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← Project Possible

2022-03-31-accounts

Contents Page
Introduction
—Project Possible
Chair and CEO's Welcome
Impact in 2021/22
Vision, Mission and values
Compliance
and Public Benefit
Strategic Priorities
Activities
and Achievements		 8-11
The Added Impact ofFollow Lip 12
Fundraising 13-14
Future Plans for 2022/23 15
Financial
Review and Sustainability		 16-18
Structure
Governance
and Management		 19-21
Trustees'
responsibilities
in relation tothe financial statements		 22
Statement
asto disclosure to our auditors		 22
Auditors
Re-appointment		 23
Approval 23
Reference and Administrative details 24
Independent
Auditor's
Report		 25-28
Statement of Financial Activities 29
Balance Sheet 30
Statement of Cash Flows 31
Accounting
Policies		 32-34
Notes to the financial statements 35-42

HP7 OEZ
Trustees Trustee Name From To
Philip Derbyshire 17/01/2014 Present
(Chair from 28/01/2021 to present)
Antony
Houghton		 09/01/2009 Present
Rev. John Shepherd 20/04/2012 Present
Charles Thompson 17/03/2017 Present
(Treasurer from 17/03/2017 to present)
Kaye Lillycrop 23/03/2018 Present
Rev. John Bernard 29/04/2021 Present
Francesca Compostella 28/04/2022 Present
Chief Executive Andrew Jong until April 2022. Dave Pepper from May 2022.
Bankers Lloyds Bank pic, 70-71 Cheapside, London EC2V 6EN
and
CAF Bank Ltd, 2S Kings Hill Avenue, Kings Hill, West Mailing ME194JQ
Investment Managers Rathbone
investment		 Management, 8 Finsbury
Circus,		 London
EC2M 7AZ
Auditor Summers
Morgan —Chartered		 Accountants
Sheraton
House, Lower Road,		 Chorleywood WD3 SLH

Uhro slriclod Unro shl c tod
funds Reshlcted funds Total funds Resblcted funds Total
2022 M22 20M 2021 202I 2021
0 2 8 8 2 0
Income and endowments from
Donations
end legsues
Dunatluns 147,000 3T6,694 245,653 101,205 42S,700
Legacies 13,MI 13,MI 194,000 194,MS
Inwwiniwlts M,1sg 80,159 83,103 03,109
Furlough
Payments		 1,851 1,051
Total Income snd Endowmsnh! 322,200 147,080 52AMT 101,205 705,712
Brpendimrs
on:
Ralslhg firhds
Fundrelsing
end dcnor		 support 199,622 127,330
Inumlment
management		 fees 24,706 24,277
151,619
Charitable
scgvltles
Afiica 343,M6 77,012 420,510 220,915 105,777 326,692
Amencm 44,067 16,372 M,429 42,403 0,755 52,210
Asia 04,666 04,497 149,163 604,040 79,072 Tshsis
Eiilopo 0 Middle East 935 935
Govemsrce scam 0,702 0,000 S,800
Total chargable
expenditure		 3
Total Expenditure 147001 861 Mg
Net Incornel(expend nure) before
Investment
gainer(losses)		 (390,073) (013) (391,006) (582,9ST) (14,109) (597,160)
Net gainelgosses) on
liliiosbuorlte 156,960 579,970 679,070
Net Income/(expenditure) (233,913) (S13) (234,726) (2,0801 (I4,159) (17,107)
Transfers between funds
Net movement
in		 funds (2$3,513) (013) (234,726) (2,9M) (14,199) (17,1$7)
Fund balances al 1 Apnl 2021 16,266 3,395,003 3,301,725 30,406 3,412,180
Fund balances st 31 March 2022 'I5,453 3,160,277 3,37IL737 16,200 3,306,003
Nona ofIhe chwitabls scsubes were acquired or ciacontinued In ths year snd there wars no recognised gains orlosses other than shown shoe.

