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2023-12-31-accounts

WORLD CONNECT INTERNATIONAL, UK

TRUSTEES’ REPORT AND ACCOUNTS

YEAR ENDED: 31[ST] DECEMBER 2023

CHARITY NUMBER: 1194944

Reference and administrative information

Trustees

The Duke of Bedford, Andrew Ian Henry Russell Hafsat Abiola Christopher Cabot, Chair of Trustees Emmanuelle Lepic (appointed 25 September 2023) Esme Lovell Smith Ilia Tchelikidi Sarah Caplin Joanne Lankester (appointed 21 February 2023) Glenda Burkhart (resigned 15 March 2023)

Chief Executive Officer

Patrick J. Higdon

Principal Office

24 Old Bond Street, London, W1S 4AP, United Kingdom

Charity Number

1194944

Governing Document

Constitution of a Charitable Incorporated Organisation

Independent Examiner

Price Bailey LLP, Anglia House, 6 Central Avenue, St. Andrews Business Park, Thorpe St. Andrew, Norwich NR7 0HR

Bankers

CAF Bank, 25 Kings Hill Ave, Kings Hill, West Malling ME19 4TA

Solicitors

Morgan, Lewis & Bockius UK LLP, Condor House, 5-10 St. Paul's Churchyard, London EC4M 8AL

2

Report of the trustees for the year ended 31[st] December 2023

The Trustees present their annual report and financial statements of the charity for the year ended 31[st] December 2023. The financial statements have been prepared on an accruals basis in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity’s governing documents, the requirements of the Charities Act 2011 and the Charities SORP (FRS 102).

The charity was incorporated on the 24[th] of June 2021.

Structure, governance, and management

World Connect International, UK is a registered charitable incorporated organisation, charity number 1194944, in England and Wales and is governed by its Constitution adopted on 2 December 2021.

Trustees are responsible to oversee new member appointments and resignations. Under the Constitution, the Board of Trustees is subject to there being no fewer than three Trustees at any one time.

There was one new appointment to the board in 2023. The Trustees give their time to the charity on a voluntary basis and receive no remuneration.

Trustees may be appointed by a resolution passed at a properly convened meeting of the charity trustees. A Trustee may be retired from the board by notification in writing, absent from all meetings without permission within a period of six months and the trustees resolve the office to be vacated, death, a registered medical practitioner’s written opinion a person has become physically or mentally incapable of acting as a trustee, or disqualification from acting as a charity trustee by virtue of sections 178-180 of the Charities Act 2011 (or any statutory re-enactment or modification of that provision). Any person retiring as a charity trustee is eligible for reappointment.

The Trustees will meet during the year, in person or by video conference, to discuss matters relevant to the charity. They work with the Executive Director to support the ongoing fundraising, grant making, and long-term strategic plans for the charity. Responsibility for the implementation and day-to-day management is delegated to the Executive Director.

Risk management

The Trustees have considered the strategic, business, and operational risks the charity can confront and confirm appropriate systems have been established and are regularly reviewed. These risks include grant making to communities around the world. Trustees and the Executive Director maintain policies and procedures to mitigate those risks.

3

Objectives and activities for the public benefit

World Connect International, UK creates opportunities for local leadership to grow with trust in our selected partners and direct investment in local innovation. Progress in global development requires local communities to own the ideas that transform life as it is, improving health, education, and economic opportunity.

World Connect International, UK is a grantmaking charity that creates opportunities for local leadership to grow with trust in its selected partners and through direct investment in local innovation. In 2023, the charity directly invested through its grantmaking program £43,277, of which £39,715 was payable at 31 December 2023. Grant funding was provided to eleven community based organisations in Ghana and Ecuador, of which a total of £18,837 was provided to five communities in Ghana and a total of £24,440 was provided to six communities in Ecuador. Community projects were based in agriculture training and conservation in rural areas with a focus on women collectives, educational development, and structural renovations and enhancements to school and medical facilities.

In addition to providing grant funding, in 2023, World Connect International, UK hired an employee to serve as the Executive Director and Global Program Director to support in the growth and development of the new charity. It engaged an outsourced accounting firm and a field agent in Ecuador. At the end of 2023, the charity began preparations for an event in Paris to take place in January 2024, that will engage new donors in Europe.

World Connect applies the following principals in its grantmaking:

1. Trust in Local Leaders

4. Scale

World Connect International UK believes that sustainable global progress is more effective when inside power is activated. World Connect activates inside power by co-investing with communities to advance progress on their terms. The result of this co-investment model is a more effective, cost efficient, and high impact development paradigm to address urgent inequities worldwide. The future of development is in activating insider power, with the role of outsiders being to activate new power centers to grow and sustain independently.

