R•conclllatlon of funds,.
Fund balanc6s at l J8IIU8ry2024
68.872
65,928
Fund balancos at 31 Dée•mb•r 2024
47,428
68.872
Thg statom6nl of financial acllwties Indudes all gains and1088e5 recognlsed In Ihe year. All Income and ¢xpenclitur8
derfve from conllnuinp activil8S.
15-

THE VOLUNTARY SOLIDARITY FUND INTERNATIONAL
BALANCE SHEET
AS A T 31 DECEMBER 2024
2024
2023
Not•s
Curront assats
Debtors
Cash at bank 8nd In hand
12
501
67,742
72.512
68,243
72.512
Credltor8: amounts falllng duo wlthln
one year
13
120,815)
13,6401
Net CU￿ent assets
47,428
68,872
The funds ofthe
Unreslricled lunds
15
47,428
6B,872
47.428
68,872
The company Is enulled lo the exempllon from Iha audll requlrement contalned In see￿on 477 of Ule CompanlesAct
2006, for the year ended 31 December 2024.
The directors acknowledge Ihelr responsibilities for Complylng wilh the requlremenls ol the Companies Act 2006
wlth respect lo Èceountlng r8eords and the prepar8tlon of flnanclal staloments.
Thè membars have not requlred Iha Company to obtaln an audlt of Its flnanclal statements the year In quesllon In
accordance wlth secllon 476.
These financial statements have been prepared in accordance wlh the provlslon6 appllcable lo companies sublecl
lo thg small ¢omp8nle8 reuimo.
Tttg fin8ncial 8181gmenls werg 8pprov8d by Iha Iru8188s on 16th Oclob6r 2025.
Profe$sorJ Bonnl¢l
TruBlee
Company reg5slrailon number 10747109 IEngland and Wales)
18

THE VOLUNTARYSOLIDARITY FUND INTERNATIONAL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Accounllng pollcles
Charlty Inlomiatlon
The Volunlary Solldarity Fund Intematlonal Is a privaie company limited by 9uaranlee Incorporated I￿ E￿land
8nd Wales. Tfig regisler8d oifice 18 66 Llncdn Inn Flelds, London, London, WC2A 3LH, Llnlled KlThJdom.
1.1 A¢countlng convenllon
The financlal slalemenls have been prepared In aocordence ￿th the's govemlng document, the Companies
Act 2006, FRS 102 'The Fin8naal Reportin9 Slandard oppli¢able Ihg UK ond Republic of Ireland" 8nd Ihg
Charftles SORP 'Accountlng and Reportlng by Charfll8s'. Statemenl ol Recommended Practlce appllcable to
charities proparing their a¢wunls in awordance wllh Ihg Fin8nci81 Reporting Standard 8ppllcabl8 in Ihe UK
and Republlc ol Ireland IFRS 102r. The Is a Publlc Benefit En￿ty as d8fin8d by FRS 102.
The has taken odvantage of lh6 provlslons In tho SORP for chartlles not to pr8parè a st8lement of eAgh llows.
The financlal slatem8nts ar8 prepared In slerflng. whlch 19 tha lunclonal curfèncy ol Ihè . Monétary 8mounls
in Ihesg financ5al slalements are rounded lo the nearest £.
The financial statem8nts have bgen prepared under the h18torical cost convenllon. The pri￿paI accounllng
pollcles adopted are set out balow.
1.2 Golng concèm
Al Ihe tlmo of approvlng the Itn8nd81 s18t6mÈnts. lh• tftJ8tè8s h8va 8 rèasoftablè éxpÉclatltsn that thè has
adequate resour￿$ lo contlnue In operdllonal existence for the foreseeable fulvre. Thus th8 tnjstees contlnue
10 adopt thè golng coneam basis of accounllng in pr8paring thè fin8ncial 8talém8nts.
1.3 Charltablo funds
Unresldcted funds are avallable for use al the dlscfetlon of Ihe tnJsteeg In furIherar￿ of thelr charitable
obj8¢lives.
Reslrtcted funils are subject to speclfic condluons by donors or grantors Bs to how they may be used. The
purpose8 a￿1 u8es ol the restricted funds are sel oul In the notes to th& financAal slatements.
Endowment funds arè svbAecl io spaclflc condltlons by donors that the eApli81 musl bè m8lnt8ln8d by the.
1.4 Incorne
Incom8 1$ recogn18ed wh8n the is legally enlilled lo 11 afler any perfomance condltions have been mel, the
amovnts can be rn9asur8d r811obly. ond111s prob8blg Ihgt Incomg wll b9 re￿￿ed.
Cash donallons Bre recognlsed on recelpl. Other donatlons are iecognlsed Or￿ the hBS been nollfied of the
donab'on. unless performance condllions Tfjquirg dgferr81 of lh9 arnounl. Incomg lax recover8b18 Ill ro181ion lo
donations r￿1Ved undw GSftAld or deeds of covenarlt Is recognised at th8 tlme of Iho donallon.
L8g8cIès 8r8 racognlsed on r8celpl or othèrwlsa If th8 h88 baen no￿riéd ol an Irnp8ndlng dlstribuuon. thè
amount is known, and receipt is expgcted. 11 thg arnounl18 not known. the lecacy is trealed as a contingent
8SSèt.
17-

