CHARITY COMMISSION FOR ENGLAND AND WALES Trustees, Annual Report for the period Perlod start date To 01 /oL4-1go Il From Period end date 31 losl Charlty namo: Taisy Charity registration number: l l 7 5163 Objectives and Activities SORP rafer8nce Summary of the purposes of the charity as set out in its overnin document Summary of the main activities in ralation to those purposes for the publi benefit, in particular, the activities, projects or services identified in the accounts. Statement confimiing whelher the trustees have had regard to the guidance ISSU8d by the Charity Commission on publi benefit Para 1.17 Par8 1.17 and 1.19 •T. s Para 1.18 Additional infonnatlon loptlonal) You ma choose to include further statements where relevant about: SORP reference Pard 1.38 Policy on grant making Pard 1.38 Policy on social investment including program related investment Para 1.38 Contribution made by volunteers Other Achievements and Perfomiance SORP ￿te￿n ADIvico S￿*t¥￿ * Summary of the main achievements of the charity, identifying the difference the charity's work has made to the circumstsnces of its beneficiaries and any wider benefits to society as a whole. Pgra 1.20 ot£fi se 4￿3h"C . Addltlonal Infomiatlon (optional) You ma choos8 to include further statements where relevant about: Achievements against objectives set Para 1.41 Performance of fundraising activities against objectives set Pard 1.41 Investment performance against objectives Para 1.41 Other Financial Review Review of the charity's financial position at the end of the riod Statement explaining the policy for holding rese￿eS statin are held Amount of reserves held Reasons for holding zero reserves Details of fund materially in deficit Explanation of any uncertainties about the charity continuing as a going concern Para 1.21 Para 1.22 Para 1.22 Para 1.22 NJIA Pard 1.24 Para 1.23 Addilional infomialion {optional) You ma choose to include further stalements whare relevant about: The charity's principal sources of funds (including any fundraising) Para 1.47 Investment policy and objectives including any social investment policy adopted Para 1.46 A description of the principal risks facing the charity Para 1.46 Other Structure, Governance and Management Description of charity's trusts.. Type of governing document Para 1.25 Gxlsfi'kn h How is the charity constituted? In',iic.: 'iaiiDn Trustee selection methods including details of any constitutional provisions e.g. election to post or name of any person or body entitled to appoint one or more trustees Para 1.25 Para 1.25 Addltlonal infomiation (oplional) You ma choose to include further statements where relevant about: Policies and procedures adopted for the induction and training of trustees Para 1.51 The charity's organisational slruclure and any wider ne￿Ork with which the charity works Para 1.51 Relationship with any related parties Para 1.51 Olher Reference and Administrative details Charit name Other name the chari uses Re istered charit number Charity's principal address choirt 11751b3 6NJ11 I Names of the charity trustses who manage the charlty Dates a¢tsd If not for whole ear Trusteè nam• Office Ilf anyl Name of person lor body) entiued 0Snt trustee Ifan Si¢Ywffj kL .114Qm tr fjeAkle 10 12 13 14 15 16 17 18 19 20 Cor orate trustees- names of the directors at the date the re ort was a roved Dlrector narne Name of trustees holding tille to property belonging to the charity Trust8¢ name Oates acted if not for whole ear Funds held as custodian trustees on behalf of others Description of the assets held in this caparity IA Name and objects of the charity on whose behaKthe assets are held and how this falls within the custodian charily's objecls M/A Details of arrangements for safe custody and segregation of such assets from the charity's own assets Additional informalion {optional) Names and addresses of advlsers (Optional information) Type of Name Address advlser JÉn I 36 , Ofvjli L¥A) Name of chlef ex8cutlve or names of senior staff members (Optional informatlon) JI￿e/ - Pcg Exemptlons from disclosure Reason for non-disdosure of ke ersonnel details Other