Standard Chartered Foundation 

Annual Report and Financial Statements For the year ended 31 December 2021 



## Contents 

|Foreword|3|
|---|---|
|Reference and administrative details|4|
|Report of the Trustees for the year ended 31 December 2021|5|
|Structure, governance and management|6|
|Objectives and activities|9|
|Achievements and performance|12|
|Future plans|19|
|Financial review|20|
|Statement of Trustees’ responsibilities|22|
|Independent auditor’s report to the member of the Standard Chartered Foundation|23|
|Statement of fnancial activities||
|(incorporating an income and expenditure account) for the year ended 31 December 2021|26|
|Balance sheet as of 31 December 2021|27|
|Statement of cash fows for the year ended 31 December 2021|28|
|Accounting policies|29|
|Notes to the fnancial statements|32|



2 Standard Chartered Foundation Annual Report and Financial Statements 2021 



## Foreword 

As we entered into the second year of the COVID-19 pandemic, the Standard Chartered Foundation (SCF) increased its efforts to address inequalities impacting young people. 

From school closures to lost jobs, the pandemic has widened inequalities and further disrupted the lives and livelihoods of disadvantaged young people. 

To tackle this we: 

- scaled up funding and provided USD12.9 million to 19 implementing partners to support, education, employability and entrepreneurship projects for young people 

- reached more than 128,000 young people in 39 markets 

- partnered with global non-governmental organisations (NGOs) to advance opportunities for young women in education and economic empowerment through projects that build confidence and life-skills 

- enhanced the employability skills of young people seeking jobs through work readiness and vocational training, and 

- improved business-related knowledge and skills for young entrepreneurs. 


As we navigate a third year of living with COVID-19, the global economy continues to change at pace. It is now more critical than ever for young people to be equipped with the skills to build resilience and support their search for livelihoods.  We firmly believe that giving young people access to skills and opportunities will lead to a more equitable future for all. 

It is our mission to promote greater economic inclusion for disadvantaged young people. In sparking meaningful change, we can make a positive impact in our communities and improve the lives of many. 


## **Claire Dixon** 

Chair of Standard Chartered Foundation Board of Trustees 

3 Standard Chartered Foundation Annual Report and Financial Statements 2021 



Reference and administrative details 

## **Trustees** 

Andrew Halford Connected Trustee[1] Claire Dixon (Chair) Connected Trustee (appointed 20 May 2021) David Fein Connected Trustee (resigned 29 March 2021) Elizabeth Lloyd Independent Trustee Marieta Mtawa Connected Trustee (appointed 17 March 2021) Mirza Iraj Ispahani Independent Trustee Simon Cooper Connected Trustee Tracey McDermott Connected Trustee 

(stepped down as Chair 31 December 2021) 

## **Management team** 

Julie Wallace, Head, Standard Chartered Foundation 

## SCF Secretariat: 

Marina Azdejkovic, Director, Operations and Governance (resigned 15 November 2021) Natasha Kwakwa, Global Head, Community Programmes and Impact Victoria Jory, Director, SCF Secretariat 

Zane Du Toit, Director, Operations and Governance (appointed 19 April 2022) 

**Company number** 

11968592 (England and Wales) 

**Registered charity number** 

**Principal and registered office** 

1184946 (England and Wales) 

1 Basinghall Avenue London EC2V 5DD United Kingdom 

**Auditor** 

RSM UK Audit LLP 25 Farringdon Street London EC4A 4AB 

**Solicitor** 

Stone King LLP Upper Borough Court Upper Borough Walls Bath BA1 2HJ 

**Banker** 

Standard Chartered Group 1 Basinghall Avenue London EC2V 5DD 

> 1 Connected trustee means a trustee who is also employed or engaged by Standard Chartered Group, or who shares a common purse with someone who is employed or engaged by Standard Chartered Group. Connected trustees have the same duty as the other trustees to act in the way they decide in good faith would be in the best interests of the charity. 

**4 Standard Chartered Foundation Annual Report and Financial Statements 2021** 



## Report of the Trustees for the year ended 31 December 2021 

The Trustees are pleased to present the annual report together with the financial statements of the Standard Chartered Foundation (SCF or the charity) for the year 31 December 2021. 

The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) ‘Accounting and Reporting by Charities’ effective January 2019. 

## Public benefit 

SCF’s objects are for the benefit of the public to advance such exclusively charitable purposes as the Trustees may decide from time to time. 

## Going concern 

The Trustees have thoroughly reviewed SCF’s financial budget and are of the opinion that there are no material uncertainties and that SCF has adequate resources to continue as a going concern for the foreseeable future. 

**5 Standard Chartered Foundation Annual Report and Financial Statements 2021** 



## Structure, governance and management 

SCF is registered with Companies House in England and Wales as an incorporated charity by a guarantee (as of 29 April 2019, registration number 11968592) and the Charity Commission for England and Wales (as of 19 August 2019, registration number 1184946). 

SCF is a wholly owned subsidiary undertaking of Standard Chartered Bank (the Bank), a company incorporated in England with limited liability by Royal Charter (reference number ZC000018). The ultimate holding company is Standard Chartered PLC (the Group), a company registered in England and Wales (company number 00966425). 

References in this document to Group Management Team members, Group Policies and the Group Global Impact team and programmes refer to where, under the Cost Sharing and Services Agreement, SCF is aligning processes and utilising the Group’s resources. 

SCF is governed by a Board of Trustees that agrees the overall strategy and ensures strong governance over the delivery of SCF’s objects as set out in the Articles of Association dated 1 August 2019. 

## Related parties 

The Bank is the sole Member of SCF. The Member undertakes to contribute a sum not exceeding £1 to the assets of the Charity in the event of it being wound up while it is a Member or within one year after it ceases to be a Member. 

## Recruitment and appointment of Trustees 

The minimum number of Trustees on the SCF Board shall be three and the maximum number shall be eight. Up to five Connected Trustees and at least two Independent Trustees shall be appointed by the Member. New Trustees will be appointed for a two-year term and can serve for a maximum of four terms on reappointment. 

All Trustees are given an induction including formal training delivered by charity governance specialists on Trustee duties, and responsibilities, the Charity Governance Code and relevant guidance and regulations and oversight of corporate foundations. Key documentation is provided to support training. Trustees received annual training in September 2021 on relevant changes in legislation and guidelines. 

The Member shall appoint Trustees by resolution passed at a meeting held according to its ordinary practices. The Group Management Team member with responsibility for the Group’s Community Programmes shall automatically (‘ex-officio’) be a Trustee, for as long as they hold that office. 

Any retiring Trustee is eligible for re-election for consecutive periods not exceeding in aggregate eight years from the date of their original appointment but thereafter a Trustee shall not be eligible for re-appointment until one year after their retirement as a Trustee. 

In 2021, the Board began the process of recruiting new Trustees to reflect the breadth of geographies and cultures in which it works. Two new Trustees were appointed – Marieta Mtawa and Claire Dixon. In December 2021, the SCF Chair Tracey McDermott stepped down and Claire Dixon was appointed as the new Chair on 1 January 2022. 

6 Standard Chartered Foundation Annual Report and Financial Statements 2021 



## Organisational structure 

The only key management personnel are the Trustees and SCF Secretariat. All Trustees are volunteers and did not have any remuneration contracts with SCF during the year. SCF Secretariat is employed and remunerated by the Group. 

The Trustees hold at least two meetings each year. In 2021, Trustees held five meetings. The Trustees are supported by one formal subcommittee – the Programme Steering Committee (PSC). The PSC holds at least three meetings each year and in 2021, met five times. 

At 31 December 2021, the PSC comprised of 11 volunteer members from the Group. PSC members are appointed by the Chair of the SCF Board of Trustees and reflect, among other things, diverse geographies of interest to SCF. As per the SCF Articles of Association, at least one Trustee must sit on any SCF Committee. The Chair of the Trustees is also a member of the PSC. 

The PSC is responsible for reviewing SCF’s global portfolio of community projects on behalf of the Trustees based upon the strategy set by the Trustees. The PSC has delegated authority from the Trustees to approve projects for amounts up to and including USD500,000. 

SCF does not employ staff directly. The Trustees delegate day-to-day management of SCF to the SCF Secretariat led by the Group’s Global Head of Sustainability and Global Impact, who functions as the Head, Standard Chartered Foundation. All staff working on behalf of SCF - primarily the SCF Secretariat – are employed by the Group, which provides staff time, office space and other resources to SCF on an in-kind basis. 

The role of the SCF Secretariat is to support the Trustees and PSC with the administration of SCF. The SCF Conflicts of Interest Policy explains how the Trustees and the Group’s staff working on behalf of SCF should manage potential conflicts of interest and loyalty. 

## Risk management 

The Trustees acknowledge that sound risk management is fundamental to both good governance and good management practice. The risk management aims of SCF are to: identify, quantify and seek to report, at the earliest time, any major risk exposure and prevent materialisation of major risks through the effective application of the control environment. SCF has professional indemnity insurance in place, provided by the Group as an in-kind donation.  The policy is tailored to SCF requirements, which covers SCF Trustees and SCF Secretariat. 

The Risk Management Policy is supported by several additional policies to manage potential risks, including Fraud Risk Management Policy, Anti-Bribery and Corruption Policy, Whistleblowing and Safeguarding Policy, Gifts and Entertainment Policy, and Records Management Policy. 

The Trustees have considered the principal risks to which the charity is exposed and have taken steps to mitigate these risks. A Risk Register is maintained by the SCF Secretariat and is reviewed regularly at Trustee meetings to ensure the Trustees understand SCF’s risk exposure and can respond effectively. 

