Annual Report and
Financial Statements
for the year ended
31 March 2023
Project Possible Annual Report and Financial Statements for the year ended 31 March 2023
|**Contents**|Page|
|---|---|
|What we do|3|
|Chair and CEO’s Welcome|4-5|
|Impact in 2022/23|6|
|Vision, Mission and Values|7|
|Compliance and Public Benefit|7|
|Strategic Priorities|8|
|Activities and Achievements|8-12|
|The Road to Sustainability|12|
|Brighter Futures Phase Out|13-15|
|Fundraising|16-17|
|Future Plans for 2023/24|18|
|Financial Review and Sustainability|19-21|
|Structure, Governance and Management|22-24|
|Trustees’ responsibilities in relation to the financial statements|25|
|Statement as to disclosure to our auditors, Auditors Re-appointment|25-26|
|Approval|26|
|Reference and Administrative Details|27|
|Independent Auditor’s Report|28-31|
|Statement of Financial Activities|32|
|Balance Sheet|33|
|Statement of Cash Flows|34|
|Accounting Policies|35-37|
|Notes to the financial statements|38-45|
| 2
Project Possible Annual Report and Financial Statements for the year ended 31 March 2023
## **What we do**
Around the world, millions of individuals face complex layers of disadvantage which deprive them of opportunities to realise their potential. As a result, many struggle to recognise their worth or value.
We are dedicated to seeing overlooked and vulnerable communities thrive. This means we work to see an environment where communities are not held back by disadvantage, where they know their worth and are living sustainable livelihoods.
We achieve this by partnering with local Christian organisations to open doors of hope and possibility so they can overcome significant barriers in their lives and unlock their God-given potential. Our multifaceted approach includes:
- **Access to Education:** We advocate for and provide primary, secondary, and further education opportunities, ensuring that children and young people have access to quality learning regardless of their background.
- **Skills Training, Economic Empowerment and Enterprise:** We empower individuals with skills and resources to break free from the constraints of poverty, fostering entrepreneurship and self-sufficiency.
- **Rehabilitation, Therapeutic Support and Spiritual Care:** We offer compassionate care and rehabilitation services to individuals affected by exploitation or addiction, helping them heal and reintegrate into society.
Opening doors of hope and possibility for overlooked communities around the world so they can unlock their God-given potential and build sustainable livelihoods.
Our work is rooted in the belief that big change comes from small beginnings. As lives are transformed, they become the spark for others in their community.
- **Community Strengthening:** We equip communities to effectively address the needs amongst them and drive their own development, building their self-reliance and resilience.
- **Building Partnership Resilience:** Recognising that Project Possible will gradually reduce its funding towards service delivery, we work with our partners to mobilise and build a local resource base. We closely monitor the progress through a simple yet meaningful accountability framework and invest in different kinds of initiatives, including organisational strengthening and local income generation activities.
| 3
Project Possible Annual Report and Financial Statements for the year ended 31 March 2023
## **Welcome From Philip Derbyshire** Chair of Trustees
“This has been the first full year as Project Possible, and at the heart of our work has been embedding our new ‘Proposition’, name change and rebranding.”
It is my pleasure to offer a warm welcome to our 2022-23 annual report.
This has been the first full year as Project Possible, and at the heart of our work has been embedding our new ‘Proposition’, name change and rebranding.
In this report, you will read how we have continued to reshape our project portfolio to reflect our determination to promote sustainability and avoid dependency. Plans for entering into new, time-limited partnerships were advanced in the year. A section of this report explains our decision to gradually transition our ‘Brighter Futures’ projects to family-based care.
Like many other charities, the worsening economic climate in the UK has affected our regular income and continues to do so. However, we are again extremely grateful to all our supporters: individuals, Trusts and Foundations, and churches for their ongoing support. We also give special thanks to those who included us in their wills or donated money in remembrance of someone who has passed away.
We seek to be guided by God in all that we do and the Trustees continue to meet quarterly for prayer in addition to our business meetings.
On behalf of the Board, I thank everyone who has contributed to the work of Project Possible and hope you enjoy reading this report.
We look forward with confidence as we endeavour to show Christ’s love in all that we do.
Philip Derbyshire
| 4
Project Possible Annual Report and Financial Statements for the year ended 31 March 2023
## **Welcome from Dave Pepper**
## CEO
“The
commitment, generosity and prayerfulness of our supporters is what continues to make this work possible.”
When I wrote the introduction to last year’s annual report we were still getting used to our new identity as Project Possible and developing our new way of working with our partners. We knew then that in this year we would continue reflecting, learning, and adapting to ensure our work would be of maximum benefit to those we support.
During this period, our Projects Team has refined Project Possible’s approach to partnership. Following the learning from the lasting impact workshops in 2021-22, the team is implementing a new model of working with our partners that includes planning and delivery through to completion and evaluation. There is a strong focus on sustainable plans and developing strong financial management.
It has been wonderful to see partners beginning to walk with us as we adopt a new approach. The journey for them has not always been easy because it has meant taking on a higher level of responsibility for the sustainability of their work. We have worked hard with them to address issues of dependency and to support them as they secure long term viability.
We have been encouraged as partners such as Asha Kiran Society in India, which you will read about in the report, have embraced our approach and are seeing not just a shift in their own organisational mindset but also a shift in the minds of those they work with. There is a newfound confidence that they can work towards delivering lasting impact with resources that are generated locally.
You will also read about the work in Bolivia, cultivating resilience in women who have left sexual exploitation. In the past year, we have seen success in building opportunities for them so they can provide for themselves and their families.
The story of Glad’s House in Kenya which the report highlights, illustrates how the work has led to marked improvements for minors caught up in the juvenile justice system. Now, having completed our five-year partnership, we can celebrate with Glad’s House the wonderful outcomes of the work.
The commitment, generosity and prayerfulness of our supporters is what continues to make this work possible. We are so grateful that together we can express the love of Christ and bring lasting transformation in the lives of people in overlooked places.
Dave Pepper
| 5
IMPACT IN 2022-23
BOUVIA
PAKISTAN
DRC
93
54/ 100/
women are being trained
by graduates of our
tailoring course.
of children
attending
our mother
tongue
PTimary
schools
were girls.
of girls
stayed
enrolled at
school for
the whole
year.
35 17
children
and young
people
advanced
froma
position of
vulneTability
to resilience.
children and
young people
are thriving.
progressing
froma
'resilient'
status to
'leaders'.
NEPAL
KENYA
young women aTe attending
university. studying Social
Work and Humanities. 2 have
part-time jobs and the other
an internship alongside
their studies.
INDIA
IO0/
of young people
incarcerated for being
homeless were reunited
with their family or
joined a foster home.
All staff in correctional
facilities were trained to
conduct home visits.
villages have started to
collectively generate
income to support the
multi-lingual school in
their community.
of these villages have
exceeded their target
of income raised.
Project Posslble
Project Possible Annual Report and Financial Statements for the year ended 31 March 2023
## **Vision, Mission and Values**
## Our Vision
To see lives lived in fullness and hope with lasting transformation in small and disadvantaged communities.
## Our Mission
We partner with Christian communities around the world to open up opportunities where doors have been closed due to social disadvantage. We join forces to make their projects possible, working to spark a lasting impact, which restores their sense of value and vocation.
## Our Values
- We are committed to prayer
- We are committed to transparency, integrity and accountability
- We are committed to respect and dignity
- We are committed to the whole person
- We are committed to the poor
- We are committed to relationships with compassion and generosity
- We are committed to sustainable partnership
## **Compliance and Public Benefit**
The board of trustees of Project Possible presents its report with the consolidated financial statements for the year ended 31 March 2023, which are also prepared to meet the requirements for a Directors’ report and accounts for Companies Act purposes.
The financial statements have been prepared in accordance with the accounting policies set out later in this report and comply with the Charities Act 2011, the Companies Act 2006, Project Possible’s Memorandum and Articles of Association and Accounting and Reporting by Charities: Statement of Recommended Practice 2015, applicable to charities preparing their accounts in accordance with the Financial Reporting Standard in the UK and Republic of Ireland (FRS 102) effective January 2019.
We have referred to the Charity Commission’s guidance on reporting on public benefit as we prepared this Annual Report. Project Possible and its partners work with forgotten communities of vulnerable and marginalised people around the world, and our public benefit is delivered through our focus on these needs, regardless of race, religion, ethnicity, ability, age, gender, sexuality or nationality. The Trustees ensure that the activities undertaken contribute to the aims and objectives of the charity and are therefore confident that Project Possible meets the public benefit requirements.
| 7
Project Possible Annual Report and Financial Statements for the year ended 31 March 2023
## **Our Strategic Priorities**
## **1. Investing in the innovators and the journey**
We understand that creating change in marginalised communities is a gradual process. Our commitment is to deliver local initiatives that are aimed at making a long-lasting impact on individuals and encouraging a multiplier of change. We have seen that when these individuals undergo a transformation, it creates a ripple effect that spreads throughout the entire community, leading to a cumulative process of positive change.
