Company number 11583519 Charity number 1185658
## **GEMFIELDS FOUNDATION**
**TRUSTEE REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2021**
## **GEMFIELDS FOUNDATION**
## Contents
- 3 Charity information
## _Governance_
- 4 Trustees’ Report
- 7 Trustees’ Responsibility Statement
- 8 Independent Examiner’s Report
## _Financial Statements_
- 9 Statement of Financial Activities
- 10 Statement of Financial Position
- 11 Notes to the financial statements
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**GEMFIELDS FOUNDATION**
## **CHARITY INFORMATION**
## **TRUSTEES/DIRECTORS AND OFFICERS**
## **Trustees/Directors:**
Philippe Lamblin - Chairperson Emily Dungey – Managing Director Sean Gilbertson Richa Goyal Sikri Edward Johnson (appointed 11 April 2022) Samora Machel Jr. Dr Sixtus Mulenga
Julian Cunningham (resigned 22 January 2022)
## **CORPORATE MEMBER**
Gemfields Limited – 100% voting rights
## **Board of Directors of Gemfields Limited:**
Sean Gilbertson – Chief Executive David Lovett – Chief Financial Officer Adrian Banks Antony Lindsay Kartikeya Parikshya Chandana Venkata Suresh
## **REGISTERED OFFICE**
1 Cathedral Piazza London SW1E 5BP United Kingdom
## **BANKER**
Barclays Bank PLC 1 Churchill Place London E14 5HP United Kingdom
## **CHARITY NUMBER**
1185658
## **COMPANY NUMBER**
11583519
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**GEMFIELDS FOUNDATION**
## **TRUSTEES’ REPORT**
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities; Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
## **OBJECTIVES AND ACTIVITIES**
The purpose of Gemfields Foundation is to benefit the public through assistance to community projects and wildlife conservation specifically in named African countries, several of which Gemfields Limited (‘the corporate member’) and/or its Group companies operate within. The Trustees confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities.
In particular, the objectives of the Charity are stated as:
- the prevention or relief of poverty by providing grants and awards to charities and/or other organisations working to prevent or relieve poverty; and
- the advancement of animal welfare and the conservation and protection of wildlife and natural habitats by providing grants and awards to charities and/or other organisations working in the field of wildlife protection.
In meeting these objectives, the Charity will provide funds to directly support the implementation of community projects for povertyalleviation by supporting projects related to education, health and sustainable livelihoods. In addition, funds will be provided to partners of the Charity’s choosing to invest in initiatives for conservation and wildlife protection. The countries of operation are Ethiopia, Madagascar, Mozambique, South Africa and Zambia.
The income of the Charity is applied solely towards the promotion of these objectives. The short- and long-term objectives of the Foundation are consistent.
## **GRANT MAKING POLICY**
The Foundation seeks to utilise the capabilities, infrastructure and reach of the Gemfields Group to directly bring projects to life and develop relationships, where necessary, with suitable institutions and charitable organisations. Each project is selected by the Trustees on merit and based on their contribution to the Charity’s identified objectives.
## **ACTIVITIES AND PERFORMANCE**
During 2020, the Covid-19 pandemic caused worldwide restrictions on the free movement of people and goods on both international and national levels, imposing many restrictions on daily life. This in turn caused a slowdown in the activities undertaken by the Charity during 2020 and only one project, the building of ablution facilities in Zambia, funded by a private donor, was completed.
For 2021, the Covid-19 pandemic continued to restrict the activities anticipated to be undertaken by the charity due to continued restrictions on global travel and the free movement of goods. Despite this, the Foundation was able to successfully complete two projects during the year. In July, 4,000 solar lamps were successfully delivered to families who have fled their homes following insurgent attacks in northern Mozambique, and who are now residing in camps in the Cabo Delgado province. The Foundation also partnered with REXMA NGO to re-build a primary school in rural Madagascar, with the project being successfully completed by the end of the year.
