**Charity registration number 1137523 (England and Wales) Company registration number 7293440**
## **THE PROFOREST INITIATIVE**
# **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **THE PROFOREST INITIATIVE**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|C A Elliott (Chair)|
|---|---|
||M Hobley|
||B A Lindhe|
|**Charity number**|1137523|
|**Company number**|7293440|
|**Registered office**|South Suite|
||Frewin Chambers|
||Frewin Court|
||Oxford|
||OX1 3HZ|
|**Auditor**|Gravita Audit Oxford LLP|
||First Floor, Park Central|
||40-41 Park End Street|
||Oxford|
||OX1 1JD|
|**Bankers**|HSBC plc|
||65 Cornmarket Street|
||Oxford|
||OX1 3HY|
|**Solicitors**|Blake Morgan|
||Seacourt Tower|
||West Way|
||Botley|
||Oxford|
||OX2 0FB|
## **THE PROFOREST INITIATIVE**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 5|
|Independent auditor's report|6 - 9|
|Statement of financial activities|10|
|Balance sheet|11|
|Statement of cash flows|12|
|Notes to the financial statements|13 - 25|
## **THE PROFOREST INITIATIVE**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
The Trustees are pleased to present their report together with the financial statements of the charity for the year ended 31 December 2024.
Legal and administrative information set out on page 1 forms part of this report. The financial statements comply with the Charities Act 2011, the Companies Act 2006 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 UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **Objectives and activities**
1. To promote for the benefit of the public conservation and improvement of the physical and natural environment by promoting sustainable development by:
1.1. The preservation, conservation and the protection of the environment and the prudent use of resources,
1.2. The relief of poverty and the improvement of the conditions of life in socially and economically disadvantaged communities,
1.3. the promotion of sustainable means of achieving economic growth and regeneration.
Sustainable development means development which meets the needs of the present without compromising the ability of future generations to meet their own needs.
2. To advance the education of the public in the conservation, protection and improvement of the physical and natural environment relating to sustainable development and the protection, enhancement and rehabilitation of the environment.
During the year ended 31 December 2024, the Charity received funding to carry out a variety of activities to support implementation of its programmes to improve the environmental and social sustainability of agriculture and forestry commodity production and sourcing. These programmes included work in Europe, Africa and Latin America to contribute to the implementation of sustainable production practices for major commodity crops. To this end, the Charity supported stakeholders including private sector, government and civil society to align action to reduce deforestation; developed tools and guidance to enable agricultural commodity buyers to reduce the environmental and social impacts of their supply chains; and supported largescale collaborative approaches to sustainable land management.
The Charity invested significant time, together with the global Proforest Communications Director on fundraising to support on-going activity and development of Africa Sustainable Commodities Initiative (ASCI), a multistakeholder platform encompassing Cameroon, Ghana, Liberia, Sierra Leone, Gabon, Nigeria, Central African Republic, Democratic Republic of Congo, Cote d’Ivoire and the Republic of Congo. To date, fundraising efforts have resulted in smaller sources of funding in order to maintain progress while the charity continues to fundraise for the programme as a whole. In 2024, the charity developed and submitted a Free, Prior and Informed Consent (FPIC) legal instrument to competent authorities in Republic of Congo and developed capacity building materials and abridged national FPIC guidelines through a multistakeholder process in Liberia. In Nigeria, the charity supported Land and Forest Cover Analysis for both Edo and Ekiti State as part of the development of their ASCI Roadmaps.
The Charity continued to support ‘landscape and jurisdictional‘ approaches to land management with on-theground activities particularly active in Mexico and Indonesia. In Mexico, the charity worked to support the sustainable development of the Mexican palm oil sector by ensuring inclusion of smallholders, strengthening and providing training on sustainability issues and promoting No Deforestation, No Peat, No Exploitation (NDPE). In Indonesia, the charity continued contributing to the Siak Pelalawan Landscape Programme with several workstreams such as village intervention program, multi-stakeholder platform, mill engagement and traceability, social dialogue, deforestation monitoring and response protocol, and conservation. In addition, the program conducts stakeholder engagement, government support and mill engagement.