## **2. Focusing on outcomes to achieve transformed lives and communities**
Over the past few years, Project Possible has been working with partners to transition from reporting on activities to focusing on outcomes, where desired outcomes are clearly identified in the workplan at the start of each project year. This transforms the impact of our work, which we measure through practical assessments or indicators. A simple reporting framework is used to help us assess progress and provide transparent accountability for our supporters.
## **3. Building sustainable partnerships**
Our work with partners is seeking to shift from a mindset of dependence on grants to one of empowerment and growing equity in the partnership relationship. We work with partners to develop a road to sustainability which focuses on building, over time, six key areas: work opportunities for participants, participant leadership development, organisational succession planning, local church engagement, local income streams, and good governance and management.
## **Activities and Achievements**
## **Lasting Impact in Bolivia: Investing in the Innovators**
For women in the city of El Alto, Bolivia, who have left sexual exploitation, earning an income is pivotal to protecting them from further mistreatment. Together with our partner, Project Suma, we are breaking cycles of exploitation and helping women become financially independent.
A significant part of our work is providing financial literacy training and healing from finance-related trauma. Through this, the women develop their own business plans and present their ideas at an exhibition. The women with well thought out plans are offered a microloan to start their business. We also offer further opportunities for investment when the initial loan is repaid.
We have supported 22 women through this economic empowerment programme to date. Twelve have started food businesses selling street foods, snacks, or groceries. Others are making clothes, or are selling stationery, music or phone accessories.
| 8
Project Possible Annual Report and Financial Statements for the year ended 31 March 2023
The entrepreneurial journey is full of ups and downs and these women face the same challenges while also navigating difficult home situations. 17 women are managing to faithfully repay their loans, and Project Suma have been working closely with those who need to take a break from repayments.
Lucy is one of the women we have supported to start her pastry business.
She says, “I make delicious pastries and thought I could use my skill to start a small business. I received a small loan in May 2022 to buy ingredients and equipment. My pastries were an instant hit, and I made the most of holiday celebrations in Bolivia to boost my sales.”
Lucy joined the programme at Project Suma to escape sexual exploitation. Earning an income for herself and her family ensures she remains free from this danger.
“Along the way, I met a significant setback when the cart that I used to transport my
Lucy showcasing some of her pastries.
products was stolen at a parade. This was a really discouraging time for me, but the Project Suma team continued to meet with me. Thanks to their support, my outlook began to change. I told them, sometimes things happen but I’m going to recover.”
Lucy kept moving forward and formally registered her business which opened doors to more custom including the provision of catering for the participants on a three-month course held at Project Suma. In March 2023, Lucy completed her loan repayments and is setting new goals to grow her business further.
## **Outcome focused: Evidence of social change in Kenya**
Children and young people living on the streets of Mombasa, Kenya, were considered too challenging to work with. Instead of receiving services to help them leave the streets, they were criminalised and imprisoned. Whilst in prison, the children were often left without access to support systems or legal representation and were vulnerable to further abuse. Once released, they returned to life on the streets and became trapped in a cycle of street and prison life.
From 2018 to 2022, we partnered with Glad’s House supporting children and young people in the criminal justice system. Their objectives were to ensure street children in prison were safe, and their legal rights and dignity were respected. Furthermore, children would leave the prison with key life skills and, where possible, they would be reunited with their families, reducing the risk of them being caught in a cycle of incarceration.
| 9
Project Possible Annual Report and Financial Statements for the year ended 31 March 2023
At the end of this project, we evaluated the outcomes of the programme and Glad’s House realised a wide range of achievements over the 5 years. Two key areas where we saw a marked improvement were a) a reduction of overcrowding in the correctional institutions and b) children and young people having individual treatment plans to facilitate a smooth transition home.
## Reduction of Overcrowding in the Correctional Institutions
Between 2017-2019, Glad’s House worked in several institutions where overcrowding and children overstaying were the norm. This soon changed as our partner’s interventions ensured children accessed legal representation and Number of children in correctional were released on time. This was institutions escalated during the Covid 800 pandemic when the need to reduce 700 congestion in prisons led to much 600 quicker processing of cases and 500 children and young people 400 300 returning home at a much faster 200 rate. Our partner’s presence 100 ensured that those cases were 0 2017 - 2018 2018 - 2019 2019 - 2020 2020 - 2021 2021 - 2022 handled justly and the children’s Programme Year transitions home were smooth.
## Individual Treatment Plans
Kenyan government policy recommends developing individual treatment plans for each child and young person in the judicial system, but this was not being implemented. With our support, Glad’s House trained staff and helped to develop individual plans for the children in rehabilitation centres. The chart opposite shows how this grew from 17% of children and young people to 100% by 2020.
**----- Start of picture text -----**
Percentage of children leaving prison
with a plan for their life
100
90
80
70
60
50
40
30
20
10
0
2 0 1 7 - 2 0 1 8 - 2 0 1 9 - 2 0 2 0 - 2 0 2 1 -
2 0 1 8 2 0 1 9 2 0 2 0 2 0 2 1 2 0 2 2
Project year
Percentage
**----- End of picture text -----**
Firstly, the team would build up the child’s case file and then create the individual treatment plan. This was a collaborative process and would occur during regular case management meetings involving all the key staff as well as the child or young person.
Together, these interventions led to more timely processing and better preparation of the children and young people for life beyond rehabilitation. Increasingly, each child and young person was treated as a person and not as a statistic.
| 10
Project Possible Annual Report and Financial Statements for the year ended 31 March 2023
## **Sustainability – Village Education Committees (VECs) and community organising**
Our work with all of our partners has expanded to developing sustainability to ensure their work lasts into the future. In India, we have been encouraging groups of village residents to begin growing local income to support their local village school.
This has involved working with our partners, Asha Kiran Society, to train and empower members of Village Education Committees in community organising.
_“It is our responsibility to help communities to take charge of their children’s education. To ensure that the programme lasts for the long term. Otherwise, we will not be doing them justice.”_ **Asha Kiran Society - Programme Manager**
In 2022, 8 of the 15 VECs were trained in community organising and started working together to raise funds and mobilise resources for the Multi Lingual Education (MLE) programmes in their villages. They are doing this through a process called community organising where they work together as a group to set their priorities and goals, then plan and run activities that generate an income.
For the first time, 7 out of these 8 VECs have a group bank account for saving their funds, and all 8 VECs have been able to raise funds to contribute towards the running of the MLE programme. They have also started developing plans for how they will raise more funds and increase their contribution over time.
The VEC in Sikrel started working together in 2022 to raise funds with great enthusiasm. They worked hard as a team to earn an income from some manual labour work. This unfortunately fell through, however, it did not stop them.
Despite their discouragement, the VEC continued to meet to design a sustainable plan to support their MLE school. At this point they realised that close to the Sikrel MLE school, there was a large amount of community-owned land that had been lying dormant for many years.
The silver oak trees that had been planted there years before were now big enough to provide excellent shade for a pepper and coffee plantation. By working together, the VEC has discovered an asset, and has begun to set out how to use the plantation area effectively for the good of the whole community.
Sikrel village planting peppers
To get started, the Sikrel VEC fenced off a sizable portion and prepared it for planting. The plan is for small groups to take turns in tending the plantation area. The pepper and coffee plants will not only
| 11
Project Possible Annual Report and Financial Statements for the year ended 31 March 2023
generate funds for the children’s welfare but also contribute to the overall economic growth of the community.
Overall, this initiative is an excellent example of a community taking the lead in supporting education in their village. By taking ownership of the schools and utilizing the available resources, the community of Sikrel can create a brighter future for themselves and their children.
## **The Road to Sustainability**
In 2021-22, we held ‘Lasting Impact’ workshops with seven of our partners. During this financial year, we invested in continued reflection and dialogue with these partners to develop multi year plans and budgets with an increasing contribution from local income. As a result, a number of our partners now have 3-5 year plans and are setting up local income generation activities. The purpose of these initiatives is to build the resilience of projects and those we support to enable our work to last long into the future – beyond external funding from Project Possible.
Through this reflection period, we completed projects with a few of our partners who then chose to pursue other means of support, (primarily through other sources of external funding) or who decided to end the activity. The majority of our partners started to take concrete steps toward building greater autonomy and self-reliance, recognising the need to reduce dependency on external funding as the sole driver of their activities.
