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2025-12-31-accounts

PROJECT PEARL Trustees Annual Report and Accounts Year ended 31 December 2025 PROJECT Charitable Incorporated Organisation registered number: 1203506

Project Pearl Contents Contenls Organisation Details Administrative Information Trustee information About Project Pearl Objects and purpose Overall vision Mission Statement Our Aspirations Our Ethos Statement on Public Benefit Activities and impacl during the year Headlines of our work in 2025 Outreach.. Streets, Brothels. and Beyond One-lo-one Support and Specialist Referrals The Drop-In.' A Place to Call Home Pastoral and Spiritual Support Volunteers, Training, and Our Team Looking Ahead lo 2026 Thank You Financial Review Reserves Policy Statement of Trustees, Responsibilities Independent examiner's report lo the Trustees of Project Pearl Slalemenl of Financial Activilies Balan￿ Sheet Notes to the Financial Statements 11 12 13 14

Organisation Details Administrative Information Name: Project Pearl Address: Saint Philips Chapel Street 2 Wilton Place Salford M3 6FR Tèlephone Number: 01618399709 {Saint Philips church office) 07902 449283 {Lizzy Robinson) Email: contact ro ect ead.or .uk Website: www. earl.or .uk Charity status: The Charity Commission approved Projecl Pearl as a CIO and it was entered onto the Register of Charities with the Registered Chariiy Number 1203506 on 12 June 2023 Bankers: Co-operative Bank PIC Independent Examiner: Peter Salmon ACA Sheffield Trustee information The Trustees who have served at any time during the year are.. Appointed 21 Ortober 2021 Resigned Elizabeth (Lizzy) Anne Robinson Chair of Trustees Donna Allen Trustee- Operations 21 October 2021 stuart Robinson Trustee- Treasurer 21 October 2021 6 June 2025 Rev. Gareth Robinson Trustee 21 October 2021 Rosalind Claire Holland Twstee 21 October 2021 Rev. Sarah Riding Trustee- Safeguarding Trustee- Treasurer 6 June 2025 Anna-Lisa Cartey 6 June 2025

Project Pearl- Trustees Report For the year ended 31 December 2025 About Project Pearl Project Pearl developed through several years of outreach work, led by the founder and Chair of Trustees, Lizzy Robinson, team co-leader al Saint Philips Chapel Street. A team of volunteers from the church was established to work with women who were involved in sex work and partner with organisations who also support women on the streets. In 2023 Project Pearl was registered as a Charitable Incorporated Organisation with the Charity Commission for England and Wales. The Trustees are pleased to present their report and accounts for the year ended 31 December 2025. Objects and purpose The charitys Objects are.. The relief of women involved in the sex industry who are in need by reason of financial hardship, ill-heallh, poverty and other disadvanlage, through the provision of accommodation, counselling, advice and pastoral care, in partnership with other agencies. such as local authorities, local churches. and other charitable bodies. To advance the Christian faith by way of offering a Christian chaplaincy service to people affected by Ihe sex industry and offering spiritual support by invitation,. and lo advance the education of Ihe public in the issues surrounding women and Ihe sex industry. Overall vision Our vision is to see women who feel trapped in the sex industry set free to step into their full potential for their future purpose in life in a world where sexual exploitation has been eradicated from both streets and screens. Mission Statement Our mission is to provide a firsl step Christian-led 'home from home. sancluary, a trauma-informed holistic support programme and a specialist chaplaincy oulreach service, all providing practical and spiritual care for women who are working in and affected by the sex industry. Our Aspirations To see women who feel trapped in the sex industry set free lo step into their full potential. To provide compassionate care in an environment where the women can experience rest, recovery, restoration and reconnection. To enable and support the women to feel safe, valued, loved, supported, equipped, and empowered to rebuild their lives for the next step of independent living, free from constraints such as homelessness and substance abuse. To be a centre of excellence that draws on the experience, knowledge and expertise of recognised specialists and organisations in this complex field of work. To show Christian love, kindness, and justice in everything we do. We want the women to know they are loved by God and that they have a future purpose in life. We believe everyone is made in the image of God and deserves to be treated with respect and dignity-