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## **THE PROFOREST INITIATIVE**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
The Charity has become active in the Landscape and Supply Chain Finance space, working to identify investment mechanisms and trends and map these across to investment needed at different stages of landscape development. In parallel the charity has further developed thinking around the concept of landscape governance and maturity in line with readiness for investment and sees this as an area to further develop and fundraise for in order to support landscape and jurisdictional approaches in the long term.
Over the year, the Charity continued to provide significant technical support to organisations developing voluntary standards systems and methodologies for defining, implementing and assessing the sustainable management of agricultural production. This included continued support to the Accountability Framework Initiative, Roundtable on Sustainable Palm Oil (RSPO), the ISEAL Alliance, Gold Standard, SAI Platform and the World Resources Institute Forest Data Partnership. The Charity continued to develop an e-learning platform to support the activities of the Accountability Framework Initiative. The Charity has continued to build a profile of recognised expertise on questions around new due diligence regulations (such as the EUDR) and the role of voluntary standards systems, as this has become an important theme in agricultural commodity production, trade and sustainability.
The Charity was involved in significant fundraising activities for future projects related to the responsible management of agricultural commodities to enhance conservation and improve living conditions of workers around the world, including indigenous peoples and local communities. The Charity was represented at the Reuters Sustainability Awards, Climate Action Week in both London and New York and COP 29. Grant and project proposals were submitted to UK and European donor organisations.
The Trustees continue to oversee the implementation of policies and procedures to govern the charity’s relationship with third parties, and to strengthen the management and transparency of the charity.
The Trustees confirm that they have complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.
## **Achievements and performance**
## **Financial review**
During 2024, the Charity saw an overall decrease in income and expenditure on charitable activities, yet delivered an in-year surplus of £24k, compared to a deficit of £71k in the previous year. Total income reduced from £1,540k in 2023, to £1,054k in 2024. In 2024 the Charity continued to experience lower levels of contribution from programme grant funding, given that several long-term grant funding initiatives ended in the previous financial year, but also succeeded in securing higher levels, in both restricted and unrestricted, funding than planned for a number of Collaboration and Multi-StakeHolder shorter term projects.
Fixed costs, excluding foreign currency impact, decreased to £129k as a consequence of the reduction of charitable activities (2023; £218k). During the year the charity suffered foreign currency losses £8k (2023: £19k).
In 2024 the Charity’s net expenditure on unfunded restricted activities was Nil (2023: £1k). At the end of the 2024 financial year, the Charity did not carry forward any restricted funds (2023: £Nil).
Our programme and grant funded projects delivery was funded in 2024 by several grants from donors with the two largest being from Charities Aid Foundation (CAF) America- Cargill charitable Foundation and the nonprofit RainForest Alliance Inc.
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## **THE PROFOREST INITIATIVE**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **Reserves policy**
The Proforest Initiative has a policy of building and maintaining reserves approximately equal to six months (50%) of the annual running costs in order to ensure the organisation can deal with fluctuations in income and payment schedules. In addition to the agreed level of operational reserves, the charity also chooses to ringfence a certain level of additional reserves approximately equivalent to 12% of annual running costs, to act as a buffer against significant future foreign exchange rate fluctuations and direct programme related expenses not covered by grant or donor funding. Proforest Ltd agrees to underwrite the Proforest Initiative should adequate reserves not be available. The reserve levels are reviewed annually by the Trustees, as part of the review of the accounts and, where the unrestricted reserves are not at the required level, a strategy for adjusting the reserves over the following year will be agreed.
The unrestricted reserves held at 31 December 2024 are £402k (2023: £379k) In addition to the ringfenced reserves, the trustees approved a spend facility of £50k against unrestricted reserves to cover unfunded running costs in 2024. The approved facility was not required due to a surplus generated from efficiencies in the management of unrestricted funded projects. The surplus in 2024 increased the charity ‘s unrestricted reserves by £23k, compared with the £71k draw-down in 2023.
The current reserve level is above the annual operating cost of the Charity and the trustees continue to consider any surplus above requirement, a useful buffer against short-term funding gaps.
It is the opinion of the trustees that there is no significant impact on the charity’s activities and going concern status.