Annual
Report a
Balance		 nd Financial Statements
for the
Sheet		 year ended 31March 2022
2022 2021
Notes
Fixed assets
Tangible assets 134
Investments 3,305,374 3,442,950
3,M5,374 3,443,084
Current assets
Debtnrs 152,570 204,584
Cash at bank and in hand 243,823
263,309 448,407
Creditors: amounts faalng due
within one year 9 98 9
Net current assets
Total assets less current liabilities 3,469,844 3,818,389
Creditors: amounts falling l309,567) (423,386)
due after one year
Net Assets
Charity funds
Restricted funds 10 15,453 16,266
Unrestricted
funds:
Designated
funds		 2,426,703 2,905,623
General fund 12 718,121 473,114
Totalfunds 3,160,277 3,395,003

2022 2021
6
Cash flows from operating activities
Net cash used in by operating
activities		 (483,073) (292,895)
Cash flows from investing activities
Interest from investments 13
Sale ofshort term investments
Proceeds on disposal ofinvestments 349,976 261,931
Net cash provided
by/(used		 in) investing activities 349,989 261,950
Changes in cash and cash equivalents during the year (133,084) (30,945)
Cash and cash equivalents brought
forward		 274.768
Cash and cash equivalents carried forward 110,739 243,823
Reconciliation ofnet movements
in funds to net cash flow from operating		 activities
Net movement
in funds for		 the year (as per Statement offinancial activities) (391,686) (597,166)
AdJustment
for:
Depreciation
charges		 134 407
Interest from investments (13) (19)
Dividends
and interest retained
in investment
portfolio		 (80,146) (83,084)
Management
fees charged		 to investment portfolio 24,706 24,277
(Increase)/decrease
in debtors		 52,014 (104,980)
increase/(decrease)
in creditors		 (88,082) 467,670
Net cash used in operating activities

2 Donations and legacies and legacies Unrestricted Restricted Total Total
Funds Funds
2022 2022 2022 2021
Donations 6 6 6 6
Other gifts and donations 228,526 147,068 375,594 426,758
426,758
Donations 2021f 2021 2021
E
Other gifts and donations 245,553 181,205 426,758
426,758
3 Resources expended
Staff costs Other costs Grant funding Total Total
2022 2022 2022 2022 2021
6 f 6 6
Costs ofgenerating funds
Fundraising and donor support 77,326 122,196 199,522 127,338
Investment management fees 24,706 24,706 24,277
Total 224 228 151615
Charitable
activities		 Charitable
activities
Africa
Grant funding 1 259,301 259,301 269,622
Grant making 2 57,517 18,788 76,305 23,819
Support costs 3 55,567 29,345 84912 33251
Total 113,084 48,133 259,301 420,518 326,692
America
Grant funding 1 37,262 37,262 43,096
Grant making 2 8,265 2,700 10,965 3,807
Support costs 3 7,985 4,217 12,202 5,315
Total 16,250 6,917 37,262 607I29 52,218
Asia
Grant funding 1 91,978 91,978 631,210
Grant making 2 20,402 6,664 27,066 55,764
Support costs 3 19,710 10409 30119 77844
Total 40,112 17,073 91,978 149,163 764,818
Europe a Middle East
Grant funding 1 771
Grant making 2 69
Support costs 3 95
Tote I 935
Total
Grant funding 1 388,541 388,541 944,699
Grant making 2 86,185 28,152 114,337 83,459
Supportcosts 3 83,262 43,970 127,233 116,505
72,122

