2021-12-31-accounts

THE CHILDREN'S INVESTMENT FUND FOUNDATION (UK) ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 111 A03 27107r2022 COMPANIES HCiJSE The Children's Investment Fund Foundation (UK) Annual Report

Contents Founde¢s Message CEOS Message Trustees, Report Portfolio Highlights FinancL31 Highlights 2021 CharitstAe Actiwties Slrate8ic (herview ReBioro1 Athwties 23 Strategic Report 33 Recent Developments 36 Sockil Impact of CIFF s Operations 36 Financial Review 39 Irwe5tment ￿"eW 41 Risk Managerrent PolKies 42 st￿￿tU￿ and fts)vernance 45 Remuneration Report and Other Goverr¥r 47 Trustees, Resp￿sIbili￿.es and Fir￿CIal Ststernents Independent Auditor's Rep)rt to the Members 50 Consolidated Statement of Fin3nci31 Activities 53 sOl￿ated and Foundation Balance Sheets 55 soIK1ated Cash Flow Statement 56 Notes to the ConsoIKJate(l FinarKial Ststements 57 GrcrtJp Information 91 THECHILORENSINVEsfMENTPJNOFCiJMDATK114flFF u￿A￿ULPEvoRT FORIHEYEARENDED31 DECEMBER￿21 ' The ¢￿k￿ren'$ Inwstrnent PLid I￿¥10￿￿11JlO￿FFj¢￿￿Nrt<r.4J?c￿￿l Charrvkn. 1091043 WEb5hw. crf1.￿ l Émail.. TheChSldTen'¥ In¥estmeni Fund Fou[￿tiOn ICIFFUKI I Poge i

Founder's Message When Iwfjding CIFF in 2￿2. my aim was to address significant in1L￿ticeS that affect the lives ol children In low- and middle-income coJntrEs. While we depboy a rigorous approach to Brant-makin& the drr￿Ing mission behi￿ CIFF 15 not of the mind. but of the Fra¥t For over 20 years. our approach as a philantlwopy ha5 been lo eofflimne our mission with a laser-focus ￿ impart. to ensure that when we fund pro8ramffles. the c(xnmunities we're seMnE truly benefit. l am excited to Sha￿ this veals Annual Report which demonstrates this impact in acb"on. Ourwork with grantees in 2021 irKludes many ex3mple5 of ￿0b￿rn5 that are gfflple in corept but complicated in practice - they reouire an entsepreneurial mindset from CIFF staff arxy partners. From getb'ng services back on ttsck to delwer sight-S3V4ng trxhoma surgeries In Ethiopia after the disruption ol Covid-19, to helping ensure that micronutrients - an interventy.on proven to TEduce prevalence of low-birth-weight babEs - are recornmerKled in WHO 8uidelines for p￿nant women. CIFF has the privilege of working with partners to support the im￿ementation of complex solutions to difficult challenges. The highlights from this year 3150 demonstrate the imtxyt3nce of lon8-tem partnership. The successes achieved at COP thi5 year. for instsnce, We￿ onty made possible through years of action5 and collat￿ratiOn between cAJr neiwork ol tt"feless pathr5. many ol WI￿ I h&1 the privilege to meet in person in Glasgow. We face a huge arnoJnl ol uncertainty in the world today, bul that strengthens my reS0￿e more than ever. Climate change is the most uoent and complex challenge the world la￿. We a￿ already seeing its impart. but under the c￿r￿nt ststU5-WO it's in￿ltable that large parts of the wodd will be become uninhabtable in the years to corne. For all otjr ¥%¥Jrk on health, nutrikn"on. Sexual & Reproducbve Health and Rights ISRHRI and girls, enwowefment to make a difference. we a150 need to address the climate elephant In the room. I tEITeve that CIFF can have an impatt on a global scale and looking forwards, I want us lo ffleanin8lully a(Jdress all protAems we worf( on at their root cause. CIFF'S CEO. Kate Harnpton aTh l. therefore, continue to work with deterrnlnati￿ in furthering our vision lor a knnder. greew wodd that enabl￿ chI￿ren to thrive. NorE of our impact to-date WOU￿ be tx)ssible withwt the ccxnmitment of CIFFS trustees, aclvisors. stsff and co.funders. as wdl as (xjr grantees 3nd partner& ower the past 20years - I welcome the continued c¥)portunity to ¥vork togetherover the r￿t 20years. Sir Christolther Hohn Founder and Chairman 30 June 2022 TheChildren'51nve5tment Fund Foundation ICIFF UK) I Page 2

CEO'S Message 2021 was a hi8hly an￿1pated year for CIFF stsff and 8rdntees as it marked the ddayed COP26 surnmit and Generation Equality Forum, and prTrm"Lsed to be the stsrt of effojts to recovef l(orn the pandemic. Oespite this promise, the imparts of the pandemic c￿tinL￿d to wt further pressu￿ on childhood indicator5 and WÈ saw 3 rebound to record ￿velS of energy-iel3ted c3rtx)n dtoxide eMissi￿s. Hopes oF'buikling back better, re fading as rrrtJltiple crises- pandemic. COnfl￿t and climate change - and their socK)-economic impacts combine and the fallout of Covid-19 alre&fy resulted in what the of the IMF ha5 (lescribed as a 'great diver8ence' between wealthier ar￿ poorer econorn￿. In this context. the v40rk of our grantees in 2021 was more vitsl than evei. This was reflected in our new multi-year commitments. with 2021 marktng CIFF'S hr8hest ever Itvel o18rant-makin& an Inc￿ase ol over ICO% from 2020 to $772 million. (hjr thre lo step up was rmtivated by an alarmin8 and sudden shortfall in funding to essential program1￿ in Sexual & Reproductr"ve Health & Rights ISRHR). Neglected Tropical Diseases INTDS) and nutrition due to the shnnkn'n8 aid budgets of wealthier donor tountries. most significantly the UKS redijced aid tsrget from 0.7 to 0.5% OF GNI. Moreover, with the outcome ol COP26 hanging in the ba￿nCe. CIFF was also ab￿ to provide a suoe in clirnate funding. well beyond our original 2021 Bugness Plan forecast. inc1L￿1￿8 to the prvdte financial flows from cfflipanie5. banks and asset mana8efS that are fuelling emissions growth. Thr￿JghoUt the year, we had the ryivilege of continuing to work with extraordinary p2rtnets to fulfil our charitable objecb"v￿. Despite significant head￿nds. the successes acheved with these partners at COP, at GEF and across èll our pro8r3tnmab"c w(Yk are evident through¢xJt this Annual Rep)rt. Partnership has always been key to oJr approach. but mowng forwards we will do even more to wt Strateg￿ relationship5 al the centre ol our efforts to 501ve prOb￿rn$. whethei aignin8 around a prxtr.cal common purpose or combining vosces on the urgent challengeswe face as a FKJman family. We continue to enable more locally- led Erant-making, ¥yith strate8y IrKreasingly being led from cxJr offices in Addis Ababa, 8eijing. Delhi and Nairobi. and strive with delerminabon lor greater diversity. equity an¢J inclusion In all 3spects of ourwork. At the hme of wrih"n& the headlines In Europe are dominated by the disastrous Russian Invasi￿ of Ukraine. Addin8 to e￿sting inftsbonary wessure5. the Increase In energy and f¢x)d prKes asS￿lated with the conflict has created cost-of-living challenE￿ w)dth4ide, with ever-greater numbers of v(Jlnerable peo ￿e facing fo￿ insecurity and energy poverty. If ever one were needed. Éhis conflict shwld provide yet another cLgritin call lo accelerate the global e￿t from fossil fl￿15 increase our collectsve determination tts protect the most vulneiable. I hope that thrthjgh our work at CIFF we will be atAe to ￿0Y a part in this. Through me3ningful co113b)ration, ¢>Jr aim is to have a positive impact on the lives of chIld￿n and yovng people ￿ 2022 aTrJ c￿ate a better future for the 8enerations d children lo corne. Kate Hampton CEO 30 June 2022 The ch￿￿ten.$ InvestsTheni Fund Foundat5onlCIFF UKI I Pay 3

Trustees, Report At a Glance: Portfolio Highlights CIFF'S strategies are ddivered by wr network of exceptiofjal partners who we a￿ proud to fund and Trmth whom we a￿ excited to work on strntegy and programrTre design. Some of the highlights in 2021 iThclude-. COP26 rnxked the (ulmination of5evera yeaws'vth formany ofour partnws, who tUrr￿d tyjt in force in GL458OW to demand thatwortd l&Nlers agree to new tsrgets and new actths to keep the 1.5°C goal ali¥e. Countries left havinB agreed 3 new ratt￿t mechanism ¢0 increase the ambitw)n of pkd8es everyye¥ but We￿ found wantingvknen it came to finance fordevelopin8 clunattrvWlnera￿e countrie The LaNlmk Generat￿￿ Equality Forum IGEF) Secured a totsl of $40 bllion in commitments to thive progres5 on genderequality. includ4ng significant new commitments lor SRHI Key successes included the L4UtKh of SEWA, a new partnership designed to Jild rrKJre reSi1￿t SRH markets. and the prLKluctIo￿ of the Afric> Ywng Women Beijin8 +25 Manifesto. by CIFF'S parther Nèla Feminist Collective. which 8 of its 10 pjlicy demands integrated into the offici31 GEFAction Coalition bIl￿prints. In 2021. our partners rdleLI out India's first •id1¥8est Skill￿&and employment irnpact boNI. In this first.of-its.kind bond, the impaclwll bemeasured not by the inputs (how many women and girls rective skilling) but by the ultirnate ￿$￿Its IIK)w Nony become engaged long-term employment). This was led by the British Ayan Trust and in collaboration wth India's Ma￿nal Sknll t)eveloprrtht cOrF￿ratIOn INSDQ, with CIFF a5 an outfLxne funder. CIFF UNICEF tO4ettr•lmKhed a SIQ) mllion partnership to End Chdd Wastin& ikling on the Global ￿tiOn Plan IGAPI on Wastin& In 2021, 22 countries that a￿ part of GAP and have the highest burden of wasbn¥ developed ro3dmaps to bring together prevention. ear￿ detection and treat￿nt. CIFF and UNICEF'S Match Fund 3lbws these countries to vnlock funding support- for Éery dollar, naira or shilling each COLmtry Inve5t5 nutribon. the luTrJ wll match it CIFF Ywtsnded tothe uryxecedented shortfall in fundi￿ for SRHR and NTD4 due t 5hrinkifiK financial commitments from iknnors nTrxt significantly the UK'S reilvced aid target. To protect those in urgent need. CIFF partnered with the &'ll ar¥J Melinda Gates Foundation, ELMAand phil•ithropies. to make an emergency ctNnmTtNnt of $130 Million to these areas. aiming to stsbilise activitie5. ensure pro8￿$ is noi losc and rrobilise additional dornestic and intrmational fund￿)6. Thechildten's InvestrneTht Fund Fovndalion ICIFFUKI I Pzse 4

Trustees, Report At a Glance: Financial Highlights Charitable Investment Approved $772m CIFF approved $772 mdlion of charitsble investrnents in 2021. The exceptional level of approvals means we exp￿1 di5burse￿￿nts to ￿¢[ease furt1￿[ in COlll1118 year Grant Disbursements $468rn CIFF disbursed grants of $468 milli(m in 2021. Grant distrwrseryents increased in 2021 by $124 milknn totryared to 2020. Operating Expenses 8% The F￿ndatiOn'S disiwrsements imsed at a higher rate compared to ¢)perah"n8 expenditure in 2021. bringin8 the r•) of these costs togranl d1strMwseft￿ts down to 8%. Endowment $5.9bn Investment retwvs and inttyne from ovrendtywment 355ets remained 5tron8 in 2021. however expenditure slighttyoutweighed income resulting in a rnargtnal reduction of Ihe endow4ment to $5.9 billic¥). The size of the original endowment and the excellent in¥estwEnt returns achieved over the years give5 U5 the financial strength and ststsltty to me 5ubstènhal lon8.term c¢y))nNtments tothework of our grantees. Thechildren's lThvestrnent Fund Foundatlon ICIFFUKI I Pa8t 5

At a Glance: 2021 Charitable Activities U5S6TI 100 to￿1￿￿TrIPlyffjtn￿￿5$4&Irn 2011 2020 i15s31.4￿ 2021. U5$39&

Climate Change The Cmldmi's Investment Fund FoundationlCIFFUKI I Pagt 9

Climate Change CIFF is comrywtted lo ¥celefabn8 sok1￿$ that￿n mibEa di{r￿te chèn8e. te keep 15f tsrseia re3Stythcre3te climaie.safe fuLure for{￿rent fuiwe 8￿￿rati￿ls. For aFF.abn8Wth ojr pknersin ihewhyelc&n￿￿co[r￿ur¥ty. 2021 wa5 a critical vex. The wblKatK>n of thE UN5 IFrc report in Av8U5t pr(Nkled 3 8bbal re3fitychecl thai climate change 1$w￿￿￿￿j ènd inrtr6itwnK with im￿c￿ already￿[18 fdt Kn)55 COP20 wa5 tt fitsr litmus tesl thi the ris ayeerwL cvfin8 aoDSS ¥1 ur tlimate strètegs. fvc¥)) er￿aNj alr{p￿￿"ty to lotsj syste￿￿ and finan￿. coThlkacL ThstMNk550n thehi5l(xK YElIv￿l￿v. wh￿h C￿e￿ urw dats fron CIFfsp¥tnwCDP. where Ihe (xl want wa5 ¢yded lohafve Its em&v)rs by 20￿. Ac£ompawrÉ this %￿C￿f￿1 chalen8e5 to f055il luel ￿fraStr￿LUre. y￿UdI￿ ULeniEarths agairst a pla)t in Bel6￿¥￿ ￿ FILE'5 to xtsrate ihE UKS shift away Real Economy In 21Y21 w l(K) cCwntrsSB￿ the Glc4)al Methar riee WKI commitieil to a 8oal of reducin8 global th￿e emO￿n$ ￿at least Xjpertrnt from 2020 le¥4s 203) Tr￿r￿￿e3waY fromrythane $ vtsl. 8i¥en thai Lvler a 21kyear perKxI t1￿ nK>re tx)tent al warmn8 n do<Kle. Re£wiyrÉ tre irrwrtsrte of th 3 grtw of phiLinthropÉs itWinB CIFF. WifKJe. He%￿ and m￿A￿tK)r Fou￿3[7(￿1$. ynU¥fftatAitsJ Ihe Gbabal f¢ethane tfvÈ£trr￿3te ￿ fitwoal cknate ta￿ets f1ixnv0￿rbtrry1Orn8￿laIory, fr(xn 2050net. zero pkdges to sh¢)rt.ternidirnate acti￿￿￿￿ These irKkhde Iniernational gJsiéYobility S￿dards 8owd IISS81 comrK)n di5cb5ure sta￿d the IntematK411 F￿an(K￿l Re￿rtIfi8 St￿darl￿ IIFRSL Ihe V(ALm￿ry Cwtts) rrkirkets Integrity IKwDatNe IVCMII to er￿fft &tMty ur rtM)n tnarkets bEC￿5 re(kntiorkS and efficient I￿x￿e$ Ihai are In Ire éith IFt x¢pe c4 the aVEWtnt. Thiswa5 the result ol of wo¢ from L￿r I￿uding the Institute for c￿￿￿(e atKJ Toac£eleTrle th￿ ￿0CeS CIFF 1$ 5upryDrÉ strnt lit1$ati(￿ a8ait15t hEa￿e￿¥￿er5 ar￿ fwrKial ￿$￿t￿lly to ltrce l.S°C.3Wd CFAnateWork5 C1￿￿[e Lea(Serstip Initiab¥t led the Ects< carrvai8n.whKh is an ￿￿1￿r￿s. rkniiankhropy- d. S￿bal elfLrt to xceb#3te ekcir¢Katits) ol al road weW5 ty 209) Ths ￿mpa￿ was S1￿C3Sed 3t TEDQWntth￿ in (ktober. ￿th the S￿lf￿ant fundn9f￿rn theAu(Jacx>u5 oiett- er scal*MItr in the￿arS to come. Thechildren's Investrnent Fund FollndaiionlCIFF UK) I PaKe

Solidarity and Justice 2021 w aciw)D Ld use natuE. vAth CIFF graree5 COP26 C(￿Nin￿nIS frtyn 141 cw)trEs lo Fgll def0￿513￿n by2020. aFFakn c{￿tr￿Jted loaF)mltthrtrststn￿rt￿ l(xe5t5anda $) 7 billK>n fin￿e tAed8etts 9JPP)rt IndiÈeTh)LS peorle ¥YJ fLYest terwe ntht CIFF and ow partn•3 a￿￿￿kIng toe￿￿￿ that ((￿nIr1e5 ttK15tVuk￿3lle to Imp￿t50f climate Ch￿se have3CCe%5 to dethcated fmance for&Ydressu)g and damage. W COV26. CIFF arKI the a￿￿[e Emeoenry ColL4tvatiw Grwp ICECGI supported kty these Ésues thre￿h Ihecll￿Ie C>tsrebrMTWI Ministwial Process, and the L0$5 & Dama8e 05 a5 ts the High Amtion co3￿"t￿)I. In firol Fx)urs of COP. Ihese3r¥J ¢Xher eths pwtners iocreate a kick.5tart ftsndol 53 million io afvance the b55wMJ darna8ea8enda. sumtitB e dea*with the trdwc Impacts ofcluTh?iectsrEe￿ a doilyba$6. Htyew. nwNew>8re55 s wleY1￿ IIN53rpa fr￿ thewKJer￿ob￿Ic1N1￿1N1rtIty. Loadtress futxjainental InEquIty 31 the of cffji> TheChildren'$ Itkvestment Fund FouDdotion ICIFF UK) I PaKe ij

Sexual & Reproductive Health & Rights Thechildm's Investmertt Fund FoundatlonlCIFF UK) I Pa8e12

Sexual & Reproductive Health & Rights 2021 markeo rdarof thefjenerntkn Equaity Forum IGEFJ a ￿￿<￿￿rk to begin Dinsirew ge￿er transformati¢MBI wfjrk IhfW8h Sexual & Reprtsluchve ￿yth & Rhts 15RHP) Asa£o.kad ol the 80¢ily p￿tr￿¢￿TrY & SRHR Acmn Coa￿b(￿. CIFF anno￿￿¢ new In¥es¢fflty)Is tttwe(I ￿ 5cakrE trdnsforrnatNe to c¢traceprtii. safe ab￿tti) and p￿l.3￿￿Yti￿ care sefvice5 These prcyammes thai enwre Quality Sexual arxl Retw<x5utti¥t F￿alLh15RHI ctrnmcNJittes ¥e avèibble èla k)wc05t aThJ fvDnUine serv￿ reath milkns ofwrx¥n reached a CftKk41 mik5trre the suc￿$fUl corrpktion of ftrJr.￿ with (kn5U￿ Tecmologes toscale￿(e5S to the sahva.bhse(J 5elf.te5L A r(A)u5t 8rty¥i78 ￿et at 10 milkn tests peryeèr 15 now n pL4 arKI roved wtal during cth￿.19 paneeThc è9 5df. te5twB became ev￿ trxjre Nnwrtanl for Ihe cty)tinuity of HThi tests￿ * Ire¥m￿l prwamnY5. De-medicalising SRHR and support self-managed care inourSell.CatÈ%4trivthich kKuses dtrmedkallskngSRH care and eThabllr8lndlviduals to manlgethvrown healtlare oeeds.was the Worfyj Heahh CWnyah￿s IWHOI re￿aSe of rw Buidancets) cWv.￿<wnteT￿ceSS fw ern￿￿Y conlraception. ry test% and avaii•tslity of lutsicatiw lorsexval hEalth. To thL5 TTfftntUFn. CIFF partner. Sdf Cxe Traillazef ISCTGI. h05ted firsl.ever Self C¥e Learn1r¢a￿ ￿ScoVery Sves ISCLADI io bui a cLyf¥r¥Jntyofpr3cb￿2r¢w￿ sd1-C￿ Iwer ICAXJ p￿tK1pant5 5harin8 evvJerKe In 2021 * aso ￿fired f¥Jr Lyhyity are35. incrE35ingSRH tholte5.' de.nWtsSslngSRHR and 5UPPOrt1n8sdf.n￿nJ￿ed Gare.. andthryioThn8 productlve rights rvr bokl SRHR investnEntS wll rk to sÈYve tt)ose ètrtjitwand Styrye toédiv tre pr￿lIseS made al the Intematiu￿I cL￿fer￿￿eThI Pc0ulab￿ and SmitllCPF+251. ￿ 2019. ar￿ at GEF. Increasing SRHR Choices launch of ￿MA Rerythknti Health. ai GEF. wa5a keyhi8hli8ht of 2021. Th4s nth¥global pathe￿h￿p￿vès 3M￿Ce￿ CIFFwith I￿r￿MentS of Fa50. Uga￿¥1￿ the ol Fr nd &ll & Mel¥YaGaies FtrJndatiM. SEMAvrill swryt CO￿thes lo de¥ebpdata.Ltristn 51rw5aryJ ad&t5Stlt rrw)$1 cruu81 market b3rrier5. ensurin8 e¥eryone can Kce SLWted 10 cLxffitrs to de¥eknL) 5df.&yE strBtegs. CIFFS Da￿)ng InnovatK)n5 mi se￿ Care (DISC) LYoiecL future5. aign in o¥tsrshi F¥. In Cwfse ofthe wr. CIFFatso re¥￿￿ to tp unwe(edEMted fundN¥ for SRH withCtr4id-19 mapr dw(Kcutbrfks shrinknn8 the fin￿&￿1 COn￿ltM￿lS CIFF 3pproved è sei ol invesbrenis to preYentserV￿e dlsnJrkn￿. SRH t(xrytthityseti¥ity and Lhe sector ioward5 a trKKe sus￿nab futuo. Trese h7cludedpartnwirev￿th the ￿￿c(A￿lY￿lth and Oevdopnent Office IFCtK)I to SRH se￿￿e d￿￿ery atr055 West atKJ Cents31 Alrica", 3 ne 5tr&es partrershio ￿th NSI Rewc￿l￿r￿e Ch)Kes." a partrrship wth the eilland Mekth C￿teS Fofftlèt andotherthilanthropE5 to MakEane￿er￿e1￿V $50ir corfmltment to UNFPA to stabilise ¥vJ adthti¢Thl d(XTE5tK arKI i1eTh￿IK￿l Ye th•) 25 mi11K￿ stt41 Ihat efforts are $￿f.￿Je£r1ty) has txtered C(￿￿[¥jing DMPA.SC I tsb contracepthvel gbbal part(￿ ih &"1 & FOU￿ri)IL FCDO. UNFPA WID. with millKkn %w)meo acttssing iPMscMtrxeotfvechoiTr In 2021. and a growng trend toward5 h)me sd1-in￿(lw)rn coJntre5wtrere 15 202141w 5aV4 svwthant new%MM to exp3￿ the H Pre￿￿ addit￿al n7ve5D￿t to pwrt W￿jU(l and d4ivtry ¥lf¥Jvè￿Ths. Trms rettws on the de¥ek￿nI of the Chjal Pal andpLnir for8reawartiDOThO) HThl ￿￿tr)i al￿￿1 of the Gk)bal Fund replwshment in 2022. ￿ t￿same CIFFS Parge.sc3le work to HIVsd(.tesDr Championing Reproductive Rights 2021 str¥)EtPwJ efft¥ts ty fundws to adth55 (￿131 ￿ath5 Ir(xn unsafe atxjthn CIFF jty ihE Svedish knterrt*J￿l DtsebpYtntA8￿cy l&ctsL 114y•Y)•id The P&kard F(yJtxJatth to The Chlldien's lib￿Lment FuThd Foundation ICIFF UK) I Page 13

84n￿ parb)tss andn re>Jltof thswk in(IL¥leSco)￿u￿ the mcrfnentLm tov4ard5 qualliv-ès￿d care." 5lriwrcc¥ThrK￿t￿ efforts toaths5 fflixorwtions.. &da seniftani Mrrit￿n[al the GEF5Umitvrilh 26 siv￿10rS hThJtts CMI soc*ty. eChildren'slnvestmeTht Fund Foundatfjon (eiFF UK) I Page 14

Child Health & Development

Child Health & Development In recentye& Iheie has been s￿L Wless to under.five ￿)rtaity. the iffoact of Co4hJ.19 health services and has cts)r¥)Ld 10 5wihc3nl Obst￿le lo health W08ramn￿￿eI ￿t0 2021. fbtsny imkyowrerts In the wrVi￿, health Y4ell-bein8 of chipjren are ur8enl Lxrt 3150 ￿hley3t￿￿￿j aEf0rd3b￿. CIFFS Child Health & D￿l team tske a holistic VEW of chikj heath. f(KUY￿11) matema Interventi￿ts in wr nuirittl) full ￿tr3St￿KlUre3prM3(h to owwaler. Sanitah￿. hygw (WASHI￿ Ir•&Jthtm thewr.CIFF p￿S[eSsed its ¥%vrk a￿C￿ting for Muitspè Micro)utrtnr &Jw￿rrThts IMMSI [￿[￿e&￿t wFuth tèn hève è drafflaiic impbct on newt￿ and CW health ￿tc0￿S Chie of the kev te55es ￿ JY21 was d￿h)￿t andapprcy4al of MMS ￿ ￿BladeS￿L CIFF akn$>wtT￿Wllh tl Nvwy￿kAC￿eThV of ￿￿￿esINY￿s1. toset up the first Global Task 20 experts f￿8¢aLM￿l. thitkk tanksarKI ttE sectLw. 10 guide theEbbol catium Nutrition and Matemal Health Ckne of the k•+ ftKv5e5 of CIFFS wtritTh txwtf(￿￿i5 chi&J wasbn& the most extr¥Yt f￿7•f m3lrulitify). anY￿ven tlme. an e$l￿ted 47 5uffEr ffom cINldwa5tin& wttiryd them at ￿ 11 t¥￿ irKrea5ed r￿k ol death conpared ¥￿th heattlty peers. E¥•) thcwth effetDVÈ treaim8fit W3StiTrg 11)sts on ar{X￿ $1￿ perctrw￿. onty an e5hTrted orE in Iwr thik1￿n sufFerin8 fronwasDng can access IL (￿￿￿-19 has exacerbated probkni.with è twoiected 9.3 mfftcase5 olchildwastins in 2022 due io f(xxlarKJ hesth strstems d￿tiOnS aThJ easoj Ta io hdp P)I￿¥m￿$ make Irrf0rtt￿d decis￿15 I￿13k1￿n CIFFa150 partnered with UNICEF to LILYKh the E￿1 ChldWastrfl8 ColL4b)rathe. I￿￿￿ey a sN¥ed $IW Milli￿ c0nyrwb￿t A￿￿eWith ftyccunbv pro6rartwre5 on of wa51wi& Iheco#BlxK3li Inc￿￿5 a Maith Ftmd nutribty) ¢rArrf￿1lleS Ih3t prorfides a I'.1 npittL so ts ￿ery th)Ibr. na¥a eath couniry in¥e515 in Cornw￿￿7e5 lor the preventi￿ ar￿ twtwit of chikSv•ast•u the fthy VMI £￿trIbUte3n additi￿1 ￿. W￿h￿) w)ths. c¢thiry dematxj for the l￿d hB5 èkea(trexceeded eA￿c13t￿. Wilh nearty $4 mllun ￿ domestic from countries incIL￿ing MJritsno. Nw. Strwl. artl UEar¥la. ¥yO￿h toCHO. NTDS MIWASH 15 Ir￿lEas￿￿￿ Jr CtrJAtryaThl ¢eg)nal Strategs. the Resi1￿nt c￿￿n￿leS . Afr*a. the of Lhs in 2021 see 25 ftyAfrts. p4e 28 ftr Indki. TheCh61then'$InvestTreTrtFund F￿￿04t￿on ICIFFUK) I Page 16

Girl Capital TheChShlren's In%Y5tmeDtFund Foundation ICIFFUKI I Page 17

Girl Capital CIFF'5 ca￿￿1 strdthtr is iK#fv of evKtence that 8ivkTrg wrts 3rKlywrBw)w a8erKy Opp￿rtUr¥tfits in the lorni ol vJ ski￿ thi I￿k11ng reEre￿Ne ￿31 htac3ta￿K irr¥wt These acti￿￿ hdp (Kevent Chi￿ nwiia8e. (W age of ¥Yst tyepparfy ar¥1 increase WtiC¥)ati￿ ￿ tt Vi￿k1p￿ to thrive OFF i4a key Q•11V￿1h1n thi5 LaThJrnarkcOlaborati￿, h a￿0 incknles sch￿￿na GNin& m￿h￿l d gjsan Oell F(xThl3iiw. Ne1¥￿ Indw PortiCU5 as aswell a$ 14 ractifDIiYfsgaASaDOlS. ￿rk￿l8 the staieRtytrnments ol Mthdshtra. Rwsttrwn Uttxak￿d. In 2021, CIFFS Cyrl ¢￿ts1 Indo ftKused irru)￿Men￿8 its $69 ffiillKJn actwerthfolx) vehwfft8 a pigel¥ie& troo1.of-c￿ert ￿$1m￿ls. The yearsawthe le￿ ¥TKéJilfynB fie￿. lewa81n8 si￿1￿3nt co.luTh4in8 and collaborabves and phibnihrorAes 10 wtyi¢tstider Èirfs. righ15 ar¥J c¢e55 to dv&ital edutation. KJ21 also 5awthe 5i8nifitBntstepof estab1th￿S v￿G￿c1pit?It in ￿rI￿. which m its hrstrNe5bWts a5a odwof ihe Alrts Straie8y Social Nonn Change and Strategic Prioritisation of Women and Gir15 C4)tal cTrithwJ ￿Cribc￿ V4vrk of tacklir cial by ￿jp￿r￿n8 CrL5 Firsi Fvrf, a dwr co1￿L¥Ya￿ that chèr(ytr)s (c￿￿mUnIty.￿d efforts 10 etKS ttrukl rn3rrsy8k)b31￿. In 2021.work %Yith Girk Frst Fmd Iwsed m sIrerBtha7￿8 I￿ltoring. ￿l￿tion ¥KJ to tharKe effective￿$ Of6raS5￿ts.1ed Eftort5. CIFFalgJ sup[￿ed Co.Impact, ac￿nder Justice Fund to tackle 5v5lerr￿C 8aiderew￿y barritrs treakwun?￿s forwortrn ènd girfs to Theth8￿ 8)bthsK)n ofwr G¥1 Ca￿tal V4ryk is that ontywhenoll¢iAs equal lights. ¢4VQrtunitiE5and aÈencyto achieve IhEirfull pOtsTr￿￿. can we have resiliert prosperou5and lustsociths. Foundation of Education and Ltfe Skills In ￿ L%t 2Ye￿ C(Md.19 WkEhEed irrtanÈ wban.ruralarxJ geT￿r d@it31 in India. This is m05t u¢e If cfyitexl ol dErt learrirry. To wjdress IhECIFF Liu￿hed 3n (%8itzt ￿arr￿ to The Childith's Investmertt Fund Foondation ICIFF UK) I Page 18