o tional information Company registration niimber., CF.QI 160? Chariiy resjistration iiurnb¢r'. I17i163 The Daisy Chain Project IA ¢omp8ny limited by share capital) Annual Report and financial Statcmcllts for the Year Ended 31 March ?0?4 Boldcn & Long 36a (ioring Road Goring-hy-sea Worthing West Sussex BNI?4AD Th¢ Daisy ChY4in Project Contents Ref¢ren¢¢ and Administrativ¢ Details Strategic Report Twstees, Report 3to4 StateTnellt of Finanrial ActivitL¢S Balance Sheet Statern¢nt of C&sh Flows Notes to the Financial Statement5 8t0 17 The Daisy Chvdin Project Reference and Administrative Details Trnste Kim Beaven Faye Shiph4rn Akhil Rawai William Skjott Simon Sp¢nc¢ Drvikki Kdty 1175163 Chgrlty R¢gts¢rntloD Number Compny Rewtr8tiom Numbtr CE011602 The chArity is incorporated in England & Wales. 7 Chapel Ro Worthin8 West Sussex BNII IEG lade￿dent Ex4min¢r Bolden & iA)ng 36a Gorin8 Rogd Goring-by-S¢a Worthin8 West Suss¢X BN124AD AccDuDt8nts Bolden & Lon8 36a Goring R(*d Gorin8-by-Se8 Worthin8 West Sussex BN124AD The D*hy Ch•lD Project Str*te8le Report for th¢ Year Ended 31 Mareh 2024 31 M8Tr&21i24. Incompliall￿ with ￿14c of the Conyits Drvikki Kelly The Daisy Chain Projeet Trustees, Report The trustees. who are directors for the purposes of company law. present the annual report together with the financial statements of the charitable cotnpany for the year ended 31 March 2024. Objectives and Bttlvltles Public beneJ71 We are a pro bono advi¢e charity for domestic abuse victims providing legal ¥dvi¢¢, support. and rcpr¢sentation to clients at no cost. Our main emph￿15 i5 protective injunctions and training and educating other e5t&blishments. The trustees confirTn that they hav¢ complied with Ihe requirements of section 17 of the Chariti¢s A¢t 201110 have due regard to the public benefit guidance publi5hEd by the Charity Commission for En8land and Wales. Strueturej governADce management Flnanelal Instruments Objecllves ondpolldes The charity'5 activilhes expose it io a n￿mber orfinan¢iY41 risks includin8 ¢redit risk, ¢ash flow risk and liquidity risk. The of financial dcrivatives is goverrLtd by the charity's policies approved by the board of trustees. which provide written principles on the use of financial derivatives to manage these risks. The charity does not use deriv*iV¢ fillancial instrum¢nt5 for speculative Pufposes. C&5hJlow r£sk The ¢haTIty's activities expose it primarily to the financial risks of change5 in foreign ¢urren¢y ex¢hong¢ rni¢s and interest rates. The charbty uses foreign exchang¢ (orward wntracts and interest rate swap conlracts to hedg¢ these exposures. Interesf bearing assets and liabilities are held ai fixed rnte to ensure certainty of cash flows. Credil risk The ¢harity's prin¢ipal financial &5sets are bank balances and Cash, iiade alld other rcceivables. and investments. The charity's Eredit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowance5 for doubtful receivables. An allowance for impairn)ent is made wher¢ there is an identified loss event which. based on previous experience. is evidence of a Teduction in the recoverability of the ¢ash flows. The ¢￿dit risk on liquid funds and derivative financial instruments is limited becaLL5e the wunt¢rp8rties are banks with high credit-rating5 assigned by international ¢redit-rating agencies. The charity has no si8nificant ¢onc¢nlration of Credit risk, with exposure spread over a laT8e number of counterparties and customers. Ll44ldlty Ti5k In ord¢r to maintain liquidity to ensure that 5uificient fijnds are available for ongoing O￿l8110￿S and future d¢velopmenis, Ihe charity use5 a mixture of long-term And s￿)n-terM dtbt fjnance. Further details regarding liquidity risk can b¢ found in ihe Si*ement of aceounting w)li¢i¢s in the financial statements. Page 3 The Daisy Chaill Project Trustee5' Report St*lemMt •f trustees, Tupon8lblMrft$ The ￿1￿C¢S (who are also the dircctoJ3 of Tbe Daisy Chain Pmject for the pu￿os¢S of company lawl are for prtwing the t1￿￿tee5, repon and th¢ fJllgn¢ial sta1¢m￿ts in accord8DC¢ with ￿p11¢ab]e law and United Kingdool A¢tx)untsThg StaDd¥￿s (Ullited Kittgdthn Gcllerally