The Risk Register details risk measurement criteria including impact and likelihood, mitigating actions, person responsible for implementing mitigating actions and the current status. A summary of the principal risks identified, and the actions taken to mitigate these is set out on the next page. 

In 2021, the COVID-19 pandemic continued to impact every market in which SCF committed to fund programmes. Public health restrictions, designed to control the spread of the virus, resulted in delays or programmes opting for more digital and online delivery. In response, SCF continued the allocation of COVID-19 economic recovery funding, designed to specifically target young people whose lives and livelihoods are affected by the pandemic. SCF also worked with partner NGOs to revise delivery timelines. 

The impact of the COVID-19 pandemic on programme delivery remains a risk throughout 2022. Trustees will continue to monitor and assess the situation and take the necessary steps to minimise operational impact as far as possible. 

7 Standard Chartered Foundation Annual Report and Financial Statements 2021 



|**Risk theme**<br>Our governance|**Principal risks**<br>SCF Secretariat/Trustees<br>fail to effectively govern|**Mitigating actions**<br>• The Trustees are recruited based on their varied<br>background and skills.|
|---|---|---|
||SCF leading to a loss of|• Governance training is delivered for Trustees and|
||charitable status with Her<br>Majesty’s Revenue and<br>Customs and/or Charity<br>Commission of England<br>and Wales.|SCF Secretariat.<br>• SCF Conficts of Interest Policy and register are in place and<br>regularly maintained.<br>• SCF Strategy is agreed and reviewed annually with support<br>from PSC.|
|||• SCF Secretariat works closely with SCF auditors and lawyers|
|Our money|SCF fails to control its<br>fnances and ensure<br>continued fnancial<br>stability. Trustees do not<br>provide effective fnancial<br>oversight.|to monitor and respond to regulatorychange.<br>• SCF Financial Management Policies and SCF Financial<br>Strategy are in place, including mitigating actions to reduce<br>liquidity risk when long term project awards are considered.<br>• Regular management accounts are provided to the Trustees.<br>• SCF Financial Management Policies, SCF Fraud<br>Risk Management Policy, and SCF Anti-Bribery and<br>Corruption Policy are in place.|
|||• Robust fundraising plans are in place by the Group and|
|||long-term contract agreed between the Groupand SCF.|
|Our operations|SCF fails to ensure effcient<br>and resilient operations.|• Resource sharing agreement is in place with the Group.<br>• Strict pre-due diligence process is conducted for<br>implementing partners.<br>• Grant agreements require partners to report fnancial<br>information to SCF Secretariat.<br>• Robust Group IT systems are in place with annual training|
|||provided to Group staff regarding cyber security and data|
|||management.|
|Our conduct|SCF fails to act responsibly|• The Group and SCF Safeguarding Policies are in place.|
||and safeguard all those|• Strict pre-due diligence process is conducted for|
||involved in SCF from harm.|implementing partners.<br>• Safeguarding policies are a requirement of contractual<br>agreements with implementing partners.<br>• Group employee volunteers are briefed on safeguarding.<br>• Group Speaking Up Policy channels are available to SCF.<br>• Group Code of Conduct applies to staff working on behalf|
|||of SCF.|
|||• SCF is registered with the Fundraising Regulator for England,|
|||Wales and Northern Ireland and follows its best practice|
|||recommendations when fundraising.|
|Our reputation|SCF fails to effectively<br>protect its reputation.|• Grant agreements require implementing partners to report<br>any negative media to SCF Secretariat.<br>• Safeguarding policies are in place and part of contractual<br>agreements with partners.<br>• SCF Gifts and Entertainment Policy and Register are in place.<br>• SCF Conficts of Interest Policy is in place to identify and<br>manage conficts of both interest and loyalty.|
|||• Separate SCF website and clear brand identity.|
|Our impact|SCF fails to lead and<br>enable innovation to|• Group market teams provide local intelligence on political<br>or economic events that may disrupt project delivery.|
||positively address future|• Agreements require implementation partners to provide|
||needs of benefciaries.|regular (at least six monthly) progress reports to SCF on<br>project implementation.<br>• Local Group staff monitor delivery.<br>• Trustees accept that in enabling innovation, SCF may need<br>to invest in initiatives that are risky in relation to successful<br>outcomes.<br>• Ambitious programmatic strategy is agreed in line with or|
|||ahead of current programmatic development trends.|
|||• Strict pre-due diligence process on capacity and capability|
|||of implementing partners.|
|||• Monitoring and evaluation expert appointed by the Group.|



8 Standard Chartered Foundation Annual Report and Financial Statements 2021 



## Objectives and activities 

## Purpose 

In setting the SCF’s objectives and planning its activities, the Trustees have given careful consideration to the Charity Commission’s guidance on public benefit. The objects of SCF are to advance such general charitable purposes (according to the law of England and Wales) as the Trustees see fit from time to time. 

## Strategy 

The Trustees have set a strategy to help tackle inequality by promoting economic inclusion for disadvantaged young people, focusing on programmes in education, employability, entrepreneurship and eye health. SCF defines economic inclusion as ‘equality of opportunity for all members of society to participate in the economic life of their community as employees, entrepreneurs, consumers and citizens’.[2] 

SCF measures progress toward greater economic inclusion across three key outcomes: 

**2. Social barriers to young people’s participation in the economy are addressed** By building young people’s confidence, self-esteem and aspirations, and ensuring they know their rights, they are more likely to become leaders and role models in their families and communities. This in turn should lead to a critical mass of young leaders able to lead, supported by families and communities who are open to change. 

**3. Sustained growth of youth-led/femaleled and inclusive micro, small and medium enterprises (MSMEs)** Providing access to seed funding and improving young entrepreneurs’ skills will lead to more resilient, thriving businesses. Success relies on raising the profile of youth-led MSMEs as potential suppliers and partners for corporate and large businesses. Creating more inclusive businesses also depends on supporting a regulatory environment that does not impede inclusive business practices. 

**1. Targeted young people enter and remain in decent work[3 ]** This will be achieved by improving young people’s employmentrelated skills and knowledge, and ensuring they are employment-ready and aware of the opportunities available to them. It is also dependent on improving employers’ perceptions of excluded young people’s capabilities, so they develop new policies and practices that support youth employment, including policies and practices that promote inclusion, internships and work experience. 

## Approach 

SCF implements its strategy by funding programmes in the areas of education, employability and entrepreneurship. SCF prioritises programmes that provide opportunities for girls, young women and people with visual impairments as they are often the most marginalised in low-income communities. 

SCF is the lead partner in delivering the Group’s philanthropic activities, including the Futuremakers by Standard Chartered (Futuremakers) initiative and related projects that support the economic recovery of disadvantaged young people affected by the COVID-19 pandemic. Futuremakers is the Group’s global initiative to tackle inequality by promoting greater economic inclusion among disadvantaged young people. Futuremakers aligns with SCF’s strategy for meeting its charitable purposes. 

> 2 Centre for International Private Enterprise. www.cipe.org/resources/economic-inclusion-leveraging-markets-entrepreneurship-extend-opportunities/ 3 ‘Decent work’ in Futuremakers was redefined in 2021 to better reflect the outcomes of SCF-funded programmes and to reflect the different contexts in which Futuremakers delivers outcomes. As a minimum, terms and conditions of employment must be made clear to the employee. Futuremakers will also help to ensure employers have human resources workplace policies and practices that promote equal opportunities. 

**9 Standard Chartered Foundation Annual Report and Financial Statements 2021** 



## Grant making 

SCF’s Granting Policy sets out the criteria and due diligence requirements for all organisations (charities and non-profit organisations) receiving funds from SCF.  The Foundation does not accept unsolicited proposals and will only consider applications from organisations invited to apply through requests for proposals and shortlists developed by SCF. 

## Impact reporting 

The Futuremakers theory of change sets out how the three interlinked pathways of education, employability and entrepreneurship offer young people opportunities to become more economically active. This provides a framework against which the SCF measures the success of the programmes, and the wider initiative as seen in diagram 1 below. 

NGO implementing partners that receive funding from SCF are required to report against key performance indicators (KPIs) aligned with the theory of change that measure programme outputs, intermediate outcomes and longer-term outcomes.  SCF shares performance information in line with its strategy and key beneficiary groups annually through the SCF Annual Report and via its website. 

