ANNUAL REPORT & FINANCIA STATEMENT THE PRINCESS PROJECT 2024 Registere tharity Number 1155021
The Princess Project Annual Report and Financial Statements for the year ended 31 March 2024 CONTENTS Pagelsl Trustees, Annual Report 2-18 Independent Examiner's Report 19 Statement of Financial Activitie5 20 Balance Sheet 21 Statement of Cash Flows 22 Notes to the accounts 23-35 Page I
The Princess Project Annual Report and Financial Statements for the year ended 31 March 2024 TRUSTEES, ANNUAL REPORT The trustees present their trustees annual report together with the financial statements of the charity for the year ended 31. March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the charitls governing document, the Charities Act 2011 and the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (second edition- October 20191. OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT The objects of the Princess Project as set out in its governin8 document are: the promotion of social inclusion for the public benefit amongst mothers between the ages of 16 to 30 who are socially excluded, by means of employment, financial hardship, age, substance abuse or dependency, relationship/family breakdown, poor educational or skills attainment, poor physical or mental health. This is achieved by providing a befriending scheme and drop-in support, to relieve the needs of those mothers and their children and to assist them to Integrate into society. to advance education in accordance wlth Christian principles by runnin8 parenting courses, and to teach or provide training for parents in other life skills such as nutrition, budgeting and first aid, to relieve financial hardship among new parents and their dependents by providing good quality second- hand baby and toddler clothing, equipment and toys free of charge. to advance the Christian faith in accordance with our statement of faith. The trustees confirm that they have referred to the Charity Commission's Euidance on public benefit when reviewing the charivs aims and objectives and in planning future activities. The objects are achieved through a variety of activities: Mum2Mum Befriending Service Princess Project New Mum gifts Parenting Programmes Shine Course Totcycle Drop-in support at our Mums, Hubs Supporting mums in the community Providing supported volunteering opportunities Runnin8 free family-friendly events Hope Café Page 2
The Princess Project Annual Report and Financial Statements for the year ended 31 March 2024 INTRODUCTION There never seems to be a 'normal' year at the Princess Project. There always seem to be new projects, new developments, new opportunities, as well as new challenges. This year was no exception. This year we have opened three new Hubs, two in Kent- Sheerness and Tonbridge- and one as a remote replication in partnership with Word of Faith Centre in Luton, Bedfordshire. It has been so excitin8 to see mums in these areas start to build community both with u5, and with each other. We have started running the new Babies Matter course la resource developed by the amazing team at Kids Matter). We have seen our Hope Café faith community grow both numerically and in terms of relationships, both with each other and with God. We've held more outreach events than ever. It would be wrong to say things had all been straightforward, however. We had to cancel our main fundraiser, our Enchanted Forest Ball, due to a lack of ticket sales, which was very disappointing for the fundraising team who had put such a lot of effort into planning it. Our partnership with Edge ministries entered a new phase as Karen Tullett left our team to become Edge CEO, and so we have downscaled our plans for Chesterfield, which will become a remote Totcycle replication. Several of our staff team have had significant personal challenges to navigate. But God is always at work, a5 much {or even morel when things don't go according to plan as when they do. The gap in the fundraising budget left by the cancellation of the ball was more than filled by our biggest grant award to date, from the Community Organisation's Cost of Living Fund. The reshuffle of our staff team meant that we could increase the hours of our Sheppey Community Support Worker to meet the growing needs in that area, as well as employ a new Community Support Worker to oversee the work in Tonbrid8e. We have trained up new Hub team and Mum2Mum volunteers to meet the growing need. We continue to see amazing answers to prayer every dayi whether those are small things {finding exactly what a family needs at Totcycle) to the big things (the right fundin8 comin8 along atjust the right timel. As I reflect on the year that has passed, like always l am blown away by the goodness and faithfulnes5 of God, and also by the absolutely incredible people who make up the Prince55 Project team. From the dedicated staff team who work so hard to support our mums {and each other), to the frontline volunteers who make a tangible difference to the lives of vulnerable families every day, to the behind-the-scenes team who provlde leadership, strateglc oversight, financial support, and so much more. The end result is Infinitely greater than the sum of all the parts. However you have been involved this year- thank you. I hope the following report encourages you and helps YOU to understand exactly what has been going on behind the scenes. We always love having visitors at the Prlncess Project so if something you read makes you want to find out more, please do contact the office, and we can arrange for you to come along and meet the team and see first-hand what we do. Thank you for your support. Emma Tanner Founder/CEO Page 3