4

The charity is committed to making grants to communities based in the Global South that includes, but is not limited to, the following objects:

  1. The prevention or relief of poverty by providing grants to individuals, charities, or other organizations working to relieve poverty.

  2. The advancement of education by providing grants to individuals, charities, or other organizations working to advance education.

  3. The relief of sickness and the preservation of health by providing grants to individuals, charities, or other organizations working to relieve sickness and preserve health.

The Trustees have had regard to the commission’s public benefit guidance when exercising any powers or duties to which the guidance is relevant.

Grant making policy

The Trustees have established a grant making policy to achieve its objectives for the public benefit that includes the prevention or relief of poverty, the advancement of education, and the relief of sickness and preservation of health in the Global South.

The charity will award grants generally between £1,000 and £8,000, but larger grant awards will be considered. The charity welcomes proposals from Global South applicants including other organisations, charities, communities, and individuals. The charity will also consider proposals shared by World Connect, Inc. that come from similar applicants.

A candidate may submit a grant at any time, however, a formal call for proposals is announced periodically throughout the year. All candidates must complete a grant application provided by the charity, that includes a project budget to be considered for a grant. A Committee of World Connect Staff will review proposals and recommend to the Charity Trustees, who have ultimate responsibility for all grant-making decisions, grant recommendations.

Candidates awarded a grant from World Connect will follow the reporting and monitoring requirements set forth by the charity.

Financial review

In 2023, World Connect received donations from its board, a corporate partner, and individuals. The charity received second-year funding from a three-year donor pledge to support the World Connect Ecuador program. It hired a contractor to lead the organization and manage its continued growth. The organization provided grant funding to communities in Ecuador and Ghana.

At 31 December 2023, the charity closed with a deficit of 12,051. The deficit reflects costs associated with the start-up of a new charity. At the end of 2023, the organization began fundraising for an event in Paris to take place in January 2024. An amount of £35,892 was raised for the event in 2023, which is held on the balance sheet. These donations and additional funds raised for the event in 2024 will help to eliminate this year end deficit.

5

The cash position on 31 December 2023 was £54,441, with deferred revenue of £35,892 that will be recognized in 2024. Liabilities include grants payable of £39,715.

World Connect currently does not have a reserves policy in place. The charity is in the early stages of establishment and continues to focus on attracting new donors to advance its mission. As the organization grows its revenues, it will implement a policy for managing a reserve.

Plans for the future

In the forthcoming years, the Trustees and Executive Director will commit to deepening the engagement with the UK and European public to educate and share with their networks and other external communities the mission of the organization. In 2024, the charity will hold an event in Paris, France to raise funds for the organization’s charitable mission. The charity intends to increase its global giving in the future and deepen its impact throughout communities in the Global South.

Trustees’ responsibilities in relation to financial statements

The Charity’s Trustees are responsible for the preparation of Trustees’ Report and the financial statements in accordance with the requirements of the Charities Act 2011. The Charity’s Trustees consider that the charity does not meet the statutory requirement for an audit this period under the Charities Act 2011, nor does it meet the threshold for an independent audit examination.

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

This report has been prepared in accordance with the General Directions given by the Charities Commission under Section 145(5)(b) of the Charities Act 2011.

For and on behalf of the Board of Trustees

Chris Cabot

Christopher Cabot (Fri, 18th Oct 2024 …………………………… 16:45:59 BST) Christopher Cabot Chairperson

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WORLD CONNECT INTERNATIONAL, UK

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Notes
INCOME
Donations, grants and legacies
2
Investment income
3
TOTAL INCOME
EXPENDITURE
Expenditure on charitable activities:
4
TOTAL EXPENDITURE
FUNDS FOR THE YEAR
NET INCOME/(EXPENDITURE)
BEING NET MOVEMENT IN
Transfers
Total funds at 1 January
10
TOTAL FUNDS 31 DECEMBER
10		 £
Funds 2023
Unrestricted
64,271
63		 £
Funds 2023
Restricted
70,698
-		 £
2023
Total Funds
134,969
63		 £
Total Funds
2022
80,624
36
64,334 70,698 135,032 80,660
(116,743) (77,323) (194,066) (33,677)
(116,743) (77,323) (194,066) (33,677)
(52,409)
-
33,358		 (6,625)
-
13,625		 (59,034)
-
46,983		 46,983
-
-
(19,051) 7,000 (12,051) 46,983

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities.

The notes on pages 10 to 17 form part of these financial statements.

