## The Dust Project **ANNUAL REVIEW 2020** Charity Registration No. 1155728 THE DUST PROJECT - ANNUAL REVIEW 2020 1 ## **Annual Review** The Dust Project was established as a company limited by guarantee on 20th December 2013. Ultimate responsibility for the entity rests with the Trustees. Day-to-day management is undertaken by Sarah Chisnall and Tiffany Stokely, Trustees of the charity. ## TRUSTEES The Board of Trustees meets a minimum of four times per year, with further ad-hoc meetings as required. ## OBJECTIVES Our vision is to help, support, and relieve those in desperate situations of poverty, crisis or hardship, in developing countries and communities suffering the after-effects of war, natural disaster and/or economic frailty. We focus especially on the stability of family units and the safety, nourishment and education of children and vulnerable young adults by providing shelter, food, healthcare, schooling, tuition, and other such charitable services as the trustees may from time to time think fit, as need demands. We are currently focusing on communities in Colombo and Jaffna, Sri Lanka, through the physical construction and refurbishment of orphanages, schools, and family homes, in addition to the support of community businesses, projects and sponsored children. ## **ACCOMPLISHMENTS IN 2020** ## Website and Social Media We are very prominent on social media (especially Facebook), with over 600 supporters. Our videos have had approximately 12,000 views. We are also on Instagram, Twitter and THE DUST PROJECT - ANNUAL REVIEW 2020 2 LinkedIn, and have found a wider reach of international support and sponsorship through these. Our website continues to be successful both in gaining new followers as well as directly enabling more children to be sponsored. The Child Sponsorship page allows potential sponsors to read the bios of children living in our focal communities in Sri Lanka, who either attend a Paalam International School in Colombo or Jaffna, live in the Paalam Children’s Hostel in Jaffna, or are connected to a house build (or other project) which we have financed. Sponsors are given information about why the child needs support, along with details of his or her family and situation. We have found sponsorship to make a significant and lasting impact in a child’s life, having seen and heard firsthand from carers and the children themselves the difference it makes. The children’s basic needs of clothing, medical attention, primary education and nourishment are met, and they feel genuinely supported, encouraged and cared for. This can only make a positive impact on their futures. The ‘Donate to a build’ page tells of several families who are currently living in shacks. They are in desperate need of a home, a well and a toilet. We have had an amazing response from supporters through this page throughout the year. We have added new videos of our volunteer trips and testimonies from volunteers, with a focus on the impact it has made on their lives through being able to help families. In many cases this is a life-changing experience for the volunteer. ## Partnering with Paalam Things are still going from strength to strength in our partnership with Paalam— a charity based in Sri Lanka. The charity has made a huge impact in Colombo, but even more significantly in Jaffna. Through our collaboration, they have been able to receive donations through The Dust Project’s website and co-ordinate, distribute and oversee the child sponsorship program. We have had over 100 children sponsored through this program. Since our partnership, we have been able to build or help complete 20 houses for various families living in appalling conditions. We also continue to build wells and toilets as need demands. We are in the process of building a school in Jaffna. Due to Covid, this is taking a lot longer than expected, but we hope to have it completed by spring 2022. THE DUST PROJECT - ANNUAL REVIEW 2020 3 ## Fundraising • In 2020, we continued to receive enormous donations from Hiscox London, who are keen to help to complete the building of the Paalam School, Jaffna. This has been a slow process due to Covid, but we are making great progress. • We have also been able to send business grants to Grecian for his garage and Sinarasa for his hardware store. Both will pay back their grants monthly, once they have been established for approximately 6 months. • Because our Paalam schools were closed, we were asked to support the teachers who are unable to work due to the Covid crisis. Our very generous trustees sent over £10,000 to support the teachers as well as the upkeep of the schools for the year. • From April to July, we received over £1,200 for our food drive. Paalam were inundated with calls for help because of families unable to access food due to the Covid crisis. The Dust