The Princess Project Annual Report and Financial Statements for the year ended 31 March 2024 A REVIEW OF OUR ACHIEVEMENTS AND PERFORMANCE: HOW OUR ACTIVITIES DELIVERED PUBLIC BENEFIT THE Princess PROJECT 2023-24 TIMELINE As well os gll of our regular s•rvlc•s. wè hod plenty of other actlvltles golng on throughout the yeor... Growing Teom W• re vèry txdt•d to w•lcom• Mary back toworK aTrJ alEo to w•lwm• 14oMah to ouritornl Apr Klds Matter w• h•ld o Klds Matt¢r CCuf5•(a por•rthg courn• d•n•d lor dknadvaniaged lomiii•$) Park W4)od, MO$¢n•. ¢md tfalD•d vp wrn• gf pvr t•urn to d+1•T rh• nw Bqtth ¢ow¥• tor ¢WW and •yp•aont purent5. May Befrlender Tralnlf4 C<>urte Wq helll u couts• for n•w voluM••r b•frKIDd•r¥. tra19 up 6 womeh from ¢ff8rent Jun Summer fun ¢om• alongd• younq mumb In n••d gfwpport. W• h•ld 4 all-ag• picniu grKI S Totcyct• 111¥ •VW th• svmm•rhglthy4 •Mudry rnt¥ ¢•ukl ot41 sockillm Imd o•t •SMfflkili for th•ir hlt ob)M wh•n th• Hubi w•r• clos•d. Jul New Hubs! W• tfolty•d up 2 brona volfftwr r•ami.ond ¢p•n•d I n•w Hvbi TOtW c•ntr• She•fn•si ond Tonbrldg•, and qukkly •tort•d w•l¢tynln9 mlll•s to thw n•w v•nuw. Aug Open Doy W• wn•d th•4oor• ol rA MO610n• Hub In•& Sep 4vpport•r& v¢lfftW•rn Qtid (4)f courn•>our mufft••lono ttsfd out rnpr• abovt whot w• Conference Oct behlnd Ihe Kgnebl In Mok15Mn•. wllh gu•tt w•oker cordle. kjoking Qt howwe can Mrv• tsur communiths ¢ter wh•n w•'r• orking In Wrtn•r•. Courses Nov ID Nov•mbgrw• h#ld o Shin• ows• In Park Woud. tts show our murni thai lfv•# h¢w• meonlng. purpose an¢ vulv•. W•01 ron our ¥•ry Ar•t atsb Mtstt•rcaur8•. Chrlstmas festlvltles We helcl 5 Chdstmos poris. hud o stall ot 3 ottt•r evon and. tlonk6 to•urg•n8rty pport•r. gQW•OUt w•Thts io tsll ourrnuml orMI th•lr chlldrnft. HO ho Dec Volunteers, Celebrotion w• ceiebroted all ot our omazh volurtws In a Spuntsh-fhem fiesiu. Ev•ryth'i hhlt af lh• n4qht Is 01¥50Ur coYet•d vrAuntw oward¥ ¥Jhlth thls year Incluoled-smilW¢ )orlta- and"ctearing.up Jan Mother's Day We cgknbroied our rnumson thk dtsy. gngtffi •¥ch a d•ll¢ious gftorrtopn tqo 9Vr0¢¥ glfted ono of otrr oma21nq supportors. 10 5tsU Wl don forthè arnoz4hob Ih•y du. Feb Replication w• op•n•d a n¢w remot• rqplktst1, th18 tim• a Mum•' ubtn Luion. run bu our parTnw&at word of Fakh Mar Page 4
The Princess Project Annual Report and Financial Statements for the year ended 31 March 2024 PRINCESS PROJECT A YEAR IN NUMBERS 3,179 HUB VISITS: 1.550 ADULTS. 1.629 CHILDREN Our Mum5' Hubs provKle a saf welcomlng envlronment for vulnerable mLsms, and play spaces for thelr (hlldren. TOTCYCLE VISITS 648 Totcycle Is our baby and toddleri.: goods exchange, providing good: qualSty second hand baby and toddler clothes, ioys, books and èqulpment free of char8e to,.. anyone who need51t. 91 MUMS RECEIVING INTENSIVE 1-TO-1 SUPPORT from our team of volunteer befrienders, or our staff team. Our team provlde conslsteni lon8.term non-judgement31 support and encouragemenL buildlng self- esteem and Improving the emotional and mental health and wellbein8 of mums taking par¢ and reducing thelr social isolation. GIFTS GIVEN TO MUMS 245 to make them feel valued and speclal. and to remlnd them that they are loved. 15 MUMS ATTENDED ONE OF OUR COURSES gainlng important 5kllls and buildlng self-confidence, through Shine and Klds Matter FAMILIES SUPPORTED IN TOTAL 620 We helped over 600 Fndlvldual famllie5 this year, Ehrough one or more of our 5èrvites Page 5
The Princess Project Annual Report and Financial Statements for the year ended 31. March 2024 VOLUNTEERS None of our work this year would be possible without the help of our amazing team of volunteers, who donated a grand total of 2,142 hour5 (thays almost 90 daysll of time to us this year. Princess Project Volunteers 2023-24 30 Hub Team 980 volunteer hours donated 20 Befrienders 960 volunteer hours donated Other volunteers: (deliveriesl sorting. courses, fundraising, new mum glfts. prayer team) 15 84 volunteer hours donated Tru5tee5 96 volunteer hours donated Professionals donatlng their tlme and expertise- IT, payroll. accountancy 5ervice5 22 volunteer hours donated Page 6
The Princess Project Annual Report and Financial Statements for the year ended 31" March 2024 Our Impact We ask the mums we support what difference the l.()s4 jgi 11,11 (J< I l('I i](iii' i)(>(11)l(' Princess Project makes to them, by means of termly anonymous questionnaires. )¢ll'C'III iII,4 Page 7