## Diagram 1: Futuremakers Theory of change and results framework 


**----- Start of picture text -----**<br>
Education Employability Entrepreneurship<br>Young people have<br>Results2021  OUTPUTS Young people are confident and   inclusive employment of Employers support  necessary knowledge,skills and resources to<br>aware of rights skilled young people<br>start businesses<br>Results  Improved  Young people act as  Sustained growth of<br>INTERMEDIATE<br>expected  access to decent  role models in their  youth-led and women-led<br>2022-2023 OUTCOMES work opportunities communities and families and inclusive SMEs<br>Entrepreneurs have<br>Results  Young people  Social barriers to young<br>support and tools<br>expected  OUTCOMES enter and remain people’s participation  needed to maintain and<br>2023-2024 in employment are addressed<br>grow businesses<br>IMPACT ECONOMIC INCLUSION OF YOUNG PEOPLE<br>**----- End of picture text -----**<br>


10 Standard Chartered Foundation Annual Report and Financial Statements 2021 



## Implementing partners 

Through existing and new relationships, SCF worked with a range of NGOs and partners in 2021 to implement projects in the following markets: 

## **Partner** 

## **Markets** 

Aide et Action 

BRAC (Bangladesh) 

British Asian Trust Challenges Worldwide Limited 

Vietnam Bangladesh Pakistan Ghana, Uganda, Zambia 

Easy Inclusion Consulting 

Enactus China 

China 

China 

Enactus US 

Brazil, France, Ghana, Ireland, Korea, Poland, South Africa, United States of America, Zimbabwe 

Friends Union for Energising Lives (FUEL) The Garden of Hope Foundation International Rescue Committee  (IRC) 

International Labour Organization (ILO) Liverpool FC Foundation 

Mereka Innovative Education Sdn Bhd Non-Profit Incubator 

Philippines Business for Social Progress (PBSP) 

Plan International UK 

Indonesia 

Taiwan 

Cameroon, Sierra Leone 

Thailand 

United States of America 

Malaysia 

China 

Philippines 

China, Indonesia, Nepal, Thailand, Vietnam, Zimbabwe 

Royal Commonwealth Society for the Blind (Sightsavers) 

Skills Builder 

SOS Children’s Villages UK 

Stichting Women Win 

St James’ Settlement 

St John Ambulance 

Technology Development Association for the Disabled (TWACC) 

Voluntary Service Overseas (VSO) 

Youth Business International (YBI) 

Kenya, Pakistan 

Pakistan, United Kingdom 

Botswana, Cote D’Ivoire, Jordan, Mauritius, Philippines, South Africa, Sri Lanka 

Bangladesh, China, Ghana, Indonesia, Jordan, Kenya, Korea, Malaysia, Mauritius, Nepal, Nigeria, Pakistan, South Africa, Sri Lanka, Tanzania, Uganda, United Arab Emirates, United Kingdom, Vietnam, Zambia, Zimbabwe 

Hong Kong 

United Kingdom 

Taiwan 

Tanzania, Uganda, Zambia 

Botswana, Germany, Indonesia, Japan, Kenya, Nigeria, Pakistan, Turkey, Uganda 

**11 Standard Chartered Foundation Annual Report and Financial Statements 2021** 



## Achievements and performance 

## Programme delivery 

During 2021, SCF provided funding of USD12.9 million to 19 NGO partners to deliver projects focused on education, employability and entrepreneurship in 39 markets (note 6 page 32). Of the funds provided, USD9.2 million was aimed at supporting economic recovery from the COVID-19 pandemic. SCF funded projects reached 128,664 young people during the 2021 reach results reporting period[4] , bringing the total reached between 2020 to 2021 to 190,737 young people (including 167,389 young women). 

SCF continued to ensure strong delivery of existing projects and increased engagement with its NGO partners through Futuremakers Partners’ Day. The day is a virtual forum to discuss the Futuremakers results report, share knowledge and learning between partners on emerging themes such as digital programme delivery, update partners on changes at SCF and engagement opportunities, and provide a feedback platform for partners. Sessions held in March and September were attended by over 90 NGO partner representatives and Group employees supporting the delivery of projects. 

SCF continued to refine its operating model to develop relationships with strategic partners to deliver  projects. In 2021, it held a public and transparent process to invite NGOs to express an interest through the SCF website. The Call for Expressions of Interest attracted engagement from 92 NGOs. The SCF shortlisted 10 NGOs before selecting additional strategic partners. 

During 2021, SCF awarded 17 per cent of its total granting portfolio to projects focusing on education, 17 per cent to entrepreneurship projects and 66 per cent to employability projects. The increased funding for employability projects in 2021 is in response to the impact of COVID-19 on employment and livelihoods. 

The COVID-19 pandemic continued to create a challenging environment for project delivery in 2021. NGO partners built on 2020 learnings on digital delivery and adapted delivery methods to suit changing pandemic restrictions. Through the Programme Steering Committee, the SCF continued to support NGO partners by varying project timescales. 

> 4 The 2021 results reporting period is defined as the period 1 November 2020 to 31 October 2021. Cumulative reach results refer to the period 1 January 2020 to 31 October 2021. 

**12 Standard Chartered Foundation Annual Report and Financial Statements 2021** 



## Education 

Education is fundamental to addressing inequality. It provides young people with the knowledge, skills and resources they need to improve their circumstances and create their own unique place in the world. In many markets, girls are marginalised when it comes to access to education. 

Giving girls the tools to shape their future has an incredible multiplier effect on communities and societies. SCF invests in girls as a powerful force for change, and as a positive way to increase prosperity and diversity. 

SCF funds Goal, an education and empowerment programme for girls, as part of Futuremakers. Goal equips adolescent girls and young women with the confidence, knowledge and skills they 

need to be economic leaders in their families and communities. 

Delivered by NGO Women Win and its implementing partners across markets, Goal uses a sport-based curriculum to deliver modules on financial education, communication skills, health and hygiene, and self-confidence. 

In 2021, SCF provided USD2.24 million funding to education projects and reached 70,471 girls and young women in the 2021 reporting period. In 2021, Goal focused on advancing economic opportunities for girls, embedding digital delivery of the Goal curriculum and reviewing lessonslearned from employability and entrepreneurship pilots. Trustees approved the two-year Goal Business Plan for 2022 and 2023. 

## Education case study: Learning through adversity 

The Futuremakers Goal programme uses sport and games to enable girls to be active in their learning, providing a holistic approach to physical and life-skills education. One of the modules, ‘Be Yourself’ improves communication skills. 

Through the programme, 17-year-old Nimra, a student from Pakistan, learned how to explore her inner potential. It empowered her to learn how to speak up, improve in her academic studies and become a more self-confident young woman who can work on her dream of becoming a police officer someday. Nimra said: “I’m so happy to be a part of Goal, which has empowered me. My coach believed in me when nobody else did. The Goal programme has given me hope.” 


**13 Standard Chartered Foundation Annual Report and Financial Statements 2021** 



## Employability 

Around the world, millions of disadvantaged young people are trapped in low-paid, insecure work that prevents them from contributing economically to their communities, and wider society. They lack the skills and opportunities to improve their situation and COVID-19 has further limited opportunities. 

SCF aims to provide young people with the skills and confidence they need to find good-quality employment today and prepare for changes in the world of work. This includes learning how to manage their financial future. 

Under Futuremakers, SCF funds projects that provide interventions to help young people improve their employment-related knowledge and gain skills that are relevant to recruitment needs, as well as activities to increase their confidence, self-esteem and aspirations. They include vocational and soft skills training, careers mentoring and job placements. 

Implementing partners are encouraged to include pathways for young people to identify employment opportunities, such as job matching or career fairs. Group employees are involved as volunteer trainers and mentors to share their experience. 

In 2021, SCF provided USD8.44 million funding to employability projects and reached 13,000 young people (6,850 young women) in the 2021 reporting period. SCF reviewed and increased funding for employability programmes using insights from monitoring and evaluation reports to inform its selection of projects for renewal in 2021 and 2022. Many of the employability projects support young people to become self-employed or entrepreneurs, particularly in Africa, reflecting the limited availability of entrylevel formal jobs and young people’s interest in entrepreneurship. 

## Employability case study: Changing the world 

Issac is a young social entrepreneur and business consultant from Uganda who was inspired to become an entrepreneur after volunteering in his community. While he had passion and enthusiasm, he lacked the skills and support to make his business work. That changed after he joined a Futuremakers skills development project run by Challenges Worldwide. 

The project equipped unemployed graduates with business and management skills to provide business development services to small and medium-sized enterprises (SMEs). The graduates also trained other university students and SME employees on workforce development, business improvement, entrepreneurship and employability skills. Today, Isaac is founder and CEO of Ebrapreneur Solutions in Uganda, a social enterprise that provides eco-friendly solutions such as affordable fuel briquettes for cooking, to Ugandans while creating economic opportunities for women and young people. He is also an associate with a consultancy firm offering technology and inclusive digital finance, strategy and advisory services. Said Issac, “The programme enhanced my knowledge and understanding of business and entrepreneurship where my passion lies.” 


**14 Standard Chartered Foundation Annual Report and Financial Statements 2021** 



## Visual impairment inclusion 

SCF seeks to support young people with visual impairment into employment and to improve employment systems. In 2021, SCF funded a global project with Sightsavers to provide guidance to Futuremakers partners on the inclusion of young people with visual impairments across the Futuremakers initiative. 

## Entrepreneurship 

Micro and small businesses are the backbone of communities around the world. Supporting micro and small businesses is important given the challenges of underemployment, automation and insufficient job growth in numerous markets. Many of the estimated 400 million entrepreneurs in low and middle-income markets struggle to 

manage daily operational risks, because they lack knowledge of basic financial management tools. 

SCF funds entrepreneurship projects that support micro and small business owners and aspiring entrepreneurs to build financial knowledge, develop broader business skills and access finance through partnerships, for example, with microfinance institutions. 

In 2021, SCF provided USD2.22 million funding to entrepreneurship projects. SCF funded projects reached 45,193 young people (30,801 young women). SCF reviewed the 2021 mid-year results to inform its selection of entrepreneurship projects for renewal in 2022. 

## Entrepreneurship case study: Kindling young potential 

Desti is a teenager majoring in culinary arts at a vocational public school in Indonesia. Through Futuremakers, she acquired new skills and support to become a young entrepreneur. She said: “Futuremakers is perfect for teenagers because it provides them with knowledge to improve their skills, which will be needed when competing in the world of work or business.” 

With her new-found computer and digital marketing literacy, Desti learned to start and run a small online business selling beauty masks and cosmetics. This gave her an income that helped with daily expenses, since she and her three siblings live with their grandmother in a low-income rental home. She hopes to get a job after graduating from vocational school so as not to burden her family and to save enough to continue her education and online entrepreneurship. 


