2022-12-31-accounts

Promoting economic inclusion for young people

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administrative details Reference and
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Standard Chartered Foundation Annual Report and Financial Statements For the year ended 31 December 2022

01 Standard Chartered Foundation – Annual Report and Financial Statements 2022

In this report

02 Foreword

03 Reference and administrative details

• 04 Report of the Trustees for the year ended 31 December 2022

05 Structure, governance and management

08 Objectives and activities

12 Achievements and performance

17 Fundraising

18 Future plans

19 Financial review

20 Statement of Trustees’ responsibilities

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

26 Statement of financial activities (incorporating an income and expenditure account) for the year ended 31 December 2022

27 Balance sheet as of 31 December 2022

28 Statement of cash flows for the year ended 31 December 2022

29 Accounting policies

31 Notes to the financial statements

01

Standard Chartered Foundation – Annual Report and Financial Statements 2022

Foreword

The COVID-19 pandemic and aftermath has had a profound impact on young people across the globe over the past few years. Increased inequality is one of the biggest ongoing challenges in the post-pandemic recovery.

In 2022, the Standard Chartered Foundation continued to drive economic inclusion programmes aimed at improving the lives of disadvantaged young people[1] in Africa, Middle East, Asia, Europe and the Americas.

We believe every young person deserves the opportunity to learn, earn and grow, which enables them to achieve their goals and realise their potential.

Globally, more than 282 million young people are not in education, training or employment. Young women are almost 1.5 times more likely to be unemployed than young men.[2] In response to the critical and lasting needs of the next generation, we fund education, employability and entrepreneurship projects to unleash the potential of the future workforce and accelerate inclusive and sustainable economic growth.

As we look back on our work in 2022, we provided USD15.9 million of funding to 15 NGO partners to facilitate access to finance and deliver life skills education, vocational training, mentoring, and business development support for disadvantaged young people, aspiring entrepreneurs and microbusinesses.

We’ve made significant progress in supporting inclusive economic participation, particularly with young women. In 2022, we’ve reached more than 170,971 young participants (81 per cent young women) through a diverse portfolio of projects across 39 markets.

Our participants are demonstrating resilience and adaptation skills responding to challenges impacting their ability to work and to create jobs. Our key results show that following participation in our programmes, 4,444 young people have entered decent employment; 3,402 jobs have been created by young entrepreneurs; and 39,619 girls are more likely to continue secondary education since 2020. Youth innovation, drive, creativity, and optimism means they are rising to challenges to lead the way on building a better world that is more equitable for everyone.

Today, our world is home to the largest generation of young people in history. We all need to play a role to help them overcome the critical barriers that limit their contribution and enable them to succeed.

Claire Dixon

Chair, Standard Chartered Foundation Board of Trustees

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Foreword
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1 The target young participants are aged 12 to 35, especially girls and people with visual impairments.

2 International Labour Organisation Report: Global Employment Trends for Youth 2022: Investing in transforming futures for young people (ilo.org) 02 Standard Chartered Foundation – Annual Report and Financial Statements 2022

Reference and administrative details

Trustees Andrew Halford Connected trustee1 Resigned 22 June 2023 Claire Dixon (Chair) Connected trustee Elizabeth Lloyd Independent trustee Gregg Powell Connected trustee Appointed 22 June 2023 Marieta Mtawa Connected trustee Mirza Iraj Ispahani Independent trustee Sandie Okoro Connected trustee Appointed 1 February 2023 Simon Cooper Connected trustee Resigned 31 January 2023 Tracey McDermott Connected trustee Management team Natasha Kwakwa Head, Standard Chartered Foundation Appointed June 2022 SCF Secretariat: Ai Nakagawa Head, Community Programmes Appointed September 2022 Victoria Hendricks Manager, Operations and Governance Appointed December 2022 Zane du Toit Director, Operations and Governance Appointed April 2022 Company number 11968592 (England and Wales) Registered charity number 1184946 (England and Wales) Principal and registered offce 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 1RG 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.

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administrative details Reference and
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03 Standard Chartered Foundation – Annual Report and Financial Statements 2022

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In this section
05 Structure, governance and management
08 Objectives and activities
12 Achievements and performance
17 Fundraising
18 Future plans
19 Financial review
20 Statement of Trustees’ responsibilities
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Trustees’ report
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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).

The sole company member of SCF is 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). SCF is a separate entity from the Bank and the Group with its own governance structure and set of policies.

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 GBP1 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 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.

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 November 2022 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.

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Trustees’ report
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In 2022, the Board began the process of recruiting two new Trustees as part of the Trustee rotation process. In February 2023, Dr Sandie Okoro was appointed as a Trustee replacing Simon Cooper. A second Trustee will be replaced and a third Independent Trustee will be appointed over the course of 2023.

Standard Chartered Foundation – Annual Report and Financial Statements 2022

05

Structure, governance and management continued

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 2022, the Trustees held four meetings supported by one formal subcommittee – the Programme Steering Committee (PSC). The PSC holds at least three meetings each year and in 2022 met four times.

At 31 December 2022, the PSC comprised of 9 volunteer members from the Group. PSC members are appointed by the Chair of SCF Board of Trustees and reflect, among other things, diverse geographies of interest to SCF. As per SCF Articles of Association, at least one Trustee must sit on any SCF Committee. The Chair of the Trustees is 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, including up to a total of USD500,000 to any entity in a calendar year.

SCF does not employ staff directly. The Trustees delegate SCF’s day-to-day management to SCF Secretariat led by the Group’s Global Head, Impact, who functions as the Head, Standard Chartered Foundation. All staff working on behalf of SCF – primarily 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 SCF Secretariat is to support the Trustees and the PSC with administration of SCF. 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 to prevent materialisation of major risks through the effective application of the control environment. SCF has professional indemnity insurance in place, provided by the Group from 10 December 2022 as an in-kind donation, which covers the Trustees and SCF Secretariat and is tailored to SCF requirements.

