Charity registration number 1149540 Company registration number 07988621 (England and Wales) ## THE GIRAFFE PROJECT ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 **==> picture [186 x 124] intentionally omitted <==** ## THE GIRAFFE PROJECT ## LEGAL AND ADMINISTRATIVE INFORMATION |Trustees|Mr I Dalton|| |---|---|---| ||Mr R A Baines|| ||Mrs D Baines|| ||Mrs G Horstkotte-Wesseler|| ||Mr Iosif Igna|(Appointed 4 July 2024)| |Charity number|1149540|| |Company number|07988621|| |Registered office|71-75 Shelton Street|| ||Covent Garden|| ||London|| ||WC2H 9JQ|| |Independent examiner|Colin Dadswell FCA FCCA DChA|| ||Caladine Limited|| ||Chantry House|| ||22 Upperton Road|| ||Eastbourne|| ||East Sussex|| ||BN21 1BF|| |Bankers|NCBA Bank Kenya|| ||Mara Road|| ||Upper-hill|| ||P.O Box 44599-00100|| ||Nairobi|| ||Kenya|| ||HSBC|| ||1 Corn Market|| ||High Wycombe|| ||Buckinghamshire|| ||HP11 2AY|| ## THE GIRAFFE PROJECT ## CONTENTS ||Page| |---|---| |Trustees' report|1 - 3| |Independent examiner's report|4| |Statement of financial activities|5 - 6| |Statement of financial position|7| |Notes to the financial statements|8 - 15| ## THE GIRAFFE PROJECT ## TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual report and financial statements for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's Memorandum of Association, 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 The Charity's objective of The Giraffe Project (operating as The Giraffe Project children's charity) as stated in the Memorandum of Association is: - to advance the education of underprivileged children and young people in Nairobi, Kenya and the surrounding area, by providing and assisting in the provision of fees, feeding programmes and facilities for education in schools. ## Public benefit The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake. ## Achievements and performance ## Significant activities and achievements against objectives We are advancing the education of underprivileged children and young people in Nairobi, Kenya by sponsoring school children and college students, and by carrying out various infrastructure and other projects in the schools where our students are placed. ## Our achievements in 2023 We sponsored 343 children and young people through all levels of education in 2023. We concluded a major programme to improve the sanitation and drainage in ByGrace secondary school. (The floods of 2024 later revealed how necessary this work was as the school survived largely unscathed whereas many other properties suffered considerable damage.) ## Primary education In 2023 we funded 155 children in two primary schools - Green Pastures (Kibera) and Tumaini (Mathare North). ## Secondary education We sponsored 21 Junior High School students 103 and students at ByGrace High School in 2023, many of them coming from the poorest areas of Kenya, such as Dandora the site of Nairobi’s principal waste dump and sewage recycling lagoons. ## Higher education We sponsored 64 students through higher education in 2023. The courses are diverse with some of the more academic students sitting for degrees and diplomas whilst others pursue more practical programmes. In each case, our aim, and the aim of our partner schools, is to help these young people overcome their disadvantages and go forward into employment and lead productive and fulfilled lives. ## Alumni We remain in close contact with many of our alumni , who have formed an official Giraffe alumni association. The main goal of the association is to support its members who may be seeking work, and to provide a point of meeting and maintaining relationships. - 1 - ## THE GIRAFFE PROJECT ## TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 ## Financial review In 2023 we did not work with any professional fundraisers. No income (contracts or grants) was received from any central government or local authority, and we have no trading subsidiaries. Our main source of funding is sponsorship and donations from individuals and organisations across the world. We also undertake other fundraising activities, such as the Brussels 20km run. The Charity received income of £229,773 (2022: £242,916) and had expenditure of £219,570 (2022: £314,967) during the year ended 31 December 2023. After adjustments for currency losses of £15,336 (2022: Currency gains £429) the overall movement result for the year was a deficit of £5,133 (2022: Deficit of £71,622) At 31 December 2023 the Giraffe Project had a positive fund balance of £116,506 made up of £86,102 in restricted funds and £30,404 in general unrestricted funds. The Board will continue to support education projects at schools where our sponsored students will directly benefit from the investments made, such as new classrooms and the provision of computer networks to facilitate IT training. We will continue to support education projects at schools where our sponsored students will directly benefit from the investments made, such as new classrooms and the provision of computer networks to facilitate IT training. ## Reserves policy It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s sponsorship expenditure which currently corresponds to between £50,000 and £100,000. