| Page | |||||||
|---|---|---|---|---|---|---|---|
| Contents | |||||||
| Trustees' Report (including |
President's | Report) | 2to 9 | ||||
| Independent Auditor's |
Report | 10to 13 | |||||
| Statement ofFinancial | Activities | (including | income and Expenditure | Account) | 14 | ||
| Balance Sheet | 15 | ||||||
| Statement of Cash Flows | 16 | ||||||
| Notes to the Accounts | 17to 23 |
| Name | Designation | Country | Group(s) | Group(s) | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Paul Sainthouse | President | UK | CoT (Chair), IMC, | IAC (non-voting) | ||||||
| Chief Teete OWUSU- | President Elect and |
Chair IMC | GH | CoT, | IMC | (Chair) | ||||
| NORTEY | ||||||||||
| Alan Jones | IVP and Trustee | UK | CoT, | IMC | ||||||
| Jane Green | IVP and Trustee | UK | CoT, | IMC | ||||||
| Emma Ross | Advisor to Trustees | and Next | UK | CoT, | IMC | (non-voting) (resigned |
||||
| Generation Global Chairperson |
October 2022) | |||||||||
| Dr Dorothy Chan |
Advisor to Trustees | HK | CoT, | IMC | (non-voting) | |||||
| Gayani De Alwis |
Advisor to Trustees | and WiLAT | SL | CoT, | IMC, | (non-voting) | ||||
| Global Chairperson | ||||||||||
| David Pugh | Honorary Treasurer |
UK | CoT, | IMC, | IAC (Chair) | |||||
| Mark Armitage | Secretary General | UK | CoT, | IMC, | IAC, IESC (non-voting) | |||||
| Tom Naylor | Director of Finance | UK | CoT, | IMC, | IAC, IESC (non-voting) | |||||
| (resigned | 31December 2022); | |||||||||
| Roxana Thomas | Director of Finance | UK | CoT, | IMC, | IAC, JESC(non-voting) | |||||
| (from 6 February | 2023); | |||||||||
| Jan Steenberg | Honorary Secretary |
SC | CoT, | IMC, | IESC (Chair) | |||||
| Mike Pestereff | International Audit |
Committee | UK | IAC (resigned 9 February 2023) | ||||||
| Member | ||||||||||
| Doreen Owusu-Fianko | Deputy WiLAT Global | Deputy | GH | IMC | ||||||
| Chairperson | ||||||||||
| Dr Newton Demba |
IVP Africa and Chair | ofAfrica Forum | 2IM | IMC | ||||||
| Dr Shehu Usman | IVP Nigeria | NIG | IMC | |||||||
| Gidado | ||||||||||
| Dr Venus Lun |
IVP East Asia | SL | IMC | |||||||
| Fiona Knight | IVP Australasia | NZ | IMC | |||||||
| Ni ra I |
IVP South Asia | HK | IMC | |||||||
| Kadawatharatchie | ||||||||||
| Patrick Casey | IVP Europe and Middle | East | I RE | IMC | ||||||
| Thomas Maville |
IVP Americas | CA | IMC | |||||||
| Ts Ha)i Ramii Amir | IVP South East Asia | ML | IMC | |||||||
| Finbarr Cleary | Development Chairman |
IBF | IRL | IMC | ||||||
| Abi Sofian | Deputy Development | Chairman | IBF | ML | IMC (non-voting) | |||||
| Harriet Leung |
HK Executive Manager | HK | IMC (non-voting) | |||||||
| Sharon Kindleysides | UK CEO | UK | IMC (non-voting) | |||||||
| Usman Shuaibu |
Next Generation Deputy Global |
NIG | IMC (non-voting) | |||||||
| Chairperson | ||||||||||
| Vicky Koo | Head of WCBC | HK | IMC (non-voting) | |||||||
| John Harris | International Education |
Lead | UK | IESC | (non-voting) | (resigned 30 | ||||
| November | 2022) |
| U | cad | Ed | e | T | e | I | 0 | *TIW | Ed | 1 | Tel | Tel | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | F | d | F | d | F | d | F | d | F | d | |||||||
| Hole | !012 | lol 2 | 10!1 | 1021 | 2021 | 1011 | |||||||||||
| Income and endowments | from: | fOOO | EOOO | EOOO | f000 | EOOO | f000 | ||||||||||
| Charitable activities |
2 | 677 | - | 677 | 608 | - | 608 | ||||||||||
| Investments | 3 | 6 | 13 | 19 | 5 | 13 | 18 | ||||||||||
| Total income | 683 | 13 | 696 | 613 | 13 | 626 | |||||||||||
| Expenditure on: |
|||||||||||||||||
| Raising funds | 4 | 2 | 4 | 2 | 4 | 6 | |||||||||||
| Charitable activities |
5 | 729 | 0 | 729 | 665 | 7 | 672 | ||||||||||
| Total expenditure | 731 | 4 | 735 | 667 | 11 | 678 | |||||||||||
| Net surplus (deficit) |
before | ||||||||||||||||
| investment gains |
