Charity registration number. 1201358 SVG Friendship Foundation (UK) Annual Report and Financial Ststements for the period from 15 December 2022 to 31 December 2023 Sterling Grove Accountants Sterliiig Grove Accountaiits Fawley House 2 Regatta Plare Marlow Road Bourne End Bucks SL8 STD
SVG Friendship Foundation (UK) Contents (continued) Reference And Administrative D¢thi15 Chairnian'5 statement from Mr Cenio txwis TTU5tges' Report 3¢06 Independent Examin¢V8 Rcpoii Ststement of Financial A¢tiviti¢s Balance Shcet Note5 to the Financial Ststements 10 10 13
SVG Friendship Foundalion (UK) Reference and Administrative Detalls Chalrm Mr C Lewis Truits Mr S Maingot Mr B Samuel Mr A Providenee<ulza Mr C Lewis Ch8rlty Reglstr4tlon Number 1201358 Prlnelpal Offlc¢ 51 Walton Drive High Wycornbe Bucks HP13 6TS Independenl Exmln¢r Sierling Grove Accountants Sterling Grove Accountants Fawley House 2 Regatta Place Marlow Road Bourne End Bucks SL8 STD p¢1
SVG Friendship Foundation (UK) Chgirni&n's statcment from Mr Cenio Lcwis It is a pleasure to report that since the regi5lration of ihe Charity. SVG Friendship Foundation (UK) {hcreafter called the Charity), 5iLinifiLLlnt pro8res5 ha5 betn madr by the Board of 'frustees in the prornotion and advancement of the obj¢LL5' of the Charity. A central aim of the Charily is the reliel. of POVEty. In th¢ light ol'thai aim, it has focussed its attention, mainly but not wholty, on assi5tingi school children of parent5 in need. Thal assisiance has taken the forni ot. providing the parents with Lash grdnts to enable IhLm io purchase schoolbooks and other neccss4riL5 lor th¢ advancement of their childr¢n's eduLalion. Additionally. thL Chari(y provided through a Voucher Systcm a substantial amount of fvllds. deposited with a retail store in Saint Vincent and ihe Grenadines. io enable puor famili¢5 to obtain school uniforni$ for their children. The Charity wishcs lo encourag¢ young people to engage in sports and music. To that end, it 4140 provided resources to assist in the tuition of mu$ir and the purchase ol'sports equipmenl. The Charity has LonL¢nlrated i¢5 reli¢l' a¢tlVi¢lL& on Saint Vincent and the Grenadines (SVG), as it5 peoplc have been severely atrectid by various disast¢r%.. th¢ cruplion ol. its volcano,. the impact of COVlD-19' 4nd a hu1¢an£, within the periud 2021-2023. and rnor¢ rLLcnlly by Hurricane Beryl in July 2024. The people wh surfered most were those in poverty and in need of help. In view of the Charity's concentrdtion on thc relirf of poverty in SVG, the Trustee& initiated and supportcd th¢ establishment of a '%isLL'r' Charity in SVG. kn()wn as SVG Friendship Foundation Inc.. whiLh is tiilly rcgiyLered in accordance with the Laws of SVG. 'fhe purpos¢ uf the 'sis(er' Charity is io ideniify speLific areas of nccd and provide necessary assisiunLL, following consultation, dircciion and collaboration with the"parL'nt" Charity in thc UK. The Chairniun of the 'sist¢r' Charity is Sir Louis Straker. KCMG. the fom)cr DLputy Prime Minister of SVG. He is assi&l¢d by two oiher TTU5t¢Q5 in ihc execution ol'the 'si5ter' Charity's purpu%c. The commiimeni ofthe Charity to its objective5 15 lon¥.ILmi. In order for it to tiilfil those obj¢Ltives. it will seek rewurces through lundraising aLtivities and application fi)r grants from irtdividuals and or%ani54t(ions. I cannot close this report without expressing my thanks to the Trustees of the Charity, who are all volumteers and recLive no remuneraiion whalsoL'ver lor their activities to and promolc the Charity. MorL'vver, I wish to thank all Lh()se persorts ond or8aniL4tiiyns who hF4ve given so g¢nerou¥ly to lh¢ Charity, and whi¢h cnabled the Truslees to carry oui the aims of Ihe Charily. My thank5 and appreciation ¢0 ¢veryon¢ invulved. Page 2