Following the soft launch of the Charity in January 2021, the Trustee’s got straight to work, and in addition to delivering the two projects outlined above, were able to run several successful fundraising campaigns which took place in partnership with Sandy Leong Jewelry, Phillips Auctioneers, the Correa Family Foundation, Fabergé and Gemfields Limited. Donations raised in 2021 totalled USD123,898.
The success of these campaigns puts the Foundation in a strong position entering 2022. Looking ahead, the Trustees hope to continue the Foundations’ charitable activities through building a computer laboratory for children in Cabo Delgado province in Mozambique. Further, the Trustees intend to ramp up fundraising initiatives in 2022 in order to bring greater benefit to communities and conservation efforts in sub-Saharan Africa.
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## **GEMFIELDS FOUNDATION**
## **FINANCIAL REVIEW**
The statement of financial activities is set out on page 9 and shows the result for the year. The Charity’s work is entirely reliant on income in the form of donations.
Following a soft launch in January 2021, the Trustees met in March and selected the first projects for the charity to undertake. A grant of USD21,815 was awarded for the provision of 4,000 solar lamps to families (or internally displaced persons (“IDPs”)) who have fled their homes following insurgent attacks in northern Mozambique, and who are now residing in camps in the Cabo Delgado province. The lamps were successfully delivered to the camps in July 2021.
Also in July, the Foundation partnered with REXMA NGO to re-build a primary school in rural Madagascar. The Antsahamarofoza primary school serves 195 pupils living within a three-kilometre radius, providing them with an education, hot midday meals and a clean water supply. A grant of USD42,398. was awarded to the project and included restricted funds of USD2,171 which had been donated to the Charity for community educational projects. The project was completed in November 2021.
Fundraising activity throughout the year centred on partnerships. Sandy Leong Jewelry generously pledged 10% of sales revenue from the Sol Collection – a selection of pieces featuring Gemfields’ Zambian emeralds and Mozambican rubies – towards children’s educational projects and initiatives that enable women’s contributions to the economy. This scheme raised USD1,546 towards education projects during the year and was allocated to the Madagascar primary school grant.
Fabergé’s Houston team partnered with the Correa Family Foundation to hold an auction to raise funds on behalf of the Foundation for the development of an educational computer laboratory for families in Mozambique. This event raised USD16,530 in restricted donations for the Foundation. The Charity’s corporate member, Gemfields Limited, matched the donation, contributing an additional USD16,530 in unrestricted funds to the Charity.
Gemfields Limited continued its corporate scheme whereby it makes donations of specified amounts to the Charity in lieu of sending corporate gifts to certain of its partners for religious holidays and events throughout the year. During 2021, USD7,750 of unrestricted donations and USD250 of restricted donations (2020: USD 900 of restricted donations) were made by Gemfields Limited to the Charity under this scheme.
Gemfields Limited furthered its support of the Foundation during 2021 by way of marketing activations. For example, in pledging to donate to the Foundation for the sale of each pendant from the Africa pendant series, as part of a wider marketing campaign. These marketing activities raised an additional USD67,245 in unrestricted donations during the year.
The Foundation also received private donations of USD14,020 during 2021 that were kindly contributed by external parties.
Overall, total donations made to the Foundation in 2021 were USD123,898, with USD64,793 spent on grant activities. Total cash at 31 December 2021 was USD102,854, which puts the Charity in a strong position to continue to deliver on its objectives in the coming year.
All overhead, administrative, travel and management costs incurred by the Charity are fully borne by Gemfields Limited and its subsidiary companies.
## **RESERVES POLICY**
Donations are made to the Foundation throughout each financial year and are held in an interest-bearing bank account until they are awarded as grants to selected projects and partners. The Foundation intends to pay out all funds received. It is the policy of the Foundation to ensure that there are sufficient cash reserves to cover all committed grants and statutory costs. The expendable endowment at 31 December 2021 was USD Nil (2020: USD50,000), with restricted reserves of USD17,055 (2020: USD900) and unrestricted reserves of USD92,950 (2020: Nil).
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
Gemfields Foundation is a registered charity, number 1185658, and is governed by its articles of association dated 24 September 2018. The Charity is constituted under the certificate of incorporation as a private company limited by guarantee. The Charity was established by an initial donation from Gemfields Limited, the corporate member of Gemfields Foundation.