Additionally, we explored new partnerships and projects that align with our sustainable approach. This included running a workshop called ‘Changing the way we take action’ with potential new partners in Chad and Cameroon.
| 12
Project Possible Annual Report and Financial Statements for the year ended 31 March 2023
**Brighter Futures Phase Out: Our Shift Towards Familybased Care**
For over 30 years, Project Possible has supported children’s homes, providing orphans and disadvantaged children with access to good schools and quality Christian care. However, with new insight and a deeper understanding of the implications of children living in institutional care, we are making the shift towards family-based projects.
When our partnerships with children’s homes began, there were very few options for families from remote areas in India, Bangladesh and Nepal to send their children to school. Moreover, high mortality rates meant many children lost one or both parents making them particularly vulnerable and disadvantaged.
Since then, much has changed with regards to understanding the impact of institutional care as well as advancements in infrastructure which has brought better services to remote areas.
This new insight has come from decades of research in child psychology which has documented developmental delays in children who are separated from their families. In 2009, UNICEF studied available data and found as many as 2 million children living in institutional care worldwide[1] , this number rose to 2.7 million in a later UNICEF study in 2017[2] . Catholic Relief Services pulled together a significant amount of the research into children in institutional care in 2017[3] and they found that 80% of children living in children’s homes worldwide have at least one living parent.
The studies also found that often parents made the painful decision to send their child to a children’s home due to poverty and a desire to see their children have more opportunities. At Project Possible, we conducted our own audit of the Brighter Futures children’s homes in 2018 and found that most of the children do have families. The main reason for their being in the children’s homes is to access better quality education.
| 13
Project Possible
Annual Report and Financial Statements for the year ended 31 March 2023
Children in Palakonda heading to school.
But what if children’s needs could be met without having to leave their family?
Many organisations have been working to develop family-based and alternative care options for orphans and vulnerable children. This includes things like kinship care, fostering and adoption. It also includes community and family strengthening programmes that address the root causes behind sending children into care. These programmes could be improving the quality of education provision in remote rural areas, providing counselling and psychosocial support to keep families together or economic empowerment that enables parents and grandparents to provide for their children.
Community strengthening in India, working with our partner, Asha Kiran Society.
| 14
Project Possible Annual Report and Financial Statements for the year ended 31 March 2023
In light of this, we have made the decision to gradually phase out all our partnerships with children’s homes, in favour of supporting projects that are family-based.
Over the next seven years, we will be slowly reducing our funding to the homes in correlation with the current children finishing their education at age 18.
Ensuring the best possible outcomes for the people we support is at the heart of our work as an organisation, and has been since the beginning. For children especially, we care deeply about their wellbeing and development as it impacts all aspects of their life and lays the foundation for their future.
1.Pinheiro, P. S. (2006). World report on violence against children. Geneva: United Nations Secretary-General’s Study On Violence Against Children. https://www.unicef.org/violencestudy/
2. Petrowski, N., Cappa, C. & Gross, P. (2017). Estimating the number
of children in formal alternative care: Challenges and Results. Child Abuse and Neglect, 40, 388-398.
https://doi.org/10.1016/j. chiabu.2016.11.026 (See also: https://www.unicef.org/media/ media_96099.html)
3. CRS. (2017). Finding Families: The state of residential care for children and implications for human development. A research review. Catholic Relief Services.
| 15
Project Possible
Annual Report and Financial Statements for the year ended 31 March 2023
## **Fundraising**
2022-23 was a year of transition for the fundraising team with a number of significant external and internal changes and challenges shaping our focus. This presented opportunities to respond positively with creative solutions and led to a broader review of the whole of our fundraising activity.
The fundraising focus at the start of the year had been to continue embedding our new brand, including familiarising our supporters with our renewed communication style and regularly sharing our mission. A key strategy at the time was to continue promoting the new Spark Projects, in particular to potential new supporters, and to work to retain our loyal and valued supporter base. Another priority focus was to invest resource into increasing income from Trusts and Foundations.
However, the war in Ukraine and the cost-of-living crisis had a detrimental impact on income as many individual supporters reviewed their giving and financial priorities, or faced changes in their personal circumstances. Furthermore, the departure of two key members of fundraising staff significantly impacted our capacity to continue all of our regular fundraising activities and to launch new initiatives.
We responded to these challenges with a shift in fundraising focus and priority, and work began at the end of the reporting period to re-evaluate what existing internal resource could be utilised further. Simultaneously, research began into what freelance assistance could be purchased to help fill the resource gaps, with a view to developing a revised fundraising framework and recruitment strategy.
At the time of writing in September 2023, we are now looking forward to fine-tuning and implementing a streamlined communications and fundraising plan, and we celebrate the clear successes that were achieved in the reporting period, despite the challenges. These primarily comprise the following:
- _**Income from Trusts and Founda�ons**_ proved frui�ul, and we are extremely encouraged to see that Trusts and Founda�ons are
| 16
Project Possible Annual Report and Financial Statements for the year ended 31 March 2023
aligning with our work in such a powerful way. We especially wish to acknowledge the incredible generosity of:
The Aall Founda�on, The Maurice and Hilda Laing Charitable Trust, Dorema Charitable Trust, Interna�onal Network for Development Ltd, and Salamander Charitable Trust.
- _**Exis�ng individual supporters**_ – We remain blessed with a faithful and commi�ed supporter base of generous individuals who con�nue to hold our mission close to their hearts. Despite it being a challenging year financially for many people in the UK, the majority of our regular givers have been able to uphold their commitment to support overlooked communi�es through our work.
- _**Legacies and Gi�s in Wills**_ – It is truly humbling to acknowledge the incredible commitment to our work shown by individuals who have chosen for Project Possible to benefit from a legacy or a gi� le� in their Will. The year 2022-23 was no excep�on, with remarkable legacy gi�s received from six individuals. Furthermore, there were also many gi�s given in memory, honouring those who were previously loyal supporters of our work and who have since passed away.
- _**Alterna�ve Christmas Gi�s**_ – In the run up to Christmas 2022, our Project Possible Gi�s campaign became our primary focus. The gi�s were again promoted as ‘small but impac�ul’ with a focus on being ‘tangible, nurturing and authen�c’. Despite the challenging financial and poli�cal environment at the �me, our supporters s�ll gave generously to the campaign which raised just over £8,000.
- _**Evalua�on and Review of Fundraising Strategy** –_ We used the experience and learning gained from the first 18 months since the rebrand and the launch of Project Possible in June 2021, to review and re-evaluate the effec�veness of the original strategy and to begin to address some of the areas that were not func�oning as well as originally projected. Significant learning was gained from those 18 months and much work has been carried out internally to improve and streamline communica�ons with a clearer focus on target audiences.
grateful to all those individuals, Trusts and other organisa�ons who have con�nued to show us their support, be that financially, through prayer, or simply sharing our work with others.
| 17
Project Possible Annual Report and Financial Statements for the year ended 31 March 2023
## **Future Plans for 2023-24**
One of the consequences of the pandemic and its aftermath has been an impact on strategic planning. Established plans which needed to be adapted during COVID have had to be reviewed and changed.
Whilst significant uncertainties remain, we are planning ahead with confidence based on the lessons we have been learning and the changes that we have made over the last 3 years.
## **Planning for New Partners**
As some long-term partnerships have reached a conclusion, we are excited by the opportunity that this presents to establish new partnerships that have sustainability as a core value.
We began working with a new partner in 2022 following a workshop that our projects team ran in Chad. In our 2023-24 plan, we will be seeking to identify potential partners in Malawi. Lessons from both of these pilots will feed into our wider strategic planning and build our understanding of successfully identifying new organisations that align with our new approach.
## **Planning with our Partners**
A key part of our active engagement with partners has been developing their organisational frameworks, which has helped them clarify their processes and improve their management decisions. The value of this has been acknowledged and highly appreciated.
Our next steps will be to develop 3-5 year plans with all of our partners as a foundation for working together. It strengthens the relationship, allows us to add value to the projects and helps our partners to remain outcome focussed.
## **Planning for Fundraising Growth**
In light of the challenges faced in fundraising, we are reviewing and adapting our approach to growing our income. Having completed a strategic review of our fundraising with external support we are working on a strategic and operational plan to increase our income. This will involve a staffing addition to our depleted fundraising team and we will have a focus on developing our targets across all of our fundraising activities.
| 18
Project Possible Annual Report and Financial Statements for the year ended 31 March 2023
## **Financial Review and Sustainability**
## _**Income and Expenditure**_
Project Possible’s total income for the year, excluding legacies, was £438,893, which is lower than the previous year’s income of £455,753. Donations from individuals, churches and trusts also decreased, to £343,853 (£375,594 2021/22).