3 Resources expended Resources expended Resources expended (continued) (continued) (continued) (continued)
Staff costs Other costs Grant funding Total Total
2022 2022 2022 2022 2021
E E E E E
1Grant funding is direct grants made to Partners.
2 Grant making is direct liaison with Partners and
managing
the		 relationship in its entirety.
3 Support costs includes all other administration. The costs are
apportioned
across grants		 by reference togrants by area to total
grants
payable.
Governance costs - audit fees 6,702 6,702
Totalresourcesexpended
2021 2021 2021 2021
E E E E
Costs ofgenerating funds
Pundralsing
and donor support
Investment
management
fees
Total		 71,902
55,436
24,277
IseL~		 127,338
24,277
Charitable
activities
Africa
Grant funding 1 269,622 269,622
Grant making 2 22,269 1,550 23,819
Supportcosts 3 21966 11285 33251
Total 44,235 12,835 269,622 326,692
America
Grant funding 1 43,096 43,096
Grant making 2 3,559 248 3,807
Support costs 3 3511 1,804 5315
Tots I 7,070 2,052 43,096 52,218
Asia
Grant funding 1 631,210 631,210
Grant making 2 52,135 3,629 55,764
Supportcosts 3 51425 26,419 77844
Total 103,560 30,048 631,210 764,818
Europe 8Middle East
Grant funding 1 771 771
Grant making 2 64 5 69
Supportcosts 3 63 32 95
Total 127 37 771 935
Total
Grantfunding 1 944,699 944,699
Grant making 2 78,027 5,432 83/59
Support costs 3 76 965 39,540 116505
944,699 1,144,663
Governance
costs -		 audit fees 6,600
Totalresources expended vuLL ~larva

3 Resources expended (continued) (continued)
Grants payable Area Unrestricted Restricted Total Total
Funds Funds
2022f 2022 2022
6		 2021
E
Grants to Institutions:
Youth Action Uganda Africa 39,160 3,187 42,347 48,774
Changemakers
South		 Africa Afriica 40,172 8,826 48,998 25,177
Nightingale
Eye Ik Ortho Clinic		 Africa 35,678 8,443 44,121 64,892
FEEEJ Africa 8,327 5,680 24,007 23,333
Word made Flesh America 18,697 8,940 27,638 20,562
Jehovah Jira Ministries Asia (8,950) 10,509 1,560 151,795
Asha Ieran Society Asia 40,764 11,924 52,688 53,981
Shining
Light Community		 Development Organisation Asia 16,780 8,468 25,248 13,11.9
Project Macedonia Europe 771
Uttara Asia (48,728) 1,200 (47,528) 87,431
Alikadam Asia (45,682) 287 (45395) 46,817
Ebeneezer Asia (17,338) 3,495 (13,843) 32,083
Grace Home Asia 40,584 4,247 44,831 67,569
Dolpa Home Asia 53,415 11,533 64,947 132,617
Other institutions 67,527 60,842 128,370 173,243
240,4D7 147,581 387,988 942,164
Grants to individuals
(1grant, 2021:1 grant) 252 552 2,534
240,659 147881 388540 944,698
2021 2021 2021
6 6 6
Gmms to Instltutlonsr'
Youth Action Uganda Africa 37,513 11,261 48,774
Change
makers
South		 Africa Africa 14,217 10,960 25,177
Nightingale
Eye gr Ortho Clinic		 Africa 22,840 42,052 64,892
FEEEJ Africa 23,333 23,333
Word made Flesh America 14,408 6,154 20,562
Jehovah lira Ministries Asia 19,944 17,813 37,757
Asha Kiran SocietY Asia 23,609 30,372 53,981
Dolpa Home Asia 4,125 15,382 19,507
Shining
Light Community		 Development Organisation Asia 12,807 312 13,119
Project Macedonia Europe 771 771
Uttara - approved,
not yet paid		 Asia 87,431 87,431
Allkadam
-approved,		 not paid Asia 46,817 46,817
Ebeneezer-
approved,		 not paid Asia 32,083 32,083
Jehovah lira Ministries -approved, not paid Asia 114,038 114,038
Grace Home - approved, not paid Asia 67,569 67,569
Dolpa Home - approved, not paid Asia 113,110 113,110
Other institutions 114,679 58,564 173,243
749,294 192,870 942,164
Grants to individuals (1grant) 2,534 2,534

