2025-09-30-accounts - Povertyswap Limited

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The Annual Report and Financial Statement
PovertySwap Limited
2024-2025
Registered charity in England and Wales No: 1152167
A charitable company limited by guarantee No: 07376388
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During this, our 15[th] year of PovertySwap, your donations have continued to bring significant change and new opportunities to so many people. We invite you to rejoice over these stories of transformation. Each represents many lives and often whole communities. To assist grantmaking we have kept our focus on Homes, Health and Education. We maintain our model of Relational Partnership and No Overheads.

Helen and Ian Faulds, Trustees

“CHANGING LIVES, ONE SMILE AT A TIME”

This shout of joy came from our partner at Living Water Mission, Uganda at the end of an unforgettable Christmas celebration. This open community event included the graduation ceremony for students of their Tailoring School, a presentation of Dancing and Singing by local children schooled in their Learning Centre, gifts of Shoes, Clothing and celebration Food. There was a wonderful sense of hope for the future of their community. Living Water Mission has established a very loving, practical ministry that is warmly appreciated by their neighbourhood.

At PovertySwap we have been delighted with this Partner’s professional attitude to our role. Born in South Sudan he graduated YWAM’s discipleship course in Uganda where Helen and Ian met him. Working with his excellence we have strengthened our International Grant Application process, Audit trails, Reporting and Impact Assessments.

In 2025 Living Water celebrated 3 years of mission. “Thanks to you we are building the kingdom of God in love.”

There is evidence that the PovertySwap model of Trusted Partnership, Small grants and Good Communication works well in Uganda where orphans and children are amongst the many beneficiaries.

West Cumbrian grandmother Jennifer West sent many parcels to Uganda . These included clothing, toys, local schools preloved uniforms, books and sports kits. She visited projects in Uganda in the summer, at her own expense, and provided great feedback of an active trip amongst the children who benefit. We are pleased to partner with Jennifer whose Uganda Partner Pass It On Trust distributes the items. A practical expression of love amongst some of the world’s most needy.

PovertySwap Partnerships are active and effective in multiple countries and communities of need across Africa, Asia and Europe.

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“HOLA MEXICO”
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Once more, at their own expense, a team of young adults left Cumbria to spend precious vacation time building a home in Mexico . The elderly couple moved in quickly, Sadly, the husband died within a few weeks but his wife is grateful for the security of her new home. The team worked with local trades and mission partners making the impossible dream reality for the couple.

A PovertySwap grant for materials was well used and reporting was excellent throughout.

Hardworking and hospitable, the people of Nepal face so many challenges. So many young men and women elect to travel overseas for work leaving behind a simple family life and the families they love. Others don’t even have this option and even more find themselves facing endless crisis and desperate poverty. In October 2024 floods uprooted homes, businesses and schools. Vital fields were devastated and people left without food or shelter.

During December 2024 our partners distributed warm clothing and blankets widely around their region in sight of the snowclad Himalayan range. This has been a regular project and often reveals some of the most destitute people. Last winter a couple with their 4 small daughters had no place to stay and were living amongst the pigs on a pig farm where the father found work. Upon this discovery, as part of the Winter Warmth project, local Partners and their team of friends erected a small corrugated iron house, with bedding and food for the family. The children’s young mother cried saying “No-one else would help but you came with all of this and we are so thankful”.

Our Relational Partnership model means we often hear about tragedy as it strikes. We are also able to make lifesaving, quick decisions on funding since we have good relationship with the Partner. Early photographic evidence, real time stories and the trusted relationship help us meet devastating needs.

When Nepal’s children returned to a new year of school in the spring our Partners reached out to around 1000 children with school supplies, fees and uniforms. A small school educating tribal children were able to receive enough fabric to make uniforms for all 120 pupils. Our partner’s photograph below shows why these items are so vital.

That particular morning in October we had our pre-arranged fundraising table at Christ Church Cockermouth’s coffee morning. As we told of the disaster in Nepal people generously gave donations. Those funds were dispatched immediately, with aid arriving in the hands of safe contacts and therefore those who needed help, within hours. We have worked closely with our Partners in Nepal since 2015’s devastating earthquake, bringing disaster relief, warm winter clothing and blankets as well as access to education school supplies and fees.