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 SCF Secretariat and is reviewed regularly at the Trustee meetings to ensure the Trustees understand SCF’s risk exposure and can respond effectively.

The Risk Register includes 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 are set out on the next page.

During the first half of 2022, the COVID-19 pandemic continued to impact every market in which SCF committed to fund projects. Public health restrictions, increased cost of living and unstable economic conditions resulted in delays in project delivery or challenges in budget management.

In response, SCF continued the allocation of the remaining COVID-19 economic recovery funding, designed to specifically target young people whose lives and livelihoods are affected by the pandemic. The Trustees have closely monitored and taken the necessary steps to minimise operational impact.

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Trustees’ report
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Standard Chartered Foundation – Annual Report and Financial Statements 2022

06

Structure, governance and management continued

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

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Standard Chartered Foundation – Annual Report and Financial Statements 2022

07

Objectives and activities

Purpose

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In setting 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.
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Strategy

The Trustees have set a strategy to help tackle inequality by promoting economic inclusion for disadvantaged young people, focusing on education, employability and entrepreneurship programmes. 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:

Targeted young people enter and remain in decent work[3]

This will be achieved by improving young people’s employment-related 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.

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.

Sustained growth of youth-led/ female-led and inclusive micro enterprises

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 microbusinesses 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.

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3 Centre for International Private Enterprise. https://www.cipe.org/resources/economic-inclusion-leveraging-markets-entrepreneurship-extend-opportunities/

4 ‘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.

Standard Chartered Foundation – Annual Report and Financial Statements 2022

08

Objectives and activities continued

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. 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.

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. For a grant to be considered by SCF, the monetary or in-kind contribution must be exclusively charitable and voluntary in nature in support of the implementation of SCF’s objects to promote economic inclusion for disadvantaged young people from low-income communities. Unsolicited proposals will not be accepted and SCF will only consider applications from organisations invited to apply through requests for proposals and shortlisting.

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 SCF measures the success of the programmes, and the wider initiative as seen in Diagram 1.

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

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Standard Chartered Foundation – Annual Report and Financial Statements 2022

09

Objectives and activities continued

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Diagram 1: Theory of change and results framework
Education Employability Entrepreneurship
Young people are confident Employers support inclusive Young people have
and aware of rights employment of skilled necessary knowledge,
• Increased confidence young people skills and to start businessesresources
Outputs • Change in awareness of rights • Improved knowledge• Improved skills • Improved knowledge
and skills
Improved access to decent Young people act as role Sustained growth of
work opportunities models in their communities youth-led and women-led
and families and inclusive SMEs
• In leadership positions
• Support from families • Placements offered • Set up microbusinesses
• Employment ready • Increased access to
external finance
Intermediate
• Value of additional
outcomes financing (USD)
• Access to professional
business support
• Improved business
practices
Young people enter and Social barriers to young Entrepreneurs have support
remain in employment people’s participation are and tools needed to
addressed maintain and grow businesses
• Resist early marriage
• Delay pregnancy • Entering (decent) • Microbusinesses
employment operational after 6
• Likely to complete secondary education • Remaining in decent months
Outcomes work after 6 months • Number of jobs created
• Likely to pursue further
education
Impact Economic inclusion of young people
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10 Standard Chartered Foundation – Annual Report and Financial Statements 2022

Objectives and activities continued

NGO partners

SCF funded 15 NGO partners in 2022 in the following markets:

NGO partners SCF funded 15 NGO partners in 2022 in the following markets:
NGO partner	Markets5
British Asian Trust	Pakistan
Challenges Worldwide Limited	Ghana, Uganda, Zambia
Generation: You Employed Inc.	Singapore
The Garden of Hope Foundation	Taiwan
IDEO.org	Vietnam
International Rescue Committee	Cameroon, Sierra Leone
International Labour Organization	Malaysia, Thailand
Non-Proft Incubator(NPI)	China
Royal Commonwealth Society for the Blind(Sightsavers)	Bangladesh, Indonesia, Kenya, Nepal
Stichting Women Win	Bangladesh, China, Ghana, India,
	Indonesia, Jordan, Kenya, Korea,
	Malaysia, Mauritius, Nepal, Nigeria,
	Pakistan, South Africa, Sri Lanka,
	Tanzania, The Gambia, United Arab
	Emirates, Uganda, United Kingdom,
	Vietnam, Zambia, Zimbabwe
St James’ Settlement	HongKong
St John Ambulance Jersey	Jersey
Stemette Futures	United Kingdom
Tulay Sa Pag-Unlad, Inc.	Philippines
Youth Business International	Botswana, Germany, Indonesia, Japan,
	Nigeria, Turkey, Uganda, Vietnam

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Below is the list of NGO/implementing partners delivering existing projects funded by SCF in the previous reporting period.

NGO partner	Markets5
Aide et Action	Vietnam
BRAC	Bangladesh
Enactus China	China
Enactus US	Brazil, France, Ghana, Ireland,
	Korea, Poland, South Africa,
	United States of America, Zimbabwe
Friends Union for Energising Lives	Indonesia
Liverpool FC Foundation	United States of America
Mereka Innovative Education	Malaysia
Philippines Business for Social Progress	Philippines
Plan International UK	China, Indonesia, Nepal, Thailand,
	Vietnam, Zimbabwe
Royal Commonwealth Society for the Blind(Sightsavers)	Pakistan
SOS Children’s Villages UK	Botswana, Cote D’Ivoire, Jordan,
	Mauritius, Philippines, South Africa,
	Sri Lanka
St John Ambulance	United Kingdom
Technology Development Association for the Disabled	Taiwan
Voluntary Service Overseas	Tanzania, Uganda, Zambia

5 Unless context requires within the document, ‘China’ refers to the People’s Republic of China and, for the purposes of this document only, excludes Hong Kong Special Administrative Region (Hong Kong), Macau Special Administrative Region (Macau) and Taiwan. ‘Korea’ or ‘South Korea’ refers to the Republic of Korea.