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WORLD CONNECT INTERNATIONAL, UK

BALANCE SHEET AS AT 31 DECEMBER 2023

CURRENT ASSETS
Notes
Debtors: Amounts due within
one year
7
Cash at bank and in hand
Creditors: Amounts due
within one year
8
NET CURRENT (LIABILITIES) / ASSETS
TOTAL ASSETS LESS
TOTAL LIABILITIES
Restricted funds
Unrestricted funds
10
10
TOTAL FUNDS		 £
2023
14,647
68,088
53,441
(80,139)
(12,051)
(12,051)
7,000
(19,051)
(12,051)		 £
2022
-
66,054
66,054
(19,071)
46,983
46,983
13,625
33,358
46,983

The financial statements were approved by the Trustees on

18 Oct 2024 and are signed on their behalf by:

Chris Cabot

………………………………

Christopher Cabot Christopher Cabot (Fri, 18th Oct 2024 16:45:59 BST) (Chair)

The notes on pages 10 to 17 form part of these financial statements.

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WORLD CONNECT INTERNATIONAL, UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1 ACCOUNTING POLICIES

General information

World Connect International, UK is a charitable incorporated organisation, registered in the United Kingdom under the Charities Act 2011. The principal address is 24 Old Bond Street, London W1S 4AP, United Kingdom.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102) effective 1 January 2019), and the Charities Act 2011.

The financial statements have been prepared to give us a “true and fair” view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a “true and fair view”. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from April 2005 which has since been withdrawn.

World Connect International, UK meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

The charity, being small in size, has used the exemption provided by Charities SORP (FRS 102) under which it is not required to include a cash flow statement as part of the financial statements.

Going concern

The Trustees have considered the ongoing activities of the Charity and its ability to meet its obligations, and there is no sufficient uncertainty about the Charity's continued operations. In 2023, the Charity held deferred income on its balance sheet for an event to occur in January 2024. This income sufficiently addresses the deficit reflected in 2023. Additionally, the Trustees continue to pursue new fundraising opportunities and ongoing support as the Charity and Board of Trustees matures from a newly established entity.

As a result, the Trustees assessment is that World Connect International, UK will remain a going concern of 12 months from the date of approval of these accounts.

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WORLD CONNECT INTERNATIONAL, UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1 ACCOUNTING POLICIES (continued)

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 Charity and which have not been designated for other

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The aim and use of each restricted fund is set out in the notes to the financial statements.

Income

Income is recognised when the Charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from investments are recognised when receivable.

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure on charitable activities includes that which relates directly to fulfilling the charitable objectives of the Charity, as outlined in the Trustees' Report.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Creditors are recognised when 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 are normally recognised at their settlement amount.

Cash at bank and in hand

Cash at bank and in hand includes cash held in bank accounts. There are no short term investments.

Pensions

The Charity provides a defined contribution pension scheme, whereby the Charity and its staff each fund the scheme, managed by a third party provider, the assets of which are held by the provider separately from the assets of the Charity. The pension charge in the financial statements represents the amounts payable by the charity to the fund in respect of the period.

Taxation

The Charity is exempt from taxation in respect of income and capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to the

11

WORLD CONNECT INTERNATIONAL, UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1 ACCOUNTING POLICIES (continued)

Financial instruments

The Charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their at their settlement value as at the balance sheet date. All financial instruments of the charity are measured at cost.

Judgements and key sources of estimation uncertainty

In the application of the Charity's accounting policies, which are described above, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from those estimates.

The Trustees do not consider that there are any critical judgements or sources of estimation uncertainty in the financial statements.

12

WORLD CONNECT INTERNATIONAL, UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2 DONATIONS, GRANTS AND LEGACIES

Donations
Donations in kind
Grants
Donations
Donations in kind
Grants		 Unrestricted
2023
£
42,776
-
21,495		 Restricted
2023
£
45,923
24,775
-		 Total
2023
£
88,699
24,775
21,495
64,271 70,698 134,969
Unrestricted
2022
£
34,894
-
1,000		 Restricted
2022
£
41,000
3,730
-		 Total
2022
£
75,894
3,730
1,000
35,894 44,730 80,624

Donations in kind of £24,775 (2022 - £3,730) relate to pro-bono legal work (2022 - event costs).

