HAND IN HAND
2023 Annual Report
and
Financial Statements
Hand in Hand International
Charity No.. 1113868
For the year ended 31 March 2023

status
The organisation is a charity registered by trust deed in
England on 18th February 2006.
Charity Number
1113868
Registered office
and operational addre55
5, Floor, Caparo House,
101 103 Baker Street
London
WIU 6LN
Trustees
Bruce Grant (Chairman)
John Barrett
Madhvi Chanrai (resigned June 2023)
Carsten Jorgenson
Lars Josefsson
Paola Uggla
Stephanie Whittier
Senior officers
Dorothea Arndt - Chief Executive Officer
Amalia Johnsson - Deputy CEO
Stephanie Nicholson - Head of Finance and Compliance
Jen Glyn - Head of Communications and Marketing
Joe Dyson - Head of Philanthropy (left March 2023)
Charlotte Strawa - Interim Head of Philanthropy
(appointed March 2023)
Auditor5
Buzzacott LLP
Chartered Accountants
Registered Auditors
130 Wood Street
London
EC2V 6DL

Contents
Legal and administrative details
Objectives and activitie5
Achievements and Performance
Plans for future periods
Trustees, Report
Report of the Independent Auditors
13-16
Statement of Financial Activities
17
Balance Sheet
18
Cash Flow Statement
19
Notes to the Financial Statements
20-29
The trustees present their report and the audited financial statements for the year ended 31
March 2023.
The financial statements have been prepared in accordance with the accounting polices set out
therein and comply with the charity's governing document, applicable laws and Accounting and
Reporting by Charities.. Statement of Recommended Practice, applicable to charities preparing
their accounts in accordance with the Financial Reporting Standard applicable in the United
Kingdom and the Republic of Ireland (FR5102).

Objectives and Activities
Vision
Our vision is a world where every woman has the power and the means to raise herself and her
family out of poverty.
Mission
Our mission is to change lives by empowering women to beat the odds and succeed as
entrepreneurs.
What we do
Women face barriers that men don't.
Right now, in communities across the developing world. roughly 400 million women and girls
live below the poverty line of US $2.15 a day, trapped by restrictive norms and attitudes that
keep them from earning their own incomes, controlling their own assets, and making decisions
for themselve5.
To beat poverty for good, women must have an equal chance to earn and control their own
incomes. Supporting women to run their own enterprises means more children in school, and
more families with acce55 to healthcare.
Through our unique. proven model. we support women to set up and run their own businesses
on their own terms - lifting their families above the poverty line.
First. we set up self-help groups where women support each other. save together. and
learn together,
Then we provide programme members with business and skills training.
We make sure our members can access the loans and the tools they need to get started.
Finally. we help women scale up their businesses, reaching bigger markets and stronger
supply chains.
We also engage with whole communities to challenge restrictive norms and attitudes that hold
women entrepreneLJrs back.
The Hand in Hand network spans regional operations in India, Afghanistan, Kenya, Tanzania
and Zimbabwe. Three more offices in Sweden, the US and the UK provide programmes and
governance support and fundraising.
How we measure SLJccess
Measurement is crucial because it allows us to assess the impact of our programmes, making
data-driven decisions to improve their effectiveness - helping us achieve our mission of helping
women entrepreneurs lift themselves and their families out of poverty.
Our Monitoring, Evaluation and Learning (MEL) team works closely with in-country colleagues
across Hand in Hand's global network to collect accurate data from our project members through
routine project monitoring and periodic project evaluations. These valuable insights enable us to
refine and improve our projects throughout their lifecycle.

We measure four key metrics-
Income uplift
Entrepreneurs increase revenue to make more
money from their businesses
Business survival rate
Enterprises are still operational more than one year
after launch
Financial resilience
Women can get through a financial shock, such as a
bad harvest or unexpected medical bill, without
having to sell an asset or get into debt.
Women'5 decision-making power
Women can have their say about the things that
matter to them, such as household purchases,
healthcare and being able to leave the home to visit
family and friends.
We also measure outputs and outcomes such as training graduation rates. application of target
business practices, number of enterprises and jobs created, savings amounts, access to credit,
and market linkages.
To understand the broader irnpacts of our project5 on our members, livelihoods and quality of
life, we use a simplified 'Most Significant Changes, approach, asking project participants to tell
us what the most significant change in their life was after completing a project with Hand in
Hand.
Significant activities
Hand in Hand International's significant activities as displayed on the Statement of Financial
Activities are..
Raising funds
Supporting people in Afghanistan
Supporting people in India
Supporting people in Kenya
Supporting people in Tanzania
Supporting projects in Hand in Hand's operating countries involves providing technical
assistance in strategy, governance, programme development and implementation, monitoring,
evaluation and learning. safeguarding, communications and marketing.