Accepted Account￿￿ Ptactice), iucludiDg FRS 102 The Financial Rep¢xting St&tObrd applicable LD the UK And Republic of Ireland". Compally law ffquir¢8 tb¢ tyust¢¢é to ￿p￿r¢ fin￿n￿"al statements for escb finall¢ial ye•r. Under ¢ornp8ny law the t[￿tres m￿1 not apprnve the fitLqncial unless they ar¢ satisfied th4t they give a true and fair view f the st&t¢ of affaiTh of thq ¢h8titsbl¢ company arml of the ￿L¥>thing ￿soUrceS alld appIi¢atioll of reyourt¢s. iKludin8 its income and expenditure, of the cbJTitsble company for thai period In preporiTh8 thtse financial stat¢rn¢Dts. the knJste¢s 8T¢ Tequired to: 8¢1ect Buitable a¢covrLting policAes attdapply ￿￿￿tentlY.. ob8¢rve the meth(th principles in the (JJBTitie8 SORP: St￿ wbether Applicoble &coMntitig stand8th COTllprising FRS 102 bave been fi)Ilowe4 sllbiett to depBrtll￿ disclosed and explained inthe finanLial stat• ond prepare the fin￿la] stslcjllcnts on the 8oin8 cwc¢rn b85is uD]e55 It is irypropiiale to pres￿￿ tlLE The InL￿e￿ fi)r keeping proper &¢fOUDting r¢¢oTth that ¢8n dss¢lo8¢ with rr&w]Jabte 8¢¢Urn¢y et y lijne the fiDHncial p05ilioll of tbe cbarilabletorx)pary and ¢nable th¢rD to ewut¢ thAI the fillallcial St1*ll￿nts comply with the CompaThie8 Act 21NJ6. They are aisD Tesp)nsiblc for gfcffiing the ￿￿¢ts of th¢ Ch￿l￿b]e comp&ny and hencE fDrtakJ'ng reAsotL4bk steps for the prevcntiDn and dctcctiDn of fraud aDd otbet itrt8uiarities. Tbe are re8poTksible for the rnwiDteDaDce alld inteyity of the cor￿￿1¢ alld itsformatson included 00 the chan'table compallls website. Legi51atioJJ governing the prep8rAtKTrD alld dissemioation of The reportW25 approved by the tnJ6tees of the charity oo 1SNovethr 2024 on itsE£￿Ir by.. Dr Vikki Kdlv Pa8e 4 The Daisy Chain Project Statement of Finaneial Aetivities for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Galns and IA*sses) Unrestrlcted funds Total 2024 Note Ineome and Endtswments from: Donations and legacies 136,710 136.710 Total income 136.710 136,710 Expendlture on: Cost5 of activities Govemance 199,168} 128.196) 199,1681 128,1961 Toial expenditure 1127.3641 1127.3641 Net incorne 9.346 9.346 Net movement in funds 9,346 9.346 Re¢on¢iliation of fvnds Total funds brou8ht forward Total funds Carried fonvard 39,131 39,131 14 48.477 UnTestritted funds 48.477 Total 2023 Note Ineome and Endowments from: Donations and lega¢i¢s 105,722 105.722 Total income 105,722 105.722 Expe￿d1ture on: Costs of activities GovernarKe 1101.2631 110.329) (101,263} 10,329 Total expenditure 1111.5921 (111.592) Net cxprnditurt 15,8701 5,870 Net movement in funds (5.8701 15.8701 Re¢onelll*tlon of fundi Total funds broughi fonvard 45,001 45,001 Total funds carried forward 14 39,131 39,131 All of the charity's activities deriwe from continuing operaiions during the atK)ve two periods. The funds breakdown for 2023 is shown in note 14. The notes on pages 8 to 17 forni an inte8ral part of thesc financial statements. P￿3 The Dally Ch*in Proje¢t (Registration Dumber: CE011602) BAi*nte Sheet as at 31 March 2024 2024 2013 N•t¢ Cath *tbADk Indittha￿I li 48,866 39,491 Crthrs: f*11￿ tt•¢ Ylthlx Net *sp¢ts 12 389 360 48.4TT 39,131 Fy•d¥ otthe ¢k4rlty: Unr¢#rlot¢d l#wme 48.477 39.131 14 For the finamciJl yewr 31 March 2024 th¢ tharity va8 entiil¢d to eX¢Wi￿ from xudit Étttiott 477 oftht Cthnp&nxe* Ad 2006ttlrttitig to 8mrtll comptiniv. Directirf Twsibilities". Thc mcmb¢r8 bav¢ wi Tequi￿d th¢ Chgrity to obtsin Sn Audit of its occounty tr the ythr in quests'on in accordance with yeclion476" aod The directOTS acknowledge theiT resp)llsiknlitie& for conwlyiti8 wilh the of th¢ A¢t Trith respett lo￿Ou￿Sn￿ ￿tsrd* •twJthE pr¢pmtsonof account& The stste4nents on p8es 5 to 17 Trt¥E approvd by the trth5t¢es, alld •utborised for is8DE on 15 Ntsvmber 2024 and sigthlon1l*irbe￿kf br. Dr Vikki Kelly The Tr)tes on pys 8 to 17 fotmatt inteATrl p4rtof ffinallcial ststemeDts. Page 6 The Daisy Chvdin Project Statement of Cash Flows for the Year Ended 31 March 2024 2024 21123 Note C#5h tlows from oper8tln8 activities Net c&sh inc0mellexpenditu￿I 9,346 {5,870) Working cgpit&l Adjujtments Incr￿¢ in cr¢dil¢xs 12 29 60 Net cash flows from operating activities Net increa￿{decreaSe} in cash and c&sh equival¢nts C8sh ond cash equivalents at l April C&5h and cash equivalents at 31 March 9,375 15,810) 9,375 5,810) 39,491 45,301 48.866 39,491 All of the cash tlowts arc derived from continuing operations during the above two F¢riods. The note5 on pages 8 to )7 forni an irrt¢gral part of these financial stat¢ment5. Page 7 The Daisy Chain Projeet Notes to ihe Financial Statements for the Year Ended 31 Maryh 2024 I Chgrlty ststus The charity is limited by share capiial. Incorporated in England & Wales. The address of its registered office i5.. 