The Princess Project Annual Report and Financial Statements for the year ended 31 March 2024 WHAT OUR CLIENTS SAY ABOUT US 66 66 The parenting course has allowed us [my partner and 1] to see how even though we want the same thing wlth our parenting we have different ways of doin it. Princess Project as allowed us to use both ways to deal with difficult situations together, They have made me feel so much more supported. including making me feel I have a safe space and somewhere to go when I'm struggling with my mental health. I was greatly pported with guidance on items I need to get for the baby. and Princess Project gave me a lot of baby items which took away the anxiety of me having to buy them. In addition. after baby was born, I got that face to face support. staff came to visit and made feel less isolated. 66 It has made me feel loss isolated and gavo me a reason t¢ get out the house every week which was very upliftlng. I receive messages from individuals from PP checking in and it's such lovely community In whlch I fe81 really ¢arÈd for. l am also very rateful for the befrlendyng sgrvice whl¢h I have just started wlth a lovely ladyfrom PP and l am very happy wlth meeting regul I and feel it has a reat Impact on my V41eRbeln9. 66 66 It has provided a safe lace for my son to and socialise and face for me to chat about the challenges I face in parenthood. It as made me feel less isolated. made some new friends and feel part of a community. Page 8
The Princess Project Annual Report and Financial Statements for the year ended 31 March 2024 WHAT OUR PARTNERS SAY ABOUT US The Princess Project Is an invaluable service for Kent, we have received 5UPPOrt for many ears for our families through e services that you offer. With rislng food and finance FX)verty we have seen an increase In access to our services for su port and we would not be abre to implement a lot of the support requested without the Princess Project accepting some of the families in need. Early Help Worker I find the referral process to Princess Project for practical support quick and easy to make . with a fast response. It is 9reat that PP then take the time to contact parents directly to offer support. 'Famlly Support Worker, Children in Care team The Princess Pro ect have alwa¥s been su port ve of our families In nee and flexible in the support we have needed. Maldstone needs the Princess Project and on behalf of the Dlstrict Earl Help Team we are grateful to e able to refer and work with the seiCe to ensure vulnerable families and children have the essential Items and support they need to thrive. The Princess Project is my most fantastic findt I have used it a lot and have always come away so pleased as have all our families. I have found the seNic• real efficient and so helpfv . School FLO. Maidstone Rural Senlor Early Help Worker Page 9
The Princess Project Annual Report and Financial Statements for the year ended 31" March 2024 A YEAR IN PICTURES i/ Page 10
The Princess Project Annual Report and Financial Statements for the year ended 31" March 2024 FINANCIAL REVIEW Total Income 2023-24 120000 100000 80000 60000 40000 20000 li_- Overall income increased by almost 12Yo this financial year, with this increase coming from an increase in donation income (see graphic below for breakdown). Income from other trading activltles remained almost Static. "Other tradin8 activities" represents fundraising income, replication income and income from selling on unwantedlunsuitable fabric donations. This figure remains well below our £10,000 target, primarily due to the ongoing challenges around fundraising post-covid and due to cost of living pressures, Page 11
The Princess Project Annual Report and Financial Statements for the year ended 31 March 2024 Donation income can be split up as follows: Donation and Grants Income 2023-24 Dtrnatlon5 from Indlvldual$ Donatlons from Organlsatlons 7.5 Donatlon of Goods and Serylt•s (Glfts In Klndl 14.3% Grants 67.Z¥¥ 67.2% of donations income this financlal year came from grants from a number of different funders {details of all of these can be found in note 14 of these accounts.) This is a slightly higher proportion of total income than in the last financial year161%) and we are very proud of our track record in securing 8rant funding to support the growth of our work despite the challenging financial climate for charities and the increasing competition for grant funding. As the cost of living crisis has bitten, we have seen the proportion of donations from individuals we have received this year fall compared to the previous financial year (Il% as opposed to 17Yol, and income from organisations (mostly churches but some businesses also) has remained stable17.5% this year as opposed to 7% last}. Increasing both of these sources of income is a target for the next financial year. Donations of goods and services represent storage, office and meeting space; items for new mum gift bags, and gifts for Mother's Day and Christmas; new Totcycle items such as nappies and babv formula; and IT, payroll and accountancy/independent examination services. We are tremendously grateful for this support and without it we couldn't have provided the level of services we have achieved. The value of all donated goods and services are matched by corresponding costs shown either within direct charitable activity Costs or support costs within the year. Page 12