Achievements and Performance
Network-wide, Hand in Hand created and enhanced 637,453 jobs in 2022/23.
Here in the UK, at Hand in Hand International, we set ourselves the following goals in last year's
Trustees, Report..
Fundraising
Raise $15.IM in-year, for this and future years
During the financial year to 31 March 2023. we received $7.6M in income and secured an
additional $4.2M in multi-year grant funding for future years, bringing the combined funds raised
in the year to $11.8M against our target of $15.IM. We are entering the new financial year with a
strong pipeline of pending proposals worth over $10M.
Start raising funds for a fifth coiintry
We engaged a consultant to conduct an analysis of potential countries for expansion, focussing
on Ethiopia, Rwanda, Uganda, and Zambia. Criteria for country selection included.. need (e.g.,
poverty levels. gender inequality).. probability of success for our model,. operating environment-
and availability of funding. Based on this research, the Board of Trustees and Senior Leadership
Team selected Uganda as the focus country for expansion of operations.
Programmes
Increase bargaining power for women.. secure funding for one flagship project to roll out best
practice in Women's Economic Empowerment
This year we submitted $4.47m worth of proposals and secured $390,000 in funding for one
flagship project to roll out best practice in Women's Economic Empowerment.
Achieve external recognition for the results achieved in our acceleration programmes
This year we shared our results and learnings through two sector-focussed events. We secured
funding for a $1.5M urban acceleration project that will focus on digital skills, digital marketing,
and e-commerce.
Achieve external recognition for planet-friendly agriculture
We shared our learnings about regenerative agriculture and circular economy - presenting initial
findings from our project with IKEA Foundation at a sector-focussed event hosted by BBC Rural
Affairs correspondent Tom Heap and securing coverage in three sector publications.
Best in class data: create a digital data dashboard
We engaged a Data Architect to map our data flows and to provide three possible solutions for
the dashboard. We have selected our preferred 501ution and identified two potential service
providers. We are in the process of submitting a funding request to move forward with the build.
A sector-beating team
Acting as an employer of choice - we achieved a recommender score of IOO/o, measured via our
annual staff survey. Recognising that diversity drives excellence and innovation, we aim to
become an inclusive and diverse employer. Over 33% of new staff and volunteers were recruited
from groups that are historically underrepresented in the charity sector.

Plans for Future Periods
Hand in Hand International's priorities for the coming financial year. set during our annual
strategic review, are..
Fundraising
Raise $15.98M in-year, for FY23/24 and future years
We will secure $15.98M total income, comprising funds banked in the financial year to 31 March
2024 and new multi-year grant income to be banked in future years. As of I, April 2023, $5.IIM
is secured to be banked during the year. leaving a target for new funds to be raised of $10.87M.
Due to the international nature of our supporters we record our fundraising activities in USD.
However. the Financial Review on page11 and the financial statements and notes to the financial
statements are all presented in GBP.
start raising funds for a fifth country
We will decide whether to proceed with expansion into Uganda by March 2024, subject to
findings of a scoping analysis and successful Country Manager recruitment. Scoping will include
desk research into potential NGO partners, in-depth conversation with potential funders, and in-
country visits to Uganda for meetings with potential partner NGOS and other local stakeholders.
Proposed subsequent steps include development of and fundraising for a joint consortium or
organic growth project, financial audits of shortlisted NGOS, and acquisition of trademarks.
Programmes
Increase bargaining power for women
We will secure at least one lighthouse project to cement the role of women as entrepreneurs in
their community. To achieve this. we will submit $4M worth of proposals for projects
implementing our gender transformative model.
Accelerating past the poverty line
In our flagship rural acceleration project, the vast majority of members will surpass the lower
middle-income benchmark, with 80Yo of members exceeding $3.20 net profit per day.
Cultivating Regenerative Agriculture so farmers can thrive
We will secure at least one lighthouse project to implement our new regenerative agriculture
curriculum at scale. To achieve this, we will submit $7.7M worth of proposals for projects
implementing our regenerative agriculture curriculum.
Best in class data
We will be able to access timely. verified, visual data on a dashboard, evidencing our
programmes, impact. The data dashboard will reflect quarterly data for a consistent set of 10
indicators per project across all current and recent projects.
Sector-beating team
We will have a 23-strong team in place in a workplace that supports innovation, collaboration,
productivity, and wellbeing.

Structure and Governance
Governino Document
The charity was registered by trust deed on 18 February 2006 and registered as a charity on that
date.
Recruitment and Appointment of Trustees
As set out in the Trust Deed, the Board of Trustees nominates the Chair of the Trustees. The
Board has powers to appoint additional Trustees as it considers in-line with skills required.
Induction and Training of New Trustees
New trustees are considered on the basis of any gaps in the skills of the board. They are invited
to meet the existing trustees and senior members of staff and familiarise themselves with the
work of Hand in Hand International. Further training is provided on an on-going basis in line with
the Identified needs of trustees. Trustees sign a conflict of interest declaration each year and
declare any conflicts of interest to the agenda at the start of each Board Meeting. Trustees
receive safeguarding training and sign the safeguarding code of conduct.
Public Benefit statement
The Trustees confirm they have complied with Section 17 of the Charities Act 2011 to have due
regard to the Charity Commi55ion'5 general guidance on public benefit, "Charities and Public
Benefit"
Serious Incidents
There were no serious incidents reported to the Charity Commission in FY22/23.
Ri_4k Mc11)()(J?.meiit
The trustees have a duty to identify and review the risks to which the charity is exposed and to
ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The trustees have assessed the major risks to which the charity is exposed, relating to
operational areas of the charity, its investments, and its finances.
A written risk register is in place and reviewed at every board meeting. outlining key risk5 the
Charity faces and mitigating controls. The trustees believe that by monitoring reserve levels,
ensuring strong financial controls, and examining regularly the operational and business risks
faced by the charity. they have established effective systems to mitigate those risks.
In December 2022, a ban on women working for NGOS was imposed in Afghanistan, resulting in
some delays to project implementation. Currently an exemption has been made for vocational
training and operations have resumed. The trustees and Senior Leadership Team will continue
to monitor the situation closely.
Going Concern
The trustees have assessed the use of going concern and have considered possible events or
conditions that might cast significant doubt on the ability of the charity to continue as a going
concern.