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Standard Chartered Foundation – Annual Report and Financial Statements 2022

Achievements and performance

During 2022, SCF provided funding of USD15.9 million to 15 NGO partners to deliver projects, of which USD6.8 million was restricted funding aimed at supporting economic recovery from the COVID-19 pandemic. 41 per cent of the total granting portfolio was awarded to entrepreneurship projects, 34 per cent to education projects, 20 per cent to employability projects and 5 per cent to access to finance projects.

SCF funded projects reached 170,971 young people in 39 markets during the 2022 reporting period, bringing the total reach between 2020 to 2022 to 361,708 young people (including 306,220 young women).

The COVID-19 pandemic continued to create a challenging environment for project delivery in the first half of 2022. NGO partners widely adapted their delivery methodology to virtual formats.

SCF and its Programme Steering Committee continued to ensure strong delivery of existing projects and increased engagement with selected NGO partners through direct interactions with the Trustees at SCF meetings. Furthermore, the Futuremakers Partners’ Day, a virtual biannual event provided a platform for over 100 participants including NGO partners and Group employees to understand more about collective insights from impact results, share knowledge and learning on emerging themes, and offer feedback.

NGO partners

2022 SCF funding

USD15.9m

15

2021: USD12.9m

2021: 19

Restricted funding for COVID-19 economic recovery

Young people reached via 2022 SCF funded projects

170,971

USD6.8m

in 39 markets

Young people reached between 2020 to 2022

Project delivery

Education

Is fundamental to addressing inequality. However, in many markets, girls and young women continue to face barriers to accessing quality education. Giving girls the tools, such as knowledge, skills and resources to shape their future has an incredible impact on their own lives as well as a multiplier effect on communities.

SCF invests in girls and young women as a powerful force for change and supports life skills education through sport and activity-based learning. These projects are implemented by Women Win and its local implementing partners in a structured curriculum covering a wide range of skills related to financial management, communication, health and hygiene, self-confidence, employability and cybersecurity.

In 2022, SCF provided USD5.4 million funding to education projects and reached 93,268 girls and young women. Group employees piloted a four-month coaching support project contributing over 200 volunteer hours to facilitate the leadership journey of young women. Key results show that since 2020, 39,619 girls are more likely to continue in secondary education.

2022 SCF funding to education projects

USD5.4m

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Including 306,220 361,708 young women young people

12

Standard Chartered Foundation – Annual Report and Financial Statements 2022

Achievements and performance continued Education continued

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Education case study Pranjal once shied away from the crowd and
used to watch others playing from the side-lines
of the community ground in Mumbai. Her life
changed after joining the Futuremakers project
Empowering at school delivered by Women Win with local
future leaders partner Maitrayana Charity Foundation.Through sport-based life skills education, Pranjal
began to have short conversations with other girls
and gained the courage to lead the team in fun
games. She also passed on her learnings about
the menstrual cycle to her friends and family who
did not have the right awareness.
As Pranjal came out of her shell, she grew in
confidence, felt proud to share her knowledge,
stood up for girls’ rights in her neighbourhood and
helped other girls to learn and grow. As a young
leader, she found her voice to help transform lives
and create a more gender-equal society.
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Volunteering case study The Group’s Ignite programme consists of an
internal team of over 180 qualified executive
coaches unlocking the potential of female talents
to improve their performance. Reena is one of
Coaching the Ignite coaches who has the enthusiasm to
extend her coaching support to the community.
She volunteered her time to coach a young
high potentials female participant of Futuremakers on a
four-month journey.
During goal setting, Reena was amazed at how
the Futuremakers participant had taken time to
think through and create a roadmap to success.
Despite coming from a tough family background
where men are the breadwinners traditionally, she
was determined to play her part in breaking these
stereotypes and biases. Reena saw her hunger to
learn more and her passion to perform better.
Reena said:
“ Coaching a Futuremakers
participant has been a refreshing
reminder to me as a coach to be
grounded, humble and grateful.”
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13 Standard Chartered Foundation – Annual Report and Financial Statements 2022

Achievements and performance continued

2022 SCF funding to employability projects

USD3.2m

Attitudes and discrimination linked to disability make it much more difficult for young people with visual impairment to participate in economic activities.

Project delivery continued

Employability

SCF funds employability projects that help young people improve employment-related knowledge including reskilling and upskilling and encourage employers to promote an inclusive ecosystem. Besides vocational and soft skills training, mentoring, job matching and placements, more NGO partners adopted inclusive training guided by Sightsavers to mainstream support for young people with visual impairment to employment.

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

In 2022, SCF provided USD3.2 million funding to employability projects and reached 20,595 young people (12,577 young women). Almost 400 Group employees in 12 markets volunteered at Mentors’ Dens to share their career journey and advice to Futuremakers participants. Key results show that since 2020, 4,444 young people have entered decent employment.

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Employability case study Ismail, a young graduate with cerebral palsy,
struggled to find a way out in his two-year hunt for
a job. The breakthrough came when he enrolled in
a training course as part of the first Futuremakers
Unlocking cohort focused on economic empowerment for
young people with disabilities led by Sightsavers
in Pakistan.
inclusive
The inclusive training helps learners like Ismail
build the skills and confidence they need to make
smart career choices and enter employment.
opportunities
Ismail completed the training and applied all his
learning to ace an interview and landed his first
paid job at a government agency. He said:
“ I wrote down the interview
techniques and started practising.
I tried to ensure strong eye contact
with the interviewers. I made
my introduction short and
comprehensive. I kept smiling
throughout the interview and
confidently gave the answers.”
Ismail is satisfied with his new job and is now
more ambitious about his future career prospects
than ever before.
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14 Standard Chartered Foundation – Annual Report and Financial Statements 2022

Achievements and performance continued

Project delivery continued

Entrepreneurship

Micro, small and medium enterprises (MSMEs) are the main GDP contributors in developing and emerging economies. In these economies, millions of jobs will have to be created to sustain the growing global workforce. Yet young people – particularly women – face barriers to starting and sustaining a business. They often have inequitable access to finance, limited relevant knowledge and skills, and a lack of confidence.