The Princess Project Annual Report and Financial Statements for the year ended 31 March 2024 Total Expenditure 2023-24 120000 100000 80000 60000 40000 20000 li_- The amount we have spent on charitsble activities has increased at the same rate as our income, around 12%. The cost of raising funds has not changed appreciably since the last financial year. As can be seen from the graphs below, our pattern of expenditure looks broadly similar to last year. Our Hubs remain our biggest outgoing, followed by Totcycle- spending has increased on both of these services, reflecting us opening Hubs/Totcycle in two new locations, Sheerness and Tonbridge. Spending on outreach and events and one-to-one support have both increased, reflecting the new Pastoral and Prayer Support role we have created, which is allowing us to provide one-to-one SUPPOrt to up to 50 mums every week, as well as the increased number of outreach events we held at Christmas and during the summer holidays due to bein8 active in 2 new Hub locations this year. We launched Hope Café at the very end of the last financial year and it has continued to grow throughout this year, and therefore represents a new stream of expenditure in this years, accounts. Pa8e 13
The Princess Project Annual Report and Financial Statements for the year ended 31st March 2024 Expenditure on Charitable Activities 2022-23 Mum2Mum ILo¢al proj?ctsi Project Repllcatlon N•W mum slft baK5 i.tfy1 support Totcyrle Coursts Outrèach and evenis 10.000 20.000 30.000 40,OOQ Expenditure on Charitable Activities 2023-24 Mum2Mum Project ftepllcatlon New rnum 81ft b88S i.tOll1 5UPPOrt Totcycle Coyrs•s Outr•a¢h and events Hub Hope Cafè 40000 Page 14
The Princess Project Annual Report and Financial Statements for the year ended 31 March 2024 RISK MANAGEMENT The board of Trustees continues to assess. identify and address areas of risk and to put controls in place to minimise these. Key controls include- Formal agendas and minutes for all board meetings; Regular financial reviews including preparation of management accounts, budgeting and reviews of reserve levels; Formal procedures for safeguarding children and vulnerable adults; Regular review of compliance with data protection legislation. Risk assessments of all publicly attended activities; Development of written policies and procedures surrounding volunteer grievance, equal opportunities and diversity, media and social networking, confidentiality, lone working and personal safety, and talking about faith guidelines; Development of strategic plans; and Regular trainin8 for staff and volunteers. RESERVES POLICY The trustees understand the importance of maintaining a level of reserves to enable them to continue to offer services during periods of financial uncertainty. During the year the trustees assess the current level of expenditure and the need to hold reserves to meet the notice costs associated with the employment of the staff team in the event of a sudden change in circumstances. The trustees consider that a reserve level of £26,400 was sufficient to meet these costs and to fund the current level of volunteer led activity for 3 months. The total free reserves of the Princess Project after adjusting for fixed asset5 and restricted funds amount to £42,132. PLANS FOR THE FUTURE Our plans for 202415 include: To build relationshlps with churches across the country who are interested in replicating Mum2Mum and/or the Hub and Totcycle, through attending Christian events and festivals To explore other local replication opportunities To train up more of our team to deliver Babies Matter, with the aim of rolling out this course across all our Hub locations To open more Hope Café's across our different Hub locations To design and conduct a research project to represent the voices of our mums to decision makers, and up5kill our mums in the process Continue to build relationships with local churches and professionals Grow our volunteer team to reflect the increasing demand for our services. Page 15
The Princess Project Annual Report and Financial Statements for the year ended 31" March 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT The charity Is 3 registered Charitable Incorporated Organisation (charity number 1155021) and is governed by the terms of its constitution. Trustees are appointed by the current trustees. Trustees retire by rotation every 3 years and can stand for re-election at that time. The constitution stipulates that there should be a minimum of 3 trustees and a maximum of 12. The day-to-day operation of the charity is dele8ated to the CEO. When ski115 gaps are identified by the board, potential new trustees are sought to meet these needs. The trustee board meets at least 4 times per year, and more often where needed. KEY MANAGEMENT PERSONNEL REMUNERATION The trustees consider the board of trustees and the chief executive a5 comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day-to-day basis. All trustees give of their time freely and no trustee remuneration was paid in the year. Details of trustee expenses and related party transactions are disclosed in note 10 to the accounts. Trustees are required to disclose all relevant interests and reglster them with the CEO and in accordance with the charity's policy withdraw from decisions where a conflict of interest arises. The pay of the charity's CEO and other staff is reviewed annually. We pay the community support workers the hourly rate recommended by the Living Wage Foundation. Page 16