Child Protection TheChlldten'5 InvestmentFund Fourtdatlon ICIFFUKI I Page 19

Child Protection theCh￿ wotecboTrC(Thm￿ty. 2021. ￿ s Ion5ecutp￿ ye¥oflNiD8 iTrvwEh a pandemK. wa5 a ¥.up call like noth￿8 With trMkn8 inte poverty•d an ente gerwat¥￿ ye￿5 or xhwlin835 manywere restricted al homewithwt cess to onlRie eduCar￿. the vulnerdt41ty to arvj expknitat¥)n icame Sharp arKJ ￿ble. The raphj shift io onlffte and (Sy"tal way5 c4 Imngalsow ir￿fe3$e in the use of onllie lorewkntètKJn i1￿￿ldIn8 rKrUit￿￿L￿￿d 8rwiwrg 2021 t1￿11￿￿1 pratsct￿n svslems resoo)se to chlthn in ctys cril ffetted. It aso deDKXtrated the stsength of d comrrmlment. 3sve1135 undenk41Ae imrffjarKe of dtyThy)strdted that the ffodel.whrh incorpN31e5 safe Mlwatm￿ [￿t￿S￿lth 3 f￿$ on Iwdihc(Js J)d ay13ret￿> cwkl be i￿￿￿nsewer[￿ts￿ if betier )ga8eTrrt at¥J aW4?rKes ￿rO$S b)rOerSareestèb￿Shed. Global and Online CIFF also COntin￿d toM>rk in X)21 to increase 8lob31 aWArenessgf thlld exploitation and athrjns tt+protect thl(kni. HEhlEhts from 2021 nilL￿e ourpner C3P5 attwrdn for ￿rvMJr5 of Child Sexwl Mate￿1 (Cwll arwndTwtyS 15th tsrthday. h￿hlIghted tIE 5tru5 of th￿ tryws lo Bel CSAM ￿￿ted Lo theffl re1M￿ frofftTitter.Ths(tE3thtcampagnw3s a l(Alow. io C3W5 rerKrt thai st￿￿dTwiIter ranw w(We0ther￿1IThe p1atl(YTD5Wh￿ it ct to the ease OF CSAM. C3PJ 3 tran5parencyrwt sMMfa5Mry iKk ol_ taken 50 far by the te£h N￿U$try. In tIN5 context. nEed lor CIFF to rewiyt wrClkY Protectim strate8v aThJ recmsider tl tiasKsef 4)proach bec3me #sential. CIFF s Oiild knte[b￿ % spwe5 to bri￿ the ¥oKe olthe thldcentre slage kerhild ryotecbM everytoth's bjsirtss. knti785 from 2021 than8es in wr StyaLeEtsar¥l 8oinB ftyward. espe£olly n the shift itrWat6s abusE d pYpknts￿ft. keetxng c(xnThJniiiE5 andth11 althe heart ol all thatwedo. The partre￿hiD$¥•1lh all stakehokYer5 lorye￿t at¥Jse exrd¢iiaroi while kewn8 SLStèw4bility. hxalisarti). arwj di¥rsity. eouity ￿ vit1￿c￿ ascort India and South Asia SLtstsMiaThJ ¢trNE Lwr xti¥its w) the time aWd. TlwrMJththJt the ￿tYear. the ￿￿50f ￿r￿crfk to ¢Jake. clwJknn8 deffland and brea￿n0 impurityi• perpetratats. %£￿ W(prr￿ied w¥￿ar￿Y tEY(vJ8h in ènd Ay3. CIFF'saiffl in IrKkn ￿ tt￿vI￿er th Aya re8￿￿ has io toge￿ ts rr4Ay gnèu.scak chiky proiecK) r¥ogra[t￿$and Sel5￿10r. de Stat￿31￿￿￿￿ witeyatWE 5u(ce55ful ITh￿15 80vLYn￿nI Oiryfar5U5tsKK41xlilv.(%EhEhl￿rfr(rffi0L k has W the adopton ¢4 (wr Kce55Ful ionwwiity d p(th rxogranw¥ in Bharatrxw. Rai35than iry C¢WKerned State c￿rr￿¢ for Sw¥hJe s( up. bwdertraffickirg *51 rnitex¥oyt to The Children's Inve$tmeni Fund Ftyjrjdatlon (CIFFUKI I Page io

Cross Cutting Thechild￿￿'S InTr￿tt[￿lItFUnd FouThJaiionlCIFFUKI I Page 21

Cross-cutting Critir31 to CIFVS mssv)n tobt irlwthi restKNVe, and cat3tybc funder1￿5 the role al cross.cuthrB incl￿e$￿ Éwdu￿e. Me3wremw& Evdkthtw)I IEMEX Or8anisatioxwl DeVe￿p￿￿￿t IODI and Iwt IrNvknn8 ams. They wpp)r13nd le&1 grant.rn3knn8, activihe5 such a5 newMeth￿S to etw k StsketrO￿￿s audiwKe5. evalua￿8 itwt o18rarbt% engJr¥ii 8raniees haveefte£ti¥ capacityand ¥nPaCt cap3b'ties. and nve5th8 n Corr￿er￿al enleryx￿5 m ine wilh CIFF'sobje£ti¥￿.T￿sl5d(￿Ew￿tha nK3kffigoJr strate8ies ￿ effecti% and I￿￿￿3t￿e3$poss¢￿. t¥xoath tOrn.Maki￿ tyjr role as thoJ8hl le•Yws. a5well as w wdlirorESS to ￿.le[rn i￿(MentS aThJ fund ritKKati￿ 3woa¢hes. We èbo heard the need to contsr gmrthfyin8 (wr 8rant t￿n￿gett￿nt tK(Ke55e5 arKI calls 10 [￿er gr￿tee5 in strategy co.creatr4Tr7 and buiWin8 cornm￿N￿e5 of practsce. We %%ill trnl)eO the full results ol this Impact Investing CIFFS Impxt Irr4e￿n% team ¥e reswnyye fora (￿1040 of ￿￿tstMent& alw Y￿h F(xJtKtstiDn'5 charit chan8e wme case5. [r￿vaL50 nvoh pot)hal The h35 the fie￿￿111￿ io Uti1Y￿ thE tro5taptwkti￿ instru[￿nts for ead) a . to dale. locu5 Ik45 tg a tx)rtfdioof fu i¥estmwis the itst.in.cbss for their par)cu￿r Evidence, Measurement & Evaluation IEMEI EME 15 at thecoreel al itNesthB¥) data 8nd evidence ran %st r¢wsure ts itnpKt ofwhatwe (k). am 3ThJ coJrstrcorrecL ihswe EME itrErefL¥E pla￿ è vitsl rok in ittyuvvE r￿r CIFF $tratewe5 ar￿ ￿veStr[￿nts. Oneol the 5twIknntw￿ts ttr4t EME supptyted ￿ 2021. was Sty w O¥rkale. tlyow 3n ev￿)(e Thiewof welKth Xi1￿$M and itsefle£ts. gathered •) 2020 has£￿￿ed in 2021. ith the exLruiM)n of Six irr4est(rnts. (her the year. CIFF'S vAth Sect￿5 covervd SncludlnB lCAP.20￿I. miss¢n is to centre thiklrens ￿alth0nd wdl-bebyln IN to enswe an equit3tAe. susta1t￿ble future. CAP.2030 be lo Imrlement recOnm￿da￿￿S of IheWHO.UNICEF. LartttcoMmissi￿0) chill heallN CIFF ètso i￿n(w I Ada￿5[entAtLl5. in partiier5hip wth thE PopuL7i￿ C¢￿￿. a toc4 forsub.na)Mal polv.rfk*erdeuSA￿ mèknr& ￿tilCh Iow5 LRt5 10 ￿ter[¢￿a￿ad¢4es£trt ￿1th data F) a S•T* io corisuffle form31. Big Win Philanthropy IBWPI As seltxrt •i CIFF¥ 2O20AnrKj￿ the condihonal 38re￿￿nEtYthe F￿nda￿ lonwkeadwritsbleend0w￿￿nt antof $3iQ miloi to Brdwin t4)dantlw IUKI18WP>. an En81￿h re¥t5tered charity effective in De(ethr 203>.As ol JI Cjecentrr 2(>21. CIFF had fi￿r ¥tstslrYnts of BWPGrènL iotalli￿ S?2 mill)n The ified wrwse of the 8rant to BWPts ihe inyovd IY the 0fchiw￿ry people arKS fafflilE5 in red Co￿¢ne$ in Iri5i5. Organisational Development IODI CIFF'S (Wnisabw Cltyelopw￿I team is ￿ fvx hile 1ncrexn8theirresthe￿eand knrw.tenn irnpxL The team 8rewin X)21. ￿lI01n8 its cèwty ants kncal expertse i•Africawth the 3r¢tintt￿t t￿ a) OD Nain)bi. We wY)rked wth a raryof8rartee5 to tm xaanda¢h￿ susiain¥ility. re￿￿e risi•￿￿ aderthp capaiity. Soffle of the 8￿[5 thai ttr tEn pported inc￿de Trwrise. C40 ￿ cl￿nt Earth. tMJrwiE 2021 ￿ked wiu) tyJr Brtysp•) to CefvJ￿t the 8lJltee 3rKI c¢>lLTrIws 9Jry6V to urthi¥ the perception rrf aFF asa funder. rewted ptssitNety￿ c1FF'sdtsbrKtwear￿ riyws ￿*Y¥￿e-t￿$ed Thechildien's In¥estJnetLt Fvno FwndatioTh ICIFFUKI I Paee 21

Regional Activities TheChildtell'$ In¥estmeDfFuDdFoundation ieiFFUK) I P4E 23

Africa Focus- Kenya, Ethiopia and Nigeria contracÈpOrm usin8 final￿1 ￿t￿tY&aS an entry l tm)51tK)r¥n8cr￿tra¢eptron a5 a iorA ¢0 ach r￿ cow￿. 5ell.defÉd 8oaLs. IPe gwamme delays in 2021 thJe to the p)lIt￿?4 ènd se(urity chaNenge5 ￿ EthKwo. CIFFS KwlebT￿tinS partw PSI tr to reach its tar8etof ￿VIng CIFF'S wcrfk inAfrKa. led by tEatn5 •1 NairrtA Addis Ababa, is urtder(knnned by Ihe 0ver¥thK)8V&￿l of a future wtherE ¢ir15 have ￿ health. eco1￿mi opportunityand azerKyto tontribjtetoa thrivir¥aThl s¢4f-d¢t¢rn4nln8AfrKa Thi5 W51￿ ￿5¢jO￿rIed Ilyee ttxe pillars, 111 FuAfrica ByArr￿a swxKyt¥l% Afr giWn8 se￿-fUndFTh￿ and equip￿nE insblutKW to deliver their d￿lop￿t aS￿da. 121 Regleni ComYwJnities, with uoss.cuttin8 across WASH and NTO% ￿lding sustawb f(K>d.5VSivns iffote.5pecihc prowBmtt". ￿dI3) Girf C#Mtal. Wir 8ir15 prepare &le.deierninhi8 dec￿￿ tss de¢•￿. <]urC￿￿ Capal Sb3tegy o) oage 18k (￿rIA￿m￿￿Afr￿ to R￿lientCOnWnUfiltleS ms 10 chihkn ¥e tom healtPry. can ¢hft¥e in KMythitfS. healih 5y5tern5 ihat are equipped to epwe ar￿ testthd to shock& Goin8 forward. pilLir %441 aim lo ￿te8rate wr ¥wk in CHD. NTD5. WASH •ThY al￿te lo colecb¥ely dri child trealih outcomes ¥J Sbwdthtrn systems t￿t are critical for kng.letm >J$t3￿￿Tty. kn 2021 actiwtyc(xntnetKed I Water4Life one of CIFF'S L3rgesl inVestTh￿nts lo date. Ths LYo8rrne èlms to provfde safewatttand ekntwty 10 hea111Ka￿ facilibe5 and sth0O￿ across 8 le8#￿Of Ethiry)4. seMn8 550.Cm5tudents a(xJ 1.3 rnif￿ peop￿. the cwrse of the year CIFPS p¥trtYs l￿di￿ WLwldViyty) Ethh>pg. ¢￿0￿c[ed EpafarorywD￿. (SEvekw dEtaibJ de5EDs of the water Y￿￿te￿5 a￿1 £oickntin8 rk)t sO￿r eletlrihcation. In WE year. CIFF alsoaL)u¢Tre(I the hr51 WAS H)¥estwit N) K•)va, WI￿re v wil iEcolLabcrfahn8 with e ol the rth)st IN￿tful Af[￿ rwnisar4ty)s. ShinirE fwCtyMMmii*5. FL￿u￿￿ ffi Kibera the iirBest ITr thi5 irfve5tment wl1 pr<>vKle safe water s 10 51 11 HCFS antj 36.222 pwle. CIFF'S Glrl Caplta InAf￿ cs lrn case5. In tota, over 27.(￿ peO￿e Thechlldren's In¥estmefttFund Foundat5on ICIFFVK) I Page 25

reteivedsuoery th￿&h tNiyammE in 2021.ts) otherbvise w(Nj￿ hawe been at riskot ￿llYd We1iad se¥erBI in InAfrKa maternal, nth¥born and chihl health 1MNCHlwtcc￿. prEh￿l1¥Y results fror a w ranc&JTroed cts)trt4 ir IRCTJ of Liviryd fmJ5 prO¥rth￿me M U8an(la a )YA reducbon In undw.hve r￿lity¥￿ 27% tethJctK¥) in ￿fant tmrt31iLy. Thi5 ts wwerful ÈwxJèDceof vknal the dacious Proecl enaPJed Ihe past four￿ar$. d again proveswlwt ¥veh& k)nÈkncvA tru wdl.wwKte(I C(xM￿nity Health Worer5 CHWS Save ar¥J can do 50 at xa. Thts secmy RCTOI Liv￿￿ Cthd'sw8r3m todewKy)stratea ￿lfi￿1 wtahty re(lucbw: and ainine txnes the scaleof the fir5llwth 4. CHWsrsv$ 5W)¥hd 3mK1 a k￿er wau nKrftslityrat tms malirry it hardertoknk this knl Ot inr)3rt IS￿)VId$al$ts orWtyld Prernaturity Cby. This Krwkj.teakn￿ opw.wurce t1￿￿1 was CO￿1al￿d with WHO. UNICEF and¢￿￿J)e￿¢erts arOUr￿ Ihewtyld. 11 slwwth tOD15 infffjtnathn tts the KTmentation of SSNC Ebbalty. In the hrsr 2 week5 after I)￿ch. the l¢xAkil website ha(1 been wEwed tryU5ers &ross 103 C(U)tnes.￿ final￿. owpartrw 80 W SUC￿5 develDPiD8 è Nabon¥ Artenèièl C¥e ￿KjEllne. hrsl of its khnd for impknrentaiion in Ethx)[xa.1¥h￿h will h to redLtr the KxeVaIer￿e of kx.Ijrth.￿8ht babie5 tNdLk)￿ng an integrated wt1 As P￿t (4 an hrte8rated approachto healihand dlmate. CIFFvyed with African Insbtute for D￿elopM￿lI $1)ky (AFIDEPI and L(y%JM khts)l of H¥g￿ne and Trorxca ILSHTMI to ￿U1￿h.mak178 the case Flanetary Helth 4) ￿b.Sahar0n Afrra" Ir￿eStMent The eym￿e gen￿￿ted byUHs ￿08raMnE¥￿II M)torTn kty iThkors for t•Xh vuknerability and resilien in the heah aJdres>o gap at the t￿ntry 31 ltstt. The teaffl ha5 be8un to eMt￿ the u￿te-health fffik M) the Kerryan rgtional agenda throu eweffleDts natiLYd leathrship. 2021 was IF kstyearcl thgrtal C￿•￿endS Fik)t e￿EnIed b¥￿[ p¥ther Fkn3ttnAtcess ￿T￿laIm￿. O¥er the bst ye¥s. the woject s￿1￿1 impr(p/ed b￿tkn outcottts pre?￿antV￿￿(trryth Ly re35￿8 <ce55 to MNCH serv￿e5- ttNs the verage pre81iancyi0ur￿ x¢re la ffelric rrewi)8 the 4vèlityofra MottErs'i￿￿ to 78%cLYNteiJ to baseline of 48% A150 in 2021. iJur Ne%¥txwn Es5enttal Sokntion52nd TechncAo8￿S INEST3enl wa8rJrff rolEd Jt in OS trosgiials ￿ro$S MaLwn. K￿3. Tan2ania • Niserya. achitrw8 ICMJ% of th•r target ¥tsith 34 fKilibe5 fulty equipws v41th NESTnewtx)m e￿¥￿￿t Th NEST3tOntsvb)m Icthl tssmall sKk nts¥tNyn ca Health in ckn￿le Plans'wa5wbh5hEd NLwe¢ts 2021. ThtChRidren'5 Investment Fund Foundation ICIFF UK) I Page 26

India Thechiltheh'slnvestsnenr FundFoundatiDn ICIFF UK) I P*8e 17

India state ofuttar Prth (xjr p3rthers sohew stste B¢hfmrfwl lo dW¥>a Adolexent Health Operati(yo1 Plan. dewle increditAy chalknw8 cw[u￿￿t￿Ke5 dwin8 2021. th ttre dtwastatyn8secmJ vme cl C￿￿.1?. (￿r Giwl Capiial work in INJO vrtsaffecied, the nati(￿al arKI st31e.￿ve1 ck)wre5 015chwkaTh4 thllin8 centres akn wth rfwJvarnl ￿$tr￿f¥>I5 orcernmtrs had ro d to alter[￿te digtal and hybrd &nWt. the SRH pro8ranThTe. Fa IF￿n￿L yo￿h.IedAt￿￿)adapte￿ its Strategy. pNoLwE to delNer comprelvBive 5exualityethvtiw thraryh Tlrt syykani dlmate dki thrin8 2021.which CIFF and our partw 9JPPfrted NrrytyrtÉr. the Gomm•rt •)ncunced Ir￿￿8 revtsed Nai￿lty tktenym￿d ContrbJtKJn INOQ with a k)tB" leym straie8y ￿ be Net.Zeroby 2070aThdtnhan¢ed 2030 tsvtets. CIFF gtsftieesTERI. CEEW and WRI Indiè eng3ged Wilh thÈ8(¥4rtYnmenL inWt5 ￿ Sectoral tar8ets Kl 5cerk7rm￿ ttrt w.twm slrale8y EarlEr in Iteyear. Prir(È MiThSter NWI amcvnced tht ol m8kinÈ Irx1k3 .a8y-ifKJep￿HknI (frtsn inyxtsl by 2047. and launchetj Natirn41 Hthgen Misy(Mi.whrh aim5 to makE Ind a 8kW hJb fwyeen hydroten b) Indiè, nt)5e L￿r￿enti￿ heatwave ha5 exposed the and Ihe ble C￿n￿ltieS to extr•T warmI)8a￿ health tts C￿r AlwÉe for 5ustsinaNe Hèbiiat. Effic￿￿￿$TherlnaI ComfLYt forAI ISHEETAU 15 gwytin8 ifftheTental￿ of 5U5tsinabcoding solvh) rRI8 th•)n31 comltyi all. Intha ratified the KiBali Arynthrhi 10 Montreal Prth)col lo phase d(￿ HFCS. partner5 ￿3Ved a kev rok midin8 the prAty AnOihw98nlcanimilesto￿ frK Glrl Caplta wa5 the èchi&vettnt d UdaaThthKh ￿￿(e$S1￿￿ L 43,(M 3d(bor￿1 B￿$ vi t￿t￿n 8rth 9 10. It atso improved knowledge￿ attitth on SRH ndef a(ks¢ents aThJ Inc￿aSed usa8e of ￿Jectal £onttscep￿n u5er5 In fv 38ewwpol 15.25. theretrI5￿nifrcantly Chi￿ wiiage ￿ avethr teena8e pre8nar(es. of the &ar. CISFa sur¥xrted L￿￿1￿￿Op[XYthIkne5 for￿)￿￿￿ IGLOW) to 13 (vg4niyt￿s arKlcwte oppwtUTrihes ta%Y3rds Increaslrp4xW•I'StsmF4ty￿￿fil (knrchlld Heahh 0￿￿￿ent If￿￿tIr￿ts t￿se0 perinètsi heèlth have sakd INes at thFtrJEh d facility.ba5ed apw0￿e& FLAG IF¥ility. Le3mY and Acti￿ fyoupsl ￿VestM¢￿t. Ekyul id UnNersi College Lmdort trotded comfrwrfty. led Initt•t(¥es to rtduce rnortafrty. saw impresswe results In 3)21 with 3 24% red￿￿ in ne￿lats1 rtalitv, ewaDn8 to Ilm3 ne￿n sèveo. tr4er 42.ry)nih per￿d of Ihe8r•ts. CIFF ako th Jhpr80 * the ￿¢￿tI￿1 F¥anned Parenl Federatio) IIPPF) urKler the safe Chi￿"rth Cl￿tsi Investn￿t. to imkwfft the4u￿rty01￿4re formother5 and newborns Ihrou8h a facili¢v.base(I woach To8ettrer. we shared leamin8s in SyJth As regth xK>ss B¥w￿L￿1 Afon￿tan. Npal atMJ Paki51an. urth-owTrdrYwtr)ec3rt￿nts3th￿ pDiec¢ wrpartrer Rac￿ Mountaln I￿te IRMII rAa¥t¢ an Imrx)rtt rok ifi devek¥A"n8 Maharathtra's rw EÈctric Oty. with a ma)date to enMHe thèi IO%of all newvelide ￿l$￿ttiOn in the 5tsLe areelEctrir ty 2025. RMI n ￿rtnerthp with NITIAtyceaiso ￿￿hed tPe Shoorhya campaign. wh￿h 10 IM￿ arf (w3lityin IT4dki tNaccetatirYd the delyffl￿t of ektr￿ ¥ehKle5 for ride.￿lI1￿8arK1 Lgsl.mile In ¥dibon to tlw natM)tK41.1 ￿lI7iNeS atso Saw Our part￿. the Centre fiw kie￿￿ ar￿ En￿￿mEnt{c5EI ColL4t￿r3[￿X}￿th S￿le Polbtion Conrrol Board (RSPCBI è polKrtion hotspot rnappin extrtlse in JaiAJraThJ initiat￿1 3 new project with Nathnal In$￿Ute for Utban Aff3w5 INIUAlaNI hd&4 Re5(wCeSTn￿t to wprfficitY.le¥el clim)te acto) ptsnni￿ and soluti))s in ilwee oties of Maharathtrè. Underour Prtsiett UMt Khett (Ner4CO) farmersadopted natuTrl larmin8lbv 88rioJltwe wactices xross pih)I in ttrt states of Uitar Pradeth. Gui¥at MaJ)y3 Pradh. rcoxttunity.based rrKthI. sca$ ￿￿1pat(￿Y LearrirB arKI IPLAI in JharkI￿s ￿CeNe￿ a frorn the 8Q¥trnmEnt￿ 202I In alkJith￿ io our brvmeniaDW 5UWCrt in the 5tste ot the governmeni has pThided lund¥)8 of 51.2 rry11￿ replicatin8 the PLA m(hl to Iwottsr skatts Raia5tFw. Uttarhand. Madtrya Pradeth Megha￿. Ethcatety. a (h'8itsl krw41 lvedLtst￿son aL%)lescent reprod￿tIVe3ryd sexL471 trEalth was a notewrrthyexaff¢ of wctrss.Viih more th3n I50,0￿ vw&15 3Dd in 2021. OJr pJtrer5 In pw 3 V4t rde fft Champ￿ning this rdatfcm) *)0 wothj cOlLIt￿li￿￿￿th the Gov￿M￿lI 10 secure Thtchlldren's IrwestmenLFund Found•tloTh I Page 28

China ThethiMtett'$IrtTrtstsnent Fund Foundation ICIFF UXI I P¥e29

China CIFF5 %4YJth ￿ Chw47 ￿￿c￿nate $lrate8y and p¢KtFdKJ.After tecomirE fu￿0[￿rat￿mal in ￿20. B¥jin8 office Ctrlmued to thr￿￿t 2021. with erthatKed capatity. e￿alA￿S CIFF to strengthen %￿th our pytnws and 8ranes i) the reyty). secty Th5 Co¥e￿d 2.162 kkntYcc4mpan1e&wh￿h coleitTrthiihitritxJte4.5 billK)n t￿5 Df CO e[n￿SlOn5 h partrv5 ￿ China hwe W ￿TkInS to the Er5. In¥r￿lats)n. incluthrE o¢yn6in8 t￿￿￿¥pr(graf1￿nes and urnler5tsnthn8amon8 se¢ ol siakEWer5 to llp 8ei com￿t9 pEpa￿d. The team erthavows to 5UWYt ￿ >Th￿)Lh imklefflentstits) ofchina's Cat1￿ peaknsatJ (3rtth neutrality 8￿a￿. Fr￿ naiional ambiN)n nariorl INcwbts) Iran>tio). Ircm intetttiN4lT¢-11 diakJ8ues to doffle5tK ￿1￿Y rec0tntn￿bD[lSa[xj from 8win8 fili¥(￿4 s)slem lo pha9n8dovm HF￿ CIFF works closetywth wtners t¢ gJkWt CTr￿ to (￿￿th d￿￿￿te￿ en￿r￿Mental(h￿￿t C1w￿,5￿t1rat1m of M¢￿trEal Protocol Ki¥ali Am￿(11￿￿ Ca￿ mto effect in 2021. whrh strwgtrns co)tw)l ofnty)CO Bretrwe Bases and ￿[elerate5 tt￿sk)bal efFwi to thase Ixjl H¥drvflLxJrrortrf)ns IHFCS). Iinewith tho CIFF's8rantee EFC has been working 10 iny£we the CLxYkn8 ewiomèntwhite a￿D$do%￿ HFC5 ui Chiw will it5 efFort to Chuvs 848reen trangti￿. cIMrèie poly in 2021. k 3 r￿tIOnal CIFFpxtr th Enry Fwndaiion China IEFCI ID su￿xt the celera￿n ol Chws cl1r(￿te erKoL¥age n through k4aLftyms gJch as the China cl￿ for Iniernèknwal CoDperatiw ￿ ETr¥w[￿mentaf￿I oeydo￿lwl ICCICEDI. TheovttOYts¢Y t￿se elfr#ls were seen in the run.LP 10 COP26 Chir43 ￿thhed its usyjated NDC l￿wIth tther wbcyik)cumers t1￿￿8 wincryAe5 rrf it5 cliffwie ambtiws. CIFF also surwted to Slrawhen tIE of its finar￿￿ 5V5tem. Specificfy. ow partW5V￿£o th Chifki. VK and the EU to hdpaS8n thty hrnartsl sirate8sand ILrt￿¢Str￿8thets) yeen ross Èeogftphies The past ¥earw1i￿Se￿s China aThl the EU a con¥non 8fwKJ taxoym. i5 ex￿ted iOSUPPOrt8rew fir￿ec(￿r￿r3ri￿￿0r Cross.￿<￿e[clIMaÈe finating Ip< bwering theBrE tertihc3hon c05t f￿(r￿Ss.1m)rder trdnsacDois. 2￿21 rywked the Liwh arJ of the iompkntKe ty(￿ ot Emi5WnS TrJ(fin8 Scheme IETSlwhich ol the p) TheChUdYen's lThvestmeThtFund FowidatloTh ICIFF UK) I Page 30

Europe ThEthildren'$ Irtvtshneni F¥nd FoundatiOrtieiFFUKI I PaBe y

Europe Th￿11T. CIFF ELYDPEan and wowEs5 ￿ thp EU'5 Fit 55 ￿￿[ka￿e. a serie5 01 lew51aii¥e packa8esai￿ at Ipt EU G￿ Deal Intoxth￿S re8u¥t)n. Trov8h Ihe Eurwean Clima￿FOL￿datio) IECF). CIFFhas Sup￿￿ed￿￿[essluI dipkntnatKdk3Westhat f(￿$￿ NLK rylefflent3Mn. levEfa8il)B E￿￿e'S dipknmabc 1X￿r. Inc￿e5 WK5erts￿nS lordecwtrWJ￿ trade. ￿ as en5Um8 that the Carbon BorderA0￿$1mert Ic￿mI ts hEh p)ts"ttJ 4etla. With ECF and pathers Ike europe Coal. CIFF has to the w5h for coal Phas￿￿t. 2021 saw seniftsnl W8￿$S.￿lth 21 CtyJnlr￿thYw either co¥ {￿e. L¥ ¥1 y>5sessth ¢f a toal tthase fyJI Pa- ThrrMJk￿ul &ar.CIFFs irNestsYnts ¥1 dwmtr trd rtZe￿￿te8vitv. ID Frm. owp3rtner FIiE 5UPfX)rted SvntlYvrt(yy. in ¥hKh the Fre1￿h (￿￿t￿nI wa5 l￿derlY1 to its ￿(￿Ct￿MI tar8et> &fftLarty. In c￿rr￿anyW ￿rtr￿Sa(fvo￿te￿ ￿￿ase t￿£￿￿r/S£ll￿oÈe èw¥d IPe government ressxwded try t￿g￿lE Its tL.2tt0 tèiget fonyarrj to 21M5. CIFF5 pr08rkffmatK￿rk in Euf¢re31￿1r￿Wed a wa5 h)sied ty the UK in IQ0￿mt￿r2o21. CkwCEO. K3te H¥nr(y).wasa FheThl cCOP. ￿ing¢k)1YWrth the UK 10 wDvKle arKJ sirutiny ahead Df To8etherwh t￿rtn￿5. CIFFI￿￿ to en￿e that the C￿[erenCe itself wa5 Lv enablng the UK C￿rfernMent to h05t (￿￿IngsVAth rerntatr￿ Irfym climal￿vulnerable coMtiies •dwLN)g reople J)d Inathyinon 10 it manyous£uthngandgk)b3l<esvks f¢f¥nCOP26.wpart￿s3ts0hè￿ kxèlimpxt- ftsre￿p￿ eriDsh htsdemyof Pi&naryJTeltsfW)Arts184FfA) iF*Ckn)N3te c￿tent Wed8ev+ith 12 Lir8e51 tYoa(k35tersin LIK(￿rmIttl￿g to imtxove rlimale 5tryy le#Y¥ Thecldidren's Inve5DnentFund Foundaiion ICIFFUXI I Pa8È 32