Children provide families with extra income in many countries. The boy in our other picture was so thankful for help to continue school too.

It became world news when protests and violence erupted in Nepal recently. It is a story that highlights the delicate path we at PovertySwap must consider when making grant funding to any Partners by International Transfer. We are required to be diligent in anti-money laundering. Where there is war or unrest in any country funds could fall into the wrong hands.

This year we were able to continue meeting requests and providing grants for the relief of need and support for regular projects. We are in close communication with all our Partners and they keep us advised of current restrictions, rising costs or unrest, as well as their personal situation and security risks. During Nepal’s recent difficulties the temporary closing of social media there effectively blocked our communication route with our Partners for some days.

We are careful to ensure that our funds are used for the purpose they are intended and that applications are properly considered. Frequent restrictions and the location of some desperate communities where our Partners can offer PovertySwap assistance presents continuing challenge.

We are confident that our attention to frequently changing situations is adequate and that the Relational Partnership model, in place since the launch of PovertySwap in 2010 is key to our capacity to make tough calls. This year we continued regular funding for Romania, Ethiopia, Nepal and two projects in Uganda.

Where there are challenging, difficult locations the compassion of our Partners supplies tuition for children with little education, education for children who work for family survival and training for women and girls to improve personal and family health. We honor their efforts.

CHANGES FOR GOOD – BEING PART OF THE STORY

In 2012 we were approached by a lady who was a friend of our friend in Ethiopia . She suggested we might help her establish a pre-school on her family’s abandoned land in a rural community.

We prayed together on the site of the derelict building and Helen believed God was going to help PovertySwap be part of the story. At that time we had no funds available. The story of the Fikir School and Kindergarten is the story of PovertySwap embracing Relational Partnership, regular visits and nothing less than miraculous provision.

Our focus on Homes, Health and Education empowers each person, each family, each community for sustaninable change.

Many of you donated and there was wonderful creative fundraising for the nursery and primary school over the years. Hundreds of children have continued to enroll since its official opening in 2014 with the first 20 children.

Since then we have worked with our Partners continually to devise a solution towards the school becoming independent of our monthly core funding. Challenges were many including war, pandemic and inflation rises rendering small incomes hopelessly inadequate.

In 2025 we have finally been able to make the final core funding grant! Ownership of the building remains with our Partners while management is with an experienced school group. We are so proud of this development in a region with an enormous population of children. The outstanding work of our Partners and all staff over the years is remarkable. So many children have found joy in learning and we are delighted that many more will. continue the opportunity.

Dorcas Women: A large group of women now attend the training and support groups in Hawassa, Ethiopia. The same faithful staff members and volunteers have

maintained this work over years. Their heroic role was especially appreciated when the local authority requisitioned their purpose built Learning Centre. They were meeting under a tree at our last visit with a small shelter for skills training. We were struck then by the faith of the women who gathered. Young girls nestling their newborn babies to breasts offering little nourishment prayed with grandmothers fighting daily for families that had too many hungry mouths to feed.

In Autumn 2025 the land was returned to Dorcas for their project. The group has grown over the ‘exile’ with hundreds of women now surround by Dorcas love.

Doctor in the House : Our partner for Dorcas Women has faced tragedy and a raft of relentless personal challenges since her husband’s sudden death a few years ago. He was a respected Ethiopian surgeon whose story included rescue as a child from war and famine. Their talented son always planned to follow his father’s career but upon his death it looked impossible with the family situation plunging into desperation. Love and help was found however in PovertySwap friends.

Now into his second year of medical school the young student doctor is pictured with his mum as he received his white coat and

stethoscope at a ceremony before the start of the new term. He, we and all of his family are so thankful to God and to those people who made this miracle part of his story.