The trustees have made this assessment for a period of at least one year from the date of the
approval of these financial statements. The cash flow to 31 March 2025 indicates that the charity
will continue to be able to meet its financial commitments through the year and for a period of
at least one year from the date of approval of these financial statements.
Remuneration of Staff
The governing principles of the Charity's remuneration policy are as follows=
To ensure delivery of the Charity's objectives
To attract and retain a motivated workforce with the skills and expertise necessary for
organisational effectiveness
That remuneration should be equitable and coherent across the organisation
To take account of the purposes, aims and values of the Charity
To ensure that pay levels and pay increases are appropriate in the contexts of the interest of
our beneficiaries.
In relation to deciding remuneration of the charity's senior executives, the charity considers the
potential impact of remuneration levels and structures of senior executives on the wider Charity
workforce. The Charity takes into account the following additional principles..
To ensure that the Charity can access the types of skills, experiences, and competencies that
it needs in its senior staff.
The nature of the wider employment offer made to senior employment. where pay is part of
a package that includes personal development, personal fulfilment and association with the
public benefit delivered.
Salaries for existing and new roles are benchmarked on an annual basis against multiple sector
salary reports, to ensure that they are within acceptable ranges for the not-for-profit sector.
Investment Policy
Hand in Hand International receives income for ongoing projects over a three to five year time
period and budgets to spend all anticipated income, except for retaining a prudent amount in
reserves. It has no permanent endowment and provides for capital expenditure within its budget.
Consequently, the trustees do not consider it prudent to invest income for the longer term. Its
policy is to retain funds as cash and place them on bank deposit at the best rates available.
Fuiidraising
We do not actively solicit funds via telephone, email, mail, or through third party fundraising
organisations. Through general asks via our newsletter and social media, we offer the option for
individuals to donate online via the Hand in Hand International website. There are a number of
invite-only fundraising events held throughout the year at which individual donations are made.
We are committed to the highest standards of accountability and follow the Charity
Commission's and the Institute of Fundraising's guidance on best practice in fundraising.
During the year there were no complaints about fundraising.
In recognition of the extensive consequences of climate change, our plans for the future period
include a particular emphasis on regenerative agriculture in our programmes and increasing the

energy efficiency of our London office. We will consider when international travel is necessary
and limit this when possible, to minimise our carbon footprint.
Diversity and Inclusion
Hand in Hand International has a Diversity and Inclusion working group that oversees initiatives
to improve the Charity's inclusiveness. Areas of focus include staff training, recruitment
processes, and workplace policies. The working group has implemented changes to recruitment
processes, resulting in over a third of new staff and volunteers being recruited from groups that
are historically underrepresented in the charity sector. Diversity and inclusion training for all staff
was undertaken in March 2022 and in July 2023.
Safeguarding
Our detailed approach to safeguarding is set out in our Safeguarding Policy and Safeguarding
Code of Conduct. The Charity is committed to..
Upholding the integrity and reputation of Hand in Hand International by ensuring that
professional and personal conduct is consistent with the Charity's values and standards.
Ensuring the safety, health. and welfare of all Hand in Hand project participants, through
their interaction with our organisation, as well as all Hand in Hand Staff and associated
personnel (volunteers, partners, suppliers and contractors).
In accordance with the Charity'5 Safeguarding Code of Conduct and Whistleblowing Policy, all
staff are obligated to bring to the attention of the relevant manager any potential incident,
abuse, or concern that they witness, suspect, or of which they are made aware, which appears
to breach the standards of the Safeguarding Code of Conduct.
The Charity has Safeguarding Focal Points on its board and two staff Safeguarding Leads. Hand
in Hand International carries out basic Disclosure and Barring Service (DBS) checks on all
employees and is a member of the Misconduct Disclosure Scheme, which aims to prevent
perpetrators of sexual misconduct from moving between organi5ations undetected.
The staff Safeguarding Leads undertook a comprehensive safeguarding training course with
Bond (the international development network) in April 2022. An online safeguarding training
course was completed by all existing staff in August 2022 and is now being completed by new
joiners as part of their induction.
Reference and Administrative
Trustees
The trustees in office during the year were..
Mr. Bruce Grant
Mr. John Barrett
Dr. Madhvi Chanrai (resigned June 2023)
Mr. Carsten Jorgensen
Mr. Lars G Josefsson
Mrs. Paola Uggla
Ms. Stephanie Whittier
10