2022/23 was a time of significant political uncertainty, with the war in Ukraine and the cost-of-living crisis all taking effect on our income streams. We are, as always, so grateful to our committed supporters who continued their support both financially and in prayer.
Our net total balance between income and expenditure was a deficit of (£204,073). This was lower than the 2021/22 deficit of (£391,686) which included the cost of rebranding and associated consultancy fees.
The investment portfolio suffered similar losses to global markets and the peer group in the period. Whilst disappointing, we are long term investors and hope that performance will normalise in the years to come.
Total grant payments made in the year was £456,611, with payments to Brighter Futures children’s homes provided for in a previous year and the reduction in the Brighter Futures children’s homes provision, the net amount for Grant funding was £333,107. The provision for the Brighter Futures children’s homes was fully reviewed and reduced to £266,554.
The allocation of grant funding and support costs made this year were: Africa 58.4% (2022: 66.7%), the Americas 22.2% (2022: 9.6%), Asia 19.4% (2022: 23.7%) and Europe & Middle East 0.0% (2022: 0.0%).
At the year end, total funds amounted to £2,719,193 (2022: £3,160,277) reflecting the policy of the Board to maintain grant making at levels which incur an operating loss, to continue the transformative work being done by partners and the full provision for our commitments made with respect to the Brighter Futures children’s homes.
## _**Balance Sheet and Reserves Policy**_
Each year the Trustees set aside sufficient reserves, to ensure a balance between spending to meet the immediate needs of our programmes and protecting our future work; by allowing time to adjust to any unexpected operational challenges in our overseas work or to a large or unexpected reduction in the amount of income we receive.
The target level of reserves is between six and nine months of grant expenditure for projects funded from unrestricted giving, which equates to approximately £400,000. The charity has been able to maintain the planned level of reserves throughout the year. The basis for determining the target level of reserves is kept under review by the Trustees.
Our intention to support our Brighter Futures children’s homes has been reviewed and the provision reduced this year to £266,554 (£390,060 in 2021/22). This reduction is due to a full review of reports
| 19
Project Possible Annual Report and Financial Statements for the year ended 31 March 2023
from all the homes, current needs and in some cases a reduction in the number of children needing support. More information on our Brighter Futures children’s homes and the transition to familybased care can be found on pages 13-15.
The Development Fund was used in 2022/23 to reduce the impact of the reduction in income. It has enabled us to maintain staff levels, carry out all planned overseas trips to our partners, continue to issue our quarterly magazine and benefit from our new digital asset management system.
Project Possible is placing a significant emphasis on sustainability, seeking to reverse dependency created historically with partners and mitigate against this in the future. The road to sustainability is the journey that we are now taking with partners to enable their work with individuals and communities to move away from a mindset of dependency on external support and to see transformation last long into the future. A ‘sustainability and climate change fund’ has been designated to support this work. This will be used to make grants towards initiatives that assist our partners and participants to build their capacity to be financially more resilient with reduced dependency on external funding. This may involve building the human resource capacity and asset base that will enable them to establish and run income-generating activities (and other fundraising activities) to provide reliable future income streams for their work, allowing us to progressively reduce their grants.
In recognition that as an organisation we wish where possible to respond to climate change, this “sustainability and climate change” fund will be made available to support our partners and project participants, who have a long-term plan for building the sustainability of their work, and who can benefit from a capital investment to support them, for example, to reduce their fossil fuel consumption by investing in solar power, or solar based income generating activities.
The need to replace our outdated CRM system has been recognised, and research has begun on the way forward with expenditure due to take place in the short to medium term. We have a designated New Technology Fund of £50,000 for anticipated future costs.
A positive outcome from the work of building sustainability of the projects is that we are investing time and funds to develop and build a pipeline of new projects with current partners and new partners according to our new approach. A project development fund has been designated to allow us to invest in workshops and development activities, and then to provide grants for starting around two new projects per year over the next 5 years.
It is now felt that any significant financial impacts of Covid-19 are unlikely to occur and that the Covid19 Impact fund is no longer required.
Free (or Operating) reserves, which is money available to the Trustees to run the charity on a day to day basis, at the year-end stood at £662,333. The Board has put in place a financial strategy to disburse the legacy funds within the next 10 years.
| 20
Project Possible Annual Report and Financial Statements for the year ended 31 March 2023
## _**Investment policy**_
The Trustees have a general power to invest and disinvest the charity’s funds in furtherance of the charity’s objects. The charity’s investment policy is reviewed annually by the Finance and Fundraising Committee with the objective being to maintain high liquidity while ensuring maximum security, meeting the ethical standards set by the Board and achieving a balance of capital growth and income. Funds available to meet grant payments are kept in short-term bank accounts so that payments can be made when required.
Rathbones act as our investment managers, managing the portfolio against the benchmark agreed by the trustees in November 2017 of the WMA Income, ARC Charity Index and the Consumer Price Index (plus an appropriate return) over a current time horizon of 10 years.
The charity’s ethical investment policy specifically excludes companies whose principal business is in armaments, gambling, pornography, tobacco and alcoholic drinks, child labour and their exploitation.
Our portfolio holds a mixture of equities, fixed interest (gilts and bonds) and diversified assets as well as cash. We view the return to date as satisfactory and will continue to monitor performance against the benchmark and against the overall objective of generating an income return of up to £100,000 per annum.
| 21
Project Possible Annual Report and Financial Statements for the year ended 31 March 2023
## **Structure, Governance and Management**
## _**Organisation**_
The Trustees who served during the year ended 31 March 2023, who are also directors for the purpose of Company law, are listed in the Reference section and are responsible for the governance of the Charity. None has any beneficial interest in the Company, all are members and each one guarantees to contribute £1 in the event of a winding up. They met on four regular occasions to formally discuss and progress the activities of the Charity and additionally met together regularly for prayer. The Board has established two subcommittees dealing with (a) International affairs and (b) Finance and Fundraising, which met between the formal meetings of the Trustees.
The Chief Executive is appointed by the Trustees to manage the day-to-day operations with delegated authority within terms approved by the Trustees. Trustees are appointed at General Meetings of the Charity following recommendations by existing Trustees. A third of directors are required to retire by rotation at each Annual General Meeting.
New Trustees are provided with details of the Charity’s Memorandum and Articles of Association, Trustee reports and financial statements and a full background on the Charity’s activities. They are also encouraged to access the Charity Commission website for details of Trustee responsibilities, governance guidelines and legalities. An induction process has been devised to ensure new Board members become fully familiar with the workings of the Charity following their appointment and includes the opportunity to meet with the Chief Executive and other staff.
## _**Grant making policy**_
Project Possible does not implement projects directly, it provides support, capacity building and grants to small and locally managed partners that are recognised, and government registered nongovernmental organisations (NGOs). Our partners must meet minimum standards in terms of financial controls, reporting capacity, safeguarding and governance.
Grants are made by distributing donations received, usually on a quarterly basis, to partners who have submitted a proposal for funding and agreed the basis of a Partnership Agreement between them and the Charity. Project Possible partners are required to submit reports and budgets regularly to the Charity in order for ongoing grants to be made.
The Chief Executive, with the Programmes and Partnerships Manager, will decide the number and level of grants to be provided to the charity’s partners, based on the approved annual strategy and budget. The International Committee will review and approve the annual programme and any additional or urgent grant proposals identified by staff or the committee as requiring a higher level of governance scrutiny.
## _**Safeguarding**_
Part of our mission is to restore a sense of value and vocation to vulnerable people, and our Christian values commit us to treating everyone with dignity, care and respect. In order to keep all the people
| 22
Project Possible Annual Report and Financial Statements for the year ended 31 March 2023
we reach through our work safe – partners, individual beneficiaries, staff and volunteers, we have invested a significant effort in developing a set of safeguarding policies and implementing them via a strict set of systems to ensure that these are followed. A suite of tools and training materials have also been developed and we continue to revise and improve these as annual reviews are undertaken with our partners. The Board of Trustees receives a report on an annual basis and considers emerging best practice and guidance to ensure that good safeguarding practice is being embedded in our own and our partner’s organisations.
We actively encourage our staff, partners and members of communities in which we work to report safeguarding concerns and incidents should they occur, as well as to report any allegations of historic incidents they may become aware of.
## _**Risk management**_
The Trustees have a risk management strategy which comprises:
- A regular (quarterly) Board review of the risks faced by the Charity; and
- established procedures to mitigate the risks identified.
The senior management team are responsible for ensuring that day-to-day risks are managed through agreed systems and procedures.
Other risks identified include:
- 1) Movement of funds overseas - this is mitigated by using Convera (formerly Western Union), who are a leading worldwide provider and also by paying money direct to the Project Possible Partners who submit budgets and quarterly expenditure updates.