THE VOLUNTARYSOLIDARITY FUND INTERNATIONAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Accountlng ptsllclo$
(Contlnuèd)
1.5 Expondlluro
Expenditure is recogftl$ed oft¢a Ihor& 18 a legal or conslnjcllve obllgatlon to transfer ecollornlc benefit io a
third paty,11 Is PTobablg Ihal a transfer of eeonotnic bgH9fits wll be requirecs In se(Ilemenl, and lh8 amount of
tho obllg81ion rAn b& mo88ured reliably.
Expen(Illuro is cl8881ffed by aclivity. The costs of each actlvlty are mAd¢ up of the total of direcl ¢03ts and
shared costs, Includlng support costs involved in undertaklng each activity. Direot costs attrtbulable to a slngle
ivily are 8llocaled dlreclly lo that activlty. Shared costs whlch eontribulè to more Ihan one acuvily and
support costs whlch a￿ ntjl attributablo lo o singlg 8clivity a￿ apportioned be￿8e￿ those 8clivlli&s on 8 basls
con81slenl with the use of resources. CenlrAI stofl costs ar8 8llocÈt8d on the b88is ol lime spent, and
d8preelaUon eharge9 arè all￿ated on thg Portion ol lh8 asseY8 use.
1.6 Ca$h and caBh equivalent8
Cash 8nd cash equivalents indude cash In hand, deposlts hald 81 c811 with banks, other short-terrn liquld
Invaslménts ¥￿th original maturities of three monlhs or less. and bank overdrafts. 88nk overdraft8 are 8hown
Ihln borrowings In curtent Ilabllitles.
1.7 Flnanclal Instrumgnts
The has elected to app￿ Ihe provlslon8 01 S8ctlon 11 '888ic Finsnclal Instruments. and Sectlon 12 '01her
Flnancial Instwrngnts Issues, ol FRS 102 to all ol Sts financlal Inslrumants.
Fln8nu81 instrumgnts are recognlsed In the 's balance sheet when thB bgcom98 p8riy to the contractual
prov¢slons of the Instrumenl.
Flnancial assots and 11gblllll¢$ aro ofts&l. wlh tho ll81 amounts presenled In th& flnanclal statements. when
thère Is a18gally enforceable rfghl to set off the recognlsed amounts 8nd Ih¢ra l¥ an Inlentlon lo settle on a nel
basis or lo rea115e Ihg 9s$el 8nd 89tt19 the li8bility 8imuhaneously.
Basle flnan¢lalas5¢ts
8asi¢ finanol81 a¥sel8, whlch indude debtors and cash and bank balancès. aw Initl8lly mèasurèd at
transa¢lion prfce Includlng transactlon costs 2nd 8rè subseqvenlly ¢8rrigd al amorfl8ed co81 uslng the effective
interest tnelhod unless Ihe arrangement constilules a financlng transacilon. wh8r8 tha transaction
measured at the present volue ol the fulure receipts di8counted 818 T178rkel iale ol Interest. Financl81 asseis
cla55lfiod a8 recelvable wllhin one year are not amoTllsed.
B¥¥l¢ Ilnan¢l?I Ilabllltle
Basic fin8ncl81 liabilities, Induding credilors and bBnk loans are Inltlally 16cognls8d al tr8ns8clion pric8 un1è88
tha arrangement ￿n￿lI￿leS a finaTTrclng trdnsacuon, where lh9 dobl instrument Is measured at lh8 pr8s6nt
value of the future payments dlscounled al 8 mark8t ral8 ol Inler8sI. Fin8nrial Ilabi1S1ies ¢lasslfied as payable
wlthln onè y8ar8Te not amortised.
Dèbl inslmm8nts are subsequenlty carrfed al amortlsed cnst. uslng Ihe Qffeclfve Interest rat8 mglhc¥l.
Trydda crèditors are obligallon5 to pay for goods or serv1￿$ thal have bèen Bcoulred In the ordin8ry ¢o¥rs¢ ol
operdllons from supplie￿. Amounts payAbl8 &r8 c18ssin8d as eurr811t IF8bili1188 if payment Is due wllhln one
yèar or 18s8. If not, they are prgs8nl?d as non-currenl Ilabllilles. Trade credilors are recognised Inmially al
transaction price and subsequently measured at 8mortsed ¢osl using tho offeclivts Interest method.
Derecognltlon of flnanclal Ilabllltl•s
Flnanclal liablllll6$ ere dere¢ognlsgd when th¥,$ ¢ontra¢lual obll9along &xplre or 8r8 di8¢harged or caTrc4lled.

