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2022-12-31-accounts

1he pnmary object of Ihe chorily as expressed
in Ihe Memorandum
of Asociation
is 'lu relieve people in need
in any port of the world,
especially
refugees
and
children,
who are suffenng
by reason
of background,
war or poverty"
with a secondary
oblect of 'The
advancemenl
of the Christian
faith"
The Board seeks to fulfil these objectives
through
establishing
prolects
in developing
countnes
deegned to show forth God's compassion
for people
in need.
The Board is responsible
for the overall governance
of the chanty.
Board Induction
and training
The Board members
are selected to ensure
there
is a broad range of relevant
skills amongst
the Board members.
The annual
training
cycle for the Board
is designed
to ensure
the members
are kept up to date
in charity
law, fundraising,
development
programming,
safeguarding,
human
resources and have expenence of Cord's international
programmes.
Organlsatlon
otthe charity
Cord's operations
are conducted
in accordance
with the Memorandum
and Articles of Association
and the policy and strategy
that
are approved
by the Board and implemented
through
the Leadership
Team. Individual
protects are managed
by Country/Regional
Representatives
who are responsible
to and report directly to the Leadership
Team. Clear lines of management
and responsibility
have
been agreed
by the Board for the achvities
of UK staff, under
the direction
of the Leadership
Team. led by the CEO.
The Board
regularly
reviews
the financial
status and progress
of the organisation's
work. The Board has a Finance Sub-Committee
which
reviews
and monitors knance and a Programme
Development
Focus Group which focuses on the future direction of Cord's programme.
Rbk Management
The Board actively
reviews the major
risks to which the chanty
is exposed to ensure that systems
are in place to mitigate
those
nsks.
Internal
nsks are minirased
by the implementation
of control
procedures
for aB financial
transactions.
Health
and safety. personnel
procedures
and office functions
are examined
on a regular
basis. External
nsks are minimised
by regular
monitoring
of the external
environment:
covering
income
generation
from
aR donors
and
contextual
conflict
analysis.
The
Board bekeves
these
octions,
combined
with the free reserves
policy stated above.
will
provide
sufficient
resources
and
procedures
in the event
of adverse
conditions.
The Board has also examned
other operational
and
business
risks such as those
arising
from safeguarding
and security
matters which
itlaces and confirms that il has established
systems to mitigate the sigrxficant
risks.
Pay pogcy lor senior slaff
The members
of the board are the trustees of the charity.
AB trustees
give their time freely and no trustee received remuneration
in the
year.
Details of trustee's
expenses
and
related
party
transactions
are disclosed
in note 6 to the accounts.
The Leadership
Team
compnses
the key management
personnel
of the chanty
in charge of directing and controlling.
running
and operating
the charily on a
day-to.day basis
The pay of aR staff is governed
by the Cord Global Grading
Structure
that was introduced
in 2022. This is guided
by the Pay Philosophy
and Pay Approach
documents
that outline
how Cord will set salariies and how these
will be reviewed
Cord sets pay according
to 5
key principles
as shown below:
1.
Foir Pay- We want
to ensure
that
our approach
to pay
is fair to al staff, recognising
that every staff member
adds value and
contributes
to our organisational
impact
2.
Equffable
Pay - Within Cord we want
there to be equitable
pay
This is demonstrated
by a consistency
in approach
to rewards
across the organisation
regardless
of locayion, nationality
and rote
3. Affordable
Pay - Cord
is a relatively
small chanty and people costs are a significant
investment
for the organisation
Having
the
desire to be a good steward of funds,
it is cruaal that Cord makes pay choices that are not only fair and equitable
but sustainable
for
the organisation.
4.
Value for money
tor supporters
3 donors - Cord
priides
itself on our approach
to our work being good value
for money.
We
acknowledge
the responsibility
we have to spend money from supporters
and institutional
donors wisely and ta ensure that we steward
those funds responsibly.
5. Recruitment 3 Retenffon of talent - For Cord to be a strong and sustainable
organisahon.
recruihng
and retaining
high quality talent
is cntical. Cord periodically
benchmarks
our salaries against comparative
organisakons
to ensure tracking
with the appropriiate
market
rates.