Financial Review
Total income for the year was £6,254,070. This was a decrease of £372,704 (6Yo) on the previous
year. Fundraising capacity during the year was impacted by sector-wide challenges in
recruitment. In addition, several funding application process timelines were extended, meaning
that some anticipated income was not secured before 31 March 2023. However, the Charity is
beginning FY23/24 with a strong pipeline of pending proposals as a result.
Donations from Corporate Foundations represented a lower proportion of income in the financial
year at 39Yo. whereas income from Governments and Institutions increased to 16Yo and income
from Trusts and other Foundations increased to 24%. This constitutes a good balance of funding
from a range of income streams, with remaining income secured from events (Il%), corporate
partnerships (64/0), and individual giving (4%).
Unrestricted income increased by £175,781122%) compared to the previous financial year. The
proportion of unrestricted income compared to total income received in the year increased to
15Q/ts, building on an increase in the previous financial year from 9Y¢ to 12Q/o.
Expenditure supporting projects increased in Afghanistan by £791,975 1136/0), in Kenya by
£735,270 120/0), and in Tanzania by £605,492 (55%). Total expenditure in India was zero in
2022/23, following completion of our recent project in the country. The increase in restricted
spend in our countries of operation is due to sending funds brought forward at the end of
FY21/22. which resulted in a planned total deficit in FY22/23 of £1,416,346 (2022= surplus
£968,281).
Expenditure on raising funds in the financial year to 31 March 2023 was £425,459 (2022..
£348,341). Thi5 increase of 22'A is in line with Hand in Hand International's strategic aim to
increase fundraising capacity, despite aforementioned challenges in recruitment.
Reserves Policy
Total funds at 31 March 2023 are £5,140.059 (2022.. £6,556,405). This is an overall decrease of
£1,416,346 on the prior year. The decrease relates to spending of restricted fund balances
brought forward from previous years.
Unrestricted free reserves are £1,131.321 at 31 March 2023 (2022.. £780.774). The reserves policy
is to hold six months, core expenditure which is equal to £850,000 based on the budget for
FY23/24. Unrestricted free reserves are equal to approximately eight months of core
expenditure and therefore the required balance is held at the year end. The surplus will be spent
on UK expenditure in FY23/24 or used to support our network partners.
£299,764 has been transferred out of the existing designated fund, being the reduction of the
EIF loan debtor balance, through repayments to Hand in Hand International from its network
partner Hand in Hand Eastern Africa, and funds spent on increasing headcount in line with our
strategic plan. The balance on 31 March 2023 is £904,754 (2022.. £1,204,518), and this will
continue to be spent over the coming years.
A new designated fund has been created for match funding future projects. This fund will enable
Hand in Hand to unlock significant new funding partnerships requiring match funding in coming
years, based on previous success using this approach. The fund balance is £808,465.
The movements in restricted. unrestricted and designated funds is shown in Note 14 to the
accounts.

Trustees, Responsibilities in relation to the Financial Statements
The trustees are responsible for preparing the Trustees, Report and the financial statement5 in
accordance
with applicable law and United Kingdom Accounting Standards
(United Kingdom Generally Accepted Accounting Practice).
Charity law requires trustees to prepare financial statements for each financial year which give
a true and fair view of the state of the affair5 of the charity and of its income and expenditure
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 of the Charities SORP,.
make judgements and estimates that are reasonable and prudent.,
state whether applicable accounting standards, including FRS 102. have been followed,
subject to any material departures disclosed and explained in the financial statements-
state whether a Statement of Recommended Practice (SORP) applies and has
been followed, subject to any material departures which are explained in the
financial statements.,
prepare the financial statements on the going concern basis, unless it is deemed
inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable
accuracy at any time the financial position of the charity and enable them to ensure that the
financial statements comply with the Charities Act 2011. They are also responsible for
safeguarding the assets of the charity 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.
In so far a5 the trustees are aware..
There is no relevant audit information of which the charitable company's auditors are
unaware.. and
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.
Day to day management of the charity is delegated to Dorothea Arndt, CEO, and the senior
management team.
Approved by the trustees and signed on their behalf by..
Bruce Grant
Chairman of Hand in Hand International
Date..
12

Independent auditor's report to the trustees of Hand in
Hand International
Opinion
We have audited the accounts of Hand in Hand International Ithe 'charity') for the year ended
31 March 2023 which comprise the statement of financial activities, the balance sheet principal
accounting policies and the notes to the accounts. 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 accounts..
give a true and fair view of the state of the charity's affairs as at 31 March 2023 and of its
income and expenditure 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 Charities Act 2011.
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 the accounts section of our report. We are independent
of the charity in accordance with the ethical requirements that are relevant to our audit of the
accounts 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 accounts, we have concluded that the trustees, use of the going concern basis of
accounting in the preparation of the accounts 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 a5 a going concern for a period of at least twelve months from when
the accounts 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.
Other information
The trustees are responsible for the other information. The other information comprises the
information included in the annual report, other than the accounts and our auditor's report
thereon. Our opinion on the accounts does not cover the other information and we do not
express any form of assurance conclusion thereon.
In connection with our audit of the accounts, our responsibility is to read the other information
and, in doing so, consider whether the other information 15 materially inconsistent with the
accounts or our knowledge obtained in the audit or otherwise appears to be materially
13

misstated. If we identify such material inconsistencies or apparent material misstatements, we
are required to determine whether there is a material misstatement in the accounts 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
We have nothing to report in respect of the following matters in relation to which the Charities
Act 2011 require5 US to report to you if, in our opinion..
the information given in the trustees. annual report is inconsistent in any material respect
with the accounts.. or
sufficient accounting records have not been kept., or
the accounts are not in agreement with the accounting records and returns., or
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees, responsibilities statement, the trustees are responsible
for the preparation of the accounts 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
accounts that are free from material misstatement, whether due to fraud or error.
In preparing the accounts, 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 accounts
Our objectives are to obtain reasonable assurance about whether the accounts 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 accounts.
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.,
14