THE VOLUNTARYSOLIDARITY FUND INTERNATIONAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Ac¢ounllng F>ollcles
IContlnu8d)
1.8 Emplgye• beneffts
The c051 of any vnu88d hollday enlillemenl18 recognised In the pgriod In whlch Ihe employee's Serv5￿ are
reeèlved.
Tennlnollon b8n8flts are recognlsed Imm8dlat#ly 88 an 8xpèn5É when th8 Is demonslrdbly committed lo
1g1rninale lh8 employment oran employeo or lo provlde ierminallon benollls.
Crltlcal accountlng gstlmate8 and jud￿ments
In the appllcauon ol the 's accounllng pollcles. thg Ifustees are requlred to make ludgomonts. ¢$llm819$ and
Bssumptions about thb carrying amount of 8$s¢ts and liabilities Ihal are not readily apparent from other
sources. The esllmales and assoclated assumptlons are based on hlslort¢81 exporfon¢o and other lac¢or8 th81
ara congidèrèd to bè re18V8nl. Aclu81 Tesults may differ from these esllmates.
Th8 88tsrn8te8 and und8Aylng 888umpltQEI8 are reviewed on an ongoing basls. Revlslons to accountlng
esllmates S￿ recognlsed In thg parsod In which tho ostimptg Is rev189d wh9re th9 rgvlsion 8ffe¢ls only Ihal
pèriod. or in tho period ol Ihe revision and f4Jlure periods where the revlslon affects bolh currant and future
pertods.
Ineomo from dor7atlons and18gacl8s
Unrestrl¢ted
fund
2024
Unr￿trIcted
funds
2023
Donations and gffts
84.411
43.380
Incpmv from Invesfments
UnroStrlct•d Unr•strlct4d
funds
funds
2024
2023
Inler8sI recelvable
Expgndllure on ra181ng funds
Unr•strlctsd Unrèstrlct•d
fund5
fund5
2024
2023
Fundralslng and publklty
Fundraising 8vents
Adverfslng
14.286
1.043
2.428
15,929
2.428
19