## **Plans for future periods**
In 2025, the Charity is seeking substantial funding for further action on:
- Bridging the disconnect between consumer country regulations and the realities of production on the ground through engagement and technical support for policy makers and implementers
- Scale up support and investment from both philanthropic and financial sectors in landscape and jurisdictional initiatives, and other large-scale approaches to environmentally and socially responsible agricultural commodity production. Supporting producer countries to develop mechanisms which enable them to comply with increasing consumer country due diligence legislation, such as the EU Deforestation Regulation, EU CSRD, and the UK Environment Act.
- Developing approaches to ensure human rights are respected in agricultural commodity production landscapes. This includes sustainable and smallholder livelihoods as well as labour, land, indigenous people and communities, child and gender rights, among others.
The Charity is continually improving its financial and management systems, overseen by the Trustees.
## **Structure, governance and management**
The Proforest Initiative is a company limited by guarantee (registered at Cardiff on 23 June 2010) and a charity (registered on 17 August 2010) governed by its Memorandum and Articles of Association. Charity number: 1137523. Company number: 7293440.
The directors of the charitable company (‘the Charity’) are its trustees for the purpose of Charity Law and throughout this report are collectively referred to as the Trustees.
The number of Trustees is at least three, and not more than six. Trustees serve for an initial term of three years and approximately one third of Trustees retire at each AGM. A Trustee may volunteer to stay on the Board for a second period of three years. The trustees meet approximately quarterly, by telephone if they so agree, but in person at least once a year.
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## **THE PROFOREST INITIATIVE**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
C A Elliott (Chair) I A R Smyth (Resigned 31 January 2024) M Hobley B A Lindhe
Under the Memorandum and Articles of Association, the Charity has the power to make any investment, but only after obtaining such advice from a financial expert as the Trustees consider necessary, and having regard to the suitability of investments and the need for diversification. No investment has been made to date.
## **Pay policy for senior staff**
The board of directors, who are the Charity’s Trustees, and the senior management team comprise the key management personnel of the charity in charge of directing and controlling, running and operating the Charity on a day to day basis. All Trustees give of their time freely and no Trustee received remuneration in the year. Details of Trustees’ expenses are disclosed in note 7 to the accounts.
The pay of the senior staff is reviewed annually and normally increased in line with inflation. The Board of Trustees are informed of pay reviews for senior staff.
## **Risk Management**
The major risks to which the Charity is exposed, as identified by the Trustees, have been reviewed and systems or procedures have been established to manage those risks. A risk management matrix details risks and confirms the procedures in place and is reviewed and approved each year. As several programmes include work in high risk countries (post-conflict or limited infrastructure to respond to accidents and emergencies) work plans are reviewed and, if necessary amended, to respond to any risk which cannot be adequately mitigated.
## **Statement of trustees' responsibilities**
The Trustees (who are also directors of The Proforest Initiative for the purposes of company law) are responsible for preparing the Trustees’ 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 year, which give a true and fair view of the state of affairs of the charitable company 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 in the Charities SORP
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK accounting standards have been followed, subject to any material departure 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 charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
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## **THE PROFOREST INITIATIVE**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **Auditor**
In accordance with the company's articles, a resolution proposing that Gravita Audit Oxford LLP be reappointed as auditor of the company will be put at a General Meeting.
## **Disclosure of information to auditor**
Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.
The trustees' report was approved by the Board of Trustees.
..............................
C A Elliott (Chair) **Trustee**
June 4 2025 Date: .............................................
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## **THE PROFOREST INITIATIVE**
## **INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE PROFOREST INITIATIVE**
## **Opinion**
We have audited the financial statements of The Proforest Initiative (the ‘charity’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including 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 December 2024 and of its incoming resources and application of resources, including 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 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 the 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.
## **Other information**
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of our audit:
- the information given in the trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and
- the directors' report included within the trustees' report has been prepared in accordance with applicable legal requirements.
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## **THE PROFOREST INITIATIVE**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE PROFOREST INITIATIVE**
## **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 directors' report included within the trustees' report.
- We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires 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 and returns; or
- certain disclosures of trustees' 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.
## **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 charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor's responsibilities for the audit of the financial statements**
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.