(48) | 9 | (39) | (54) | 2 | (52) | |||||||||||
| Net gains/(losses) on |
|||||||||||||||||
| investments | (26) | (58) | (84) | 33 | 79 | 112 | |||||||||||
| Transfer between funds |
|||||||||||||||||
| Net surplus/(deficit) | (74) | (49) | (123) | (21) | 81 | 60 | |||||||||||
| Reconciliation offunds | |||||||||||||||||
| Funds bought forward | |||||||||||||||||
| 01October 2021 | 403 | 621 | 1,024 | 424 | 540 | 964 | |||||||||||
| Funds carried forward | |||||||||||||||||
| 30September 2022 |
329 | 572 | 901 | 403 | 621 | 1,024 |
| BALANCE | SH | EET | |||
|---|---|---|---|---|---|
| Notes | 2022 | 2021 | |||
| f000 | f000 | ||||
| Fixed assets | |||||
| Investments | 773 | 869 | |||
| Intangible | asset | 3 | 2 | ||
| Current assets | |||||
| Debtors | 191 | 89 | |||
| Cash at bank | and in hand | 231 | 321 | ||
| 422 | 410 | ||||
| Current liabilities |
|||||
| Creditors falling due within one | 10 | (254) | (211) | ||
| year | |||||
| 168 | 199 | ||||
| Current assets less current | |||||
| liabilities | 944 | 1,070 | |||
| Non-current | liabilities | (43) | (46) | ||
| Total assets | less current | 901 | 1,024 | ||
| liabilities | |||||
| Endowment | funds | 12 | 571 | 621 | |
| Unrestricted | income funds | 12 | 330 | 403 | |
| 901 | 1,024 |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| f000 | f000 | ||||
| Cash flows from operating | activities | ||||
| Net cash used in operating | activities | (119) | 120 | ||
| Cash flows from investing | activities | ||||
| Dividends, interests and rents from investments |
19 | 18 | |||
| Purchase oftangible assets | (2) | (2) | |||
| Proceeds from sale ofinvestments | 137 | 177 | |||
| Purchase ofinvestments | (125) | (177) | |||
| Net cash used in investing | activities | 29 | 16 | ||
| Change in cash and cash equivalents | in the | year | (90) | 136 | |
| Cash and cash equivalents | at the beginning | ofthe year | 321 | 185 | |
| Cash and cash equivalents | atthe end ofthe year | 231 | 321 |
| 0 | «dtd | E | d | I | T | ti | U | nftd | Ed | FI | T | I I | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| d | F | d | F | F | d | F | d | F | d | |||||||
| 2021 | ZOll | 1022 | 2021 | 2022 | 2021 | |||||||||||
| f000 | f000 | EOOO | f000 | f000 | EOOD | |||||||||||
| Subscriptions | and | fees | 107 | 107 | 127 | 127 | ||||||||||
| Education | 570 | 570 | 481 | 481 | ||||||||||||
| 677 | 677 | 608 |
| Unmttnttod | Endo | mont | Total | U | tdtd | Ed | t | Ttl | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| F d |
F | d | F | I | d | F | d* | d | |||||
| IOZI | 2011 | 2022 | 2020 | 2020 | 2020 | ||||||||
| f000 | f000 | EOOO | EOOO | f000 | f000 | ||||||||
| Income | from | managed | portfolio | 6 | 13 | 19 | 6 | 1S | 21 |
| NOTES TO THE ACCOUNTS (con | NOTES TO THE ACCOUNTS (con | NOTES TO THE ACCOUNTS (con | NOTES TO THE ACCOUNTS (con | NOTES TO THE ACCOUNTS (con | tinued | ) | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 4. Cost ofRaising Funds |
||||||||||||||||||||||
| 0 | restricted | E de | ment | Tuel | 0 nlud |
Ed | t | 1st | ||||||||||||||
| Fn Ide | Fn | d | F | d | F d |
F | d | F d |
||||||||||||||
| 1022 | 1021 | 2012 | 2021 | 2011 | aui | |||||||||||||||||
| f000 | 6000 | f000 | f000 | 6000 | EOOD | |||||||||||||||||
| Investment | management | fees | 2 | 4 | ||||||||||||||||||
| 5. Cost of |
Charitable | Activities | ||||||||||||||||||||
| 0 ««itw | Ed | I | Tls | unrest | icted | Ende~e | I | T | I | I | ||||||||||||
| F | d | F | d | F | d | Fll | dl | Fe 05 | Fend | |||||||||||||
| 20ZZ | 2021 | 1022 | ZEZZ | 2021 | ||||||||||||||||||
| EOOD | fOOD | 6000 | f000 | f000 | f000 | |||||||||||||||||
| Education: | ||||||||||||||||||||||
| Moderation | fees | 45 | 45 | 122 | 122 | |||||||||||||||||
| Development | and administration | 200 | 200 | 138 | 138 | |||||||||||||||||