we identified the laws and regulations applicable to the charity through discussions with
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
data protection legislation, anti-bribery, safeguarding, employment, health and safety
legislation.,
we assessed the extent of compliance with the laws and regulations identified above
through making enquiries of management and inspecting legal correspondence., and
identified laws and regulations were communicated within the audit team regularly and
the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Charity's financial statements to material misstatement,
including obtaining an understanding of how fraud might occur, by..
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.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships.,
tested journal entries to identify unusual transactions., and
assessed whether judgements and assumptions made in determining the accounting
estimates set out in the accounting policies were indicative of potential bia5. 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 disclosure5 to underlying supporting documentation..
reading the minutes of organisation meetings.,
enquiring of management as to actual and potential litigation and claims,. and
reviewing any available correspondence with HMRC (where relevant) and the Charity's
legal advisors (although none was noted as being received by the Charity).
As a result of our procedures we did not identify any key audit matters relating to irregularities.
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
non-compliance with laws and regulations to enquiry of the trustees and other management and
the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from
error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the accounts is located on the
Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This
description forms part of our auditor's report.
15

Use of our report
This report is made solely to the charity's trustees. as a body, in accordance with section144 of
the Charities Act 2011 and with regulations made under section 154 of that Act. Our audit work
has been undertaken so that we might state to the charity's trustees those matters we are
required to state to them in an auditor's 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
and the charity's trustees as a body, for our audit work, for this report, or for the opinions we
have formed.
Buzzacott LLP
Statutory Auditor
130 Wood Street
London
EC2V 6DL
Date.. 29 September 2023
Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
16

Statement of Financial Activitie5 for the year ended 31 March 2023
Restricted
Unrestricted
Designated
Total 2023
Restricted
Unrestricted
Designated
Total 2022
Note
Income from..
Donations and Grants
Other income
Interest
Total Income
5,286,594
964.660
6.251.254
5.835.079
782.145
9,375
175
791,695
6.617.224
9,375
175
6,626,774
2,816
967.476
2,816
6.254,070
5.286,594
5,835,079
Expenditure on=
Raising funds
425,459
425,459
348.341
348.341
Charitable expenditure
Supporting people in Afghanistan
Supporting people in India
Supporting people in Kenya
Supporting people In Tanzania
Total Expenditure
1,322,826
52,115
1.374,941
434.570
112.554
3,486.416
1,046,733
5.080,273
148,396
1,684
163,593
46.375
708,389
582,966
114,238
3,650,009
1,093.108
5,788,662
4,251.597
1,658,213
7.232,436
133,882
40,387
651,843
4.385,279
1,698,600
7.884.279
Net incorne/lexpenditurel before
foreign exchange gain51(lossesl
11,945,842)
515,633
(1,630,209)
754,806
83,306
838,112
Foreign exchange gains/(losses)
213,865
213,863
130,169
130,169
Net incorne/(expenditurel for the
year
(1,945.842)
529.496
{1,416,346)
754,806
213,475
968,281
Transfers between funds
Funds brought forward
Fund5 carried forward
1323.4511
4,541,260
2.271,967
(185.2501
810,627
1,154,873
508.701
1,204,518
1,713.219
55.021
3,731,433
4,541.260
167.447
429,705
810.627
(222.468)
1,426,986
1.204,518
6,556,405
5.140,059
5,588,124
6.556.405
14
There was no furlough income included in Other Income (2022.. £9.375).
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. The
notes on pages 20 to 29 form part of these accounts.
17

Balance Sheet as at 31 March 2023
2023
2022
Note
Fixed Assets
Tangible Assets
23.552
29.853
Long term debtors
197,451
377,395
Current Assets
Debtors
Cash at bank
1,694.622
3.743,483
5,438.105
1.501.464
4.945.451
6,446,915
Creditor5.' Amount5
due in one year
io
519,049
297,758
Net current assets
5.116,507
6,526,552
Nel assets
5,140,059
6.556.405
Funds
Restricted funds
2,2n.967
4.541,260
Designated fund
Unrestricted funds
1,713.219
1,154,873
1,204.518
810,627
Total funds
14
5.140,059
6,556,405
The notes on pages 20 to 29 form part of these accounts.
Authorised for issue and approved by the trustees on
27.9 IbL3
Bruce Grant
Chairman
Charity number.. 1113868
18

Cash Flow Statement for the year ended 31 March 2023
2023
2022
Cash flows from operating activities
{1,416.346)
968,281
Net income/lexpenditurel for the year
Adjustments for..
Interest Received
Depreciation of fixed assets
Decreasel{Increase) In debtor5
IDecrease)Ilncrea5e in creditors
12,816)
9,618
(13,2141
221,291
(175)
8,973
(1,025,236)
262,039
Net Cash (used in) operating aetivities
11.201.467)
213.882
Purchase ol tangible fixed assets
Interest received
Net cash Irorn investing activities
13,3171
2,816
(501)
(6,0381
175
(5,863)
Change in cash and cash equivalents in
the year
Cash and cash eouivalents at beginning ol
year
{1,201,968)
208,019
4.945,451
4,737,432
Cash and cash equivalents at end of the
year
3,743,483
4.945.451
No separate reconciliation of net debt has been prepared as there is no difference between the
net cash (debt) of the Charity and the cash and cash equivalents.
19