WE CONTINUE TO ENCOURAGE ACCESS TO SCHOOLS AND FURTHER EDUCATION SEEING THE IMPACT SUCH OPPORTUNITY CREATES THROUGHOUT COMMUNITIES

Times of Change: Like Fikir School, the circumstances of the partner in Nepal research changed this year and no longer met our charity aims. Everyone expressed their appreciation for their journey with PovertySwap during many years and it was an amicable closing of our support. This does not affect our other Nepal projects.

Specific Donations are those given by donors for a specified project. Most of our donors have moved away from this type of giving and suggest the funds are used for what we consider best. This confidence in us has been appreciated and has grown over the years. With the closing of funds for Fikir School and the Nepal research project those specific donors have been advised and some have made other arrangements. Many however appreciate the wider reach of PovertySwap now and continue to donate regularly, making funds available to our current, ongoing and future new partners.

Structure and Aims : PovertySwap Limited was incorporated on 15 September 2010 as a Private Company Limited by Shares, a Charity Limited by Guarantee. It was registered with the Charities Commission of England and Wales in 2013. Our aims and objects are found under Clause 4 of our Memorandum of Association and Articles of Association. “The relief of need, sickness and distress in any country as the Trustees shall from time to time determine, particularly but not exclusively by the making of grants of financial assistance to individuals and organisations” .

Policies and Management : We have operational Policies relating to Data Protection and Privacy; Risk Management; Reserves and Safeguarding. We believe we act with due diligence in our role as Trustees. The Charities Commission provides support for constantly evolving policy process and procedure. As operational Trustee Helen has attended seminars relevant to our operational management during the year.

Donors say: “It seems the money does more, goes further, in the hands of PovertySwap” We are still focused on using every penny to empower the most vulnerable.

Management, Structure, Aims, Good Practice and Purpose of PovertySwap

Our Model of Relational Partnership All PovertySwap funds are used by Partners who live in the communities of need. They are people known to us and we require their application for grants in writing with photo evidence and impact reports following use of funds. Our founding Trustees have regular contact with all of them and are quick to report on concerns as well as successes.

PovertySwap Trustees : Helen and Ian Faulds, Kris Longshaw, Paul Agnew all reside in Cumbria. David Opie has moved house to Stafford during this year but has intention of serving as a Trustee from his new location, made possible by technology. All are Directors/Trustees of PovertySwap Limited. We are responsible for the health and well-being of the charity and meet online and in person during the year. All bring a wide range of skills, knowledge and expertise to the Trust. They also serve with other organisations and Trusts but there is no conflict of interest in this. Indeed the breadth of knowledge because of it is considered of benefit to all. Within the ethos of PovertySwap keeping overheads to the lowest possible, Trustees volunteer and offer generously time, work and energy to the charity role with no financial benefits.

Core Funding and Future Planning : Since 2010 we have been able to support long term projects like the Fikir School, Ethiopa, Dorcas Women, Ethiopia, Romania’s Roma Children and a research placement in Nepal. Regular donations have enabled us to support their work and beneficiaries of their projects and communities. We are now considering the benefits and pitfalls of such grant making. The future may include concentration on empowering Partners to help more children to access local schools, provide after school tuition groups, early years provision and development of skills training as these seem to be currently effective. We are considering that this will allow limited funds to benefit some of the more desperate people in hopeless situations across a wider spread.

Cumbria to Uganda: When local woman Jennifer West decided to go and visit the projects she supports in Uganda she was welcomed with open arms and the broadest smiles. Her monthly packages are distributed amongst Uganda’s large population of orphans and needy families through Pass It On Trust Uganda.

We received lovely photographs of children she met wearing the items sent from our local schools. PovertySwap is able to support this effort since we have no practical way of doing it ourselves. We receive donations for the cost of sending the parcels and make regular grants so that these neediest of children benefit. The receipt of goods and impact report from the Ugandan partners meets our aims and model of Relational Partnership and Reporting.

We are grateful to Jennifer for her consistent, voluntary, work on behalf of these children and our Cumbrian schools are delighted to see the pride and joy of children in Uganda using the items sent.