| Bad debt | 15 | 15 | (8) | (8) | ||||||||||||||||||
| Total: | 260 | 260 | 252 | 252 | ||||||||||||||||||
| Governance: | ||||||||||||||||||||||
| Secretary general | cost | 160 | 160 | 99 | 99 | |||||||||||||||||
| Presidential | and | VIP activity | 11 | 32 | 32 | |||||||||||||||||
| Communications | and | website | 29 | 29 | 33 | 33 | ||||||||||||||||
| Audit & Professional | 69 | 69 | 52 | 52 | ||||||||||||||||||
| Finance and | business | support | 125 | 125 | 91 | 91 | ||||||||||||||||
| Secretarial support | 60 | 60 | 81 | 81 | ||||||||||||||||||
| Membership | administration | 5 | 5 | 5 | ||||||||||||||||||
| Total: | 459 | 459 | 393 | 393 | ||||||||||||||||||
| Awards | 10 | 10 | 20 | 27 | ||||||||||||||||||
| 10 | 10 | 20 | 27 | |||||||||||||||||||
| 729 | 729 | 665 | 7 | 672 |
| Investments | |||||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| Cost or valuation: | EOOO | EOOO | |||
| At 1October 2021 | 869 | 758 | |||
| Additions | 125 | 177 | |||
| Disposals | (137) | (177) | |||
| Management | Charges | (6) | (6) | ||
| Net investment | gains | (64) | 124 | ||
| Cash | (14) | (7) | |||
| At 30September | ZOZ2 | 773 | 869 | ||
| Historical cost at | 30September | 2022 | 659 | 646 |
| LF Lindsell Tr UK LF Lindsell Train UK Eq Dis |
7% |
|---|---|
| CT Inv Fds(Uk)lcvc CT UK Eqty Income L GBP Dis |
7% |
| Artemis Income Fd Artemis Income Fund E Dis |
7% |
| JPMorgan Fund icvc )PM Us Eq Inc C2 GBP Net Di |
6% |
| Spdr 58P500 Etf Tr 5&P500 Etf USD Dis | 5% |
| Charities Prop Fd Charities Property Dis |
5% |
| 2022 | 2021 | |||
|---|---|---|---|---|
| EOOO | EOOO | |||
| General | Fund | 330 | 404 | |
| Endowment | Fund | 571 | 620 | |
| Total at | 30September 2022 | 901 | 1024 |
| NOTE | S TO THE AC | COUNTS | (continued) | ||
|---|---|---|---|---|---|
| 8. | Intangible | asset | |||
| 2022 | 2D21 | ||||
| EOOD | f000 | ||||
| Software | 3 | 2 | |||
| Total at | 30September 2022 | 3 | 2 | ||
| Debtors | |||||
| 2022 | 2021 | ||||
| f000 | f000 | ||||
| Trade debtors | 164 | 82 | |||
| Accrued | income | 4 | |||
| Prepayments | 23 | ||||
| 191 | 8! | ||||
| 1D. | Creditors: Amounts | falling due within one year | |||
| 2022 | 2021 | ||||
| f000 | EOOD | ||||
| Trade Creditors | 29 | 25 | |||
| Accruals | 222 | 182 | |||
| Bank loan | 3 | ||||
| 254 | 21: | ||||
| 11. | Non-current | liabilities | |||
| 2022 | 2021 | ||||
| 6000 | f000 | ||||
| Bank loan | 43 | 41 | |||
| 4I |
| Funds | Balance b/f | Income | Expenditure | Gains &Losses | Balance c/f |
|---|---|---|---|---|---|
| f000 | f000 | f000 | 6000 | f000 | |
| Unrestricted | 404 | 683 | (731) | (26) | 330 |
| Endowment | 620 | 13 | (4) | (58) | 571 |
| Total | 1,024 | 696 | (735) | (84) | 901 |
| Unrestricted | Restricted | Total | ||||||
|---|---|---|---|---|---|---|---|---|
| Funds | Funds | Funds | ||||||
| General | Endowment | |||||||
| EOOD | EOOD | 6000 | ||||||
| Investments | 256 | 620 | 876 | |||||
| Net (liabilities)/assets | (449 | (90 | ||||||
| Net assets at 30September 2022 | 215 | 522 | 7gl | |||||
| 4. Reconciliation ofnet movement |
in funds to net cash flow | from operating | activities | |||||
| 2022 | 2021 | |||||||
| EOOD | EOOD | |||||||
| Net income for the | year (as | per Statement | of Financial | Activities) | (122) | 92 | ||
| iuv | kv | |||||||
| Depreciation | ||||||||
| Losses (gains) on investments | 84 | (112) | ||||||
| Dividends, | interests | and rents from investments | (19) | (18) | ||||
| (increase)/decrease | in debtors | (101) | (35) | |||||
| Increase/(decrease) | in creditors | 39 | 192 | |||||
| Net cash | provided | by/(used | in) operating | activities | 119 | 119 |
| 2022 | 2021 | |||
|---|---|---|---|---|
| EOOD | EOOO | |||
| CILT (UK) —Business support | 60 | 60 | ||
| CILT(UK) —Workspace | expenses | 5 | ||
| CILT Hong Kong (membership | administration) | 5 | ||
| 70 |