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 commercial knowledge and experience of the client’s business 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 charitable company, including the Companies Act 2006, Charities Act 2011, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; 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.
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## **THE PROFOREST INITIATIVE**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE PROFOREST INITIATIVE**
We assessed the susceptibility of the charitable company’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;
- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.
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 those charged with governance; 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 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 is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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## **THE PROFOREST INITIATIVE**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE PROFOREST INITIATIVE**
## **Use of our report**
This report is made solely to the charitable company’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 charitable company’s members 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
**Robert Kirtland (Senior Statutory Auditor) for and on behalf of Gravita Audit Oxford LLP**
12/6/2025 .........................
## **Statutory Auditor**
First Floor, Park Central 40-41 Park End Street Oxford OX1 1JD
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## **THE PROFOREST INITIATIVE**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2024**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**3**
-
444,359
Charitable activities
605,721
-
Investments
**4**
4,124
-
**Total income**
609,845
444,359
**Expenditure on:**
Charitable activities
**5**
586,340
444,359
**Total expenditure**
586,340
444,359
**Net income/(expenditure)**
23,505
-
Transfers between
funds
-
-
**Net movement in**
**funds**
**7**
23,505
-
**Reconciliation of funds:**
Fund balances at 1 January
2024
378,895
-
**Fund balances at 31**
**December 2024**
402,400
-|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2023**
**2023**
**£**
**£**
**£**
444,359
-
753,538
605,721
786,581
-
4,124
570
-
1,054,204
787,151
753,538
1,030,699
857,245
754,649
1,030,699
857,245
754,649
23,505
(70,094)
(1,111)
-
(1,111)
1,111
23,505
(71,205)
-
378,895
450,100
-
402,400
378,895
-|**Total**
**2023**
**£**
753,538
786,581
570
1,540,689
1,611,894
1,611,894
(71,205)
-
(71,205)
450,100
378,895|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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## **THE PROFOREST INITIATIVE**
## **BALANCE SHEET**
## _**AS AT 31 DECEMBER 2024**_
|**Notes**
**Current assets**
Debtors
**11**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
Other creditors
**12**
Deferred income
**13**
**Net current assets**
**The funds of the charity**
Unrestricted funds
**15**|**2024**
**£**
283,117
536,341
819,458
202,804
214,254
417,058|**£**
402,400
402,400
402,400|**2023**
**£**
238,403
359,230
597,633
180,116
38,622
218,738|**£**
378,895|
|---|---|---|---|---|
|||||378,895|
|||||378,895|
June 4 2025
The financial statements were approved by the trustees on .........................
.............................. C A Elliott (Chair) **Trustee**
Company registration number 7293440 (England and Wales)
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## **THE PROFOREST INITIATIVE**
## **STATEMENT OF CASH FLOWS**
## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
|**Notes**
**Cash flows from operating activities**
Cash generated from/(absorbed by)
operations
**18**
**Investing activities**
Investment income received
**Net cash generated from investing activities**
**Net cash generated from financing activities**
**Net increase/(decrease) in cash and cash**
**equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2024**
**£**
4,124|**£**
172,987
4,124
-
177,111
359,230
536,341|**2023**
**£**
**£**
(250,289)
570
570
-
(249,719)
608,949
359,230|
|---|---|---|---|
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## **THE PROFOREST INITIATIVE**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **1 Accounting policies**
## **Charity information**
The Proforest Initiative is a private company limited by guarantee incorporated in England and Wales and a charity governed by its Memorandum and Articles of Association. Charity number: 1137523. Company number: 7293440. The registered office is South Suite, Frewin Chambers, Frewin Court, Oxford, OX1 3HZ.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
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 £.
The financial statements have been prepared under the historical cost convention, unless otherwise stated in the accounting policy notes. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, 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 financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds can only be used for particular restricted purposes within the objects of the Charity. Where a donor has specified a particular purpose for a donation, the income is shown as restricted income in the Statement of Financial Activities. Any such income unexpended at the year end is shown as a restricted fund in the balance sheet. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Details of the restricted funds are provided in the notes to the accounts.
## **1.4 Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Grant income is generally recognised on a receivable basis and is reported gross of related expenditure, where the amounts are reasonably certain and when there is adequate certainty of receipt.