SCF funds entrepreneurship projects that support microbusiness owners and aspiring entrepreneurs to build financial knowledge, develop broader business skills and provide access to finance. Projects unleash the potential of young entrepreneurs, enabling them to earn from their businesses, and thrive in the local market and beyond.

In 2022, SCF provided USD6.5 million funding to entrepreneurship projects and reached 57,108 young people (32,986 young women). SCF funded more innovative projects to provide greater access to finance. SCF funded partners Youth Business International and its local member organisation Somo offer early-stage loans to young female entrepreneurs in Kenya and support to build an alternative credit score to increase creditworthiness. Tulay Sa Pag-Unlad, Inc supports young women entrepreneurs in the Philippines through micro-loans to restore and sustain their microbusinesses impacted by COVID-19 pandemic. Key results show that since 2020, 3,402 jobs have been created by young entrepreneurs.

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Entrepreneurship case study
Leading with
a social mission
Powered by sustainable resources, Tüba launched
her environmentally friendly fashion business during
the pandemic. Through the Futuremakers project
run by Youth Business International and its local
member organisation Habitat, she learned digital,
marketing, and networking skills that helped her
build business resilience during the COVID-19
economic recovery. To promote economic inclusion
for young women in Turkey, she re-established
existing workshops to target women, insured and
compensated female workers fairly for their labour.
Tüba is a step closer to her goal of taking her
business global and leading a responsible textile
industry with equality and opportunities for young
women. She said:
“ The pandemic’s negative impact
meant many brands began to lose
their workshops and designers. I aimed
to contribute to women’s employment
and visibility and supply some solutions
to the climate-related and financial
problems triggered by COVID-19.”
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2022 SCF funding to entrepreneurship projects

USD6.5m

15

Standard Chartered Foundation – Annual Report and Financial Statements 2022

Achievements and performance continued

Access to finance

Across many markets, young people, women, micro and small businesses struggle to gain access to the financial system due to persisting socioeconomic factors such as inequality and gaps in economic inclusion, denying them opportunities to save and plan for their futures, as well as grow their businesses.

SCF supports disadvantaged young people with financial education and access to finance. In 2022, SCF provided USD0.8 million funding to access to finance projects. Together with the fashion retailer Primark, SCF funded a new project with IDEO.org to conduct participatory research and co-design solutions to enhance financial health of factory workers in Vietnam.

2022 SCF funding to access to finance projects

USD0.8m

Results measurement

The Group funds an external result 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 NGO partners to develop data collection tools, collect and analyse biannual data, populate the management information system and prepare the annual reach and output information. The Group also funds a new data management system to increase accessibility, reliability, and security of data which is due to launch in 2023.

In 2022, the Futuremakers impact report was published by the Group to report the progress made through Futuremakers since its launch in 2019. The results monitoring partner was also contracted to support the review of the Futuremakers strategy. This involved extensive consultation and benchmarking to review the current Futuremakers strategy and propose recommendations to SCF secretariat. A key recommendation is to move from short term interventions to focus on longer term outcomes.

Futuremakers results are measured twice a year and the most recent summary data covers the period November 2021 to October 2022.

Table 1 below shows a summary of reach data for 2020, 2021 and 2022. In 2022, SCF reached 170,971 young people. Young women made up 81 per cent of the participants reached.

Communication and engagement

Through a combination of regular communication, monitoring and engagement opportunities, SCF stays connected with NGO partners and Futuremakers participants. Selected NGO partners are invited to meet with SCF Board of Trustees; Futuremakers Partners’ Day and the Futuremakers Forum present wider engagement opportunities with the Group’s employees and global thought leaders.

To inform access to finance solutions for young people, 1,270 young people from 21 markets participated in Group funded research led by Business Fights Poverty and Cambridge University. The results published in the Futuremakers Insights Paper 2022 provided information and data for the third edition of the Futuremakers Forum.

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Through the two-day virtual Futuremakers Forum, more than 1,700 participants including NGO partners, Group stakeholders and business leaders heard first-hand from Futuremakers participants and explored how to advance inclusive finance enabling young people to fully participate in the economy.

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

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2020 SCF reach 2021 SCF reach 2022 SCF reach Cumulative results
(1 Jan 2020 - 31 Oct 2020) (1 Nov 2020 – 31 Oct 2021) (1 Nov 2021 – 31 Oct 2022) (1 Jan 2020 – 31 Oct 2022)
Young Young Young Young
Total women Total women Total women Total women
Education 55,049 100% 70,020 99% 93,268 100% 218,337 100%
Employability 1,887 79% 37,054 57% 20,595 61% 59,536 59%
Entrepreneurship 5,137 53% 21,590 83% 57,108 58% 83,835 64%
Total 62,073 95% 128,664 84% 170,971 81% 361,708 85%
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• 2021 reach results for employability and entrepreneurship restated due to reclassification of participants between the two pillars.

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Standard Chartered Foundation – Annual Report and Financial Statements 2022

Fundraising

Approach and achievements

As set out in 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.

During 2022, SCF recognised income of USD4.1 million donated by the Group and its employees, and other parties including clients, vendors and third-party entities. Significant increase in total fundraising income is observed due to an exceptional one-off USD2.8 million forfeiture of shares and dividends by the Group. 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, 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.

Fundraising communications must clearly promote the Group’s Speaking Up channels for any concerns related to fundraising practices. In 2022, SCF fully complied with its Fundraising Policy. No complaints were received relating to fundraising practices or any other SCF activities in the United Kingdom or overseas in 2022 or 2021.

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 on donations from a single source in excess of USD10k. 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 2022, 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 32) relate to these two entities. In 2022, no fundraising agencies or commercial participators were engaged. No fundraising complaints were received.