While new Trustees may be sought and proposed by other Trustees, new Trustees of Gemfields Foundation are appointed by ordinary resolution of the Charity’s corporate member. The articles of association do not prescribe a requirement for Trustees to serve for a minimum term.
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## **GEMFIELDS FOUNDATION**
On appointment, new Trustees accept a Trustee declaration statement committing them to the giving of their time and expertise. There is currently no formal induction programme for any newly appointed Trustee other than a meeting with the Chairman and the other Trustees.
## **INDEPENDENCE**
The non-charitable organisation, Gemfields Limited, is the corporate member of Gemfields Foundation.
Gemfields Foundation may choose to fund community or conservation projects that are completely independent of the projects or organisations supported by the operating subsidiaries of Gemfields Limited or may choose to provide additional funding to community projects that are started and managed by Gemfields Limited’s operating subsidiaries.
Independence from Gemfields Limited is maintained through the appointment of the Charity’s Trustees, who are responsible for the independent running of the Charity and attainment of the charitable objectives. Additionally, independence is retained via the Charity’s policies surrounding conflicts of interest and decision making, for example, individual voting rights on decisions are only granted where there is an absence of conflicting interest.
Before any funding can be allocated, the Trustees hold a meeting to assess projects and determine if they meet the Charity’s objectives. Terms of reference limiting the use of any funds supplied by Gemfields Foundation will be provided to the governing body of any recipient of funding from the Charity.
## **RISK MANAGEMENT**
The Trustees have assessed the major risks to which the Foundation is exposed, in particular those related to the operations and finances of the Foundation and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. The principal risk is related to unauthorised payments being made. This risk is mitigated by the completion of thorough due diligence procedures for on-boarding new partners, dual approval requirements, segregation of duties and restricted access to banking systems.
The Foundation’s exposure to price risk, credit risk, liquidity risk and cash flow risk is not material for the assessment of assets, liabilities and the financial statements.
## **KEY MANAGEMENT PERSONNEL**
The Trustees consider the Board of Trustees as being the governing and decision-making body of the Charity, in charge of directing, managing and controlling the Charity and its activities. The Trustees are responsible for the preparation, monitoring and provision of all financial information related to the Charity.
All Trustees give of their time freely and no Trustee remuneration was paid in the period.
Trustees are required to disclose all relevant interests and register them with the Chairman and withdraw from decisions where a conflict of interest arises.
No staff were employed by the Charity during the period and as such there are no key management personnel other than the Trustees. It is not possible to reasonably quantify the support from the staff of Gemfields Limited and therefore no gift in kind has been recognised in respect of their time spent working on the activities of the Charity.
On behalf of the Board:
………………………………………………………….
Emily Dungey Managing Director
…… September 2022 30
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**GEMFIELDS FOUNDATION**
## **TRUSTEES’ RESPONSIBILITY STATEMENT**
The Trustees, each of whom is a director of Gemfields Foundation, are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed; and
- 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 adequate 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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.
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**GEMFIELDS FOUNDATION**
## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF GEMFIELDS FOUNDATION**
## **Independent examiner's report to the trustees of Gemfields Foundation ('the Company')**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2021.
## **Responsibilities and basis of report**
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Daniel Wilson FCCA Sedulo Accountants Limited Chartered Certified Accountants 62-66 Deansgate Manchester M3 2EN
30/09/2022 Date: .............................................
