Dato for ledelsens godkendelse af årsrapporten:2024-06-18
Beskrivelse af usædvanlige forhold, der kan have påvirket indregningen eller målingen:Going concern
There has been a growing concern from the Board in the organization’s ability to secure key partnership and sponsorships, as several partnerships have not materialized. And, in December 2022, when a large potential partnership fell through, it was evident that the Index Project did not have a pipeline to secure its operating model. Consequently, all employees, all agreements with service providers and landlord were terminated, and offboarded during the first half of 2023, whilst the Board voluntarily worked to lower the operational cost structure to bare minimum and continued to secure funds needed to sustain the organization in the long run.
The Index Project’s mission of design to improve life is still very much alive, and the purpose of the foundation remains the same: The foundation is a non-profit organization whose objects include the promotion of sustainable design solutions and development of individuals, institutions and businesses that address global social, environmental and financial challenges.
As part of the downscaling process, the Board have looked at the following options for the future of the Index Project:
1. Rethink foundation and crowdsourcing
2. Merge foundation
3. Close foundation
The network of The Index Project is still remarkably strong, both locally in Denmark and internationally, and the Board have had several sessions with key stakeholders to discuss the path forward for the foundation. What is clear is that a rethink of the old operating model is needed, to set a new direction for foundation in the next 20 years.
The Board continues to explore the option to join forces with other relevant foundations. The Index Project aim to promote Denmark as a strong design nation both nationally and internationally, and thus the dialogues are therefore focusesd on discovering whether this can be done in synergy with others rather than separate.
Closing the foundation would be the last option.
Concluding, the Index Board has during 2023 been in the process of restructuring the operating model and set the right foundation for moving forward. Despite the headwinds, the Index Project was able to process the steps towards the award 2023, which is planned to be announced in 2024.
The Board has prepared a cashflow budget for the rest of 2024, which shows that The Index Project has sufficient funds to continue its operation in a standstill position. The current activities under the standstill position do not generate sufficient funds to cover the deferred tax liabilities and non-current payables, why a new business model is required.
Accordingly, 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 further 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 2023.
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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