**15 Standard Chartered Foundation Annual Report and Financial Statements 2021** 



## Results Measurement 

The Group funds an external results monitoring partner for the implementation of the results framework, shown in diagram 1 on page 10. The role of the results monitoring partner is to support NGOs to develop data collection tools, collect and analyse biannual data, populate the management information system and prepare the annual reach and output information. 

Futuremakers is measured twice a year and the most recent summary data covers the period November 2020 to October 2021. 

Table 1 below shows a summary of the reach results for 2020 and 2021. In 2021, SCF reached 128,664 young people. Young women made up 84 per cent of the participants reached. 

## Table 1: Cumulative reach results for SCF-funded Futuremakers projects 

|**Futuremakers**|2020 SCF reach<br>(1 Jan 2020 – 31 Oct 2020)|2020 SCF reach<br>(1 Jan 2020 – 31 Oct 2020)|2021 SCF reach<br>(1 Nov 2020 – 31 Oct 2021)|2021 SCF reach<br>(1 Nov 2020 – 31 Oct 2021)|Cumulative results<br>(1 Jan 2020 – 31 Oct 2021)|Cumulative results<br>(1 Jan 2020 – 31 Oct 2021)|
|---|---|---|---|---|---|---|
||Total|Young<br>Women|Total|Young<br>Women|Total|Young<br>Women|
|**Education**|55,049|100%|70,471|100%|125,520|100%|
|**Employability**|1,887|79%|13,000|53%|14,887|56%|
|**Entrepreneurship**|5,137|53%|45,193|68%|50,330|67%|
|**TOTAL**|62,073|95%|128,664|84%|190,737|88%|



## Communication and engagement 

Through a combination of regular communication and engagement opportunities, the SCF stays connected with NGOs and Futuremakers participants. NGO partners are regularly invited to present to the Board, and to join Futuremakers Partners’ Day. 

Following the launch of the updated SCF brand in June 2021, brand training was incorporated into the bi-annual Futuremakers Partners’ Day to update partners and stakeholders on changes. 

To ensure the views of young people are included into Futuremakers and SCF project delivery, in July 2021, the Group led a three-day Futuremakers Forum. More than 1,000 participants including NGOs, Futuremakers participants, Group stakeholders and business leaders engaged with young people to discuss opportunities and best practices to promote youth employability. 

**16 Standard Chartered Foundation Annual Report and Financial Statements 2021** 



## Fundraising 

## Approach and achievements 

As set out in the SCF Fundraising Policy, SCF generates funds from three sources: monetary and in-kind donations from the Group, donations from individuals such as Group employees, clients, vendors and third-party entities, and donations from individuals and third-party entities unconnected with the Group. 

Fundraising communication must clearly promote the Group’s Speaking Up channels for any concerns related to fundraising practices. In 2021, SCF fully complied with fundraising standards. No complaints were received relating to fundraising practices or any other SCF activities in the United Kingdom or overseas in 2021 or 2020. 

During 2021, SCF recognised income of USD1.4 million donated by the Group, employees and other parties including clients, vendors and third-party entities. Fundraising initiatives in aid of SCF engaged Group employees in 40 markets through various events including the Standard Chartered marathons and partnerships with Liverpool Football Club to raise awareness of Futuremakers. 

All fundraising in aid of SCF complies with the best practice guidelines of the Fundraising Regulator in England, Wales and Northern Ireland as well as relevant overseas fundraising regulations. To protect vulnerable people and other members of the public, the SCF Fundraising Policy sets out the principles required to ensure any fundraising activity on behalf of SCF does not unduly intrude on a person’s privacy or place any undue pressure on individuals to participate in fundraising. 

The Group has established bank accounts in all markets where fundraising initiatives take place to manage funds for SCF transparently. Income from donations or grants is recognised when there is evidence of entitlement to the gift, a receipt is probable, and its amount can be measured accurately. For good governance and to deepen SCF’s knowledge of its donors, due diligence must be performed when receiving large donations. 

Donations are accepted directly into SCF bank accounts and via third party portals such as JustGiving and the Charities Aid Foundation. SCF uses third party organisations to collect fundraising income to minimise the collection of cash and cheques. In 2021, SCF engaged JustGiving to process online donations and Charity Stars to process charitable auctions. All fundraising costs recognised in the accounts under Charitable Activities (Note 4 page 33) relate to these two entities. In 2021, no fundraising agencies or commercial participators were engaged. No fundraising complaints were received. 

## Table 2: 2021 sources of funds 


**----- Start of picture text -----**<br>
Source of Funds USD<br>Standard Chartered running events 83,672<br>Employee payroll giving 114,877<br>Financial fee donations 174,403<br>Auctions 169,822<br>Client banking initiatives 81,149<br>Employee-led initiatives 206,352<br>General fundraising 168,238<br>Total donations (see note 1) 998,513<br>Others - bank interest, gift aid 20,520<br>Donations in-kind (see note 1) 406,730<br>Total income 1,425,763<br>**----- End of picture text -----**<br>


**17 Standard Chartered Foundation** 

**Annual Report and Financial Statements 2021** 



## Governance 

The Group’s Corporate Secretariat team facilitated a Board Effectiveness Review in Q3 2021 with findings presented to the Trustees during the same period. The review found that SCF demonstrates good governance and effective operations, with Trustees providing a positive rating on their knowledge, oversight and understanding of SCF’s strategy. The Trustees expressed an interest in learning more about the impact of SCF’s funding in the communities where it operates and the importance of ensuring ongoing Board diversity. 

**18 Standard Chartered Foundation Annual Report and Financial Statements 2021** 



## Future plans 

In 2022, SCF will continue to deliver against its strategy and advance relationships with strategic implementing NGO partners to deliver projects focused on education, employability and entrepreneurship. 

SCF’s current strategy runs until the end of 2023. In 2022, Trustees will begin discussions on the five-year strategy from 1 January 2024 to 31 December 2028. To facilitate these discussions, Trustees will review the social and economic development challenges in the markets where SCF operates, engage SCF stakeholders and assess the impact of SCF’s current strategy. 

## Grant making 

SCF plans to commit a further USD16 million in 2022 to education, employability and entrepreneurship projects aligned with Futuremakers. 

## Projects 

SCF will continue to ensure strong delivery of existing projects with a focus on streamlining the number of implementing partners. SCF intends to allocate the remaining COVID-19 economic recovery funding while monitoring the changing social impacts caused by COVID-19 and adapting delivery methods if required. 

## Priorities include 

- **Education:** continue to advance economic empowerment opportunities for Goal girls and continue blended (digital and in-person) delivery of the Goal curriculum. 

- **Employability:** refine the employability strategy using insights from 2019 to 2021 results measurement. This will include best practice sharing across Futuremakers partners and with thought leaders in the international development sector. 

- **Entrepreneurship:** review SCF’s approach to enhancing support for female entrepreneurs, including access to finance and networks. 

- **Eye health:** review progress in supporting young people with visual impairment into employment and inclusion within employment systems. Continue to roll-out support to partners to mainstream visual impairment in Futuremakers programming. 

## Results measurement 

SCF will advance the evaluation of findings from the results measurement framework. The findings will be used to further refine the results measurement framework, inform project delivery, adapt strategy with implementing partners and enhance external communications. 

## Fundraising 

SCF will continue to fundraise from its three sources as set out in the Fundraising Policy. In 2022, as the world transitions to living with COVID-19, constraints are expected to remain in some markets but it is anticipated that some of the larger-scale, face-to-face fundraising events and activities can return. 

Due to its Donation Agreement with the Group, which is SCF’s primary source of income, the Trustees do not anticipate any major detrimental impact on SCF’s finances from the continuing pandemic. 

SCF will continue to use third party organisations in 2022 to collect fundraising income to minimise the collection of cash and cheques, and to use third party organisations to process charitable auctions. 

## Governance 

SCF will implement recommendations from the 2021 Board effectiveness review. This includes providing more opportunities for the Board’s engagement, education and development, building awareness of project impact analysis and ensuring ongoing Board diversity. 

19 Standard Chartered Foundation Annual Report and Financial Statements 2021 



## Financial review 

SCF funds its activities through corporate and individual donations. All reporting is in US dollars. SCF cash and cash equivalent position at the reporting date was USD18.5 million, receivables were USD3.6 million and payables were USD6.2 million. Net assets were USD15.9 million. 

The total income received in the year was USD1.4 million, with the largest monetary donation being made by employee-led initiatives and financial fee donations totalling USD206,352 and USD174,403 respectively. 

Of this, USD6,100 is classified as restricted income with most of these funds intended for education, entrepreneurship and employability projects to support economic recovery from the COVID-19 pandemic. The remainder represents funds raised in markets where funds must be spent in the country of origin due to local regulations or is intended for specific partners. 

All remaining income is unrestricted. The Group provides staff time, office space and other resources free of charge to SCF on an in-kind basis. During the year, this support was worth USD344,508  based on actual contribution and relevant salaries. 

Prior year income was USD34.2 million, including USD21.8 million of one-off support for the economic recovery from the COVID-19 pandemic. In addition, USD7.0m of income was recognised in 2020, which was received equally in 2021 and 2022.  This related to three-year Donation Agreement with the Group, where the income is fully recognised in the first year of the contract. 

SCF expenditure in the year was USD13.5 million, with USD12.9 million related to grants and USD351,000 related to support costs and USD160,000 related to governance and professional costs. From the USD12.9 million committed to grant implementing partners in 2021, SCF has made cash payments of USD6.8 million. The balance of USD5.3 million will be paid in 2022 and USD0.8 million in 2023 in line with the terms of the individual grant agreements. 