Projects’ generous supporters didn’t let us down and we were able to support many families who would have gone without food. After another food drive later in the year, our total donations for food reached £11,694.40. • Early in the year, The Dust Project was able to provide £2,000 to help provide extra food, female toiletries, etc. for those needing it in the Jaffna Prison system, as part of an outreach program. • Throughout 2020, we continued to receive Child Sponsorship funds from our incredibly generous sponsors, which meant every sponsored child was able to receive food. Our Paalam school children were able to study from home, with the help from our teachers who delivered teaching materials. ## Mission Sadly, due to the Covid crisis, we were unable to arrange any mission trips. We are still very keen to take out teams to help build houses for those families in need of a safe and secure home. We hope this can happen in 2022. ## Finance As a charity, we continued to support Paalam International School, New Living Flame Church and the Paalam Project. All three organisations are under the Paalam Charity, and in total we donated over £89,000. THE DUST PROJECT - ANNUAL REVIEW 2020 4 ## The Future Sadly, at the moment any kind of fundraising event is impossible due to the Covid crisis. We continue to promote the Dust Project on our social media platforms and our supporters are so generous with helping families who are without food. Our main aim is to feed as many families as possible and continue to complete the school build in Jaffna, as well as houses for families in need. THE DUST PROJECT - ANNUAL REVIEW 2020 5 # **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020** ## **THE DUST PROJECT** (Company Limited by Guarantee) **REGISTERED COMPANY NO. 08822786** **CHARITY REGISTRATION NO. 1155728** Pages 2 to 3 Report of the Directors Page 4 Statement of Financial Activities Page 5 Balance Sheet Pages 6 to 10 Notes to the Financial Statements Page 11 Independent Examiner's Report Independent Examiners Ltd Sovereign Centre Yapton Lane Walberton West Sussex 1 ## **THE DUST PROJECT** (A COMPANY LIMITED BY GUARANTEE) ## **REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31ST DECEMBER 2020** ## **LEGAL AND ADMINISTRATIVE INFORMATION** **CHARITY NUMBER** 1155728 **COMPANY REGISTRATION NUMBER** 08822786 **START OF FINANCIAL YEAR** 1st January 2020 **END OF FINANCIAL YEAR** 31st December 2020 **DIRECTORS AT 31ST DECEMBER 2020** Fraser Higgs Roy Chisnall Sarah Chisnall Thomas Stokely **REGISTERED ADDRESS** Lark Rise Sandy Down Boldre Lymington Hampshire SO41 8PL **DATE OF INCORPORATION** 20th December 2013 **GOVERNING DOCUMENT** Memorandum and Articles of Association incorporated on 20th December 2013. **BANKERS** HSBC 7B Water Gardens South Gate HARLOW Essex EN11 8EP **ACCOUNTANTS &** Independent Examiners Ltd **INDEPENDENT EXAMINER** 2 Broadbridge Business Centre Delling Lane Bosham West Sussex PO18 8NF 2 ## **THE DUST PROJECT** (A COMPANY LIMITED BY GUARANTEE) ## **REPORT OF THE DIRECTORS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2020** The Directors take pleasure in submitting their report and financial statements for the year ended 31st December 2020. A more detailed report can be accessed from web site The Charity Commission - GOV.UK ## **Charitable Objects** The Charity's Objects are for public benefit and are restricted to the following: The relief of poverty and hardship among children and young people living in developing communities in such parts of the World by the provision of shelter, food, health, education and other such charitable services as the trustees may from time to time think fit in particular through the construction and refurbishment of orphanages, schools and accommodation. ## **Statement of Director's responsibilities:** Company law requires the directors to prepare financial statements for each financial year which gives a true and fair view of the state of affairs of the company and of the profit or loss of the company during that period. In preparing those financial statements the directors are required to: (i) select suitable accounting policies and then apply them consistently, (ii) make judgements and estimates that are reasonable and prudent, (iii) prepare financial statements on a going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In preparing this report the directors have taken advantage of special provisions of the Companies Act 2006 relating to small companies. I approve the attached statement of financial activities and balance sheet for the period ended 31st December 2020, and confirm that I have made available all information necessary for its preparation. Signed on behalf of the Board by ………………………………………………, Sarah Chisnall, Director/Company Secretary Date ………………………………………………………………………………………………. 3 ## **THE DUST PROJECT** ## (A COMPANY LIMITED BY GUARANTEE) ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2020** Incorporating income and expenditure account |Notes
**INCOME AND ENDOWMENTS FROM:**
Donations and Legacies