- 2) Use of funds overseas - this is mitigated by visits to the projects, Zoom/WhatsApp calls to gain updates and quarterly reports and expense budget analysis. Clear objectives are set on every project and budgets submitted prior to the commencement of the project for scrutiny.
- 3) IT system operation - information and files are stored on a secure cloud-based system and we have an IT support company who maintain the systems.
- 4) Data protection - our donor database is secured and is never shared with any other organisations and has a limited access, only used by key personnel.
- 5) Staff turnover and unfilled vacancies, particularly the challenge of recruiting fundraising staff – mitigated by actively seeking to recruit excellent staff.
The trustees are satisfied that appropriate steps are being taken to manage these risks, and that sufficient procedures are in place to enable management and trustees to assess the effectiveness of risk management.
| 23
Project Possible Annual Report and Financial Statements for the year ended 31 March 2023
## _**Fundraising**_
Project Possible does not use professional fundraisers or commercial participators. The Charity nevertheless observes the relevant fundraising regulations and codes. During the year there was no non-compliance of these regulations and codes and Project Possible received no complaints relating to its fundraising practice.
## _**Remuneration Policy and Performance Management**_
Project Possible seeks to pay all of its staff a fair and appropriate salary, while making sure it exercises good stewardship and has the ability to do so. Staff pay levels including that of the Chief Executive, are reviewed on an annual basis by the Board, which then endorses the overall annual pay settlement for all staff during the annual Budgeting Planning and Approval process.
We actively invest in the learning and self-development of our staff and ensure that Staff Performance Reviews identify these needs. Budget provision is made for this purpose.
## _**Equity, Diversity and Inclusion (ED&I)**_
In our efforts towards achieving good governance for Project Possible, the Board established an ED&I Working Group of staff and Trustees, which ran for one year and was tasked with deepening an understanding of our historical and cultural context with regards to racism in international development and helping to ensure that inclusion remains at the forefront of all we do and how we work.
We now want to go on to embed that learning, working with staff and trustees to recognise our Western way of thinking and the lens through which we view racial dynamics so as to begin to grow our culture of inclusion. We want to also build an approach that guides the organisation in its use of language and visual media that demonstrates respect and equity with partners and the communities we serve. During the reporting period, we held the second staff and trustee ED & I workshop on organisational culture with a third workshop, on racism, scheduled for September 2023.
| 24
Project Possible Annual Report and Financial Statements for the year ended 31 March 2023
## **Trustees’ responsibilities in relation to the financial statements**
The Trustees (who are the directors of Project Possible for the purposes of company law) are responsible for preparing the Annual Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial period which give a true and fair view of the affairs of the charitable company and of its 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 Statement of Recommended Practice;
- make judgments and estimates that are reasonable and prudent;
- state whether UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The Trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and which 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.
## **Statement as to disclosure to our auditors**
In so far as the trustees are aware:
- There is no relevant audit information of which the charitable company’s auditors are unaware
- The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information .
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
| 25
Project Possible
Annual Report and Financial Statements for the year ended 31 March 2023
other jurisdictions. Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The trustees are members of the charity, but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.
## **Auditor reappointment**
In accordance with section 485 of the Companies Act 2006, Summers Morgan was reappointed as the charitable company’s auditors during the year and has expressed its willingness to continue in that capacity.
## **Approval**
The Annual Report was approved by the trustees on 7[th] December 2023 and signed on their behalf by
Philip Derbyshire Chair
| 26
Project Possible Annual Report and Financial Statements for the year ended 31 March 2023
## **Reference and Administrative Details**
**Status** Project Possible is a company limited by guarantee and is registered with the Charities Commission for England and Wales. At first registration the organisation was named “Rope Charitable Trust”. This was changed to Project Possible in April 2021.
||**Reference and Administrative Details**|
|---|---|
|**Status**|Project Possible is a company limited by guarantee and is registered with the
Charities Commission for England and Wales. At first registration the
organisation was named “Rope Charitable Trust”. This was changed to
Project Possible in April 2021.|
|**Governing Document**|Project Possible is governed by its Memorandum and Articles of Association,
first incorporated 10thMarch 1998 then amended by special resolution 11th
December 2008 and amended again by special resolution 22ndApril 2021.
This second amendment was for the name change to Project Possible, and to
bring some clauses into line with current employment legislation.|
|**Company Number**|03524732|
|**Charity Number**|1069608|
|**Registered Office and**
**Operational Address**||
|**Trustees**
**Trustee Name**
Philip Derbyshire
(Chair from 28/01/2021 to present)
Antony Houghton
Rev. John Shepherd
Charles Thompson (Treasurer)
Kaye Lillycrop
Rev. John Bernard
Francesca Compostella
Jonathan Goldthorpe (Treasurer)
Illia Djadi
**From**
17/01/2014
09/01/2009
20/04/2012
17/03/2017
23/03/2018
29/04/2021
28/04/2022
05/05/2023
18/05/2023||
|**Chief Executive**
Andrew Jong until April 2022. Dave Pepper from May 2022.||
|**Bankers**|Lloyds Bank plc, 70-71 Cheapside, London EC2V 6EN, and
CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Malling ME19 4JQ
(until Nov 2022)|
|**Investment Managers**|Rathbone Investment Management, 8 Finsbury Circus, London
EC2M 7AZ|
|**Auditor**|Summers Morgan – Chartered Accountants
Sheraton House, Lower Road, Chorleywood WD3 5LH|
| 27
Project Possible Annual Report and Financial Statements for the year ended 31 March 2023
## **Independent Auditor’s Report – To the Trustees of Project Possible**
## **Opinion**
We have audited the financial statements of Project possible (the ‘Charity’) for the year ended 31 March 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the Charitable company’s affairs as at 31 March 2023
- and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
| 28
Project Possible Annual Report and Financial Statements for the year ended 31 March 2023
## **Other information**
The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 require us to report to you if, in our opinion:
- adequate accounting records have not been kept or returns adequate for our audit have not
- been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records; or
- certain disclosures of Trustee’s remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit or
- the Trustees were not entitled to prepare the financial statements in accordance with the small
- companies regime and take advantage of the small companies’ exemptions in preparing the Trustees’ report and from the requirement to prepare a strategic report.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Trustees’ report (incorporating the strategic report and directors’
- report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Trustees’ report (incorporating the strategic report and directors’ report) have been prepared in accordance with applicable legal requirements.
| 29
Project Possible Annual Report and Financial Statements for the year ended 31 March 2023
## **Responsibilities of Trustees**
As explained more fully in the statement of Trustees responsibilities, the Trustees, who are also the directors of the Charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-sresponsibilities-for-the-audit-of-the-fi. This description forms part of our auditor's report.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the charitable company through discussions with trustees and other management, and from our knowledge and experience of the sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Companies Act 2006, the Charities Act 2011, taxation and employment legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting any reading the minutes of the board of the trustees; and - identified laws and regulations were communicated within the audit team and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
| 30
Project Possible Annual Report and Financial Statements for the year ended 31 March 2023
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of the board of trustees; and
- -enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify noncompliance with laws and regulations to enquiry of the members and management and the inspection of regulatory and legal correspondence, if any.
## **Use of our report**
This report is made solely to the Charity’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity’s members as a body, for our audit work, for this report, or for the opinions we have formed.