## Reserves policy 

The part of unrestricted funds that is freely available to spend in furtherance of any of SCF’s objects is defined as ‘free reserves’ and excludes amounts designated for essential future spending, restricted income funds, endowment funds and tangible fixed assets. As of 31 December 2021, SCF free reserves were USD9 million. 

SCF has a simple structure and straightforward activities. Therefore, its reserves are primarily held to: 

- provide funding to participants including, inter alia, for unforeseen emergencies. For example, funding that may be required for an urgent need 

- meet planned operational costs 

- reflect the minimal risk of an unplanned closure associated with the SCF business model. 

Given these requirements, the Trustees consider that the target for free reserves, after any designations, should be approximately USD200,000. The SCF Reserves Policy is reviewed and approved by the Trustees annually. 

SCF reserves at 31 December 2021 totalled USD15.9 million, consisting of: 

- restricted reserves of USD6.9 million related to the use of funds for COVID-19 economic recovery and country of origin restriction. Restricted reserves are not available for general purposes of the charity, and 

- unrestricted reserves of USD9 million which can be spent on any general SCF purpose as decided by the Trustees. 

This build-up was the result of large Group donations in 2020 worth USD19.7 million related to COVID-19 and USD11.5 million related to general support. SCF committed grants amounting to USD12.9 million. There are plans in place to provide funding of USD16 million in 2022 including USD4.6 million for COVID-19 economic recovery projects.  The Group will spend USD4.6 million from the restricted reserves in 2022 on grants related to COVID-19. SCF intends to reduce its reserves in line with its strategy over the course of 2022, while always retaining a minimum of USD200,000 per its Reserves Policy. 

**20 Standard Chartered Foundation Annual Report and Financial Statements 2021** 



## Funds held as Custodian Trustee on behalf of others 

The SCF did not act as a Custodian Trustee on behalf of other charities in 2021 or 2020. 

## Investment policy 

The purpose of SCF financial investment is to yield the best financial return within the level of risk considered to be acceptable, in line with the SCF Risk Management Policy. Financial returns can be spent on SCF’s objects as described in the SCF Articles of Association and the SCF Strategy. 

Charitable funds donated to SCF by the public and by the Group are to be used to advance its objects without exposing funds to unreasonable risk of losing market value. Therefore, the Trustees determine that at this initial stage of the operation of SCF, any surplus funds (including reserves) should be placed in an interest-bearing cash deposit account with SCF’s bankers, Standard Chartered Group, with an exit clause to allow SCF to make withdrawals at short notice if needed. 

SCF held a term deposit USD18 million as of 31 December 2021, with maturity date in April 2022. This arrangement is the best approach to managing liquidity risk. Counterparty risk is also minimised by using SCF’s bankers, one of the UK’s leading financial institutions. 

**21 Standard Chartered Foundation Annual Report and Financial Statements 2021** 



Statement of Trustees’ responsibilities 

The Trustees (who are also directors of Standard Chartered Foundation for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

Company law requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure 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 Statement of Recommended Practice 

- make judgements and estimates that are reasonable and prudent 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 

In so far as the Trustees are aware: 

- there is no relevant audit information of which the charitable company’s auditor is unaware 

- the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. 

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 

RSM UK Audit LLP will be reappointed as the charity’s auditors. 

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies’ exemption. 

By order of the Board of Trustees 


## Claire Dixon 

Chair of Standard Chartered Foundation Board of Trustees 

13 June 2022 

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. 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. 

22 Standard Chartered Foundation Annual Report and Financial Statements 2021 



Independent auditor’s report to the member of the Standard Chartered Foundation 

## Opinion 

We have audited the financial statements of Standard Chartered Foundation (the ‘charitable company’) for the year ended 31 December 2021 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice). 

In our opinion the financial statements: 

- give a true and fair view of the state of the charitable company’s affairs as at 31 December 2021 and of its outgoing resources and application of resources, including its income and expenditure, for the year then ended 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## Basis for opinion 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## Conclusions relating to going concern 

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. 

23 Standard Chartered Foundation Annual Report and Financial Statements 2021 



## Other information 

The other information comprises the information included in the Annual Report other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## Opinions on other matters prescribed by the Companies Act 2006 

In our opinion, based on the work undertaken in the course of the audit: 

- the information given in the Annual Report, which includes the Directors’ Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements 

- the Directors’ Report included within the Annual Report has been prepared in accordance with applicable legal requirements. 

## Matters on which we are required to report by exception 

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report included within the Annual Report. 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: 

- the financial statements are not in agreement with the accounting records and returns 

- certain disclosures of Trustees’ remuneration specified by law are not made 

- we have not received all the information and explanations we require for our audit 

- the Trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemption from the requirement to prepare a Strategic Report or in preparing the Trustees’ Report. 

## Responsibilities of trustees 

As explained more fully in the Statement of Trustees’ responsibilities set out on page 22, the Trustees (who are also the Directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the Trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. 

## Auditor’s responsibilities for the audit of the financial statements 

Our objectives are to obtain reasonable assurance about whether the financial statements, as a whole, are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us 

24 Standard Chartered Foundation Annual Report and Financial Statements 2021 



## The extent to which the audit was considered capable of detecting irregularities, including fraud 

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit. 

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit. 

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team: 

- obtained an understanding of the nature of the sector, including the legal and regulatory framework that the charitable company operates in and how the charitable company is complying with the legal and regulatory framework 

- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud 

- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. 

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006, Charities Act 2011, the charitable company’s governing document, tax legislation and Charities (Protection and Social Investment) Act 2016. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Annual Report, remaining alert to new or unusual transactions which may not be in accordance with the governing documents. 

The audit engagement team identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud.  Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business and challenging judgments and estimates. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at **www.frc.org.uk/auditorsresponsibilities** . This description forms part of our auditor’s report. 

## Use of our report 

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed. 


Chartered Accountants 25 Farringdon Street London EC4A 4AB 

24 June 2022 

25 Standard Chartered Foundation Annual Report and Financial Statements 2021 



## Statement of financial activities (incorporating an income and expenditure account) for the year ended 31 December 2021 

|**Income**|**Restricted**<br>**funds**<br>**Unrestricted**<br>**funds**<br>**Total**<br>**funds**<br>**Restricted**<br>**funds**<br>**Unrestricted**<br>**funds**<br>**Total**<br>**funds**|
|---|---|
||**2021**<br>**2021**<br>**2021**<br>**2020**<br>**2020**<br>**2020**|
||**Notes**<br>**USD**<br>**USD**<br>**USD**<br>**USD**<br>**USD**<br>**USD**|
|||
|Donations<br>Investments<br>income<br>**Total Income**<br>**Expenditure**|1, 2<br>6,100<br>1,399,198<br>**1,405,298**<br>21,755,936<br>12,479,781<br>**34,235,717**|
||3<br>-<br>20,465<br>**20,465**<br>-<br>14,041<br>**14,041**|
||**6,100**<br>**1,419,663**<br>**1,425,763**<br>**21,755,936**<br>**12,493,822**<br>**34,249,758**|
|||
|Cost of raising<br>funds<br>Charitable<br>activities<br>**Total**<br>**Expenditure**|4<br>-<br>43,394<br>**43,394**<br>-<br>23,221<br>**23,221**|
||5,6<br>9,196,190<br>4,212,068<br>**13,408,258**<br>5,653,222<br>2,826,586<br>**8,479,808**|
||**9,196,190**<br>**4,255,462**<br>**13,451,652**<br>**5,653,222**<br>**2,849,807**<br>**8,503,029**|
|**Net (expense)**<br>**/ income and**<br>**net movement**<br>**in funds for the**<br>**fnancial year**|**(9,190,090)**<br>**(2,835,799) (12,025,889)**<br>**16,102,714**<br>**9,644,015**<br>**25,746,729**|
|**Reconciliation**<br>**of funds (total**<br>**funds brought**<br>**forward)**|**16,109,695**<br>**11,799,747**<br>**27,909,442**<br>**6,981**<br>**2,155,732**<br>**2,162,713**|
|**Total funds**<br>**carried forward**|**6,919,605**<br>**8,963,948**<br>**15,883,553**<br>**16,109,695**<br>**11,799,747**<br>**27,909,442**|



The notes on pages 32 to 41 form part of these financial statements. 