7 Chapel Ro Worthitlg West Sussex BNII IEG These financial sthtements were authorised for issue by the trusiees on 15 Novemkr 2024. 2 AccountlDg polleles SumrnAry of $ignifJ¢fint geeounting policies and key actountlttg estlmate$ The principal accounting policies applied in the prtparation of theK financial statement5 are set out below. Thes¢ policies have been eon5i5tently applied to all Ihe ye￿$ presented. unles5 Otherwise Stated. Statement of compllanee The financial statements have be¢n prepared in accordance with Accounting and Reporting by Charities: Statemeni of Re¢omTntnded Practice (applicable ¢0 Charities preparing their a￿O￿llts in accordance with the Financial R¢porting Standard applicabl¢ in lh¢ UK and Republic of Ireland IFRS 10211 lissued in Octob¢r 2019) {Chariti¢s SORP IFRS 10211. the Financial Reportin8 Stsndard applirable in the UK and Republic of Ireland IFRS 1021 and the Comp2nies Act 2006. Basis of PTepar¥tion The Daisy Chain Projcct meets the definition of a publi¢ beTt¢fit entity under FRS 102. Assets and liabilities are initially r¢¢ognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. ColnE con¢ern The irustees consider that there are no material uncertainties about the eharity's ability to coniinve as a going ¢on¢em tlor any si8nificant areas of uncertainty that affect the carying valu¢ of as%ts held by the Charity. Ittcome artd endowments All income is I¢￿gnised once the ch8Tity has entitlement to the income. it is probable that the income will received and the amount of the in¢om¢ rec¢ivabl¢ can be measured reliably. Donartons andlegdel Donations are recognised when the charity h&5 been notift¢d in writing of b(rth the amount and settlement dat¢. In the event thai a donatiot) IS 5ubj¢ct to conditions that require a level of perfortnance by the charity before the ¢harity is entitled to the fund5. the income is def¢￿ed and not recogni5ed until either those conditions are fijlly mffl, or the fulfilment of those conditions is wholly within the control of the charity and il is Probable that th¢se nditions will be fulfilled in the reporting period. Page 8 The Daisy Chain Project Notes to the FinanciAI Statements for the Year Ended 31 Mareh 2024 Gmllts recelwble Grants are recognised when the charity ha5 an entitlement lo the lunds and any ¢ondiiions linked to th¢ grants have been met. Where ￿rforManCe conditions are attached to the graTht and a￿ yet to be me¢ the income is reeognised a5 a liability and included on the balance sheet as deferred income to be released. EApenditure All exprnditU￿ is reco8ni5¢d once there i5 Z4 lega] or constructive Oblig￿lOn to ihai ¢xp¢nditur¢, it is prol)able settlement is required and the amount can be measured reliably. All costs are allocaled to the applicable expenditure heading that awegat¢ similar wsts to that category. Where costs cannol be directly artributed to particular headings they have ￿en allocated on a basis consisient with the use of resources, with ¢erttTal staff eosts allocated on th¢ basis of time spent, and depreciation charges allocated on the portion of the a&set'5 US¢. Other support costs are allocated baKd on the spicad of Staff costs. Ratslngfund These are Costs incurred in attractin8 voluntary incomc, the management of investments and those incurred in trading aetivities th* raise funds. Support eosts Support costs include centrdl fiJn¢tions and have been allo¢￿ed to activity Cost categories on a ba515 consistent with thE Use of re50urce5. for example, alloc8ttng property Costs by floor