Funding received for future periods is carried forward in deferred income until the related expenditure has been incurred.
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## **THE PROFOREST INITIATIVE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **1 Accounting policies**
## **(Continued)**
## **1.5 Expenditure**
Expenditure is accounted for on an accruals basis and gross of any related income. They are classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with use of the resources.
- Costs of charitable activity comprises direct expenditure. Where costs cannot be directly attributed, they have been allocated to activities on a basis consistent with the use of resources.
- Governance costs include those costs, such as audit or independent examination fees and legal and professional fees, associated with constitutional and statutory requirements.
- Support costs and governance costs, reported under “Other Charitable Expenditure” have not been apportioned across the reported charitable activities. Apportioning these costs would not add any further benefit to interpreting the accounts, in the opinion of the charity.
## **1.6 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.7 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
- 14 -
## **THE PROFOREST INITIATIVE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **2 Critical accounting estimates and judgements**
In the application of the charity’s 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.
## **Critical judgements**
## **Deferred income**
The element of charitable income which relates to costs which have not been incurred at the balance sheet date are carried forward to be matched against the costs when they are incurred. Management exercises judgement to calculate the amounts to be deferred by reference to budgeted expenditure and grant conditions.
## **Accruals**
Management exercises judgement in calculating year end accruals with reference to information relating to costs incurred post year end, and budgeted expenditure.
## **3 Donations and grants**
||**Restricted**|Restricted|
|---|---|---|
||**funds**|funds|
||**2024**|2023|
||**£**|£|
|Grant income|444,359|753,538|
|**Grants receivable for core activities**|**£**|£|
|IKICall 2016|-|497,119|
|FCDO_P4F_TFA Phase III|-|236,785|
|PIBR HRDD Toolkit for Sugarcane|2,048|-|
|HRDD Toolkit for Sugarcane|16,729|8,271|
|Other|425,582|11,363|
||444,359|753,538|
The following acronyms have been used above and in note 13 to the accounts:
APOI Africa Palm Oil Initiative IKI International Climate Initiative HRDD Sugarcane Toolkit Programme FCDO Foreign,, Commonwealth & Development Office TFA Tropical Forest Alliance
- 15 -
## **THE PROFOREST INITIATIVE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **4 Income from investments**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
||**£**|**£**|
|Bank interest receivable|4,124|570|
- 16 -
## **THE PROFOREST INITIATIVE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **5 Charitable activities**
|Labour costs for programme delivery
Programme expenses recharged
3rd Party Sub Contractor costs
3rd Party programme related expenses
RSS Partnership payments
Share of support costs (see note 6)
Share of governance costs (see note 6)
**Analysis by fund**
Unrestricted funds
Restricted funds|**Proforest**
**Ltd**
**2024**
**£**
278,467
232,474
-
-
-
510,941
-
-
510,941
241,969
268,972
510,941|**Proforest**
**Latin**
**America**
**2024**
**£**
100,952
-
-
-
-
100,952
-
-
100,952
3,965
96,987
100,952|**Proforest**
**Mexico**
**2024**
**£**
52,359
-
-
-
-
52,359
-
-
52,359
-
52,359
52,359|**Proforest**
**Ghana**
**2024**
**£**
6,612
-
-
-
-
6,612
-
-
6,612
6,612
-
6,612|**Proforest**
**Sdn Bhd**
**Other**
**Charitable**
**Expenditure**
**2024**
**2024**
**£**
**£**
30,350
-
-
-
-
84,541
-
16,384
-
91,014
30,350
191,939
-
123,739
-
13,807
30,350
329,485
30,350
303,444
-
26,041
30,350
329,485|**Total**
**2024**
**£**
468,740
232,474
84,541
16,384
91,014
893,153
123,739
13,807
1,030,699
586,340
444,359
1,030,699|**Total**
**2023**
**£**
623,586
413,593
178,518
80,709
78,727|
|---|---|---|---|---|---|---|---|
||||||||1,375,133
225,965
10,796|
||||||||1,611,894|
||||||||857,245
754,649|
||||||||1,611,894|
The Proforest Initiative's one charitable activity is that of the promotion of and education regarding sustainable development and the protection of the environment.