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Income source

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||| |---|---| |USD| |Standard Chartered shares and dividends forfeiture|2,836,887| |General fundraising|334,173| |Financial fee donations|179,920| |Standard Chartered running events|170,168| |Auctions|93,025| |Employee-led initiatives|84,992| |Payroll giving|67,455| |Client Banking initiatives|28,214| |Total donations (see note 1)|3,794,834| |Others – bank interest, gift aid|60,762| |Donations in kind (see note 1)|255,591| |Total Income|4,111,187|

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17 Standard Chartered Foundation – Annual Report and Financial Statements 2022

Future plans

In 2023, SCF will continue to implement its strategy and maintain its relationships with NGO partners to deliver projects focused on education, employability and entrepreneurship.

SCF’s current strategy runs until 31 December 2023. The revised strategy covering the period of 2024 to 2030 was approved by the Trustees in April 2023, and subsequently approved by the Group in May 2023. The updated strategy entails a firm commitment from the Group to provide continuous financial support throughout the duration of the strategy. In 2023, SCF will develop the operational plan for the revised strategy, working with partners to communicate changes.

Grant making

SCF plans to commit USD6 million in 2023 to education, employability and entrepreneurship projects aligned with Futuremakers.

Projects

SCF will continue to ensure strong delivery of existing projects. Through innovation and partnerships, SCF will amplify the impact of existing and new projects to improve the lives of young people and their communities.

Priorities include:

• Education: continue to strengthen economic empowerment and leadership for girls and young women and explore life skills curriculum enhancement.

• Employability: deliver on existing commitments and explore opportunities to channel young people into more green and sustainable work.

• Entrepreneurship: continue to empower young, female, green and social entrepreneurs with access to finance and networks to achieve business growth and resilience.

Results measurement

Insights derived from Futuremakers 2022 results data will be used to further refine the results measurement framework, inform project delivery and enhance external communications. The Futuremakers impact report will be published by the Group in 2023.

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Fundraising

SCF will continue to fundraise from its three sources as set out in the Fundraising Policy. Post COVID-19, it is anticipated that some of the larger-scale, face-to-face fundraising events and activities will be able to take place in 2023. Higher costs of living across the Group’s markets, may, however, reduce ability of Group employees to give.

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 economic uncertainty. In January 2023, an extension was granted to the Donation Agreement with the Group, providing funding until the end of 2023. Subsequently, in July 2023 a new multi-year agreement was finalised, providing the SCF with income until 2030.

SCF will continue to use third party organisations in 2023 to collect fundraising income to minimise the collection of cash and cheques, and to use third party organisations to process charitable auctions.

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Standard Chartered Foundation – Annual Report and Financial Statements 2022

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 USD11.2 million, receivables were USD0.3 million and payables were USD7.8 million. Net assets were USD3.6 million.

The total income received in the year was USD4.1 million, with the largest monetary donation being a USD2.8 million donation by the Group from the disposal of forfeited shares and dividends.

Of this, USD7,564 is classified as restricted due to being 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 USD184,186 based on actual contribution and relevant salaries.

Prior year income was USD1.4 million. In addition, USD7 million 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 USD16.4 million, with USD15.9 million related to grants and USD189,455 related to support costs and USD187,947 related to governance and professional costs. From the USD15.9 million committed to NGO partners in 2022, SCF has made cash payments of USD9.5 million. The balance of USD6.4 million will be paid in 2023 in line with the terms of the individual grant agreements. In addition, USD6.1 million of outstanding grants was carried forward from the previous year, of which USD4.8 million was paid in 2022 and USD1.3 million will be paid in 2023.

Reserves policy

The part of unrestricted funds that is freely available to spend to further 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 2022, SCF free reserves were USD3.5 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 SCF business model.

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

SCF reserves at 31 December 2022 totalled USD3.6 million, consisting of:

• restricted reserves of USD0.1 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 USD3.5 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. 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.

Investment policy

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

A term deposit 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. SCF held a term deposit USDnil as of 31 December 2022 (2021: USD18 million).

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Standard Chartered Foundation – Annual Report and Financial Statements 2022

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.

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.

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, Standard Chartered Foundation Board of Trustees 25 August 2023

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Standard Chartered Foundation – Annual Report and Financial Statements 2022

20

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 2022 which comprise the Statement of Financial Activities (incorporating the Income and Expenditure Account), the Balance Sheet, the Cash Flow Statement 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 2022 and of its incoming 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; and

• 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 twelve months from when the financial statements are authorised for issue.

Other information

The other information comprises the information included in the Report of the Trustees other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Report of the Trustees. 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 Trustees’ 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; and

• the Directors’ Report included within the Trustees’ 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 Trustees’ Report.

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

Standard Chartered Foundation – Annual Report and Financial Statements 2022

22

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

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:

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

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• 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 20, 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.

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 frameworks that the charitable company operates in and how the charitable company is complying with the legal and regulatory frameworks;

• 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.

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23

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

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 Trustees’ Report, remaining alert to new or unusual transactions which may not be in accordance with the governing documents, inspecting correspondence with local tax authorities and evaluating advice received from internal/external advisors.The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to General Data Protection Regulations, Data Protection Act 2018 and Fundraising Regulations. We performed audit procedures to inquire of management and those charged with governance whether the charitable company is in compliance with these law and regulations and inspected correspondence with regulatory authorities.

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, 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 http://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.

