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← The Citizens Foundation (UK)

2024-12-31-accounts

P • Change begins with Annual Report 2024 THE CITIZENS FOUNDATION (UK) EduL;ation i.c

Vision. Values Positive Change To remove barriers of class and privilege, to make citizens of Pakistan agents of positive change. Sincerity Service Beauty Positive Conduct Mission Quality Education To enable moral, spiritual and intellectual enlightenment through quality education. Better Future Creating opportunities to improve quality of life.

trlr IiiiiiifiiryyAI:,141 TCF School, Khurshid Shams-ud-Deen Campus, Chakwal Punjab I I CHANGE BEGINS WITH EDYtATION

Transforming Live.8. * 5 Through the Power ucation*t.. The Citizens Foundation (UK) (TCF-UK) is a UK-registered charity established in 2001 to address the growing education crisis in Pakistan. TCF-UK raises funds and awareness to support the work of The Citizens Foundation (TCF), a globally recognised education charity for out-of-school children in some of Pakistan's most deprived communities. TCF was founded in1995 by a group of friends with a shared vision to drive positive change through quality education. Today, TCF operates one of the world's largest networks of independently run schools, with 2,033 school units providing quality education to over 301,000 students across Pakistan. TCF schools are led by a dedicated faculty of14,700 women. The Economist has recognised TCF as'perhaps the largest network of independently run schools in the world." TCF'S impact extends far beyond the classroom. Our innovative education model equips students with the skills they need to thrive in the 21st century. We actively support our Alumni in pursuing higher education and building meaningful careers. At the same time, we partner with government bodies to improve learning outcomes in public schools. Through literacy initiatives, life skills development, and vocational training, particularly for women, we are helping uplift entire communities. Over nearly three decades, TCF has built a reservoir of experience, knowledge and expertise. Today, we share these learnings to strengthen education delivery across Pakistan by working collaboratively with organisations and policymakers. TCF'S education movement is made possible by a global community of supporters who believe in the power of education. Together, we are working to ensure that every child, regardless of background, has the opportunity to learn, grow and thrive. tJ 31 GHANGE BKSINsknH EDUCATION CHANGE BEGINS WITH EDUCATION14

Contents: A New Milestone in Our Journey..........07 Programme Updates & Impact Stories............-...........-...........-...09 Review of TCF-UK Activities..--.--.--.--.----.39 TCF-UK Highlights..._____.._______._.43 Create Lasting Change.........................52 Who We Are............................................55 Legal Status and Nature of Operations The Citizens Foundation (UK) was registered on 6 August 2001 with the Charity Commission for England and Wales (Charity No.1087864). It is constituted as a company: No. 04075959 (England and Wales) with an independent Board of Directors (Trustees). TCF-UK'S aim is to raise awareness and funds for The Citizens Foundation (TCF), Pakistan's leading education charity. Financials.----------------------------------------------.57 TCF-UK'S registered office is at 85 Tottenham Court Road, London WIT 4TQ. 51 CHANGE BEGINS WITH EDUCATION CHANGE BEGINS WITH EDUCATION16

A New Milestone in Our Journe We have doubled our impact in the last10 years. 2,033 0 301,000 School Units Students Enrolle 63,000 14,700 221,000 3,700 80,700 Graduates All-Female Faculty Members Aagahi Adult Literacy Learners Vocational Trainees Beneficiaries Receiving Clean Drinking Water Every Day 71 CHANGE BEGINS WITH EDUCATION CHANGE BEGINS WITH EDUCATION18

Ii.. Programme Updates & Impact Stories 91 CHANGE BEGINS WITH EDUCATION CHANG￿856￿Ns WITH EDUCATION 110

Raising the Academic Bar: TCF Transitions to the Federal Board At TCF, we aim to nurture our students with an education rooted in critical thinking, diligence and integrity. However, we observed that the divisional boards responsible for administering the Matric (Secondary School Certificate) exams in Pakistan were falling short of these standards. The examinations often lacked academic rigour, and instances of unfair practices were widespread. To address this, we made a bold decision: we transitioned our Secondary Schools to the Federal Board of Intermediate and Secondary Education (FBISE). The FBISE is known for its strong academic standards and fair examination practices. This transition marked a significant shift for everyone involved, raising expectations at every level. How did we rise to the challenge? Explore the full story to find out. 11 I CHANGE BEGINS WITH EDUCATION

In Pakistan, Matriculation (or the Secondary School Certificate) examinations are conducted by various education boards. Divisional boards follow provincial guidelines, while students in schools affiliated with the Federal Board take exams administered by the Federal Board of Intermediate and Secondary Education (FBISE). FBISE oversees examinations in the Federal Capital Territory, federal government institutions, embassy run schools overseas, and recognised private education networks. Challenges After the Move The transition to FBISE was a bold but necessary step for TCF. It raised academic standards and encouraged both students and teachers to embrace a more rigorous, concept-based learning approach. Our teams worked tirelessly to manage the complex operational and academic changes across our Secondary Schools in Pakistan. We also dedicated time to counselling parents, some of whom were concerned about potential lower scores under the FBISE system-concerns that initially led to a few student dropouts. Despite these challenges, the shift unified our schools under a higher standard, fostering resilience, accountability, and a shared commitment to excellence. Before TCF Moved to the Federal Board For years, TCF students have been taking their exams under 22 different divisional examination boards across Pakistan. However, there was a nagging truth we couldn't ignore. These boards often had poor standards which encouraged rote memorisation and followed poor examination invigilation practices, resulting in inconsistent academic standards across regions. A Promising Start Last year, we marked a significant milestone as TCF students achieved a 90 % passing rate in their first year under the FBISE. This promising start lays a strong foundation for future progress. While we recognise there's still progress to be made, we are confident we are on the right path, committed to delivering quality education and maintaining high standards. Why did TCF Transition to the Federal Board? The FBISE stands out from divisional boards mainly due to its commitment to higher academic standards, emphasising conceptual learning and critical thinking. FBISE typically has stricter exam protocols, including better invigilation and control over cheating. Its centralised system guarantees consistent exam quality and a unified curriculum across schools throughout Pakistan. TCF Annual Matriculation Exam Results 2023 7,351 students 90% passed 30% AI & A Grades 131 CHANGE BEGINS WITH EDUCATION CHANGE BEGINS WITH EDUCATION114

A ProMiSe'_ "I couldn t believe it! I got an Al-Grade in Federal Board - itfelt like a dream." Fulfilled: TCF student from Tharparkar secures an Al-Grade under FBISE. *V ri Radha, a graduatin ool in Mithrfharparkar, confidently presenting her ideas in class. 151 CHANGE BEGINS WITH EDUCATION CHA GE BEGINS WITH EDUCATION116

The school was buzzing with the excitement of a new term in the desert village of Mithi in Tharparker. Radha, a student of Grade 9, sat nervously beside her parents in the principal's office. Her heart raced as Ms. Pushpa talked them through TCF'S transition to the Federal Board - a conversation she was having with many parents. The Board's tough standards were well-known, and the promise Radha had made to her father- to secure an A-Grade this year- suddenly felt overwhelming. Before she set off for her first Federal Board exam, Radha's father said to her, 'I'm praying for your success, dhee (daughter). You've given your best." In her first year under the Federal Board Grade 9 exam, Radha scored an A Grade. The next year, she worked even harder and graduated with an impressive Al Grade - fulfilling the promise she had made to her father. From the moment she could understand her father's struggles, Radha's only dream was to make him proud. Sumaar, a rickshaw driver, spent long hours behind the steering wheel in the desert heat every day, driven by one hope: to give Radha and her siblings a future he could only dream of. And for Radha, keeping that hope alive was the most important thing. But Radha's story doesn't end with her Al exam Grade, a testament to TCF'S quality education standards. Her friends and former classmates saw that one girl could pass the exams and became inspired. They returned to TCF and began studying for the exam themselves. Her classmate Fahad Rehman said of Radha's influence,, We studied hard because we were inspired by her. Then, we gave our own exams and passed, and Inshallah, when the Grade 9 students see our results, they too will succeed." Don't depend on anything but your own effort, Radha,"said Ms. Pushpa, her voice filled with reassurance. We will be here every step of the way. The calm assurance of her principal's words gave Radha the courage she needed. Radha is now studying to become a teacher- becoming an inspiration to more students to continue their education. li_ From then on, Radha immersed herself in her studies. While some of her batchmates opted to switch schools or sit exams privately, intimidated by the Federal Board's rigorous standards, Radha held her ground, dedicating long hours of study at school and home with the help of her teachers. 171 CHANGE BEGINS WITH EDUCATION CHANGE BEGINS WITH EDUCATION118