- 17 -
## **THE PROFOREST INITIATIVE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **5 Charitable activities**
**(Continued)**
## **For the year ended 31 December 2023**
|Labour costs for programme delivery
Programme expenses recharged
3rd Party Sub Contractor costs
3rd Party programme related expenses
RSS Partnership payments
Share of support costs (see note 6)
Share of governance costs (see note 6)
**Analysis by fund**
Unrestricted funds
Restricted funds|**Proforest**
**Ltd**
**£**
352,634
183,608
-
-
-
536,242
-
-
536,242
269,550
266,692
536,242|**Proforest**
**Latin**
**America**
**£**
118,658
87,990
-
-
-
206,648
-
-
206,648
77,172
129,476
206,648|**Proforest**
**Mexico**
**£**
43,956
-
-
-
-
43,956
-
-
43,956
43,956
-
43,956|**Proforest**
**Ghana**
**Proforest**
**Initiative Africa**
**(Ghana)**
**£**
**£**
18,504
67,358
-
141,995
-
-
-
-
-
-
18,504
209,353
-
-
-
-
18,504
209,353
18,504
-
-
209,353
18,504
209,353|**Proforest**
**Sdn Bhd**
**Other**
**Charitable**
**Expenditure**
**£**
**£**
22,476
-
-
-
-
178,518
-
80,709
-
78,727
22,476
337,954
-
225,965
-
10,796
22,476
574,715
22,476
425,587
-
149,128
22,476
574,715|**Total**
**2023**
**£**
623,586
413,593
178,518
80,709
78,727|
|---|---|---|---|---|---|---|
|||||||1,375,133
225,965
10,796|
|||||||1,611,894|
|||||||857,245
754,649|
|||||||1,611,894|
The Proforest Initiative's one charitable activity is that of the promotion of and education regarding sustainable development and the protection of the environment.
- 18 -
## **THE PROFOREST INITIATIVE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **6 Support costs allocated to activities**
|Programme development
Management and administrative support
Office and establishment costs
Other expenses
Governance costs
**Analysed between:**
Charitable activities
**Governance costs comprise:**
Audit fees
Trustees' meeting costs
Other expenses|**2024**
**£**
2,360
86,915
33,527
936
13,808
137,546
137,546
**2024**
**£**
6,850
6,867
91
13,808|**2023**
**£**
3,347
145,397
73,327
3,894
10,796|
|---|---|---|
|||236,761|
|||236,761|
|||**2023**
**£**
6,850
3,946
-|
|||10,796|
Governance costs includes payments to the auditors of £6,850 (2023- £6,850) for audit fees.
|**7**|**Net movement in funds**|**2024**|**2023**|
|---|---|---|---|
|||**£**|**£**|
||The net movement in funds is stated after charging/(crediting):|||
||Fees payable for the audit of the charity's financial statements|6,850|6,850|
## **8 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
In 2024 three trustees had £4,923 of expenses reimbursed during the year (2023: Three trustees were reimbursed £1,288). In 2024 £1,085 was expended by trustees on their behalf for lunches and travel (2023 £2,122 for four trustees).
- 19 -
## **THE PROFOREST INITIATIVE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **9 Staff costs**
|Management
Operations and IT
Finance
Fundraising
Total|**2024**
**Number**
1
1
1
1
4|**2023**
**Number**
1
1
2
-|
|---|---|---|
|||4|
The amount of £86,915 (2023: £145,397) (see note 6) includes costs of £82,149 (2023: £135,570 for management and administrative support for The Proforest Initiative provided by staff whose costs were paid by Proforest Ltd . Employees of Proforest Ltd have joint contracts of employment with The Proforest Initiative.
Key management personnel comprise the Trustees, the chief executive officer, the operations director and the finance director. In 2023 there was also a program director and the Africa regional director. Remuneration paid to the charity’s key management personnel in the year totaled £270,290 (2023: £435,411) of which £15,549 (2023: £131,997) is included as an expense in these accounts.