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**GEMFIELDS FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES**
_For the year ended 31 December 2021_
||Note|**Unrestricted**|**Restricted**|**Expendable**|||
|---|---|---|---|---|---|---|
|||**funds**|**funds**|**endowment**|**Total funds**|**Total funds**|
|**In USD**||**2021**|**2021**|**2021**|**2021**|**2020**|
|**Income from:**|||||||
|Gift of expendable endowment|3|-|-|-|**-**|876|
|Donations|3|105,572|18,326|-|**123,898**|3,935|
|**Total income**||**105,572**|**18,326**|**-**|**123,898**|**4,811**|
|**Expenditure on:**|||||||
|Charitable activities|4,5|(62,622)|(2,171)|-|**(64,793)**|(3,035)|
|**Total expenditure**||**(62,622)**|**(2,171)**|**-**|**(64,793)**|**(3,035)**|
||||||||
|**Net income**||**42,950**|**16,155**|**-**|**59,105**|**1,776**|
|Transfers between funds||50,000|-|(50,000)|-|-|
|**Net movement in funds**||**92,950**|**16,155**|**(50,000)**|**-**|**-**|
|**Reconciliation of funds**|||||||
|Total funds brought forward|10|-|900|50,000|50,900|49,124|
|Net movement in funds for the period|10|92,950|16,155|(50,000)|59,105|1,776|
|**Total funds at 31 December 2021**||**92,950**|**17,055**|**-**|**110,005**|**50,900**|
The notes on pages 11 to 14 form part of these financial statements.
There were no other recognised gains or losses other than those listed above and the net income for the year. All income and expenditure are derived from continuing activities.
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**GEMFIELDS FOUNDATION**
## **STATEMENT OF FINANCIAL POSITION**
_At 31 December 2021_
|||**31 December**|**31 December**|
|---|---|---|---|
|**In USD**|Note|**2021**|**2020**|
|**Current assets**||||
|Cash and cash equivalents||102,854|52,089|
|Trade and other receivables|7|7,151|1,811|
|**Total current assets**||**110,005**|**53,900**|
|||||
|**Total assets**||**110,005**|**53,900**|
|||||
|**Current liabilities**||||
|Trade and otherpayables|8|-|3,000|
|**Total current liabilities**||**-**|**3,000**|
|||||
|**Total net assets**||**110,005**|**50,900**|
|**Funds**||||
|Expendable endowment|9,10|-|50,000|
|Unrestricted funds|9,10|92,950|-|
|Restrictedfunds|9,10|17,055|900|
|**Total funds**||**110,005**|**50,900**|
The notes on pages 11 to 14 form part of these financial statements.
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for:
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and 30 September 2022 were signed on its behalf by:
**Emily Dungey** Managing Director
Company number 11583519 Charity number 1185658
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**GEMFIELDS FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **1 Basis of preparation**
## **Company and charitable status**
Gemfields Foundation, a public benefit entity, is incorporated in England and Wales as a company limited by guarantee not having a share capital. The members of the company are the Trustees named on page 3. The liability of each member in the event of winding up is limited to £1. The Charity is a registered charity. The registered office is given on page 3.
## **Basis of preparation**
The financial statements are prepared under the historical cost convention, in accordance with the Statement of Recommended Practice “Accounting and Reporting by Charities (SORP FRS102) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102); and the Companies Act 2006. The financial statements have been prepared in accordance with the provisions applicable under the Small Companies’ regime of the Companies Act 2006.
The charity meets the definition of a public benefit entity under FRS 102.
The Charity financial statements are presented in United States Dollars (“USD”) unless otherwise stated. The closing Pounds Sterling (‘GBP’) to USD exchange rate was 1:1.35 (2020: 1:1.36).
The principal accounting policies adopted in the preparation of the financial statements are set out below. The policies have been consistently applied to the period presented, unless otherwise stated.
## **Going concern**
The Company is dependent on donations for ongoing financial support. At the reporting date, the Trustee’s consider that there are no material uncertainties about the Charity’s ability to continue as a going concern. The Trustees have additionally considered the impact that the Covid-19 global pandemic has on the Charity and have concluded that the impact is immaterial. The Trustees, therefore, consider that the going concern assumption is an appropriate basis on which to prepare these financial statements.
## **2 Significant accounting policies**
## **Income**
Income is recognised when the following conditions are met:
1. The Charity has entitlement to the funds;
2. Any performance conditions attached to the item(s) of income have been met;
3. It is probable that the income will be received; and
4. The amount can be measured reliably.
## **Expenditure**
Expenditure is recognised when the following conditions are met:
1. There is a legal or constructive obligation to make a payment to a third party; 2. It is probable that settlement will be required; and
3. The amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis.
Expenditure on charitable activities includes grants made, governance costs and support costs.