Strategic Report TheUJlldreTh's trwestrneTht FundFoundation ICIFFUKI I Page JJ

Strategic Report Section 17211) Ststement In wepèriryd the 5tr3tegK Re￿r¢ the Trvstew thtyrduty to c￿ote ￿$￿(￿550 the Fwndamn U￿er section 17211101 the C•TYwesAci as Int￿eted in tc¥d¥Kewith sect￿ 1721216ryen 5 tFhiriiaJ . The interests ofwkwes . The pthlr berefit of the FcwThJatr)ns w . Iwts the comryvJnrty the ermffmmeni MaifjtainiD8 a rewtatK>n for Iw8h 5tsThJards of cov Engage￿nt￿th F￿[￿O￿n.55taWIrAdersL5ln1e8r81tQ￿tsf￿KA￿8￿￿eyttUtynS￿t￿$1r3t￿tO8ChI￿e1[SchèrIIèb1e obRctsves. The ol its bene￿ilries, gr￿tee$. D¥trwsJ trnknes we rtt rnty Fard but ￿0[noted lo wKrea5e the effecii¥eness of its wtrk for the beneht Th￿e￿>￿e5 fo￿ part ol Ihe Fou￿atiOn.$(0rTy[W[fflefit to c￿hn￿al ￿aMing arKIdevelwtn￿[ inthecwiextdspecthtstt4rilat4e r08rW￿QLIecOye$bJt50￿ terMsofh￿trÉ operates and 115 aim to ad(kess rrwttws xth as dwgty. etyity•ThJ il al Its In mak¥w deCts1￿$ OTnJ5te25ci￿1thr￿&￿ faclor5arhJ I￿St ￿pytanuy. in reLHtion lo its 8ran¢.ming activthts. the crths aThJ of il(rwtht èpromlted to its Investment ConThnees tss desuiw furthtr beh>￿1. c￿rt.nK￿￿ attmty $ a&0 ttrneh rtyJL)r enÈag¥wit with gwiees. KKlud¥)B through a ￿tte gJryey etLab5 8rantee5 to WDw1dpvaluab￿ inwt re8ardin8 the Fowllatk￿'5 prDgrarrffies fyantee5 ¥e 3150 trrwa8ed at 1 ￿ to rase ssues w c(YKems these are lo trtTntstees tsnd ¢t￿ra1￿$￿S) thugh re8ubr pothlio tyÈWn￿￿. tl Fwndati￿.S(￿3rrtbb￿ w)rk continued 10 tÉ affected IWCL c4 Ccww&19. The We￿ priY4thd With reB￿r utxlate5 on the wnpact of the pa￿e￿Nc m ils ch3fitatde rtytiwe5 to nfmn decw.mAkrg8eneraty ￿ a150 in itec￿teXtOI pro8amrrE5 INIt wtre dI￿￿Y ètleaed. ￿(h * those A)thA￿Ck)Se co)txtèetw) The InfOr￿ti(kn prow¢JÈd Inveslttni C¢)nminees and the Board was t4)t3¥￿ tlww wLlèrenSa8￿ wantee5, iTKJepetxJenl expertsand Oth￿ IlxNxtsh￿S. d￿08 the >ar. ￿ UK rS>￿Tryn[m3de its bLtyt had the potenti￿ to i￿￿e￿al￿ i[D￿L the F￿￿￿t￿￿'s(h￿1r3b￿ ot4eclTries. Expert corwllants were en8a8ed to pmwde MiftKtnakn iny8htsatwt wiential 8rantee5we uthstand the di￿[ on ttrt operab￿5 The It rJ)Vert￿ inrd0r￿ toth1ssrÉo￿ ¥ea.èswellas specilt ry08ramme% to mvide inltYMati￿ the HWt5 on charitable ￿efit￿leS￿￿1 akn mre ab￿l CANernmenl pd1(￿. Tli5 If(K[nali￿ wa5 rdayed ro eoard 50 they COU￿ lr&4kedecL5V￿ that suppryted h)rB.ierm cN41itable 5traie8v and s￿15. This led ￿trea￿d clk)lilee¥rthLfiture b•rE3￿￿0Ve￿ ￿￿17% iar c(m￿red to rrioJs yearwlh avw to both prDtechD8 the of eli5￿- ad(tre551ns 5(Mne of IhE dama8e Ir<wn tundins cuts. In therto tyw5 type of (cwn.rTrikry exwia(fvKe of the FO￿￿atron.$ Finance. Audit and hsIm￿t5 tsnmiueewass￿l. incl￿￿78 reL3Dty) 10 of and spK1 scenarios. Dectsitr)s 8oard In rdatv)n to LhE F￿r￿Ja￿'S tn fok)ww¥ advice the Finance.Audit and kn¥estM￿ts Cwmittee who 04tr5ee the m￿8￿￿tar￿￿trs furt￿ Lxr1￿0 teh)wl. Ths crucial so that Ihe Board ofthe FfyJn¢I3tY￿'s straie6ies. The Tw5tee549) rttyoTr the eXt￿n￿ ￿ffitrS re8ardn8 ottw trtters ￿￿ted to the m3A48ewent Operati1￿ ot the Fcuidalk￿. rece￿ Irom exrwts thai are ab to 8th￿$e on n￿deS ofgoverrt¥￿e. otratity) ¥pd transxt¥y)s in a rnarwrthal fvlyrefietts rEguLIt£VyQqU¥ErnEn15. Charity c(wnMi￿ guthrKe and ￿eral I￿St ￿tiCe. Apwwri3te le8al th otherted￿￿￿l the 15 from l(Kal experts ￿ rElation io the FrAjThja￿n,S wseasopwatKins [YoyarM￿ This aswtlas from the Genwal rdied upon by 80￿￿ In minÈ thcwns that ensu￿ Fowthti(￿5 ret4Jtabm lor high 5tatHtsé5 of conduct r￿a￿tal￿e￿.The Fourthon'5Genera C￿S￿arMI Head ofCunphJKe pr￿ the Pthrd ¥Mth ￿￿te5 on wryitthent5 tt￿[take tAace in the contextof Ihe Fwndaiiry)'5 aLe¥w eo¥d Legal c￿[Alar￿e a￿ atso integraty nvdved Al all pro8raTrrfnes thal IF FtyJDdaiV￿ d￿eb)p5 at4J Impl￿ts. The is actNety en8aged ￿th its SI￿ atNI è dei•kd des￿￿)￿ or gwgtyiEnt is sei wt thl Pages 30 10 37. inforsnation oblanoj from emph)vee svrvtys £iKKlucied t￿1 theooanvation Thi5 Mife<mation 5eThe5 a5 a baCkd￿p Io 8o¥ds ¢Iecspon.m3k￿ •K#wvers tnatter5 3$ %tsk4ile ba￿r￿ y)bsarisftw)n cullure. The Chlldren'$ Inv￿ment Fvnd FwN4a¢son ICIFFUKI I Page 34

The Fwidation. like manyi)r83nsatrit)T15. hès been Fxmty in re￿t￿NI to dfftrsity. equityènd irlUsion￿d nti.r3osm. Thi% Kvmtyha5 iwi infcKmed by a Tuthrof Slakdders. from efflpe5 tts8Trntees benÈhciaries. eknshaVer￿￿￿ b?￿lre￿ t￿ls￿l?th tI¥w8h thirOwtyexp•tsèryl advfaors. Covid-19 d.19 has signihwttyc￿ge￿ theWaYV￿I￿YKkwL[hthtrMa￿x1tyo[thp ￿[￿lati￿O￿t￿￿wtoth¥r(Th￿)tr￿f1Xthe paslyear I￿r focus thr(vJ8lvJut the has r￿￿1￿1n1vd ltrt andwelltwE ot afl.8rantees ￿rtnerS while maknn8everyefft>rt Lo ¢￿t￿lue to del￿￿ (A)RChvÈ of thithns INes. Dwin8 2021 and inio ￿22 wEh3ve VTrY)tsd (wEwtees lo undvst)d the wrpact ot the pandemr and seekSolJtiJisiothe(hall￿￿e5t¥ed. Ins1xne(a5e5.delNeratAes.twndK￿$a￿jCmJtt0￿￿Shakerth tothan8eb￿WÈ(o￿tir￿IÉ 10 be ft(Ltssed on fr4￿mI)B the ot61acs arny 4Jeli¥erirÉ w¢Ywitab obpctive5. Despite theihalkn8irBenvironment we are happy to have W￿￿35ed ￿r(h￿tible gr￿t disbJrs¥nerts vl 2021 to U5$468 m¥lM)n1202(k U5$344 millionl. This crease #i disP￿r5en￿r5 reflectaj a 51fdte8K shift thrin8 thE impKts of UK fvmment overseas vj cvts on ￿ FOUThYa￿,S ￿Y08r￿S and rkniects￿ n additim to w￿rea￿r￿ toiwnwli￿5 cofflmitted lo addre￿￿ the clwrèie ttr*oency. TheChitdren'$lnvesthieThi Fund FouThdation ICIFFUKI I Page 35

Recent Developments Grant to Big Win Philanthropy (UK) As set wl in FoutMlabon'5 wual rewyl frwthe 31 t￿Cert￿ 202Q the C(￿lto￿l a8rewrtni ￿ the Foundation to make a cNiriiable •￿m% grant of US$3éQ tn1￿ to &8Win [thd￿throW tUK) BWPI. an ￿EllSh tered ch￿ty rthE 8WP &ant) b￿￿ne effeciNe in Decty￿ 2020.As al 31 Oecwnber 2021. ihe Fol￿￿•b￿ pa￿ four in5tatywr5 of Ihe 8WPGrart totalkn￿ U5$72 èr41 ptyl￿ts to BWP Crt ère reptrtl as fy3rt 0¥ ihE F￿n08￿M5 rwfftal chantable ex(￿OI1￿e. tXJrin8 the ¥tar. costs arisN trarV￿te ￿￿Kee￿WaS res￿￿. the mak to MsJ>n Ctr¥fafwJ Dr Matkn Lehbffd¢i. as orderaj ty tIE &orLYne C(xJrt amwnts agreed betwee the re5pectYwep3rtie5 The Fourthtionwas (Yttered ¢0 paythele8¥ costseff theAttotrevGtsYralwhowasaknapartyto I proteethrsbul 31 tkcemtw2021. thtAtttrntyC)etslhadwt mèdeanyctswll frJrsuch£05ts. Whtstthe Fovndatx)n lia5 takÉn acknce that it ha5(¢TW￿dWth all itsiWtK)n5 ￿ re13tm￿ to tIM)se c05ts.an 3￿M)unt of £25(Nc reserved in e¥enl that 3 clamn ￿ I￿￿e. for ￿ matier or1￿￿￿¢￿C￿ieraIS tegèlcosts. the al E￿O(eed1￿53re comrlele and thve a¢ no lurther reNs ofaote¥¢ymiew•) retstvji to LtrK)se The lolal 1 C¢￿15 the FwThJ3tio7 in ￿lati￿7 lo ￿ 8fhtrr0￿e issues Ftrjn0a￿ I0rwth￿h its Cthernince ComN¥ttee had its estabri￿1Tht inADril 20151. I￿￿MIl￿¢1n1etstJn to the BWPC3nL fromyear en(Jed A￿uSt 2014 up ta the ¥ar etwjed 31 DEC￿￿)er Ir21 5tthat US$12 87( the wr prte(J 31 DEC￿)er 2021 U5$4.(M)Jk131 December 2020 us51.￿1k￿ totslaffrAnt USSJ.181k n Wl let5￿￿e￿O C￿rtS to rwd to certain oarbes in the at).wtrJ￿ Lyoceedry to Irt BWP Cmt. Social Impact of CIFF'S Operations Improving our culture and championing diversity Oyw￿l18 of the F￿￿atrol.5 PeOe Slrntwik Yo tybJ-dass tiaTrJ £ap3kn"ityto transform the INe5 01 chiklreh. prov￿e aTr al nmI￿5 of CIFF Fami￿(￿ be al the￿ bp51 aThJ rEali5e Ihwr ful ooiwt&i1"Worki￿ tO%Ydrd5 awratiN. n 2021 FrAmdathcm wcked io st￿th￿ the base of ow HR￿ceSseS to furth¢Y i￿110 IIE HR team arwThJ ¢he Pew StBie8y. n¢bJin8 ￿ intrcJLKro) of kxased HR 8usw)e55 rtrts in India ar1 Kenya. Over thecwse of ttrtyear rhe F￿dath)i 0 bLUKtsd ￿ ccEdASaied ￿lf￿?¢￿e$ ￿se8Ch of the IrthHR oilars As part ol the LeaLtr¢thip ￿0￿MEnt p4Lir. the Executi¥eTeaD'5 karV¥wNxj￿{Lw￿nUed in 2￿1. with e%￿uti￿ coaches g)wced ar￿ obRd74e5 all8r￿ ro CIFFS knder5hy IranNxrt as lo tts cwe A•rrxJse The F￿j￿3￿On alw Co[￿￿ted an cxwisah￿.￿I0e trafftng needs anatyyswKI LKoyanMIE5 needs Ths widuded LIE Comr¢llffil¢atic￿5￿adWnY.enabll7g Start to th￿￿W￿llEn wJ verbal IL¥T¥txJntsrv5 skills. To fLthEr devdw a co¥hing M￿d$et8£[D5S the(Wwi5at￿.C1FF bewwMU￿W￿aneXtern￿ partI￿tolD￿0Ut￿3lb.$tsff hoffis￿ co¥hinE amins ff)wney. v4hich wil ￿10 2022. Hdpr¢ r0¢￿$5 CIFFS￿rNrÈC￿k￿E. the t￿> rwirMtikne5 ￿ 2721.vknth ￿11 hdp (wni5at￿fi to with staff aNI furliv￿￿ a cvltwecl w trar6￿arer￿. a￿$ cdiatW3ts)n. ￿r￿￿ed hi Septwttr. Up @ CIFF is an inieed part t the ¢Y8anisatr￿s io tsJild thts oJltute enablè yeèier Psychol￿￿315￿fety- it[KIy4￿e5(￿ar6u￿l3￿e0n1XW￿xyhVknalSca￿SpeakUp. tovAKwn.aTr4whatyotsc3nexpecttohari)en rtofihi5 pr￿eSs. In Deremter. ErryjkryeeFr￿￿￿h yo￿yes8 ptsttormfrstaffto dixuss CIFFwth iswes )d intiarNes the twsm wt ( wr &rdte8ic Tant the a rwi ￿t￿at￿Y Wgit revi￿ LY£Kes5 bes iogethtrdtreknpTr￿t. SLKcessw)n ¥vJ 14annin& <￿er￿T0￿ni MeebrEs a￿ NJW￿b&ddgO ano the k¥we5S hlenbfied èreèSWh￿ w￿￿lItyar￿j 8uthKeM¥xJkJ be Lnehcl. HR ie•n ètso ￿¢￿VilMent 5trèie8y. whrh Out￿ as a reCwitn￿t for manasff5arKJ p￿Il￿ts. ThE F￿H￿l￿)n ￿50 ￿￿eShe￿ its apry￿(h 10 r•vm3ier. 74 sraff￿r the courseof the year. Keyhi8hlL4hts from the Fouthtiw's eft(￿ts toerweit s a rewardi￿ fAate to%4tr Itt￿ fourth pil&r of Peop￿ Str3¢e8yI iiÉlude Ihecwin8oflt newofhce in Nair0tsar¥Jaskn￿1a$theinlrc￿￿￿tim0fa h￿tr￿v(￿n18[￿[Cy. aflrAvn8Staff Èowork The Childten'$ InvesrmetLt Fund Foundatiorb ICIFFUK) I Page 36

fÈxjiAy TIE t4tnol ttr5 %Yxk itt0￿￿(yt thèadneeL&OfcLY￿vrWD(ffj. tx￿a￿￿, in 2021,CIFFt0n￿￿tsd extengve wrapproach lo reward& expected in ￿22. cUttin8a￿ 41 the plwsof the PÈcv EtyAty IrK1￿KM) IDEI i4 at the IEartof HR wtyk.aswework ￿ ￿$forM0￿¢T83r￿sè￿tr￿l¢￿1ture. ÈJethlovake5w￿ bth￿r$ peopk yctes$esa￿ wp(hyt 5ysiem5 throush this kn. ID 2￿21. the F(￿laiM)n ￿ternal OEI w5ithd strate8YWith kryactivitEs inclvdint". the contsnvanon ofan al￿513￿ Anti.RaCI￿ L￿n￿8 knmev.. a re¥iew and ￿￿te0f oe atxj the reuultw￿l tKocesswtha DÉI ￿s".3￿J(ldtkY￿tofa DEI ￿￿10￿0￿￿at1￿l￿wre$oV1Ce>Tre¢bie¢tyVe0rthls￿kIstO ensure that OEI ￿h￿r￿￿￿￿1 the organ￿￿t￿ tDenaL4E u5 lo d4imwtr) dNer5ity in its brO￿eSt set￿. Reducing the environmental impact of our operations CIFF retDans ctsxmitted to protec￿ thÈenvw£W)￿I cfy)rfft￿ 10 t(QE fyl irrrrin8 the fwtprini rh wr ￿1￿1[￿ and 0woperati￿S. We atso reciww5e of il FcwtKSknsvalue Cha￿ ￿ rew¥e(S to fultyasse55 the enwrwThThytsl lffWCL a 5T8niknt clcww4uEchJM'5 yiyvor¥wital wwt sthe oTrs%onsasxiatedwth r¥Jr endOffl￿t tywe5t￿t p￿ttl￿1. this emtssths yi retsmn kn ￿[MIN￿ ￿Ulty rthtions f firsi Drrt. Buildings and Operations Acbvitses in 2021 (￿or￿e￿ to be thyupted covid.lg rvyAtin8 n IE55 office use and ne8fY•blE tra￿1 We recognise tt)e iMp￿t of a Ml ents5￿$ not be refiecDve of a Sta￿8￿ Yearol In rdaD)n to CIFFS ¢rÉYats)i wl a r￿￿1Ye¥￿jr s<weof ernssKyswM COnDn￿ ¢0 be flEhts a5%%T VNt (xjr Jje£tsaf¢ur￿ 2￿22. We￿11 bexith reprrirE wrfli4ht emissHY6 internaty.encoura&n8 thE u5eol vitLpI atwj aiErnative oFtsarwrt CIFF hasatvmnted cart￿ army ¢￿p￿. to UmlE￿￿knt￿3ssQsS ils GrewhtrJse Gas ICWGI tYThissions for(vbuihJirEs ar￿ oKfatiw5 inac¢￿[131￿erth the UK G)￿er￿n￿5 The GHG emi55iW5 tse￿ a55e55ed frknre ￿19) 14064.1."XJ18 hJ5 Used the 2021 emBsTh conbersK) fttrsgJb16hed by CWrtDnt fty Enwny￿)l. Fooy •id Rwal AffaY5 (Detral the Departm￿1 for Bu$￿e$S. ErwÈy & Indusir&3151rate8YIBEISI. Theas$esw￿l I￿￿)w$ ￿ hxaw-ba5ed aKyoxh forse59n8 knpe 2 eiTrs5ions from eleitrKity usage. TheW3knr￿a1 c￿rTrA￿AND￿h1kl5 bEeh used. We have been aSSe5sv￿ojr(arton￿)$so7s￿i1h 2019.ind￿in8baCtsteIe5knrn3les lo aid the pwchase ol tarbtr) c¢dits l%ck 2016 CIFF &YEv¥￿$￿¢1￿)$e to cakLéate our emi55icns ￿ing a yearthatdiffer5 fromourAnrKJal Rwt Ilstj￿￿1I? to kKyfftrheèh￿1ed the ￿per￿d5 (hJrinÈ 2021. bek)w5tsnYnorw ￿GHGe[rI$s￿mis￿c￿t￿￿￿w￿W￿y watK)r6kxrerywiin8ye¥2021 t08etlvts￿th wiorpel￿d Acivity lul'19 ¢0 lun'zo (A2month5) lul'20 to IuDaJ months) T4al en￿ consumed Ckwhl T¢tsl Gross L￿at￿.BaSed EMS51D￿ ttco el 244.920 174,679 1.705 325 CIFF wrclkise cariw ¢￿artSeQU￿ to cartoi Kliwabuis. pkn5 the yews estitnbted c3rt emiiied. rdus 8% ¢0 ¢￿te o rEI poytNe impxL cat￿ OFF orrat￿￿￿ have cakulated lor the peri￿ friNn 2016 to t￿¢￿Tts 2021 ￿eStiMated ￿. tot3llnE lo.4￿ tco e. Duri￿ 2019 CIFF pu{c￿Se￿ carbtyi uedits ￿ 11.520 tCO up of YJ% Cth sl￿d 50% EurKw L￿b￿Al￿Wan(e credits. Thechiidren's lthvestment Fund Foundaiion ICIFF UK) I Page 37

Investment portfolio CIFFha5 an ifwe5tment ￿r[fo1￿> of $6 that charitab eX[t￿l￿re CIFF'5 erXkhV￿t ilsutsert io tsicDOlS to enswevie rw4in in%tsted Il that lo CIFP5 ethK4values. FiThJ out moreatx)vl wr In￿$b￿ent ttlicy￿ page 42. CIFFap CCMnffMtleO to worknn8vrilh cwr to we In￿t in 10 mil￿te clmaie th8rYdt. We ¥e SUPWthve of thehorkour ybve5rffl￿t ro date. S￿h as seek￿8 8reaterdisc105ure of greethwse 835 Onl59￿5. eyKwa8r￿ rhe of plans some instances hlinB sh3¢hO￿ resobJlwJ)s. The outcome d wr in¥wT￿L rwaBWS vahJE 35 3 kry enabler to dimate thrEe is ￿t deiNcted by repNtiD6 oF(Jur em¢s5x￿s. h￿el￿r falTrin8be5t WaclKe8￿nce have started t%￿0￿n8 finarKed ￿l$yor￿ bekn¥. TheClFFn¥estN￿l￿lf￿DIsrna￿￿j0rp￿￿￿eqLbes{2o21.. 7Cthofin%5bnents)tO8etherwIthu￿￿ted debt.equityand fLmd inV￿tm￿ty TheavaiwtyaTrl ac£wxyol d3 ftwlisted N￿esEm￿lSa￿ bThted the￿1￿￿ ￿pthn8 incbJdes wblK lisied e0tri￿ DJrin6 we ¥wll to ¥￿ESti￿te ap{m￿ to capture emi5510n5 For OLY Putlic eouites. %4e recorded a sccwe l •KI 2 £tM5iw of 69,097tCO.e as at 31 t£kn)iÈi ￿21 which 15 siBnific3nkly bdow the emi55ions of the MSCIWorfd far a rAYtrol￿>0It￿ 5am2 ￿Ze 31274.724 tco e TheeTh$s￿n footJr#ir s based gUthr￿e set cwt ty tt Partnership¢Y Carton fv£coJnDne F￿1$ IPCAF)I ¥rfl cdcted directty fv¢m cthY¥)•y fvwt411 ftrwbn8 31 Decembw 3)21 ￿Where Ihe re￿rti￿& al￿￿. t1￿ cknesl to 31 2021 that is availab￿. Public equities Carbon Footprint ItCO,el as at 31 December 2021 CIFF Benchmark. Msa Worbj Index In addibm to ￿ts9¢￿% CIFF IF %0fU￿w¥1f￿Kjith tfThaLe lawe￿WI￿rE mlE lo i1or￿n￿a￿￿ BèsedTa￿ets.? % of investments with Climate Targets 45% 35% 25% 15% io% 5% Netzero committed term SBti TarKets We a￿ 5wrM)rri%t cl ￿Jr ￿￿e$b￿nt wc4ch lo cknète ri5kan¢ tr84ement %yth in traded equities [￿rtFoliO Ihis VICk￿$ seeknD8 full distkthre (kf wethxtse ￿$ trThssK¥)& ￿￿nn8C￿￿￿S and Impwt stience based 5.yearclwnaie p￿5 arxj Yi S￿ne insrancsv4lfe necesw. l)8tehoider reS0￿￿￿53￿d VODng aga￿st direcltys a5 O toc4 to h)hY c1￿13b1e. TheChildten'5 Investment Fund Foundation ICIFF UK) I Page 38

Financial Review Five-year summary of income and expenditure Summary of income and expenditure 2017 2018 2019 2020 2021 USS)) 283 491 US$m 82 VSSM 106 US$m 97 US$m 29 Inconing resources Net Investment 8ainslOossesl Forei8n exchan8e 131 1.013 431 695 131 101 Totsl Incoming resourcès IIKI rernlnlsed Ilosses) 781 211 L121 527 724 Inv#trnent man38errEnt cost5 Charilable actimties 67 98 14 19 247 247 289 369 828 315 387 Netmovement Sn luvKb 734 144 11241 Summary of assets and liabilities 2017 20 2019 2021 US$rn 5.233 550 15991 uskn 5.342 VS$m VS$m 5,973 232 12Ct>i US$m 5.909 454 14BII Investffv&nts Current assets 650 12721 15211 Totalassets lessTotsl Ilabllllles S.183 0,￿5 5,881 Sumjnary of financial and operational information 2017 2018 2019 2020 2021 Grant disbursements Im) 5-Yeaf dIS￿r$ement ratio" Average headC￿nt IFTEI Operating expense as a % of d'Sh￿*M￿ls-" 232 4.8% 95 12_1% 269 468 5.4% 167 8.3% 44% 115 11.8% 132 9.1% 11.7% "" Fwths rarooperarry¢tytthrntrdth rtb￿l ￿2017 XI1& ￿?.￿5)•￿1202X. The child￿,$ Investmtni Fund Foundarion ICIFFUKI I Page 39

Charitsble activities The comrnitted US￿29 r￿￿1 tothtlèatiivth517YXI.U5$369 rr111K￿k %%thKhc￿s[eo ol US$783 millK of£haritstAeÈrant c¢MnfflitI￿￿ts(2O2crUsS33S fflinK￿. US$3 of aC￿tieS dU￿￿(￿J.us$2 mth)nl and US$43 mill￿7 ofoperatng cost1202fr $32 mdkn). Activities undertaken directly IDCA) The d¥ett exper¥11￿￿ of U5$3 TWIIK￿l202fr.vSS2 millK)nl ￿ dwtk3CtNi￿w35 ma￿￿t0 furtherCIFF5 mi55X)n by CryNen￿ c￿ferences￿n￿ wts. Whntsl assiSt￿t ￿lA￿E ￿8[&)teeS￿￿ 0￿r charitsb organEat)ns. d publishing ano 06$￿Ir￿￿￿rch f¥Ktre Grant Disbursements The F￿J[￿t￿)n m￿e US$468 millKmd charItab￿￿t th7VT￿ts ￿ 2021. ¥¥h￿h ￿rth 5ucce55Die￿roflr￿e4Sed disbur5em￿ts 3rKI ￿￿eSti￿a 36% rKKease wirwr1202tr. VS$344 miknk Tre chart bdowth ltrt grant nts m￿e in 2021. Charitable grant payments by sector IUSSM) 200 iyo 158 150 Tolèl paymenr% loo 2021 U5$468m 2020 V5$344m 50 17 21 The Childten'5 Tnvesiment Fund Faundation ICIFFUKI I Page 40