SVG Friendship Foundation (UK) Trustee8' Report The tnJs(¢es present the annual report together with the financial statements of the charity for the period ended 31 Der¢mb¢r 2023. Trustees and oftleers The t1715tees and officers serving during th¢ ye4r gnd sin¢¢ ihe year end wer¢ as follows: Trust¢¢s- Mr S Mainbpvt {dppoinl¢d 15 D¢c¢tnb¢r 2022) Mr B Samuel {appoinLed 15 December 2022) Mr A Pruvidence-Cu17ac (appointed 15 December 2022) Mr C Lewis (appointed 15 December 2022) Ch4irm#n: Mr C Lewis {apFM)ini¢d 15 Decemr 2022) Objectlvu 4ctlvltle OhJeclJ ulmf SVG FTiendship fnundation (UK) ¢nhances the quality of life of individuals and communitie5 by providing educa(ional bUPP(Trrt lo tho5¢ di5advuntrdged by CircumsnceS by largeted fundroising and the generosity of donors. 'The charity will advance its edueaiion purp05¢ by the provi¥ion of finance to suppvrt educational prospects of young peuplc St VinLent and the Grenadines { and wh¢rc applicable England and Wale5) through a granis proL¢¥s providing subsidi¢s and s¢hiTrlarbhip5, foT courses in e51ablished educational insii(utions provi$ion of fvnds for books. equipment and eduLational aids through the opplication process detailed below providing fundinx for courses I resourcLS, allowing individuals to enhance coreer opwjrtunitics Publle bert¢J71 Th¢ trusl¢¢s wnfim that they have referred to the guidance contained in the Chhrity Commission's general guid8nc¢ on public benefit when reviewing the Foundalion'5 aim5 and objectives and in planning future don8tions. Each application is considered on its mcriLs and thc trustecs also consider the purposcs for which the application hu5 been made to confimi that the publio benefit requirement h4$ b¢¢n fuifJll¢d and it 15 in keeping with the grant making policy. The tnL5'tee5 confirni that they have complied with ihe requirem¢nts of scciion 17 of the Charitie5 Act 2011 to have due regard to the public benefit guidance published by (he Charity Commission for England and Wales. Page 3
SVG Friendship Foundation (UK) TruJtccs' Report (con¢inu¢d) Achievements and performanee The work being carricd out and spon50r¢d by the SVG Friendship Foundation has made a significant impaci on the people of St Vincent and th¢ Grenadines. F.ducation - Fr(Trm an cducuiional p¢rspective w¢ have be¢n abl¢ to h¢lp purchas¢ books, cloihing and providc rood tor in excess of 280 studcnts1102 in July 2023 and a fvrther 178 in August 20231 Wc continue to sirive io provide liJndin¥ for thc new scholastic year. working with our Sister orgaThi5ation in St Villccrti chaired by Sir Louis Sirakcr. Our intervention has PTovided the opportunity for our young pcoplc to face the future with sense of h(Trpc. From a Di8asicr Relief perspective, Hurricane Beryl which decimated that region of thc Caribbean has been nothing short of di.%as(cr. The impact has been profound. Mobilising our contacts here in thc UK we have been able t(? secure 2 x 40ft Containers tree ot charge for the SVG A5s0ciation% th send much n¢¢d¢d maLerithls to the re¥ion. Additionally we have provided tiinds to aid the (iovemment in their rcliof cfforts. We continue lo wurk towards support those in need and will continue to he a much nccd¢d r¢s0u¢ provid¢r wider bencfits lo the SLKiLry. Fln4nclal revlew Th¢ founda¢ivn reLeived donotions of £92,572 during the year. 