Grants payable are charged in the year when the offer is made, except in those cases where the offer is conditional, such grants are recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions that have not been met at the year-end are noted as a commitment, but not accrued as an expenditure.
11
## **GEMFIELDS FOUNDATION**
Support costs are those functions that assist the work of the Charity but do not directly undertake charitable activities.. Support costs have been allocated between governance costs and other support costs, as analysed in note 5. No value is assigned to support costs in respect of the time spent by Gemfields Limited staff on the activities of the Charity.
## **Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Foundation and which have not been specifically designated for other purposes.
Restricted funds are funds subject to specific restrictions imposed by the donor or funding authorities, or which have been raised by the Foundation for specific purposes. These funds are not available for the Trustees to apply at their discretion. The restrictions placed on funds is set out in note 10.
During 2020, the Charity also held an expendable endowment fund, created from the initial USD50,000 donation made by Gemfields Limited on the incorporation of the Charity. The Trustees have the power to convert all or part of the funds received into income, and the use and/or application of the endowment is at the discretion of the Trustees. Once the Trustees exercise their power to spend or apply the capital of the expendable endowment, the relevant funds will be reallocated to either unrestricted funds or restricted funds, based on the definitions set out above.
## **Taxation**
The Foundation is a registered charity and has no liability to corporation tax on its charitable activities under the Corporation Tax Act 2010 (chapters 2 and 3 of part ii, section 466 onwards) or Section 256 of the Taxation for Chargeable Gains Act 1992, to the extent surpluses are applied to its charitable purposes.
## **Financial assets and liabilities**
Financial assets and financial liabilities include trade receivables and trade payables and are recognised when the Charity becomes a party to the contractual provisions of that financial asset or financial liability. All financial assets and liabilities are initially measured at transaction price (including transaction costs). The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Trade and other receivables are recognised at the settlement amount due. Prepayments are valued at the amount prepaid. Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit.
Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount.
## **Foreign currency**
Transactions entered into by the Charity in a currency other than the currency of the primary economic environment in which it operates (the functional currency) are recorded at the rates ruling when the transactions occur. Foreign currency monetary assets and liabilities are translated at the rates ruling at the reporting date. Exchange differences arising on the translation of unsettled monetary assets and liabilities are similarly recognised immediately in the statement of financial activities.
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## **GEMFIELDS FOUNDATION**
## **3 Analysis of income from donations**
|**3 Analysis of income from donations**||||||
|---|---|---|---|---|---|
||**Unrestricted**|**Restricted**|**Expendable**|||
||**funds**|**funds**|**endowment**|**Total funds**|**Total funds**|
|**In USD**|**2021**|**2021**|**2021**|**2021**|**2020**|
|**Income from:**||||||
|Donations from Gemfields Limited|91,525|250|-|**91,775**|1,776|
|Donations from third parties|14,020|18,076|-|**32,096**|3,000|
|Reimbursement of expenses by Gemfields|27|-|-|**27**|35|
|Limited||||||
|**Total income**|**105,572**|**18,326**|**-**|**123,898**|**4,811**|
|||||||
|**Total income 2020**|**35**|**3,900**|**876**|**4,811**||
## **4 Analysis of charitable expenditure**
|**4 Analysis of charitable expenditure**|||||
|---|---|---|---|---|
||**Grant funding**||**Total**|**Total**|
||**to institutions**|
**Support costs**|**expenditure**|**expenditure**|
|**In USD**|**2021**|
**2021**|**2021**|**2020**|
|**Activities undertaken in the year:**|||||
|Provision of solar lamps to IDP’s in Mozambique|21,815|
-|**21,815**|-|
|Construction of a primary school in Madagascar|42,398|
580|**42,978**|-|
|KapilaPrimary School Ablution Facilities|-|
-|**-**|3,035|
|**Total grant expenditure**|**64,213**|
**580**|**64,793**|**3,035**|
## **5 Support costs**
|**5 Support costs**|||
|---|---|---|
||**Year ended**|**Year ended**|
|**In USD**|**31 Dec 2021**|**31 Dec 2020**|
|Bank charges|220|35|
|Foreign exchange|360|-|
|**Total other support costs**|**580**|**35**|
## **6 Analysis of Trustee and staff costs**
The Charity had no employees in the period (2020: no employees).