Investment Review Investment Strategy TheTrustees ￿ve devdcped Y￿brit strate8y%4IKhwDvK5 ￿lI￿e5￿8 in 3dfyt5e K¥Jrfd¥)offinancial I￿￿S￿h￿lS wth a bTrk.terrn Wbve5tment ￿rI10n.The thrthtr)nS ¥pdestwtetiecD¥e is to seek ￿ Infiakn￿.1wstÈd le￿M (M èl 3St 6% a Il>rar rdlin8 peri(xi' irninage its try￿$1ment tK)rrfolio toenwre apwwoie ri&k £￿tre15 whi akn cwmittiro i1￿￿1k IFwestments with the pol￿t￿lI è heh retum.. Is tt Intenticm cl the t¥)ard lo rnania￿ WhtOntirKJ￿ tolLThI CIFF'5th . Asset growth &r(e Inceobon. the FoundatKJn ha5 4dunt3ryir￿[￿. ¢j￿%10)s3nd d￿a)¢￿IS.1n.kn￿ ofovwVS$24 billion. the bsi io year5. the F￿nd&￿S net a55eLs h3ve 8iiyè4n ltr¥tW to US$S.g trallkin as al 31 rktember 2021 12020 U5$6.1 bill￿n). after ch¥iiatle xrNitie5. Etym￿e cc6ts at%J In￿t mana8eff￿tw5ts of¢Jw US$3.$ bill￿n 12020..US$2.7 ￿111￿￿}. Investment return5 To￿1 irKoming rEsowce5 we US$29 nNIIKJn1202(1-. US$97 ffullthl. crknDn8d. intfxe5t ryeNetS and r￿tal Incotne Iron Ihe GrtyJp's eouity fr￿ed Investment tO8Etherwith i)r•tti)s. IrNesfftnt ￿1n5 in the ye¥ w￿e LJS$695fflillM)n1202Q. USS431 tNIK)l. Tr CcrfrtJ￿eo rtt rel￿￿ for the yew Kled 31 OecemtÉr 2021 w35 12%12020.8%1. refle1tin8c0ntit¥￿dst￿ ￿¥5￿￿[[￿￿Mar￿.wlth pert(¥man￿or471%9￿e 2C09. equN3￿￿ to 15% perarnJm rebxn knet ot ree5). CutrwtstNe in¥stwt pty￿r￿ ts nEaSU￿ fromApril 2010. Investment management costs Inve51rnent rnana8e￿Ent C051s ￿ 2021 wert U5$19 US$14 rnknnl, thrh Main￿ rd3led to Inaro8Y Subs￿￿rS endow￿[ I[Ne5rr￿t5 wclJdin8 tmrknke 3r¥J charEe5 fees accrwj to a thit.partv re31 estate èdwsortsee note 25 Iwthudetsilsof servi￿￿￿kn). NO fees 3￿ChBe￿ tyTCI FL470 Maryn￿t Lwnited in reL￿t￿n lo tDanaSery￿( of the endOw￿rtt a%ets. Asset allocation The insimeit ffk3wer. TCI Fl￿ LiTrMtedffo FM). wive5ts FLwThJath)ns assets in differaii clse5 5eclar5 wthin the paratnElets sd rE5tsKtKxTh a()pted Wt￿tTrL￿tee5. The Undat]￿ armt its thdK4ries (the"CIFF ￿rate è dffttsrfÉd p￿trO&). rNeS￿ In a number of (lifferent types of fffj>icol nstruffertsxrossa %¥KÈ￿8eQ1Sect￿s[Tr￿th Cuts￿ fimitaivJ)s. see uNSin￿t t)kyoipage 421.The31￿Cati asset is set out in t￿(h¥t set Lwt in ch•X tek￿. Percentage of rotal asser allocation by asset type (including cash) InvESlirtertt Futhds itX5 US$6J4billton TheChitdreTh's Itwestrnenr Foundatlo)) ICIFFUK) I Page 41

Risk Management and Key Policies Risk Management TheTruslee5 arere5tXmNb￿fUr the Ma[H8er￿(l tIE f￿ed￿IheFC￿tst￿5I￿s hweeVnIr￿ the n￿￿r$traie8+c busire$53nd ¢petst￿01r￿k5towh￿h l￿F¢￿￿￿t￿nIS¥Dd Trwbeexpx)5ed TlÈwtKpal r(na8eable r￿kSidentif￿d bythE Truste¥ are thDse reLited 10 safegu¥ditYg ol l￿Def￿￿￿r￿S and staff ol Bran￿. eWsU￿ to rytW.31t3ck% arKI traud and the impactsolco￿.19 ￿ the￿￿lI.b￿￿0f Staff WKI ¥wxtofNrÉr>))7￿.fftT￿stees4￿0l￿entshe￿CUts to ttEUKo¥erseas elopneni aid PAQet osa r6k to its tharil4JeoWtrye5 in CLMJntTw, whik ￿gL￿atorythWEe5 re83rdiT Lhe rec•Dtof fore￿nch3￿￿tA￿ furx15 ètrA) risk￿ S￿e$S r4 SQTe TrtTruslees aresausfied IhatSLO The Foff￿atiOn nintain5 a comtxEkn5ive 5etolcowkne that are ￿te{thI to ath55 tnatry ol Ihe risks it f￿e& These irrlude re8arySn8 ￿fe￿rd￿7& Imtery. cwr147ron¥￿ fraKI use ol IT The Fowdati￿ publÉhe5 3 Mcrtyern gavery Siatettnt ty) ils tb>te. whith IEfÈcts its kx£ess f£x assessry rfyksin it5 %M)rk. The strietnent ¥vas on a bY4￿t￿yb￿sls despite that FWtKjatw￿Wasn0i lèrtPk31ty Teouwed 10 wtrAish such a 5taiernenLyn(rttE VK)dern 2015. ￿kn￿￿t￿ofthe M(Mlem SL4¥ary9aiet￿lfeflects ÈhE Foundaton's comffi1n￿t to r￿ttyern slavtry ths OC£iK its ctr4ins or its thèritsble ¥Yts The FO￿darl0￿ wll seek to cortinue to rtrew. trd•11￿ ar￿ m￿lt£ 69￿wIth5n the Foundati)n lis pro8rammes. Its compliarfe PDlicie5 and tMIKe55P5 ba515 loe[￿ reflect P¢Xbtr stsff ¥e pro￿lded ular traiiin& in wKkKtion aknat re8ul¥ interva15 there311£r. Investment Risk Management Investment Policy The FtyJrthtK>D impknDts its Invest￿￿t PdKy ￿ KciNdwKe with siharila¢￿ ar￿ ¥YSbneni we￿. a5 seloul its ME(rKtsndvrnC+A$5rKiaticknaThYinaccLThtsrKe￿lth￿É¥￿wIo￿¢efrc￿n ￿CharitycOr￿1Wn1Ir￿1udfftscharlfy Corrffli%K>n 8uvkrÉe"Charities Insbh4 M¥ts¥S' rcc14?l ihrw dwect •d ￿￿SIn￿t$. r(luding vk? i•vestnnl subs￿￿a￿lEs. The Trustees remain mr¥Jful of duty to (evw ¥41 {ftsNt¢x￿#U18th the m￿￿￿1 ol the FoLnth￿'S in¥estr(nt The Fwi¥Ke.AtJdit and IrWe5br￿￿ts CiyNDiltee lthe"FifkNKe C¢yr¥Drfleel. thoir8J ty Mr £￿￿?)￿e1 acts as an vis(Ny bcAtr to eoard fyi fin3rKe. ath1t3￿ Albtslr￿t m3ttty InaJitYrfK February 2018. fv Twsiees h ele8ated to tl)e Investrnis S￿1.cO￿￿ttee certain 10 the Foundati￿.5 etXknWff￿l InvestnEnl su￿CoMMitteewaSC1Xn￿￿￿dO[￿¥Ofthe rX￿￿C￿fl￿ted ar¥J w.t&XU5edTrustees In December202I. Ihe &)ar¢ ￿50￿e￿ to di550￿ethe kn-C0rnrr¥ttee.rk￿s that￿thEe￿￿t0[a1vW￿Elalcc￿fiIctS In ￿&b￿)toOec15l￿s ￿￿￿1[Ya(￿ en(knwrrthL tr¢se￿rU&j te m¥￿8ed i) aCctyda￿e Itsilh ￿ re￿)lpr￿S￿￿ n the FuJndatitr)'s O13$5(K￿hO￿. . GtrthtÈ atytum(wfrDm t￿lM￿￿￿$s of tobxco t<kncco • Matkel bw5[mi￿ 5vb5titules ur55tswlwecorn¥tt￿ 10akwttKts￿l￿ea[th (exa￿n.5 knternationalcode ol MatheDD8 ereasi Mak knsDiutes .GerLefdte ICtsortrKMe ol ￿r[￿)Verf￿N￿ extsKtirB Si￿￿¥¢. di%thtwJting ￿t￿y￿18 fwgl fLEts. *Generate 25%or mwe L4 tumcw devekKThent (wixlwtKXL ￿￿￿F￿LurÈ. d6trbJtion. transfer c sale Thechildien's lThvestment Fund Foundation ICIFF UK) I Page 42

If a coffoany inh￿h the F￿[￿la￿ is ¥isted f¥L4 lto4yed these Cawies. irtsim•rt ffl￿er ha5 12 rn￿th5 to dI￿L Fhjwtrer. the ￿￿estrnent ffWP8ermay itwest that ￿￿rket txeasi mi sub$bt￿e5 as Oescnbed a￿Ve if the investment m)4er tr(OLwaBes the retwl£(ryarryu￿bty 10 acw a ￿1c¥CO￿￿￿￿ng 10 adophn8 trt Code of M•ety ￿east ￿S￿l￿1 T3kin8 inio aicourtl iFÈadve¢f the F￿￿ec￿))￿llttee. 6sèhsfied wth the Current Kwestrnen15 and th￿ra410[ahOn. althwgh ￿ Board crffjmue io ￿￿￿tara￿d rE¥iew in%fstfftht Sb3tw. through the F￿a￿e Conmittee ft)lowin8 the itswttof IheCtyiJ.19 parttsrnKfrt ¥dMlcapital ffkirkets Fin￿e C£>TrwnitteE ￿ w￿reV￿¥￿E the ptrftymantrof the end(Nrtnent ar￿ Wth Inveslmwi 10 the invctsand aCti￿S ol the man38er.m)ewews of th FinaiKeCtyThnitteewll be￿are￿￿th the 80a￿￿ that ￿￿T￿￿OnflI￿C￿TWStees¢èna$seS$whethlYtheyb￿￿We}VCtronseS The Trustees a￿aWare rk the pottyity￿ conflict of wrterest extsts bel￿ the FcJr¥Jation Christwher Hohna5 both 3 Trusiee and h$ as P¥rner ofTCI FM. tr￿ investment r[W￿er io certain enhtieswithui 11 FoUn(la￿n.5c￿. xccYdin8ly cartrU￿ wowiety ttrt re14b￿s￿￿. membets ofthe Conmittee conweiea ful re￿¥0[ ts It￿L Pc1KYaL￿èsl0rW￿QYY. %￿A)￿h ¥)dudes a revie of the In￿st￿ent mana8er, benChMk¥￿ ils rttums ar¥1 4s0 the ￿ten￿lary fee5 of the thth￿ pwtyreal 25ts1e acknsor. Furtherdetaib of the in¥eSt[￿lt seen theooths to the cor6c4Jaied fina￿1 5tste￿n Cash Management Policy The has a Cash Mat￿L Pcy. tyVTWstees￿ 11 M¥ch 2013 aThY w•5 r￿st recert updated byTrtÉteesin M¥ch 2021 TheC05h KaWer￿FtdryiS￿IV￿￿￿at￿35t￿tWjafvbVthe FirwKeCc¥nmiteeaThJ Trustees ar￿. If ￿￿eSSary. an￿￿e￿. The Cash Managemenl PolKyse¢s¢xi' •The prffjcipa ebRcfveef cash mana8emo at the lKh ￿ to eryue that FIL￿ri￿) has sufficiwicash avakble lo weet its captal rewireow)Is. The (knes seek io M￿lm￿￿ in%e5tm2nt retLYn5 thrL¥J8h its cash fflarw8eff￿nt actiwties.. . ￿ cash ￿nage￿nt acbwtie5 that 8￿ perffmrted by the ￿ndat￿￿ ihe limitah￿l5 Ljroi those actiwbes.. aTh reouii£d ￿ authtyise cash r(nagewt Mties. (Includin8 CC141 Financial risk management Internal controls The ￿ndah￿'S iniernal conlrnts de￿8￿$ to to the ¢fTTusiees that (WfKedures are in pe aThJ operatrng effecti￿￿{ toTrtrgate the of rrotvi finar￿ k)55￿m￿s￿te￿1L The FOun￿ah￿ internal operati￿￿ WMI finatKial On.￿rE bays.with exterrwl supwrtwhere rO￿ale. and lny1eff￿ts wrrfK(weffents. OFF c(mtIF￿ to invest ITse£urty. I￿Ud￿8 ￿nUal ext¥nal revew5 J ihe MtN)ardlrE ofan resoJrtr fr£used secwrty. The FouThJahcn's ￿tsare F(xwMlatian'5 ￿at￿l gthtrnarKe is set bY￿[l￿ce to totsl planned ch3rltstded1stsws￿&￿ts ￿enSure il raTrins rea5o•idL¥OWkYk4te. The Executive DirettLY5 reviewandapme guid￿Ce forbudgel kKIWersand staff Lo Ir￿lLoratMS ￿tr￿ OPEratr8CQ51 exp￿ditY(e. Fwtherdetai15 ol financ￿ r￿k be sttn We 15 d the coiythted ststefflEnts Granting Policy pem¥lS. fer exarrpk. a r￿e"Ye¥ yo8raff#Te to t￿ contractay for ￿ fLII Lerm of the pro8rJnwne. bjt sthiect to program￿￿ re¥￿￿5 èNJ Cl￿1tK￿a1ity￿￿h tlt il corsi#wt￿th S￿l￿% of Rttt)nnYThJed Pr￿tile fsoRPI Euld￿. vlilh eX￿1&￿e reccenise(I CotstilKtsied Stkn of Fil￿￿al F￿t￿h rewBrdnl pruwam￿. ￿.￿%￿5trnenr. a full mwdwtk rlan is d￿C￿ed by the 8rartee nd iPÉ CIFF Sect￿ ieaffs durin8 duell￿8￿ce (thase io d)tain ttE tkVS5ary 3ptxDval lry the &Jwd, Pre8rame Investrnenl Cmittées (Pl￿. or. ￿ the￿Se ofinsimrts of8 wramtrvith a ￿￿et of US$1 Milk￿ ar *5. the CEO (see akn co4w)3rKeStrLthwesec￿ 4)I Pa8e451 TheChildten'$ lrtvestmeni Fund FO￿ndation ICIFF UK) I Pase 43

aw(y4al ty thE PAwd or WC5. the ff￿1 wa8r3rr#)E Wel i5 full.ILYfft of trt pro8tsnNre. S￿)￿¢1 to the oertorrrk7n￿rev￿ thai ioke thri18exh8rol ihe mukn".Yts¢ [￿￿me C￿￿Other5pWfiC Condi￿nalityOr.Sating reovitmens ¥Ywd Ly the Board or PICS. pvforThte thÈ re￿1 CIFF SeCl¢y team revitW5 the pro8¢ess of the 8ranl ￿. ifapproprk4te.we thEvKk.pl•i 80Kefrth3￿. ￿8e( Mdest￿3141 d￿￿2￿bles. The ￿rf￿￿T￿le ￿l@W Is sei out a5 B condirtii of IhE3weewiwth rdEase of b￿r C￿￿1￿0[￿1￿0￿alherw￿e ￿ ￿e￿rk.￿lan.￿eL specihcdao seioul B}them￿h. £￿tract FaibJre the ￿rIlym¥￿e tocess•l athre 10 theth.t4¥ts. Wets. Mi￿$10￿ delNerab￿S rEkn+ant date 5peafied may re5dt yant a8rEerr￿l Reserves Policy The Fowdation fflanrairs ￿eeinter￿ reSer￿(0a5￿9¢ Fi¥1mev￿g1lESe ttyctNey Picied F￿0&an Exoendatle Endo¥vmeni Fund ano Unrestrttsd FU￿ts The trfthe ReseNts. cty)ydwed tr) a ien.ytsr bme horizon, ts the key deterfflwt ofcatxtsl the 15 to ea(hsEar to charitatle activitie5 TheTru51ee5 reV￿W re5etwe5￿r￿altyantl we s)tshed that ￿ ClFFmw s M)a tonwtl itsCLrnI w￿1patel hJIU￿ ctymml￿ents. Unrestricted reserves Designated funds As al 31 DKetrt)er 2021. theTnJ51ee5 &¥rrwked US$951 miifvM1202Q. US$643 T[MIl￿}Of rEse￿e5 a5 dE51Sr￿ted knd5 in fecD8rihw ol funds %vhKh Ir&aY￿ cal￿￿ ur)I to IvThJ rrn1h.￿Ar the rxl I to S Operational Reserves The Foundation's un￿tr￿tea fwds ien LÉed in 3)2) (￿￿X0¥earS as"OWaD￿al Reser¥es' lo fin¥￿e trt FLwndatiODS 8rèntexp￿￿itUre d¥ecl charitth ￿t￿tye¥￿"￿jre. ope¢abn8WSt and 8oNenvre costs •d io wowde 5hrrt.lerffi ￿lIFer f￿￿￿t.m3￿￿goThJ othtrcos Cash fl(rw mieiticKts for i￿{￿ne atKS eX￿lture rev￿￿ toer)9Jre that the I￿1 of net assets is adequate. Ihal ttE Fwndatioi is n a to rreel all its wt.makn8wNI %sY)rkin8 Ca￿tal crrnffmtments In the IhBI the Foundarioi s unab 10 meet its CCfftn1trr￿is Ircxn reserves o ￿[￿$￿[e￿ fthi05 at their dsposal. the ft)UTrJati￿ w"Il. as Invew< ￿ hBh le1 c4 houirfify ol a Ly8e L¥(¥>y￿ the F(IN￿aLK)n'5o9sets. ts Tr￿￿e￿ do not conyder Ihat rcessarytyiusbhabè 10 carry LwestrKted restffts¥￿ Uveforethin8WtsI SLwplus are ttsn4erred to exp2Th1ab￿ er￿L reseThasai 31 DE(enkn 2021 w35 Us￿111202[￿. LJSStuD Restricted Funds Restricted h￿d5 S￿￿Tated S￿￿￿￿e5 Mty￿ speTht. kn It￿$t 13se4 will be a t b8 tse￿¥een when S￿￿ furxls a￿ ￿e[ved they a￿ exp￿￿. Tr Tw5te25 eywre that fLwKSs are expens￿1 accordarKe vAlh the terr￿ L￿¥jerwh￿h they hève been dL¥oie(I to the(￿p Trt restrtted lund ￿or￿e as è131 Oecant 202t W35 US$8 m111K￿l2020. US57 fflillhx) wthich cwsi5ted of fiAtd assets{e13￿ to drillW￿£￿￿vme￿t forwaterwels. Expendable Endowment Funds The Groups e￿o￿￿￿nt s e¥rwthb ai treTrLStees'dÉC￿lK)n.TheT￿trSteeS he the io c<xwert ￿ reoL¥red amwnt ol thi5 ervjownent inlo an ￿CO[ne %¥hKh can thai ￿ Utilis￿l by ￿ Fwrthtion lo further its charitabk th"ects. The Tru5tees' tenthon ￿ to wrwt0rthe￿alle of tr exp￿JabIelVthWtt￿t wi ￿31 terffts ovtra r￿1￿"￿e3r per￿￿ to er￿￿ ttrkit the GroJp can n￿￿1811 Ils ex6Dn8 ￿Val tha[￿alle ex￿1￿￿3￿ it 8radualtya5 they se2 necessèfy to meet the FoUnda￿n.5 charitakAe ¢A)i￿t￿e5 f￿f￿reveX5.M ttyEareTh1. ihe vahof theexrknJÈ erNlwtnt fwd was VS$4.922 miliM120Xk. v5$5,J56 MI￿￿4. TheChlldreTh'$ InvestmeDf Fund FO￿ndatIon ICIFF UK) I Page 44

Structure and Governance The FoundètKn ts 3 compwy by ￿7rantee. 8 Fthwy2tsf2 ￿ ￿ts￿red a5 an charityon 12 March XQ2. The ch3rity nuwd)er is 1091043 Subsidiary Companies Thè has ten direcityer ir￿￿ect￿ Ovmedvthcle5￿lhln its c￿35 at 3l Oecernber2021 that have 3 mvxture of wwesfftclud￿st0l￿￿er￿kh￿tlrwe5lr￿)1sa[YJt0￿￿h1EvE trEc￿talle0bJectI￿eS ofthe ftyJndation For ltrtrtrifyj to 31 Decwter 2￿11, the feyjlts of the SUt￿d￿Y u[Kkn￿nSs ol CIFF d￿￿se0 note 13. These re$L￿ts¢F the CIFF Group are cOn￿￿ted arvj a￿ wesentsd I￿nC￿l SEatenwts. The Board of Trustees ol ￿ FOU￿a￿l￿ and are a[￿￿ted in Kt(wdarKe with F¢wwJatitr)S C¢MIStiluDtyI. ofTfJStees to rwew and upda￿ the Foundèh(ms strate8yand ar&35 ol xtDlity. I￿￿￿11￿£￿51deTrtm)n of want-maknB. ifhvE5Lmtrt. resernes ar risk managewl goIKs •NI oerttrnvntr. TheTruslee5vtho ¥we ￿ ofve thring perKKJ up io l￿date ol si8nw)È the fnanckil state(TYlts %we." srchr￿￿er Hthn DrGraeme sw￿￿￿eY 13 Mty 2tr211 Mr Ben Golthfflith Mr MasroorSMYdKfv¥ Ms Ana Marshall (ap￿)1￿￿tt X) Se￿ert￿r Th) Mr Markn Lehtimaki (aw)iited 13 Mty 20211 TheTnJ5tees aeseknied¢)n of iWSWJe￿￿tsse. oarDcuiartyin tFe•Easof mwment TheTnJsLees determine the strate8y aDd p￿IC￿ off the ￿rNI￿l¥j￿ WKJ ￿￿ILL¥ it[￿et[￿n￿tth irwxl The Trustees also 5eNe a5 se a¥ rewdnt w)terests and re%ryew the ￿ard Menthrs. Rew5terof Inte￿%1$¥t each e4Jd T[uS￿ mvst re8i5twall felevant interests with the Ct)npany Secretaryand. n accord3nce vhth tts ￿ndat%￿S An￿￿￿ASs￿1atK￿ its P(yty) ￿flictS oFTnltYe5L th(traw hvffl deci90r￿ •wea (￿￿￿t0t intwe51¥ The Feundats)) LTh￿e$a Iml ¢ryrar￿ reToJ5tee5 rewoynmittee indL¥lin8 theprw> of thè FourJa)￿'S key Étr4emance. kx4.cYar￿ ¢xumefits. re￿nt cwtyCfyiThss)n8um￿￿Ind detak of the 83ni5ati(Th15truttwe of ￿ F0thJati￿ dewted aJttthty kve In(￿Cti￿ se$5￿$ are zLs0 arrdryd loexplwn the gal (1)hga￿s01T￿tslees ¥MIc￿￿ttee and ￿￿e brtfng5 fr(M)) senior operaoty)81 r$0￿1 ty0res￿￿ th>ys. The Finance. Audit and Investment Committee The Fir￿nce.A￿￿it and hstmwt CtyThrM¢tre was estabw 41 2Q)6 15 C(N15tiiuled by N)t less than four rrtmber5 apwinled try the Board. oneeFw+on nvJ5t be a Ta￿tee Other arwwrièle >iltsar￿ exoetr, who need t te Tru5rees. rroybeapW￿red to theCryThniiiee bythe Board. trttstee SKldwi the hve Indeper￿eThi r￿￿t￿r5 of ￿ C(nmirtee ¥e (Chair). Rth3rd H3wJen, JKob khimrnel onLI £lÈn Shuman aFF'5 Chief Fin¥Krdl Offitef. tlirEctsy Cts)biY. GenLYJI Q￿nsel and C￿al Coun5d. are regular att¥rflees of the C(vNntr. Tr Finan￿. ￿1131￿ Irp5tmeTht C(MThTrttee ￿de￿ted re$w￿%￿litY on lhalfol the for ¥Jvtsw)8 the Tntstees &vlit, finKe in*str￿1 ftk3ttefs. Thechildten's InvesirneD¢ Fund Foundati¢)n ICIEE UK) I Page 4$

Programme Investment Committee. Climate The terM501 relererKe of the Prograff￿ Irwestr(nt C(wntniltee. rpic ap￿￿ed n Octolkr 2015 Dd n¥)st recenuy ut¥Jated in Oe¢￿t￿r X120 The Pl Oimèie s (C￿￿t￿led at lea51 thrEeTru5tee5. the ￿ndatiOnS CEO. CFO at le35t IbutlK> rn(Ye th￿ eBhil 1r￿￿￿ent￿sers. The14C Om?te dde8ated R5pwbililY behalfoflhe Board lorkninKon wi.￿￿n￿l¢t￿￿tIEs￿ relat￿ Io Ihe ft￿￿3￿0￿5 en￿ron￿k31¢bi&Ct￿tr$ tslvartln6 erbViffjDtDental protecknon or I[Dpr￿rnl xKkMlirB preservatsj) and Conserva￿ of the natural ￿vIron￿￿tI&nd the prmoon ol ￿￿taIn4b￿ deve￿￿nI tomity8ate clinyte dnÈefowtwte t4Jrw>sesl. Ibe Pl Chmate hasdecLSK¥) minE utI￿rIty fer grant proposa￿ reKdiNdCknaie Fivp05e5 W to V5$30wi1￿. Programme Investment Committee. Children The termsof ￿ference ol the In¥￿by¢nl CLThYMttee. ch￿r￿ rp￿ Chthnryweo WfNEd in kn6USt 2015 rKI rrK)si recentyuwJ3ted H) Oe(emtr 2￿. The Chjklren 15qx￿atu¢ej tyat a5t three Tn&ees. the Foundati¢MIs CEO. CFO￿ * least tfrree m(we than a8htJ &idertThknii advtwg The ￿ Chihjreft delegaied resronsit4lity on behav of the &)ard forthisw)E on grant-￿￿￿￿E thties in ￿Lit￿)n Lo the FINJtKlatK)n'5 ￿£&[naLe IlJrpD5e5 The PIC Children ha5 d£￿￿1￿.MaW a￿th(￿ty lorBrant WW5als te8ar0w%r￿.O￿T4te to xl Incl￿￿8 US530 mdkcm. Impact Investment Committee The lryyact Irwestmeni Comffytttt riic)WfdS V•ith or￿fe¢￿t￿ea￿0￿ ￿ May 2020. IIC 15 CL￿stituted ty at ￿5[ threeTrustee5. the F(X￿all￿5 CEO. CFOwxl ￿ to t¥w ￿depe￿ent advisers Isuwt toa rThixl￿M of gx membv5) The1￿ has re¥￿S￿rItY￿ ihalfof the Board for athNngon tF F0Jnda￿n,S YYWI Investmenislas defvd p) fPritS Imt5tmEnt Mattets ￿TnI5￿etS- ICC141orCharibe5 (Prolecti￿ arvj SLHI I[NeSt￿￿n[jAcL 201& a5 ￿be The IIC ￿9s￿e()51￿.1TWk￿ ￿t￿)rI￿ lor iwt irwe5twents up to ￿l￿fIng US$I(K>miifoi. CEO Delegated Authority The has dde8aied te iP CEOrespwbfjty for re£eMrK and maknn8iSeusths upffi certn prop)sals LP 10 in(ILKlin8 US$1 milknn. TrTum5 of Refer￿Ke futtECEO'5 deWtedautknriLywere apwove(S fy t eoard ￿ 11 Fetruary 2o14andaM￿de￿￿4 Fet￿iry201s. 15Wt 2015. 23 M￿h 2019and IOJuneX>Ig. In 2020. th6￿l￿rItyWas ￿Jt￿ ￿ a maxmm aEyegaie fy'mit of 10% oft¥e12St ￿ti.￿val￿ fmm of newprLVdmmes set oulin the relevant financial￿ar5 bu5¥5StA￿ TheCE03knhasdetyled ￿lthO￿ty103(￿jrcfyee1KIence. measur￿T￿rt 3Th1 eYakODon. as well as 8fy)tee or￿1$8￿)￿ ¢thW￿￿t •) case up to 1% of MYV. Risk and Impact Committee fv.sk & Inv¢ Ccrnittee r￿c? Mty 20x1¥￿th firt31 terms¢f ¢fewe in ￿[ch 2021. RIC 15 C￿S￿luted byt1￿cneral Cwn5el (Chawl. theCh￿￿t Ofhcer. CFO. Headol knte8￿ E￿S38er￿nl Communratio￿. the￿"￿tr￿rI Irwt ol ￿ F(thy￿,$ Exttufve Ch￿l0r$and ch￿(terS8$ the Ctrniitee thall deiemiif. Slkniect t03 nwmLMnef stren Tr w(y4ides4ualtyas5urance rEwew5 00 the Foundatxjns iwt inveslfflent5 ￿ ha5 de￿￿ated dec￿.￿3￿￿3￿￿￿r￿Y for xnpact Ybvesbnpnts up lo and I￿￿ding vakne ol VSSI milkm %Oie£t toila a88Wte of USS Iomdlth ￿ èny f￿￿￿lIve¥￿￿1 ill tke ttrmsol ￿lerer(t. Remuneration Committee ftenbJnerat￿ Ccr¥nittevias ÈStsNished in Fe￿ 2015 ar¥J 15 conslSluted byat knt t¥voTIu5tee5. The currert T￿stee members ire grthrfjt￿ Hthn and kn m￿11 ICW. The P¢MUwath￿ CoThnittee has ¢¢ied re5rrtxslyhly ￿ bthall of the eoard for ¢Èiennirwg ￿ reviwn8 p￿rY for exeoJD%e rty))uner3tyon. agmilg kyincvks and pOl￿S0f rt•4èrd Ihreu8Pthi theFtyJrKJèrtii INK￿41￿)8 thedesgn ofanvperf¢ymanctrtelaied pay $th¥￿5 opepted the F￿￿dètr￿) detfJminry the tikal pth8e Oftt￿ CEO IwKhJd*i8amual Ixxwsl. TheCh¢ldreD's lftvesrmet)l Fund Foundation ICIFF UK) I Page ¢6