**Nicholas Corden ACA (Senior Statutory Auditor) for and on behalf of Summers Morgan ......................... Chartered Accountants Statutory Auditor**
First Floor, Sheraton House Lower Road Chorleywood Hertfordshire WD3 5LH
| 31
Project Possible Annual Report and Financial Statements for the year ended 31 March 2023
## **Statement of Financial Activities (including income and expenditure account)**
|**Income and endowments from**
Donations and legacies
**2**
Donations
Legacies
**Total Income and Endowments**
**Expenditure on:**
**3**
Fundraising and donor support
Investment management fees
**Charitable activities**
Africa
Americas
Asia
Governance costs
**3**
**3**
**Net gains/(losses) on**
**investments**
**Net income/(expenditure)**
**Transfers between funds**
**Net movement in funds**
**Fund balances carried forward**
**Total charitable expenditure**
**Total Expenditure**
**Net income/(expenditure) before**
**investment gains/(losses)**
Fund balances brought forward
**Raising funds**
**Notes**
Investments|**Unrestricted**
**funds**
**2023**
**£**
**178,240**
**38,440**
**95,040**|**Restricted funds**
**2023**
**£**
**165,613**
**41,295**
**-**|**Total**
**2023**
**£**
**343,853**
**79,735**
**95,040**
**518,628**
**86,259**
**21,860**
**108,119**
**355,052**
**134,862**
**117,966**
**6,702**
**614,582**
**722,701**
**(204,073)**
**(237,011)**
**(441,084)**
**-**
**(441,084)**
**3,160,277**
**2,719,193**|**Unrestricted**
**funds**
**2022**
**£**
**228,526**
**13,601**
**80,159**|**Restricted funds**
**Total**
**2022**
**2022**
**£**
**£**
**147,068**
**375,594**
**-**
**13,601**
**-**
**80,159**
**147,068**
**469,354**
**-**
**199,522**
**-**
**24,706**
**-**
**224,228**
**77,012**
**420,518**
**16,372**
**60,429**
**54,497**
**149,163**
**-**
**6,702**
**147,881**
**636,812**
**147,881**
**861,040**
**(813)**
**(391,686)**
**-**
**156,960**
**(813)**
**(234,726)**
**-**
**-**
**(813)**
**(234,726)**
**16,266**
**3,395,003**
**15,453**
**3,160,277**|
|---|---|---|---|---|---|
||**311,720**|**206,908**||**322,286**||
||**86,259**
**21,860**|**-**
**-**||**199,522**
**24,706**||
||**108,119**|**-**||**224,228**||
||**250,610**
**109,403**
**50,132**
**6,702**|**104,442**
**25,459**
**67,834**
**-**||**343,506**
**44,057**
**94,666**
**6,702**||
||**416,847**|**197,735**||**488,931**||
|||||||
||**524,966**|**197,735**||**713,159**||
||**(213,246)**
**(237,011)**|**9,173**
**-**||**(390,873)**
**156,960**||
||**(450,257)**
**-**|**9,173**
**-**||**(233,913)**
**-**||
||**(450,257)**
**3,144,824**|**9,173**
**15,453**||**(233,913)**
**3,378,737**||
||**2,694,567**|**24,626**||**3,144,824**||
None of the charitable activities were acquired or discontinued in the year and there were no recognised gains or losses other than shown above.
| 32
Project Possible Annual Report and Financial Statements for the year ended 31 March 2023
## **Balance Sheet**
|**Fixed assets**
Tangible assets
**6**
Investments
**7**
**Current assets**
Debtors
**8**
Cash at bank and in hand
**9**
**Net current assets**
**9**
**Net Assets**
**Charity funds**
Restricted funds
**10**
Unrestricted funds:
Designated funds
**11**
General fund
**12**
**Total funds**
**Notes**
**Creditors: amounts falling due**
**within one year**
**Total assets less current liabilities**
**Creditors: amounts falling**
**due after one year**|**£**
**£**
£
£
**-**
-
**2,840,558**
3,305,374
**2,840,558**
3,305,374
**9,425**
152,570
**158,547**
110,739
**167,972**
263,309
**(73,580)**
(98,839)
**94,392**
164,470
**2,934,950**
3,469,844
**(215,757)**
(309,567)
**2,719,193**
3,160,277
**24,626**
15,453
**2,032,234**
2,426,703
**662,333**
718,121
**2,719,193**
3,160,277
**2023**
2022|
|---|---|
||**£**
**9,425**
**158,547**|
||**167,972**
**(73,580)**|
|||
The financial statements were approved by the Board on 7th December 2023
..............................
**Philip Derbyshire Chairman of Trustees** Company number: 3524732
| 33
Project Possible
Annual Report and Financial Statements for the year ended 31 March 2023
## **Statement of Cash Flows**
|**Cash flows from operating activities**
Net cash used in by operating activities
**Cash flows from investing activities**
Interest from investments
Proceeds on disposal of investments
Net cash provided by/(used in) investing activities
**Changes in cash and cash equivalents during the year**
Cash and cash equivalents brought forward
**Cash and cash equivalents carried forward**
**Reconciliation of net movements in funds to net cash flow from operating activities**
Net movement in funds for the year (as per Statement of financial activities)
**Adjustment for:**
Depreciation charges
Interest from investments
Dividends and interest retained in investment portfolio
Management fees charged to investment portfolio
(Increase)/decrease in debtors
Increase/(decrease) in creditors
**Net cash used in operating activities**|**2023**
**£**
**(253,177)**
**58**
**300,927**
**300,985**
**47,808**
**110,739**
**158,547**
**(204,073)**
**-**
**(58)**
**(94,982)**
**21,860**
**143,145**
**(119,069)**
**(253,177)**|2022
£
(483,073)
13
349,976|
|---|---|---|
|||349,989|
|||(133,084)
243,823|
|||110,739|
|||(391,686)
134
(13)
(80,146)
24,706
52,014
(88,082)|
|||(483,073)|
| 34
Project Possible Annual Report and Financial Statements for the year ended 31 March 2023
## **Notes to the financial statements**
**1. Accounting Policies**
Project Possible is a private company limited by guarantee no. 3524732 incorporated in England and Wales. The registered office is 24 London Road West, Amersham, Buckinghamshire HP7 0EZ. The company is registered with the Charity commission no. 1069608. The company was formerly named Rope Charitable Trust until it changed its name on the 16[th] June 2021.
- **1.1. Basis of preparation**
These accounts have been prepared in accordance with Accounting and Reporting for Charities: Statement of Recommended Practice, applicable to charities preparing their accounts in accordance with the Financial Reporting Standards for the UK and Republic of Ireland (FRS102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and the Companies Act 2006.
The accounts have been prepared in sterling, which is the functional currency of the Charity. Monetary amounts in the financial statements are rounded to the nearest £1.
The Charity meets the definition of a public benefit under FRS102. Assets and liabilities are initially recognised at historic cost or transaction value unless otherwise stated in the relevant accounting policy.
- **1.2. Going concern**
At the time of approving the accounts, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the accounts.
- **1.3. Incoming resources**
Voluntary income is received by way of gifts and donations and is included in full in the Statement of Financial Activities when receivable and legal entitlement has been established and can be reliably measured. The value of services provided by volunteers has not been included in the financial statements because that value cannot be reasonably quantified in financial terms.
Restricted funds are subject to specific conditions by donors on how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of the donation.
Legacies from a person’s death estate are recognised when we have been notified and probate has been granted before the year end, the estate has been finalised and the executors are able and ready to make the distribution.
## **1.4. Expenditure**
Support costs are allocated to individual charitable activities on a pro rata basis. Staff and related costs incurred in liaising with Project Possible partners abroad, reviewing claims for grants and
| 35
Project Possible Annual Report and Financial Statements for the year ended 31 March 2023
assessing the effectiveness of grant making is allocated directly to individual charitable activities as set out in note 3 to the financial statements.
Grants payable are recognised when paid, unless there is an earlier unconditional obligation to make payments. Where the charity has made a firm commitment to provide grant funding to a beneficiary over a number of years without significant conditions attaching to the grant and the commitment has been communicated directly to the grant recipient, the charity recognises a constructive obligation. The full amount of the commitment is recognized as a grant in the SoFA and a provision made in the balance sheet for amounts unpaid at the year end, apportioned between amounts due within one year and after more than one year.
All expenditure is inclusive of irrecoverable VAT.
- **1.5. Pensions**
The Charity provides contributions to the personal pension funds of all staff. The pension costs charged in the financial statements represent the contributions payable by the Charity during the period.
- **1.6. Tangible fixed assets and depreciation**
- Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Fittings - life of the lease, up to six years
Equipment - Straight line over three years
## **1.7. Investments**
Listed investments are stated at market value and other fixed asset investments are stated at maturity value which is their best estimate of their market value. Realised and unrealised gains and losses are reflected through the Statement of Financial Activities.
Investments which mature within twelve months are included within current assets.
- **1.8. Fund accounting**
- The funds held by the Charity are:
- Unrestricted general funds - these are funds which can be used in accordance with the objects of the Charity at the discretion of the Trustees;
- Unrestricted designated funds – these are funds set aside by the Trustees out of unrestricted general funds for the purposes noted in the financial statements; and
- Restricted funds - these are funds which can only be used for particular purposes within the objects of the Charity, usually to support particular projects or needs. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Gift Aid related to restricted donations is treated as restricted income.
- **1.9. Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other shortterm liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
| 36
## Project Possible
Annual Report and Financial Statements for the year ended 31 March 2023
## **1.10. Financial instruments**
The company 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 amortised cost. As noted in 1.7 above investment realised and unrealised gains and losses are reflected through the Statement of Financial Activities.
## **1.11. Taxation**
The Charity is not subject to Corporation Tax. It is entitled to claim from HM Revenue & Customs the tax associated with income received under Gift Aid.
## **1.11. Foreign currency transactions**
Foreign currency transactions are translated to sterling at rates ruling at the date of the transaction.