Uplifting Outcomes in Government Schools In 2016, the foundation was laid for TCF'S Partnership Schools Programme when we undertook the challenge of revitalising some of Punjab's most underperforming schools. The situation was dire: classrooms were nearly empty and children struggled with basic literacy. Seven years later, public schools under TCF'S Partnership Schools Programme are buzzing with students, who are showing impressive learning outcomes that once seemed impossible. What turned forgotten schools into thriving learning places? It's a story of commitment, hard work and courage. Flip the page to learn more. HANGE BEGINS WITH EDUCATIO CHANGE BEGINS WITH EDUCATION120

Hard Work Pays Off Annual Status of Education Report (ASER) Students at TCF-Managed Government Schools are outperforming students in Public & Private Schools in Punjab. 70/. 72% 66% 61% 54/. 47/. 47/. 46% 46/. 32% 27% 28% 26% 30% 21/. 22/. 25% 24% Punjab Public Schools Punjab Private Schools TCF - Managed Govt. Schools in Punjab 2021 2023 2021 2023 2021 2023 /0 who can read a story in Urdu /0 who can read a story in English /0 who can do Subtraction & Division Our Interventions: Principal & Teacher Hiring & Development. Academic Support to Multigrade Teachers through Supplementary Materials & Teacher Guides. The success of the programme highlights the powerful difference that strategic educational reforms can make in unlocking each student's true capabilities. By transforming struggling schools into thriving learning spaces, we've proven that careful and thoughtful intervention enables students to overcome their challenges and achieve outstanding progress. Focus on Foundational Literacy & Numeracy through Remediation. Stringent Monitoring & Evaluation Mechanisms. 211 CHANGE BEGINS WITH EDUCATION CHANGE BEGINS WITH EDUCATION122

oj Sujaag ,11 78 (The Awakening) A Literacy & Life Skills llll Programme in Remote Communities 41 Sujaag is a community-based Literacy and Life Skills Programme designed for out-of-school children aged 8-16 in Pakistan's most inaccessible areas. With over 26 million children out-of-school, many of whom have never been inside a classroom, TCF launched Sujaag to tackle this urgent need for education in places where government schools are non-existent. TCF'S stsjaa g Centre ikn a remot village of Sanghar (Sindh), out-of-schod children aged, 8-18 receive basic literacy and life skills education from a local teacher. 231 CHANGE BEGINS WITH EDUCATION CHANGE BEGINS WITH EDUCATION124

The Sujaag Model in Action How far has Sujaag Come? 11,000 How is TCF making learning possible in unreached communities? Centre Identification Teacher Hiring Applications are generated through pamphlets circulated in remote communities. Local educators submit their applications via SMS once they receive the pamphlets. The Sujaag team conducts telephonic verification and performs an online assessment to finalise the selection of educators and students. Learners DD DD DD LLS Center ocj tJtJ 550+ Teacher Support Ongoing Monitoring Centres Scheduled in-person training before the start of each module takes place. student attendance and progress are tracked online on a daily basis for updates, accountability and support. 20 Community Classrooms Programme Length Districts Sindh & Balochistan Classrooms are set up locally in a space provided by the local community. The programme runs over15 months, covering 3 modules. Each module lasts 5 months. Classes are held for 3 hours, 6 days a week. Currently in its pilot phase, Sujaag is working to establish a resilient model for operations, monitoring, and evaluation that can be scaled nationwide. Sujaag brings children the closest experience to a classroom which they have been missing for far too long. 251 CHANGE BEGINS WITH EDUCATION CHANGE BEGINS WITH EDUCATION126

li. '•J irkn f4lli 11 )ly, Children at, (Sindh) Èir appHwg cent.ry the remote vilLage ofsan'ghar-. Hope in the Middle of Nowhere 'Before Sujaag, the children had nothing. Today, the kids in our village can read, write their names, and do basic maths. Sujaag has opened a window in their lives. 271 CHANGE BEGINS WITH EDUCATION CHANGE BEGINS WITH EDUCATION128

The car suddenly came to a halt after nearly five hours of driving and navigating through swamps and fields. Nestled between trees and wild shrubs, in the middle of nowhere, stood a small bamboo shack. From a distance, we could hear the harmonious voices of students reciting alphabets in chorus. Hatim Ali, a young boy dressed in a red Sindhi topi (cap), holding onto his book, told us how much he enjoys the three hours here,'l enjoy playing the dice game the mostl The wind was fierce. As we stepped inside, colourful drawings fluttered around the shack, each artwork filled with dreams and hopes. Children of different ages, dressed in vibrant Sindhi attire, sat together - some reading, some writing - all learning happily. At the front of the space, stood a young man, full of passion and energy, writing on a small blackboard mounted on a steel stand. Jamzadi, a confident girl full of smiles, shared, My teacher is very nice. He teaches us new things. I like to do hisaab (maths) the mostl ' This is the Sujaag Learning Centre in Haji Hamid Shah Village near Sanghar, Sindh. Here, kids as old as sixteen are learning to read and write for the first time because there is no school nearby. Ali Shafa, a14-year-old boy who works in the fields shared excitedly, "I've learnt to write ' Last year, I got a message from TCF about opening a Sujaag learning centre in our village. I responded right away,"shared Shahbaz after completing the lesson for the day. The villagers came together to set up this space. They were so excited their children will get the chance to learn, 'he recounted, pride shining in his eyes. Sujaag exists where there is nothing else. For children who don't have access to school or learning, it is the beginning of hope. 291 CHANGE BEGINS WITH EDUCATION NGE BEGINS WITH EDUCATION130

Other Updates TCF College Students Excel in Board Results TCF College has achieved outstanding success in the latest Board of Intermediate Education Karachi (BIEK) results, boasting an impressive 95% passing rate. This achievement places our college alongside the most prestigious institutions in Karachi, far surpassing the BIEK average of 34%. This success is a testament to the unwavering dedication of our students and faculty. Optimising TCF'S Book Publishing Costs Stanford Social Innovation Review (SSIR) Features a Case Study on TCF: The School System Rebuilding Civil Society This year, our Supply Chain team implemented strategic changes to optimise TCF'S publishing process. By enhancing sourcing, streamlining distribution, and strengthening logistics, we achieved impressive savings. These efforts led to a substantial cost savings of PKR 200 Million (equivalent to over £555,000)- 29% below anticipated costs, despite a 30% year-on-year cpl (consumer price index) increase in December 2023. The Stanford Social Innovation Review (SSIR) featured The Citizens Foundation (TCF) in a case study,'The School System Rebuilding Civil Society, authored by Noor Noman. The piece highlights TCF'S journey of delivering quality education at scale and its innovative approach to breaking down barriers, particularly for girls, to ensure equitable access to education. It chronicles the inspiring story of Kainat Ansari, a TCF alumna who grew up in the slums of Karachi and went on to graduate from Whitman College and attend Oxford University. The case study sheds light on the essential elements which have shaped TCF into a transformative force for positive change and extended its impact beyond the walls of its schools and into the communities it serves. TCF Publishing House: Expanding Access to High-Quality Books The Citizens Foundation (TCF) is proud of the curriculum and books developed for its schools after years of research and continuous improvement. Now, through the TCF Publishing House, these high-quality materials are being offered to low-fee private schools (LFPS), where substandard curricula have hindered student learning. The initiative aims to provide quality books at affordable prices, and is significantly enhancing educational outcomes for163,000 students across 400 private schools in Pakistan. 371 CHANGE BEGINS WITH EDUCATION CHANGE BEGINS WITH EDUCATION132