Project Pearl- Trustees Report {cont'd) For the year ended 31 December 2025 Our Ethos Project Pearl is a charity founded on a Christian vision and driven by Christian values. The theologian Miroslav Volf writes thal 'Christian faith will be an aclive faith, engaged in the world in a noncoercive way.. To be engaged in the world well, Christians will have to keep one thing at the forefronl of Iheir altention: the relalionship between God and a vision of human flourishing, This Christian vision of human flourishing in an invitational, noncoercive way is the heart of Project Pearl. The Christian values of love and compassion for the most marginalised in our society were the underlying principles of Jesus, ministry, and have been practised by many organisations throughout history. We are continuing this work, by aiming to assist in the relief of poverty of women wanting to leave the sex industry. As Jesus did, we will treat every woman as well as staff and volunteers with care and compassion, understanding that each one of them is loved unconditionally by their heavenly father. Statement on Public Benefit Project Pearl Trustees have referred to the Charity Commission's general guidance on Public Benefit Ihroughoul the prO￿sS of establishing the organisation and also in planning the future activities. Project Pearl will bring benefits beyond the lives of individuals who progress through the programme by providing specialist services and accommodation which will ultimately reduce pressure on already stretched statutory services including the Police, the NHS and local homelessness services.

Project Pearl- Trustees Report {cont'd) For the year ended 31 December 2025 Activities and impact during the year Crealing hope, safety, and new beginnings Confidentiality Notice.. Specific locations and individual names within Greater Manchester are not included for safeguarding reasons and to protect the women we support and our staff. Headlines of our work in 2025 2025 has been a significant year for Pmject Pearl. Through the development of our Drop-in, we have been able to provide far more meaningful, sustained one-to-one support alongside our regular street and brothel outreach, safeguarding work, and community partnerships. The year has demonstrated. more clearly than ever, the transforrnative difference that consistent, trusted relationships can make in the lives of the women we walk alongside. Women are now engaging with us not only on the slreels but in a safe, stable space where trusl can grow over time. For many, the Drop-in has become what they describe simply as a "home,, a testimony to the warmth and safety our team and volunleers have worked so hard to create. During 2025 we provided individually tailored support to 77 women. Through our outreach and Drop-in work, we recorded 630 connections with women this year lup from 443 in 2024 and 206 in 20231. This includes 1-1 conversations (planned or ad hocl through outreach or at the Drop-in as well as phone calls and follow up work. We recognise that we can't do this work on our own, and our volunteers and staff were able to refer or signpost women on 255 occasions to 16 specialist partner agencies {up from 77 in 2024). Outreach: Streets, Brothels, and Beyond Our outreach work, visiting women on Ihe streets and in brothels across Grealer Manchester, remains a core aspect of Project Pearl. In 2025 we delivered 69 outreach sessions. Although Ihis is a reduction compared to the previous year, the nature of our support has intentionally evolved over Ihe past 12 months. Rather than primarily relying on light-louch conlact on the streel, more women are now engaged in sustained, ongoing relationships with our team: accessing the Drop-in regularly, receiving structured support, and being connected to a wide range of specialist agencies. We hope to see outreach session numbers to grow again as our volunteer team expands in 2026. One-to-one Support and Specialist Referrals One of our grealest achievements in 2025 has been the increased focus on more structured one-to-one support. The amount of signposling work and exlernal referrals has increased threefold compared to 2024, as we have strengthened connections with partners

Project Pearl- Trustees Report {cont'd) For the year ended 31 December 2025 including MASH, IDVA services, Probation. and a range of specialisl health and housing providers. This year we were privileged to support rive women inlo specialist residential detox and rehabilitation provision in a different part of the country. Trustees from Project Pearl were able to visit the unit and meet wilh staff as well as residenls. All five have reported positive progress in their addiction recovery, mental health, and trauma work. We have started to create a "going-away" bag of clothes and thoughtful treats, a small gesture that speaks to our commitment to treating every woman with dignity and care. Our safeguarding work has continued to be a vital strand of our practi￿. In 2025 we made 16 safeguarding referrals in addition to attending 4 multi-agency forums with police and probation colleagues. These forums help ensure that the women we support are known to and protected by the wider system. We were pleased to host the Greater Manchester Police multi agency partnership Domestic Abuse Day for women at our drop in, where women were able to meet with partner organisations including health, fire services, police, domestic violence advisors and housing specialists. The Drop-ln: A Place to Call Home The opening and subsequent growth of our Drop-in has been the defining development of 2025. It has created a consistent, welcoming space where women can access practical support, build relationships with our team, and take steps towards stsbility at their own pace. Over the course of the year, the Drop-in, alongside our outreach routes, provided 412 hot drinks and refreshments., 331 "Bags of Hope" each containing 10 essential hygiene items provided by St Philip's Church,. access to our clothes store for 60 women. 4 mobile phones and 31 sim cards, removing a critical barrier to accessing help and staying safe- and 20 sexual health kits, were distributed directly or referred through a specialist sexual health nurse who has been based with us at the Drop-in. Between September and December, we piloled a Gardening Project in partnership with Groundwork, crealing a peaceful outdoor space for women to enjoy and take ownership of. Four Pamper Sessions, offering haircuts, nail care, and hand and foot massages, were also delivered, providing an experience of being genuinely cared for and valued. These practical provisions are never simply about meeting a material need. Each bag, warm drink, and item of clothing is an act of relationship, a way of saying.. you matter, you are seen, and you are not alone. Pastoral and Spiritual Support Pastoral care and chaplaincy have always been central to the identity of Project Pearl, and 2025 has seen this dimension of our work deepen. Over Ihe year, 286 invitations for prayer were offered as part of our chaplaincy support, always extended without pressure or obligation, and always rooted in genuine relationships. Several women have begun exploring faith as a result of their engagement with Project Pearl, and a number are now attending local churches. The Celebrate Recovery 12 Slep