Independent Inspector : Chris McLeod, Oaktree Accountancy, Cockermouth has been with us in this role since the early days of PovertySwap Limited. In the ethos of PovertySwap Chris has also been generous in donating his services to do this. He remains totally independent and professional in his approach.

From the beginning Chris and Helen agreed that they wanted only transparency and clarity in the charity’s financial matters. All Trustees are equally attentive to maintain that. During his last inspection Chris noted that the use of apps to move funds also required using personal accounts to move funds. This he pointed out is not good practice. We acted immediately to improve our procedures and this led to an improvement in the grant making process for every Partner. We have also included a procedure for processing grants to difficult locations that ensures each Trustee has appropriate knowledge of the requested transfer and is active in the decision process.

FINANCIAL STATEMENTS

These are the financial statements of the Trustees for the funds of PovertySwap Limited (known as PovertySwap) during the year

01/10/2024 to 30/09/2025

Where Did We Get Funds?

Regular Donations by Standing Order

Gift Aid Reclaims

Supporters’ Fundraising Events

Online/Website Donations

The Big Give Christmas Challenge with Match Funding from The Farthing Trust

Bank Account Interest

What’s changed affecting figures?

Fikir School : Less grant funding in preparation for change of management

Nepal Placement: Donor support and grants ceased

Reserve Fund: Due to the above a larger reserve fund than usual

Trusted Partners: We transferred funds to a partner in Lithuania who supports projects appropriate to our charity aims

Audit Trail

Our audit trail is available for every decision with evidence from Grant Application through every step of Decision, Means of Transfer, Photographic Evidence and Impact Report. Good Relational Partnership is our strength in confidently moving funds.

Annual Period 2024/25 2023/24 Starting Balance 8,166.13 7251.20 Incoming 35,483.89 44,680.34 Outgoing 34,018.13 45,765.41 Balance 9,631.89 8166.13 Cash in Bank 9,631.89

The Trustees and Directors of PovertySwap/PovertySwapLimited unanimously approved this Annual Report and Financial Statement on 15/12/25 Signed on their behalf by Helen Faulds, Trustee Helen E. Faulds

Who Benefitted in the current year?

This report has provided brief details of the stories and countries represented by the following figures:

£6016 Roma family support

£4183 Fikir School and Preschool

£500 Community Outreach, Uganda

£6016 Pass It On Packages, Jenny West

£8029 Winter Warmth and Back to School Support

£2830 Environmental disaster research through specified donations

£4050 Hope for Children: Community and Tuition Support

£1500 Mexico home build

The 4 Cornerstones of PovertySwap

Relational Partnership still means that we send the funds to people we know and trust.

Financial and Charitable Integrity is the highway that ensures your generosity becomes useful in the lives of those who need it.

We continue to have No Overheads and any necessary fees are covered by a specified donation – not yours.

We send 100% of your donations to our Trusted Partners who know local needs.

We received an excellent end of year report from our long term Partners, the Boros, in Romania . We quote a little of it here to encourage those who have been contributing to that work over many years. We also feel it summarises the role of PovertySwap amongst this world’s vulnerable people.

“They cut tunnels in the rocks and uncover precious stones. They dam up the trickling streams and bring to light the hidden treasures” Job 28:10-11

“I have come to know these hidden treasures amongst the Roma families for almost 20 years. Generations have been born since then. I believe, together with PovertySwap, we are doing what Job describes. We enter hard places, uncover the precious ones hidden there. These children know they are not forgotten. Not lost. They are radiant, valuable and chosen.

We want to thank you for walking with us in this journey of love and service. Because of your kindness, many Roma children have had joy, safety and growth. With you we are able to offer: Camp days Laughter, Learning, Care Home visits Dignity and Respect Practical help Clothing, Toys and Basics like food and medicine. Mentoring Girls and very young Mums

This we aim to expand in the coming year. We can hardly express the joy and love that is experienced by everyone.

Our Expectations

Children growing in confidence, education and creativity. Young mums feeling supported and equipped.

Families engaged in practical and relational support.

A stronger community network for long term impact.

Thank You So Much!

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