Dastak: Empowering Teachers beyond TCF Launched in 2019, the Dastak Online Teacher Training Programme has empowered 2,400 teachers from low-fee private schools (LFPS) across100 cities in Pakistan. The programme leverages decades of TCF'S teacher development experience by offering a low-cost, 6-week online training programme, focused on enhancing skills in classroom management, lesson planning and delivery, and teachers self-development. Dastak is significantly expanding its impact and fostering a community of skilled teachers dedicated to improving educational outcomes. Transforming Women's Lives with the Gift of Literacy Principals. Academy Highlights Technology s Role in Education For nearly two decades, TCF'S Aagahi Adult Literacy Programme has been a beacon of hope for out-of-school girls and women in communities across Pakistan. The programme empowers them to read and write in Urdu, perform basic Maths, and gain essential knowledge about health, hygiene, and sanitation. Since its inception, Aagahi has transformed the lives of over 221,000 women living in disadvantaged communities, who after learning how to read and write, have improved the quality of their lives. In the past year alone, over 46,000 learners successfully gained literacy, opening a world of possibilities. Great schools start with great leaders. Each year, TCF Principals participate in intensive training at the Principals, Academy, empowering school leaders across Pakistan. Through a meticulous training needs analysis, we identify high-impact growth priorities and tailor the programme accordingly. This year, the training expanded its focus to include the transformative role of technology in education, effective use of teacher guides, and designing higher-order thinking questions to elevate classroom engagement. Armed with these skills, they are ready to empower their teachers and foster a culture of continuous learning and growth in TCF schools. 331 CHANGE BEGINS WITH EDUCATION CHANGE BEGINS WITH EDUCATION134

Aab-e-Rehmat: Expanding Access to Clean Water Across Communities This year, TCF'S Aab-e-Rehmat Programme launched 19 new water filtration plants at our school locations. These plants are placed in high-need areas where communities face challenges with contaminated water, providing effective solutions for clean drinking water. With a total of 55 filtration plants now in operation, the programme serves over 80,000 people daily across Punjab, Sindh, and Balochistan, with most plants running on solar power. Uplifting Women Through Vocational Skills AL TCF'S Vocational Training Programme provided vocational training in Tailoring and Fashion Design to 500 women across TCF communities in Karachi, Thatta, Lahore, Kasur, Sheikhupura, Narowal, Chiniot, Jaranwala, Burewala, Khushab, Sargodha, Mianwali, Muzaffarabad, and Rawalpindi. These women have not only gained valuable skills but have also put them into practice. Approximately 400 of our certified trainees have collectively stitched over 27,000 uniforms for TCF students, which has significantly contributed to their household incomes while allowing them to work from home. This initiative is a testament to the transformative power of vocational training in uplifting communities and fostering economic independence. dl 3.5 CH EBE ' È WITH EDUCATION CHANGE BEGINS WITH EDUCATION136

The Rahbar Programme is Transforming Young Lives Since its inception in 2008, TCF'S Rahbar Programme has fostered a powerful connection between16,200 mentors and 59,900 students. This unique initiative for 8th and 9th graders spans six consecutive Saturdays, held three times a year at selected TCF Schools across Pakistan. The programme's core philosophy,'Thought to Destiny,. encourages students to envision themselves as architects of their own futures rather than as victims of their circumstances. Rahbar ignites a sense of hope and possibility among students. Through this journey, mentors build deep, trusting relationships with their mentees, helping them uncover their inner strengths and reach their full potential. The impact of Rahbar is profound, empowering students to embrace responsibility and confidently chart their own paths in life. Yp y} 14 Another Summer Camp Season Triumphs 1,300 Summer Camp volunteers and 9,000 TCF students came together this year and made the TCF Summer Camp a tremendous success. Students and volunteers created unforgettable memories through activities like storytelling, theatre, arts and crafts, sports, and games. 371 CHANGE BEGINS WITH EDUCATION CHANGE BEGINS WITH EDU4flQl138

These efforts were all geared towards one goal: building a more resilient and sustainable foundation for long-term impact. Review of TCF-UK Activities A key pillar of our strategy was expanding our regional presence across the UK. In November, our Chapter Roadshow, featuring renowned Pakistani actor, Adnan Siddiqui, helped us reach new audiences in Manchester, Yorkshire, Cardiff and South London. This initiative significantly strengthened our supporter base and boosted fundraising efforts, while deepening community engagement. The Citizens Foundation (UK) was established in 2001 to raise funds and awareness for TCF, Pakistan's leading education charity, providing quality education to children from the country's most disadvantaged communities. To reach younger audiences, we increased our outreach at universities and collaborated with digital content creators. We also made strategic investments in our digital marketing efforts, resulting in a substantial increase in organic reach and engagement across all our platforms. These initiatives have been vital in raising awareness of our work and growing a more diverse and connected donor community. Over the last 24 years, every milestone that we have reached has been made possible by the unwavering support and generosity of our donors. We are deeply grateful for this trust, and remain committed to upholding the highest standards of transparency, accountability and good governance. We are deeply grateful to our dedicated volunteers and chapters, who helped organise 29 fundraising events through the year. From treks and cricket tournaments to the Saucony IOK run and other personal challenges, our supporters found countless ways to champion our work. A standout moment was our Annual Charity Gala at The National Gallery, which brought new supporters and raised a record-breaking amount in a single evening. Guided by these values, we continue to minimise our expenditure in the UK so that we can maximise the funds we invest in our education programmes in Pakistan. In line with this commitment, none of our Trustees in the UK receive any compensation or reimbursement for out-of-pocket expenses from the charity. In 2024, TCF-UK entered an exciting new chapter, defined by clear strategic direction, digital innovation and a renewed focus on deepening community engagement. Despite the cost-of-living crisis in the UK and soaring inflation in Pakistan, we remained focused on expanding our reach, fostering deeper connections with our supporters and diversifying our donor base. To all our donors, volunteers and partners - thank you. Your belief in our work fuels every step we take. Because of your support, thousands of children in Pakistan are being given the opportunity to learn, grow and rewrite their futures. Together, we are not just raising funds. We are creating lasting change through education. 391 CHANGE BEGINS WITH EDUCATION CHANGE BEGINS WITH EDUCATION140

Charitable Activities

Totals Running costs Building Endowment
of schools schools fund
£ £ £ £
2,172,380 1,532,216 350,114 290,050 Individuals, incl. gift aid
481,974 481,974 Fundraising events
19,270 19,270 Corporates
1,573,746 705,860 867,786 Grant making charities
4,247,270 2,739,320 1,217,900 290,050
12,858 12,858 Investment income
4,260,128 2,752,178 1,217,900 290,050 2024 incoming resources
9,820,554 9,282,739 147,614 390,201 2023 incoming resources

TCF-UK seeks to minimise administrative costs wherever possible. Our expenditure is often covered by specific donations for this purpose and a significant portion is covered by Gift Aid (see below).

TCF-UK's policy is to send the donations we receive to TCF Pakistan as soon as practicable. In particular, all restricted donations received, for a specific purpose, are sent in full to TCF Pakistan.

Breakdown of TCF-UK expenditure on charitable activities being grants during the year to TCF for school support (running costs), build and endowment grants totalling £6,425,272 (i.e. excluding £9,300 audit fee) (2023: 5,962,240).