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity’s current activities while consideration is given to ways in which additional funds may be raised. Reserves were below the target level at the balance sheet date and the Trustees are looking at ways to improve the position in the coming year. The Trustees have assessed the major risks to which the Charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks. ## Major risks The Trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. ## Structure, governance and management The Giraffe Project is governed by a Memorandum of Association date 31 January 2012 when it became a charitable company. From foundation in 2006 until this date The Giraffe Project was constituted as a Charity, governed by a deed of trust. The Giraffe Project is managed by 5 volunteer trustees supported by a Kenya executive and 2 staff members. In Europe we are supported by a wonderful group of volunteers who help us to raise funds. We’d like to thank each and every one of them for their hard work, creativity and encouragement. They are the unsung heroes of the Giraffe Project. ## General responsibilities of Trustees/Directors Trustees are appointed by the existing Board of Trustees, having regard to the skills, knowledge and experience needed for the effective leadership and administration of the charity. Alongside the Chair and the Treasurer, individual trustees are responsible for overseeing fundraising, sponsorship, communications, and our Kenya office. All trustees are unpaid, but they are eligible for reimbursement for travel and administrative expenses. No trustee received any payment in 2023 and flights and accommodation were paid by the charity for one trip to Kenya from Europe for two trustees. - 2 - ## THE GIRAFFE PROJECT ## TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 ## Changes to the Board of Trustees 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: Mr I Dalton Mr R A Baines Mrs D Baines Mr J Koenemann (Resigned 31 March 2023) Mrs G Horstkotte-Wesseler Mr Iosif Igna (Appointed 4 July 2024) Recruitment and appointment of trustees None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up. The Trustees' report was approved by the Board of Trustees. **==> picture [98 x 23] intentionally omitted <==** **==> picture [38 x 21] intentionally omitted <==** .............................. .............................. Mr I Dalton Mr R A Baines Director Director **06/09/2024** Date: ............................................. - 3 - ## THE GIRAFFE PROJECT ## INDEPENDENT EXAMINER'S REPORT ## TO THE TRUSTEES OF THE GIRAFFE PROJECT I report to the Trustees on my examination of the financial statements of The Giraffe Project (the Charity) for the year ended 31 December 2023. ## Responsibilities and basis of report As the Trustees of the Charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act). Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## Independent examiner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: - 1 accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or - 2 the financial statements do not accord with those records; or - 3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or - 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. **==> picture [75 x 25] intentionally omitted <==** ## Colin Dadswell FCA FCCA DChA Caladine Limited Chantry House 22 Upperton Road Eastbourne East Sussex BN21 1BF Dated: ......................... - 4 - ## THE GIRAFFE PROJECT ## STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT ## FOR THE YEAR ENDED 31 DECEMBER 2023 |Current financial|Current financial|year||||||| |---|---|---|---|---|---|---|---|---| |||||Unrestricted|Restricted||Total|Total| |||||funds||funds||| |||||2023||2023|2023|2022| ||||Notes|£||£|£|£| |Income from:||||||||| |Donations and legacies|||3|3,730||207,743|211,473|228,752| |Charitable activities|||4|16,790||1,367|18,157|14,092| |Investments|||5|143||-|143|72| |Total income||||20,663||209,110|229,773|242,916| |Expenditure on:||||||||| |Raising funds|||6|1,928||-|1,928|499| |Charitable activities|||7|66,556||151,086|217,642|314,468| |Total expenditure||||68,484||151,086|219,570|314,967| |Net (expenditure)/income for the year/||||||||| |Net (outgoing)/incoming resources||||(47,821)||58,024|10,203|(72,051)| |Other recognised gains and losses||||||||| |Other gains or losses|||13|(15,336)||-|(15,336)|429| |Net movement in funds||||(63,157)||58,024|(5,133)|(71,622)| |Fund balances|at 1 January 