'Th¢ trust¢¢5 providL b¥rMni4 in the furthrrance of the Foundation's choritable objects. T)uring thL plriod cnd¢d 31 l)¢c¢mb¢r 2023 th¢ foundation d()naied £53.075 to a wide range of projects to support their ongoing and ncw proJ¢cts. 'The Found4tion's aGcounLs show a surplu& of £38,232 for the year. Thc charity continues lo irnplement fin¥4n¢ial conlrols commcnsurJtc wilh a chariry of its size, Policy on reservey The trustee5 have no policy of rdaining significant reserves, other than to ensure that sufficient funds are held at Ylny on¢ time to cover ihe grants already promisLd in ihc ncx( Ihrcc Tnonihs. PIMns for future perlods Alms 4idA¢y ohJeeÉlvesforfuiureperludy The trustees intend to continue to distribute the Funds of the Foundaiion in line with their objecls, 'This whll includc ortgoing support for ¢xistin¥ kn¢fiFiaricb and iilso nLW re¢ipiLnl&. Page 4
SVG Friendship Foundation (UK) Trustees, Report (continued) Strnrtur¢• govern&nce and management Nafvre ol£overnlrtg dtscum¢nl SVCJ Friendship Foundation {UK) is o Charitablc Incorporated Organi.SAiion (CIO) registered with the Charities Commission in Englgnd and Wal¢s112013581 and incorporated 15 December 2022. SVG Friendship Foundation (UK) 15 govemed by its constituion and controlled by thc Boyrd of Trustees who will act as Dircctorb for the purpos¢s of company law and Tru8ices for the purposes of chariry law. Dccisions are made by d 5impl¢ majority votc. The Board of m¢¢1 cvcry 3 months. At the board m¢etings ih¢ Tr¢asurcr pn)vid¢s an account update detailing th¢ fingncial position ofthe Foundation. Reerulifftenl 41ndoppolnlmenl oflru.%lee.$ The four Trubt¢¢5 hav¢ wurked closely with the High Commission and eame up wilh Ihe idea of fomin¥ a charitablc or¥ani5a¢ion. ThLreafter we worked togethLr to define tts purpose, govcrnance, objects e¢ With r¢gard to any new Tntees. they will nL¢d io apply ¢0 the Chdinnan and would be interviewed by the Board of Truslee5 to delLmiine suitability- A Yoie of th¢ Board will ¢n5ue und will d¥tCTmine acceptance or LhLfwLSe. ManagemLnl of ihe charity is the responsibility of the Tru51re5. The ro1¢5 and rc5P()n$ibililics rcquired to monage tho 4ctivi¢i¢s ol'the charity fall within the remit Df th¢ Board ol'Tru5tees The Board of Truslccl are required to sd ihr ¢h4rity'5 goa15 and g4im.% and are required to oversee their SUCC¢55ful fuifilmcnt. The charity has no pcrnionent employees. Financial Instrurnents Objecilves andpollcle.$ Th¢ Truslee5 have ¢vnsidered any risks to which the Found&iion could potcntially be exposed, reviewing these on an ongoing b&4is. Staternent of Trystee$' Re5ponJibilitiei The trnstees are responsible for preparing Ihc tn15tee5' report and the financial statements in accordance with the United Kingdum Accounting SiandJrd4 (United Kingdom Gencrally Accepled Accounting Practicc) and applicable Idw ond regulations. 'The law applicable to charitlES rcquir¢s Lhe trv5t¢¢s lo prepare financial statements for each financial perii)d which give a true and fair view (Trf th¢ 5la¢¢ of affairs of the charity and of the incomin8 rr50ufLeS and application of resources of th¢ charity for that periLKI. In preparing these financial sts(ement5, the trus1¢¢5 W¢ requirEd to". select suilable accounting policie5 and then apply them eonsisteMIy', observc the methods and principles in Ihe Charities SORP- make judgemenls and ¢stimat¢5 Ihat are reasonable and pnjdent. Pa¥e 5