Total Support Build Endowment
£ £ £ £
6,425,272 4,917,322 1,217,900 290,050 2024 2024grants to TCF
5,962,240 5,424,425 147,614 390,201 2023 grants to TCF 2023 grants to TCF

The 2024 support grants to TCF of £4,917,322 included grants towards the support (running) costs of schools built by TCF-UK donors and, where donors specifically requested this, to TCF's adoption of failed government schools programme (GSP). Our grants paid the annual cost of educating about 45,069 students and contributed about 15% of TCF's total expenditure on running its schools.

Since 2001, a total of 51 TCF schools have been built by TCF-UK donors, of which 19 run afternoon shifts, for a total of 70 school units (51 primary and 19 secondary) at the start of the 2024 academic year.

Total Gift Aid receivable for 2024 and included above was £196 197 , (2023: £210,514).

In addition, the TCF-UK team has assisted TCF in their dealings with international granters.

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TCF-UK Highlights 7 University Outreach Partnering with Pakistan Societies across UK universities helped us engage with younger audiences. Highlights included an education panel at Cambridge University and outreach events at SOAS, King's College London, Queen Mary University and Regent's University. These initiatives have helped galvanise a new generation of TCF-UK supporters. TCF-UK'S Annual Charity Gala "Colouring Dreams" at the National Gallery We began 2024 with a landmark event: our Annual Charity Gala at the iconic National Gallery. Featuring our inspiring Alumna, Zaitoon Kareem, the event raised a record amount, and helped over 3,000 underprivileged children dream in colour. We are especially grateful to an anonymous donor who covered the full cost of the event, ensuring that every pound raised went directly towards transforming lives. Collaboration with Digital Content Creators London Saucony IOK Race 2024 marked a turning point in our digital strategy. By partnering with UK-based content creators, especially during Ramadan, we were able to amplify our message and reach new audiences. These creators used their platforms to advocate for TCF-UK, helping us build trust and visibility within their communities. By combining digital campaigns with in-person events, we fostered more authentic, meaningful connections and expanded our reach. This year's annual London Saucony IOK was a fantastic success. Sixteen runners came together to raise enough funds to support the education of110 children in Pakistan. 431 CHANGE BEGINS WITH EDUCATION CHANGE BEGINS WITH EDUCATION144

Community Info Sessions To grow our presence regionally, we hosted a series of information sessions in Birmingham, Bradford, Cambridge, Cardiff, East London, South London, Southampton and Staffordshire. These sessions introduced new audiences to the education crisis in Pakistan and TCF'S work on the ground. 11 Legacy Giving This year, we launched our Legacy Giving Programme, to encourage supporters to leave a lasting impact through gifts in wills and charitable bequests. This initiative invites donors to invest in the future by creating a legacy that will empower generations of TCF students. 451 CHANGE BEGINS WITH EDUCATION CHANGE BEGINS WITH EDUCATION146

TCF-UK Chapter Highlights Yorkshire Chapter Raising the bar once again, Yorkshire hosted a range of impactful events, including their annual Yorkshire 3 Peaks Challenge and a fundraising dinner featuring actors, Mira Sethi and Adnan Siddiqui. Collectively, their efforts helped fund three TCF school units 540 students this year. Young Professionals Chapter 2024 marked the exciting launch of our first Young Professionals Chapter at Shola Karachi Kitchen, with over 50 attendees. Their energy, ideas, and cross-chapter support have quickly made them an invaluable part of the TCF-UK community. North London Chapter Our North London Chapter hosted their Annual Family Indoor Cricket Tournament at Lord's Cricket Grounds. Always a crowd favourite, the event saw eight teams compete in friendly rivalry. While Karahi Kings claimed the trophy, the true champions were the180 children whose education was made possible through the funds rised. South London Chapter One of our longest-standing and most dedicated chapters, the South London Chapter, kicked off the year with a hike in Surrey Hills followed by a record-breaking Quiz Night & Dinner in November, featuring Saima Mohsin, Adnan Siddiqui and TCF Alumni, Huzaifa Shareef and Ramsha Bughio. Together, their events supported the education of over 440 children. 47 | CHANGE BEGINS WITH EDUCATION CHANGE BEGINS WITH EDUCATION148

Northwest England Chapter Staffordshire Chapter Kicking off our November Roadshow, the Northwest England Chapter hosted a standout event featuring Adnan Siddiqui, Momin Saqib, and TCF Alumni, Huzaifa Shareef and Ramsha Bughio. With over 200 attendees and a memorable musical performance by Chapter Lead, Salman Shahid, the event raised enough to send over 700 children to school. This year, Staffordshire focused on outreach and community building. They hosted an info session featuring Riaz Kamlani, TCF Pakistan's Executive Vice President of Flagship and CDU Programmes to introduce new supporters to TCF'S life-changing work. TCF maintains a balanced gender ratlo in its classrooms www.tcf-uk.org Cardiff Chapter Our Cardiff Chapter made a powerful impact with their inaugural event in November. With a strong dedicated team and tremendous community support, they were able to attract over 250 guests and raise enough to support the education of over 520 children. 491 CHANGE BEGINS WITH EDUCATION Gf. BÈoiN4

ALHAMa SHAaiAH AOVISOaY %aVICES Create Lasting Change PVT] LIMITED I Certificate No: ASA100011008 August 07, 2024 Every contribution that you make goes towards empowering children from disadvantaged communities through quality education. Make a gift to create an impact that lasts forever. Shariah Advisor's Re ort For the year ended June 2024 INTRODUCTION: TCF is a professionally managed, non-profit and philanthropic organization established in 1995 by a group of Concerned citizens addressing the education crisis in Pakistan. It has become one of Paklstan's leading organizations Sn formal education, wSth a vision to eliminate barrlers of class and privilege and empower Pakistanis to drive positive change. TCF believes in universal access to basic education as a fundamental right. Under TCF'S administration, numerous schools across Pakistan provide education to thousands of children. Educate a Child Educate a Child KG to Matric £10 (Monthly) £122 (Yearly) METHOD OF UTILIZATION OF ZAKAT: £1,350 (One-Time) TCF'S financial needs are primarily met through Zakat contributions and donations received from both individuals and corporate entities, both domestically and internationally. Zakat funds received by TCF are allocated to support deserving students. TCF'S management diligently evaluates the fi'nancial condition of applicants to determine their eligibility for Zakat assistance. Once eligibility is verifi'ed, TCF act5 as an agent, collecting Zakat funds on behalf of eligible students. This approach, known as Wakalah (Agency by deserving families}, allows TCF to collect Zakat funds and allocate them according to the specific needs of eligible students. Morèover, it is important to note that all Zakat funds received by TCF are invèsted exclusively In Shariah-compliant investment avenues when necessary. This ensures that not only the collection and distribution but also the investment of Zakat funds is in strict accordance with Shariah principles. Sponsor a Classroom £265 (Monthly) £3,200 (Yearly) Support a School Unit £1,600 (Monthly) £19,000 (Yearly) SHARIAH RULING: We conh'rm that The Citizens Foundation meticulously collects and disburses Zakat funds in adherence to Sharlah guidellnes. It Is also affirmed that any individual or entlty offerlng Zakat to this Foundation can be confi'dent that their contribution5 will be managed in accordance with Shariah principles. May Allah bestow His blessings upon the management of The Citizens Foundation for their dedlcated servSce and grant them success in thelr mSsslon. Aarneen. Build a School Support an Adult Literacy Learner £9 (One-Time) £155,000 (One-Time Build Cost) £95,000 (5 Year Support) 1/1 Mufti Muhammad Ibrahim Essa Chief Executive Officer Alhamd Shariah Advisory Services (Pvt.) Limited Mufti Ubaid ur Rahman Zubairi Difector Alhamd Shariah Advisory Service5 {Pvt.) Limited Notes Related to Build-a-school Costs are for build cycle of 2025126 and ore subject to revision. Rotes are calculated based on average construction costs and may vary for different locations. A school construction project can only be taken up with the provision of school support for a minimum of five years (included in the figures cited above). All school construction projects in earthquake zones will take into account additional costs for special earthquake resistant architecture. NOTE- This certificate is valid ti1130 June 2025 +92 322 2671867111 '.V glh.iYtd-,hiriah?diij-:eri rnrn l Fl .n¢i ryf•,.Ih3m.d:hiri,74?diJ'."opi 511 CHANGE BEGINS WITH EDUCATION CHANGE BEGINS WITH EDUCATION152