areas, or per Capiw staff Costs by the lime spen¢ and oth¢r cost5 by their usag¢. Governance ¢o$ts These include the costs attributsble to th¢ Charity's ¢ompSian¢e with consi11￿10￿￿1 And ststutory requirements, including audit, strate8ic management and iruste¢s m¢eiings and reimbursed expenses. Taxatlon The charity i5 considered to pass the tests sei out in Paragraph I Schedule 6 of the Finance Act 2010 and thereforc it mttts the definition of a ¢haritabl¢ Company for UK corpDration tax purp)K5. AccoTdingly* the charity is potentially exempt from taxation in respxci of in¢ome or Capital gains received within categories COVe￿d by Chapter 3 Part I l of the co￿OratIon Tax Aa 2010 or Section 256 of the Taxation of Chargeable Gains Arf 1992. to the extent that su¢h in¢om¢ or gains are applied exclusively io charitsble ptsrp)s¢s. C*$h atsd eAsh equlv8l¢nts C&sh and cash equivalents cofftprise cash on hand and call derA)sits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of ¢hange in value. Pagy 9 The Daisy Chain Project Notes to the Fing4neial Statements for the Year Ended 31 Mareh 2024 BorrowlAgs Interest-bearing borrowings are initially recorded at fair Yalue, net of transaction costs. Intere5t-bearing E()rrowings aTe 5ub5equently carried at amortised cost. with the difference between the proceeds, w of transaciion costs. and the amount due on re(kmption being reco¥nised as a charge to the Statement of Financial Activities over the period of the relevant borrowing. ltsterest ex￿nSe is recognised on the basis of the ¢ff¢ctive interesl method and i5 included ir) interest payable and similar ch￿g¢S. Borrowings ar¢ classified a5 current liabilities unless the charity has an unconditional right to def¢r s¢ttl¢m¢ni of the liability for at least twelve months after the reporting date. Forelgfj ex¢haAge Transactions in foreign currencie5 are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabiliiics denominated in foreign currencies at the balance shret date are reported at the rates of ex¢hang¢ pr¢vailing at that date. The results of ov¢rsea5 operations are trdnslat¢d at ihe average (ates of exchange during the period and their balance Sheets at the rates ruling at the balance she¢t date. Exchang¢ differEnce5 arisin8 on translation of the opening nei assds and results of overseas operations are reported in tsther comprehensive income and accutnulated in equity (attributed to non-controlling interests as appropri*el. Othcr exchange differences are recogni5ed in the Statement of Finan¢ial Activities in the period in which they arise except for.. 11 ¢xchang¢ differences on transactions entered into lo hedge certain forei8n CU￿en¢Y risks (se¢ above). 21 exchange differences artsing on gains or losses on non-monetary items which are reco8nised in other ¢ompr¢hensive income- at 31 in the case of the consolidated financial stat¢tnenls. ¢xchan8e differences on mon¢tary items r¢¢eivabl¢ from or payable to 8 foreign operation for which settlement is neither planned nor likely to occur (therefore fomiing pan of the net investment in th¢ foreign oper*ionl, which are r￿QgniS￿ in othu comprehensiv¢ in¢ome and report￿ under equity. Fund Strueture Unrestricted in¢ome funds are general funds tltst are available for use at the trusiees discretion in furtherance of the objectives of the charity. Flnin¢ial instrun*nts Cl4sslJlc4ho Financial 8ss¢ts and financial liabilitie5 are rcco8nised when the charity bEcom¢5 a party to the conlractual provisions of the insirumeni. Finan¢ial liabiliiies and equity instrnmenis are classified according to the 5ubstan¢e of the contractual arrangements entered into. An equity instrumeni is any contra¢1 that evidences 4 r¢sidual int¢re5t in the assets of the ¢harity after deductin8 all of its liabilities. Page 10 The Daisy Chain Proj¢¢t Notes to the Financial Statem¢nts for the Year Ended 31 March 2024 Kecognlllou andme4sure•Kenl All financial ass￿$ and liabilities are initially measured at iransaciion price lincludir)g transuction costs). ex¢epi for those financial ossets cla5sifLed at fair value through profit or 105s, which are inilially measured at fair