## **1.12. Operating lease rentals**
The costs of operating leases are charged to expenditure as they are due and payable.
## **1.13. Critical Accounting estimates and judgements**
In the application of the charities accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount 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 these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
| 37
## Project Possible
Annual Report and Financial Statements for the year ended 31 March 2023
|**2 Donations and legacies**
**Donations**
Other gifts and donations
Legacies
**Donations**
Other gifts and donations
Legacies
**3 Resources expended**
Fundraising and donor support
Investment management fees
**Total**
**Costs of generating funds**|**Staff costs**
**2023**
**£**
58,890
-|**Unrestricted**
**Funds**
**2023**
**£**
178,240
38,440|**Restricted**
**Funds**
**2023**
**£**
165,613
41,295|**Total**
Total
**2023**
2022
**£**
£
343,853
375,594
79,735
13,601
423,588
389,195
**2022**
**£**
375,594
13,601
389,195
**Total**
Total
**2023**
2022
**£**
£
**86,259**
199,522
**21,860**
24,706
**108,119**
224,228|
|---|---|---|---|---|
|||216,680|206,908||
|||**2022**
**£**
228,526
13,601|**2022**
**£**
147,068
-||
|||242,127|147,068||
|||**Other costs**
**2023**
**£**
27,369
21,860|**Grant funding**
**2023**
**£**
-
-||
||**58,890**|**49,229**|**- **||
Fundraising activities included various events completed by supporters and advocates of the Charity.
## **Charitable activities**
1 Grant 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 to grants by area to total grants payable.
|**Africa**
Grant funding 1
Grant making 2
Support costs 3
Total
**America**
Grant funding 1
Grant making 2
Support costs 3
Total
**Asia**
Grant funding 1
Grant making 2
Support costs 3
Total
**Total**
Grant funding 1
Grant making 2
Support costs 3||||||
|---|---|---|---|---|---|
||-
66,570
48,564|-
16,629
28,728|194,561
-
-|**194,561**
**83,199**
**77,292**|259,301
76,305
84,912|
||115,134|45,357|194,561|**355,052**|420,518|
||-
25,286
18,446|-
6,316
10,912|73,902
-
-|**73,902**
**31,602**
**29,358**|37,262
10,965
12,202|
||43,732|17,228|73,902|**134,862**|60,429|
||-
22,118
16,135|-
5,525
9,545|64,643
-
-|**64,643**
**27,643**
**25,680**|91,978
27,066
30,119|
||38,253|15,070|64,643|**117,966**|149,163|
||-
113,974
83,145|-
28,470
49,186|333,106
-
-|**333,106**
**142,444**
**132,331**|388,541
114,336
127,233|
|||||**607,880**||
||**197,118**|**77,656**|**333,106**||630,110|
| 38
## Project Possible
Annual Report and Financial Statements for the year ended 31 March 2023
|**3 Resources expended (continued)**
**Governance costs - audit fees**
**Total resources expended**
Fundraising and donor support
Investment management fees
**Total**
**Charitable activities**
**Africa**
Grant funding 1
Grant making 2
Support costs 3
Total
**America**
Grant funding 1
Grant making 2
Support costs 3
Total
**Asia**
Grant funding 1
Grant making 2
Support costs 3
Total
**Total**
Grant funding 1
Grant making 2
Support costs 3
**Governance costs - audit fees**
**Total resources expended**
**Costs of generating funds**|**Staff costs**
**2023**
**£**
**-**|**Other costs**
**2023**
**£**
**6,702**|**Grant funding**
**2023**
**£**
**-**|**Total**
Total
**2023**
2022
**£**
£
**6,702**
6,702
**722,701**
861,040
**2022**
**£**
**199,522**
**24,706**
**224,228**
**259,301**
**76,305**
**84,912**
**420,518**
**37,262**
**10,965**
**12,202**
**60,429**
**91,978**
**27,066**
**30,119**
**149,163**
**388,541**
**114,337**
**127,233**
**630,110**
**6,702**
**861,040**|
|---|---|---|---|---|
||**256,008**|**133,586**|**333,106**||
||**2022**
**£**
77,326
-|**2022**
**£**
122,196
24,706|**2022**
**£**
-
-||
||**77,326**|**146,902**|**- **||
||||||
||-
57,517
55,567|-
18,788
29,345|259,301
-
-|**259,301**
**76,305**
**84,912**|
||113,084|48,133|259,301||
||-
8,265
7,985|-
2,700
4,217|37,262
-
-|**37,262**
**10,965**
**12,202**|
||16,250|6,917|37,262||
||-
20,402
19,710|-
6,664
10,409|91,978
-
-|**91,978**
**27,066**
**30,119**|
||40,112|17,073|91,978||
||-
86,185
83,262|-
28,152
43,970|388,541
-
-|**388,541**
**114,337**
**127,233**|
||||||
||**169,446**|**72,123**|**388,541**||
||**-**|**6,702**|**-**||
||**246,772**|**225,727**|**388,541**||
| 39
## Project Possible
Annual Report and Financial Statements for the year ended 31 March 2023
## **3 Resources expended (continued)**
|**Grants payable**
**Area**
Grants to Institutions:
Youth Action Uganda
Africa
Changemakers South Africa
Africa
Nightingale Eye & Ortho Clinic
Africa
FEEEJ
Africa
Word made Flesh
America
Jehovah Jira Ministries
Asia
Asha Kiran Society
Asia
Shining Light Community Development Organisation
Asia
Uttara
Asia
Alikadam
Asia
Ebeneezer
Asia
Grace Home
Asia
Dolpa Home
Asia
Other institutions
Grants to individuals
(2 grants, 2022: 1 grant)
Grants to Institutions:
Youth Action Uganda
Africa
Changemakers South Africa
Africa
Nightingale Eye & Ortho Clinic
Africa
FEEEJ
Africa
Word made Flesh
America
Jehovah Jira Ministries
Asia
Asha Kiran Society
Asia
Shining Light Community Development Organisation
Asia
Uttara
Asia
Alikadam
Asia
Ebeneezer
Asia
Grace Home
Asia
Dolpa Home
Asia
Other institutions
Grants to individuals (1 grant)|**Unrestricted**
**Funds**
**2023**
**£**
20,805
6,952
25,901
8,596
37,663
(10,455)
52,877
-
(2,532)
10,520
(888)
(8,219)
(28,487)
19,369|**Restricted**
**Funds**
**2023**
**£**
7,325
48,305
7,395
(1,965)
25,391
10,185
10,457
25,644
1,307
1,270
3,127
4,764
7,578
46,702|**Total**
Total
**2023**
2022
**£**
£
**28,130**
42,347
**55,257**
48,998
**33,296**
44,121
**6,631**
14,007
**63,054**
27,638
**(270)**
1,560
**63,334**
52,688
**25,644**
25,248
**(1,225)**
(47,528)
**11,791**
(45,395)
**2,238**
(13,843)
**(3,455)**
44,831
**(20,909)**
64,947
**66,070**
128,370
**329,587**
387,988
**3,519**
552
**333,107**
388,540
**2022**
**£**
42,347
48,998
44,121
14,007
27,638
1,560
52,688
25,248
(47,528)
(45,395)
(13,843)
44,831
64,947
128,370
387,988
552
388,540|
|---|---|---|---|
||132,102
3,269|197,485
250||
||135,372|197,735||
||**2022**
**£**
39,160
40,172
35,678
8,327
18,697
(8,950)
40,764
16,780
(48,728)
(45,682)
(17,338)
40,584
53,415
67,527|**2022**
**£**
3,187
8,826
8,443
5,680
8,940
10,509
11,924
8,468
1,200
287
3,495
4,247
11,533
60,842||
||240,407
252|147,581
300||
||240,659|147,881||
| 40
Project Possible
Annual Report and Financial Statements for the year ended 31 March 2023
Other ¢o#s In¢lude$
2024
2022
Office rent and rate5
OfficE Supplies
Cottputers, rr and consultancy
Partners support costs
PR and matketing
stsff training. ttsvel and otherexpenses
Audit fee
Investment portfrAio management Costs
Depreciation olfittings and equlpment
18,628
10.239
27.303
22,345
23,400
1,7(YJ
8,702
21,860
18,628
11.858
21.331
22,266
113,955
1.494
6,702
24,706
134
la2,185
221.073
4 RernuneratloD of key manaKemEnt personnel
The reMur*BrI of key mana8er(*nt personnel is as follows..
2023
2022
Aggregate rerrvJnptation
$4,990
41.757
Duriw thè ar ro 31 March 2023 onÈ12022 - onÈl rrjÉr$ of thè kÈy managemènr pèrsonnèl and thrÈÉ12022. Ihreel rYusree$ gave In toral
donation5 of £3,93812022 £4,669), of those &Jnation5 £85812022 £1,669) were to projects Ire5tricted fundsl.