The Princess Project Annual Report and Financial Statements for the year ended 31 March 2024 REFERENCE AND ADMINISTRATIVE INFORMATION TRUSTEES Jane Negus th Chair of Trustees (until 19 September 20241 Angela Trigg Secretary steve Ring Treasurer (trustee until 5 September 2023) Bobbi Ezeike Rev. Phil Goodey th (trustee until 10 July 2023) Jamieleigh Mace th {trustee since 20 November 20231 Leon Mileham th th {trustee since 20 November 2023, chair since 19 September 2024} Claire Pamberi th (trustee since 30 October 20231 Joy Uba th (trustee since 20 November 2023} Helen Williamson Prlnclpal Office The Princess Project, Maidstone Community Support Centre, 39-48 Marsham Street, Maidstone ME14 IHH Independent Examlner Edward Rands FCA, 16 Mill Close, Shepshed, Loughborough, Leicestershire LE12 9UA Prlncipal Banker CAF Bank, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent ME19 4JQ Page 17
The Princess Project Annual Report and Financial Statements for the year ended 31" March 2024 TRUSTEES, RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The charity trustees are responsible for preparing a trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accountin8 Practice). The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity. and of the incoming resources and application of resources of the charity for that period. In preparing the financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the applicable Charities SORP; make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures that must be 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 charity will continue in operation. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statement5 comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and takin8 reasonable steps for the prevention and detection of fraud and other irre8ularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website in accordance with legislation In the United Kingdom governlng the preparatlon and dissemination of financial statements. th Approved by the trustees on 14 January 2025 and signed on their behalf by: Leon Mileham Chair Page 18
5t The Prince55 Project Annual Report and Financial Statements for the year ended 31 March 2024 Independent examinerfs report to the trustees of The Prlncess Project I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2024 which are set out on pages 20-35. Responsibilities and basis of report As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Act,), report in respect of my examination of the charitvs accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examlner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to beSieve that in any material respect.. accountlng records were not kept in respect of the charity as required by section 130 of the Act; or 2. the accounts do not accord with those records. or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out In the Charities (Accounts and Reports) Regulations 2008 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. 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 accounts to be reached. Edward Rands FCA 16 Mill Close Shepshed Loughborough Leicestershire LE12 9UA Date: 18 January 2025 Page 19
The Princess Project Annual Report and Financial Statements for the year ended 31" March 2024 Statement of Financial Activities For the year ended 31" March 2024 Unrestricted Restricted 2024 2024 Total Unrestricted Restricted 2024 2023 2023 Total 2023 Notes Income from: Donations 37,678 5,623 43,301 77,182 114,860 5,623 120,483 37,429 5,016 42.445 62,037 99,466 5,016 104,482 Other trading activities Total 77,182 62,037 Expendlture on: Raising funds Charitable activities 4,050 36,743 40,793 4,050 118,224 122,274 4,455 47,170 51,625 4,455 58,011 105,181 58,011 109,636 81,481 81,481 Total Net Movement In Funds 2,508 14,299) (1.791) (9,180) 4.026 (5,154) Reconciliation of funds Total funds brought forward 13114 40,865 22,847 63,712 50,045 18,821 68,866 Total funds carrled forward 43,373 18,548 61,921 40,865 22,847 63,712 Page 20
The Princess Project Annual Report and Financial Statements for the year ended 31" March 2024 Balance Sheet As at 315t March 2024 2024 2023 Notes Fixed Assets Tangible Fixed Assets 1,241 334 Current Assets Debtors Cash Total Current Assets 1,679 59,001 1,359 62,169 60,680 63,528 Creditors: amounts fallln8 due In one year 150 Net Current Assets 60,680 63.378 Net Asset5 61,921 63,712 Total funds of the charlty: Unrestricted Funds Restricted Funds 15 43,373 18,548 61,921 40,865 22,847 63,712 Total Funds Leon Mileham Chair th Approved by the Trustees on the 14 January 2025 Steve Ring Treasurer Page 21
The Princess Project Annual Report and Financial Statements for the year ended 31. March 2024 Statement of Cash Flows For the year ended 31st March 2024 2024 2023 Notes Net cash outflow from operating actlvltles 16 (1,558) (5,186) Investing activities Purchase of tan8ible fixed assets (1,610) Decrease In cash for the year (3,168) (5,186) Cash at the start of the year 62,169 67,355 Cash at the end of the year 59,001 62,169 Page 22