THE VOLUNTARYSOLIDARITYFUND INTERNATIONAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Exp8ndltur• on ¢h8rllabl• a¢lfvltle¥
Charltable
Actlvltles
2024
Charllabla
Actlvltl88
2023
Dlrtct costs
Sundries
Donations
staifing costs
Bank charges
Consulllng
Hire of planl and machln8ry
Dirgct expenses
1.436
37,815
25.506
353
24.933
7.555
378
221
1.785
67.738
36.004
Sharè of 8UPPOrt ond govornancg ¢08ts18?e note 7)
Govgman
2.280
2,100
70.016
38.104
Analysls by fvnd
Unreslricled fiinds
70.016
38,104
Support costs allocated to actlvltlas
2024
2023
Govemance costs
2,280
2,100
Analysed b&tsveen:
Charitable AciiwlEBs
2,280
2,100
2024
2023
Govein8nrA cg8ts compr189:
Audit fe95
2.100
2.280
2.100
Net mov4m4nt In funds
2024
2023
Tha ng1 movernenl In fund818 81aled after charglntylcrethllngl..
F885 payab19 forthe Indop9ndgnl examlnallon of the charltvs flnandal
slalements
2,280
2,100

THE VOLUNTARY SOLIDARITY FUND INTERNATIONAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Trustees
None ofth8 tnjstees lor8ny p8rsong Connected wlth thèm) r￿￿ed Any femunerallon or beneflls fmm the
durirng the year.
10 Employee8
Tho average monlhty numberofemployees durfng the yearwas:
2024
Numbor
2023
Numbor
Tolal
There werè no trmployeBs whosg annual rgmunBraUon wa8 more than £80,000.
Remunoratlon of kgy mpnaggmenl personnel
The key mènogomenl pg18onnel are the Iruslee8 who Tecelved no r8munerallon dudng the y88r.
11 Tax8tlon
The charity is exernpl from taxallon on ils acuvllles becaus8 all 118 Income Is applSed forcharftablè pury)0￿.
q2 Dobtors
2024
2023
Amounls falllng due wllhln one year..
(Xhei debloTS
13 Credltor8: amount8 falllng due wlthln one year
2024
2023
Not0$
D8farrèd IrKom8
Other crèditots
ruals
14
16.962
253
3.61]0
220
3,420
20,815
3,640
14 Deferred Ineomè
2024
2023
Olherdefeiied In(xyna
16,
D8ferred income Is I￿uded In the finandal slalements as folk)ws:
21

THE VOLUNTARY SOLIDARITY FUND INTERNATIONAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
14 Dotsrred Income
{¢onllnuedl
2024
2023
D&fèrr8d Ineom8 Is Inrjudèd ￿￿1hIn-
Currenl Ilabillllo
16.962
Movemenls In the year:
Deferred incorne al 1 January 2024
Resourcgs delwfed In th8 ye
16,962
tjelerred Income at 31 Decèmber 2024
16,962
15 Unr8¥trl¢tgd funds
The unreslricled fund3 ol the charity cornpri8e the unexpended balances of donatlons ond grants whlch are
nol subject lo spe¢lfic conditSons by donors and grantors as tts how they may bB used. These Include
deslgnaled funds whlch have been sel asid8 Out ol unre81ricled funds by the truslees lor speclfic purpos88.
At 1 January
2024
Incomlng
r6sour¢8s
Resources
•x￿nd•d
At31
Decembei
2024
General fund8
68.872
64.501
(85.9451
47.428
Prevlou8 year:
At 1 January
2023
In¢omln9
resources
Ro$0vr￿S
expended
At31
Docombar
2023
General funds
6&928
43.t178
140.5321
68,872
16 Related party Iransacllons
Thero w9rg no dlsdosable r8131ed party Iran8actions durtng the year12023. none).
-22