Notes to the Financial Statement5 for the year ended 31 March 2023
Accounting policies
The financial statements have been prepared in accordance with the Financial Reporting
Standard applicable in the UK and Republic of Ireland (FRS102). The charity is a public benefit
entity for the purposes of FRS 102 and therefore has also prepared its financial statements in
accordance with the Statement of Recommended Practice applicable to charities preparing their
accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic
of Ireland (The FRS 102 Charities SORP) and Charities Act 2011. The financial statements are
prepared in sterling, which is the functional currency of the charity. Monetary amounts in these
financial statements are rounded to the nearest pound.
Going concern
The trustees have assessed whether the use of going concern is appropriate and have considered
possible events or conditions that might cast significant doubt on the ability of the charity to
continue as a going concern. The trustees have made this assessment for a period of at least one
year from the date of the approval of these financial statements. In particular, the trustees have
considered the charity's forecasts and projections and have taken account of pressures on
income streams. After making enquiries, the trustees have concluded that there is a reasonable
expectation that the charity has adequate resources to continue in operational existence for the
foreseeable future. The Charity therefore continues to adopt the going concern basis in
preparing its financial statements.
b)
All income is recognised when there is entitlement to the funds, the receipt is probable
and the amount can be measured reliably. Donations and grants are recognised in the Statement
of Financial Activities when receivable. Where income is received in advance of meeting any
performance-related conditions there is not unconditional entitlement to the income and its
recognition is deferred and included in creditors as deferred income until the performance-
related conditions are met.
Gifts in Kind are included as donated income at market value at the time of receipt.
d)
Expenditure is included in the Statement of Financial Activities on an accruals basis,
inclusive of any V AT which cannot be recovered. Expenditure is recogni5ed once there is a legal
or constructive obligation to transfer economic benefit to a third party. it is probable that a
transfer of economic benefits will be required in settlement and the amount of the obligation
can be measured reliably.
All costs are directly attributable to specific activities. Total expenditure has been allocated to
either Direct Programmes, Fundraising or Support costs. UK expenditure on programmes has
been included in restricted spend under Direct Programmes. Fundraising costs are included as
Direct spend rather than Support Costs as fundraising is a core activity.
Support costs are split out between building costs, off ice costs. audit fees, legal and professional
fees, trustees, expenses. staff and consultancy costs, travel costs, and fundraising costs. The
methodology of allocating support cost5 to network partner countries is based on direct spend
on charitable activities.
20

Depreciation is provided at rates to write off the cost of each asset by equal annual
instalments over their expected useful lives as follows.
Office equipment
4 years
Leasehold improvements
10 years
Assets costing more than £500 are capitalised.
f)
Restricted funds are to be used for specific purposes as laid down by the donor.
Expenditure which meets these criteria is charged to the fund. All restricted programme income
to be spent in the UK has been recognised as restricted income, where previously this was
recognised as unrestricted income in line with the treatment of expenditure.
g)
Unrestricted funds are donations and other income receivable are generated for the
objects of the charity.
h)
Designated funds are also unrestricted funds but have been designated by the trustees
for a particular purpose. The EIF and Strategic Plan Designated Fund is made up of the EIF
(Enterprise Incubation Fund) loan debtor value and an amount for the increase in headcount as
set out in the strategic plan. The Match Funding Designated Fund has been created in the
financial year to 31 March 2023 to support future co-funding opportunities.
Rental payments under operating leases are charged as expenditure as incurred over the
term of the lease.
The charity operates a defined contribution pension scheme. The assets of the scheme
are held separately from those of the charity in an independently administered fund. The pension
cost charge represents contributions payable under the scheme by the charity to the fund. The
charity has no liability under the scheme other than for the payment of those contributions.
k)
Monetary assets and liabilities in foreign currencies are translated into sterling at the
rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are
translated into sterling at the rate of exchange ruling at the date of transaction. Exchange
differences are taken into account in arriving at the net incoming resources for the year.
Critical accounting estimates and areas of judgement
In the view of the trustees in applying the accounting policies adopted, no judgements
were required that have a significant effect on the amounts recognised in the financial
statements nor do any estimates or assumptions made carry a significant risk of material
adjustment in the next financial year.
other financial instruments
Cash and cash equivalents include cash at banks and short-term deposits with a maturity
of three months or less.
Debtors and creditors receivable or payable within one year of the reporting date are
carried at their transaction price. Debtors and creditors that are receivable or payable in more
than one year and not subject to a market rate of interest are measured at the present value of
the expected future receipts or payment discounted at a market rate of interest.
21

2. Donations and Grants
Restricted
Unrestricted
2023 Total
Corporate Foundations
Corporate Donors
Individual Donations
Governments & Institutions
Trusts & Foundations
Events
2,403,071
298,344
133,220
962,954
1,489,005
2,403,071
380.092
262,660
962.954
1.528.849
713.628
81,748
129,440
39,844
713,628
5,286,594
964,660
6,251,254
Included within Donations from Corporate Donors are Gifts-in-Kind of £71,748 (2022.. £82.299)
and the corresponding expenditure is included in Support costs (Note 4).
Income from corporate foundations includes income of GBP 554,992 (EUR 634,702) from the
IKEA Foundation for a multi-year project to develop Hand in Hand's capacity in circular economy
and regenerative agriculture.
Restricted
Unrestricted
2022 Total
Corporate foundations
Corporate donors
Individual donations
Governments and Inslilulions
Trusts and Foundations
Events
4,028,303
602,977
136,777
425,839
641,183
4.028.303
695,279
240,226
425,839
763,668
463.909
92,302
103,449
122,485
463.909
5,835,079
782.145
6,617,224
3. Net Expenditure
Net expenditure is stated after the following expenses..
2023
2022
Depreciation
Auditor's remuneration
Operating lease payments
9,618
12,900
59,680
8.973
9,295
61,109
22