The Princess Project Annual Report and Financial Statements for the year ended 31" March 2024 Notes to the Accounts st For the year ended 31 March 2024 l. Accounting Policies Basis of preparation and going concern The financial statements have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FR5 1021 (second edition- October 20191, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 102) {updated March 2018), and the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS 102. The Trustees consider that there are no material uncertaintie5 about the Princess Projecvs ability to continue as a going concern. Income arises from a combination of donations, grants and fundraising activities. The highest area of cost Is a550ciated with the employment of the Chief Executive Officer ICEOI, project manager and community support workers (Cswsl. The level of resenies necessary to meet these costs and the continuin8 Costs of volunteer-led activities is kept under constant review by the Trustees. In addition, the reserves policy includes amounts to protect the ongoing work of the charity should income levels reduce. Income Income, including income tax recovered on amounts received by way of Gift Aid, is recognised in the Statement of Financial Activities once the charity has entitlement to the resources, it Is probable that the resources will be received and the monetary value of the incoming resources can be measured with sufficient reliability. Donated goods and servlces Included within donations is the estimated value of gifts in kind and 8oods or services donated to the charity where the amounts are material, readily quantifiable and measurable. Such estimates are based on the market price the charity would otherwise have paid. Liabilities and expendlture Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation as a result of a past event, it is probable that a transfer of economic benefits will be required in settlement. and the amount of the obligation can be measured or estimated reliably. All expenditure is accounted for on an accruals basis and has been classified under headings which aggregate all costs related to the category. An amount equal to the donation income recognised on gifts in kind (not for resale) and goods or services received free of charge is included within the most relevant category of expenditure to which the donation relates. Total expenditure includes the allocation of support costs to the various expenditure categories set out in the Statement of Financial Activities. Support costs have been allocated to activities on a basis consistent with the use of resources as shown in note 12. Other costs relate to raising funds as set out in note 4 and costs relating to charitable activities are set out in note 5. Page 23
The Princess Project Annual Report and Financial Statements for the year ended 31" March 2024 Notes to the Accounts (continued) st For the year ended 31 March 2024 l. Accounting Pollcies (contlnued) Grants Grants are received from variou5 funders and are recognised on receipt. Value added Tax Value added tax is not recoverable by the charity, and as such is included in the relevant costs in the Statement of Financial Activities. Tanglble flxed assets Assets are reviewed on an individual basis and capitalised when an ongoing benefit will be provided to the charity. Depreciation is provided at the following rates in order to write off the assets over their estimated useful lives. Equipment 33% straight line A full year's charge is made for the year in which an asset is purchased. No depreciation is charged in the year of disposal. Impairment losses are recognised when there is an indication of Impairment and the asset's recoverable amount is less than its carrying amount. Accrued Income Accrued income represents the amounts claimed for Gift Aid due on donations received before 31 March 2023 which had not yet been recovered from HMRC. The charity had no trade debtors at 31 March 2024 or 31 March 2023. Cash at bank and In hand Cash includes cash held in the charity's bank accounts and a small amount of petty cash. Accruals and Deferred Income Accruals comprise unpaid staff expenses relatin8 to the period which were paid shortly after the year end. There was no deferred income at 31 March 2024 or 31 March 2023. The charity had no trade creditors at 31 March 2024 or 31 March 2023. Pensions The charity made pension contributions for the employees of the organisation of £2,199 during the year12023: £1,944). Page 24
The Princess Projett Annual Report and Financial Statements for the year ended 31 March 2024 Notes to the Accounts (continued) For the year ended 31. March 2024 l. Accounting Policies (continued) Restricted and Unrestricted Funds Restricted funds are to be used for specified purposes a5 laid down by the donor. Expenditure which meets these criteria is charged against that fund. Details of restricted funds are given in note 14. Unrestricted funds are donations and other income received or generated for the objectives of the Charity without further specified purpose and are available as general funds. Page 25