3 INVESTMENT INCOME

INVESTMENT INCOME
Bank interest
Bank interest		 Unrestricted
2023
£
63		 Total
2023
£
63
Unrestricted
2022
£
36		 Total
2022
£
36

13

WORLD CONNECT INTERNATIONAL, UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

4
EXPENDITURE ON CHARITABLE ACTIVITIES
Wages and salaries
Social security costs
Pension costs
Employee benefits
Bank fees
Accountancy fees
Grants paid
Professional fees
Field agent contracts
Co working membership
Insurance
Event costs
Platform fee
Analysis of grants payable:
Ecotourism Association of Yamaram Jintial Tayu Jee
Fundacion Kyllkay
Chief and Elders Council
Fellows for Change
Parent Teacher Association of Bethel School Comples
Red Intercultural de Semillas
Cultivando el Futuro
SMC Asaman
Teen Talk Ghana
Asociacion RAFALEX
Plaza Gutierrez Women's Entrepreneurial Collective
5
STAFF COSTS
Wages and salaries
Social security costs
Pension costs		 Total
2023
£
96,426
7,261
1,425
1,744
484
12,082
43,277
24,775
3,316
1,314
419
1,043
500
194,066
2023
£
3,564
3,022
3,348
3,896
3,956
4,835
4,182
4,691
2,946
4,001
4,836
43,277
2023
£
98,170
7,261
1,425
106,856		 Total
2022
£
-
-
-
-
64
2,508
16,862
-
10,513
-
-
3,730
-
33,677
2022
£
-
-
-
-
-
-
-
-
-
-
-
-
2022
£
-
-
-
-

14

WORLD CONNECT INTERNATIONAL, UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

5 STAFF COSTS (continued)

The average number of employees during the year was as follows:

2023 2022
No. No.
Employees 1 -
The number of employees whose employee benefits (excluding employer pension costs) exceeded
£60,000 was:
2023 2022
No. No.
In the band £90,001 to £100,000 1
 -
The key management personnel of the charity are the Trustees and the Chief Executive Officer. The pay
and benefits (including employer pension contributions) of the Key Management Personnel were £106,856
(2022 - £nil).
Independent examination fees
7
DEBTORS
Prepayments and accrued income
8
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Grants payable
Accruals
Deferred income
9
DEFERRED INCOME
Deferred income brought forward
Resources deferred during the year
Amounts released from previous years
Fees payable to the Charity's Independent Examiner in respect of
other services		 2023
£
2,340
5,601
7,941
2023
£
14,647
2023
£
39,715
4,532
35,892
80,139
2023
£
-
35,892
-
35,892		 2022
£
1,733
475
2,208
2022
£
-
2022
£
16,863
2,208
-
19,071
2022
£
-
-
-
-

Deferred income relates to income received in advance for events held after the year.

15

WORLD CONNECT INTERNATIONAL, UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

10 STATEMENT OF FUNDS
2023
UNRESTRICTED FUNDS
General funds
RESTRICTED FUNDS
Individual donor
Retail Value
Donations in kind
Total
2022
UNRESTRICTED FUNDS
General funds
RESTRICTED FUNDS
Individual donor
Donations in kind
Total		 Brought
forward
£
33,358
13,625
-
-
13,625
46,983
Brought
forward
£
-
-
-
-
-		 Income
£
64,334
38,923
7,000
24,775
70,698
135,032
Income
£
35,930
41,000
3,730
44,730
80,660		 Expenditure
£
(116,743)
(52,548)
-
(24,775)
(77,323)
(194,066)
Expenditure
£
(2,572)
(27,375)
(3,730)
(31,105)
(33,677)		 Transfers
£
-
-
-
-
-
-
Transfers
£
-
-
-
-
-		 Carried
forward
£
(19,051)
-
7,000
-
7,000
(12,051)
Carried
forward
£
33,358
13,625
-
13,625
46,983

Restricted fund Description Individual donor Retail Value

Three-year pledge made in 2022 to support programs in Ecuador.

Grant to support the World Connect Rwanda's Leadership Summit.

16

WORLD CONNECT INTERNATIONAL, UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

11 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Current assets
Creditors due within one year
Current assets
Creditors due within one year		 Unrestricted
Funds
2023
£
(14,519)
(4,532)
(19,051)
Unrestricted
Funds
2022
£
35,567
(2,209)
33,358		 Restricted
Funds
2023
£
82,607
(75,607)
7,000
Restricted
Funds
2022
£
30,487
(16,862)
13,625		 Total
Funds
2023
£
68,088
(80,139)
(12,051)
Total
Funds
2022
£
66,054
(19,071)
46,983

12 PENSION COMMITMENTS

The charity operates a defined contribution pension scheme. The assets of the schemes are held separately from those of the charity in independently administered funds. The total pension cost charge represents contributions payable by the charity to the funds and amounted to £1,805 (2022 - £nil). There were £nil pension commitments outstanding at end of the year (2022 - £nil).

13 RELATED PARTIES

In their roles as Trustees, the Trustees give their time and expertise freely without any form of remuneration or other benefit in cash or kind and did not claim any expenses.

There were no other related party transactions (2022 - none).

17