2023|||93,561||28,078|121,639|193,261| |Fund balances at 31 December 2023||||30,404||86,102|116,506|121,639| The statement of financial activities includes all gains and losses recognised in the year. The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. - 5 - ## THE GIRAFFE PROJECT ## STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT ## FOR THE YEAR ENDED 31 DECEMBER 2023 |Prior financial|year|year|||||| |---|---|---|---|---|---|---|---| |||||Unrestricted|Restricted||Total| |||||funds||funds|| |||||2022||2022|2022| ||||Notes|£||£|£| |Income from:|||||||| |Donations and legacies|||3|23,894||204,858|228,752| |Charitable activities|||4|9,674||4,418|14,092| |Investments|||5|72||-|72| |Total income||||33,640||209,276|242,916| |Expenditure on:|||||||| |Raising funds|||6|499||-|499| |Charitable activities|||7|60,781||253,687|314,468| |Total expenditure||||61,280||253,687|314,967| |Net (expenditure)/income for the year/|||||||| |Net (outgoing)/incoming resources||||(27,640)||(44,411)|(72,051)| |Other recognised gains and losses|||||||| |Other gains or losses|||13|429||-|429| |Net movement in funds||||(27,211)||(44,411)|(71,622)| |Fund balances|at 1 January 2022|||120,772||72,489|193,261| |Fund balances at 31 December 2022||||93,561||28,078|121,639| - 6 - ## THE GIRAFFE PROJECT ## STATEMENT OF FINANCIAL POSITION ## AS AT 31 DECEMBER 2023 ||||2023||2022|| |---|---|---|---|---|---|---| ||Notes|£||£|£|£| |Current assets||||||| |Trade and other receivables|14|6,957|||9,227|| |Cash at bank and in hand||110,102|||112,412|| |||117,059|||121,639|| |Current liabilities|15|(553)|||-|| |Net current assets||||116,506||121,639| |The funds of the Charity||||||| |Restricted income funds|17|||86,102||28,078| |Unrestricted funds||||30,404||93,561| |||||116,506||121,639| The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2023. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. ## **06/09/2024** The financial statements were approved by the Trustees on ......................... **==> picture [74 x 17] intentionally omitted <==** **==> picture [35 x 20] intentionally omitted <==** |..............................|..............................| |---|---| |Mr I Dalton|Mr R A Baines| |Director|Director| Company registration number 07988621 (England and Wales) - 7 - ## THE GIRAFFE PROJECT ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ## 1 Accounting policies ## Company information The Giraffe Project is a private company limited by guarantee incorporated in England and Wales. The registered office is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ. ## 1.1 Accounting convention The financial statements have been prepared in accordance with the Charity's Memorandum of Association, 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)". The Charity is a Public Benefit Entity as defined by FRS 102. The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. 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. 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 are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. ## 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. Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. ## 1.5 Expenditure Liabilities are recognised when a constructive obligation exists, the payment is probable and the obligation can be measured or estimated reliably. Resources expended are allocated to the particular cost centre to which they relate and include irrecoverable VAT. - 8 - ## THE GIRAFFE PROJECT ## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 ## 1 Accounting policies (Continued) ## 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 trade and other receivables 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 trade and other payables 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 payables 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 payables 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. ## 1.8 Employee benefits - The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. - 9 - ## THE GIRAFFE PROJECT ## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 ## 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. ## 3 Donations and legacies ||Unrestricted|Restricted|Total|Unrestricted|Restricted|Total| |---|---|---|---|---|---|---| ||funds|funds||funds|funds|| ||2023|2023|2023|2022|2022|2022| ||£|£|£|£|£|£| |Donations and gifts|3,730|825|4,555|1,786|13,046|14,832| |Sponsorship income|-|200,156|200,156|22,090|185,567|207,657| |Gift aid|-|6,762|6,762|18|6,245|6,263| ||3,730|207,743|211,473|23,894|204,858|228,752| - 4 Income from charitable activities ||Unrestricted|Restricted|Total|Unrestricted|Restricted|Total| |---|---|---|---|---|---|---| ||funds|funds||funds|funds|| ||2023|2023|2023|2022|2022|2022| ||£|£|£|£|£|£| |Brussels 20km sponsored||||||| |run|5,727|-|5,727|6,952|-|6,952| |Other events and