The number of employees whose annual remuneration was more than £60,000 is as follows:
|||**2024**|**2023**|
|---|---|---|---|
|||**Number**|**Number**|
|£60,001|- £70,000|1|5|
|£70,001|- £80,000|1|2|
|£80,001|- £90,000|2|3|
|£90,001|- £100,000|1|-|
## **10 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
## **11 Debtors**
|**Amounts falling due within one year:**
Trade debtors
Amounts due from fellow subsidiaries
Other debtors
Accrued income|**2024**
**£**
233,797
2,967
-
46,353
283,117|**2023**
**£**
182,130
13,467
3,357
39,449|
|---|---|---|
|||238,403|
- 20 -
## **THE PROFOREST INITIATIVE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
|**12**
**Other creditors falling due within one year**
Trade creditors
Amounts due to related parties (see note 16)
Accruals and deferred income
**13**
**Deferred income**
Arising from grants received for specific future
programmes
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Movements in the year:
Deferred income at 1 January 2024
Released from previous periods
Resources deferred in the year
Deferred income at 31 December 2024|**2024**
**£**
-
179,815
22,989
202,804
**2024**
**£**
214,254
**2024**
**£**
214,254
38,622
(38,622)
214,254
214,254|**2023**
**£**
25,920
126,972
27,224
180,116
**2023**
**£**
38,622
**2023**
**£**
38,622
11,700
(11,700)
38,622
38,622|
|---|---|---|
- 21 -
## **THE PROFOREST INITIATIVE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **14 Restricted funds**
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
|**At 1**
Rainforest Alliance
HSBC Grant funding
HRDD Toolkit for Sugarcane
PIBR HRDD Toolkit for
Sugarcane
Cargill Grant
**Previous year:**
**At 1**
Africa TFA APOI
IKI Landscape
Service S016
HRDD Toolkit for Sugarcane|**January**
**2024**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**At 31**
**December**
**2024**
**£**
**£**
**£**
**£**
**£**
-
34,009
(34,009)
-
-
-
9,267
(9,267)
-
-
-
16,729
(16,729)
-
-
-
2,048
(2,048)
-
-
-
382,306
(382,306)
-
-
-
444,359
(444,359)
-
-
**January**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**At 31**
**December**
**2023**
**£**
**£**
**£**
**£**
**£**
-
236,785
(239,335)
2,550
-
-
497,119
(495,680)
(1,439)
-
-
11,363
(11,363)
-
-
-
8,271
(8,271)
-
-
-
753,538
(754,649)
1,111
-|
|---|---|
Restricted monies were received from a variety of sources to support the programmes outlined above:
## _**Africa TFA APOI programme**_
Africa Palm Oil Initiative: a multistakeholder initiative involving 9 countries and 1 state in Central and West Africa to promote the development of sustainable palm oil.
## _**IKI Landscape programme**_
Support to landscape initiatives in Ghana, Cote d’Ivoire and Peru to align private sector initiatives to combat deforestation with government and civil society action in each country.
## _**HRDD Sugarcane Toolkit Programme**_
Implementation of a Human Rights Due Diligence methodology in the sugar sector in Brazil as well as the development of capacity building materials on the topic.
## _**The Rainforest Allicance**_
Various grant agreements to support ongoing projects with differing milestone budgets.
## _**Cargill Grant**_
This grant was received on behalf of Proforest Limited, and passed through to this entity. No grant activity was concluded through the Proforest Initiative.
- 22 -
## **THE PROFOREST INITIATIVE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **15 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
|**At 1**
General funds
**Previous year:**
**At 1**
General funds|**January**
**2024**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**At 31**
**December**
**2024**
**£**
**£**
**£**
**£**
**£**
378,895
609,845
(586,340)
-
402,400
**January**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**At 31**
**December**
**2023**
**£**
**£**
**£**
**£**
**£**
450,100
787,151
(857,245)
(1,111)
378,895|
|---|---|
## **16 Commitments of the Charity**
As at 31 December 2024 the Charity:
- had no material commitments not provided for in the accounts
- had given no guarantees to third parties
- had no liabilities secured on its assets
- had made no loans to connected persons or otherwise
- had made no ex-gratia payments in the year then ended.