Remuneration Report and Other Governance The principles of the remuneration policy The FO￿￿at￿)n io tJelcp ￿ mathtn strat￿$ ¥¥1 whcies in I￿e the corpxate sNe8y. Cultu￿ aThY obiectyves ol the OF￿1￿53t1￿ and rvccwmtion strate8￿5 pYKies a¢ desgned lo attract nd ar￿ ianted Wewiu rty7K?￿ c0hrti￿ vrilhn the mets ￿fjrk to manage 5kiUed and clversewkferte. Sobr5 are tsert￿M¥ke￿ extem4 mtht data. ExCep￿r￿1 pets￿31 elfom1an￿. dw cijn5ilknti￿ lo eath refi￿ted in aw￿d5 aThJ aMu31 L4ry re¥￿￿ Remuneration of Key Management Personnel 31 December2020 uss'c usst Exe¢uth"ve Directors 3,248 73 Ern￿0ver Pen%ty) Contributi¢ Ern￿0ver Natifmal Iwrance ContrikntiNts 61 374 Tot4 Con¢Jer•tton The Key mana8e￿￿nt ofciFF thsdcwre deFrfth a5 thp.. •The Board of Tr￿ a￿ Th)1 ¥emL•ntel ¥) Trustees) The Executive Direcitys of the v4K> ae ftr the dty 10 dtyrwmof theugar¥satity). benefits ¥) kiNI. ttsNJses. teY<rirwiion aY4Strrfr ¢enso) cr¥)LfibJTh)r& Relationship with Other Charities The Foun(lJtiw ￿ 3 (frfow￿er ￿ C￿1￿&<￿1n3 tunbEraf txOi￿￿￿lh 3 r￿se ofth UK4￿ ntemaiiThBI Lk)rw)ts. cludbi& ￿t lirNled to foMdJtvJrB 8rfvwf#Tthla8erK￿S aNI wvate lid￿￿kn￿. Foundation Objectives and Public Benef it The FoLKthiionsdiettwes. as stated in its81p1emw%d(K￿￿l are the g￿1 wrGose5 01 Slth charitabk bodies f( s￿h othervtA)se5 forthe ￿￿hlI￿￿(W•rn￿￿a5Sbè1 be ￿r￿￿￿th￿nta1ye¥S theTrttses rwfrryn tim2.to.iNne determ￿￿. settingtt￿ F(Xm￿ti￿5 thiectNe5 the FThwKl3tw'sTrttstee5ha¥f conshyered secbw 17 of the kt 2011. h doing sotherfare Sa￿￿eLl ihat ccM))pledvAth iheirduty lo ha¥e tEswd tLTr the fknyic Benefit gum13r￿e wblshed ty the Chanty F(MJ[￿t￿￿'S athe￿nents a￿ ￿li￿r￿d thn)uÈPwt this T￿tee$. Report and fUl￿def[XY￿[e that the 15 WtY4iding benehL Charity Governance Code cIFF3p￿￿5 the maiorityof the I￿￿¥)1e$ ffi the tharitv c￿A-nanCe Code (the.G￿.> In soffe c￿. knclurfm8 tIU5tee eng8ger(tnt.de¢ision.nvkirea￿l thlu3tK)n of ttkirity Iiwt.CIFF 6in tsk3nyways exceedin8the best ￿tIceStated in ltre Code. lTr(kherar&75. s￿h dsawaity. dNerytywKI KKIu5K)ry CIFFha5 beÈnuKlwthwac£xn(wel￿EasseS￿nt to help it tyjdd effechve wxtices Èo ftsrthw its cwtsble pJrF4X> TheChildren'5 Invesrmeni Fund Foundation ICIFFUKI I Page 47

Trustees, Responsibility and Financial Statements Statement of trustees, responsibilities in respect of the tru5tees' report and the f inancial statements Irusiees a￿ ￿s￿r&b￿ for kycp3r￿8 LnJ5leE5're￿tth￿￿ts stra￿￿ re￿l￿d the fina￿1￿ 5t31ements 1nacc0rdar￿t %Yith appLubk Lw4￿ resu￿tK￿ls. Cc¥npany tEquifE5 the I￿￿tee5 to wepwe fi[￿￿￿1 Stai￿￿n￿5 each F￿￿131 Sear. ihider th31 L3W they We el¥ted to preoare the financK41 stataiYn15 ffiacr￿da￿e￿lh FRS 102 The Fr￿411 Rewtin8St¥#l& awtible n the UK ReputA UndercO￿ny ttrt tr￿lee$ll￿$t Th)1 apwo f¥wcd sakn5￿ thattheyswe 3 trUe￿d fair vth¢f stake oF¥tèvs of the F￿da1￿)￿atxJ of thE i[Kom￿S reSO￿a￿applicah(￿ of resour￿5 IrKlU￿ its and ex￿lture Ihatye¥. In these State￿t& the trU51ee$a￿ requi￿ 10 * Sekt sUitaNeacc￿ntir$ aid ttten ath th￿￿(c￿51￿t￿". makeJu(emEntsand e5tsmate5 that are rea%x4bSEarkl wdent 5tate%4thetl￿ wlicableAccounhn8 ￿ardshavetrts1 frMed. to ￿Materi¢Ye￿￿bJE$ths¢lO￿ expbined in the financial 5LilemEn * a5se5s th2 Fwn(laiioTh'sab4ty i0(￿t￿mI￿a5 a ￿￿18£￿0￿. mèttus ￿￿ted to ￿￿n8C￿em." 3ThJ Use IhE WNrydc¢K￿ern ba￿5 ofac(￿th8 unkn io the Fol￿ab￿0T to ￿se operatwJn& ￿ have real￿alternative io th y>. The trusiees are reSp￿th for keepin8&l&waie thai ate sufficEDI io SI￿at￿y explain the knn(lation5 t[a)5actI￿5and diK105ewlh rea￿￿Cw￿ata￿Ytwne thefin￿￿kII rxs9ti0noft￿ erkHb￿thern to en$￿e that the hnanoal Statements c(Mwtywth thec(Arw￿￿K( >YJ5. T￿3￿ re¥Njl￿e Intemèl contrds as tlw deternme ts ne(￿sary 10 w4ble the k¥e0arar￿rt0f Statw￿lS that a￿ fr frtm mètetial ￿￿tatemE￿¢ whether dL to or tri￿. have s￿￿(31 for S￿h step5 a5 are re￿￿{¥)￿ to to safewwd the assetsof FoutK1ab￿ wid ro detxt aThJ irre8ulari trustees a￿ for ￿1Th￿rt￿ 3￿j ￿tegrity01 the totkKyatE atvj fy￿￿1￿1 ￿￿Or￿￿tiOn included Dn the FfyJndètKJn's y￿￿te. LwL#it￿ in Ihe UK governi￿thE hwi31 state￿ts ma¥difler fram le8￿LitIOn in other1this￿1ws. Independent Audit The audittys. KPMG. ex1¥eS￿ th•rwdkry5S to rtitw_ In 4)rxowrn6 Ihts Tntsthes. A￿31 p￿￿l tsT￿S¢ee5 Stratew Rer(rt in fvircarkxty ascorryary direci(Ys. On teholt of the B￿1 Ch[￿tt*￿￿ Ho Chayman Jojvne ￿21 The Chlldren's lThvestment Fund Foundaiion ICIFFUKI I Page ¢8

Independent Auditors Report to the members of the Children's Investment Fund Foundation (UK) TheCILildten's I￿￿trtlettt Fund Foundauon ICIFFUK) I PaK¢ 49

(FSC D￿nI ortl F6F5 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CHILDREN'S INVESTMENT FUND FOUNDATION (UK R•port on the audit of the financial 5taternents Opinlon We have audrted the financial statemerts of Tl ch￿dr￿'S Inve5trnt Fund Foundation IUKI I'ihe FouThJatKJn'l and rt5 subsidkqries I'the Group'l for il year entsj 31 c￿rnber 2021, compftse the Consol￿ated Slatemenl of Financial AdMtEs, Cuw4idated aTrJ Foundats)n Ba&n￿ Sh￿. Consdhjated Cash Flow Statement, and related notes, Ind￿￿1￿￿ swnmary ofs¥Jnthcant accovntiry Fo1￿leS set out in note 2 The fina￿la1 reporfy'ng framework Ihat has teen appl￿ in their weparabon is UK Law and FRS 102 Thè Fiftanuol Rwrting standa￿ opplicable in Éh¢ UK and Rwibk ￿1r￿and. In ow opinion". . the fina￿la1 statements give a true and fair of stale of Ihe Grcyjp's aThJ F0uThjat￿n's affaifs as at 31 De￿mber 2021 and of rts irKLYniThJ r6sourLYS and aP￿1£at￿)n of induding its ino)rne and exFenditure for the year then ended". * fina￿•81 statements have teen proFerty prepar￿ in ¥mYdan￿ wth FRS 102 F￿￿nClaIR6PortM9 Slandard appI￿able in lh8 UKand Republ"c 011￿lantr, aThJ . the fina￿la1 statements have been wwred in aco)rdanc•wth lh8 r•quir•m•nts oftl Comparrie5 Act 20%. Basis lor4winion We conducted our audrt in ￿￿rdance International Stsrylards ALJrt¢ro (UK) IISAS IUKII and applicab law. ()Jr resrhmsibilits.es under those standards are fvrther descnbéd in the Audrtors respwsitJ'litie5 for the audit ofthe financaal statements section of our report. We a￿ iThJepend8nt ofth• Group in a¢￿[(la￿Tr ethical reqU1￿MentS that arè to ¢ur audit offina￿l81 ststenEnts in fv UK. induding the Finanoal Reporbng Counul IFRCI'S Ethi(al Standard. and fiJfi1￿j ourother ethical reswJnsJik￿ in accorda￿ with tl r•quirtrm8nts. We bdieve that ihe aLxJrtevideTh2 haNE othn&J ￿ sffttent and aFprcwte to wovle a basis for cyjr opinion. Conelusions relating to golng The trustees have prepared the finèntial statements ¢Jn the going eoncem basis as they do not inten(J to liquidate lh¢ Group or the FouThYatK)n or io cease their cwrab"w6. and as they have condvded Ihat the Group and the F￿ndatIon'S finarKial posibcffi rneans thal this 15 re￿1$￿¢ Try have also ¢x•rKluded Ihat the￿ are no material uncertain￿e$ that ¢ould have cast signrfunt doJbt overtheir a￿"11￿ to continue as a 9ing conc8m for al kast yèarfrom the date of approval of the finanrial ststemenls (Ihe going ¢C￿rn peri¢>J'l. In our evalua1￿ of ts trustee's c0￿￿Jered the inherent rsks to the Group's ar¥J F￿ndatIon'S business mc>del and analysed those risks mvt affect the Group aThJ the FoundatKm'S financial resources or ability lo continue operations Iwer the goiThJ corThn periLKI. In auE1ibng the finanaal 5taternents, we have rnndtyJ8d Ihatthe trustee's use Of￿ ￿￿cern ba515 of ac¢x)unbng in the p￿paration of the financial statements is appropriate. Basod on thè Mjrk w8 hav8 p8rfowml. ￿ hav8 IKX JgnbW ary rnerial relating to events or ndilK)ns thaL individually or coltively. may cast signffiwl ¢Joubl ￿ the Gr￿p and the F￿￿￿ation'S ability to continue as a going concem ts a of at least mnths from Ihe date the finwAal stsiements are authorised lor issue. Our r8spJnsitN1th5 3rKI Ihe res[￿￿111￿5 01tt* trust88s vAlh r8speLI to arg deS￿bed in th8 rdevant S￿1￿1￿ ol this reFort. However, as we cannot pfedtct all luture events or condiborts aTh1 as subsequent events may fesull in outcomes Ihal are incO￿lStent with judgenEnts that We￿ reas(mable at the tirne ty were m•Ye, the absence of reference to a rnatÈrial uncertainty in this auditorfs let￿ ￿ not a guarantee Ihat thg Grow ry the Foundation will conb'nue in opemfjon.

INDEPENDENT AUDITOR'S REPORT TO THE MEM8ERS OF THE CHILDREN'S INVESTMENT FUND FOUNDATION IUKI (Continued) Detecting irregulariti88 ineludino fraud We Iden￿'r1ed the areas of la￿ arKI regulaticrB thwukl reawnably b9 exp￿ to have a material effect on the financial statements and ￿kS of rnat•rTal misstatement to fraud. ugng tyJr understanding of the entity's industry, regulatw environment and extemal factors and irojuiry wlh the d¥ecI￿. In ad(Jitit)n. our risk assessment pro￿d￿￿S induded: inquiring wilh the directo￿ and managernenl a5 to thè Groups policiès and procedures regarding cornplk4nc8 law5 and rwJuklths and prevents"￿ aThY deteciion of fraud.. inquiring whether the directors have knowledge of any actual or suspecW ￿￿-￿Mpl￿An￿ with kn or regulati￿$ or allgjed fraud.. inspecbng the Group's a￿1 F￿ndat￿'S regulatory arKI Wl corresp￿￿$e￿.. and ￿&￿ing Board and Finance Committee minutes. We disrAJssed idenlified laws règulatiorts. fraud rtsk factors aThJ Ihe nJ to femain alertank)ThJ a￿lIt team. The Group is subieet to laws athj regulath.ons tlwt threctly affect the fina￿al stslwnents including cLvnpanies and nartbal reporting legislatKJn. We assessed the extent of¢Trmpl1a￿e wlh Ihese and regulations a5 part ol our kywluces on the related fina￿1￿ statement item5, induding assessing the finanua1 statement disclosu and a9reeiThJ them to supwtiThJ d￿￿Tren￿lI0n then rttessary. The Group is not subi8ct to other lavts aThJ wulations the corBewences of nort￿pI￿9n¢8 could havg a maten.al effect on amthjnts 0rijksd0su￿ ¥i the fi￿nC691 3tsterne￿. Audibng standards limit the reouired atwyit procedures to identify nc￿4x￿Thpl•a￿8 with thes8 non-direct laws and re9ulations to inquiry ofthe dir¢ctor5 and other management and iisrctNM ol and legal )r￿p(￿rIenCe, il w. These limrted dKI not Klenbfy actyal or n￿-0)MplI￿¢8. We assessed events or (£¥)ditiOThS that c%)￿d inrt￿ an ir￿￿t￿e or pressure to c￿nMIt fraud or yovide an. opportunty to ￿rnrnIt fraud. As requirgd by auditing slaThlards. prttethjres ￿ a￿d￿sS the risk of fflanag8m8nl ov8rnd8 of controls. On Ihis aut1it ￿ do not believe is a frawl r6k related to revenue Ogn￿"On. In r85P￿se to risk of fra￿1, abo perfomied wO￿v￿$ incI￿lIr￿. Yentify'ng froumal entries to test based on risk criteria and rnmparirg the idenbfiecl entrie5 to 5UPFQrting dt¢JJmenMion: evaluatsng Ihe bugness purpose of 1gTh￿an1 unusual transaoions". assessing win￿￿ant aco)untiThJ esb"mates for bia5.' and assessing th disclcswe5 in the firta￿￿91 stalements. Ow'ng to the Inhe￿nt linNiat¥)ns of an audrt. there ts an unavoidable risk Ihat we may havg dgt8Cted so material misstalemenls in the finanual statements. evEn t￿)￿3h we have propety ￿anned and perfcmed our audit in aCcOrda￿e authbNJ stsndards. F( examtAe. the further removed nOn-￿M￿lanc wrth laws ar regulatir￿S lirregularitiesl is from the events and tran5a¢tion5 r￿￿etsd in thè ffina￿al ststements, the less likely Ihe inherenuy limited wocedures required by audiliry staTh1arils would •Jentsfy rt. In addition, as any Ilwe rem•ns a hbgr risk ol non-deteclwm of irrewlarities. as these may involve collu&on, forgery, intentional 0rniSSiL￿. rnlsrepresentats"￿S. or the override of intemal Controls. We are not responsible lor prevenb.ng Th)n<ty7Wianc£ aTrJ be exped&Y to detert Th)r￿￿P11anC ￿1h 411 I￿￿ and regulations. Oth•rinfomiatson The Injslees are re$r￿s￿)le for the InfOrrTrati￿ weserrted in the Annual Report together ffith the finanoal statements. other inforrnati(￿ CLynp￿Se5 thè infomiation irtlLthd in the tnJstees' repcrt includes Ihe gtratggic repxjrt. The finawal statLynents and (wr auditorfs rekKJrt thereon th) rKJt o)mprise part of the other inlomiathon. l)Jr w.nion on the financial SlateMe￿ does not Djver Ihe othw infomlation arttj. aeeordiNJly, we th) not express an awlit cpinion or, excepi as explty stsbj beknv. any lonn of assurance (￿d￿k)n there¢xb. Our ￿pong￿lA￿l is to read ￿ other infom7aticm in dotr¥J so, [￿￿der %thether. based on our financrdl 8talements audr( work, thtr lnftxrnati￿ therein 15 materialty mtsstated or ifwtsist￿t with the financial staternents or our audit knowdge. Based sdely on that have mt NIenti￿d mats(i* misslatements in the ofvr information.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CHILOREN'S INVESTMENT FUND FOUNDATION IUKI (continued) Opinion$ Othern￿tt0￿pI0s¢nbedby1he CompanlesAct2006 Bawd $c4ely on our woth on Ihe othef inform"on undertaken dur¥wJ ts cthmse of the Ait'. have not Klentyfied material m￿taterne￿ts in the trustees. report". * in our LyillK)n, thè informatiL gTv8n in the trustee5' rewrt Is ￿￿Stent wlh fina￿al statèmènts., and . in cyjr cynion, the trustses. report hab been prepar&J in £Orfan￿ wih Cry￿pan￿ Act 2Cth. Under ihe Cornpan￿s Act 2(Th are Nuired to report to ycoj if. in our cfjinion.. • ad8qUate accounknng records hab not t•) kept. or reiLwns aJ8quate Iw ojr •JJit have not been rec£Ned Irom branches not visited by us.. or . the financial ststements are not in ag￿rnent with ts ￿￿Tr￿rg recor(ts and relurr6.' or . ¢¢rtain disclosures oftrustees. femurration ty lv are not made", or ' we haye not I￿Ne￿ ￿1 the inkrntion aThJ e¥planatims reqithre forw wJit È have nothirvJ to report in these resFeCts. R•sp8etivè r•sp4)nsibilitit5 and restrictions on us• ResponsilJil•ties ollrustees lof the financial slatemerts As eyplain&J rnore fijlfy in the trustees. few&kn"lths ststement set ¢xrt on p￿e 48. Ihe trustees are responsible lor. fv weparab.gn of the financaal 5talements indudin9 being satisfied that they give a true and fair view.. such intemal control as trw detem7ir￿ ks necessary to enab￿ the p￿parat￿ of finanual statements that are f from rnaterial mi55tatement. due to fraud or error. a5sessiry ts Group $ and F0uTrJati(￿'S ability to cont.nue as a going concem, di5dosing. as applicab￿, maiter5 ￿￿ted to g(xng con¢m", aThJ u%ng lh8 going cx)ncEm basis of aCLYJunbrJ l￿leSS tsy tither InteThJ to IK4uKJate the Group or io ￿se operations, or have no rèalith allernative bLrt to do so. Audltvrfs responslbllhles foTlheaudft of th• fin•ncl8lsl¥tements Our objectNes are to obtain ￿Sonab assurarKe abcxrt ¥thether the financial ststwnents as a thole a￿ free Irom materia1 misststernent, due to fraud. other irwularitEs CK error. and to Issue an or4nion in an audiLor'$ r¢p)rt. Rtrasonabb assura￿ is a hKJh bgvd of assurance. txrt is not a guaranieè that an autht conducted in accLJrdarKe wth ISAS IUKI will 8￿mY$ detecl a material misstathent when it exists. Misstatements ¢an anstr frryn fraud. other irregu&rrfS or error and ao ¢onshrtd mat•rial if. Indiv￿U3lly or the agg￿ale. Ihey could ￿asOnablY te expected to influerts the economr deosions ol users ten on basi5 of Ihese finanual stalwnents. A fuller thscn'Fthn ol our respons￿1￿5 ￿ prowjed on the FRC'S ￿ts$ite at Th•purpos• ofour•utht work •Rd (o whom ourresponslbllldes Our repc4 is made to Ihe Found"on's membets, as a bc￿. in acecrfar￿e vilh Chapter 3 of Part 16 of the COMpan￿S AL# 20Cts. Our audit*ryk has been uThJertaken so that WE rnight stsie to the FouThYation's members those rnaiter5 VR arp required to state lo Ihem in an aLwJitorfs rwort aT¥J for no other purpos•. To t lullesl èxtènt Femiitted by law, we do not accept or assume reS￿S￿l11ty to anyone otherthan ￿ FouThtsfy)n and its rnernbers. as a tK#Jy. fw our audit Wc￿k. for repyi. orfor thè 0￿"n￿)n$ havè formed. Brlan Clavln S•nior Statutory Audltor for ond on behalf of KPMG Ststulory Auditor 1 Hart>oum)ast•r Plac• IFRS Dublln 1 Ireland 30 Jun• 2022

THE CHILDREN'S INVESTMENT FUND FOUNDATION (UK) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021 Vearended EXp¢nd•￿¢ 31 Dec 2021 Totsl F¥nd5 Notes ussy USS to) us$.￿0 Uss'rxKJ 24 4,29Q 24.46 I￿est￿ents 24.468 Totsl Incon4Th8resow¢ 24. 28,758 Expendknre drt RariDB fU￿S l9J35 19,33S caarilab￿￿tsWtie5 825.349 1902 1902 847.586 Nel8awG on ifNesbiienis 13 694,914 094.914 Fo￿l4Th Exchangeknsses 13 561 EArlK4n8e(*fference507 lTrn51Jtir¢ oji￿r￿v operali< Netwrtomellexpen¢ 719.382 1124.3701 TrdD5fws IIS1414 IL1514141 8274 l￿Be 1434,0321 1124J701 FuTrJ balW$¢￿e￿ F0Th¥ardati￿>y21 711 X356222 IX)5512 9X)￿S3 4.921190 SM81.142 The Children'5 1nvestnLent Fund FL¥Lndatiorb ICIFF UXI I Page 53

THE CHILDREN'S INVESTMENT FUND FOUNDATION (UK) CONSOLIDATED STATEMEwf OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020 Yearended Exp￿d￿• 31 De¢ 2020 Endowment Totsi ussw) Fund5 usst VS$t us$D Kom¢ Iw•m D(thti¢nsand a"e5 In￿Stments 24 60.625 14561 79.176 17.496 Tatsl incaming res0￿￿(¢5 60,615 14561 17A90 96h72 Ra&r￿ lund5 iJh56 13h56 c￿ts￿e aCb¥ibes 357J6Q 369310 371P16 382066 Net in4Yslmwt5 13 4>J,914 4>).914 11,1? EKhan8e d1ffe1erttsc￿ translat#¥ curwcywwab Net1ncom￿¢y¥ 13115981 &711 448,410 143523 Translers ¢2962ts61 (is 4711 152204 143523 lJ4rwy2020 657.971 5204fft18 5061.989 711 SJS6,222 4SO05.512 TheChildien'slnve51rneTht Fund Foundation ICIFF UK) I Page 54

THE CHILDREN'S INVESTMENT FUND FOUNDATION (UK) CONSOLIDATED AND FOUNDATION BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2021 31 fv 2020 JiOÈt2021 31 Cc 2020 USS'(KX) US$'(KX) FlxedA5sets Intan8itye assets T1￿1￿4￿3ssets 1th￿St￿entS li 9234 SM99.Ui 1.554.900 7.￿2 5.964.867 1.030 6.J37.140 5.499.737 13 6.788.913 5.934.320 854.5P3 2.489.243 cfwh￿hothyW￿e$t17Wts 4.344.161 475024 037.403 Total fix¢4sstts 5.904855 5.972.809 6.790,117 6.13&170 C¥rr¢ntAs￿ts Ueblors Cash al bank and in hat 14.5n 424.100 14.770 33.071 104.371 95.016 993 3.319 55.M2 17 64.284 Cash pwed as colate¢al 17 Yotsicuwrentassets 453.501 222.458 65,277 59.261 Cr¢dilvr% thin 1257.349J 1165J5 56.6641 1193.4621 Ne1c￿r￿la$SetsII￿atrAlties 190.152 1691.3b71 1134.X)11 T•tsiAssets ksscuTrent IWitiP5 105J¥J7 6AK19.970 094730 6JK13.969 cted1ta￿. amounts lalrd 19 (22&065> S.B61.142 (34.4581 6.CtIS.512 1217JJ))I S.881.730 Netssets 0.th13.969 Totalfu￿dj01thech￿tr. ExnJable endofftnt fw ReStr￿le￿ funds Unre5trKted 4.922.190 5.356222 d711 4930.877 5.361290 cle98￿ted lunds 950A53 642.579 9X.853 642,579 TotalthJrftylwd5 5ffi1.142 6KtIS.512 S.881,7JO 6.W3.909 Tr finarKi￿ st3tÈxnents on pase5 53 t)91 ve theTru5tets S5￿0) Xljure 2022. and 5iwed on dir l)ehalf by.. Sir Christopher Ho 20JLA 2022 accounJn8 p)kies a)d tt* 57 to tkirtof thec(w￿￿ stste￿ ThÈChildren'$ ItLvestsnent Fund Foundauon (CIFF UK) I Pagt 55

Consolidated Cash Flow Statement 31 Dx2011 uss'i 31 Dec 20X) VS$'OCKJ Net cash used in operJtiniaclivitie5 1223.811) 1390.0391 Cash flow from Investln8aedwttes'. tXvidend5 recewed Interest received Rental incorre recwved 20.817 1.574 1.085 14.816 S.430 Pro¢eeds Iromthe $4¢ tsf: Investment5 2.318.3e4) 1.670.671 Purchaxof: Tangible fixed ?55et5 Investment5 Netcash used ininvesting activities 12,1831 11.796,0441 544.209 17.0261 11.743.588) 159,6971 Cash flows from financing aCti￿tIeS Interest paid Neteash used infiMnciraetfvltlts 11531 11531 12111 Chan8eincash and cash equIva￿nIs ih threportlng 320.245 1449.9471 CashaThF cash equivalentsat the inringofthtrportlAiyear 104371 555,515 Effe£t of exch￿• rate M9￿Ments on cash and (ash equlvalents 14561 11,1971 Cashand cash equivalentsatthe end ol thereportin8 y 424.160 104.371 Reconciliation of incoming resources to net cash flows 31 Dx2021 USS'IOJ 11 Dec 313) Us$'orK) Net ¥ainlllossi for the reporting yearlas perthe ststunentof fi￿￿la1 activitie4 1124.3701 Adjustments for". Net Bain on investments 'wdends income 143.523 1456.5701 121,209) 456 1408.8261 114.262) L.197 13.2341 Foreign exchange movements Interest income on investments 11.5741 317 Inte￿$t expense Degreciation charge5 Ilncieaselldecrease in debttrs Ilncrea5elldecrease tn cash pled8ed ascdkteral IDecreaseMinuease in creditors 4SI 361 17.207 80.240 281.235 117.1321 119.0361 (72.8141 Net ￿5h used Sn operatlTh8acil¥rytles 1223.811i 1390.0391 wlKies note5 ￿ pa8e5 57 to90 fvxm D¥t ol the CensolKlèted Fin￿￿￿1 Staternents TheChiidreTh's InYestmeThL Fund Foundation ICIFF UK) I Page 56