All activity in the period was undertaken by the Trustees.
The Trustees all give freely of their time and expertise without any form of remuneration or other benefit in cash or kind. No expenses were paid to the Trustees in the period.
## **7 Trade and other receivables**
|**In USD**|**2021**|**2020**|
|---|---|---|
|Related party donations|7,151|900|
|Other debtors|-|911|
|**Total trade and other receivables**|**7,151**|**1,811**|
## **8 Trade and other payables**
|**In USD**|**2021**|**2020**|
|---|---|---|
|Grant liabilities|-|3,000|
|Otherpayables|-|-|
|**Total trade and other payables**|**-**|**3,000**|
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## **GEMFIELDS FOUNDATION**
## **9 Analysis of net assets between funds**
||**Unrestricted**|**Restricted**|**Expendable**||
|---|---|---|---|---|
||**funds**|**funds**|**endowment**|**Total funds**|
|**In USD**|**2021**|**2021**|**2021**|**2021**|
|Cash|85,799|17,055|-|102,854|
|Current receivables|7,151|-|-|7,151|
|**Total**|**92,950**|**17,055**|**-**|**110,005**|
||**Unrestricted**|**Restricted**|**Expendable**||
|---|---|---|---|---|
||**funds**|**funds**|**endowment**|**Total funds**|
|**In USD**|**2020**|**2020**|**2020**|**2020**|
|Cash|-|2,965|49,124|52,089|
|Current receivables|-|935|876|1,811|
|Current payables|-|(3,000)|-|(3,000)|
|**Total **|**-**|**900**|**50,000**|**50,900**|
## **10 Analysis of fund movements**
|**2021**|**Opening**||||**Closing**|
|---|---|---|---|---|---|
|**In USD**|**balance**|**Income**|**Expenditure**|**Transfers**|**balance**|
|Expendable endowment|50,000|-|-|(50,000)|**-**|
|Unrestricted funds|-|105,572|(62,622)|50,000|**92,950**|
|Restricted funds|900|18,326|(2,171)|-|**17,055**|
|**Total balance**|**50,900**|**123,898**|**(64,793)**|**-**|**110,005**|
|**2020**|**Opening**||||**Closing**|
|**In USD**|**balance**|**Income**|**Expenditure**|**Transfers**|**balance**|
|Expendable endowment|49,124|876|-|-|**50,000**|
|Unrestricted funds|-|35|(35)|-|**-**|
|Restricted funds|-|3,900|(3,000)|-|**900**|
|**Total balance **|**49,124**|**4,811**|**(3,035)**|-|**50,900**|
Restricted funds are restricted by project (e.g. a specific school), beneficiary (e.g. children) or by type of benefit (e.g. community health). The Charity wishes to reduce complexity by operating with as few restrictions on funds as possible but recognises a balance must be found in doing so in order to maximise funds received from donors.
The expendable endowment related to the initial USD50,000 donation made to Gemfields Foundation by the Charity’s corporate member, Gemfields Limited during 2019. During the year, the Trustees exercised their power to apply the capital of the expendable endowment and reallocated the full amount to unrestricted funds.
## **11 Related party transactions**
Gemfields Limited is related to Gemfields Foundation as it holds 100% of the members’ voting rights of the Charity, which in turn gives it the power to appoint or remove the Charity’s Trustees.
During the year Gemfields Limited donated USD 91,525 (2020: USD Nil) to the Charity as part of various corporate schemes and these funds are unrestricted in their use. Gemfields Limited donated an additional USD250 (2020: USD900) to the Charity as part of a corporate gifting scheme, which is restricted in its use. Gemfields Limited also donated USD27 (2020: USD911) to the Charity during 2021 to reimburse support costs incurred by the Charity during 2020.
Included within debtors at the year-end is an amount owing by Gemfields Limited of USD7,151 (2020: USD900).
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