The Princess Project Annual Report and Financial Statements for the year ended 31 March 2024 Notes to the Accounts (continued) st For the year ended 31 March 2024 2. Donations Unrestrlcted Restricted Total 2024 Total 2023 Donations from Individua15 Donations from Organisations Grants 12,688 8,615 12,688 17,402 8,615 6,998 77,182 77,182 61,162 Donations of goods and services 16,375 16,375 13,904 Total Income 37,678 77,182 114,860 99,466 Grants were gratefullv received from: Kent Community Foundation Colyer Ferguson Charitable Trust I nvolve Cobtree Trust Souter Charitable Trust Edge Ministries Hubs Di8ltal Support Tesco Benefact Trust Sheerness Town Centre Garfield Weston COCOLF Medway Voluntary Action Test Bed Fund Kent County Council Covid Reintegration MBC Household Support Grant MBC Community Resilience Grant CFCT Hardship Fund PCPF 8,000 8,000 12,500 7,500 7,500 10,000 2,500 5,000 3,000 709 2,500 5,000 3,000 709 600 1,125 5,400 750 5,000 37,598 2,500 5,000 3,000 1,064 1,125 5,400 750 5,000 37,598 3,668 1,780 5,000 5,000 250 10,000 400 Involve Warm Welcome Whitehead Monkton Charitable Foundation Total 1,000 77,182 77,182 61,162 Page 26
The Princess Project Annual Report and Financial Statements for the year ended 31 March 2024 Notes to the Accounts (continued) st For the year ended 31 March 2024 3. Income from other tradlng activltles Unrestrlcted Restrlcted Total 2024 Total 2023 Replication income Various fundraising events Other trading activities Totsl Income from other tradlng activities 485 4,626 512 485 180 4,410 426 4,626 512 5.623 5,623 5,016 4. Costs of ralslng funds Unrestrlcted Restrlcted Total 2024 Total 2023 Staff Costs Promotional Materials Raffle and Auction Prizes Miscellaneous Costs Support Costs {note 121 Total cost of ralslng funds 2,539 37 2,539 37 1,494 244 244 2,226 735 1,230 4,050 1,230 4,050 4,455 Page 27
The Princess Project Annual Report and Financial Statements for the year ended 31 March 2024 Notes to the Accounts (continued) 5t For the year ended 31 March 2024 5. Costs of Charitable Actlvltles Mum2Mum New Mum Gifts Hope Café Courses Totcycle Staff Costs Refreshments Gifts for Mums Resources and equipment Christmas Party/ Gifts/Hampers Promotional Materials Totcycle Top-up Grants Rental Depreciation Support Costs {note 121 Total costs 5,924 148 846 3,385 11,003 1,693 1,552 128 320 37 37 37 37 37 2,760 13,294 167 2,871 410 1,640 5,331 820 8,980 2,845 5,190 32,912 2,558 Outreach and Events Hubs 121 Project Support Repllcation Total 2024 Total 2023 Staff Costs Refreshments Gifts for Mums Resources and equipment Christmas Party/ Gifts/Hampers Promotional Materia Is Totcycle Top-up Grants Rental Depreciation Support Costs (note 121 Total costs 5,078 300 300 21,159 505 7,617 4,232 23 60,937 976 1,852 54,544 534 1,802 69 424 949 1,193 1,500 1,500 1,267 37 37 37 37 333 2,760 4,366 249 13,590 817 5,438 225 18,732 660 268 2,460 10,252 3,691 2,050 29,525 26,819 9,744 38,040 11,345 6,610 118,224 105,181 £81,481 of the costs of charitable activities were charged to restricted funds12023- £58,011). Page 28
The Princess Project Annual Report and Financial Statements for the year ended 31 March 2024 Notes to the Accounts (continued) For the year ended 31st March 2024 6. Net Movement in Funds Net movement in funds is stated after charging: Total 2024 Total 2023 Independent Examination Accounting work by Independent Examiner Depreciation of owned fixed a55ets 937 892 937 893 703 1,083 7. Tangible Fixed Assets Equlpment Total 2024 Equlpment Total 2023 Costs As at I" April 2023 Additions As at 31" March 2024 4,773 1,610 6.383 4,273 500 4,773 Depreclatlon A5 at I" April 2023 Charge for the year As at 31" March 2024 4,439 703 5,142 3,356 1,083 4,439 Net Book Value As at 31" March 2024 1,241 334 As at 31" March 2023 334 917 Page 29
The Princess Project Annual Report and Financial Statements for the year ended 31" March 2024 Notes to the Accounts (continued) St For the year ended 31 Marth 2024 8. Debtors 2024 2023 Gift Aid Tax recoverable 1,679 1,359 1,679 1,359 9. Credltors: amounts falllng due wlthln one year 2024 2023 Accruals Other taxes and social security Other creditors Deferred Income (note 9a) 150 150 9a. Deferred Income 2024 2023 Brought Forward at I. April 2023 Released in the year Deferred in the year Carried Forward at 31. March 2024 10. Related party tran5action5 None of the Trustees received any remuneration during the year12023: none}. Page 30
The Princess Project Annual Report and Financial Statements for the year ended 31 March 2024 Notes to the Accounts (continued) st For the year ended 31 March 2024 11. Staff Costs 2024 2023 Wages and salaries Social security costs Pension costs 78,758 3,689 2,188 84,635 69,964 2,809 1,944 74,717 There were 8 employees during the year12023: 8). The full balance of the Employer's National Insurance Contributions of £3,689 was met by the annual employment allowance. No employee received a salary exceeding £60,000 during the year {2023: none). Page 31
The Princess Project Annual Report and Financial Ststements for the year ended 31" March 2024 Notes to the Accounts (continued) st For the year ended 31 March 2024 12. Support Costs The support Costs of the charity have been allocated as follows, based on time spent on each activity by the CEO and other employees: 2024 2023 Mum2Mum Befriending New Mum Gifts Parenting Courses and Groups Totcycle Hope Café Outreach 2,871 410 1,640 5,331 820 4,409 367 1,470 5,878 17 2,460 10,252 3,691 2,050 1,230 30,755 1,470 8,082 2,204 2,939 735 Hubs 121 Support Mum2Mum Replication Cost of raising funds 34 12 loo 27,554 Support Costs were made up as follows 2024 2023 Staff Costs 21,159 246 480 164 1,558 585 18,679 187 293 176 1,064 1,019 3,095 331 2,710 27,554 Printing, Postage and Stationery Volunteers, expenses Website costs Travel Phone and broadband Office costs I nsurance Governance costs 3,572 331 2,660 30,755 Governance costs include the donated services of the Independent Examiner and the costs of meeting space for board meetings. Page 32