3a
Trading Activities
3b
Other Income
3c
**TOTAL INCOMING RESOURCES**
**EXPENDITURE ON:**
Raising Funds
4a
Charitable Activities
4b
**TOTAL RESOURCES EXPENDED**
**NET INCOMING/ (OUTGOING) RESOURCES**
Balances Brought Forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted Restricted
TOTAL
TOTAL
Funds
Funds
2020
2019
£
£
£
£
110,209
0
110,209
172,160
-90
0
-90
5,590
1,291
0
1,291
224
**111,410**
**0**
**111,410**
**177,974**
234
0
234
497
96,381
0
96,381
124,658
**96,615**
**0**
**96,615**
**125,155**
**14,795**
**0**
**14,795**
**52,819**
78,969
0
78,969
26,150
**93,764**
**0**
**93,764**
**78,969**| |---|---| Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing. The notes on pages 6 to 10 form part of these financial statements. 4 ## **THE DUST PROJECT** (A COMPANY LIMITED BY GUARANTEE) ## **BALANCE SHEET AS AT 31ST DECEMBER 2020** |Note
**Fixed Assets**
Tangible assets
2
**Current Assets**
Debtors
8
Cash at bank and in hand
6
**Total Current Assets**
**Creditors:**
amounts falling due within one year
7
**NET CURRENT ASSETS**
**TOTAL ASSETS**less current liabilities
**NET ASSETS**
**Funds of the Charity**
General Funds
Restricted Funds
5
**Total Funds**|Unrestricted Restricted
**2020**
**2019**
Funds
Funds
**Total**
**Total**
£
£
**£**
**£**
0
0
0
0
0
0
0
0
94,584
0
94,584
79,912
**94,584**
**0**
**94,584**
**79,912**
820
0
820
943
93,764
0
93,764
78,969
**93,764**
**0**
**93,764**
**78,969**
**93,764**
**0**
**93,764**
**78,969**
93,764
0
93,764
78,969
0
0
0
0
**93,764**
**0**
**93,764**
**78,969**| |---|---| For the period ended 31st December 2020 the company was entitled to exeption from audit under section 477(2) of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibility for complying with the requirements of the Companies Act 2006 with respect to accounting records and for the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime. Approved by the Directors on ………………………………………………………..and Signed on behalf of the Board by ………………………………………………, Sarah Chisnall, Director/Company Secretary 5 ## **THE DUST PROJECT** (A COMPANY LIMITED BY GUARANTEE) ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020** ## **1. ACCOUNTING POLICIES** ## **Incoming Resources** ## _Recognition of Incoming Resources_ These are included in the Statement of Financial Activities (SOFA) when: ▪ the charity becomes entitled to the resources; ▪ the Directors are virtually certain they will receive the resources; and ▪ the monetary value can be measured with sufficient reliability ## _Incoming Resources with related expenditure_ Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resource and related expenditure are reported gross in the SOFA. ## _Grants and Donations_ Grants and Donations are only included in the SOFA when the charity has unconditional entitlement to the resources. ## _Tax reclaims on Donations and Gifts_ Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate. ## _Contractual Income and Performance Related Grants_ This is only included in the SOFA once the related goods or services has been delivered. ## _Gifts in Kind_ Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as incoming resources when receivable. ## _Donated Services and Facilities_ These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received. ## _Volunteer Help_ The value of any voluntary help received is not included in the accounts but is described in the Directors' annual report. ## _Investment Income_ This is included in the accounts when receivable. ## _Investment gains and losses_ This included any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year. ## **Expenditure and liabilities** ## _Liability recognition_ Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources. ## _Governance Costs_ Include costs of the preparation and examination of statutory accounts, the costs of the Directors' meetings and cost of any legal advice to Directors on governance or constitutional matters. 