HANNAH CATCHPOOL (Senior Statutory Auditor)

For and on behalf of RSM UK AUDIT LLP, Statutory Auditor Chartered Accountants 25 Farringdon Street London EC4A 4AB

25 August 2023

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24 Standard Chartered Foundation – Annual Report and Financial Statements 2022

Statement of financial activities (incorporating an income and expenditure account)

for the year ended 31 December 2022

Notes	2022 2021
	Restricted USD Unrestricted USD Total Funds USD Restricted USD Unrestricted USD Total Funds USD
Income from
Donations 1,2	7,564 4,042,861 4,050,425 6,100 1,399,198 1,405,298
Investments income 3	– 60,762 60,762 – 20,465 20,465
Total income	7,564 4,103,623 4,111,187 6,100 1,419,663 1,425,763
Expenditure
Cost of raising funds 4	– 26,271 26,271 – 43,394 43,394
Charitable activities 5,6	6,827,442 9,506,968 16,334,410 9,196,190 4,212,068 13,408,258
Total expenditure	6,827,442 9,533,239 16,360,681 9,196,190 4,255,462 13,451,652
Net expense and net movements in funds for the fnancial year	(6,819,878) (5,429,616) (12,249,494) (9,190,090) (2,835,799) (12,025,889)
Reconciliation of funds (total funds brought forward)	6,919,605 8,963,948 15,883,553 16,109,695 11,799,747 27,909,442
Total funds carried forward	99,727 3,534,332 3,634,059 6,919,605 8,963,948 15,883,553

The notes on pages 31 to 38 form part of these financial statements.

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26

Balance sheet

as of 31 December 2022 Registered company number 11968592

Notes	2022 2021
	Restricted USD Unrestricted USD Total USD Restricted USD Unrestricted USD Total USD
Current assets
Debtors 10	– 263,054 263,054 – 3,541,976 3,541,976
Term deposit	– – – 12,327,632 5,672,368 18,000,000
Cash at bank	3,228,628 7,927,951 11,156,579 54,201 467,265 521,466
Total current assets	3,228,628 8,191,005 11,419,633 12,381,833 9,681,609 22,063,442
Creditors
Amounts falling due within one year 11A	3,128,901 4,656,673 7,785,574 4,686,897 717,661 5,404,558
Net current assets	99,727 3,534,332 3,634,059 7,694,936 8,963,948 16,658,884
Creditors
Amounts falling due after more than one year 11B	– – – 775,331 – 775,331
Net assets	99,727 3,534,332 3,634,059 6,919,605 8,963,948 15,883,553
Unrestricted	– 3,534,332 3,534,332 – 8,963,948 8,963,948
Restricted	99,727 – 99,727 6,919,605 – 6,919,605
Funds 12, 15	99,727 3,534,332 3,634,059 6,919,605 8,963,948 15,883,553
Total funds carried forward	99,727 3,534,332 3,634,059 6,919,605 8,963,948 15,883,553

The financial statements on pages 26 to 38 have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime and were approved by the Trustees and authorised for issue on 28 June 2023 and signed on its behalf by:

Claire Dixon

Chair, Standard Chartered Foundation Board of Trustees 25 August 2023

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27 Standard Chartered Foundation – Annual Report and Financial Statements 2022

Statement of Cash Flows

for the year ended 31 December 2022

Notes	2022 2021
	Total USD Total USD
Cash fows from operating activities
Net cash (used in)/provided by operating activities a)	(7,364,247) 7,120,121
Cash fow from investing activities
Bank interest	64,321 22,956
Change in cash and cash equivalents during the year	(7,299,926) 7,143,077
Exchange differences on foreign currencies	(64,961) (50,363)
Net cash movement in the year	(7,364,887) 7,092,714
Cash and Cash equivalents at the beginning of the year	18,521,466 11,428,752
Cash and Cash equivalents at the end of the year b)	11,156,579 18,521,466
Notes	2022 2021
	Total USD Total USD
Notes to the Cash fow statement
a) Reconciliation of cash fows from operating activities
Net expense for the reporting year (as per the Statement of fnancial activities)	(12,249,494) (12,025,889)
Adjustments for:
Investment income	(60,762) (20,465)
Increase in creditors	1,605,685 1,780,543
Decrease in debtors	3,275,363 17,335,569
Foreign exchange variance	64,961 50,363
Net cash (used in)/provided by operating activities	(7,364,247) 7,120,121
b) Analysis of Cash and Cash Equivalents
Cash in hand	11,156,579 521,466
Term deposits	– 18,000,000
	11,156,579 18,521,466
Bank interest received:
Accrued income at the beginning of the year	3,559 6,050
Interest receivable	60,762 20,465
Accrued income at the end of the year	– (3,559)
	64,321 22,956

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The notes on pages 31 to 38 form part of these financial statements.

28 Standard Chartered Foundation – Annual Report and Financial Statements 2022

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 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.

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. Donations in kind will be recognised as income as and when the goods or services are receivable.

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 meet 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.

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 2022 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 four categories of education, employability, entrepreneurship and access to finance (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 attached 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 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.

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29 Standard Chartered Foundation – Annual Report and Financial Statements 2022

Accounting policies continued

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 Trustees have concluded that SCF remains a going concern for a period of at least 12 months from the date of approval of this report, and as such the accounts have been prepared on a going concern basis.

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.

Cash and cash equivalent policy

SCF held its cash in bank accounts on 31 December 2022 in the United Kingdom and overseas. SCF does not hold any petty cash. SCF will continue to place its cash in term deposit accounts to earn interest in 2023 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 2.0 full time employees (FTE) in 2022. In 2021, the estimated time spent on SCF activities was equivalent to 2.7 FTE.

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

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 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).

Tax and VAT policy

SCF is registered as a charity with 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.

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30 Standard Chartered Foundation – Annual Report and Financial Statements 2022

Notes to the financial statements

for the year ended 31 December 2022

1. Income from donations

1. Income from donations
	2022 2021
	Restricted USD Unrestricted USD Total USD Restricted USD Unrestricted USD Total USD
Donations
Donations (Notes 2,13)	7,564 3,787,270 3,794,834 6,100 992,413 998,513
Donations in kind (Note 13)	– 255,591 255,591 – 406,730 406,730
Gift aid	– – – – 55 55
Total	7,564 4,042,861 4,050,425 6,100 1,399,198 1,405,298

In 2022, 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 Group branches and subsidiaries via employee-organised fundraising initiatives. Income in the table below relates to income raised from donations across all regions.