Notes to the Consolidated Financial Statements I. BASIS OF PREPARATION al Basis of accounting The Conwlidated FvrK&41 Staiernents have been tsa￿$. Wxlert￿ c￿1 ctywen￿n as nx)dihed the reVa￿a￿￿ ol investments. and hove been in acccdy7ce wlh the Staterwr ol RecomTrnLW Practice I"SORWI'AccoJnbn8 and ReporDng by ChanDes' Loublthy 20151. tFÈCtsfitieski 2011. F￿nCial RetKvkn8 Srandaro 102. tre Fin¥KKal Reportityd 513ndar(I aFplicè) in the UThled of IrE+￿￿$ fFRS I￿2.] a￿1 fynpanie5Acl 2(XM>. The Chil(ka)s Investment FLmd Fwndation (UV (tit"Fo￿￿abw1 i1￿￿￿n8 its ￿dertaking$[￿"C￿oup-} recc8nition and measurement txtY4YA￿5 of Intematirwl ReWXt¥￿ 5￿J¥d5 fiFRS?9'Fitwnci31 h5trument5' arKJ ihe distlosLYe pre5entaticn requw￿￿oI secr￿$ 11 12of FRS 102 to￿(¢￿1 flyal ot its fwial The ￿nda￿On is a wblK L￿￿fit entity￿ ￿ted formats to oflert fv Char5t5 50RPand tl natu￿ of tF Foundation's aCth￿tS. The Foundation m&ets defitr11ti￿0f a QLditw8 ertityL¥th FRS 102 has tenfvia8e dts(b)9J￿ exemr0￿5 avaiLa￿e w It In respect ol its separdte finan[K41s￿￿￿t5. The Trustees made an a￿e$$7￿t of thefr(w's JthlYtoC￿hrK￿ a5 a 8org c(￿cern and ￿ $3tished tN4t Cmup has Ihe resowce5 to continue in t￿s￿eSS for khe foreseeable future. F￿tt￿[￿. ￿TrUStee5￿￿ tK)t aw¥e of¥yrnaterkil u(Kertaifitie5 thal nkiyCt Signif￿t dwbl the Grouls ability to gO￿É c£¥Ktrn. the staterwts a￿ prepared on ltrt 8on8 C￿cern b) Functional currency and presentational currency These ffianckil ststewthtsa￿ r￿ted in Vnitoj Lhywfussi.wW i4 the Cw)"s Cur￿l￿¥..F(Y￿tiOna1 curr￿, is the currw(y cl the prI￿ry ec¢yKynK in fy(YJp1)pera￿. TheGrw)'s B¢ants expeThJitures are d¥bDminaiedand p3vJ mosttyirt US$.kc¢ydin8ly. 8oard hasdetero¥rod ihèt tF fU￿￿n01 twrmol G￿p is United Ststes Dolar. l afflounts ha￿ been rounded to tl t•est tlK>wt￿.￿e$51knErfft •¥J tel￿N[M)k￿y￿1I to ￿fert0 thou5a)ds throu8h the fina￿￿71 5t3ten￿nt cl Basis of consolidation The Consoh'thted StatemÈntsof kTNitiesfsoFA?. ShÈets Cath FkJw5tatrfftntS￿￿￿￿Jrate re9Jlts ¢fThe Chil(l￿n.5 It￿Str[￿t Fund Foundatitin IUKlltt"FthKMJaiw)nl gJb5rfkiry urthrtthiw. CIFF (UKITr￿1￿S Lwited fciFFTradkn81. CIFFlu￿ Newco fCIFF N￿0￿. Tabs Capital Ck&gN)ied krmtyG￿p3rry fTak)5l. CIFF Nutfition (UK) Limited I"CIFF NLTitvJril. CIFF Qpilèl UK LPI"CIFF fvt'I. CIFF Ir￿ub￿ents LLpfciFF W. CIFF lth¥¢m￿ts 11 LHnited I'OFF II'I. CIFF In¥estrnent5 111 LLP I'CIFF III"I. CIFF IP Co Li￿ted fciFF IW). CIFFWater fciFFWaWk CIFF Gtrval P¥trw LimitedfciFFGtri. eoih Street Lend LLP f801h LLFY. Ilth AvenuE LÈThJer LLpfiith LIWI andCl¥swKk RNer5ilt LLpfchs%ts%ki. Theionwfoated entity ts refened ¢0 as the'Grow' No separaie SOFA ￿ Cash Fkw %atelY￿1 ttti (Ke5enteO for the F￿ndItI)n akne a5permitted by SEctK)n 408 01 the Corr¥)a)eskl 2Q)6 and SORP. Intra"8r(w b8hntes are d￿r￿ted fUIty￿ C(￿l￿tt￿l. VVTrwe èJp5trwits are n￿le to Ihè fin¥b£ial stsiements lo3￿ usedviith tlw used Prythe GrtyJp. 2. ACCOUNTING POLICIES ThE wincipal acco￿tin8PD1v￿e5 thE COn￿)r￿13t￿l arxj separate FinKK￿l statem￿ts are Set out bebw i parwath5 la) io lo). The bwi cMsisterfyaW to ¥1 we5enteiS. urss Otte￿￿e ststed. a) Critical accounting estimates and judgements in applying accounting policies In pre￿r¥lE the h￿t￿lI ststeffi￿ts. the C4(￿p make5 e51wnatesaMJ thèiaffect rewmtedvèkJa￿$0f assets •id IBknlties within It￿ year.Actual results rnaydi￿ frtym IWeslJtThBts Estimates xe (￿lin1￿1￿e¥alu3led and based￿ INsioritsl werience andolher facto￿. incWin8exgectsti)nsol hJ￿reeWe￿tsihat8re￿Ik￿ to be reaxMBb w￿￿theor(Vm$I￿e5.The key35sumriiw5are explained in the¢ewti¥ 8cctsJntirepofKyrn)te5 in 13 aThl 14 for Th￿￿(r￿lS. bl New and amended standards and interpretations There been no adwmrsof S￿￿t&￿re202l ttst fe9JW ￿ a wkani to the CThp. There are tye5ent1y￿ 5Iandarfs￿rV￿knts or¥i￿￿e￿I(￿ ￿ tsi5knn85tarwJards that YeteffettNe that￿)￿￿ itexpected io ha￿* Si￿lficant wwion ihe f4w). ThtChildren'$ Ittvtsiment Fund Founoaiion ICIFF UK) I PaKe 57

c} Incoming resources l inctyniryd resources arE a(i(KJrted thefr￿ ts to a￿1 ttE anwilcaTr be 4UbfiEd wth ￿8y)natIe Certair￿. IFKomeeained ￿ knan 1rNestt￿ts ts wthMn'Nei EWSO) ￿￿t￿[s. to the tt)￿5 b￿￿8 hEkJ al fairvaue. lrterest ir(tsme on cash bala￿e$ 15 rec<Kded in SOFA%47thfft'lruwY from It￿￿[￿￿6.. tJ¥ideThl irtrne3r￿l exr)ses. ¥%tten theUr￿edY1rE security 15 he￿ diretdy the Qrw. is re[08n￿￿ ex.1￿￿￿ da. rei ol I0￿1n wilhhdOinE taxes n SOFAwlhhi'lrK(ry from In¥u￿nts.. Wilhhcddin8 tsacctyJnteé fcrftyian XULoIs￿Ys. F¢r ttK)sÈ sewbe5 W ¥iaan Intwttydkiry. the d￿ld￿ndS are t(xjnt￿ forwhen rotified Pentsl from the ￿VestrnoTrl $ rec￿￿ witlHn'kK(fft frw inweslwls, on an accruèts bèsts and is reCe￿rAe month￿In Atha￿e. rthatK)n5 arE[e￿n￿￿ %¥hen thecTh￿ 15 to wKLNre theaffwilw quant￿￿ with rea50rotAe accurxy. dl Resources expended RestyJKe5 exwded ¥e accoLrted •i xcru baris. tOtiilr ￿ se£tod cthants￿e atiiwtyarea5crc05l ate8orie& ForewditweirKurred 3Ct05s theseCtlK5.anM)wt5a￿attri1￿r￿ r0eth￿basEd ￿￿8￿ting8Cbyil1esun￿ertaken durin8 the hnancial per￿￿. C¢￿t￿￿ti¥e¢bIyb¢nS (IrKILKll￿B￿￿s ¥e a(cO￿ted ftras l￿bilitS￿etE it 15 prob3tAe IhBI there will be tr3rthrofecorKMnic t￿l￿fil53nd the3nwnlof tsE0tAytw￿te￿￿eStyil￿¢ed CLNThnunKawiio Ihe wpent MLAti.yeargrants are subject to perKJdic wewsarxl t{￿1￿nallY ￿ that tt14llity￿ re(Iwi15ed in rnsl ca5e5 anrxjauy. when the Iriter￿ forreco8ni5ing ttE Irability are nEt. prortcosts, othwthw dwect Costs fw each secitwal aThJ ethkn8•iy res￿le0 eyrnlitvrJt fFIFOI nthod. TrÈckssifKètion ol fina￿￿1 asseisai Ir¥Nal recwitNJioLts£w) fv)•Kg1 as8efsuntrxtLd cash lknvtharxtertsticS￿d bu5wiess fc manag￿¢ ihwk The GroLP cbssifie5 its 3$5els as X￿e￿￿t￿rt￿aYJ￿ at at FVPLon ￿ b3515 of b(th.. . The Group's buyne5s formana8Yb8 the assets . The Co￿t￿£￿alCa5h tkwcharacleri5Msof [￿lasSet aCcordan￿V￿th IFRS 9. the(ktyJp dawfs its a5￿$al wMli4 rEc(wMiY) irto catefvM dtscu55edbekn¥. TheChildten'$ lThves¢ment Fund Fo￿ndal￿On ICIFFUKI 1 14ge 58

1. ACCOUNTING POLICIES (CONTINUED) Financiol assets measured at amortised cost Adeb¢ MistrLThenl 15 me3Y￿e￿ 3t 3rnutised cost l il ￿ heldwth¥i a LxJwe55 tr￿￿￿ %th15e ￿￿e(ti B to hsd hrkncl assets ordex to coll c￿trac[￿al c￿h tlows its cwttKtual terms we lise on $￿tIfi￿j tsies tocath t1￿ are solely payrrent50f ryincigal and Inter￿tr5ppi.g.The I￿￿￿e5 in thtscatevysltrt.1trmrthFwry￿wablesl￿kth ca5hal ￿rI< •id inw. cash ple(18ed35 coltsteral 3n(J debtors. Financial assets meosured ot loir value through profit or1055 A hnar(l asset is meawe¢t al FVFt Il.. (al Its contractual t￿ do rK)t 8￿ r￿e t0ts5h srwfddates ¥e SPA 01 thewirKwl amunLoutsta￿1Vi% (bl 11 is not held￿thIn a bJ5iie5S ttKthI to cdIC￿traCt￿0Sh flowx OT lo knth cdlecliontractualta5h flows and sell. TheC¥ouoir£lude5in the FVPLcale8ryvall Ir￿￿t￿ts in kwb.t(mes￿k4￿]s.[e￿eSi8te h)ars(winOKglarnLmtplu5acc￿d Inte￿51 eivab￿l. listed eQ￿ties, derDrntrts n an assel ￿￿li￿￿. irhestmEnt ￿t￿lieS.£￿E￿ate toThJs. fv gLYa￿l ￿ in%t5tment lthid5. Impoirment ol finoncial ussets The Gtoup assesses ￿ a forward hjokwlg t4ss fv expecied crEd Pos5 fECII 3ssttKated wlh its finar￿￿ assets tsrried al amorti5e(I cosl iinpairnnt methodology tptyid5cn ¥4thether there h35bÈep a ir¢ease ￿ credit risk. ￿se hn￿Cial 3ssets. the r￿u0 wplies the simthified approath wmitted ￿ IFRS wuiresey4)ectsd hfermel)wstobe ￿02￿Sett Frcth irltsl recognibon of the rKew3bles The Grw) cL7551fies the fdtsJwMI8 fina￿￿31 assets under •iKffjsed cost cash at bank and in h￿d. G45h ￿edged a5 collateral and debtor5 C3sh at bank and IA hand cath ￿edged 3$ colbttral clywise cath at b3nk5 demand and Inte￿5t bearinE depwts with a nx31urityof vrtKh are wtlecl io an w￿181¥[￿3nl rtsk ofchanges ¥iv3bJe their cèrryiig aoowmaie awrtised c05t. The b55 is based on lifetme expected ttedk k)sses. Wl nk)ttrial couniergartes an lnvestff￿t 8r3de crediLrahn8 tNmo(th51￿pcfA1IA or hts¥41 rK) Fustfyryetdefaulwn￿-payi￿1t￿da￿ re￿￿V3b￿5, a￿ slpjrt term 1<1 ￿art. Trt GroLv¢JrdYknkJs recewatAes Wkth ro C(￿r¥y￿ent ef sS 12 ￿th$¥t OTh￿[t￿e￿ c￿1 and thwefore ￿5 ad[pt￿ the simplified apwo&h to ECLk No ECL inwtrr(¢nt a&Thv•Yehast£en re(￿ded aga￿51 the c￿￿p,5 reteivatAes durin8 thp year. The ECL 15 rK)l ￿&vant lo fvwrK47l as5ets3t wht ty kn55￿d firK4￿kil Ikibrfrtie5 de5iwaled at fair val th￿gh syofiliy k)ss. Derecognition of financial assets Groupdereco8nise5a fyrknvbcialassetthen thects)1￿￿3l￿hlS1o fkAv5 from th￿asseteWre, orit tr3n5feF5 the[Bht5tO￿ce￿e the£￿1rd(tUal cash flows n a transaction in substantN3ltyallof rtrt rths ￿ febya-ds ol OWI￿rShIp0tr thp firW¥t1￿ asset Jt transferred or in whth IheCthprÉilher transfers rews sUbst￿b￿a¥0f the rtsks ar￿ rv4arySs ol own2rship not retain control of Ite hrncialasset. On de￿oenIty￿ of a ￿¥￿la13$$et. thelmweyebet￿￿ thecwryryattxmtofthe asset (cthec3r￿ng)￿ountaII￿ale￿ to the of ￿ ?$5et Ihat 15 dereco8rXwJlw￿ ¢he cijtw(kn3L¥￿ ￿Ned IwKILJu)B any rw è55et obts4Ed ￿55 any Dewliability a55vffledl ￿ recogn￿1 in the SOFA under'Nel 83in5 OD ¥i¥e5tmts'. AtyintLYesi in 9Jch ￿SIer￿ oset5 thatatEc￿3ted or retswied bythe Group is reccenised asa separateassei LY ￿"￿ty. ill Financial Liabilities Initiol recognition and meosurement FiD3fKial147blitiesare ck59fied.3t ￿lti31 reco8TriK)n. as fit4waEablitiesat FVFiKI i￿￿&)¥$arn￿ payaLqe5,andderivatives in a IrdblitYsKsioon. as 3pm)ri3te. Wl fiftancN71 lotrfliteswe mityaI￿at fairvake. Finoncial liobilities measured at omortised Cost Financial Iiabiliw meawre¢ at amcffjsed cosi finarKL31 haINlIt￿5. ott￿than measL¥edat FVPL. The in thi5 category amthils lo trK&er5. V3nts, accruals and deferred Incl￿ aThJ othErpayal Financial liabilities measured at loir volue through profit or Ios5 F￿anCIalI12bil1bes at FVPL IndL¢de finantol Ik3tHlibes for trèding and lt4res dtspvted utw initi35 ret(wthon as at FVPL. F￿￿￿131 lja)th'he5 are cL45sified ès lkJ fttrwJin8 if iW3re ffiCLwred purrose ol the near term. Separated embeLkJed derivèti4es3rea￿ c￿$￿the0 * hehJ fttr•Jir¢ unèsstW¥e des¢￿31ed as efftttrve hedgfftgin5trumits Gams or10￿5 lobiliDe5 held fortradin8arereco8nised in SOFA￿7 theye¥inwhKh IwarseaThJwebased￿Ihe FIF0meth￿. l￿bIl[leS tynated Up￿ ￿l￿al reccEnibon at FVPL a¢ deyenaled ai fv ir￿traI dale of rECOEThtion. and the Criteria ID IFRS 9 3re satisf￿. The senicY(Waveddra¥¥down vark1b￿ra1erOe5rNote57wel￿deSul?￿ll FVPL3t ieptw)).TrtCoJpdil mt Lsignalearryderivati hedges In a hedgng re&tion5hp incl￿ fft thi5 caLegovderThfatweC(x￿￿ts in b lthbilityFrf)sitirm. The ChildteTh's I￿VestMen[FUnd Found•tioD ICTFF UK) I Page 59

2. ACCOUNTING POLICIES (CONTINUED) n Investments Listed ond unlisted securities Secunhes listed orouoted tr) any se£urths ex(haryxJ ryL1r￿ trd thwn ¥e vaknl at Ihe fèirvah of ) investfflent 15 based on its quoted market Unlisted stturiDe5 daAy Ir•Jed. rweci otknthth no as descrbed abrf are al&b￿. Other than ban5 and rece￿ab￿. te valued ai thtyi lawvakt based 01 Inf(￿Mati￿ LYMied byTCI Fmd Management Limileds IYCI FM" ly ttrE "Invesrment Marwfl wtr&io ffw7a8Wr￿t le￿$wha5 13les¢ èdai4e t¥Ye fcKwwe5tM￿I BeCa￿Se of tkir utertainty. e5twTrated fawYaue5 r￿￿lffer1rOrn ts¥a￿s that￿A￿l have bEen hada ready market for the securibes extsied. Unfunded Commitments The Gr¢w mayinvesl in Icn5 ¥d securiteswhth ￿ty￿rate that il Y￿11 be cbliged 10 w at a futtKe dète ifcalled upon by ttEcountwpartY. The timnE of 5ettrreniof these rr4eiti¥rt4ga￿￿$¥e vncertan ai wr er¥J. Due to these uficÈrt31nhe5 the Graup doe5 tx)t tE(08n￿￿ tt￿Sea￿lts a5 its c￿5¢￿￿ted BaL￿￿ STr￿￿t. h(￿Ve¥ertI￿5e an1X￿¢S a￿ dÉck)sed as contin8ent ctsnmiinNs in Note 22. Derivi7tive contract5 DerivatlNtionl￿cts fderNatwe5l ¥e ¥eco8n¢sed al FaYv31￿On (late derNatibe ￿eTriered ￿t0 are 5th5equeThUy re.ry3sv￿ at thtir laIr￿lue an ba$6. Fa￿V3h￿saI￿ obtawd [￿N￿qUOted market txKes markets. recent mark£1 1rdnsacti￿s. Where twoied pl￿￿e Thx the ¥e vabjed Us￿8 Iilcwtity) w0v￿ed byCoUnter￿rtre$ to the £￿tr3cts. I dEllvative5 a￿(￿rr￿￿ a5aS5etsw￿ fairvalueis a5fdMliiiE5 whEn fairvknis ne8airoE.ThE bp5t eythnce of the fairvalueof a de[￿aTr¥e 21 w)iDal ￿£￿i￿n ts the preli e the fa¥vak of Fecei¥edl. 5￿uent chènÈes in the farVa1￿ ￿ arrydwvab uistrwrtiiière ￿CenSed il tt SOFA Thp Gr(w enter5 IntD l￿War(s forei8n exc￿￿e(l￿￿3(& [￿e18n are fawv3W on 3 ba5￿U5￿8 fiKward Contra[t￿ r31e derived frtxn re￿1￿ w4althle market (lat3. Im￿ cortract t5cb5ed. record5 ￿ar5ed 8anslk>s5P5 equal to ltrÈdiff¥ence between valLeef the cOnt￿t al ihe tme itwas opfftd ¥vJ va￿e at Il was ckJsed F¢￿r￿ fO￿￿n exch•)ge contractsare fawvaL¢d usi)E the crntracted rate¢JerNed f￿￿aditya¥aibb￿ r(4tei data. As 3131 Decethr 2021 the Croup hell fowd tora￿eXCh2ngec￿ir8Cts￿rth￿ ag8re8ate lrvaihY rtt I￿￿11￿￿)>￿nofuSs4ook(20￿. ret1otMlityposih)nof US554.974kl. TrÈ &oLP ertws In￿ swapa8rewienls vlwch feprewt ¥reeff￿ts thatowle iwo 10 e￿h￿$t3 sers ofcash flcws ai speofied )ter¥als baged uwn tcakuL7ied ty ￿￿trence to ch8e5 In swfEd rale5 ftYa 5peofEd aD¥)unt of a pwtul¥ se£urty or and a srecified nobonal amwnt The payM￿t nr￿s￿e usu rtted ynsi each oth¥. ¥Mlh ihe d1ffwen￿ tell￿ paid ￿ ore party lo the ¢ther. Therefore affic￿ntS rewired far ihe ftstures3ti5f¥tiC￿ rl swap te yeatw ￿ ￿$$ than the ￿)Unt ￿C(rfded The realised 8ain k)SsdeW￿$U[th tl prKÈsalYknth In5rrurn501the5wapisV31uedattheswap'55ettk￿￿ntda1eand 15 included the SOFA Unrea115ed sains ￿ k)55e5 are fairv￿L￿ n3rMJ the rests1ti￿ 1rK>bemEnl￿ ttunreaIr￿ 8aM1 or1055 15 recijrdedin SOFAA5 at 31 (kcerfl)er 2021. the Croup trkJ eovrty swaosvnih an h)ss of US$222k120ZTr. US$ rHD. Investment fund5 The GroLP Kwe5t5 in in¥t5t[n￿t fvr¥Js rI[p￿t FwdslwhKh ¥e srt¥ect to the t•ir63Th5 Co￿11￿)n$ of the In￿lee F￿d$. ¢4fwn8 ck)turnentab￿. The ilp4e5tn￿t ￿ the ￿￿StEE F￿￿5 ￿m￿l￿Vak￿based cm the lateSt￿iLth raJemptx)n of 5uchunit5 for thE InV￿te@ FurKI. as detenrd by &lminisDaterof thè IfNestee Rjnd. WhÈre a (p￿111￿3￿ert3i￿th Market valuafvn ts not ￿alIbble. Investee Furth are valLd ai cost ss arry ex￿le￿ k>sses (see Note 131. Wlw a sharelunit is SO￿ the tetD8ni tl ￿alised 8ansI (losses). Other changes 4) fawvalue c the Inktsiee ￿V￿e8￿"sed R3¥)slknses). 31 2021. the Grwp iwesiment lund rosiDons ol us$61.￿lkl20￿￿. us$66.482k). Investment property The&oup inV￿led In an inve5tynait rryrtyctyWfyr8th￿OfVK.ba5ed Ireew L￿3ftd leasaj to thré parbe5.The r￿D￿P5 icyis to include the ￿Vest￿￿t tKopwtyvithn ￿Ne5￿n[Sar they f•rvaht. %lich 15 UWal￿ ro tsopen marstiwalue. Leosed assets The a￿L￿1 r￿ts1$ feroperaME aseS3￿ ch3rR&1 to SOFAon a Sb•Eht.W boss the kne term. Investments in subsidiaries Investments In subswJ41¢sarelkJ 3tCOSLss ¥ry)aimnLNI theFcwrlwy) BJ￿r￿ ap¥t ir ir￿e$￿￿t n CIFFCapital UK LP wh￿h ts held at 1airval￿. The Childitn's Investrnent FuThd Foundation ICIFF UK) I Page 60

3. ACCOUNTING POLICIES (CONTINUED) Loans Thp Group invests in Real Esraie3nd Crwaie LDan5wluch are3t(￿nted 3 larvalue ￿s1$. F3 Val￿ are calcuiited ¥tsith relerence to discoJnted cath ￿e¥pected fututecath fiowsoleath kw in¥esD)￿l c(knstructed byeKlernalv-Juer5 The M￿r￿￿ts in the fairv3knes we itKlvded witlin"Netg3￿5 I[Thsb￿nts. w) theS(FA tase refw to Ncle 14vknKh detaiL4 sl￿r￿n￿ the sEnifiwl Uwts5e￿ablP inwts ol these k)an 1n¥estrf￿lts. Privole plocement Pr￿ate p1acettnt securties a￿ ￿t re8tstwed frKmtdrsarKI a￿£3￿￿d at￿S[That￿J fairyd￿ at eèch v3kthtiM pcint. as determned by the &oup. n c￿￿lIa￿On wth the 1n%t5trr￿[ Mws pJrIfO￿ twagwwt lean. wilh ¢elererKe 10 recent lurdire rourd5 wd erf0rnP￿e updatw pThéed ￿the Ywtment rnaIwD￿t's tean.At 31 Oecetyljer x)21.t￿ ore pr￿te pL3¢￿rt￿S1b. 1202Tr. one txwate pL4cemenl Pjytitsl. whth hks tÉen f¥vaW at US$￿ t202Tr. VSW). Prosrumme related investment Pro8raffjtDE ￿￿ted Intm￿lS are a tyreol sffkil )Id madE wr$￿t Oft￿ FDjntst￿fi.S Charit￿ ourposes. The orimary moiv8bw IIK pr￿{T￿ related inve5t[r￿nt5i5 not Baifttyjl to lur1h￿ wrchariiable ot¥"ects. Progranwr led investments Ser￿rate Same rett1r￿ arxj [L￿di￿ nw not be on comfferoal term5 The current prL%rafflrnp ￿￿ted ￿￿%(ments 00rtfcd￿ CO￿lSts0f è nLKrthr ol fur￿ and ￿l￿ate pLvfft￿t itwe5ttnpntswhiih follLV4 the respective in¥estffnts xc£u)t5n8 pc4y and asat al Ckcerter XY21 ￿￿ted to VS512.633k t20￿. US$25.439k). The FoU￿ja)(Mi also cia55ified conce55iorwy loan5as prov￿1￿ rdateo MhSLrt￿t ès wmary wrrN)5e thi5 investment 15 lo further theaccomplishmenl of the￿(harital42 tXV$￿5 thro￿ f￿11(ab￿g the K£ess£4 r￿￿(of ograrrfi￿. The R￿ndati￿ ha5 electe(S to iDibally rEco8fjise 2rKI Measu￿ at thear[￿nt paKI with r￿￿t5 renecied in sth5equenl yEar5. CorKe55K)nary loans for the￿ar ended 31 Ekcenr 2021 èwoJnted to US$3LKXA1202Q. U5$8tKf) a￿$ arewE5ented wthn p￿￿mMe Relaied Hwesbnertts IhroughoL notes io the account& Mixed motive investments Mixed rtuti¥e ￿h￿St￿entS ￿ mJe el ￿ FfpJrthD￿'sth¥rtètAe [lK￿$e5 and firwKkil Saw￿. Tr turrent mLyed rnoti I￿EMent oortfolh) c￿SISt5 of a nurrerol %rfch the Invesbnwi t￿(y. M￿0 motive irfvesth%nts a5 at 31 Dec￿t￿ 2021 ￿￿lled to US$34.26120J>. USSI1.41￿. g) Foreign currency translation A55et5 and1￿bilitieS￿Er￿)rnffjaÈed 41 fLYeiRn currtxKtsare tr>isLateJ into USS at th forew cUrre￿YS￿t tate Lextto)ge3t tre bal)ce $￿t date. TrarÉxticffjs wl fuergn c￿r¥￿E53￿ ai ￿ r￿gn curretKYgX>t tale5 01 exchayat date of the trar6actioi. DiFf¥en(￿ arigng on setueffent and tran543￿ ol mwew iletr6 arereco8ntsed ¥) ihe SOF The yearend rale pievailn8 the baLirKe ￿ date was US$I.. ÉO 74 (20Xk. USSI £0.73) FwcrKb501hl3th purposes. baLl￿e $￿tS ofsthKl4iries tep(Kted In Povnd siedine£urrwofGBW c"E'l h•de be￿ cTri¥trted ￿tfj ￿ (k)ILir at thp ft)r￿s￿ exdorEe rate asat 31 Dec￿t￿ 2021 For ￿1 Gep reptyted wofii and b5s3ccowts ofxJb5Mli¥& a¥era8e exckwy ta for the felevaN oeriod been aoolEd at VSD rate of USSI.. £0.73120XI. USSI .. CO.781. h) Intangible assets and amort15ation Intsng1b￿a$5ets thala￿ xqwed dtstbjped ￿thec￿s￿h￿e fiThteu5ehJl I￿￿e Th3￿me￿atC0st1e5SaCCum￿l8tay ar￿Nbsati 3n¥¥cut￿￿Ied 1fflp3Th￿nl b59 Amos soas Lo￿1￿0t￿ ￿(Ost a5set¢%eK￿e5i￿led u5efLI life of 10 yeas. The 3[nQrti5atr￿ wll [c¥rwrEn￿¢YKe ihe 4)tW dtst%)pw)I ￿£￿leted. rti5atsn meth&tts. usefu1 INesaThJ ￿5"dual vaKes ￿ revtAtd at eath rep¢YtirB (Sate and adjusted ilapty£wote. SubsequenLexpwKliture is cwtslised or4y %￿h￿ il ￿￿reaSe5 the lutwe ecorKwrAc benÈhtseTrknthed ul the asset to it reLe5. l other exrenditure is recogr5ed in the SOFAa5 i) Tangible f ixed assets and depreciation Tan8ible hy£d assets 3re wtslised 31 cost. De[￿C&3b￿l iscubteil w 3 bs soas off tt)e cosi ol an 3S5et o¥tr the estimated ￿￿ul life. TTrEe5twna￿ useful of[￿LUreSI frtth8S 15 5 ye•5 Gkntwd {whi￿ry ￿ 8 yw. TanÈible fixed assets a￿ anr￿￿ luimpaKJren¢ CryKk4ti{￿ tretFKxIs.ttseful INes aThJ ¢siJLOlvalLeS are rwewed if Ihere 15 n indica￿n ora wiftcant th￿ge L451 an1￿￿1 rewtin8 (tste in pattern bywhtti expects to an a55et5 futwe econcmK boiehts TheChildten'5 Investrnent Fund Foundation ICIFFUKI I Page 6J

4. ACCOUNTING POLICIES (CONTINUED) j) Cash and cash equivalents Cash and cash eouNaknts wLu)tsdue fron &wp.scLXMrterpth￿Ikn￿VJ￿m1 interest ￿arin8 de￿1￿ ￿￿th ciwnal maturibes of I￿ than 3 months. Fcw eath sewexcw)lot ekn bro￿. (3sh ca) ￿thdr￿ so as there s a suffiowl collaieral ey£essh￿thin accofftt. kl Cash pledged as collateral sh pledged 35 coIL4ter31 inckndes ￿l¥￿e51￿￿j atyear etKSvth the c￿.5 ￿￿TE iKokv5 WNJ other cla￿terpart￿5 ol Ihe5e n(MJnts is reStr￿ted based uKx)n the C￿￿).$£¢n1ratLUal JEqvWEments￿th eath thEyear"et]d date. l) Amounts due fromlto brokers ArTh)un15due fr(xD brokEf5 incIL￿eCash ￿ve51￿￿￿ts￿￿ Ixjt%%th￿hh￿ Th)lyet 5eitWand Ca5hforf￿rd exchan8econlract5 £I￿ed but awaiting settlennt. knurtts dLe to irWe c35h fr£m whch hwe yet settw and tssh for forward lor8n exttnBe contr￿15 ¢￿se￿ but m) Debtors AnM)unts due fmm debto￿Are Ir￿￿ed at trdFtsxtiL￿ pite. iryjawment. n) Creditors ounls th to C￿￿￿S￿e aithe tr￿t￿ ryKe. o) Funds Desi8roted fLnds are the unrestrcied fu￿6 Ihal teen seiasNle tsa owpose by ￿TruSt￿ Uryesmed fLthThJ5 comwse those furKl5 Trusttts are free to ￿ inXcrrfd￿e Itsith tts th¥itatde C￿e£t￿￿of the FcHJtstK#7. Re5tricied fu￿15 c(Yr¢rw those tK41 ran used I<Kpar￿￿L3r restrKted trtoF4'ecti¥e5 01 the ￿￿￿jation. Restncted hJrKJs artse the ful￿¥￿ swifd as byt1 fu￿$ I(￿ P￿Li[ testlltied purposes. The ExpendatleEnLknYThV)t FLrnI rerye80)ts t￿￿Se8￿￿￿￿eTruSteeslm1￿¥￿ty￿l WNesbnents. IrKLwEonw)¥t5tr(entStsXWLklted Wllhin the EXper￿ab￿ £￿J￿￿TE￿ Fund. When the F(Wda￿ ts unat to ffeet its cCthnib)￿ts Irom reservesof UNestricled Funds p) Taxation The F￿noahon is cengdered tOPa55 lestssetoui InPw3y￿ I h￿￿￿Orthe Frnceki 2010and the￿I￿e¥r rreetsthe dehnition of ? tharitabecoffloany UK tax purtM)5e Acc(Ydkn￿. the Fr￿a￿l￿)n Is eX£￿t from ta¥4￿ n ￿59eCtor incryrei pital 8ains r￿eNed wthin cate80r￿s covered Iychapter 3 Part 11 of IhE CupDWatK￿TaxA[t 2010 or 5ectiDn 256 of theTaxatNJn of ih (￿￿eable GairisN<t 1992. to the extent Ihbt a￿&.￿￿ txwses. q) Operating Leases The Ir￿511rtnt prcothw35 to tenant5 underopeTriwi8 kne5￿th rEnta5 payIEfflmth￿. ha5a&i entered into an ￿ase fijrpkniand machulwy fc UsSnilcc￿tsWJer3LIjk thoJgh the Grou) tse¥x)5ed tothal￿e$ in reydualvèke3t ofthecurr•ilka5es ttre GroJp typKallYwter5 into tYwoppr8tin8 es and Iherefwe ¥MII nrrt mmed4?te￿ ￿kSe ary re￿￿tr￿ n ￿SK￿41 vak at the end of le3se5 Exoectaths alx)ul the future reydu values are reflecied ￿ the ta￿¥*Ye0f TheChildren'$ Investn)ent FtsTrd FoundatioTh ICIFFUKI I Page 61