Giving Made Easy There are so many ways to make a meaningful contribution with your Zakat, Sadaqah or general donations. Choose what works best for you. Give Online Visit www.tcf-uk.org to make a one-time or recurring donation online. Send a Cheque Send us your donation by cheque, made payable to "The Citizens Foundation (UK)" at 85 Tottenham Court Road, London, WIT 4TQ. Deposit or Bank Transfer Donate your Zakat and Sadaqah via bank transfer to our account as mentioned on our website: https://www.tcf-uk.org/donation-information/ You can request a donation receipt by emailing us at info@tcf-uk.org. Fundraise for us Start fundraising by creating your own digital campaign at https://fundraise.tcfglobal.org/ Match Your Donation Through Your Employer Many companies match donations that their employees make to charity. You can double your donation by taking advantage of your company's gift matching scheme. Leave a Lasting Legacy Leave a gift for TCF-UK in your will and make a promise to change lives for generations to come. For more information, please contact us at info@tcf-uk.org or call our office at 020 7268 3545. 531 CHANGE BEGINS WITH EDUCATION CHANGE BEGINS WITH EDfftIoN15

Who We Are Trustees The work that we do would not be possible without the hard work, commitment and dedication of TCF-UK'S volunteers, who have worked tirelessly this past year to make our success possible. Atif Ali: Atif first started volunteering for TCF-UK in 2006, having established CVBoosters with some friends as a fundraising venture for the cause. He now works as a research analyst in London. Bilal Raja: Bilal has been a supporter of TCF for over twenty years and has served as Trustee in the UK since 2008. Bilal is a former fund manager and holds a Masters in Finance from London Business School. He is also a CFA charter holder. Volunteers UK Chapter Leads Faisal Khan Aida Khan Khuram Zubair Angela Reed Ayla Ahmed Zishan Ayub Zain Ghani Rehan Latif Sabah Ahmed Safraz Shafqat Mikail Taimoor Zayn Kamlani Sinéad Morgan Daniyal Hussain Sairah Khan Sean Mccarry Cardiff North London Nasrullah Tahir Noreen Kazim Amir Amir Zafar Imtiaz Dossa: Imtiaz has been a supporter of TCF since its inception in Pakistan in 1995 and has supported female education since before then. He is a Chartered Accountant and ran a trading company until 2005. He was a Trustee for a major international charity until 2010 and is on the Board of Directors of TCF Pakistan. South London Farah Mughal Tahir Mughal staffordshire Hifsa Haroon Iqbal Zafar Iqbal Yorkshire Raza Effendi Naheed Effendi Young Professionals Saif Kureishi Mehreen Malik: Mehreen Malik is a lawyer by profession and the Head of Pro Bono for Europe at Mayer Brown International LLP. She holds a BA in Political Science from Bryn Mawr University and was also called to the Bar of England and Wales from the Honourable Society of Lincoln's Inn. Advisory Committee Talha Khan Northwest England Chapter Salman Shahid Farzana Khan Nouman Hashmi: Fellow member of the Association of Chartered Certified Accountants. Founder and CEO of a business consultancy practice with extensive experience of financial management, business strategy, compliance, risk management and regulatory work. TCF-UK Team Sania Sufi Chief Executive Officer Mirza Javed Finance Manager Areeba Kirmani Regional Development Director Tariq Hussain: Tariq has been associated with TCF since1998, starting off as a donor. A few years later he became part of the team that helped TCF-UK register as a charity in 2001 and is now a part of TCF Pakistan's Board of Directors. Tariq is an investment banker and Chartered Accountant by profession and holds an MBA from IMD Business School, Lausanne. Fatima Javaid Ahmed Fundraising Director Esma Karuv Fundraising Associate Kristalena Herman Fundraising Manager Ahsan Iqbal Regional Development Associate Zaynab Hasan Fundraising Executive Trusts & Foundations 551 CHANGE BEGINS WITH EDUCATION CHANGE BEGINS WITH EDUCATION156

THE CITIZENS FOUNDATION (UK) Company no: 04075959 Annual Report and Financial Statements for the year ended 31 December 2024 COMPANY INFORMATION DIRECTORS: T R Hussain B Raja MAAII I S Dossa N Hashmi M Malik SECRETARY: T R Hussain REGISTERED OFFICE: 85 Tottenham Court Road London WIT 4TQ Financials REGISTERED NUMBER: 04075959 (England & Wales) 1087864 (England & Wales) CHARITY NUMBER: AUDITORS: Wright Vigar Limited Statutory Auditors, Chartered Accountants and Business Advisers 15 Newland Lincoln LNI IXG BANKERS: Lloyds Bank plc 70-71 Cheapside London EC2V 6EN HSBC Bank plc 95 Grace Church Street London EC3V ODQ 571 CHAN1* BEGINS WITE4 EDUGA T,ION CHANGE BEGINS WITH EDUCATION158