	2022 2021
	Restricted USD Unrestricted USD Total USD Restricted USD Unrestricted USD Total USD
Donations
AME	2,058 153,734 155,792 22,204 32,723 54,927
Asia	5,506 220,422 225,928 (17,411) 446,422 429,011
Greater China & NA	– 120,783 120,783 – – –
Europe & Americas	– 3,547,922 3,547,922 1,307 920,053 921,360
Total	7,564 4,042,861 4,050,425 6,100 1,399,198 1,405,298

Included in the Europe and Americas unrestricted income for 2022 is a one-off USD2,836,887 relating to the proceeds of unclaimed shares and dividends forfeited, donated by the Group.

The negative restricted income for Asia in 2021 of USD17,411 mainly relates to an adjustment of the One Day accrued income relating to Singapore made in the previous year.

3. Investment income

All investment income recorded during the year totalling USD60,762 (2021: USD20,465) has come from the interest-bearing accounts and term deposit.

	2022 2021
	Total USD Total USD
Investment Income
Interest – fundraising accounts and term deposits	60,762 20,465
Total	60,762 20,465

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Standard Chartered Foundation – Annual Report and Financial Statements 2022

continued Notes to the financial statements for the year ended 31 December 2022

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.

	2022 2021
	Restricted USD Unrestricted USD Total USD Restricted USD Unrestricted USD Total USD
JustGiving and other fundraising costs Donations (Notes 2,13)	26,271 – 26,271 43,394 – 43,394
Total	26,271 – 26,271 43,394 – 43,394

5. Charitable costs

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

SCF has settled USD8.2 million in 2022 (2021: USD6.8 million) from the total grant payable of USD15.9 million (2021: USD12.9 million). The remaining balance USD7.8 million (2021: USD6.1 million) will be settled in 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 USD255,591 (2021: USD406,730) 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 cost in the Statement of Financial Activities.

Governance costs, directly settled by SCF, amount to USD121,811 (2021: USD97,822) which include audit fees, marketing and legal costs and foreign exchange variances. SCF will continue to pay audit, marketing and legal costs where appropriate from its own funds.

6. Charitable costs details

6A. Grants payable to NGO partners

	2022 2021 2022
	Grants to Institutions USD Support Costs USD Governance Costs USD Total USD Total USD Allocation of grants (%)
Grant focus
Education	5,443,086 64,624 64,110 5,571,820 2,332,205 34%
Employability	3,247,793 38,561 38,254 3,324,608 8,769,482 20%
Entrepreneurship	6,476,129 76,890 76,278 6,629,297 2,306,571 41%
Access to fnance	790,000 9,380 9,305 808,685 – 5%
Total	15,957,008 189,455 187,947 16,334,410 13,408,258 100%

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continued Notes to the financial statements for the year ended 31 December 2022

6. Charitable costs details continued

6A. Grants payable to NGO partners continued

6A. Grantspayable to NGOpartnerscontinued
	2022 2021
	Restricted USD Unrestricted USD Total USD Total USD
Grants to institutions	6,816,178 9,140,830 15,957,008 12,897,556
Support costs	– 189,455 189,455 350,658
Governance costs	11,264 176,683 187,947 160,044
Total	6,827,442 9,506,968 16,334,410 13,408,258

Restricted governance costs mainly include foreign exchange losses due to an increase in the strength of the US currency through the final quarter which resulted in a write-down on foreign currency balances on revaluation.

	2022 2021
	Restricted USD Unrestricted USD Total USD Total USD
Type of Restriction on Grant Implementation
Covid-19 Recovery	6,816,178 – 6,816,178 9,196,190
Futuremakers (General)	– 9,140,830 9,140,830 3,701,366
Total	6,816,178 9,140,830 15,957,008 12,897,556

Prior year Grants comprises of USD9,196,190 Restricted and USD 3,701,366 Unrestricted.

	2022
	Restricted USD Unrestricted USD Total USD
Institution
Stichting Women Win	– 5,443,086 5,443,086
Youth Business International	2,919,408 490,000 3,409,408
Royal Commonwealth Society for Blind	1,300,000 850,000 2,150,000
International Labour Organisation	890,000 – 890,000
Challenge Worldwide Limited	– 710,000 710,000
St James' Settlement	– 641,023 641,023
International Rescue Committee	600,000 – 600,000
Generation: You Employed Inc.	479,000 – 479,000
Non Proft Incubator (NPI)	– 350,000 350,000
British Asian Trust	300,000 – 300,000
Tulay Sa Pag-Unlad, Inc.	300,000 – 300,000
IDEO.org	– 300,000 300,000
Stemette Futures	– 206,721 206,721
The Garden of Hope Foundation	– 150,000 150,000
St John Ambulance Jersey	27,770 – 27,770
Total	6,816,178 9,140,830 15,957,008

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continued Notes to the financial statements for the year ended 31 December 2022

6. Charitable costs details continued

6B. Support costs

6B. Support costs
	2022 2021
	Total USD Total USD
Support and governance costs
Premises – donated by the Group	23,129 29,029
Salaries and on-costs – donated by the Group (Note 9)	161,057 315,479
Marketing costs	– 6,150
Governance costs – donated by the Group	71,405 62,222
Governance costs – audit	35,904 33,959
Governance costs – legal	11,526 8,082
Governance costs – other fees	7,716 4,089
Exchange rate variance and bank charges	66,665 51,692
Total Support Costs	377,402 510,702

7. Trustees’ remuneration and other benefits

Trustees, who are by definition key management personnel, did not receive any remuneration or benefits during the year (2021: USDnil). No travel or other Trustee expenses were reimbursed during the year (2021: USDnil).