5 Employees
There were 11 emrAoyees15 part-t1} during the yearended 31 March 202312022.. 1014 part-t11.
There vRre no emkqDyee5 thOse annual eThv)luments were £60,(W or fflore12022'. 01.
Employmeni Costs
2023
2022
Wages and salaries
>)¢ial sÈ¢u¢ity cos
Employer C[triJt1ON to defined contrlxrtion pension Scheme
231.678
16,376
7,954
220,157
15.795
10.822
246,774
| 41
Project Possible
Annual Report and Financial Statements for the year ended 31 March 2023
6 Tanglble fftx4d assets
Flttlngs &
Equlprn•At
C¢+St
At l April 2022
At 31 March 2023
17
Depreclatlon
At l April 2022
Charge foryear
17,432
At 31 Mareh 2023
17
Net book value:
At 31 Mareh 2023
At 31 March 2022
7 InveMmentS
quoted
Investments
Total
Llsted on o ret4inisedSto¢k exchah
At market valu*
At l April 2022
Addltions at cost
Disposals ar turrénr valuÈ
Realised gain/l10551 on di5P05al
Unrealised in£reaselldecreasel in mat*et value
3,305.374
329,391
1557,1891
9,156
1246,1741
JJ05374
329.391
1557.1891
9.156
1246.1741
At 31 March 2023
2,840,558
2,84058
Inveslment5 ill the year •nd conslsted of..
Listed securities
Cash awaifing invÈstN*nt
2,775,009
65,548
2,840,558
At cost
At l April 2022
Additions
Disposals
2.905.637
329.391
1524.5181
At 31 March 2023
2.710.510
Dividends and interest of E95,04012022- E80,1591 was received from the listed securities in the year.
The portfolios a Ctsmprised of Ilsted se¢urftSes and ¢ash.
| 42
Project Possible
Annual Report and Financial Statements for the year ended 31 March 2023
8 Debtors
2023
2022
Income tax woverable
Other debtors
7.6ZO
1.803
8.091
144.478
42
9 tredltors
reditors= Amounis fallin8 due wlthin t)ne year..
20Za
2022
Taxe5 & Social security c05t5
Other credltors
Accruals and deferred income
Grants Approved not yet paid
4.252
1,183
12,913
1,291
15,988
2023
2022
Creditor& Amount5 fallin8 due after more than one year:
Grant5 approved not yet ld
215,757
215 757
309.567
309
10 Restrl¢ted funds
The income funds of Charity include ostricted funds which a CeIved for specific projects tsr beneficiaries.
These are usually paid out within six Tnonths of Rceipt and are for relief projects (K beneficiaries in the continent5
shown and the restrictions are that the funds should only be applied for the projects or beneficiaries f(x whom
the funds were given.
Balance at I
Aprll 2022
Dalance at 31
Mah 2023
Movement in funds
IncomlnB
Resources
Transfers.
resources
expended galns & losses
Africa
Arnerica
Asia
Europe & Micsdle East
9,130
113.137
26.020
67.751
1104,4411
125,4601
167,8341
17A26
562
6,321
6238
197 735
Balance at i
Aprll 2021
Balance at 31
March 2022
Movement In funds
Incomlng
Resources
rèsources
Èxpond@d
Transfers.
galns & loSS
Africa
America
Asia
Europe & Middle East
1,614
84.527
16,375
45,572
594
177,0111
116,3731
144,4331
110,0641
9,130
5,182
9,470
147 881
Further infomiation is available regarding specific projects on request from the Charity's registered office.
| 43
## Project Possible
Annual Report and Financial Statements for the year ended 31 March 2023
## **11 Designated funds**
|Development fund - Acorn gift
Climate change fund
New technology fund
Covid-19 impact fund
Sourcing New Project fund
Brighter Futures Fund
Sustainability fund
Climate change fund
New technology fund
Covid-19 impact fund
Development fund - Acorn gift
Sustainability and Climate Change fund|**Balance at 1**
**April 2022**
**£**
1,672,040
459,233
200,000
50,000
45,430|**Balance at 31**
**March 2023**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers,**
**gains & losses**
**£**
**£**
**£**
**£**
-
(301,560)
11,754
**1,382,234**
-
(92,909)
133,676
**500,000**
-
-
(200,000)
**-**
-
-
-
**50,000**
-
(45,430)
**-**
100,000
**100,000**
**- **
**(394,469)**
**- **
**2,032,234**
**Balance at 31**
**March 2022**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers,**
**gains & losses**
**£**
**£**
**£**
**£**
-
(400,002)
(33,581)
**1,672,040**
-
-
-
**-**
-
(40,767)
-
**459,233**
-
-
-
**200,000**
-
-
-
**50,000**
-
(4,570)
-
**45,430**
**- **
**(445,339)**
**(33,581)**
**2,426,703**
**Movement in funds**
**Movement in funds**|**Balance at 31**
**March 2023**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers,**
**gains & losses**
**£**
**£**
**£**
**£**
-
(301,560)
11,754
**1,382,234**
-
(92,909)
133,676
**500,000**
-
-
(200,000)
**-**
-
-
-
**50,000**
-
(45,430)
**-**
100,000
**100,000**
**- **
**(394,469)**
**- **
**2,032,234**
**Balance at 31**
**March 2022**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers,**
**gains & losses**
**£**
**£**
**£**
**£**
-
(400,002)
(33,581)
**1,672,040**
-
-
-
**-**
-
(40,767)
-
**459,233**
-
-
-
**200,000**
-
-
-
**50,000**
-
(4,570)
-
**45,430**
**- **
**(445,339)**
**(33,581)**
**2,426,703**
**Movement in funds**
**Movement in funds**|
|---|---|---|---|
||**2,426,703**|**- **|**(394,469)**|
||**Balance at 1**
**April 2021**
**£**
2,105,623
-
500,000
200,000
50,000
50,000|||
||**2,905,623**|**- **|**(445,339)**|
The Charity received a large gift from The Acorn Foundation during an earlier year which the Trustees have set aside for the development of the Charity and its activities over the forthcoming years including building the sustainability of the Charity's partners and the Charity itself.
A key area of Project Possible's future strategy is to build the sustainability of our partners and so a Sustainability and Climate change fund has been established of £500,000.
As there was significant overlap with the Sustainability and Climate change fund, these two funds have now been merged, any investment in climate change would be for the sustainability of the project.
A new technology fund of £50,000 is to replace our aging donor database and acquire a new CRM (Customer relationship management) software.
Finally, a new fund of £100,000 has been set up to allow us to invest time and funds to develop and build a pipeline of new projects.
| 44
Annual Report and Financial Statements for the year ended 31 March 2023
## Project Possible
## **12 General fund**
|Unrestricted funds
Unrestricted funds|**Balance at 1**
**April 2022**
**£**
718,121|**Balance at 31**
**March 2023**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers,**
**gains & losses**
**£**
**£**
**£**
**£**
311,720
(130,497)
(237,011)
**662,333**
**Balance at 31**
**March 2022**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers,**
**gains & losses**
**£**
**£**
**£**
**£**
322,286
(267,820)
190,541
**718,121**
**Movement in funds**
**Movement in funds**|
|---|---|---|
||**Balance at 1**
**April 2021**
**£**
473,114||
## **13 Analysis of net assets between funds**
|Fund balances at 31 March 2023 are represented by:
Tangible fixed assets
Investment assets
Current assets
Creditors - amounts falling due after one year
Creditors - amounts falling due within one year|**Unrestricted**
**£**
-
2,840,558
143,346
(73,580)
(215,757)|**Restricted**
**Total**
**£**
**£**
-
**-**
-
**2,840,558**
24,626
**167,972**
-
**(73,580)**
**(215,757)**
24,626
**2,719,193**|
|---|---|---|
||2,694,567||
Included within current assets is restricted cash of £24,646 which cannot be used for the general purposes of the charity; the Trustees have also designated funds of £2,032,234 which have been set aside from the general funds of the charity.
## **14 Financial commitments**
|Land and buildings:
Minimum lease payments on leases with expiry in two to five years:
The total future lease payments under non-cancellable operating leases are:|**2023**
2022
**£**
£
17,880
35,760|
|---|---|
The expense charged in the Statement of Financial Activities in the year amounted to £17,880 (2022 £17.880).
## **15 Trustees - remuneration and reimbursement of expenses**
During the year, the Trustees received no remuneration (2022 - same) nor did they receive any reimbursement of expenses (2022 - same).
## **16 Related party transactions**
There were no related party transactions during the year.
| 45