TRUSTEES, REPORT TRUSTEES, REPORT (cont'd) The Trustees (who are directors for the purposes of the Companies Act 2006) are pleased to present their Annual Trustees, Report together with the financial statements of the Charity for the year ended 31 December 2024 which are also prepared to meet the requirements for a directors, report and accounts for Companies Act purposes. The financial statements comply with the Charities Act 2011, the Companies Act 2006, and Accounting ond Reporting by Charities: Statement of Recommended Practice opplicoble to Chorities preparing their accounts in occordance with the Financial Reporting Standard applicable in the UK and Republic of Irelond published in October 2019 (effective l January 2019). CONSTITUTION, POLICIES AND OBJECTIVES Restricted funds- see notes 3, 5,11,12 &13 for more details: Investments are made up of., Share capital of TCF-UK Endowment Ltd. £0 (2023: £1), now dissolved. Endowment fund investment £289,980 (2023: £325,200).. these shores- their income and any proceeds from their sale, are restricted by the donor solely to defroy the costs of running TCF schools built by that donor. During the year £286,000 were invested in equities and fixed income securities. The fair value of these investments at yeor end was £293,006. other restricted funds ore made up of: A grant of £239,879 and other restricted funds of £99,455 were received just before year end and remitted to TCF in January and March 2025. Unrestricted funds: see notes 12 &13,. The Charity oims to mointain unrestricted funds, which are the free reserves of the Chority, ot a level (£280,566) which equotes to approximately six-month's on-going expenditure on the governance, manogement, and odministration of the Charity. The Trustees believe this should provide sufficient funds to enoble the Charity to respond to unexpected contingencies. At 31 December 2024, total unrestricted retoined funds were £312,224 (2023.. £243,871). This is slightly higher than the above basis due to the receipt of unrestricted funds just before the yeor end, but is broadly in accordonce with the policy. The Citizens Foundotion (UK) (TCF-UK) is constituted as o company (No: 04075959) limited by guorantee incorporoted in London (Englond and Woles) on 21 September 2000, ond registered os a charity (No'.1087864) in England ond Wales on 6 August 2001. In accordance with TCF-UK'S governing document, we raise awareness and funds for The Citizens Foundotion (TCF), Pokistan's leoding chority in the field of formal education for underprivileged children. There have been no changes in the objectives since the last Annual Report. In earlier poges of this Annual Report, the Trustees have provided a great deal of additional detail and analysis of the income ond expenditure of the Charity os well as comprehensive information on TCF: its work, ethos, current status ond future plans and aspirations, The Trustees have considered the Chority Commission's guidonce on public benefit and believe that our work cjnd purposes clearly meet the public benefit requirement. RISK MANAGEMENT As with all charities, TCF-UK faces diverse risks, some of which are outside Trustees, control and some whose impact Trustees can ameliorate. All grants made by TCF-UK ore directed exclusively to The Citizens Foundation (TCF) Pcjkistan, as ond when sufficient funds are accumulated. Major risk mitigation by Trustees includes monitoring on on on-going basis: That TCF'S work is aligned with TCF-UK'S objectives, TCF is in essence TCF-UK'S sole beneficiary. Our funding base, with o particular focus on our exposure to a potential curtailment by large donors. The diversification of fundraising sources is on active Trustee priority to ensure the Chority does not become dependent to ony one source of income. The Trustees hove ossessed the major risks to which TCF-UK is exposed, in particulor those related to the operations and finances of the Chcjrity, and ore satisfied thot systems are in place to mitigote their exposure to major risks. FUNDRAISING STANDARDS INFORMATION The charity pays its staff morket rate solaries, which are determined by benchmarking across the sector and taking into consideration any specialist skills. This process applies to all staff, including key monagement personnel. Salary levels ore approved by the Trustees as part of the annual budget setting process. FUTURE PLANS TCF-UK is committed to support the long-term, sustoined growth of TCF. Our priority, as always, is to build CJ passionate, committed and diversified donor-base to provide a secure and sustainable foundotion for TCF. TCF'S schools, including the foiling government schools it has odopted, nurture and produce toleront, economically self-reliant, self-confident and civic-minded citizens capable of critical thinking. MEMBERSHIP Raising funds and awareness of the Charity is corried out by employees and Trustees. The Charity does not use professional fundraisers. Trustees and staff aim to ensure that all our fundraising remains respectful, transporent and accountable to the public. The Charity complies with the Financial Regulator's Code of Fundraising Practice. Trustees have not received any complaints in respect of our fundraising activities. STRUCTURE, GOVERNANCE AND MANAGEMENT TCF-UK is currently not a member of any professional body or umbrella organisation, other than TCF, The Trustees are satisfied with the results and activities of the Charity for the year and do not anticipate any significant changes in the forthcoming year. All the Trustees participate in the management of the Chority. Existing Trustees appoint new Trustees after a satisfactory induction process. The Trustees rely on the excellent guidance for new ond existing Trustees published by the Chority Commission. STATEMENT OF TRUSTEES. RESPONSIBILITIES RESERVES POLICY 2024 2023 Restricted funds Investments (Note 5) other restricted funds 582,986 339,334 922,320 312,224 1,234,544 325,201 3,616,054 3,941,255 243,871 4,185,126 The Trustees (who are olso directors of The Citizens Found(Jtion (UK) for the purposes of company law) ore responsible for preparing the Trustees, Annual Report ond the financiol statements in accordonce with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Restricted funds Unrestricted funds Accumulated funds 59 | CHANGE BEGINS WITH EDUCATION CHANGE BEGINS WITH EDUCATION160

TRUSTEES, REPORT (cont'd) Independent Auditor's Report to the Mpmbers of The Cilizens Foundation (LIK) Limited (by qucirantpe) Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees ore required to.. select suitable accounting policies and then opply them consistently,. observe the methods and principles in the Charities SORP 2019 (FRS102); make judgements and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the finonciol stotements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. OPINION We have audited the financial statements of The Citizens Foundation (UK) (the'charitable company,) for the year ended 31 December 2024 which comprise the Stcjtement of Financial Activities, the Bolance Sheet, the Cash Flow statement ond notes to the financial statements, including a summary of significont accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standords (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charitable company s affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income ond expenditure, for the year then ended,. have been properly prepored in accordonce with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. BASIS FOR OPINION The Trustees are responsible for keeping adequate occounting records that disclose with reasonable accuracy at any time the financial position of the choritable company and enable them to ensure that the finoncial stotements comply with the Companies Act 2006. They are olso responsible for safeguording the ossets of the choritable company ond hence for taking reosonable steps for the prevention ond detection of fraud and other irregularities. The Trustees are responsible for the mcjintenonce and integrity of the corporate and financial informotion included on the charitable company's website. Legislation in the United Kingdom governing the preporation and disseminotion of financial statements moy differ from legislation in other jurisdictions. We conducted our audit in accordance with Internotional Standards on Auditing (UK) (ISAS (UK)) and opplicable low. Our responsibilities under those stondards ore further described in the Auditors, responsibilities for the oudit of the financial statements section of our report. We ore independent of the charitable company in accordance with the ethicol requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethicol Stondard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the oudit evidence we have obtained is sufficient and appropriate to provide a bosis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In so far as the Trustees are oware: there is no relevant audit information of which the charitable compony auditor is unaware,. and the Trustees have token all steps thot they ought to have token to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information, In auditing the financial statements, we have concluded that the trustees, use of the going concern bosis of accounting in the preparation of the financial statements is appropriate. Based on the work we hove performed, we have not identified any material uncertainties reloting to events or conditions that, individually or collectively, may cast significant doubt on the charitable company s ability to continue as o going concern for o period of at least twelve months from when the financiol stotements are authorised for issue. AUDITORS TCF-UK'S Financial Statements are subject to a statutory audit. This hcjs been completed by Wright Vigor Limited, The report has been prepared havirig taken odvantage of the small companies exemption in the Companies Act 2006, Our responsibilities and the responsibilities of the trustees with respect to going concern ore described in the relevont sections of this report. OTHER INFORMATION Signed on behalf of the Board: The trustees ore responsible for the other information. The other informotion comprises the information included in the Annual Report, other thon the financiol statements ond our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other informcjtion ond, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the finoncial statements or our knowledge obtoined in the audit or otherwise oppears to be moterially misstated. If we identify such moterial inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a materiol misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006 T R HUSSAIN 23 September 2025 In our opinion, based on the work undertaken in the course of the audit: the information given in the Report of the Trustees for the financial year for which the financial statements ore prepared is consistent with the finonciol stotements,. and the Report of the Trustees hos been prepared in accordance with applicable legal requirements. 611 CHANGE BEGINS WITH EDUCATION CHANGE BEGINS WITH EDUCATION 162

Independent Auditor’s Report (cont'd)

Independent Auditor’s Report (cont'd)

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

USE OF OUR REPORT

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Paul Colcomb FCCA (SENIOR STATUTORY AUDITOR)

for and on behalf of Wright Vigar Limited Statutory Auditors

Chartered Accountants & Business Advisers

OUR RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

15 Newland

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our work is performed to include an assessment of the susceptibility of the entity's financial statements to material misstatement, including the risk of fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