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Unrestricted Restricted Total Funds Toute Funds
Note 2i)21
5
INCOME
Donalions and legacies 2 269.588 120 269,708 277,992
Fundraising
trading income		 1.728 0 1,728 1,822
Investment
Income		 3 121 328 449 912
271,437 448 271,885 280.726
Incoming
resources		 from chantable activities
Grants
for operahng		 activities 4 86,218 1,115,383 1,201,601 1.245,756
Other incoming
resources		 5 30d 9,051 9,357 34,238
TOTAL INCOME 357,961 1.124,882 1,482.843 1,560,720
EXPENDITURE
Costs ol raising funds
Fundraising
and publicity costs		 98,969 98,969 95.625
Fundraising
trading		 cost of goods sold 1,146 1.146 0
Total cost of raising tends 6 100.115 0 100,115 95,625
ExpendRure
on charflable
actfvltlsa		 6 303,538 1,138,121 1,441,659 1,494,934
TOTAL EXPENDITURE 403,653 1.138,121 1.541.774 1,590,559
NET INCOMING/(OtRGOING) RESOURCES (45A92) (13,239) (58,931) (29,839)
OTHER RECOGNISED GAINS/(LOSSM)
Gain/(loss)
on exchange rate		 difference 24.151 0 24.151 )48,145)
Transfer between
funds		 21.964 (21,964) 0 0
NET MOVEMENT
IN		 FUNDS 423 (35.203) (34.780) )77,984)
Balances brought forward at I January 2022 746,916 223226 970,842 1,048,826
BALANCES CARRIED FORWARD AT 747,339 188.723 936.0d2 970,842
31 DECEMBER 2022

~s ~Rest
e		 (gtai Funds (otal Funds
Note Funds F~u 2021 ~202
5 5 6
INCOME
Dona irons
and legacies		 2 275,872 2,120 277.992 337,982
Fundraisrng
trading income		 1.822 0 1,822 1,497
Investment
income		 3 12 900 912 1.006
277,706 3,020 280,726 340,485
Incoming resources
from charitable		 ac trvr ties
Grants for operating
activities		 0 1.245,756 1,245,756 1.010.942
Other inconxng resowces 22,249 11,989 34.238 15,272
TOTAL INCOME 299,955 1,260,765 I,M0,720 1,3ljlj,lj99
EXPENDITURE
Costs offoisltrg lurrds
Fundraising
and pubxcrty costs		 95.625 95,625 101,486
Fundroising
trading
cost of		 goods sold 0 0 900
Total cost otralslng funds 95,625 0 95,625 102,386
ExpendRure
on charitable activges		 90,372 1.404,562 t,494,934 t,576.561
TOTALEXPENDUURE IBS,997 1.404,562 1.590,559 1.678.947
NET INCOMING
/ (OUTGOING)		 RESOURCES 113,958 (143.797) (29,839) (312,248)
OTHER RECOGNISED GAINS/(LOSSES)
Gain/(loss)
an exchange role difference		 /48, 145) 0 /48, 145/ t9.009
Transfer between
lands		 f I 13,535/ 113.535 0 0
NET MOVEMENT IN FUNDS (47,722) 130,262/ (77.984) /293.239)
Balances brought
forward af I January 2021		 794.638 254, t88 1.048,826 1.342.065
BALANCES CARRIED FORWARD AT 765,916 223,926 970,842 1,048,826
31 DECEMBER 2021
2022 2022 EQ21 2021
FIXED ASSETS
Tangible fixed assets 47,409 19.660
47,409 19,660
CURRENT
ASSETS
Debtors 406,886 357.373
Cash at bank and in hand 555.468 683,569
962,354 1,040.942
CREDITORS:
Amounts falling due within one year f73.701) j89,760)
NH CURRENT ASSETS 888.653 951.182
TOTAl NH ASSHS 936,062 970,842
FUNDS
Unrestricted
Funds		 12
GENERAL FUND 569.904 572.158
Designated
Funds:
Currency Risk Management Fund 54,118 40,000
Designated Fixed Assets Fund 32,449 5.000
Mini Pilot Projects 48,137 79,758
Development Fund 42,731 50,000
Programme Fulfilmenl Fund 0 0
747,339 746,916
Restrlcled Funds
Restdicted Income Fund 173.763 209,266
Restdicted Fixed Assets Fund 14,960 14.660
Total Restricted Funds 188.723 223.926
TOTALFUNDS 936.D62 970,842

20222 2021
Cash provided
by operating		 actMtles i111,080) 1203,272)
Cash utmlsed
by operating		 acBvltles
Purchase of tangible fixed assets (41,6211 (15,583)
Proceed of sale of tangible fixed assets 0 22,075
Interest received 449 912
141,172) 7.404
Change
in cash and		 cash equivalents in the year (152.252) (195.8681
Cash and cash equivalents at the beginning ot the year 683,569 927,582
Change
in cash and		 cash equivalents due to exchange rate movement 24,151 (48,145)
Total cash and cash equivalents
at the		 end ofthe year 555.468 683,569
ReconcRlaRon
of net		 movement
In funds to net cash Row from operathg		 actlvNes
2022 ~21
8
Net movement
in funds		 (34.780) (77,984)
Adlustment
for:
Interest received (449) (912)
Depreaahon
charge		 13.409 24,452
Loss/(gain)
on disposal of tangible
fixed assets		 463 122,0751
Increase
in debtors		 (49.513) (169.558)
Decrease
in creditoa		 (16.059) (5,340)
Unrealised
(gains)/losses
on		 foreign currency (28151) 48,145
Net cash utiLised by operating
activities		 (111.080) 1203,272)
Analysts of«ash and cash equhralenls
Cash in hand 555,468 683,569