SVG Friendship Foundation (UK) Trustee8' Report (Continued) state whether applicable accounting standards have been followed. subject to any material departurcs dis¢los¢d and ¢xplaincd in the financial statements: and pr¢pare th¢ financial siatements on the going concem basis unless it 15 inappropriate (u presume that the chariiy will continue in business. The truslees are responsible for keeping proper accountin8 rccurd5 Lh&iL di5c105¢ With reasonable accuracy at any time ihe finanLial position of the charity alld enable them to ensure thal the financial siatements comply with th¢ Charities Act 2011, the Ch¥rilies (Accounts and Rcpurts) Re8ula(ions 200¥, and the provision5 of the constitution. 'The trustees 4rL also responsible lor SafcuaTdinb the assets of ihe chariry and hence lor taking rea&onable steps for ihe prevention and detection of fraud and oihcr irrL'gulariiirs. The Iruslccs are r¢5ponsibl¢ for ihc maintenance and intcgrity of ihc corporate and financial infoTmalii)n included on th¢ charitablL comparty's website. Lcgislation governing the prep&rdtion and dis5¢min4iion of financial staternents dirr¢r frum l¢gisl3iion in ()ihLr juri%dictions. The annual report was approved by th¢ iTUStee5 of the charity on 28 Octobcr 2024 and siBned on its behaifby- Mr B Samuel 'rru5tee Page 6
SVG Friendship Foundation (UK) Independent Faxamillerls Report to the tru8teeA of SVG Friendship Foundydtion (UK) I report to the tnteeS on my cxamination of the accounts of SVG Friert&4hip Foundation (UK) for the year ended 31 December 2023. Re5ponsibllltles and basi5 of report As the Lhdrity rru&tee5 of SVG Friendship Foundation (UK) YOLT Jr¢ responsibl¢ for ¢h¢ pr¢paraiion of thc accounts in a¢¢ordJn¢¢ with th¢ r¢quir¢m¢nts of th¢ Charities Act 2011 ('thc Act'l. I reporl in r¢sp¢cl of my examination of the SVG Friendship Foundation (UK)'s accounts carried out under 5e¢tion 145 of the 201 l Act and in carrying out my examination I have followed all the applicable Directions given by thc Charity Commission ullder section 145(5Xb) of thc Act. Independenl examiner's Statement I have compl¢led my cxarnination. I confirni that no material matters havc com¢ to my attention in connection with the examination givingr me cau5¢ to believe that ID any rnaterial respect.. l. accounting records wtrc nut k¢pl in re5P¢Ct of SVG Friendship Foundation (UK) a5 requlred by 5tion 130 of ihe AEI. or 2. the acc[nts do not accord with th05r r¢cord8', or 3. the accounts do nol comply with the accounting requirements concerning the forni and content of accounrs set out in thc Chariti¢s (A¢¢ounts and Reports) RegulO1iorts 2008 other than any requirement that th¢ accvunt5' 1¥¢ a '¢ru¢ and fair vi¢w' which i¥ not u rnall¢r con3id¢red a5 part of an indep¢nden( examination. I have no concerns and have come acro%s no other matters in connection with the examination lo which attention should be drawn in this report in order lo enabl¢ a prop¢r Understandin of the ic¢ounts to b¢ r¢oched. Gianni Pietro Amasanii FCCA Sterling Grove Accountants Association of Chart¢r¢d C¢nified A¢¢ounianis FywlEy Hous¢ 2 Regatta Pla¢¢ Marlow Road Bourn¢ F.nd Flucks SL8 STD 28 October 2024 Pdge 7