4. Analysis of Total Expenditure & Support Costs
Restricted
direct costs
Unrestricted
direct costs
Designated
Support Costs
2023
Restricted
direct costs
Unrestricted
direct costs
Designated
Support Costs
staff
Other
Costs
Costs
2022
Stall Costs
other
C05t5
Costs of raising
funds
Fundraising costs
405.578
10,172
9,709
425,459
322.931
14,666
10.744
348.341
Charitable
Activities
Supporting people
in Afghanistan
1,322,826
15,531
36,584
1.374.941
434,570
9,832
138.564
582.966
Supporting peopl&
112,554
972
712
114,238
Supporting people
in Kenya
4,251,397
68,499
65,383
4.385,279
3,486,416
94,421
69.172
3,650,009
Supporting people
in Tanzania
1,658,213
18,822
21,565
1.698,600
1,046,733
26,766
19.609
1,093,108
7.232,436
405.578
113,024
133.241
7,884.279
5.080.273
322.931
146,657
238,801
5,788,662
Included in Restricted Direct Costs spent on Charitable Activities Supporting people in Kenya is £801,361 relating to a project funded by the IKEA Foundation for
a multi-year project lo develop Hand in Hand's capacity in circular economy and regenerative agriculture.
23

Analysis of Support Costs
2023
Supporting
people in
Tanzani
Supporting
people in
Indi
AII c05t5
Fundraising
Supporting
people in Kenya
Supporting people
in Afghanistan
Building costs
Trad&mark5
5.902
77
532
3.577
46
982
13
Ollice costs
8,626
860
776
5,228
522
1,437
143
1,185
118
Audit lees
77
Legal and
role5510nal
67,038
6,033
40,629
11,164
9.212
Trustees, expenses
stall and other
consultancy
Travel costs
1.056
95
640
176
145
113.024
10.172
68.499
18.822
15.531
4,071
366
2.468
678
559
Country Expenses
25,360
3,600
21,760
Strategic Initiatives
20.251
1.823
12,273
3,372
2.783
246,265
19,881
133,882
40,387
52,115
2022
All costs
Fundraising
Supporting people
in Keny
Supporting
people in
Tanzania
Supporting
people in
Afghanistan
901
Supporting
people in India
8uilding costs
Trademarks
Ollice costs
Audit fees
13,443
1.346
8.654
2,453
89
95,698
1.206
1.001
6,447
776
1.828
220
86.356
81
66
Legal and professional
128.001
8,232
53,002
15,025
51,196
546
Trustees, expenses
454
45
293
83
30
stall and other
consultancy
Travel cost5
146.657
14,666
94,421
26,766
9,832
972
Country Expenses
385.459
25.411
163,593
46.375
148,396
1,684
24

5. Staff Costs and number5
2023
2022
Salaries and wages
Social security costs
Pension contribution
744.201
84.512
45.162
873,875
642,704
71,506
39.389
753,599
The number of employees earning over £60,000 in the year is as follows..
2023
Nos
2022
Nos
£70,000 - £80,000
£90,000- £100,000
The average weekly number of employee5 (full time equivalents) during the year was as
follows..
2023
Nos
2022
Nos
Operational
programmes
Fundraising and
publicity
Management and administration
14.6
12.1
The average headcount of employees was17 12022.. 14).
Key management personnel include the trustees, CEO, Deputy CEO, Head of Philanthropy, Head
of Communications and the Head of Finance and Compliance. The total employee benefits of
the charity's key management personnel were £384,404 (2021122.. £397.304).
Every year a charity sector pay benchmarking exercise is carried out to ensure that salaries are
in line with other similar organisations.
No trustee received any remuneration or other employment benefit during the financial year.
(2021/22.. nil).
£1,056 relating to I trustee was spent on travel expenses for board meetings during 2022/23
(2021/22.. 2 trustees. £455).
6. Taxation
The charitable company is exempt from corporation tax as all its income is charitable and is
applied for charitable purposes.
25

7. Tangible fixed assets
Leasehold
improvements
Office Eouipment
Total
Cost
At l April 2022
Additions in year
As at 31 March 2023
49,991
45,661
3,316
48,977
95,652
3,316
98,968
49,991
Depreciation
Al l April 2022
Charge in the year
As at 31 March 2023
29,994
4,999
34,993
35,804
4,619
40,423
65,798
9,618
75.416
Net Book Value
At 31 March 2023
14.998
8.554
23.552
At 31 March 2022
19,997
9,856
29,853
All fixed assets are used to fulfil the charity's objects.
8. Long term debtors
2023
2022
Rent Deposit
Enterprise incubation funds
43.320
154,131
197,451
43,320
334,075
377,395
The Enterprise incubation funds have been made to Hand in Hand Eastern Africa to enable them
to make micro-loans to beneficiaries. They are public benefit entity loans that are not repayable
on demand and were loaned to the beneficiary as part of the purposes of the charity's objects.
There is a five-year repayment plan in place for Hand in Hand Eastern Africa to repay the full
balance. In the year. one repayment of £147,341 was made as part of the repayment plan. £154,131
is due to be repaid in the year to March 312024, and the remaining balance of £154,131 is due to
be repaid by March 312025.
9. Debtors: amounts due within one year
2023
2022
Accrued Income
Other debtors
Prepayments
EIF Loan
1.495.979
1,310,195
1,853
3S,742
153,674
1,501,464
44.512
154,131
1.694.622
26