8. Auditors’ fees

Fees payable to RSM UK Audit LLP for the 2022 SCF audit were USD35,904 (2021: USD33,959) and recorded as governance costs in expenditure.

costs in expenditure.
	2022 2021
	Total USD Total USD
Governance costs – audit fees (including VAT)	35,904 33,959
Total	35,904 33,959

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continued Notes to the financial statements for the year ended 31 December 2022

9. People costs

SCF does not directly employ any staff. The Group donated salaries and related people costs to SCF on a donations-in-kind basis.

	2022 2021
	Total USD Total USD
People Costs
Salary costs and benefts	140,367 279,712
Employers’ NI	6,573 14,384
Employer's pension	10,271 21,301
Other support costs (insurance, agency fees)	3,846 82
Total	161,057 315,479
Average Full Time Equivalent	2.0 2.7

10. Debtors

10. Debtors
	2022 2021
	Restricted USD Unrestricted USD Total USD Total USD
Debtors
Debtors falling due within one year	– 263,054 263,054 3,541,976
Debtors falling due after more than one year	– – – –
Total	– 263,054 263,054 3,541,976

10A. Amounts falling due within one year

10A. Amounts falling due within one year
	2022 2021
	Restricted USD Unrestricted USD Total USD Total USD
Debtors
Donations receivable	– – – 3,500,000
Accrued income	– 249,344 249,344 18,589
Prepayments	– 13,710 13,710 23,387
Total	– 263,054 263,054 3,541,976

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continued Notes to the financial statements for the year ended 31 December 2022

11. Creditors

11A. Amounts falling due within one year

11A. Amounts falling due within one year
	2022 2021
	Restricted USD Unrestricted USD Total USD Total USD
Accrued expenses	– 35,904 35,904 35,487
Deferred income	– 13,710 13,710 23,387
Grants payable	3,128,901 4,607,059 7,735,960 5,345,684
Total	3,128,901 4,656,673 7,785,574 5,404,558

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

analysed as follows:
	2022 2021
	Total USD Total USD
Balance as at 1 January	23,387 28,123
Amount released to income from donations-in-kind	(23,387) (28,123)
Amount deferred in the year	13,710 23,387
Total	13,710 23,387

11B. Amounts falling due after more than one year

11B. Amounts falling due after more than one year
	2022 2021
	Restricted USD Unrestricted USD Total USD Total USD
Grants payable	– – – 775,331
Total	– – – 775,331

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continued Notes to the financial statements for the year ended 31 December 2022

12. Movement in funds

	2022
	Opening Funds USD Income USD Expenditure USD Net Movement USD Closing Funds USD
Unrestricted	8,963,948 4,103,623 (9,533,239) (5,429,616) 3,534,332
Restricted – country of origin	33,531 7,564 (11,264) (3,700) 29,831
Restricted – COVID-19	6,886,074 – (6,816,178) (6,816,178) 69,896
Total restricted	6,919,605 7,564 (6,827,442) (6,819,878) 99,727
Total funds 2022	15,883,553 4,111,187 (16,360,681) (12,249,494) 3,634,059

	2021
	Opening Funds USD Income USD Expenditure USD Net Movement USD Closing Funds USD
Unrestricted	11,799,747 1,419,663 (4,255,462) (2,835,799) 8,963,948
Restricted – country of origin	29,363 4,168 – 4,168 33,531
Restricted – COVID-19	16,080,332 1,932 (9,196,190) (9,194,258) 6,886,074
Total restricted	16,109,695 6,100 (9,196,190) (9,190,090) 6,919,605
Total funds 2021	27,909,442 1,425,763 (13,451,652) (12,025,889) 15,883,553

Funds with restriction related to the country of origin totalling USD29,831 (2021: USD33,351) must be spent in the country where they were raised.

USD69,896 (2021: USD6.9 million) is restricted to COVID-19 related projects. This will be granted to NGO partners working on economic recovery related to the COVID-19.

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continued Notes to the financial statements for the year ended 31 December 2022

13. Related party disclosure

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

Notes	2022 2021
	Restricted USD Unrestricted USD Total USD Total USD
Cash donation 1	– – – –
Donation in-kind:
People costs 9	– 161,057 161,057 315,479
Services and buildings 6B	– 23,129 23,129 29,029
Professional services	– 71,405 71,405 62,222
Total donation from the Bank	– 255,591 255,591 406,730

At 31 December 2022, the Bank owed SCF USDnil (2021: USD3.5 million).

There were no provisions for bad debts in 2022 (2021: USDnil).

Two Trustees donated a total of USD1,225 during 2022 (2021: USD932 from one Trustee).

14. Analysis of net assets by fund

	2022 2021
	Restricted USD Unrestricted USD Total USD Restricted USD Unrestricted USD Total USD
Cash at bank and in hand	3,228,628 7,927,951 11,156,579 54,201 467,265 521,466
Term deposits	– – – 12,327,632 5,672,368 18,000,000
Other net (liabilities)/assets	(3,128,901) (4,393,619) (7,522,520) (5,462,228) 2,824,315 (2,637,913)
Total	99,727 3,534,332 3,634,059 6,919,605 8,963,948 15,883,553

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: Voluntary Service Overseas (USD988,134) and The Garden of Hope Foundation (USD200,000). These agreements have both been signed and accounted for in 2023, on the basis that the contractual obligation arises upon the completion of the contract.

16. Controlling entity

Standard Chartered Bank, a company registered in England and Wales (company number ZC000018) is the sole company member of SCF. Standard Chartered Bank is part of the Standard Chartered Group, which offers banking services for individuals and companies and is present in 59 markets and serves clients in a further 64. SCF is a non-consolidating subsidiary undertaking of Standard Chartered Bank.

17. Subsequent events

On 25 January 2023 SCF agreed a one-year extension to the existing funding agreement with Standard Chartered Bank, resulting in a USD3.5 million donation being received in March 2023. On 24 July 2023 SCF has concluded a new funding agreement with Standard Chartered Bank which provides ongoing direct monetary support to SCF until 2030. The total amount of the donation of USD60 million will be received over the period 2024-2030, of which USD9 million Is expected to be received in 2024. “

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