6 **THE DUST PROJECT** (A COMPANY LIMITED BY GUARANTEE) ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020** ## _Grants with performance conditions_ Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified service or output. ## _Grants payable without performance conditions_ These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to a grant which remain in control of the charity. ## _Support Costs_ Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of the resources, eg allocating property cots by floor areas, or per capita, staff costs by the time spent and other costs by their usage. ## _Assets_ Tangible fixed assets for use by the charity: These are capitalised if they can be used for more than one year, and cost at least £2,500. They are valued at cost or, if gifted, at the value to the charity on receipt. The Charity at present holds no assets which cost above this figure. No depreciation is charged to freehold property as the property is maintained to such a standard that the estimated residual value is not less than cost. ## _Investments_ Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at Directors' best estimate of market value. ## _Basis of preparation:_ The financial statements are prepared on the historical cost basis convention (as modified to include the revaluation of investments) in accordance with the Charities Act 2011, "Accounting and Reporting by Charities" (SORP 2015), applicable accounting standards and the Companies Act 2006. The accounts have been prepared on a going concern basis. The charity meets the definition of a public benefit entity under FRS 102. The Charity has claimed exemptions available in Section 1a of FRS 102 not to prepare a cash flow statement since it is a small charity. ## **2. TANGIBLE FIXED ASSETS** The Company owns no fixed assets There are no obligations under hire purchase contracts or leases. 7 ## **THE DUST PROJECT** ## (A COMPANY LIMITED BY GUARANTEE) ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020** |Notes
**a) Donations and Legacies**
Donations
Virgin Giving
Child Sponsorship
Tax Recoverable
**b) Trading Activities**
Profit from Fund Raising Events
**c) Other Income**
Stewardship
**4. EXPENDITURE ON:**
**a) Raising Funds**
Virgin Giving Fees
**b) Charitable Activities**
Sponsorship
Palaam Project
Palaam School
New Living
Support for Child Sponsorship
Computing, Software, and Web Site
Gifts
Bank Charges
Printing
Office Stationery
Shipping and Carriage
Licenses/ Subsriptions etc.
Miscellaneous
Accountancy
Independent Examination Fees
Other Governance Costs
**3.**
**INCOME**
**FROM**
**DONATIONS**
**&**
**ENDOWMENTS**|Unrestricted Restricted
TOTAL
TOTAL
Funds
Funds
2020
2019
£
£
£
£
56,230
56,230
116,642
18,421
18,421
18,677
23,023
23,023
19,268
12,535
12,535
17,573
**110,209**
**0**
**110,209**
**172,160**
**-90**
**0**
**-90**
**5,590**
**1,291**
**0**
**1,291**
**224**
**234**
**0**
**234**
**497**
75,843
75,843
95,945
4,350
4,350
8,751
8,751
18,733
4,050
4,050
3,000
658
658
2,182
200
200
200
463
463
551
0
1,195
0
64
373
373
992
0
274
10
10
289
950
950
500
720
720
720
13
13
13
**96,381**
**0**
**96,381**
**124,658**| |---|---| 8 ## **THE DUST PROJECT** ## (A COMPANY LIMITED BY GUARANTEE) ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020** ## **5. RESTRICTED FUNDS** The Company has no restricted funds over this period. |**6. CASH AT BANK AND IN HAND**|Funds|Funds|**2020**|**2019**| |---|---|---|---|---| ||||**Total**|**Total**| ||£|£|**£**|**£**| |Current Account|94,584|0|94,584|79,912| |Petty Cash|0|0|0|0| ||**94,584**|**0**|**94,584**|**79,912**| |**7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**||||| |Credit Card|Unrestricted
Funds
£
100|Restricted
Funds
£|**2020**
**Total**
**£**
100|**2019**
**Total**
**£**
223| |Independent Examination Fees|720|0|720|720| ||**820**|**0**|**820**|**943**| |**8. DEBTORS AND PREPAYMENTS**||||| |Credit Card|Unrestricted
Funds
£
0|Restricted
Funds
£
0|**2020**
**Total**
**£**
0|**2019**
**Total**
**£**
0| ||**0**|**0**|**0**|**0**| ## **9. STAFF COSTS, DIRECTORS AND OTHER RELATED PARTIES** No payments were made to directors or any persons connected with them during this financial period, other than reimbursements. No material transaction took place between the organisation A total of £8,000 was donated to the charity by the trustees and related parties during 2020. ## **10. RISK ASSESSMENT** The directors actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated, combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The directors have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks. 9 **THE DUST PROJECT** (A COMPANY LIMITED BY GUARANTEE) ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020** ## **11. RESERVES POLICY** The directors have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments held. The directors aim to ensure the charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The directors will endeavour not to set aside funds unnecessarily. ## **12. PUBLIC BENEFIT** The charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the charity has achieved this are provided in the Trustees report. The Trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake. ## **13. SHARE CAPITAL** The Charitable Company is limited by guarantee with each of its members liable to contribute one pound sterling in the event of it being wound up. 10 # **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020** ## **THE DUST PROJECT** (Company Limited by Guarantee) **REGISTERED COMPANY NO. 08822786** **CHARITY