value (which is nomjally the transaciion price excluding transaction costs). unless the arrangement constitutes rJnan¢ing irans&ction. If an arrangement constitu￿S a financing transaction. the financial asset or financial liability is m¢a5ured at th¢ Preseni value of the future payments discounted at a market rate of inieresi for a similar (kbt instrument. Financial assets and liabilities are only offset in the statemeni of financial position when. and only when there ¢XiSts a legally enforceable right to set off the re¢ognised amounts and the charity intend5 either io settle on a net basis, OT to realise the asset and s¢ttl¢ the liability simultaneously. Financial assets are der¢￿8￿]sed when and only when al the contractual rights to the cash flows from the finwKial asset expire or are settled, bl the Charity trAnsfer5 to another paty sUb￿antiallY all of th¢ risks and rewards of ownership of th¢ financial as%t, or cl the charity, despite having reiained some, but not all. significant Tisks and r¢wards of ownership. ha5 transferred control of the assei io anoiher party. Financial liabilities are derecognised only when the obligation speciflcd in the contract is discharged, ¢an¢elled or expires. Page 11 The Daisy Chain Project Notes to the Financial Statements for the Year F.nded 31 March 2024 De￿ inslrumen15 Debt instrurnents which mttt the following conditions are subsequently measured at amortised Cost using the effective interest tnethod.. {al The contractual return to thc holder is lil a fixed amount; lill a posltive fixed rate or a positive variable rate., OT (iiil & wmbination of a positive or a negative fixed rate and a positive variable rate. {bl The contract may provide for repayments of the principal or the return to the holder Ibut not both) linked to a single relevant observable index of generdl price inflation of the currency in which the debt InStru￿ent l5 denOmir￿tcd, provided such links are not leveraged. {cl The contrdct may provide for a d¢terniinabl¢ variation of the rernrn lo the hold¢r durin8 the life of Ihe instrument. provided ihat lil Ihe new ra* satisfies Condiiion lal and ihe vari*ion is not contingeni on future events other than I I l a ¢hange of a contrKtual variable rate; 121 to protect the holder againsi credit deterioration of the issuer; 131 ¢hanges in levies applied by a ceniral bank or arising from Changes in relevant taxation or law. or lill the new raie is a market rate of interest and satisfies Condition (al. {dl There is N) contractual provision thai could, by lis iemi& result in the holdeT losing the principal amouni or any int¢r¢st attriburable to the Current period or prior periods. {¢) Contwtua] wovisions that peTtNit the i5su¢r to p￿paY a dcbt instrument or Permit ihe holder ￿ pul it back to the issuer before maturity are no¢ ¢oniingent on fuiure events, oih¢r ihan to proteci ihe holder againsi th¢ ¢redit deterioration of thc issuer or a change in control ofihe issuer, or to protect the holder or issuer against change$ in levies applied by a central bank or arising from ¢h8nges in relevani tax￿lon or law. lfj Contractual provisions may permit the exiensiot) of the iemi of th¢ d¢bt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended terni satisfy the conditions of paragraphs lal to Icl. Debt instruments that are classified as payable or receivable within one year on initial recognitton #nd which meet the above condition5 measured at the undiscounted amount of thc cash or other consideration expected to be paid or received. net of impairnient. Wi¢h the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or105S. Commitments to make and receive loans which meet the conditions mentioned above are measured at C05t (which may be thil) less impairnienl. Invesin*nts Investments in nonw¢onvertibl¢ preference shares and non-puttable ordinary or preference shares Iwhere shares are pllblicly traded or their fair value 15 Ttliably measurable) are ￿￿ur￿j at fair value through profit or 105S. Where fair value cannot be rneasured reliably. iThvtStments are M￿SUred at cost less impairnenl. Investments in subsidiaries and &%so¢iates