Lincoln

LN1 1XG

23 September 2025

In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

63 | CHANGE BEGINS WITH EDUCATION

CHANGE BEGINS WITH EDUCATION | 64

STATEMENT OF FINANCIAL ACTIVITIES (innluding inconie and expenditure account) BALANCE SHEET (As at 31 December 2024) Notes Unrestricted Restricted 2024 Totol Unrestricted Restricted 2023 Total Notes 2024 2023 Funds Funds Funds Funds Funds Funds FIXED ASSETS INCOME Tangible assets 3,246 3,008 Donations, grants ond endowments other trading activities (incl. fundraising events) Income from Investments Investments 3,5,11 &13 582,986 325,201 i&io 855,560 2,909,736 3,765,296 882,051 8,572,573 9,454,624 586,232 328,209 CURRENT ASSETS Debtors Cosh at bank ond in hand 6&13 12 211,257 446,904 658,161 18,837 3,847,078 3,865,915 133,021 348,953 481,974 37,233 317,134 354,367 1,080 11,778 12,858 349 11,214 11,563 CREDITORS Amounts falling due within one year Total income and endowments 989,661 3,270,467 4,260,128 919,633 8,900,921 9,820,554 7&13 (9,849) (8,997) EXPENDITURE NET CURRENT ASSETS NET ASSETSILIABILITIES REPRESENTED BY: 648,312 1,234,544 3,856,917 4,185,126 Cost of raising funds (incl. fundraising events) Expenditure on charitable activities 1,2,8 703,202 44,721 747,923 362,795 174,771 537,566 ACCUMULATED FUNDS Unrestricted Funds 12&13 312,224 243,871 218,106 6,216,467 6,434,573 625,616 5,346,224 5,971,840 Endowment Funds 3,12&13 582,986 325,201 Total expenditure 921,308 6,261,188 7,182,496 988,411 5,520,995 6,509,406 Restricted Funds 3,12&13 339,334 3,616,054 TOTAL CHARITY FUNDS 1,234,544 4,185,126 Net gains/(losses) on investments 3&5 (28,214) (28,214) (20,040) (20,040) The financial statements hove been prepared in accordonce with the provisions of Part15 of the Companies Act 2006 relating to small companies. Net incomel (expenditure) ond net movement infunds for the year Signed on behalf of the Board 68,353 (3,018,935) (2,950,582) (68,778) .3,359,886 3,291,108 RECONCILIATION OF FUNDS Total funds brought forward 243,871 3,941,255 4,185,126 312,649 581,369 894,018 T R HUSSAIN I S DOSSA Director Director Total funds carried fonNard 3&12 312,224 922,320 1,234,544 243,871 3,941,255 4,185,126 65 | CHANGE BEGINS WITH EDUCATION CHANGE BEGINS WITH EDUCATION166

STATEMENT OF CASHFLOWS STATEMENT OF CASHFLOWS (cont'd) Unrestricted Restricted Interest received included in investing activities (Increase)/decrease in debtors Increosel(decreose) in creditors (1,080) (192,420) 852 (1,080) (192,420) 852 (349) 1,505 1,101 Funds Funds 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES Net cash provided by (used in) operating activities NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES Note A (122,696) (3,002,498) (3,125,194) 3,304,258 (122,696) (3,002,498) (3,125,194) 3,304,258 Note B: Analysis of cash and cash equivalents 2024 2023 CASH FLOWS FROM INVESTING ACTIVITIES Dividends from investments Purchose of property, plant and equipmentl New Investments Bank Interest received 11,778 11,778 11,214 Cosh in hand Notice deposits (less than 30 days) Overdraft facility repayable on demand 207,025 239,879 446,904 3,847,078 (287,838) 1,080 (287,838) 1,080 (2,770) 349 Net cash provided by (used in) investing octivities (286,758) 11,778 (274,980) 8,793 TOTAL CASH AND CASH EQUIVALENTS 207,025 239,879 446,904 3,847,078 CASH FLOWS FROM FINANCING ACTIVITIES Receipt of endowment Note C: Anolysis of changes in net debt Net cash provided by (used in) financing activities Cosh and cosh equivolents at the beginning of the reporting period 231,024 3,616,054 3,847,078 534,027 Chonge in cosh ond cosh equivolents in the reporting period Notes B&C Change in cash and cash equivolents in the reporting period (409,454) (2,990,720) (3,400,174) 3,313,051 (409,454) (2,990,720) (3,400,174) 3,313,051 Cash and cash equivalents at the beginning of the reporting period Notes B&C CASH AND CASH EQUIVALENTS AT THE ENDOFTHE REPORTING PERIOD 3,847,078 3,847,078 534,027 (178,430) 625,334 446,904 3,847,078 CASH AND CASH EQUIVALENTS AT THE END OF Notes THE REPORTING PERIOD B&C 3,437,624 (2,990,720) 446,904 3,847,078 Note A,. Reconciliation of net movement in funds to net cash flow from operating activities Unrestricted Restricted Funds Funds 2024 2023 NET MOVEMENT IN FUNDS FOR THE REPORTING PERIOD (AS PER THE STATEMENT OF FINANCIAL ACTIVITIES) Adjustments for: Depreciotion charges Loss/(gain) on investment Dividends received included in investing activities 68,353 (3,018,935) (2,950,582) 3,291,108 1,599 1,599 28,215 (11,778) 2,067 20,040 (11,214) 28,215 (11,778) 671 CHANGE BEGINS WITH EDUCATION CHANGE BEGINS WITH EDUCATION 188

NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS (cont'd) I) ACCOUNTING POLICIES Basis of preparation of Financial Statements: The financial statements have been prepared in accordance with the Accounting and Reporting by Charities: statement of Recommended Practice opplicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard opplicable in the United Kingdom ond Republic of Ireland (FRS 102) and the Companies Act 2006. The Citizens Foundation (UK) meets the definition of o public benefit entity under FRS102. Assets ond liabilities are initially recognised ot historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. Cost of raising funds - £747,923 (2023.. £537,566) includes: £194,491 of expenditure on fundroising events (2023: £51,262) £315,955 of employment costs (2023: £201,183) - see Note 8 £34,632 of rental expenditure (2023. £27,264) - see Note 9 £5,722 of marketing expenditure (2023: £22,876) £197,123 of other expenditure (2023: £234,981) During the year, the Chority received donations of £8,599 specified by the donor to defray the Charity's event's expenditure (2023: £0). Expenditure on charitoble octivities £6,434,572 (2023,. £5,971,840) is comprised of., £6,425,272 of school support, build ond endowment grants to TCF, net of bank charges (2023: £5,962,240) £9,300 statutory audit fee, including £700 relating to the previous year (2023.. £9,600) Leasing Commitments The rental payments under operoting leases ore recognised on a straight-line basis over the lease term. Tangible Fixed Assets All assets costing under £500 are capitalised in the year of purchase, but are written down to a volue of £1, Assets costing more than £500 ore capitolised and ore depreciated at 33/0 on the reducing balance basis. Fixed Asset Investments statutory Information The Citizens Foundotion (UK) is a Charity and a private company, limited by gLJarantee, registered in England ond Woles. The company's registered number and registered office address con be found on the company information page. The members of the company are the Trustees (Directors) named on the company information page. In the event of the company being wound up, the liability in respect of the guorontee is limited to £10 per member of the company. Fund Accounting Unrestricted funds ore avoilable to spend on activities that further any of the purposes of the Charity. Restricted funds are donations which the donor has specified are to be used solely for a particular purpose, for exomple to build or support the running costs of a nominated school or other defined educational purpose. Income Recognition policies Income is recognised and included in the accounts when all of the following criteria ore met: The Charity has entitlement to the funds; Any performance conditions have been met,. There is sufficient certointy that the receipt of the income is considered probable,. and . The amount can be measured reliably. Gift aid: Fixed asset investments consist of.. Equity investment in group undertaking, this relates to o wholly owned subsidiary, The investment is subsequently measured at cost less impairment. Consolidated accounts hove not been prepared os there hove been no tronsactions in the wholly owned SLJbsidiary during the period from incorporation to 31 December 2024. Please refer to note 13 for more detoil. Listed investment., Investments are valued at their fair value measured using the share price at the balance sheet date. Debtors Trade and other debtors are recognised at the settlement amount. Prepayments ore valued at the omount prepaid ofter toking account of any trade discounts due. Creditors Income includes gift cjid outstanding and receivable from HNARC ot the year end. Donated Services Creditors are recognised where the Chority has o present obligation resulting from a post event that will probably result in the transfer of funds to o third party and the amount due to settle the obligotion can be measured or estimoted reliably. Creditors are normally recognised at their settlement amount ofter allowing for any trade discounts due. The Charity benefits greatly from the involvement and enthusiastic support of its many volunteers, details of which ore given in our onnual report. In accordance with occounting stondards, the economic contribution of general volunteers is not measured in the accounts. Donated Shares Pension costs and other post~retirement benefits The Charity operates a defined contribution pension scheme. Contributions payable to the Charity's pension scheme are charged to the Stotement of Finonciol Activities in the period to which they relate. Financial Instruments Donated shares are initially recognised at the shore price on the date of transfer to the Charity. They are subsequently recognised at fair value ot the balance sheet date, as detailed in the Fixed Asset Investments accounting policy in Note (i) below. 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. Expenditure is clossified under the following headings.. Financial assets measured at fair value through net incomelexpenditure comprise of listed investments. Fair volue is measured using the shore price at the balance sheet date. See detoils of corrying amount ond net gain from investment in note 5. 69 | CHANGE BEGINS WITH EDUCATION CHANGE BEGINS WITH EDUCATION170

NOTES TO THE FINANCIAL STATEMENTS (cont'd)

NOTES TO THE FINANCIAL STATEMENTS (cont'd)

Key source of estimation, uncertainty and judgement

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of asset and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of income and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. Whilst every attempt is made to ensure that the

depreciation policy is as accurate as possible, there remains risk that the policy does not match the useful life of the assets.