appeals|11,063|1,367|12,430|2,722|4,418|7,140| ||16,790|1,367|18,157|9,674|4,418|14,092| ## 5 Income from investments Interest receivable |Unrestricted|Unrestricted| |---|---| |funds|funds| |2023|2022| |£|£| |143|72| - 10 - ## THE GIRAFFE PROJECT ## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 |6|Raising funds|||||||| |---|---|---|---|---|---|---|---|---| ||||Unrestricted||||Unrestricted|| ||||||funds|||funds| ||||||2023|||2022| ||||||£|||£| ||Fundraising and publicity|||||||| ||Advertising||||1,928|||499| |7|Expenditure on charitable activities|||||||| ||||||2023|||2022| ||||||£|||£| ||Direct costs|||||||| ||Student sponsorship costs|||150,368||||181,914| ||Grant funding of activities|(see note 8)|||32,226|||94,626| ||Share of support and governance costs (see note 9)|||||||| ||Support||||33,608|||36,488| ||Governance||||1,440|||1,440| |||||217,642||||314,468| ||Analysis by fund|||||||| ||Unrestricted funds||||66,556|||60,781| ||Restricted funds|||151,086||||253,687| |||||217,642||||314,468| |8|Grants payable|||||||| ||||||2023|||2022| ||||||£|||£| ||School development - buildings and classrooms|||||-||13,056| ||School development - sanitation||||29,328|||57,029| ||Computers, books and equipment||||1,676|||10,993| ||Other school grants||||1,222|||13,548| ||||||32,226|||94,626| - 11 - ## THE GIRAFFE PROJECT ## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 ## 9 Support costs |Support costs|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---| |||Support||
Governance|||2023|Support||
Governance|||2022| ||||costs||costs||||costs||costs||| ||||£||£||£||£||£||£| |Bookkeeping services|||8,424||-||8,424||8,341||-||8,341| |Bank charges|||1,444||-||1,444||1,073||-||1,073| |Kenya office|||17,420||-||17,420||19,404||-||19,404| |Management costs|||6,320||-||6,320||7,670||-||7,670| |Accountancy and IE|||-||1,440||1,440||-||1,440||1,440| ||||33,608||1,440||35,048||36,488||1,440||37,928| |Analysed between|||||||||||||| |Charitable activities|||33,608||1,440||35,048||36,488||1,440||37,928| ## 10 Trustees None of the Trustees received any remuneration as Trustees in the year (2022: £nil). The Trustees were not directly reimbursed for any out of pocket expenses during the year. As part of the charity's governance, the charity paid £5,716 (2022: Three Trustees for £6,226) for travel and accommodation expenses for two Trustees to facilitate a monitoring visit to Kenya to meet with key stakeholders and £168 towards travel costs for two Trustees (2022: £Nil). The aggregate value of donations made by the Trustees in 2023 was £6,954 (2022: £3,814). ## 11 Employees The average monthly number of employees during the year was: ||2023|2022| |---|---|---| ||Number|Number| |Giraffe Project Kenya Office|2|2| There were no employees whose annual remuneration was more than £60,000. ## 12 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. - 12 - ## THE GIRAFFE PROJECT ## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) ## FOR THE YEAR ENDED 31 DECEMBER 2023 ## 13 Other gains and losses |||Unrestricted|Unrestricted|Unrestricted|Unrestricted|Unrestricted|Unrestricted|| |---|---|---|---|---|---|---|---|---| |||||funds|||funds|| |||||2023|||2022|| ||Gains/(losses) upon:|||£|||£|| ||Foreign exchange|||15,336|||(429)|| |14|Trade and other receivables|||||||| |||||2023|||2022|| ||Amounts falling due within one year:|||£|||£|| ||Gift Aid|||6,363|||6,245|| ||Prepayments and accrued income|||594|||2,982|| |||||6,957|||9,227|| |15|Current liabilities|||||||| |||||2023|||2022|| |||||£|||£|| ||Other payables|||553|||-|| ## 16 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 January|At 1 January|
Incoming|
Incoming|
Resources|
Resources|
Gains and|
Gains and||At 31|| |---|---|---|---|---|---|---|---|---|---|---|---| |||2023|resources||expended|||losses|December||| |||||||||||2023|| |||£||£||£||£||£|| |General funds||93,561||20,663||(68,484)||(15,336)||30,404|| |Previous year:|At 1 January||
Incoming||
Resources||
Gains and|||At 31|| |||2022|resources||expended|||losses|December||| |||||||||||2022|| |||£||£||£||£||£|| |General Designated||50,000||-||-||-||50,000|| |General funds||70,772||33,640||(61,280)||429||43,561|| |||120,772||33,640||(61,280)||429||93,561|| - 13 - (o o) a) ( )COr *¢CT> Lri Ln o) ¢YJ ￿) Lr) ## THE GIRAFFE PROJECT ## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 |18|Analysis of net assets between funds|||||| |---|---|---|---|---|---|---| ||Unrestricted|
Restricted|
Total|Unrestricted|
Restricted|
Total| ||funds|funds||funds|funds|| ||2023|2023|2023|2022|2022|2022| ||£|£|£|£|£|£| ||Fund balances are represented by:|||||| ||Current assets/(liabilities)
30,404|86,102|116,506|93,561|28,078|121,639| ||30,404|86,102|116,506|93,561|28,078|121,639| 19 Related party transactions There were no disclosable related party transactions during the year (2022 - none). - 15 -