26 Standard Chartered Foundation Annual Report and Financial Statements 2021 



## Balance sheet as at 31 December 2021 

Registered company number 11968592 

|**Current**<br>**assets**|**Restricted**<br>**Unrestricted**<br>**Total**<br>**Restricted**<br>**Unrestricted**<br>**Total**|
|---|---|
||**2021**<br>**2021**<br>**2021**<br>**2020**<br>**2020**<br>**2020**|
||**Notes**<br>**USD**<br>**USD**<br>**USD**<br>**USD**<br>**USD**<br>**USD**|
|||
|Debtors<br>Term deposit<br>Cash at bank<br>**Total current**<br>**assets**|10<br>-<br>3,541,976<br>3,541,976<br>12,787,532<br>8,092,504<br>20,880,036|
||12,327,632<br>5,672,368<br>18,000,000<br>6,890,618<br>4,109,382<br>11,000,000|
||54,201<br>467,265<br>521,466<br>91,085<br>337,667<br>428,752|
||**12,381,833**<br>**9,681,609**<br>**22,063,442**<br>**19,769,235**<br>**12,539,553**<br>**32,308,788**|
|**Creditors**<br>Amounts<br>falling due<br>within one<br>year|11A<br>4,686,897<br>717,661<br>5,404,558<br>3,501,878<br>739,806<br>4,241,684|
|**Net current**<br>**assets**|**7,694,936**<br>**8,963,948**<br>**16,658,884**<br>**16,267,357**<br>**11,799,747**<br>**28,067,104**|
|**Creditors**<br>Amount<br>falling due<br>after more<br>than one year|<br>11B<br>775,331<br>-<br>775,331<br>157,662<br>-<br>157,662|
|**Net assets**|**6,919,605**<br>**8,963,948**<br>**15,883,553**<br>**16,109,695**<br>**11,799,747**<br>**27,909,442**|
|Unrestricted<br>Restricted|-<br>8,963,948<br>8,963,948<br>-<br>11,799,747<br>11,799,747|
||6,919,605<br>-<br>6,919,605<br>16,109,695<br>-<br>16,109,695|
|**Funds**|12, 14<br>**6,919,605**<br>**8,963,948**<br>**15,883,553**<br>**16,109,695**<br>**11,799,747**<br>**27,909,442**|
|**Total funds**<br>**carried**<br>**forward**|**6,919,605**<br>**8,963,948**<br>**15,883,553**<br>**16,109,695**<br>**11,799,747**<br>**27,909,442**|



The financial statements on pages 26 to 41 were approved by the Trustees and authorised for issue on 13 June 2022 and signed on its behalf by: 


## **Claire Dixon** 

Chair of Standard Chartered Foundation Board of Trustees 

13 June 2022 

27 Standard Chartered Foundation Annual Report and Financial Statements 2021 



Statement of cash flows for the year ended 31 December 2021 

|**Cash fows from operating activities**|**2021**<br>**2020**|
|---|---|
||**Notes**<br>**USD**<br>**USD**|
|||
|Net cash provided by operating activities<br>**Cash fow from investing activities**|a)<br>7,120,121<br>11,125,917|
|||
|Bank interest<br>**Change in cash and cash equivalents during the year**|22,956<br>14,041|
||**7,143,077**<br>**11,139,958**|
|Exchange differences on foreign currencies|(50,363)<br>(25,548)|
|Cash and cash equivalents at the beginning of the year|11,428,752<br>314,342|
|**Cash and cash equivalents at the end of the year**|b)<br>**18,521,466**<br>**11,428,752**|
|**a) Reconciliation of net income to net cash provided by operating activities**||
|**Net (expense) / income for the reporting year**<br>**(as per the Statement of Financial Activities)**|(12,025,889)<br>25,746,729|
|Adjustments for<br>Investment income<br>Increase in creditors<br>Decrease / (increase) in debtors<br>Foreign exchange variance<br>**Net cash provided by operating activities**||
||(20,465)<br>(14,041)|
||1,780,543<br>4,371,914|
||17,335,569<br>(19,004,233)|
||50,363<br>25,548|
||**7,120,121**<br>**11,125,917**|
|**b) Analysis of cash and cash equivalents**||
|Cash at bank<br>Term deposits<br>**Total cash and cash equivalents**|521,466<br>428,752|
||18,000,000<br>11,000,000|
||**18,521,466**<br>**11,428,752**|



The notes on page 29 to 41 form part of these financial statements. 

28 Standard Chartered Foundation Annual Report and Financial Statements 2021 



Accounting policies 

SCF is a private company limited by guarantee, incorporated in the UK and registered in England and Wales company number 11968592, charity number 1184946. 

## Basis of accounting 

These financial statements have been presented in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (FRS 102), the Charities SORP FRS 102, the requirements of the Companies Act 2006 and under the historical cost convention. 

SCF meets the definition of a public benefit entity under FRS 102. 

The financial statements are presented in US Dollars (USD), which is the SCF functional currency. Monetary amounts in these statements are rounded to the nearest USD. 

## Income recognition policy 

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

In the case of a grant or corporate donation, evidence of entitlement will usually exist when the formal offer of funding is communicated in writing to the charity. However, some grants will contain terms or conditions that must be met before the charity has entitlement to the resources. 

In exceptional circumstances, voluntary income may be recognised in advance of a formal signed agreement where an authorised individual confirms that a signed agreement has been delayed due to administrative procedures (e.g. where Trustees only meets quarterly to confirm grants). In these cases, an assessment will be made on the basis of the probability of receipt of income. 

Donor imposed conditions may also specify the time period over which the expenditure of resources on a service can take place. Specification of a time period may amount to a pre-condition for use that limits the charity’s ability to spend a grant or donation until it has performed the activity related to the specified time period. Income will be recognised in the year of the activity. 

## Cost of raising funds 

Costs of raising funds comprise both direct and support costs. Direct costs are related to direct fundraising activities such as fees payable to third party entities used for the processing of online donations and other entities processing auctioning items on behalf of SCF. Support costs are related to those functions that assist the work of SCF. 

Costs of raising funds are initially recognised when the service or goods has been performed or purchased and the fees are payable to the relevant third party. 

Income from donations in-kind related to goods or services received free of charge will be recognised based on the actual value of the costs incurred by the donor. Donation in-kind will be recognised as income as and when the goods or services are receivable. 

29 Standard Chartered Foundation Annual Report and Financial Statements 2021 



## Expenditure on charitable activities 

During the reporting year, SCF spent funds on charitable activities which consisted of grants, support costs related to people, premises, equipment and governance (Note 6). 

SCF has reported the allocation of 2021 support costs related to people costs across its charitable activities (Note 6). 

The governance costs related to audit, legal, bank charges and foreign exchange costs have been allocated in line with the grant making activities across three categories of education, employability and entrepreneurship (Note 6). 

## Grant making policy 

Grants payable are payments made to third parties in the furtherance of the charitable objects of SCF. In the case of an unconditional grant offer, this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. 

Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of SCF. 

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable. 

The provision for a multi-year grant is recognised at its present value where settlement is due over more than one year from the date of the award, there are no unfulfilled performance conditions under the control of SCF that would permit the SCF to avoid making the future payment(s), settlement is probable, and the effect of discounting is material. The discount rate used is the average rate of investment yield in the year in which the grant award is made. This discount rate is regarded by the Trustees as providing the most current available estimate of the opportunity cost of money reflecting the time value of money to SCF. 

## Going concern 

The Trustees have reviewed SCF’s financial position in detail at the reporting date and are of the opinion that there are no material uncertainties and SCF has adequate resources to meet its obligations as and when they fall due to continue as a going concern for the foreseeable future. The Trustees also have a discretion to allocate grants only if there are sufficient funds to do so. Accordingly, the accounts have been prepared on a going concern basis for at least 12 months from the date of signing this report. 

In addition, the Group has committed to provide ongoing direct monetary donations, support with fundraising from its employees and associates, and in-kind donation in the form of staff time and supporting costs like office space, equipment, website maintenance and other necessary support. 

## Financial instruments 

SCF applies the provisions of Section 11 Basic Financial Instruments of FRS 102 to all its financial instruments. 

SCF has only basic financial assets and financial liabilities and does not enter into financing transactions. They are measured initially at transaction price and subsequently at amortised cost, being transaction price less amounts settled and any impairment losses. 

## Reserves 

Unrestricted funds are available to spend on activities that further any of the purposes of SCF. Designated funds are unrestricted funds of SCF which the Trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the SCF work. 

The funds consist of restricted and unrestricted funds. The restricted funds include funds allocated for COVID-19 economic recovery projects and donations from the Group’s employees and supporters to be spent in the country of origin (due to local regulations). 

30 Standard Chartered Foundation Annual Report and Financial Statements 2021 



## Tax and VAT policy 

SCF is registered as a charity with Her Majesty’s Revenue and Customs (HMRC) and is not subject to corporation tax where applied for charitable purposes. SCF is not VAT registered and all costs incurring VAT will be irrecoverable and recognised as a part of the costs to which it relates. 

## Cash and cash equivalent policy 

SCF held its cash in bank accounts on 31 December 2021 in the United Kingdom and overseas. SCF does not hold any petty cash. There was one term deposit of USD18 million (2020: USD11 million) held at the date of reporting, maturing in April 2022. SCF will continue to place its cash in term deposit accounts to earn interest in 2022 in line with its Investment Policy, ensuring cash is easily available to manage grant payments and other obligations as and when they fall due. 

## Critical accounting estimates and areas of judgement 

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are perceived as reasonable under the circumstances. People costs were recognised as a donation in-kind from the Group and support costs were estimated based on approximate time spent working on SCF and applying the same estimated percent to the actual costs the Group has incurred. Staff spend time on the following activities: governance, finance, programme design and delivery, and communication. The estimated time spent on SCF activities was equivalent to 2.7 full time employees (FTE) in 2021. In 2020, the estimated time spent on SCF activities was equivalent to 2.3 FTE. 

The Trustees do not consider that there are any key areas of judgement or critical accounting estimates. 

31 Standard Chartered Foundation Annual Report and Financial Statements 2021 



Notes to the financial statements 

## 1. Income from donations 

|**Donations**|**Restricted**<br>**Unrestricted**<br>**Total**<br>**Restricted**<br>**Unrestricted**<br>**Total**|
|---|---|
|Donations (Notes 2,13)<br>Donations in-kind<br>(Note 13)<br>Gift aid|**2021**<br>**2021**<br>**2021**<br>**2020**<br>**2020**<br>**2020**|
||**USD**<br>**USD**<br>**USD**<br>**USD**<br>**USD**<br>**USD**|
||6,100<br>992,413<br>998,513<br>21,695,403<br>12,198,102<br>33,893,505|
||-<br>406,730<br>406,730<br>-<br>281,679<br>281,679|
||-<br>55<br>55<br>60,533<br>-<br>60,533|
|**Total**|**6,100**<br>**1,399,198**<br>**1,405,298**<br>**21,755,936**<br>**12,479,781**<br>**34,235,717**|



In 2021, SCF donations were received through corporate monetary and in-kind donations for people working on behalf of SCF, facilities, fundraising events in the UK and overseas and fundraising portals such as JustGiving. 