REGISTRATION NO. 1155728** Pages 2 to 3 Report of the Directors Page 4 Statement of Financial Activities Page 5 Balance Sheet Pages 6 to 10 Notes to the Financial Statements Page 11 Independent Examiner's Report Independent Examiners Ltd Sovereign Centre Yapton Lane Walberton West Sussex 1 ## **THE DUST PROJECT** (A COMPANY LIMITED BY GUARANTEE) ## **REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31ST DECEMBER 2020** ## **LEGAL AND ADMINISTRATIVE INFORMATION** **CHARITY NUMBER** 1155728 **COMPANY REGISTRATION NUMBER** 08822786 **START OF FINANCIAL YEAR** 1st January 2020 **END OF FINANCIAL YEAR** 31st December 2020 **DIRECTORS AT 31ST DECEMBER 2020** Fraser Higgs Roy Chisnall Sarah Chisnall Thomas Stokely **REGISTERED ADDRESS** Lark Rise Sandy Down Boldre Lymington Hampshire SO41 8PL **DATE OF INCORPORATION** 20th December 2013 **GOVERNING DOCUMENT** Memorandum and Articles of Association incorporated on 20th December 2013. **BANKERS** HSBC 7B Water Gardens South Gate HARLOW Essex EN11 8EP **ACCOUNTANTS &** Independent Examiners Ltd **INDEPENDENT EXAMINER** 2 Broadbridge Business Centre Delling Lane Bosham West Sussex PO18 8NF 2 ## **THE DUST PROJECT** (A COMPANY LIMITED BY GUARANTEE) ## **REPORT OF THE DIRECTORS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2020** The Directors take pleasure in submitting their report and financial statements for the year ended 31st December 2020. A more detailed report can be accessed from web site The Charity Commission - GOV.UK ## **Charitable Objects** The Charity's Objects are for public benefit and are restricted to the following: The relief of poverty and hardship among children and young people living in developing communities in such parts of the World by the provision of shelter, food, health, education and other such charitable services as the trustees may from time to time think fit in particular through the construction and refurbishment of orphanages, schools and accommodation. ## **Statement of Director's responsibilities:** Company law requires the directors to prepare financial statements for each financial year which gives a true and fair view of the state of affairs of the company and of the profit or loss of the company during that period. In preparing those financial statements the directors are required to: (i) select suitable accounting policies and then apply them consistently, (ii) make judgements and estimates that are reasonable and prudent, (iii) prepare financial statements on a going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In preparing this report the directors have taken advantage of special provisions of the Companies Act 2006 relating to small companies. I approve the attached statement of financial activities and balance sheet for the period ended 31st December 2020, and confirm that I have made available all information necessary for its preparation. Signed on behalf of the Board by ………………………………………………, Sarah Chisnall, Director/Company Secretary Date ………………………………………………………………………………………………. 3 ## **THE DUST PROJECT** ## (A COMPANY LIMITED BY GUARANTEE) ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2020** Incorporating income and expenditure account |Notes
**INCOME AND ENDOWMENTS FROM:**
Donations and Legacies
3a
Trading Activities
3b
Other Income
3c
**TOTAL INCOMING RESOURCES**
**EXPENDITURE ON:**
Raising Funds
4a
Charitable Activities
4b
**TOTAL RESOURCES EXPENDED**
**NET INCOMING/ (OUTGOING) RESOURCES**
Balances Brought Forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted Restricted
TOTAL
TOTAL
Funds
Funds
2020
2019
£
£
£
£
110,209
0
110,209
172,160
-90
0
-90
5,590
1,291
0
1,291
224
**111,410**
**0**
**111,410**
**177,974**
234
0
234
497
96,381
0
96,381
124,658
**96,615**
**0**
**96,615**
**125,155**
**14,795**
**0**
**14,795**
**52,819**
78,969
0
78,969
26,150
**93,764**
**0**
**93,764**
**78,969**| |---|---| Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing. The notes on pages 6 to 10 form part of these financial statements. 4 ## **THE DUST PROJECT** (A COMPANY LIMITED BY GUARANTEE) ## **BALANCE SHEET AS AT 31ST DECEMBER 2020** |Note
**Fixed Assets**
Tangible assets
2
**Current Assets**
Debtors
8
Cash at bank and in hand
6
**Total Current Assets**
**Creditors:**
amounts falling due within one year
7
**NET CURRENT ASSETS**
**TOTAL ASSETS**less current liabilities
**NET ASSETS**
**Funds of the Charity**
General Funds
Restricted Funds
5
**Total Funds**|Unrestricted Restricted
**2020**
**2019**
Funds
Funds
**Total**
**Total**
£
£
**£**
**£**
0
0
0
0
0
0
0
0
94,584
0
94,584
79,912
**94,584**
**0**
**94,584**
**79,912**
820
0
820
943
93,764
0
93,764
78,969
**93,764**
**0**
**93,764**
**78,969**
**93,764**
**0**
**93,764**
**78,969**
93,764
0
93,764
78,969
0
0
0
0