Project Pearl- Trustees Report {cont'd) For the year ended 31 December 2025 Course was delivered to 5 women who also received Bibles at the end of the programme. This year. five women were baptised, a profound and moving milestone for our team and for the women themselves. We held a special Away Day for women supported by Project Pearf at the Message Trust in Wythenshawe. The Day included art therapy sessions and lunch, and the women were kindly given vouchers lo shop at the community grocery and community clothing store. We believe that sustainable change is not only practical but spiritual. Our pastoral support walks alongside the whole person, body, mind, and spirit, and it is in thal wholeness that lasting transformation is found. Volunteers, Training, and Our Team None of this work would be possible without our incredible volunteers. In 2025, 24 volunteers conlributed their time, skills. and compassion to Project Pearl, on oulreach, at the Drop-in, and in supporting our day-to4ay operations. We are profoundly grateful for each one. Two training sessions were delivered during the year to equip our team in delivering trauma-infomied, effective support. We have continued to develop and strengthen our recruitment and induction practices, policies and processes for staff and volunteers. During 2025 we were able to recruit a part time outreach worker and we secured funding to increase our operational capacity. We held a trustee away day in June 2025 where we were able to reflect on the progress made so far and refresh our plans and priorities for the months ahead. 2025 brought a significant transition in our governance. We said farewell to Stuart Robinson, our founding Treasurer. whose dedicated seNice was instrumental in establishing Project Pearl on secure foundations during the early and formative years. We are so grateful for Sluart's wisdom and experience. We were delighted to welcome two new Truslees to the Board, a new Treasurer and a Safeguarding Lead, whose skills and experien￿ will be invaluable as we continue to grow. Looking Ahead to 2026 Following our 2025 trustees, away day, we agreed the following priorities for 2026: to develop our fundraising work, increasing both grant income and individual giving so that we can sustain and expand our current provision., to expand our volunteer and staff team in order to increase outreach capacity and deepen one-lo-one support with the women we are serving- to make significant progress with our first shared house, providing stable, supported accommodation for women taking steps towards a new beginning. Development of the shared house was paused in 2025 as we focused on establishing the Drop-in, and we look fonmard to returning to this work in the year ahead. We are also committed to continuing to listen to the voices ofthe women we serve. Their experiences and perspectives shape everything we do, and that will not change.

Project Pearl- Trustees Report {cont'd) For the year ended 31 December 2025 Thank You To our volunteers. partners, churches. and supporters: thank you. We especially wanted to thank friends and colleagues from the Stoller Charilable Trust and from Squire, Patton and Bogg - amongst many others- who have been so generous with both time and expertise as we have worked together to establish the Drop In provision. Together, in so many different ways, we are creating hope. safety, and new beginnings for women across Greater Manchester. Financial Review During the year, we re￿iVed a total income of £46,809 (2024.- £1,297). made up of£5,789 (2024.. £475) from regular donations, £21,070 (2024.. £822) from one off giving and £19,950 (2024.. £0) from grant income. Following last year's focus on developing a theory of change and funding plan, several funding applications were made which resulted in 3 successful restricted grants from the Council for Social Aid1£15,0001, a Christian grant making charity who ask to remain anonymous1£3,0001 and Ihe Bishop Radford Trust {£1.950). Funds received from CSA and Ihe anonymous funder were earmarked to support the salary for the Project l Ops Manager role. During the year under review, volunteers have helped us to update our website k and produce our newsletter, both at no cost to the organis8tion- although we incur cost for the domain and hosting. At the start of the year, the Trustees decided to increase capacity by appointing an outreach and support worker to support work on the drop-in and outreach. The appointment of Operations Manager to oversee the proposed house was put on hold following a decision made by the Trustees. Net income for the year was £30,062 {2024.- net expenditure £5,019) and al the end of the year we had a total £54.875 (2024.. £24,990) held in both general and restricted reserves. Reserves Policy The Trustees have adopted a policy of having reserves no less than 3 months, worth of regular outgoings. and this has been maintained throughout the year under review. Statement of Trustees, Responsibilities The trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepied Accounting Praclice). The law applicable to Gharities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of