Other costs includes 2022 2021
E E
Office rent and rates 18,628 17,548
Office supplies 11,858 12,197
Computers,
IT and consultancy		 21,331 17,471
Partners
support costs		 22,266 70
PR and marketing 113,955 51,779
staff training,
travel and other expenses		 lr494 936
Audit fee 6,702 6,600
Investment
portfolio management		 costs 24,706 24,277
Depreciation offinings and equipment 134 407
221,073 131,285
4 Remuneration
ofkey management		 personnel
The remuneration
of key management		 personnel is as follows: 2022 2021
E E
Aggregate
remuneration		 41,757 41,751

There were no employ ees
whose annual
emol		 uments
were E60,000or more (2021:0).
Employment
costs		 2022 2021
E
Wages and salaries 220,157 204,456
social security costs 15,795 13,191
Employer contribution to defined contribution pension scheme 202I22 9,247

6 Tangible need asse ts
Fittings 8
Equipment
f
Cost
At 1April 2021 » 433
At 31March 2022
Depreciation
At 1April 2021 17,298
Charge foryear 134
At 31March 2022 ~33
lect book value:
At 31March 2022
At 31March 2021 134
7 Investments
Quoted Total
listed onarecognised Stock erichonpe Investmentsf
At market value
At 1April 2021 3,442,950 3,442,950
Additions at cost 447,995 447,995
Disposals at cunent value (740,487) (740jI87)
Realised gain/(loss) on disposal (1,022) (1,022)
Unrealised
increase/(decrease)		 in market value 155,938 155,938
At 31March 2022 3,305,374 3,305,374
Investments
at the		 year end consisted of:
Listed securities 3,158,289
Cash awaiting
investment		 147,085
3W5,374
At cost
At 1April 2021 3,124,343
Additions 447,995
Disposals (666,701)
At 31March 2022 2,905,637

Balance at 1 Balance at 31
April 2021 Movement in funds March 2022
Incoming Resources Transfers,
resources expended
E
f		 gains &losses
E
Development
fund - Acorn gift		 2,105,623 (400,002) (33,581) 1,672,040
Brighter Futures fund
sustainabilityfund 500,000 (40,767) 459,233
Climate change fund 200,000 200,000
New technology fund 50,000 50,000
Covid-19 impact fund 50,000 (4,570) 45,430
2,905,623 ~5531 ~5355 ~6'IDI
2,905,623 ~5 5 3 1 ~5 355 ~6'IDI
Balance at 1 Balance at 31
April 2020 Movement in funds March 2021
Incoming Resources Transfers,
resources expended f gains 3 losses
f
Development fund - Acorn gift 2,105,623 2,105,623
Brighter Futures Fund 800,000 (800,000)
Sustainabilityfund 500,000 500,000
Climate change fund 200,000 200,000
New technology fund 50,000 50,000
Covid-19 impact fund 50,000 50,000
2555623 D
The Chad5ty received a large gift from The Acorn Foundation during an earlier year which the Trustees have set aside forthe
development of the Cha dty and its activities over the forthcoming years including building the s usta inability
of		 the Charity's
partners
and		 the Charity itself.

Balance at 1 Balance at 1 Balance at 31
April 2021 Movement
In funds		 March 2022
Incoming Resources Transfers,
resources expended gains 83losses
E E E
Unrestricted funds 473 114 322286 ~267820 190541 718,121
Balance at 1 Balance at 31
April 2020 Movement
in funds		 March 2021
Incoming Resources Transfers,
resources expended gains 83lomes
E E E
Unrestdcted funds 524,507 (1,107,474) 579,979 473,114
13 Analysis of net assets between funds
Unrestricted Restricted Total
E E
Fund balances at 31 March 2022 are represented by:
Tangible fixed assets
Investment assets 3,305,374 3,305,374
Current assets 247,856 15,453 263,309
Creditors - amounts
Creditors - amounts		 falling due within one year
falling due after one year		 (98,839)
~30956		 (98,839)
~50956

The total future lease payments
under non-cancellable		 payments
under non-cancellable		 payments
under non-cancellable		 operating
leases are:		 operating
leases are:		 2022 2021
E E
Land and buildings:
Minimum lease payments on leases with expiry in two to five years: 53,640
The expense charged in the Statement of Financial Activities in the year amounted to E17,880 (2021616,800).