**93,764**
**0**
**93,764**
**78,969**| |---|---| For the period ended 31st December 2020 the company was entitled to exeption from audit under section 477(2) of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibility for complying with the requirements of the Companies Act 2006 with respect to accounting records and for the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime. Approved by the Directors on ………………………………………………………..and Signed on behalf of the Board by ………………………………………………, Sarah Chisnall, Director/Company Secretary 5 ## **THE DUST PROJECT** (A COMPANY LIMITED BY GUARANTEE) ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020** ## **1. ACCOUNTING POLICIES** ## **Incoming Resources** ## _Recognition of Incoming Resources_ These are included in the Statement of Financial Activities (SOFA) when: ▪ the charity becomes entitled to the resources; ▪ the Directors are virtually certain they will receive the resources; and ▪ the monetary value can be measured with sufficient reliability ## _Incoming Resources with related expenditure_ Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resource and related expenditure are reported gross in the SOFA. ## _Grants and Donations_ Grants and Donations are only included in the SOFA when the charity has unconditional entitlement to the resources. ## _Tax reclaims on Donations and Gifts_ Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate. ## _Contractual Income and Performance Related Grants_ This is only included in the SOFA once the related goods or services has been delivered. ## _Gifts in Kind_ Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as incoming resources when receivable. ## _Donated Services and Facilities_ These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received. ## _Volunteer Help_ The value of any voluntary help received is not included in the accounts but is described in the Directors' annual report. ## _Investment Income_ This is included in the accounts when receivable. ## _Investment gains and losses_ This included any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year. ## **Expenditure and liabilities** ## _Liability recognition_ Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources. ## _Governance Costs_ Include costs of the preparation and examination of statutory accounts, the costs of the Directors' meetings and cost of any legal advice to Directors on governance or constitutional matters. 6 **THE DUST PROJECT** (A COMPANY LIMITED BY GUARANTEE) ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020** ## _Grants with performance conditions_ Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified service or output. ## _Grants payable without performance conditions_ These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to a grant which remain in control of the charity. ## _Support Costs_ Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of the resources, eg allocating property cots by floor areas, or per capita, staff costs by the time spent and other costs by their usage. ## _Assets_ Tangible fixed assets for use by the charity: These are capitalised if they can be used for more than one year, and cost at least £2,500. They are valued at cost or, if gifted, at the value to the charity on receipt. The Charity at present holds no assets which cost above this figure. No depreciation is charged to freehold property as the property is maintained to such a standard that the estimated residual value is not less than cost. ## _Investments_ Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at Directors' best estimate of market value. ## _Basis of preparation:_ The financial statements are prepared on the historical cost basis convention (as modified to include the revaluation of investments) in accordance with the Charities Act 2011, "Accounting and Reporting by Charities" (SORP 2015), applicable accounting standards and the Companies Act 2006. The accounts have been prepared on a going concern basis. The charity meets the definition of a public benefit entity under FRS 102. The Charity has claimed exemptions available in Section 1a of FRS 102 not to prepare a cash flow statement since it is a small charity. ## **2. TANGIBLE FIXED ASSETS** The Company owns no fixed assets There are no obligations under hire purchase contracts or leases. 7 ## **THE DUST PROJECT** ## (A COMPANY LIMITED BY GUARANTEE) ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020** |Notes
**a) Donations and Legacies**
Donations
Virgin Giving
Child Sponsorship
Tax Recoverable
**b) Trading Activities**
Profit from Fund Raising Events
**c) Other Income**
Stewardship
**4. EXPENDITURE ON:**
**a) Raising Funds**
Virgin Giving Fees
**b) Charitable Activities**
Sponsorship
Palaam Project
Palaam School
New Living
Support for Child Sponsorship
Computing, Software, and Web Site
Gifts
Bank Charges
Printing
Office Stationery
Shipping and Carriage
Licenses/ Subsriptions etc.