are M￿sU[ed at C05t less impairm¢nt. For investments in subsidiaries acquird for consideration including the issue of shares qualifyin8 for merger relief, Cost is measured by reference to the nominal value of the shares issued plus fair valu¢ of other consideration. Any premium is ignored. PAge 12 The Daisy Chain Project Notes to the Finaneial Statements for th¢ Year Ended 31 March 2024 DerlvodvefiN&nciul iRslruments The Charity u5e5 derivative financial instruments to reduce exposure io for¢ign exchange risk and inieTest rate movements. The charity does not hold or issue dLYivative financial instrum¢nts for $pe¢ulativ¢ purposes. Derivative5 are initialty recognised at fair value at the dale a derivative contract is entered inio and are subsequ¢ntly remeasured to their faif value at each rew>rting date. The resulting gain or Ios5 15 recogni5ed in statement of fi1)a￿la1 actlVLtie5 lTnm￿1atClY unless the derivative 15 designated and effective as a hedgin instrument, in which event the timing of the recognition in statement of financial activities depends on the nature of the hedge relationship. Fdlr value measuremenl The best eviden¢e of fair value is a quoted price for an identical asset in an active m8Tket. When quoted pri¢es are unavailable. the price of a recent tran5actron for an identical a$5¢t provides ¢vid¢nc¢ of fair value a5 long as there has not a significant chantsFe in econofflic circumstances or a si8nifJcant lapse of time since Ihe transaclion t(M)k place. If the market is not active and recent transaclions of an identical asset on their own arr not a good estim&te of fair value, the fair value is estimated by using a valuation technique. 3 Income from donstions legaei¢$ Unrestricted runds Gener*J TotAI funds Donations and legacies: Donations from Individ￿lS Grants. including capitsl grants. Grdnts from other ¢h8rities 485 485 136.225 136.225 Tfjt•l for 2024 136,710 136,710 Tfjt•l for 2023 105,722 105,722 4 Exp¢ndlture 00 rnislng funds ) Costs of trading activities Ullrestricted funds General Total funds Note Costs of activities Allocated support costs 10,312 3,216 10,312 Totil (or 2024 13.528 13,528 Tot•J for 2023 15.259 Page 13 The DAISY Chain Projeet Notes to the Financial Statements for the Year Ended 31 March 2024 Totsl tosts 5 Expenditure on ch#rltsble #tlivitles IJDrestrleted funds G¢n¢r81 Tothl funds Note Governan¢e costs 28.196 28,196 Total for 21123 10.329 10.329 Total expeodlture In addition lo th¢ ¢xpendituT¢ analysed above, ther¢ are ￿$0 governance costs of £28.196 12023 £IOJ29) which relate dir¢¢tly to ¢h8ritable aclivities. See note 6 for further detsils. 6 Anatysts ofgovernathee and support eosts Governan¢e costs Unrestrieted d$ GeDer*l Totsl funds Allocated support c¢yJts 28,196 28,196 Total for 2024 28.196 Tot81 for 21)23 10,329 10.329 Page 14 The Daisy Chain Project Notes to the Financial Statements for the Year Ended 31 March 2024 7 Net incorningloutgoing resources N¢t incomingl{outgoingl resou￿¢5 for th¢ yew i￿]￿de. 1024 8 Trustees remuner¥Jtlw and expenses No trusiees, nor any persons ¢onn¢ct¢d with them. have received any r¢mun¢ration from the charity during th¢ year. 9 S¢aff eosts The aggregate payroll costs Mve as follows.. 2024 2023 StatTeost5 durlng the year were: Wages and salaries 85.640 86.004 No employee received cmoluments of more than £60,000 during the year. Pa8e 15 The Dairy Chain Project Not¢s to th¢ Finan¢ial Statements for the Year Ended 31 March 2024 10 TaxatiowA The charity is a registered charity and is therefore exempi from lax￿lOn. I I Cash *nd eash equlvolents 21123 Cash on hand Cash at bank 30 48.836 30 39,461 48.866 39,491 12 Cr¢dltors: 8m&unts falllng du¢ withln one year 2024 2023 Other creditors 389 360 13 Share cipital 14 FuAds Bal•nce at I April 21123 Ilcoming re50urte5 Resourees expended BalaD¢¢ at 31 March 2024 Umrestricted funds General 39.131 136,710 (127,364) 48.477 B41Ance at I April 21122 Incoming resourees Resources expended B4l&nce at 31 Mar¢h 2023 Unre5trict¢d fundfj General 45,001 105,722 1111.5921 39,131 15 Analysis of net #sseti betwee￿ fuDds Unrestricted fund5 GentT*I Tot41 fund$ At 31 M•r