SVG Friendship Foundation (UK) Statement of Financial Activities for the Period from IS December 21122 10 31 Decembcr 2023 Unre8trieted lunds Total 2023 Note Income xnd Endowrnenls frorn: Donations 92,572 92,572 Total incom¢ F.xpendltyre on: Charitable activities 54.340) 54,340 Total expenditure Net incomc 54.340 54.340 38.232 38.232 N¢t movement in bjnds 38.232 38.232 Reeonclllatlon of fundj Total funds caled forward 38,232 38,232 All of the charity's activities derive from continuing operations during ihe above period. The notes on pages 10 to 13 forrn an integral part of these financial stat¢m¢nt%. Pag¢ 8
SVG Friendship Foundation (UK) (Registration number: 1201358) Balance Sheet as at 31 December 2023 2023 Nott Current assets Debtor5 Cash at bank and in hand 285 39.147 39.432 Credltors: Amounts falllng due wlthln one year 1.200 Nel ajsets 38.232 Fundj of the eharlty: Unrestrlcted Income fund8 Unrestricted fvnds 38,232 Tot81 fundj The financial stalemenis on pages 8 to 13 were approved by the trustees, and authorised for issue on 28 October 2024 and signed on their b¢holf by- Mr B Samuel Tnjsiee The notes on pages 10 to 13 fonn an integral part of these financial statements. Page 9
SVG Friendship Foundation {UK) Notc5 to the Financixl Statements for the Period from 15 December 2022 to 31 December 2023 Aceounting policies 8ta1crncl fjf eompliAn¢e The financial sLementS have been prcpared in accordance with thc SCLond edition of the Charities Sthtcment of Recommended Praciice issued in Ociubcr 2019. the Financial Rcporting Standard applicable in ihe lJnited Kingdom and Republic ofir¢land IFRS 102) and the CharitlC5 Aet 2011. BE41is of preparalion SVG Friendship OUndation {IJK) meets the definition of a public bcncfit cntiry und¢r FRS 102. Th¢ accounts (financial slaments) have been prcpurcd under rhe historical cost convention wilh i¢¢ms r¢¢ognis¢d at cosi or trttnsaLtiort value unless otherwise stated in the relevant notel5) to ihese accounls. Going eonccrn 'rhe irnst¢es consider that therL' dfL' llL) moierial uncertaintie.i about ihc charity'5 ability to continu¢ as d goin8 onrKm. Income endowments Voluntary in¢()mc inlluding donotion5, ¥ifts. leg?4lLIL% and gronts that provide core funding or are of a xcn¢rul nature is recOni when th¢ ¢hority has ¢ntitlemcni to the income, it is probable that the income will bc received and the amounl cun b¢ m¢a5ur¢d with 5Utficient rLlidbility. andlexucle.I D()nutii)ns ari cognISed on a rcceiwablL basis when receipt is probable and the amount can be r¢liably measured. Expendltur All expenditure is recoL)nis¢d once ¢here 18 a legal or consLruciive obligAtion to that expenditurc, il is probable settlemeni is required and ihL amount Can be mea5ur¢d rLliubly. All costs are allocated to Ihe applicable LXPLndiiure heading that aggreLiutL %imilar costs to that categ(Fry. Wh¢rc ¢()5t% cannot be directly attributcd to pthi¢ul8r h¥adin5 (hey have been alluLaled on a basis consi5t¢nt with the use of r¢sourctt¥, wilh central slalr Osts allocated on th¢ ba%is of lime spent, alld deprecialion charges allocated on the portion of thc aSe1.8 use. Other support colts are ¥411ora(¢d b&4ed on the spread ofstatrLosts. Chorliqljlt oeilvlilts Charilablc ¢xpindi¢ure compri8o5 thu&e costs incurred by the charity in the dclivcry nf its activities and serviecs lor its beneficiaries. It IncldeS both ¢(Tr5ts (hat fjun bL allocated directly to such activities and those iosts of an indirect lldture nec¢¥5ary ¢0 511PPOrt th¢m. Support costs Support costs in¢lud¢ n(ruI functions and have been alluLated tu aclivity cost cY4tegori¢$ on a blS Consistent with the us¢ of r¢sourr¢s, for ¢xampl¢, allocating property costs by floor ureas, or per capita, staff costs by the time Spent and oih¢r L05ts by (h¢ir usog¢. Page 10