2[)] TRUSTEES EXPENSES & REMUNERATION

During the year none of the Trustees received any remuneration, benefits in kind or expenses.

3[)] RESTRICTED FUNDS

Restricted funds of £922,320 on the Balance Sheet at 31 December 2024 were made up of:

4[)] TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: Office equipment - 33% on the reducing balance basis

Office equipment - 33% on the reducing balance basis
Cost Office Equipment
£
At Ol January 2024 20,631
Additions in the year 1,837
At 31 December 2024 22,468
Depreciation
At Ol January 2024 17,623
Charge for year 1,599
At 31December 2024 19,222
Net Book Value
At 31December 2024 3,246
At 31 December 2023 3,008

5[) ] INVESTMENTS

5[) ]INVESTMENTS
Equity investment Listed Total
in group undertaking investment investment
Cost or valuation £ £ £
At l January 2024 325,200 325,201
Additions 286,000 286,000
Disposals (1) (1)
Revaluations (28,214) (28,214)
At 31 December 2024 582,986 582,986
Carrying amount
At 31 December 2024 582,986 582,986
At 31 December 2023
325,201
325,201
~~a~~
Investment subsidiary was dissolved on 3rd December 2024.
6) DEBTORS:
Amounts falling due within one year
2024 2023
£ £
Other Debtors 211,257 18,837
7) CREDITORS:
Amounts falling due within one year
2024 2023
£ £
Accruals 9,849 8,997
8) STAFF COSTS:
2024 2023
£ £
Salaries 282,298 177,124
Social security costs 27,689 19,591
Pension contributions 5,968 4,468
315,955 201,183
Average number of employees 8 6
No employee was paid more than £60,000(2023:o)
The total compensation paid to key management personnel in the year was £67,777.

CHANGE BEGINS WITH EDUCATION 172

71 I CHANGE BEGINS WITH EDUCATION

NOTES TO THE FINANCIAL STATEMENTS (cont'd)

NOTES TO THE FINANCIAL STATEMENTS (cont'd)

9) OPERATING LEASE

12) ANALYSIS OF MOVEMENT OF UNRESTRICTED AND RESTRICTED FUNDS

Total future minimum lease payments under non-cancellable operating leases are due in each of the following Balance Income Expenditure Funds
periods: 01 January 31 December
2024
2023		 2024 2024
Expiring:
£
£		 £ £ £ £
Within one year(8 months lease)
24,072
33,840		 Unrestricted funds 243,871 989,661 921,308 312,224
Later than oneyear and not later than fiveyears
24,072
33,840
Restricted funds
Endowment Subsidiary
Endowment fund
~~a~~
-
-
- received 325,200 11,778 11,778 325,200
The total operating lease expenditure included in the Statement of Financial Activities is £34,632(2023: £27,264). Investments 286,000 286,000
10) RELATED PARTY TRANSACTIONS net gain/(loss)on investment (28,214) (28,214)
As in previous years, all the Trustees have made restricted and unrestricted donations to the Charity, the total of Endowment fund 325,201 269,564 11,779 582,986
these donations in 2024 being £62,575(2023: £59,636). None of the restricted donations require the Charity to alter Other restricted funds 3,616,054 2,972,689 6,249,409 339,334
significantly the nature of its existing activities. Restricted funds 3,941,255 3,242,253 6,261,188 922,320
As in previous years, there were no payments made to any Trustee and no other related party transactions.
One Trustee of TCF-UK also serves on the board of TCF Pakistan. During the year, TCF-UK made several grants totalling Balance Income Expenditure Funds
£6,425,272 to support TCF Pakistan. This amount included restricted funds of £6,216,466 and unrestricted funds of 01 January 31 December
£208,806. 2023 2023
11) TCF-UK ENDOWMENT LTD- COMPANY NUMBER. 11705468 £ £ £ £
{THE "ENDOWMENT SUBSIDIARY")- DISSOLVED 3RD DECEMBER 2024 Unrestricted funds 312,649 919,633 988,410 243,872
On 30 November 2018, the Trustees incorporated the Endowment Subsidiary as a wholly owned subsidiary of TCF-UK. Restricted funds
The purpose of the Endowment Subsidiary is to receive and hold within its donations of income-generating trading Endowment Subsidiary ~~]~~ ~~]~~
=		 ~~]~~
=		 ~~]~~
]
assets such as residential property that could potentially be gifted in specie to TCF-UK. The Endowment Subsidiary Endowment fund
was set up with a share capital of £1 and its three directors are also directors of TCF-UK. The Endowment Subsidiary
has been dormant from incorporation to date with no bank account, no income or expenditure and no transactions
other than its £1 share capital. The Endowment Subsidiary has therefore not been consolidated in the accounts of
The Citizens Foundation(UK). The investment cost of £1 has been recorded in the accounts as per note 5.		 - received
net gain/(loss)on investment		 345,240 11,214
(20,040)		 11,214 345,240
(20,040)
Endowment fund 345,240 (8,826) 11,214 325,200
Other restricted funds 236,128 8,889,707 5,509,781 3,616,054
Restricted funds 581,369 8,880,881 5,520,995 3,941,255

10) RELATED PARTY TRANSACTIONS

11) TCF-UK ENDOWMENT LTD- COMPANY NUMBER. 11705468 {THE "ENDOWMENT SUBSIDIARY")- DISSOLVED 3RD DECEMBER 2024

Other restricted funds of £339,334 were received shortly before the year end. The purpose of these donations is to support TCF Pakistan's Punjab School Programme, numerous classrooms and student support initiatives, school construction, and other educational programmes. These restricted funds were remitted to TCF Pakistan in January and March 2025.

73 I CHANGE BEGINS WITH EDUCATION

CHANGE BEGINS WITH EDUCATION I 74

NOTES TO THE FINANCIAL STATEMENTS (cont'd) 13) ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Unrestricted Restricted Restricted Total funds funds funds Investments others Fixed (tangible) assets Investments 3,246 3,246 582,986 446,904 201,408 582,986 Cash at bank Other current assets/iiabilities 207,025 101,953 239,879 99,455 Total 312,224 582,986 339,334 1,234,544 Total restricted f unds 922,320 2023 Unrestricted Restricted Restricted Total funds funds funds Investments Others Fixed (tangible) assets Investments Cash at bank Other current assets/iiabilities 3,008 3,008 325,201 3,847,078 9,839 325,201 231,024 9,839 3,616,054 Total 243,871 325,201 3,616,054 4,185,126 Total restricted f unds 3,941,255 (020 7268 3545 | info@tcf-uk.org wV4w￿.tCf-uk.0rg I f /TCFUKOrg | o tcf.uk 85 Tottenham Court Road, London, WIT 4TQ, United Kingdom. 751 CHANGE BEGINS WITH EDUCATION