## 2. Income from donations by region 

The Group supports fundraising for SCF in the markets where it operates through branches and subsidiaries via employee-organised fundraising initiatives. Income in the table below relates to income raised from donations across all regions. 

|**Region**|**Restricted**<br>**Unrestricted**<br>**Total**<br>**Restricted**<br>**Unrestricted**<br>**Total**|
|---|---|
|Africa & Middle East<br>Asia<br>Europe & Americas|**2021**<br>**2021**<br>**2021**<br>**2020**<br>**2020**<br>**2020**|
||**USD**<br>**USD**<br>**USD**<br>**USD**<br>**USD**<br>**USD**|
||22,204<br>32,723<br>54,927<br>185,404<br>311,613<br>497,017|
||(17,411)<br>446,422<br>429,011<br>697,518<br>233,127<br>930,645|
||1,307<br>920,053<br>921,360<br>20,873,014<br>11,935,041<br>32,808,055|
|**Total**|**6,100**<br>**1,399,198**<br>**1,405,298**<br>**21,755,936**<br>**12,479,781**<br>**34,235,717**|



The negative restricted income for Asia of USD17,411 mainly relates to an adjustment of the One Day accrued income from Singapore made in the previous year. 

32 Standard Chartered Foundation Annual Report and Financial Statements 2021 



## 3. Investment income 

All investment income recorded during the year totalling USD20,465 (2020: USD14,041) has come from the interestbearing accounts and term deposit. 

|<br>bearing accounts and term deposit.||
|---|---|
|**Investment income**||
|Interest - fundraising accounts and term deposits|**2021**<br>**2020**|
||**USD**<br>**USD**|
||20,465<br>14,041|
|**Total**|**20,465**<br>**14,041**|



## 4. Cost of raising funds 

SCF has used third party originations such as JustGiving to process online donations and Charity Stars to process and auction signed football shirts. SCF fundraising costs recognised in the reporting year relate to the fees of these two entities. 

|JustGiving and other<br>fundraising costs|**Direct**<br>**Support Unrestricted**<br>**Direct**<br>**Support Unrestricted**|
|---|---|
||**2021**<br>**2021**<br>**2021**<br>**2020**<br>**2020**<br>**2020**|
||**USD**<br>**USD**<br>**USD**<br>**USD**<br>**USD**<br>**USD**|
||43,394<br>-<br>43,394<br>23,221<br>-<br>23,221|
|**Total costs of raising funds**|**43,394**<br>**-**<br>**43,394**<br>**23,221**<br>**-**<br>**23,221**|



## 5. Charitable costs 

SCF has recognised costs associated with its charitable activities as per grants payable to Implementing Partners (Note 6A) and support costs (Note 6B). 

SCF has settled USD6.8 million in 2021 (2020: USD3.8 million) from the total grant payable of USD12.9 million (2020: USD8.1 million). The remaining balance USD6.1 million (2020: USD4.3 million) will be settled in 2022-2023 when the payments fall due in line with signed grant agreement requirements. 

SCF has received the corresponding donation in-kind from the Group amounting to USD406,730 (2020: USD281,679) for support costs relating to staff, software and premises costs (Note 13). No payment was received by the Group from SCF in relation to these costs and they were recognised as a donation in-kind, and charitable activities costs in the Statement of Financial Activities. 

Governance costs, directly settled by SCF, amount to USD97,822 (2020: USD68,924) which include audit fees, marketing and legal costs and foreign exchange variances. SCF will continue to pay audit, marketing and legal costs from its own funds. 

33 Standard Chartered Foundation Annual Report and Financial Statements 2021 



## 6. Charitable costs details 

## A. Grants payable to implementing partners 

||**Restricted**<br>**Unrestricted**<br>**Total**<br>**Total**|
|---|---|
||**2021**<br>**2021**<br>**2021**<br>**2020**|
||**USD**<br>**USD**<br>**USD**<br>**USD**|
|||
||9,196,190<br>-<br>9,196,190<br>5,203,222|
||-<br>-<br>-<br>450,000|
||-<br>3,701,366<br>3,701,366<br>2,475,983|
|**Total**<br>**Institution**<br>Stichting Women Win:<br>Goal Annual programmes<br>Women Win Sri Lanka<br>Special grant - Stichting Women<br>Win 2020<br>Women Win Kenya|**9,196,190**<br>**3,701,366**<br>**12,897,556**<br>**8,129,205**<br>**Restricted**<br>**Unrestricted**<br>**Total**<br>**Total**|
||**2021**<br>**2021**<br>**2021**<br>**2020**|
||**USD**<br>**USD**<br>**USD**<br>**USD**|
|||
||-<br>2,243,374<br>2,243,374<br>1,310,647|
||209,158<br>-<br>209,158<br>608,306|
||-<br>-<br>-<br>450,000|
||-<br>-<br>-<br>180,002|
|**Stichting Women Win Total**|**209,158**<br>**2,243,374**<br>**2,452,532**<br>**2,548,955**|



34 Standard Chartered Foundation Annual Report and Financial Statements 2021 



|Enactus US:<br>Enactus – France, Ireland, Poland,|1,038,590|-|1,038,590|1,009,128|
|---|---|---|---|---|
|Ghana, South Korea, South Africa|||||
|and Zimbabwe|||||
|Enactus – US and Brazil|498,500|-|498,500|-|
|**Enactus US Total**|**1,537,090**|-|**1,537,090**|**1,009,128**|
|**Other entities**|||||
|Plan International UK<br>SOS Children’s Villages UK<br>Voluntary Service Overseas (VSO)<br>St James’ Settlement|2,215,000<br>2,143,488<br>942,269<br>641,025|-<br>-<br>-<br>-|2,215,000<br>2,143,488<br>942,269<br>641,025|-<br>-<br>-<br>641,025|
|Royal Commonwealth Society for the Blind|600,000|-|600,000|-|
|(Sightsavers)|||||
|Challenge Worldwide Limited<br>International Labour Organization (ILO)<br>Liverpool FC Foundation|-<br>-<br>300,000|498,909<br>303,000<br>-|498,909<br>303,000<br>300,000|498,588<br>-<br>-|
|Mereka Innovative Education Sdn Bhd|275,486|-|275,486|-|
|Friends Union for Energising Lives (FUEL)|-|270,600|270,600|-|
|BRAC (Bangladesh)|205,353|-|205,353|-|
|Youth Business International (YBI)<br>Technology Development Association<br>for the Disabled (TWACC)|181,607<br>-|20,000<br>169,065|201,607<br>169,065|1,120,661<br>151,968|
|The Garden of Hope Foundation|160,714|-|160,714|152,543|
|Aide Et Action|-|100,000|100,000|-|
|Easy Inclusion Consulting|-|53,844|53,844|-|
|Philippines Business for Social Progress<br>(PBSP)<br>Enactus China (contract cancelled in 2021)<br>International Rescue Committee (IRC)|-<br>(215,000)<br>-|42,574<br>-<br>-|42,574<br>(215,000)<br>-|-<br>530,000<br>400,004|
|St John Ambulance|-|-|-|395,000|
|Non-Proft Incubator|-|-|-|349,500|
|British Asian Trust<br>Skills Builder<br>**Other entities total**<br>**Total**|-<br>-<br>**7,449,942**<br>**9,196,190**|-<br>-<br>**1,457,992**<br>**3,701,366**|-<br>-<br>**8,907,934**<br>**12,897,556**|300,033<br>31,800<br>**4,571,122**<br>**8,129,205**|



35 Standard Chartered Foundation Annual Report and Financial Statements 2021 



## B. Support costs 

|**Support and governance costs**<br>Premises – donated by the Group<br>Salaries and on-costs – donated by the Group<br>(Note 9)<br>Marketing costs<br>Governance costs – donated by the Group<br>Governance costs – audit<br>Governance costs - legal<br>Governance costs - other fees<br>Exchange rate variance and bank charges (gain)|**Total**<br>**Total**<br>**2021**<br>**2020**<br>**USD**<br>**USD**<br>29,029<br>20,454<br>315,479<br>260,918<br>6,150<br>-<br>62,222<br>307<br>33,959<br>34,196<br>8,082<br>8,748<br>4,089<br>-<br>51,692<br>25,980<br>**510,702**<br>**350,603**|
|---|---|
|**Total**||



## 7. Trustees’ remuneration and other benefits 

Trustees, who are by definition key management personnel, did not receive any remuneration or benefits during the year (2020: USDnil). No travel or other Trustee expenses were reimbursed during the year (2020: USDnil). 

## 8. Auditors’ fees 

Fees payable to RSM UK Audit LLP for the 2021 SCF audit were USD33,959 (2020: USD34,196) and recorded as governance costs in expenditure. 

|**Auditors’ fees**<br>Governance costs – audit fees|**Total**<br>**Total**<br>**2021**<br>**2020**<br>**USD**<br>**USD**<br>33,959<br>34,196<br>**33,959**<br>**34,196**|
|---|---|
|**Total**||



There were no other fees payable to the auditors for non-audit services. 