3 INCOME FROM INVESTMENTS AND EXPENDITURE ON RAISING FUNDS 3 laj Income from investments The in¥esiNwi tilCOtF arises Interest receNed cash rfewAS, iTrterest b•5 and ￿el￿atJIES 15 pcoided. rent otne fr(Nn investment properhe5. 3ThJ diTrMend I￿ornE fromequty5eCvritie5￿Ilin thE p(rtfdohekY by the &oup. The div￿le￿ irthfft i4 recorded31 e%.d￿￿￿o date. gr￿01 for￿En tats.WilknhJM tax 6tt£tydedoi an xcnMtsba>s.All rwtal ittyne isdend from O￿tm￿l mpwties In the Lknited Kngdrnk GrDupyexended 31 De(emb¥2021 31 QeceDJu2020 uss ￿7 us$'coJ 21209 1574 168$ 14.262 3.234 Inrerest income Renta ￿COme 24,468 17.496 3 (bl Expenditure on raising fvnds The eX0en(htu￿ ol rasint lurLds of U5$19.335k120XF. U5$11656kl exwK&tLryE rdating to tTOnègN)g SLI)s•Jaries h￿di1)S wdowmeni in¥stmentS llKbJdi￿ bro*w38e char8es. fee5 and Ir￿￿ts￿¥)i Tr￿aBe{T￿l fee5. The ChlldreD'$ Investmeni F¥nd FoundationlCIFF UK) I Pa8e63

1. EXPENDITURE ON CHARITABLE ACTIVITIES Grnhtfundi Support Co 20211 uss Thx) Totsl Charitsbbe Actlvltle5 2021 us$'cx)D 2021 ussv 2021111 USS ￿LX} aimate Change Sexual & Reproductive Fleath & Rights 213.494 440 18,065 7.707 838 0.183 994 8.984 231.999 92,699 11,531 102,356 1,682 387.976 10.693 95.919 Child Health & DevebpmeTht Child Protection Cross Cuttin8 262 377.242 782.742 2.738 42,771 828.251 Support Total Ch¥ttable Activities 2021Y 20 vssr usswj uss aimate Change Sexval & Res)roOJckn He3￿h & Rffdhts Girl Catmtal Child Health & 0￿()prI￿nt Chld Protection Cross Cutb 151.397 63.226 10.251 83.737 0.431 19.734 oil 281 25 lJ.275 5.836 605 6.?14 1.165 6.786 163.283 69,343 10.881 90.530 7.596 27577 1.057 334776 1053 32,381 369210 IISEEAXeJ

2. ACTIVITIES UNDERTAKEN DIRECTLY The dI￿rtex￿￿KIllyreQI US$2.73￿￿(202O.. VS5105Ww clwtsNethtse5 wa5 ￿r￿￿(IFF5￿￿S5￿', Ith1￿1 a￿ls￿￿e Irainiig toyanm ar￿ otrv aThJ •xl Oss•Th)aMRffFwts on research findings. TheChildTen's Investmtht Fuftd Foundatkon ICIFF VKI I PaKe 64

3. GRANT FUNDING OF AcfIvITIES Sexual& ReprothJctTr¢ Health & 8hts VS5'(K ChlldH¢arth Group and Foundation 2021 0" Chlld Capltal fJevelopmEDt p¥9t￿tIO￿ Cwoss uss'ooo U5S'000 uss'ooo us$'ooo Total us$'ooJ us$'ooo Grantees recelvtnitharltabltyants Becton DKkinson 5.750 5,750 .8 Win Ph131t￿0pY C40 Crties climate Leadership fyoup Inc. CDP 360,IXKI Is. 15500 Clean Fund 6.7CI) 264 6.964 Client Earth 5.455 341 5.796 13.128 Crown *nts DKT 1nteMab￿aI 13.128 4,680 Enef8Y E0J￿8th0￿ Chna European aifflate F￿ndè￿Tr Foundatiiy) for14)te¥national Law for the EwrOn￿nt li.t￿) 42.959 12.500 43273 314 21.955 22.255 Gobal Fund lo fi8ht￿05. Tvbercubsi5 and Malaria 5.931 5.931 4.686 Irtstilulo aim3 e Sxiedade 4.686 IPE Global Limrted 3.618 5.946 9.564 wng 6.247 752 6,999 19.441 Marie Stopes Intematsjrol Meridian Institute 19.441 4.450 4.450 (heAcre Fwtl 5.372 5,372 Other Gr•teesl&l 57h86 21. 7.075 27.120 14.771 128,428 psi 9.422 9,422 R￿kefeller Philanthropv Advjsors Inc 18.767 19.267 4,915 4,770 4.728 &8htsavefS Splash.or8 Swi55 Philanthrupy Fourtdab( Sunrise Proect Tri8gerise United NationsChIld￿n's FutTd 4.915 4.770 4.728 7.164 7.164 8.394 8.394 10.818 10,818 United Nations Populathjn Fur Wodd Resources Institute io.L¥J) 10.0 WoddVIsK)n EtINopa 16.703 16.703 Totsl Rrants 213,494 IOh93 95.919 377.242 782.742 The Children's Inve5trnent Furbj Foundation ICIFF UK) I Pase 65

Child Health Health & and Chl Ri8hts DÈ¥QbJp￿1 Protectfjon Crosscutttnx uss'o uss Th)0 USS'OOQ USSYIOO uss'ooo Group and Foundation 2020 Clinkyt¢ Chan uss'o Tot us$'ooo Grantees reeehini tharitsbltyants ALMA F15calA8enl, Mèkria No More CDP 3.749 3.749 8.431 8.431 OEnt Earth 8.468 8.408 aimateworks Found3tic 3.214 3.214 OK[ Internation 4.988 Educate fsrts Energy Foundation Clina Eurooean Climate F0JndJ￿ Federèl Ministry of Health. Ethiopi Found8iN)n for Interrwtr￿aI Law for the Environrnent 7,250 52,214 7.250 its) 52.374 4.436 4,436 12.754 13.054 3.992 Qobal AllkAnce for 1rryX 36.465 25.493 17.921 5h27 22J24 6.431 15.128 17.921 Splash.or8 The Fbwer of Tr&rtritK 5.830 5.830 3.491 75 3.566 TIE gjnrise Project Triggerise iknited Nath)ns child￿n'S Fund 7.487 7.487 5024 55 5.879 3.595 250 3.845 United NètK)ns Office f Project Services Wilk3m Marsh fv.ce Univwsity wor￿ Reswrtes Institute 8.1 8.150 Wo}r￿ Visim Elhiooi 5£26 5.826 Total ¢hawitsblÈyaAts 151.397 63226 10251 83.737 &431 19.734 334,776 11 The8rants ￿lIl￿d￿tt￿n,￿artstOOt￿rL¥￿a￿s0lio1t5'for￿l k55UwUS$4.thnlJ)3J. U5$3.lknJin 1¢xeach￿N￿rlOTh The forthscbsweol i￿J1v￿Ual gwtee5 145been ¥￿reaSed ￿ >)21 tork¥ewiatKThl wryws. T￿ 2020 d￿￿C￿lre has been re5Ialed to a48n to hwher threshrjd. Thechildren's Investment Fund Fovndariott ICIFF UK) I Pa8e 60

7 ALLOCATION OF SUPPORT COSTS Se¥M& Reprodwti H¥lth$ RiEhts Chm Healtfv Cllmate Chan$¢ uss'TrJo Chl Tlcawta [kVdaprn￿t PTtsteciion Cr054Culiihl ss'ooo uss'ooo Tot•1 vs$'ooo 2021 uss'000 5upportcosts Staff cost5 (Note 91 Office exren5es G)verfia￿e costs (Note 81 Travel sU￿Stence 11.079 3.328 2.242 4.736 501 166 3.370 1.479 7.155 322 27.601 6.619 16 112 28 42 24 1,303 187 Consultancy and contractorcosts Total support costsallocated tocharitsble ad6vltles 1.336 745 283 3,924 1&065 7.707 183 994 8.984 41771 SExual & Chld Heatth Olmate Chan8e ussTho H¢41th & Chlld Rlghts C•iial De¥elwfient Protectfjm CrossCtsttbTh8 ussyx ussytyjo ussTho uss'oo us$'ooo Total U5S'000 2020 &Jpport costs Staff costs INote 91 Office expenses Cyjvernance costs (Note 81 Travel SLOstence 6.987 2.267 1.146 234 3.790 896 342 142 78 4.146 1.185 853 5,410 314 21.530 4.911 2.533 789 107 49 478 156 io 191 78 78 120 cons￿[anCY3ftd C￿tr￿tOr costs Total supportcosts alsxated to ¢hwitabteac¢ivitses 641 S16 556 794 2h18 11275 0.714 1.165 6,786 32J81 8. GOVERNANCE COSTS C￿pyearnded 31 OecembEr2020 uss'ooo 31 DecernbEr2021 USS tui ditors, remL¥)era￿n Legal fees ProfessB)nal fees 296 4.074 70 358 1.919 250 2,533 The auditory. re￿reration. for the 31 Oeceth X>21 s Wil KPTr￿ US5274k1202tr. US5340k>. S.P. NaEralh Ilndia liaLs office a￿lt0[$) US$I<120Xk. USSIOk).MaM (Chinè ¢ffte ￿litLy5) U9$8k1202). U5$8klaThJ MSE Audittr5 Partne¥shv lEth￿p0 office audiLorsl U5$41k1202Q. USSriD. In 2021 nw.audit lee5paxI to KPMGwere uSSnll￿2Tr. US$13k) in relatth to othff prole55ional setvices. ThtChildTen's Investment Fund Founda15on ICIFF UK) I Page 67

1. STAFF COSTS r4wp and FwndatK Group and Foundatlon yearended 31 December 2020 us$'oc 31 tYecernber2021 uss'c Wa8eS 5al3ries Social security costs Other penyon c<)sts 22.701 1.924 i.OS4 16.830 1.436 762 25.679 19.028 Other st3fF costs 1.922 2,502 Total staff costs 27A)I 21.530 The averJ8e M￿thty ￿mber of errvkpKesl￿Sed OTh the I2.{￿th •mpltyKd ￿year totsltrj". 1671202Q. 1321 The $￿ff S￿1t bekveen direcixtMD I3212¢￿. lo21¥￿ iror￿L s￿[￿yt." 3512020. YJ.Tr nutthoferwkryeesof the GrLxJpand FO￿l0￿0n ren￿wai¥￿ paKJ n the hDarKial ￿ar fdl the rdkmi￿ bands were.. Total RenvJneration 8andirs ¢￿JP a￿1 Foundation 2021 Group and Fo￿datiOn 2020 $85k - $99k $99k- $113k $113k- $127k $127k- $141k $141k- $155k $155k- $169k $169k- $183k $18Jk- $197k $197k- $211k $211k- $225k $225k- $239k $239k- $254k $2S4k- $268k $268k- $282k $282k- $296k $296k- $310k $338k- $352k $352k. $366k $366k- $380k $394k- $408k $408k. $423k $423k- $437k $437k- $451k $451k- $465k $465k- $479k $521k- $535k $591k- $605k 17 12 li li ChtysoRP requwes dtsclosureolthe nurtr ol wltyes %tsthtsse ieia {ex£￿Iln8￿￿pW￿ costslexceeded £6(N¢ Ourwl8 the period srA¢ ￿ bar￿$ of El(k CIFF use a fwcbtiw currwcyot USD thtreTo¢ a threshold of $85k and téndin8s of $14k have been ￿5￿1.￿li￿ matffl3lytw5￿te lots G8PSORP rewirews SaLirie5 benefit5 in knd and ¥e Daid In è Thjmber of CLfftncies iKILwJ¥)B GBP. has been tr•W?ted at il aw rateof U5$1".£0.73l￿3J. USSI".£0.78). The [￿tr￿￿ti￿$ ¥1 the year For the of a defird KhETne to rykryee5 ofthe Fothutstion W￿re US5981k12020." US$684kl. Trt nwthref wwe the Xh￿ was 211120x1. I￿1. The Trv51eesLld not 4eceNe thew Se￿e5{￿￿￿E LIS$ni￿ Tr TW5tee￿ expty75es re1M￿r5ed fer travd and sLthiSthtethr¥￿ iheiararyKyJnted to Us$l2k12￿1O". Vsslk). In 2021. iF*re￿￿t￿¥SedeXwses￿erdaLed to(￿ trusteelX12(F. one trusteel. ThtChildren'5 Investmeni Fund Foundaison ICIFF UK) I Page 68

ReowDeratlonofKey m1rwm￿tPel5onnEI 3.248 73 oi Ernpw Nah benÈhts kind. bofiL￿￿. term￿ati(￿ Payments aNJ aTthr tortrNjt￿. io. TAK4TION The froup cornpan￿ CIFF Caiii. CIFF Tra&n8. CIFF fknro. CIFF Nuirition. CIFF CIFF 11, CIFF111. CIFF IP. CIFF GP. CIFFWater. 86th LLP. Ilth LLP and Ch1$wkd￿ rntrealtseany laXatAe orofl in Ihts th¥d¢yeh3be ￿ tèx li8bihty Tre￿b9￿Wry corwarty.Talos. incurred US$lk1202(k. U5$1klof InshtCwarv￿ tax3￿ V5$rM"lofwithl￿I18t3XI2o3￿ U5$672kl In3)21. subsioarycunpany. CIFF 11, incurred US$3k defeffed tax exp￿1202(. US$3k deferred tsxa%ets). 11. INTANGIBLE FIXED ASSETS 31 Det¢mbe(2021 31 De¢¢mb¢r2tr20 USSWO vss'oc¥) Cost brought forwÈr# Additions durin8 the ye AtyearerKI Amorbsatson brwght f(Thard Charge for rhe year At￿alend Netbook value Atyet¢nd The1ntsr¢thaSsett￿￿l¢st0beLHh￿deth￿￿￿￿X1testy0i￿7S?j21.A5[VFRs I02.ro￿j￿sath￿lsrec￿Ie￿ the Int*￿I￿le asset is not reètr Ils s)ieThJed use. The Chfjidren:$ Investment Fund Foundation ICISE UK) I Page 09

1. TANGIBLE FIXED ASSETS Filonv 31 t)Erernbtr 2021 ustrooo Total 31 December 2021 uss'ooo Total 31 D￿￿rnber 31 OttefflbEr 2021 uss'fy)o Gr(wp 2020 us$.￿0 Cost brou8ht fward Additions the v Oisws8Ls durir￿ theyear 6.472 1.558 1.982 025 8.454 2.183 1.428 7.020 At yearend 2H17 IQ637 8.454 De0￿cvJTh￿ brought fLww¥d Char8e for theyear 952 451 952 451 591 361 Atyearend L403 952 N¢t bo¢)kv4uE Atyearend 9.234 Fix￿resand FvAture5 and riMn85 riitkn8% 31 December2021 31 De£ember 2020 uss'ooo uss, 000 C05l broJ8ht Fmvard Additions dLMn8 the year Diswsèk duri￿ theyear 1,982 625 1.428 554 Atyearer 1007 1,982 DepftcKytion brought foThvard Charge for the yew 952 451 591 301 Al yearer 952 Net bookvalue At yearend 1,030 TheChiidien'5 ItNestmeni Fund FouTrJation ICIFFUKI I Pa8e 70

2. INVESTMENTS r￿uP Inve5trnEnts TrÉ westy)l ihe GrM) Instr￿ts35sei￿ Ik4bikiycomr#)y 310¢¢¢mb¢r2021 uss'c4)0 31 De¢trnbr2020 uss'ooo Group FIna￿lalA$S1￿ N0tr5 &wities Inveslmenl tunds Investment yoperDes Mixed motive irwe51rTEnts Programme rdated investments Forward foreign exchange contracts 4.147.104 61.(J)I 71,945 34.265 12.633 17.213 4344.161 3.372,112 66,482 13W) 131d 131bl 11.410 25,439 180 3.475.623 Loans and receN2￿e$ 1,554.9Lg) 2,489.244 Total FinarKialAssets 5M99,121 5,964.867 31 f£ewA¥er 2021 uss'ooo 31 Decernber202 us$'ooo Group FlnrtllLlllltSes Ewity swaps FO￿ard fora8n e¥cWe conts3cts 222 17.619 18 55.154 Totsl FlnancSal L￿￿lItIeS 17NI 55.154 Ywend¢d 31 DtthmbeT2021 uss'(h)o Y¢arÈnd¢d 31 DÈcmber2020 uss ￿00 Galnsluossesl yet0￿[Sed in rel•tI￿t￿f￿•￿￿tknets and Habllltles at￿rValUethv0￿ghthe SOFA Rtah5ed gain￿￿0$5¢$) on financial assets Itabditie5 Unrealised gains/llc6ses) cn ￿arK￿l assets and IK)bl"tie5 645.569 49.345 694.914 14501 616,642 1185.7281 430.914 11.197) Forevkn exchange gainsllbsse51 on finarK￿lI assets 694.458 429.717 Thechildren's Inve5trnenL Fund Foundation ICIFFUKI I Page71

taNe beknwwents Urt￿mEnt of thEVlW a55ets fr¢￿ the 315t of tknrtr 2020 Éo the 315t of Ccember 2021.. Group falrvJeat 31112120 us$'wo IrNestfflent Di5po$4s 8alns/lknsses> uss'ofy) us$'fr)o Fairwalueat 3111Z121 uss ￿00 Costat 31112121 us$'ooo Additions U5$ UK 2.137 1.790.438 318kL17 65.965 1736.0231 1484.8281 12.0851 119.2161 382.446 1.352.359 477.090 1.518.910 erseas Totsl uTh]uoteil 2592575 384J82 11220MSII 12L30 1.734,805 1,996,1)00 UK 66.114 1.345.548 6.801 471.070 72.915 4.CFI.401 66.114 3.292.273 Overseas 3,372.292 11.(Tr7.SCY41 Totslquoted 3371292 1.411.662 11.097.509) 477,871 4.164,316 3.358,387 Total S.964.867 1.79&1)14 12318,3001 456,570 5.899,121 5.354J87 Ill U5$456 s7{￿ thpSOFAqanLUSS69445& ol USS694,914kanJ tatde beky4rf presents therythmwt of assets Irfym ￿ 31siof DeC￿r2￿19 to the 315t of [￿rnber 202Q. Group F•irv4tyJeat 31112119 us$'o Inv¢stmu)t Di5pps pin5111055e5> uss'oc uy'c F•ir7AIw¢•i 31112120 U5S'000 Cort•¢ 31112J20 uss'ooo U5S'0C¥J UK É1)2.558 1.709.CrfJ3 156.839 767.979 111.598) 1616.597J 2.137 1.790.438 1.385.626 1.815.610 r5ea5 196.9461 Totsl uTh4uotsd 2.311561 924.818 1628.1951 115.609) 2,592575 3.201,236 UK Oversea5 3.171.563 818.770 11.042.476) 424.435 3.372.292 2.814.233 Totsl quoted 3.171J63 81&770 IIM42,4761 424.435 1372,292 2.814,233 Totsl 5.483.124 1.741588 11ffj70,6711 408,826 5.964,867 6,015,469 oFUSII.1gTh) iS•JetothelltrtSl¢n r0¥6<IUSS))4.307 LfftStd w0nkntf￿3rd ftwzthinBecorQt¥tsrfUS$l83.470k ¥ed1%￿Se¢ wi TheChbldren'$ Invesimeni Fund Fou￿48t10ft ICIFF UK) I Page7Z

Foundatity) Invests7)erts The ta￿e bdow present5 tITe FoLvNJats)n's inrtma)tcwp)gtK).' 31 Decemtew 2021 31 Dr%¢rnber 2020 UsS'000 InvÈstlTnt in sub¢fh¥s Pr08raoime reL4ted IrY4e5trnen¢s Mixed motive investffnts Loan to 5ubsQiary Fnvestrnent lunds 13(a) 764.2S7 131bl 12,633 13(d 34.265 13(e) 5.931.320 46.438 556,414 25.439 11.410 5.491.737 52.140 Total FSnancialAssets 6.7W913 6,137.140 The tsble bdow presents the movement of the Fourthbm's invesbments hekl at fairvalue from the 31st ol December 2020to the 31st of Oecember 2￿21". Fairvaluc at 31112120 vss'oo In¥estment DIsp05a15 8alnsllknsse5> uss'o uss'ooo Cost èt 31112121 At 31112121 USS'L UK 6.￿1,320 88.989 512.761 19.394 1549.5831 119.6441 082.731 4.597 6.687.229 93.336 6,C¥J4.498 153.721 Overseas Total Ur￿Uoted 6.130J>g 532.155 1569227 687328 0,780.565 6,154219 The ta￿e below presents the mcverywt of the instm￿tS W at fairv3h￿ from tt 31st of December 2019 to the 31st of Dectymber 20YJ. Ftv3lueai 31112119 ussy Inv¢5trn¢Trt Drypti5•1s Eains/V055e5) vss'r Farvalue At31112120 ssyjoo 31112120 uss wo usswo IJSS ￿00 UK 5.491.737 10.699 9,583 202.897 6.LMI.320 88.989 5.491.737 137.967 S.845.194 I5.975.￿lI T4)tal uThq￿ted 5.845.194 5508,436 15,975AOII 751 6.130.31 8629,704 The tle bdow wesents the mo¥ewt of the Foundab"on'5 1rwe5trn￿ts hEkJ at cost the 31st of DecernEer 2020 to the 31st of December 2021.. Cost •t 31112121 U5S'ooD 311121X ussxJoD Di5W￿lS U5S'000 UK 0.831 1.586 1091 1691 8,348 Totaiquoted 831 1586 The talle tdow ￿esents the moverrnt OF fv FO￿￿ation'S in*sth)ents W at cost from the 31st of December 2019 to thÈ 31st of C)ecember 2020.. Costat 31112119 US$￿ Costat 31112120 uss'wo 6.831 6.831 AddltSDns U5SWJ 0.712 rlisposals uss'ooo 141.7631 141,7631 UK 41.882 To¢al quoted 41.882 0.712 The Children's Investment Fund FotrndatioTh ICIFF UK) I Page 73

1. INVESTMENTS (continued) 13 la) Investments in subsidiaries The tsNe b￿0vI IhEiThthDts its Entity Irttyw4iEd th % Holthrrf IJTr05e ProfiVI1055I us$Yx)O 2021 2020 CIFF 1uK)TradN￿ knmited fc1FFTr￿in£l. CIFF (UK) Ne¥￿0 limited I"CIFF NevKoT (Ji Tabs Cawtal l>esi8•ated ActiwtyC(wnyfTa%isl I￿￿)d CIFF Nutribw (UK) l￿nIted fciFF Nutriti￿￿. Enrnt &W5 ic &W5 1(KJ'"' Ic 131 141 CIFF Capital UK LPI'CIFF capit￿.) 1680,924 1549,5831 CIFF Irwestments LLPI"CIFF ItN"I & WalES ify)". 15.945 7.926 CIFF IP Co Lirrmted f'aFF IP 1201 117) CIFF lrtvestsYnts11 Lw)yted fciFF In 12.496 15.707 CIFF Irwe5tmnts111 LLPI"CIFF 1111 191 5.022 4.713 CIFF General Partner Limited IflFFGW) En8￿nd &Wakn ic iioi CIFF ￿ter bmited fciFF Wate 86th StrEet Lendw LLpf66th LLPI & W$ I￿." 11 274 1.070 Ilth AveNe Lender LLpfiith LLfJ Cliswick Rwer%de LLP fchi5wKk Ery￿nd &Was I(￿." 1131 142,127J 14611 1141 517 in 2020 ￿TakI5¥￿Eretr￿ts￿iOClFFC￿￿ A JI t￿m￿r)21. itstot4 a55et53rnknnted io1JS$45.644k120aTr LJ5S17.674W. totsi 14bAth5•TtyrW ￿ V5S45.624k12m VS517.65W. J r¢iasgetswitso¢oLS52tr12m U5$1 151 CIFFQoitalw45 kThteo&lrwthp¢eeo Fkn. T£4 P•1￿¢ imtyJ¥￿To Fuf¢ bntÈd. It Wblen e51ab55hed 1gh&d Irht%trnthta5Sets PartnwLmr￿1Éd￿ Be￿apartner.C1FF C•taiat ¥itM)￿s3Cts lats.tD￿￿4￿￿e N31 [￿￿￿￿)￿1.￿5￿3￿w￿T￿tD1fjS6￿7357?k12OXTrU5S6.J40j0Bk1.lCtsI1bI1tieS 10 USSS.992.648kW•I LWS&gQ785kJJMtnEta5setsaiKxrAedtoUSSW.924 l¥MY.￿S￿?.S￿I ￿￿e￿p￿clFF hwwa5tr¥dwed￿OFFTfyiryto 3N¥l.wtitsoatiTmeThtsin OFF w.CIFFIII.86th LLP￿ Ilth LLP. (91 CIFF 11 wa5ifKwr￿atro¢?￿2oNThTth X19fiffMt2d￿1Ity￿￿0?d￿￿LYl¥￿TIbtsw￿0FF11 toWa5setslruntl P>lfokn CFFII ithiedl4djtyparb7eivbe¢hwCIFFC• •OFFlltowassets trtym IfAe5bTreMDythYo kn M2o30.tr¢r•t￿￿j4L￿tyfft%r￿1Jt1*¢￿oFf CIFFII ￿inte[EstIn e￿0V￿r￿E1$SeifIrffjcIFFcèV44 IIknA¥f TheChildreTh's Investmeni Fvnd Foundation ICIFF UK) I Page 74

13 Ibl Programme Related Investments FoJndation dasfied these IrryeStr￿lll$ asa fpRn. 35 fortnakin8tke i)vestment is nol financK41. to furthw tt ￿leCts ofthe FOUndah(￿ invested USSD.4m1202LF. US$I.Sm) n wogrwrrfT retste(l fund5 the year These in¥P5tn￿￿l5 SUtpJrt the charita￿e oty"ecb%fs ol the FouThlatl￿. The F￿r￿lat￿￿ comnNtted VSSTJ.&)).dwthith VSS0.&n120￿. US$1.Qkn) ￿mainS¢ut5tandinS to be drawn dovffl a5 at 31 tkcember 2021. In 2021. the FnI203).US￿11>rwNa1nS0Uts￿at￿￿t0b@ drawn as &131 C)ecember 2021. The loanwill bt repa¥J durin8 2￿22. Tlre is no XCfLÈd inieresi and ￿mpalMEnt recorded a5 at 31 December 2021. 13 Icl Mixed Motive Investments The ￿r￿jaD(￿ cL3ssihed these IrNestrr￿J$a IrNe5trMtrsfMMn.35 fUrt1￿cIF￿5 t￿rita￿e ams èsvlell a5anticiwle fi￿nCIal relum5. In aCCorda￿eW1th CC14 Ictrwties d vl¥estwt ftk)Itws" è tr￿. the ￿5thed the ol prfvaie be￿ht to wties c￿tea tr4 irhwng tobe rea￿)n￿b￿ 3rKI 4)m￿te. The Foundation inve51ed US$2? 2m12020.. USSIO 7tD) t(wwd5 Mi¥ed •￿tI￿rtS in The Folnda￿ffi iwe5ts in e3dy.5ta82 cryan thai have the and the h￿h.le%el ability toad[￿5 81￿1 heakh chalkn8es chmate ¥)d fth)d and nuiriDfyi issues whKhareCo￿sLeD1 wth the(￿￿5¢tIec￿S Tr F￿n￿a￿c￿¢￿Tffitted US576.1kn12020. US$32.Om) t¢Mard5ffNX￿j in¥e5tmenlS. of¥4fiKh US$42 7m12020." US$18.&n) rema￿$ outst•NMÈ to te as ai 31 De￿M￿l 2021. 13 Idl Investment Funds A5at 31 Oe[￿nb￿2o2I. L¥¥4uoied YNesknentsefUS$46.kn(20Y>. U5$S2.2m)￿Je0uSs43.9ffl IX>20.. US$43.9ml nan ￿￿StMent1Und Where the assets e ￿￿er£C￿lS[r￿IX￿K ts lvalJe ctt If￿b￿l c•iTh)t be rdwtYYdeternMned. the dirttiors are rewired io make their best estimate Of the 13WYdlue. WhefE 5ufknt ￿pA￿ss has Een ffde s￿h that a reaOtyasctytsirtAe Marke¢Val￿ can be (blai￿ fty the ur￿￿￿y1n8assets. the in¥e5tr(wi fvJr￿ i4vW at larval￿. Farvalue ¢$ delem¥￿ Us￿￿ 3 corthnamn of %eluaDon fflethothk>8ie% wKbJLID8c£xnparab Weced￿t its)sactico)sl OscoJntedca5hllrtrth KeYSty79bWt￿ I￿kAdetirr￿rBoffutU1￿C&th flowsand thedixount raie vsed io deiermine the net tsf future c3sh fk>• iknqvoted investiw)tsatso ctsnryised U5$2.&n1202tr. U5$8.3mlofil%t5tnEnts assets hEkl w(th èn uN￿￿e(S irvesknn•)t fund. The inve5ttnents a￿ he￿ at ￿￿ket￿L baSed￿tr￿L4l￿ reFKM tythe ifNe5tywifund a5at31 t)ecen)er 2C121 with aDy8ains and losses ben8 taken to the SOF 13 lel Loans to subsidiary The FcurKlatioi loa￿ U5$5 93 bllon12020.. V5$5.49 tAllhyltoaFFC4xral. F(Kndat￿ ts the scle Inytedpartnerof cIFFcapi￿land 15 the0n￿ptnef toarry return Irw4 Vwestti￿t assetsot CIFF C¥Aral. TheChildien'slnve5tTnent Fund FLwndalion ICIFF UK) I Pa8e75