SVG Frxendship Foundation (UK) Notes lo the Financial Stalements for the Period from IS Deeember 2022 to 31 December 2023 (continued) TAx8tlon The charity 15 considered to pass ihe tests sel oui in Paragraph I S¢hedul¢ 6 of th¢ Finan¢¢ Act 2010 and thcrefore it meets the definition of a charitablc ¢ompany for UK CoratIOn tax puTroscs. Accordingly. the charity is potentially exempt from toxation in r¢spe¢l of income or capiial gain5 received wiihin categories covered by Chapter 3 Part I l of the Corporation Tax Act 2010 or Section 256 of the Taxalion of Chargeable (iains Acr 1992, to the extent thai surh incom¢ or gains arc applied exclusively to charitable putposes. Cjsh and cash equlvalents Cash and cash equivalcnt.s comprise cash on hand and call deposits. and oiher short-temi highly liquid invc5tmentS that arc readily convertible io a known amount of Cash and are subject io an insignificant risk of chan¥¢ in volue. Borrowlny In¢creyl-bearing boJTowings are initially recorded at fair value, net of trdll5actiOn Costs. Interest-bearin hoWIngS are subsequently corried at amorti5ed cost, with the difference beiween the proceeds. nL'I or transaclion cost5, and the amount duc ijn redemption b¢in¥ rc¢ognis¢d as a charge lo the Statement of Financial Activiti¢¥ over the period ofihr rLlcvani borrowing. Interest expense is rccognis¢d on the b&8is of th¢ elyective interest method and is included in interest payable and similar chargrs. Bi)rrowin8s are clossifigd ys ¢urrrn¢ liabiliti¢s unl¢s5 ihe charity has an unconditional right to deter settlemLnt of the liability for ot lea¥t Iw¢lv¢ rnonth5 aft¢r thL reporting date. Fund structure Unr¢5triLt¢d income lunds are ¥cneral ndS that are availablc for us¢ ot lh¢ InJsl¢¢s di$¢relion in furthcrnnce tsf thL objec¢ives of the charity. 2 Ineorne from donatioTr¥ legacies Unrejlricted funds General Total funds Donations and legacies. Dona¢ionb from individua15 Other income from donaLiuns 4Thd le¢1¢3 48,762 43.810 48,762 43.810 Total for period ended 31 Ikcernber 2023 92,572 92,572 P88e I
SVG Friendship Foundation (UK) Notes to the Finydnciydl Statement8 for the Period from IS Decen)ber 2022 to 31 December 2023 (continued) 3 Expenditure on eharit4ble activitie5 Unrestricted funds Gtnernl Total Note Charitable activies Allocated support costs 33,075 1,265 53,075 Tot41 for periud endtd 31 Deeember 2023 54.340 54,340 4 Trnjteey remunergtlon And expenses No irustees, nor orty persons ronneLicd with them, have received any remuneration from the charity during ih¢ year. Nu trUStc¢s have received reimbursed cxpcnscs or any other benefits from the charity during the year. Page 12
SVG Friendship Foundation (UK) Notes to the Financlal Statements for the Period from IS Dcecmber 2022 to 31 December 2023 (eontinucd) 5 Taxation The charity is a registered charity and is ther¢for¢ ¢x¢mpt from taxation. 6 Dcbtors 2023 Accrued incom¢ 285 7 Cgjh ind cash equlvalents 2023 Cash at bank 39,147 8 Credltors: arnounts falllni due wlthln on¢ year 2023 Accruals 1.200 9 Fundi Bg41ance 8t 31 December 2023 Ineomlng r¢Jvurces Rc50urces cxpended Unrejtrlcted lundg General 92,572 54,340 38,232 10 Analysis of net 811tti tween funds UnT¢Stri¢t¢d fundj General Total funds at 31 De£ember 2023 Current assets Current liabilitie5 39,432 (1.200 39,432 (1.200) 38,232 Tolal net assets 38.232 I l Related party trgnJ4Ctions Ther¢ w¢r¢ no related party transactions in the period. Pa¥E 13