36 Standard Chartered Foundation Annual Report and Financial Statements 2021 



## 9. People costs 

The Group donated salaries and related people costs to SCF on a donations-in-kind basis. 

|**People costs**<br>Salary costs and benefts<br>Employers’ NI<br>Employer's pension<br>Other support costs<br>(insurance, agency fee)|**Total**<br>**Total**<br>**2021**<br>**2020**<br>**USD**<br>**USD**<br>279,712<br>222,938<br>14,384<br>20,700<br>21,301<br>16,027<br>82<br>1,253<br>**315,479**<br>**260,918**<br>**2.7**<br>**2.3**<br>**Restricted**<br>**Unrestricted**<br>**Total**<br>**Total**|
|---|---|
|**Total**||
|**Average Full Time Equivalent**<br>10. Debtors<br>**Debtors**<br>Debtors falling due within one year<br>Debtors falling due after more than<br>one year||
||**2021**<br>**2021**<br>**2021**<br>**2020**|
||**USD**<br>**USD**<br>**USD**<br>**USD**|
|||
||-<br>3,541,976<br>3,541,976<br>17,380,036|
||-<br>-<br>-<br>3,500,000|
|**Total**<br>**-**<br>**3,541,976**<br>**3,541,976**<br>**20,880,036**<br>**Restricted**<br>**Unrestricted**<br>**Total**<br>**Total**<br>**2021**<br>**2021**<br>**2021**<br>**2020**<br>**USD**<br>**USD**<br>**USD**<br>**USD**<br>**Debtors**<br>Donations receivable<br>-<br>3,500,000<br>3,500,000<br>17,200,000<br>Accrued Income<br>-<br>18,589<br>18,589<br>151,914<br>Prepayments<br>-<br>23,387<br>23,387<br>28,122<br>10.A. Amounts falling due within one year||
||**2021**<br>**2021**<br>**2021**<br>**2020**|
||**USD**<br>**USD**<br>**USD**<br>**USD**|
|||
||-<br>3,500,000<br>3,500,000<br>17,200,000|
||-<br>18,589<br>18,589<br>151,914|
||-<br>23,387<br>23,387<br>28,122|
|**Total**|**-**<br>**3,541,976**<br>**3,541,976**<br>**17,380,036**|



37 Standard Chartered Foundation Annual Report and Financial Statements 2021 



10.B. Amounts falling due more than one year 

|**Debtors**<br>Donations<br>receivable|**Restricted**<br>**Unrestricted**<br>**Total**<br>**Total**|
|---|---|
||**2021**<br>**2021**<br>**2021**<br>**2020**|
||**USD**<br>**USD**<br>**USD**<br>**USD**|
|||
||-<br>-<br>-<br>3,500,000|
|**Total**|**-**<br>**-**<br>**-**<br>**3,500,000**|



## 11. Creditors 

## 11A. Amounts falling due within one year 

|Accrued expenses<br>Deferred income<br>Grants payable|**Restricted**<br>**Unrestricted**<br>**Total**<br>**Total**|
|---|---|
||**2021**<br>**2021**<br>**2021**<br>**2020**|
||**USD**<br>**USD**<br>**USD**<br>**USD**|
||-<br>35,487<br>35,487<br>36,905|
||-<br>23,387<br>23,387<br>28,123|
||4,686,897<br>658,787<br>5,345,684<br>4,176,656|
|**Total**|**4,686,897**<br>**717,661**<br>**5,404,558**<br>**4,241,684**|



The deferred income comprises of donations in-kind in relation to indemnity insurance for trustees for 2022 and is analysed as follows: 

|Balance as at 1 January<br>Amount released to income from donations in-kind<br>Amount deferred in year|**Total**<br>**Total**|
|---|---|
||**2021**<br>**2020**|
||**USD**<br>**USD**|
||28,123<br>-|
||(28,123)<br>-|
||23,387<br>28,123|
|**Balance as at 31 December**|**23,387**<br>**28,123**|



## 11B. Amounts falling due after more than one year 

|Grants payable|**Restricted**<br>**Unrestricted**<br>**Total**<br>**Total**|
|---|---|
||**2021**<br>**2021**<br>**2021**<br>**2020**|
||**USD**<br>**USD**<br>**USD**<br>**USD**|
||775,331<br>-<br>775,331<br>157,662|
|**Total**|**775,331**<br>-<br>**775,331**<br>**157,662**|



38 Standard Chartered Foundation Annual Report and Financial Statements 2021 



## 12. Movements in funds 

|**2021**<br>**Unrestricted**<br>Restricted – country of origin<br>Restricted – COVID-19<br>**Total restricted**|**Opening funds**<br>**Income**<br>**Expenditure**<br>**Net movement**<br>**Closing funds**|
|---|---|
||**USD**<br>**USD**<br>**USD**<br>**USD**<br>**USD**|
||**11,799,747**<br>**1,419,663**<br>**(4,255,462)**<br>**(2,835,799)**<br>**8,963,948**|
||**29,363**<br>4,168<br>-<br>4,168<br>**33,531**|
||**16,080,332**<br>1,932<br>(9,196,190)<br>(9,194,258)<br>**6,886,074**|
||**16,109,695**<br>**6,100**<br>**(9,196,190)**<br>**(9,190,090)**<br>**6,919,605**|
|**Total funds 2021**<br>**2020**<br>**Unrestricted**<br>Restricted – country of origin<br>Restricted – COVID-19<br>Restricted - Stichting Women<br>Win<br>**Total restricted**|**27,909,442**<br>**1,425,763**<br>**(13,451,652)**<br>**(12,025,889)**<br>**15,883,553**<br>**Opening funds**<br>**Income**<br>**Expenditure**<br>**Net movement**<br>**Closing funds**|
||**USD**<br>**USD**<br>**USD**<br>**USD**<br>**USD**|
||**2,155,732**<br>**12,493,822**<br>**(2,849,807)**<br>**9,644,015**<br>**11,799,747**|
||6,981<br>22,382<br>-<br>22,382<br>**29,363**|
||-<br>21,283,554<br>(5,203,222)<br>16,080,332<br>**16,080,332**|
||<br>-<br>450,000<br>(450,000)<br>-<br>**-**|
||**6,981**<br>**21,755,936**<br>**(5,653,222)**<br>**16,102,714**<br>**16,109,695**|
|**Total funds 2020**|**2,162,713**<br>**34,249,758**<br>**(8,503,029)**<br>**25,746,729**<br>**27,909,442**|



Funds with restriction related to the country of origin totalling USD33,531 (2020: USD29,363) must be spent in the country where they were raised. 

USD6.9 million (2020: USD16.1 million) is restricted to COVID-19 related projects and will be granted to implementing partners working on economic recovery related to COVID-19. 

USDnil (2020: USD450,000) was received with restriction to be granted to Stichting Women Win. 

39 Standard Chartered Foundation Annual Report and Financial Statements 2021 



## 13. Related party disclosure 

The Bank is the sole member of SCF and has donated the following during the year: 

||**Restricted**<br>**Unrestricted**<br>**Total**<br>**Total**|
|---|---|
|**Cash donation**<br>**Donation in-kind:**<br>People costs<br>Services and buildings<br>Professional services|**2021**<br>**2021**<br>**2021**<br>**2020**|
||**Notes**<br>**USD**<br>**USD**<br>**USD**<br>**USD**|
||1<br>-<br>-<br>-<br>31,200,000|
|||
||9<br>-<br>315,479<br>315,479<br>260,918|
||6B<br>-<br>29,029<br>29,029<br>20,761|
||-<br>62,222<br>62,222<br>-|
|**Total donation from the Bank**|**-**<br>**406,730**<br>**406,730**<br>**31,481,679**|



At 31 December 2021, the Bank owed SCF USD3.5 million (2020: USD13.7 million) which was settled in March 2022. There were no provisions for bad debts in 2021 (2020: USDnil). 

SCF Trustees donated USD932 during 2021 (2020: USD158,000). 

40 Standard Chartered Foundation Annual Report and Financial Statements 2021 



## 14. Analysis of net assets by fund 

|Cash at bank and in hand<br>Term deposit<br>Other net assets / (liabilities)|**Restricted**<br>**Unrestricted**<br>**Total**|
|---|---|
||**2021**<br>**2021**<br>**2021**|
||**USD**<br>**USD**<br>**USD**|
||**54,201**<br>**467,265**<br>**521,466**|
||**12,327,632**<br>**5,672,368**<br>**18,000,000**|
||**(5,462,228)**<br>**2,824,315**<br>**(2,637,913)**|
|**Total**<br>Cash at bank and in hand<br>Term deposit<br>Other net assets / (liabilities)|**6,919,605**<br>**8,963,948**<br>**15,883,553**|
|||
||**Restricted**<br>**Unrestricted**<br>**Total**|
||**2020**<br>**2020**<br>**2020**|
||**USD**<br>**USD**<br>**USD**|
||**91,085**<br>**337,667**<br>**428,752**|
||**6,890,618**<br>**4,109,382**<br>**11,000,000**|
||**9,127,992**<br>**7,352,698**<br>**16,480,690**|
|**Total**|**16,109,695**<br>**11,799,747**<br>**27,909,442**|



## 15. Contingent liabilities 

SCF has grants that were approved in the year but were signed post year end. These contingent liabilities relate to two grant recipients: The Royal Commonwealth Society for the Blind (USD850,000) and Youth Business International (USD2,199,640). Both grant agreements have been signed in January 2022. 

## 16. Controlling entity 

Standard Chartered Bank, a company registered in England and Wales (company number ZC000018) is the sole member of SCF and as such has full controlling interest. Standard Chartered Bank is part of the Standard Chartered Group, which offers banking services for individuals and companies in 59 markets. SCF is a non-consolidating subsidiary undertaking of Standard Chartered Bank. 

41 Standard Chartered Foundation Annual Report and Financial Statements 2021 




Company Registration Number: 11968592. Registered as a Charity in England and Wales: 1184946