## **17 Related party transactions and controlling party**
## **Transactions with related parties**
- 23 -
## **THE PROFOREST INITIATIVE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **17 Related party transactions and controlling party**
## **(Continued)**
Proforest Initiative is a subsidiary of Proforest Ltd in accordance with the provisions of section 1159 of the Companies Act 2006. The reason that Proforest Initiative falls within this definition is that Proforest Ltd is the sole member of Proforest Initiative. Each trustee of the Proforest Initiative has one vote. The sole member cannot overrule any decision making by the Trustees. In theory, sole membership entitles Proforest Ltd to resign the Board of Trustees, however in practice this could not happen due to the regulatory framework in which the charity operates.
Proforest Ltd’s principal objectives are to help people to produce and source natural resources sustainably. Proforest Ltd provides consultancy services to companies, developing practical approaches to responsible production and sourcing that support companies in their transition to better practices on the ground.
During the year ended 31 December 2024 Proforest Limited recharged The Proforest Initiative £510,941 (2023: £536,242) for costs of charitable activity paid on its behalf. As at 31 December 2024 £177,741 (2023: £91,149) was due to Proforest Limited from The Proforest Initiative. £Nil (2023: £Nil) was due from Proforest Limited to The Proforest Initiative.
During the year ended 31 December 2024 Proforest Sdn Bhd (a wholly owned Malaysian subsidiary of Proforest Limited) recharged The Proforest Initiative £30,350 (2023: £22,476) for costs of charitable activity paid on its behalf. As at 31 December 2024, £2,074 (2023: £160) was due from Proforest Sdn Bhd to The Proforest Initiative and £Nil (2023: £6,567) was due to Proforest Sdn Bhd from the Proforest Initiative.
During the year ended 31 December 2024 Proforest Ghana (a company under common control but shares objectives with The Proforest Initiative and works closely with it) recharged The Proforest Initiative £6,612 (2023: £18,504) for costs of charitable activity paid on its behalf. As at 31 December 2024 £Nil (2023: £12,484) was due from The Proforest Initiative to Proforest Ghana.
During the year ended 31 December 2024 Proforest Initiative Africa, a registered charity in Ghana not under common control but sharing objectives with the Proforest Initiative, recharged The Proforest Initiative was recharged £Nil (2023: £209,353) for costs of charitable activity paid on its behalf. As at 31 December 2024 £Nil (2023: £Nil) was due to Proforest Initiative Africa and £334 (2023: £12,732) was due from Proforest Initiative Africa to The Proforest Initiative.
During the year ended 31 December 2024 Proforest Brazil (an Association registered in Brazil, which is not under common control), recharged The Proforest Initiative £Nil (2023: £Nil) for costs of charitable activity paid on its behalf. As at 31 December 2024, £Nil (2023: £8,059) was due to Proforest Brazil from The Proforest Initiative. As at 31 December 2024, £2,633 (2023: £585) was due from Proforest Brazil to The Proforest Initiative.
During the year ended 31 December 2024 Proforest Latin America (the equivalent of a limited company in the UK), which is not under common control, but shares objectives with The Proforest Initiative and works closely with it) recharged The Proforest Initiative £100,952 (2023: £206,648) for costs of charitable activity paid on its behalf. As at 31 December 2024, £Nil (2023: £10,292) was owed by The Proforest Initiative to Proforest Latin America.
During the year ended 31 December 2024 Proforest Mexico (the equivalent of a limited company in the UK), which is not under common control, but shares objectives with The Proforest Initiative and works closely with it) recharged The Proforest Mexico £52,359 (2023: £43,956) for costs of charitable activity paid on its behalf. As at 31 December 2024, £Nil (2023: £Nil) was owed by The Proforest Initiative to Proforest Mexico.
- 24 -
## **THE PROFOREST INITIATIVE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
|**18**
**Cash generated from/(absorbed by) operations**
Surplus/(deficit) for the year
**Adjustments for:**
Investment income recognised in statement of financial activities
**Movements in working capital:**
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Increase in deferred income
**Cash generated from/(absorbed by) operations**
**19**
**Analysis of changes in net funds**|**2024**
**2023**
**£**
**£**
23,505
(71,205)
(4,124)
(570)
(44,714)
209,126
22,688
(414,562)
175,632
26,922
172,987
(250,289)|
|---|---|
The charity had no material debt during the year.
- 25 -