Unrestricted Restricted Talal Funds TolalFunds
Funds Fiiiiijs 2022 2021
2. DONATION
AND LEGACY INCOME
Individuals 195,082 120 195,202 223,888
Churches 9,731 0 9,731 14.202
Corporates 15,490 0 15,490 15.534
Trusts 13,500 0 13.500 11,000
I.egaaes 35,785 0 35,785 13.368
TOTAL DONATION
AND LEGACY		 INCOME 269.588 120 269,708 277,992
Unrestricted ResMcted Total Funds Taint Firiirls
3. INVESTMEIG INCOME Fuhds Funds 2021
Bank and building soaety deposit interest 121 328 449 912
4. GRANT INCOME
Unrestricted ResMcted Total Funds TolalFunds
Fuiisls Funds 2022 2021
E
European
Union		 113.272 113.272 422.224
United Nalons Development Programme 313,578 313.578 0
French
Ministry for Europe 8 Foreign		 Affairs 0 0 0 2,968
Belgium
Ministry ot Foreign Affairs		 0 0 0 128,730
Dutch
Ministry of Foreign Affairs		 0 0 0 78,738
Swiss Agency for Development and Cooperation 0 15,310 15,310 128,595
Tanvan
Foundation
lor Democracy		 0 0 0 7,402
US State Department
oi Democracy,		 Rights and Labor 0 506,460 506.460 121,652
Allan!!. Nesta Ferguson Chaiitable Trust 0 0 0 25,000
Deutsche Gesellschaft
fOr Internationale		 Zusammenarbeil 0 163.726 163.726 263.383
Other 86.218 3,037 89.255 67,064
TOTAL GRANT INCOME 86,218 1.115.383 1,201,401 1.245,756
Analysb
ofgrants received
Women 8 Girls Empowerment 17,244 321.873 339,117 109.828
Climate Change 8the Environment 17,244 216.143 233,387 197.078
Economic Empowerment 17,244 176,813 194,057 134,794
Fundamental
Freedoms		 17,243 237.172 254,415 302,644
Supporting
Stronger Societies		 17,243 163,382 180,625 501,412
86.218 1.115.383 1,201NBI 1.245.756

4. TOTAL RESOURCES EXPENDED TOTAL RESOURCES EXPENDED Direct Gronts Support Total Total
Costs Payable Costs 2022 2021
Fundrafslng
Fundraising
and publicity		 costs 98.969 98.969 95.625
Fundraising
trasfing'
Cost		 ofgoods sold 1.146 1,146 0
Subtotal
Fundralslng		 0 100.115 100,115 95A25
Direct CharEable
ActMly
Women 8 Girls Empowerment 154,061 70,017 73.991 298,D69 170.074
Climate Change
3,the Environment		 154,445 79,931 77,391 311,767 16.1,602
Economic Empowerment 86.414 45,851 46,327 178,592 160,294
Fundamental
Freedoms		 189.744 65,040 84,130 338,914 254,997
Supporting
Stronger Societies		 215.762 20,531 78,024 314.317 747,967
Subtotal Direct CharEable ActlvEy 800,424 281.370 359,863 1,441.659 1,494,934
Total expenditure 800,426 281.370 459,978 1,541.774 1,590,559
6. TOTAL RESOURCES EXPENDED (CONT'0)
Support Costs allocated as follows. 2022 2021
F.
Leadership 78.019 60,109
Programmes 135,291 104,876
Operations 146,551 115,567
Fundraising 100,117 95,625
459,978 374,177
NET INCOMING/(EXPENDITURE) FOR THE YEAR
This b slated aller charg Mg
Operating
leases - land and		 buildings 19.718 18,771
Operahng
leases - equipment		 518 2.190
Audit fees 6,000 5,400
Depreaation 13,409 24,452
6. TOTAL RESOURCES EXPENDED TOTAL RESOURCES EXPENDED TOTAL RESOURCES EXPENDED TOTAL RESOURCES EXPENDED (CONT'D) (CONT'D)
STAFFING UK StaN Int Staft 2022 2021
5
Satanas and wages 295.840 381,988 677.828 640,879
UK redundancy payment 0 0 0 0
Employers
national
insurance		 25.530 0 25.530 18,641
Employers
UK pension		 conhibution 17,185 0 17,185 13,894
338.555 381,988 720,543 673414
The average number of employees ffu8 time equivalents) was .- 2022 2021
UK' fundraising staff 2 2
UK. other staff 6 6
Other countries: international staff 3 2
Other countnes national staff 17 24
28 34
7. FIXED ASSETS - TANGIBLE Equipment Motor Total
Vehicles
COST F.
At
I January 2022		 78.082 19.402 97A84
Additions 9,624 31.997 41,621
Disposals (3,092) (3,092)
At 31 December 2022 84,614 51,399 136,013
ACCUMULATED
DEPRECIATION
At I January 2022 58,422 19,402 77,824
Charge
lor period		 11,260 2.149 13,409
Disposals (2.629) 0 (2,6291
Af 31December 2022 67,053 21,551 88,604
NET BOOK VALUE
At 31December 2022 17,561 29,848 47,409
NET GOOK VALUE
At 31December 2021 19,660 0 19,660
Depreciation
Rates		 20%%u -3358 2055 - 3358