Project Pearl- Trustees Report {cont'd) For the year ended 31 December 2025 affairs of the charity and of the incoming resources and application of resour￿$ of the charity for that year. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent- state whether applicable accounting standards have been followed. subject to any material departures 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 sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial stalemenls comply with the Charities Act 2011 and the Charity {Accounts and Reports} Regulations 2008. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Accountants and Independent Examiner The Trustees appointed Peter Salmon, Sheffield, as independent examiner. Approved by the Trustees on 1 Oth July 2026 and signed on their behalf by.. Elizabeth {Lizzy) Robinson Chair of Trustees io

Project Pearl Independent Examiner's Report For the year ended 31 December 2025 Independent examiner's report to the Trustees of Project Pearl I report lo the Iruslees on my examination of the accounts of the above charity I'the Trust"} for the year ended 31 December 2025. Responsibilities and basis of report As the charity's trustees, you are responsible for the preparation of the accounls in accordance with the requirements of the Charities Act 2011 {"Ihe Act"). I report in respect of my examination of the Trusl's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Direclions given by the Charity Commission under section 14515)(b) of the Act. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect.. the accounting records were not kept in accordance with section 130 of the Charities Act., or the accounts did not accord with the accounting records,. or the accounis did not comply with the applicable requirements concerning the form and content of accounts sel out in the Charities {Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair, view which is nol a malter considered as part of an independenl 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. Signed Peter Salmon ACA Sheffield li

Project Pearl Statement of Financial Activities For the year ended 31 December 2025

Notes
Incoming Resources
Regular giving
One off giving
Gift Aid receivable
Grant income
Events income
Total Income
Resources expended
2
Raising funds
Charitable activities
Administrative costs
Other
Total expenditure
Net Income/ (Expenditure)
Transfer between Funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
General
Designated
Restricted
Total
Total
Funds
Funds
Funds
2025
2024
£
£
£
£
£
4,789
1,000
5,789
475
21,070
21,070
822
158
158
24
-
19,950
19,950
-
-
-
-
26,017
1,000
19,950
46,967
1,321
-
-
-
-
1,300
15,312
232
254
15,798
3,813
1,077
-
-
1,077
1,128
30
-
-
30
99
16,419
232
254
16,905
6,340
9,598
768
19,696
30,062
(5,019)
-
-
-
-
-
9,598
768
19,696
30,062
(5,019)
24,990
-
-
24,990
30,009
34,588
768
19,696
55,052
24,990

1

Project Pearl Balance Sheet As at 31 December 2025

Notes
Fixed Assets
Tangible Assets
6
Investments
Total Fixed Assets
Current Assets
Debtors and accrued income
7
Cash at bank and in hand
Total Current Assets
8
Net current assets/(liabilities)
Total assets less current liabilities
Provisions for liabilities
Total net assets or liabilities
Funds of the Charity
General Funds
Designated Funds
9
Restricted Funds
10
Total funds
Creditors: Amounts falling due within
one year
Creditors: Amounts falling due after
one year
General
Designated
Restricted
Total
Total
Funds
Funds
Funds
2025
2024
£
£
£
£
£
-
-
-
-
-
-
-
-
-
-
-
177
177
48
34,411
768
19,696
54,875
24,942
34,588
768
19,696
55,052
24,990
-
-
-
34,588
768
19,696
55,052
24,990
34,588
768
19,696
55,052
24,990
-
-
-
-
-
-
34,588
768
19,696
55,052
24,990
34,588
34,588
24,990
768
768
-
19,696
19,696
-
34,588
768
19,696
55,052
24,990

The financial statements were approved by the Trustees on 10/07/2026 and signed on their behalf by:

Elizabeth (Lizzy) Robinson

Chair of Trustees

Anna-Lisa Cartey, FCCA

Treasurer

2

Project Pearl Notes to the Financial Statements For the year ended 31 December 2025

1 Accounting Policies

a General

The financial statements have been prepared 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 (FRS 102) issued on 16 July 2014 and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102.

b Going concern

The Trustees have no reason to believe that Project Pearl will not continue to operate for 12 months from authorising these financial statements. Accordingly, these financial statements have been prepared on a going concern basis.

c Fund accounting

General income funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the trustees, at their discretion, have created a fund for a specific purpose.

Restricted funds are to be used for specific purposes as laid down by the donor.

d Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Planned giving receivable under Gift Aid is recognised only when received. Income tax recoverable on Gift Aided donations is accrued for on the donation date.

Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor has specified otherwise.

The Trustees operate a policy that any donations greater than £5,000 or where there is some doubt as to the source of funds will be subject to a Know Your Donor documented review. This was needed twice during the year under review (2024: none).

e Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis and includes irrecoverable VAT. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

f Volunteer help

The value of any voluntary help received is not included in the accounts but is described in the trustees’ annual report.

3

**2 ** Analysis of Expenditure
General Designated Restricted Total Total
Funds Funds Funds 2025 2024
£ £ £ £ £
Expenditure Raising Funds
Raising funds - - 1,300
Expenditure delivering the charitable activities
Charity: Staff/ Consultancy costs 9,541 - 9,541 3,438
Charity: Premises 3,457 254 3,711 -
Charity: Outreach 2,314 2,314 375
Crisis Relief Fund 232 232 -
Administrative costs running the charity
Admin costs 1,077 1,077 1,128
Other 30 30 99
Bank/ card charges - - -
16,419 232 254 16,905 6,340
Prior year fund split: 6,340 - - - 6,340
**3 ** Staff costs, Trustee remuneration and expenses
Salaries and wages
Employer's National Insurance costs
Employment Allowance
Pension costs (defined contribution scheme)
2025
£
8,691
300
(300)
57
2024
£
-
-
-
-
Total staff costs 8,748 -
Average number of employees 1 -

During the year, the charity commenced employing a part-time Outreach Worker, working 15 hours per week on average. No employee earned £60,000 per annum or more in the current or preceding accounting period.

Trustees were not paid and did not receive any other benefits in their capacity as Trustees in the year (2024: £nil) neither were they reimbursed expenses in their capacity as Trustees during the year (2024: £nil).

4 Related Party Transactions

During the year, donations totalling £295 were received from the Trustees and or the Trustees' families (2024: £115). During the period, the following expenses were reimbursed to Trustees out of General Funds:

2025 2024
£ £
Elizabeth Robinson 84 99
Donna Allen 2,787 -

Gareth Robinson (Trustee) is Rector and Lizzy Robinson (Chair) is Team Leader at St Philip's, Chapel Street, Salford. During the year £2,500 relating to Project Pearl was received into the bank account of St Philips during the 200th Anniversary of the church, and St Philips paid £581 expenses on behalf of Project Pearl. Funds were reimbursed to the correct entity and at the end of the year, funds due to Project Pearl from St Philip's were £Nil (2024: £Nil).

5 Independent Examination Fee

The 2024 and 2025 accounts were independently examined by Mr Peter Salmon ACA. Mr Salmon carried out the examination pro bono so no fee was accrued. No other fees were paid for accountancy services during the year.

6 Fixed Assets

The organisation did not own any Tangible Fixed Assets or Investments at the year end.

4

7 Debtors and Accrued Income

**7 ** Debtors and Accrued Income
2025 2024
£ £
Stock of donations - -
Accrued income 177 19
Amounts due from St Philips - -
Prepayments - 29
Other Debtors - -
177 48
**8 ** Creditors: Amounts falling due within one year
Trade Creditors 2025
£
-
2024
£
-
Accruals - -
- -
**9 ** Designated Reserves
Crisis Relief Fund B/Fwd
Income
Exp.
£
£
£
-
1,000
(232)
Transfers
£
-
C/Fwd
£
768
-
1,000
(232)
- 768
During the year, the Trustees decided to create a Crisis Relief Fund to offer support to women who needed relief in
an emergency. This fund was used once during the year to pay for a taxi for 'N' to escape to a safe house when
other agencies were unable to fund this and there was deemed to be an immediate danger to her life. The fund was
replenished to £1k afterwards.

10 Restricted Reserves

Bishop Radford grant
CSA grant
Christian grant (anonymous donor)
B/Fwd
Income
Exp.
Transfers
C/Fwd
£
£
£
£
£
-
1,950
(254)
1,696
-
15,000
-
15,000
-
3,000
-
3,000
-
19,950
(254)
-
19,696

During the year, three grants were received with restrictive terms on how the funds should be used. The first was from the Bishop Radford Trust, to be used on various items at Soul Cafe. The second was from the Manchester Diocesan Church of England Council for Social Aid (CSA) who granted £30k over two years towards the costs of employing the Housing Manager. The third was from a Christian grant making charity who ask to remain anonymous also to be used towards the costs of employing a Operations / Project Manager.

11 Post Balance Sheet events

There were no events between the year end and the date of approving these accounts that the Trustees consider would have a material impact on the reader's understanding of the performance and position of the charity.

5