Dato for ledelsens godkendelse af årsrapporten:2023-07-05
Beskrivelse af usædvanlige forhold, der kan have påvirket indregningen eller målingen:Going concern
During 2022 there has been a growing concern from the Board in the organization’s ability to secure key partnership and sponsorships, manage the operational cost structure and secure funds needed to sustain the organization in the long run.
The Index Project has been working in the last months to secure the key partnership(s) to sustain the operations. Unluckily in December 2022, a large potential partnership fell through. As a consequence, all employees, all agreements with service providers and landlord were terminated.
The Index Project is in the process of restructuring to evolve the operating model and set the right foundation for moving forward. The Index Project is currently rethinking the plan and timeline of the flagship award 2023, likely to have a fully virtual award with the possibility to expand to physical events if sponsorships are closed within the coming months.
To ensure this new chapter of The Index Project becomes a reality and continue their important work, The Index Project is resetting the cost structure and opmodel, to pursue the partners to help in the future steps. This approach guarantees their solvency and ensures the ability to have the necessary time for reaction as needed.
The Board has prepared a cashflow budget until April 2024, which shows that The Index Project has sufficient funds to continue its operation in a standstill position until this new business model is in place.
There is material uncertainty related to the going concern assumption, which casts significant doubt on the organization's ability to continue, and therefore, the organization may be unable to realize its assets and discharge its liabilities in the normal course.
Reference is made to note 2 for more details.
Statement by Management on the annual report
Identifikation af den godkendte årsrapport:Today, the Board of Directors has discussed and approved the annual report of The Index Project (fond) for the financial year 1 January - 31 December 2022.
Management's review
Beskrivelse af virksomhedens væsentligste aktiviteter:The Index Project is a Danish non-profit foundation working globally. The foundation is the go-to global index of sustainable design for positive impact, called ‘design to improve life’.
The strategic focus of the organisation
The Index Project promote and mobilise sustainable design solutions and businesses that can improve global quality of life. The organisation’s mission is fulfilled through a hybrid for-profit and non-profit business model - the three programme areas and underlying activities comprises award, education and investment.
The Index Project profile and show tangible examples of how the world can be improved through design and innovation through The Index Award – a prestigious global award biennale with a sole focus on sustainability established in Denmark in 2002.
The Index Project communicate stories, publish insights and share knowledge on how design can improve quality of life across our channels and other platforms.
The Index Project teach through education and training programmes – based on design thinking principles coupled with a focus on sustainability and impact to address real-life challenges and SDGs.
The Index Project invest in the pipeline of The Index Award, bringing private investors and partners together who are keen to invest in scalable businesses that are growing the impact of ‘design to improve life’.
The Index Project is uniquely positioned to engage with global companies, from The Index Award beyond awarding prizes and profiling to being an active part of creating impact globally.
The activities take place in Denmark and abroad.
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