8. DEBTORS 2022 2021
5
Grant
ik NGO grant debtors		 386,814 328.449
Other debtors 7,382 17.715
Prepayments
&occrued		 inr.orna 12,690 11,209
Total Debtses 406,886 357,373
9. CREDITORS
~ amounts
faRlng due wRhln one year		 2022 2021
5
NGO grant creditors 42,743 60,285
General creditors 22,253 20.024
UK taxes and sodal secuiily 8,705 9.451
Taint CredRON 73,701 89.740
10. OPERATING
LEASE COMMITMENIS
Minimum
lease payments		 under non-canceBable operating leases fall due as follows
2022 2021
Expiring 5
Within one year 14,201 14,166
Between two and five years 1,08D 1,873
15,281 14,039
11. MOVEMENIS OF RESTRICTED FUNDS Balance at Movements In Resources Balance al
I Jan 22 Granb Other Income Expended Transfer 31 Dec 22
Women!L Girls Empowerment 15,203 321,873 3,D30 (260,973) 4.335 83,468
Climate Change
tl, the Environment		 45.206 216,143 98 (257,374) (4,068) 5
Economic Empowerment 45,693 176,814 3.026 (144,169) 2,099 83,463
Fundamental
Freedorm		 51,255 237.172 85 f272.661) (9,024l 6,827
Supporting
Stronger Soaeties		 51,909 163,381 3.260 (203,244) (15.306) 0
Total Reshlcted Grants Funds 209,266 1,115,383 9,499 (1,138,421) (21,964) 173763
Restricted
Hxed Assets		 14,660 0 0 300 0 14,960
Total 223.926 1,115,3M 9,499 (1,138,'121) (21,944) 188.723

Bolance at Movements
fn		 Resources Balance at
i Jan 2I Grants Other Income Expended 'fronster 31Dec 21
Restrrcted funds 231,259 1,245.756 15.009 fl,396.293) 113,535 209,266
Restricted frxed assets 22,929 0 0 (8.269) 0 14,660
Total 2SA 188 1,245,7S6 15.009 (1,404,562) 113,S35 223,92d

Balance al Movements In Resources Balance at
I Jan 22 Incoming
Expended		 Transfer 31Dec 22
Unrestricted Funds
Generalfunds 572.158 357,961 (360,215) 569.904
Designated Funds
Currency Exchange Risk Management 40,000 24,151 0 (10,033) 54.118
Mini Pilot Projects 79,758 0 (31,621) 0 48,137
Development fund 50.000 0 (7,269) 0 42,731
Designated Fixed Assets Fund 5.000 0 (4.548) 31,997 32,449
Total 746,916 382.112 (4IN.d53) 21,964 747,339
Balance ot Movemenb in Resources Balance at
I Jon 21 Incoming Expended Transfer 31Dec 21
4 5
General unrestncted funds 557,719 299 955 (185397) (100,I 19) 572, 158
Designated funds 236,919 0 (48.745) (13N16) 174,758
Total 79Ad38 2999SS (234,142) (113S35) 746916

Tangible Current Total
Asseb Assets Asseb
Restricted Funds
Restncted Grants 0 173,763 173,763
Resincted Feed Assets used in projects 14,960 0 14,960
Total 14,960 173,763 188.723
Unrestricted Funds
General Funds - undesignated 0 569.904 569.904
Designated Currency Risk Management Fund 0 54,118 54,118
Designated Fixed Assets Fund 32.449 0 32.449
Designated Mini Pilot Projects 0 48.137 48,137
Designated Development Fund 0 42,731 42.731
Designated Programme fulfilment Fund 0 0 0
Total 32,449 714,890 747,339
Overall
Funds		 47.409 888,653 936.042