10. Creditor5- amount5 due within one year
2023
2022
Taxation and social security
Accruals
Trade Creditors
23,365
23,258
251,135
297,758
22.094
496,955
519.049
11. Analysis of net assets between funds
2023
Restricted funds
Unrestricted
funds
Designated
funds
Total funds
Tangible fixed assets
Current assets
23,552
1.161,668
(30,347)
23.552
5,635.556
(519.049)
2,760,669
(488,702)
1,713,219
Net assets as at 31 March
2023
2,271.967
1.154,873
1.713.219
5.140.059
2022
Restricted
funds
Unrestricted
funds
Designated
Funds
Total funds
Tangible fixed assets
Current assets
Current liabilities
Net assets as at Sl March
2022
29,853
832.971
(52,197)
29,853
6.824,310
(297.758)
4.786,821
(245,561)
1,204,518
4,541,260
810,627
1,204,518
6,556,405
27

12. Related parties
The following transactions were made during the year-.
2023
Amount owing to
connected enlily at
year end
Nature of
transactions
Total amount
sent/(received) in
the year
Connected Charity
Nature of
relationship
HIH Sweden
Sister
organisation
Implementing
Partner
Donations
(50,457)
HIH Kenya
Transfers for
projects
Transfers for
projects
3,102,361
488,702
Implementing
Partner
HIH Tanzania
1,495,538
HIH Afghanistan
Implementing
Partner
Implementing
Partner
Sister
organisation
Transfers for
projects
Transfers for
projects
Donations
1,223,739
HIH India
Friends of Hand in
Hand
(1,264,360)
2022
Connected Entity
Nature of
relationship
Total amount
sent/(received) in
the year
Amount owing to
connected enlily at
year end
Nature of
transactions
HIH Sweden
Sister
organisation
Implementing
Partner
Implementing
Partner
Implementing
Partner
Implementing
Partner
Sister
organisation
Forwarding
donations
Transfer for projects
243,995
HIH Kenya
2,920,516
HIH Tanzania
Transfer for projects
918,941
HIH Afghanistan
Transfer for projects
466,262
228,611
HIH India
Transfer for projects
108,216
Friends of Hand in
Hand
Donations
(267,380)
Amalia Johnsson. Deputy CEO, is Chair of Hand in Hand Eastern Africa and is also a trustee of
Hand in Hand Afghanistan.
Dorothea Arndt. CEO, is a trustee of Hand in Hand Eastern Africa.
Bruce Grant, Chair, and Dorothea Arndt are trustee5 of Friend5 of Hand in Hand. a charity
registered in the United States of America.
Transactions with Trustees
During the year 2022/23 2 trustees made donations (2021/22.. 3). These trustees donated a total
of £522,857 (2021/22.. £371,058). I company related to a trustee made donations in the year,
including I donation in kind (2021/22.. 2). The total of these donations was £64,384 (2021/22..
£241,754). Donations from family members of trustees were £112,297 in total (2021/22..
£130,090).
28

13. Obligations under operating leases
2023
Land and
buildings
2022
Land and buildings
Within l year
Between 1-5 years
60.529
140,760
201,289
60.529
201,290
261,819
14. Movements in funds
2023
8alance at I
April 2022
Foreign
Exchange
Gains
Balance at
31 March
2023
Income
Expenditure
Transfers
Restricted Funds
Afghanistan
India
Kenya
Tanzania
422,064
1,272,393
(1,322,826)
(20,482)
351,149
3,000,435
1,118,761
4,541,260
3,089,864
924,337
5.286,594
(4,251,397)
(1,658,213)
(7,232,436)
(247,745)
(55,224)
(323,451)
1,591.157
329.661
2,271,967
Unrestricted Fund5
Unrestricted funds
Designated funds-
match funding
Designated funds - EIF
& Strategic Plan
810,627
967,476
1651,843)
213,863
(185,250)
1.154.873
808,465
808.465
1,204,518
(299,764)
904,754
2.015.145
967.476
(651,843)
(7.884.279)
213,863
213.863
323,451
2.868.092
6.556.405
6.254.070
5.140,059
2022
Balance at I
April 2021
Foreign
Exchange
Gains
Balance at
31 March
2022
Income
Expenditure
Transfers
Restricted funds
Afghanistan
India
Kenya
Tanzania
21,174
797,681
104,809
3,652,207
1,280,382
5.835.079
(434,570)
(112,554)
(3,486,416}
(1,046.733)
(5.080.273)
S7,779
7,745
(14.4591
23,956
55,021
422,064
2,849,103
861,156
3.731.433
3,000,435
1.118.761
4.541.260
Unrestricted Funds
Unrestricted funds
Designated funds
429,705
1,426,986
1.856.691
5,588.124
791,695
(708,389)
130,169
167.447
(222,468}
(55,021)
810.627
1.204,518
2,015.145
6.556.405
791.695
6.626,774
(708.389)
(5.788.662)
130,169
130.169
Transfers relate to cumulative foreign exchange gains/losses at the end of individual projects. More
details of these reserves, including the designated funds, are given in the Financial Review within the
Trustees, Report
29