The Princess Projert Annual Report and Financial Statements for the year ended 31. March 2024 Notes to the Accounts (continued) st For the year ended 31 March 2024 13. Unrestrlcted Funds 2024 2023 Balance brought forward Net movement in funds 40,865 2,508 50,045 19,1801 Balance carried forward 43,373 40,865 14. Restricted Funds Asatl Aprll 2023 st Income Expendlture As at 31" March 2024 Colyer Ferguson Kent Community Foundation MBC Household Support Grant CFCT Hardship Fund Souter Charitable Trust Whitehead Monkton Charitable Foundation Involve Cobtree Trust Souter Charitable Trust Edge Ministries Hubs Digital Support Tesco 9,080 7,766 3,559 7,500 8,000 12,043 12,766 3,559 4,537 3,000 1,466 1,466 975 975 624 2,500 5,000 3,000 709 600 1,125 5,400 750 5,000 37,598 77,182 1,876 5,000 2,196 804 709 600 554 571 Benefact Trust Sheerness Town Centre Garfield Weston COCOLF 4,483 300 5,000 37,598 81,481 917 450 22,847 18,548 Page 33
The Princess Project Annual Report and Financial Statements for the year ended 31 March 2024 Notes to the Accounts {contlnued) For the year ended 31st March 2024 14. Restrirted Fund5 (continued) In May 2023 we received funding from Edge Ministries to part fund the employment of our Chesterfield Community Support Worker. In June 2023 we received a grant from Golding Homes Community Chest Fund {'Hubs Digital Supporf to enable us to purchase tablets for the Community Support Workers to Use at the Hubs. This income has been used for this purpose and included within charitable activities. Benefact Trust awarded u5 3 grant in June 2023 to part-fund the opening of a new Hub and Totcycle in Sheerness. This income ha5 been applied towards the running costs of these services, including staff costs, and included within charitable activities. We received a grant from the Tesco blue token scheme for Totcycle in June 2023, This income has been applied towards the running costs of this work (purchase of Totcycle Items for families) Included within charitable activities. We received grants from Kent Community Foundation, through their or8ani5ation funding stream, in August 2023 and March 2U24. towards our core work, including statting costs. I his Income has been applied towards the running costs of our services included within charitable activities. In September 2023 we received a grant from Sheerness Town Council to cover the hire costs for the Sheerness Hub for one year, This income ha5 been used for this purpose and included within charitable activities. Garfield Weston awarded us a grant in September 2023 towards our core work (including staffing costs). This income has been applied towards the running costs of our services included within charitable activities. In November 2023 we received a grant from the Involve Social Prescribing Fund towards the costs of our Tonbridge Hub Irent and staffing costs}. This income has been applied towards the running costs of the Tonbridge Hub included within charitable activities. In December 2023 we received a grant from Colyer-Fergusson Charitable Trusttowards our core work in Kent, specifically staff costs. Thi5 income ha5 been applied towards the running costs of our services included within charitable attivities. Souter Charitable Trust awarded us a grant in December 2023 to pursue replication opportunities. This funding was used to purchase a display stand to take to events and to attend events to promote our work and meet new replication partners, included within charitable activities {replicationl. We were awarded funding from the government's Community Organisation Cost of Living Fund in December 2023 (for future work) and January 2024 (retrospective fundin8 for work carried out since July 20231, for the Hubs and Totcycle. This income has been applied towards the running costs of our services included within charitable activities. Page 34
The Princess Project Annual Report and Financial Statements for the year ended 31" March 2024 Notes to the Accounts (continued) st For the year ended 31 March 2024 14. Restricted Funds (continued) In January 2024 we were awarded a grant from Cobtree Charity Trust towards our core work in Maidstone (specifically staffing costs). This income has been applied towards the running costs of our services included within charitable activitie5. 15. Analysis of Net Assets between Funds Tanglble Fixed Assets Net Current Assets At 31 March 2024 At 31 March 2023 Restrlcted Funds Unrestricted Funds 18,548 42,132 18,548 43,373 22,847 40,865 1,241 1,241 60,680 61,921 63,712 16. Reconclllatlon of net movement In funds to net cash flow from operatlng actlvfties 2024 2023 Net movement in funds Add back depreciation Less gifts in kind - fixed assets {Increasel/Decrease in debtors Decrease in creditors {1,791) 703 {5,1541 1,083 1500) 1335) 12801 1320) 1150) Net cash outflow from operating activities {1,558) (5,186) Page 35