Miscellaneous
Accountancy
Independent Examination Fees
Other Governance Costs
**3.**
**INCOME**
**FROM**
**DONATIONS**
**&**
**ENDOWMENTS**|Unrestricted Restricted
TOTAL
TOTAL
Funds
Funds
2020
2019
£
£
£
£
56,230
56,230
116,642
18,421
18,421
18,677
23,023
23,023
19,268
12,535
12,535
17,573
**110,209**
**0**
**110,209**
**172,160**
**-90**
**0**
**-90**
**5,590**
**1,291**
**0**
**1,291**
**224**
**234**
**0**
**234**
**497**
75,843
75,843
95,945
4,350
4,350
8,751
8,751
18,733
4,050
4,050
3,000
658
658
2,182
200
200
200
463
463
551
0
1,195
0
64
373
373
992
0
274
10
10
289
950
950
500
720
720
720
13
13
13
**96,381**
**0**
**96,381**
**124,658**| |---|---| 8 ## **THE DUST PROJECT** ## (A COMPANY LIMITED BY GUARANTEE) ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020** ## **5. RESTRICTED FUNDS** The Company has no restricted funds over this period. |**6. CASH AT BANK AND IN HAND**|Funds|Funds|**2020**|**2019**| |---|---|---|---|---| ||||**Total**|**Total**| ||£|£|**£**|**£**| |Current Account|94,584|0|94,584|79,912| |Petty Cash|0|0|0|0| ||**94,584**|**0**|**94,584**|**79,912**| |**7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**||||| |Credit Card|Unrestricted
Funds
£
100|Restricted
Funds
£|**2020**
**Total**
**£**
100|**2019**
**Total**
**£**
223| |Independent Examination Fees|720|0|720|720| ||**820**|**0**|**820**|**943**| |**8. DEBTORS AND PREPAYMENTS**||||| |Credit Card|Unrestricted
Funds
£
0|Restricted
Funds
£
0|**2020**
**Total**
**£**
0|**2019**
**Total**
**£**
0| ||**0**|**0**|**0**|**0**| ## **9. STAFF COSTS, DIRECTORS AND OTHER RELATED PARTIES** No payments were made to directors or any persons connected with them during this financial period, other than reimbursements. No material transaction took place between the organisation A total of £8,000 was donated to the charity by the trustees and related parties during 2020. ## **10. RISK ASSESSMENT** The directors actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated, combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The directors have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks. 9 **THE DUST PROJECT** (A COMPANY LIMITED BY GUARANTEE) ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020** ## **11. RESERVES POLICY** The directors have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments held. The directors aim to ensure the charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The directors will endeavour not to set aside funds unnecessarily. ## **12. PUBLIC BENEFIT** The charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the charity has achieved this are provided in the Trustees report. The Trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake. ## **13. SHARE CAPITAL** The Charitable Company is limited by guarantee with each of its members liable to contribute one pound sterling in the event of it being wound up. 10