1. KEY INVESTMENTS AND UNCERTAINTIES For In¥estrfÉnts n the helJ at law vakJe. rNe thue mty be ifwts %1 ￿valUatiOn ol these invesbTtnts outlined bebw. The fdlowwi8 tab￿ presenis te(I¥w5 ￿ sywfKar LwthserwdNe i(wts ￿e￿ ILY unlisied assets and liabli itiu. Which￿ fflea5urEd al fa¥￿E1Ve.35 at 31 Oectynber 3J21 aThJ as al 31 Oerefftr2ry2D. 31 D¢%¢ftw2021 Ra￿e0f estimated (weighled a¥eragtltfir uth)bservJble input Sensitfvity to thngts in $18nithcnt unob5ervable input Fr¥alu¢¢ 31 December 2021 vss'wo Valuation method SiKnTficant bservabk inpul Assetcate80ry An increase in the dtscount rè wo￿￿ iesull in a kyl￿ tèir vèlue Dscr¥Jnte cash 9.10% to 23h2% Loans 1.554960 Dsccwnl rate An oitrease wi the rate WOLld resull in fair value Dr￿cl)￿ed cath flow In¥e5tment Fund5 57.S75 D￿￿)Unt raie 31 Oecembei 2020 Ra￿ of estiTr￿ted IvRi8hted avera8elfor unob5ervable Sensidvltyto chan8es in s18nlficant uThobservaE4e input Fairvlu¢ 31 DecembeT2020 U5$'000 VaJatlf method Syificant unobseThable ￿put Assetcate8Ory An increase n the d￿t￿nt rate wodd result in a Iw lair value Dwounted cash flo 7.12% to 20.74% Loans 2.489.244 "scwnt r An increase n the d￿C￿Jnt rale w0￿d r￿Ul1 In a Ityer lair value D￿Ounted cash we￿ Ois(￿l raie In¥rstmenl Funds 57.575 When leterminn8 f31r¥alR LtsesVallD￿ technk2L￿ Lhat use ofol5erva￿ vwts arKI mrimi5e the use of unc￿￿¥ble valuab￿ iechnws L6ed 10 detrn we c<YB#Y&E(I to be ¥ryoach. C(Xnea￿rOach wowde5 In estimation lrvak afan irNe5tment ba￿ expEctatK)n5 aLxxJt cash flDWS thal thE nve5tmenl uld 8enerateover The Cwi used the yiehy calitKatsJ) to deri¥e the rate5 oftr ban investments In wplyin8 the Yidd Clibrar￿ ffethod. disc¢xnt raie tyfvst esti￿)￿? the imphed ydI.to.r￿It￿rty. viekl.to.￿t as ol the LAiestdatew￿re the loan Mve%trnentwaswwoW inan arm'sTvdthtraracroiltsYranskn)ft0al.Theyie￿ asofttTransacrw Oate rKovidE5 an [b5￿vat￿e mw45wettwt ol [{￿p￿t￿ a market tk¥tipani re0J1￿$ to hohj a secL¥)ty Q4lfyin8 trnnsxtions otten cortsist '.111 the initial pr¥r4ry tr¥wctI￿. (21 Secor￿rytranW￿M￿ dI3)netyJm￿ts￿b￿e the was [t.pr￿trd. In addition. ¥ipJts useo under the yie%J calibtstitr) ¢Trthod i￿1￿￿je assessfi￿ of the credit S￿ead of ￿￿0￿ra)le securitie5 and hid￿e5 andchan8es in Iredilwality ofthe Ix)rFIMwa5 at 31 Oeienkn YY21. th(￿h ltrtc￿Jp bdwes that its esti)ièles cl faYvaie•E ar¢wiatt theuse OfdrfrerentthtW￿ W8SSL¥npY￿ns ctyJbJ lead to differert rfÈaswewts offavalue. The that ofdifferenl TrElhCd)W5wawrnpt￿rf￿41 detem)•)i)Èt￿ f¥vakeof the tye hrwal i1￿tr￿r￿7ts lo imrwrerial clww Il ta￿￿le. The fyow'srerrfYhTh8SY5tews the nalwed 1he475tnMnert5￿ ￿accL￿atety￿ty5e￿ lotsl amual arrourts o18am5￿055es are att￿￿tab￿ to (￿ble3￿ ￿[x*s. TheChlldTen'$ Investment Fund Foundais0Tr ICIFFUKI I Page 76

2. FINANCIAL RISK MANAGEMENT Principles of Risk Management GrtyJps iTheslnnt WQ8raffKr seeks io maY#nr the rEtwns of r￿k 10th￿h ihe C￿P 15 exp05edand Se￿ to rise p¢thiknal ad¥Er5e elFe£ts￿ the Crfwps finarKial rerfty)we (trt"hpsbwt PiCer￿7. GtfMJP has awtynted an InVestr￿[ ro pr(We investn￿l rrwiwrwt swvEe5 in relaiion to the ocrtldo of ￿vestments it hdd5 These serhices. as part ol thtr investpwi nwr38ewI aÈie•wt IttrÉ"IrNestWl ￿n￿eN￿nt￿lleern￿l7. vKlude M￿lÈOr￿?8 and ￿n38￿ the Hsk5 aSs(K￿lted with S￿h ir￿LIT￿ts th￿￿ thp of the InvesbW)I Prov￿n[r a5 asrEed %%ith U FtyJrthtion's Trusiees. The Group's Inve51rnent PrOBts[m￿5eeks todhvyfy45 ¥Nesb￿￿￿￿￿r￿gF￿5sEt￿a5s￿ Ythtry%ct(¥5.andcw)terp¥tie5.￿ also io litrNI the use of knrase ￿ off Sheet Com￿￿tInents. Al inve5trnenis m•)1 a risk of loss¢f cwi. b5sof debl 5ecurth5 is limiied to the Fairva￿e of those positsixis. The rwrKim kJssoftatyl3lon wtrMts£arried èi ￿)rtse￿ cosrLs can￿￿&Val￿oI those iwtmttlsaswdl asanv 3550cwled ¥CFuEd nte￿streter0tyte.￿vmlLe￿cal1{￿￿s. tstOty￿￿s0ne(NlItyB￿Odtb(￿￿￿Cxtthem￿Xmwm b)ssolc¥italc8nbe imired.TrE Trlxirmm loss Orca￿1 ￿Writt￿ put (4ltxm. eryity swaps IrThiar(S forei8n exch&￿ cmlracts 15 lirniled lo the (￿tract values of those kTh)SItrty￿. For k￿$ securitres vknch #Korptye a [VbJ￿c￿rnltsT￿nt tI￿re isa nsk of wiial in eKe5s of the ctrry￿g anou)t of those oosi1ffi50n the c￿$￿￿ted 8aW¢e Sheet. The ￿ wbe ro settk trese commit￿nt$al¥ tyme invest￿￿1 ts impaired tt￿er<￿e the k>55 is to￿ clctsnmilm￿ls as (scW in Ncts 22. GreLP is exkM>sed ￿ coerational rsks>Jch as Settl￿rnI aThY cuslctyrisk. rtsk is risk of kss ol firwoal a55ets and liatxlitie5 held in CUSl£yJyocca90)ed by the insofvm or c¥ the cusic Furttrwwre. fyow5 15 to m>)a8e prKe ar￿ cBthtrff4 aml 5ektYJ) L￿Se¢￿Ille5 aThJ cther fil￿n£la1 in51rutnEnts withAI specifieo Ivnits sel the Investff￿l tlDsraM*. Thechildren's Irhve$tmentFund Foundation ICIFF UK) I Pa8tTP

Market Risk I Pvice vis The Gmup is ext￿￿ 10 secufiDes r￿k ¥¥J ¢knvath p￿e r6k. This xse5 from Thest￿￿¢5 hèhy whKh prices in the lulure a￿ uncertain. ￿re rK)Th-rrwt•vfwcial irstftJr(wrt5 5Lth as ewfy se£witieswe derwmnated ￿ curre￿￿ rthr than the US dolar. the Inirllyexwessed ￿ ftrew) currtro then Cor￿￿￿ Into US dollarwll 0 flurtuate because of thanges in Iceten exchan8e r3te5. Para6raph (bl'F(￿eV6n exilLw t￿. 5et5 [￿r this conyjwi of (Mi￿1$k is m￿8ed atKI measured. The GrtM)'s polwis to r￿￿￿e pite risk tl¥wh d￿e￿￿all(￿ ￿ 5ekntirm of 5ecwts and othEr in5trufflentswthin spetified limits 5etty direttor5 of the Genw31 Pwtherof CIFF Capital Ml the t4DVThYt. The InNfstJYenr progr￿ThE contains strK¢or6 on wa11 market e%￿Th￿ It￿"Exp￿e Pcknl The ExpMe fkyreathorall exposure states thai matsl exp)su slk311 not exteed l(MfAof the Reference NAV. The of the tern).Refere￿e N￿￿￿thi7 r￿ p)IKs refws 10 vÉof ttnet assets of the C¥oup. Èx£ludir aty rkn1i8ati{￿ ￿der the Delayed Variable Rate Trkjtes The Investment Prwamme 5eek5 to the fywp'5 expowre lo price risk ty anatyyn8 the inve¥rnt C￿11(4￿ seckK. The tle below 15 a 5urrwTrary of the S￿l0r a￿ in the Reference NAV the puro05e of rMnit￿Ing the investM￿t re5tricDons. %of Refeiefice NAV 31 DecefflbEr 31 Dece Sector 2021 2020 Industrias Reèl estate k)èns 24.6% 32.2% Informaiion technc408V FinarKia15 Consurer dBcre1￿Th Other 12.2% 6.6% 6.5% 9.4% 12.0% 95.1% 98.5% The para8raph bd¢yw swrrfnarl￿ of ￿ fywp'sewitylthe"Equity IrweSt￿t57 to equityprice detroe(J IN 8resgn8 daIly￿lUrr￿ ￿ I￿￿0v0.5 Ewity I￿lM￿sagair&LI￿d¥￿￿tth￿o1 ￿ MSCI Wcrf%J Eoitylndex irKlu(fin8reldKvideThYs reinvegied IBkxJnbe¢g Dckef"NDLWWII.wl ir￿￿effect Of$Th￿￿lts ) fore￿ cLrew ey￿￿&e res C￿ equlty price5. asat 31 Dttember 2021 a￿1 31 [kn￿b0- 2020. The analyys uses atithrfetic of ￿ èbsolute of the afBnedith lheGr￿P% hnartial year the fswps nceptim bsan e5hmate fo-lhe r&i￿￿vpE>sSltiIe anrwl mve In81(>al eryty wKe5 F￿31 X)21 thi5 ￿ 11 3%12020. 29.5%]. ThL4 ￿￿esents rhe W esbnple ofa ￿a$of9b1e Gossé) shift the Indexwa cerKNJ of weveaT. to the hi5￿Cal £ irwJe¥. ai 31 2021, the e¥ffjwJe t¥ theGroLP to Ewity ￿￿t￿l￿WaS uS$4.x￿.233k 120XF. U5$3.372.112k). In 2021. the beta of the Group'5 Ewltylnvestff￿￿s38¥$I the Irth ¥￿0.54120￿1. 0.841. The hye5 bel(rw8we an e5bmatio) ol a re?￿nable rossl)le chry ul the Fairv* ot ts rsw's Eouty IrNvfftntstr4er of ￿year. usirE the beta wdkne 5￿t￿l atThE. 2021 2020 uss uss'c#Jo pl￿￿ted effeci (m C¥oup's [qL￿Y In%stsw)ts of an In(¥ea5e n the 258.1( 831.599 P￿d￿ted tlfÈtt on Grow)'s Eoiity InwEstrwits of detsEase in 12x106> 1831.5991 Thechimten's Investment Fund Foundation ICIFF VKI I P¥e78

The Index has bew used 35 the refere1￿e wint ¢JelÈxm￿7irÉ elfect of risk ￿ty.The InstM￿l M3n38er does not mana8e U)e UW'5 Yive51fflenl 5tratEEY to track this arry other W￿¥{arextw[￿l benChI￿rk. The sefisitmtyanal￿s presented sbased uptyi the Eavily hvestmwts 35 at 31 X>21 31 CcwYthr 2020•NI hstortal ctyrdè￿n of the ￿turnS From the curibes tLNnpri>n8 the Ewity InstrrÈnts ￿ the I￿ retlWP5 TheciNryxJ5It￿ of C￿l￿p.5 Ewity In¥tslmeDts. and the ¢1￿10tiC thewl lo Index. is exoerted to (￿Be0￿ twY. Tr sens¢Mty¥pa￿lg￿eO8￿aS èt Ji tk£emLr 2021 axJ31 Cktrmber2020 ￿ rKJt necessari￿ ￿dicative of If elFecl thecw's y￿￿til￿5 ffltP4rnts ￿ thE ￿ve50f the kndex. Ibl F•reiincwrertyvl Group OkErates Intern3iT(Matyatxl nvy)ewaThY assets d•Krnated in currerrw othey than its functional c￿rency, ihe US dOI￿r. FO￿l8n curferKyr6 as defi￿. ari5e5as the v&ue of fulure tra[￿cho￿5. rE(OBnFA monetaryèssets ènd n￿netsry lilli￿ den(minèted In Oihercurrertts fi￿l￿tethe ioch3n8es ¥1 forew exJwn8e rats t3Ne bek>w 5how5 the £¢￿enEratIOn ol assers and liabiliiiEsdeThMnwted ¥1 Other than ￿ US doliir at 31 Dece￿)er 2021 and 2020arKJ has been analy5ed bEiwetr) t￿)￿arn￿ nty7.r￿ne*ary itoms 31 Oe¢embv2021 Net forward exw5ure Cutyency AUstra￿n Odlar Canèdian D(Alar ussy usst uss'(JJ) 117.777) 1548.(K>31 ussr 117.7771 163.059 189 445.171 987 12.2291 92 1315.5791 115.1821 12221 146.1901 662 710.4a) Chinese Remnit Evro Indian Rupee J3paneseYen Keryan Shillin8 Pound StedinB Swiss Frar 189 393.070 1495.862 11.443.761) 12.2291 92 189.057 1504.6361 115.5121 Taiwan C&)Iw 12221 PO￿nd Zloty 146.190) 31 D¢¢wrdJv2020 Net Monetary forward expDsure vs$ v)) USS tly) U5S'L 15.0521 1451.6241 uss wo 15.0521 79B24 84 Austr8lk3n Canadian Ddlar 597 5J).851 Chinese Remnit¥ Euro 382.486 1.5S).734 11.477.971> 435.249 208 Indian Rupee Japbneseyen Kenyan Shillin8 Pound Stedin8 knss Ffar 11.5681 11.5681 133 1173.2061 340 133 816.563 340 1989.7691 The thildren'$ Inve5trnent Fund Fout¥Jation ICiFF UK) I Page79

The follow￿ tab￿ show5 the 2{￿ day h5toKal ￿)lati1Y rales betwten the US a range of (wi￿￿5 These rates prthfjde 3 bp51 esbmate ofa poLenti81 mtyt in tt exCh￿￿e tste ptricx1 of 12 a5 al ￿ statwthi of ￿SitiOn date. 2021 2020 Historital volatlityrates 5tralian Dollar 12.X) Canadw Dollar Chinese knminLx' 7.01 4.71 Euro 5.72 7.57 Indian Rupee Japanese Yen Kenyan Shillin8 PoLmd SteAin8 Sw￿Ss Frdnc 9.21 7.12 6.53 11.08 7.39 6.51 NewTaiwan Cknlbr Fb￿[￿ aoty 8.71 The tab￿ sumrnar￿ Ihp of wKTea5e/{dff￿5e1 Il rt assets arfyrB frfm an i)crease/ldecttÈselof the eKchèn8e rate line with the abo¥ew)khlty rates. vAth lathervarkAe5 W c1)n5￿1. The belowwe5ents tt￿Cha￿Se5 in n21 a55ets for each £L¥rency in their ab￿lUte values. 2021 2020 ch￿ in net assets Australian Dollar U5Sr 11.61K)I 11.4X) US$ YI 16211 6.737 nadièTh Dollar Ch'nese Renminii Euro 25.464 32.948 18 11441 Indian Rupee Japanese Yen Kenyan Shillin pout￿ Srerlin8 4155 Frar New Tawan Ck)l&r Poland Zloty 11231 120.607) 19881 IL9.1911 25 14.0231 TheobiechveoftheC￿w[>5c￿rre[Kvr￿rnWseM￿t ￿>￿vIsIoa￿vts)e to￿Tri￿rA1[￿￿&tE werandminimisethe risk thai its r(h￿Ill8 ￿￿eris red￿ed 35a rEsu ol I(￿e￿n ey£W8e rate A￿luati(￿ Tr Wwesitr￿rtW￿es5 fiKuse50n fundamEntsl sy5temaLic Facto￿ The Invesimenl m￿gerr￿m>)11tyS the£Ur￿cVf$kOl basi5aThY to￿ F￿4rKe.A￿￿lt In￿trr Corfmittee i a quarterly ba kl Ir+terestrateYlsk The Grwp hohls interest.trear1￿3￿tsar￿ as cash ar¥1 Yi wilerest rate5V￿)Ukj nge the ar￿1t of initresl ly pail in ￿￿tIC￿ to tt baL￿e5. The Grwps In￿t￿nts in kkn5 3re al fair￿￿. lThdereMAlw￿ fawvabje. ￿ Grw usthScty￿ted ta5h fbw tecMNue5 and fewgnses incfNr ai è rate based U(￿ the etsecti¥ ￿te[E5( taiEof all eKcted cath flthstyer ￿ life of the ban. Forall k)an inwestments. thedisco￿t rate ￿e￿ th thÈ raflxat£d met intE$Lra￿aThj tharees ¥) credit wèlity ol ti The fiA￿li¢t8b￿ thef¥thM)5ex￿)#wekn interÈstrats It categorsed ￿thee8dierof contractual re.￿CK￿ and ￿￿￿fydatey rKew)ied is based UKK¥) cofftyw)gti￿ of the &<vp's assei IrdbilirÈs al 31 December 2021 an(5 31 Deconbef 6 rX rtte5sartyinrfKaii￿Qf the etsl on ther￿￿.$￿t arKJ l￿bIl￿eSOf futu m¢Nets￿l vi ￿terest raths. Ned Na Ihterest beariTr8 uss'ooo < 3mtyth 3ffthiths -lyear vssyjoo 31 December 2021 seTrsitivt Us$.￿ Ttstsl USS'000 US$￿ US$￿ Cash at bank and in h￿d Cash pledged as cdtsterat knvestrrent assets/lliabilib"e5) 424.1 14.770 424.160 14,770 5A99.121 1.554.9 4244.161 Thechildren's Inve5tJnenl Furuj FoundatiDn ICIFF UXI I Pase 80

3mpnths Intere51r•te Interest bearlnl US$￿00 31 0¢￿mber 2020 Total uss'ooo ussD)o usstr)D uss'ooo uss'ooo Cash at b￿k in hand Cash pledged 3$ collaterJ InveStment•ssetslOhitsliti￿) I￿.371 95.016 104.371 95.016 5,964.867 2.489.244 3.475,623 Credit risk The s exr05ed to credit r. i% d15sk thèitr p¥ty LO a a th¥oal loss forthp otlv party Pdiling w d￿harge an dYi8aMn Trefywp s akn eAry>sed iocoKentr3tiDnii5ka(KJ the cteOI ctyYwtrah)n ofdett Securiti￿ based on counLerpartiesaDd ityJJstrs. The GroJp'sapproxh ￿ mw&n8 cre&l rtsk reccenise5 that there risk ofknse ¥npatt re5ulbD8 fftyn fluciuatiws in c￿lt quality ol tlird parhes KKluthng def￿￿ rar¥¢ tfdnyrity) uedii rrorfei￿ts. The C￿5 credit pr￿Cl￿1￿ th￿sh All of the ban irNestmthts a￿ Se0J￿ il nKslca5esawt thsvl 355et5 Tea estate and pnwerty. The value OF the 5eiwity rdatin6 10 a H}vestM•￿ tw beccrf(È ewal tow less Ihan thevake of tt￿1 il 5ecure5. A(Cordin8￿. n theevent a defauli the Grwo may I￿Ur a k)s5 afterall costs ¥ELitY toobtawgJ selling secLHtd assets hbe been ten inio accwnt Althw the C+DJp rfW)nitors the valueol ￿ ￿ured awtson a PWKth bas￿. a5 therE 15 no active matkEI fty the posthts)s, their rtsk is man38ed on anexpDs￿e basis. with wt than 55%of Reffve￿e NAVIO te1Jrkn￿ uth kian5dawfiedAs Real E5t3tp Debt las(Jullined ID IhE kn￿l￿ent Mana8•r￿l￿gree[nent). tkn io thE thKiuKJ naiwed5￿fi bSa)d￿￿e￿OtrlSSaltthd inclLKli8rrnpertydtstbtxneni nd concentrab(hi r15k. $v￿lfi(￿n[ k)sse511xAd arise. Loans 131 Oecember2021. theGrixJp pASv￿￿oiV5si.554.9(IIJj2ts US$2.489243kl.The kty risk ￿￿ri)S toeKh ol these bans is the oossbi ility ¢NIt the bOrrO%w￿lInot repaythe ¥￿er￿st fKi4cipal relatitvd lo loan u) fLII. To ryotect the &oup aga¥)51 this pts5iblityef def3ulL security is SOJ￿1 fron Ihe tW(Mero￿a$SerS wcth rr(Ke tlkin of tyJtst￿L1rÈ. Thts security r￿￿71¥ takes thp form ol real estste assets in dèvekwed t￿rtets. The Cthjp woiitors Ihe value of a5sers tAed8ed a5 security by en8atin8 independent extvts to Lyovide v3lJation5 on the a￿ts ￿ a pervmk thisis cortsic¢s metrics S￿ as ￿an.10.va1Ve￿1uan.l0. commitment ftuo. Throu8h the 355ets a8ainstwhbth the We se£fftd. C4oJp has •) I￿￿e£t ex[￿ w redLrtirffj in a5setvalvabDfiS a5 b resu￿ of a market crashw Olher tail event5. Thi5 rna¥re￿AL in the kntutKIETa ￿ br¢8reater ihan the￿ue of the secwed 3ssets4nd rea5e the probablty of the h)ans 8tyn8ln￿ defaulL t¥E8thes certain coven￿15. These are agreed on a bags at the ￿ls¥￿1t10n ofeach (Jeal arxj fflay Include as ￿an. to.￿lue obo. inte￿1 coverand othe< p¥fOrF￿￿nte based r(eirts.As¢Y 3) 2021. the borr(￿ ￿￿erI￿ wvatdy pL3ced estsnent lisied was ID Niatuial of its ban C£￿￿n•￿(20y).- Lwol. resulDng Ml multty wts ol ¢efauYc trwin8ar15en. ctrt3h enfwcemenlactyoi terÉ tak•). The wiV3te￿pL1Ced k)3n )Vesbn￿[hekl 86th Streei LethllPwa5 10 ￿rch 2022 ala h)s> As a result OF this (Jisw5al. on 10 March 2022. CIFF Captsl rtceNed a of u5$56.9)Sl￿2. Thve sadiimwh45t the 8U3Trrt0ts for tht rEThA￿lnE awunt. The Group a￿0 seeks io obtain iert3n 8uaranlee5 fr￿Tr c￿1 affi147te5d the Lyxr￿Er. Gu¥anlees Iof'comple￿n'..¢8rry. and 're¢￿r$t oblEoMr6' 8uatsn￿e lil the Ir￿.￿e completyoi of relevantprDiect lor the pay￿￿nt of an ffju1￿￿D1 èmuni io the rthr to albw iLto completel. lill pawl￿rt L￿tarry¢051$ unDI ttrÈeadwof k)an re￿?￿nrarnfj CtyTru￿etion1l￿kn￿ns intere51 ard cosisl and liiil a)y b95es incurred by the ￿der￿ a ￿s￿1t ol sp￿ffied ￿t50f the ImYru￿{￿r2L1ted Fth5. ThE re￿tÉu￿tty5 a￿ usually reouired to sabsfy a minimum nethyrmth a)d 1Kw￿ltyc(W￿￿ThL Counterparty credit risk The Group 15 abo exwed to counrerpwty c￿lt r& tra￿￿￿1 d￿Nal￿e to￿t> £ath and cash e9￿￿nts. cash p￿sed 35 collateral. atnL4Jnts the frtsr brokeT5arvJ other re£eivable ba&￿e$. (kne eltrneni of Co￿terQartyCred1t risk ￿ thp of the ¢￿dit rahnE5 01 parti￿ al matvial aTrKwnts (kn fr￿ twoNw5. (ashar￿ 5txwt.r￿ (tx)sirs are hdrs bYpaTrs%￿th 8 credit rating Al/wt The ChildTen'$ Investment Fund Foundotion ICIFF UK) I Page 81

Trt HnHlyys bekJw 9sf￿rtses &w)'sexrxrAJre ￿tO￿t￿p￿ty￿e￿it 31 tkcts)trr 2021: Credit r¥lMy¥t 31 December2021 Credltèxpostsre 31 Oecember2021 Counterparty Is&p) us$ 000 Assets HSBC Bènk PIC Al A+ 415.305 9.630 32 9.670 92 6.53% JP Morgan Chase U8SAG o.Is% Bank Al 0.15% ABM ￿MIled Wells Fw80 Bank NA Qt£o Bank NederLand NV NIA NIA 181 Awash Bank NIA NIA 434.925 The anatysts summarises theCTh¢s exposwe ai 31 De£tr)ber 2021". Credit empo￿¢e 31 Oecernber202Q 31 Oecember 2020 Counterp¥ty is& ussTh Assets HSBC Bank Pk JP fvbrgan CTr￿5e UBS AG Al 190,316 15.632 146 J.171 133 3.16% 0.2S% Barclays Bank ABSAGroup LHnited Wells Fargo Citco Bank Ne￿er￿[1d NV Al 0.05% Aa2 NIA NIA o.Di% 216207 3.47X C￿dItrI$k tsèlso m￿aged tyarokycoitaW ITh￿ Irhtstfft￿tPf[y￿ to w•raffiexpwre5o4Ywoneco￿I￿Qartyt0 less than 15% of its ReferKe NAV. In Ihe of an¥tMvach ol the atThe rEStr￿t￿5 mt reffl￿￿d Wit￿ 3txJyne5s ￿ OF date of tKeacN F￿n￿at￿)rn managerrtnl strwll il ￿￿5￿e￿we￿)￿deIerfflre seektoth0byh￿￿￿t￿e.4 rectificah￿Oflhelre9chWlthln In ajdtityi the rest￿t$￿tSex￿XYe ro uedil k)$5esm the trad￿8￿er1Yakn¥e rtIKikJ5byincWbi8 nettirBagreements with countefparrÉs14)kYoved WÈYsl %silhw4KNn il ￿hl￿e5 a si8nifK¥t of Tlw netbnB do not ￿￿1t in ￿ otf5et w the Cw501th1ed eL a5 are uwaly 5etiSEd on a gr05sbasi5. PkNYever. ￿ credit risk assoiiaied wth favourabcontractsis￿lre￿ iyreitin8 totrextwt1hatil3nwtof(FathtlKcvf5.al￿W)ts￿Ih￿C(￿nte￿￿tya￿etfftInÈ￿￿and settw ￿ a net basts. (knuo'5tr4uJ- l exrN)swe to crerfrt risk ￿d￿tt0 4 sth1anti￿ty￿th1n a short p¥iL¥J, as it is affected ty e￿￿ transacti￿ 9￿lect to trt arr￿T￿L i tr￿Sacti￿$ m listed $ecWb￿ a￿ set[wpa￿ rsk ofdefault Is r￿S￿ered mininèl, ès weryofsecLKiti sold $ onlymJeLMYe lheco￿tVparty￿?S rec￿ed Pa￿rt L4ffl>￿a (The thesecwihes ha been recewed bv thefvp. The trade fèll if tyther party fls to t￿t its£Avdatitr). Grow has ¥rrt)wited HSBC e¥k pk fHSBCI as CU5tthlk4n and rytyiderof thrsemces IinclLklKw LndEr the terms of the HSBC Pritne CV5t(thtrn￿t. HSBCwillxt asb•1￿.0Jst£mI￿ èrJ rme tXOkerof cash $￿￿nbe5delIWered HSBC a￿¥4111 be fOr￿elpt diStXK5et￿l0fCth￿ ithalfof ihe C￿(mI￿. lor the r￿1p1 and safe custotyd ￿&St￿tron securitsoflhef4oup and f¢thettanSfvof￿ur1kn￿ TheC￿ ha5 both acuyrAYyaThlcolL4teral xcoufilwith HS8C. HS8C %%ill a150 prO￿ld￿ finanting and setwibes to ￿¢4￿Jp to the H58C Ctht<tsfAweerwt cdlateral ￿VIred ro S￿￿￿tanY finaro￿.5ecUnmes ￿nd￿8 arott￿ex￿￿ME of HSBC to thpfyuJp%wil be hdd in the co113te￿I aC£OLM)I with HSBC in naffÈ ol the Gffwp. At 31 2021. 99% (202Q. 94Wof cash •ThYcath W8eOa5 cfAateral * m¥estr￿l5￿ere pl¥ed in cUstOdy￿th HSBC Thethildren's Inve5tmeni Fund Foutvjation ICIFF UK) I Page 82

The Group has akn 3pp)inted UBS as a prwne txoker The WHmetycwa8e U85AG stst￿ that the counLerptyhas the ri￿ lo utili5e. ￿.h￿the(ate t C￿￿￿￿¢eapLry￿le C4cw's a55ets subiKt to a lunit equal to IW% OF I ¥Jebtedness ol io the c(Kmierp¥ty. Trasreet￿t a&) 4￿Ude5 a net 5ettknntryW5l￿ n thee￿nt oran to the priw brcetsge a8reemenL Liquidity risk LwV￿ltVr￿k tstFErisk thèl the Grwprwbewth IQ8erer￿ffK￿¢CaShresOthThtO ilsotA¢athxtsin fthl a5theyfallthe orcan onfydo So{￿ twm5th318e Notenal￿OIsth￿ta8e￿ts.The￿￿)SVy￿5edt0 ￿edal￿settle￿nt0fWsYIC8llsonder￿i¥e5.settlÈr￿ThL offund￿8 reque5E$l￿ thn5wilh an U￿v￿je￿ ccthrrytmwiisee We 2(f)accountir p)fityi)n ljtthjtthd CL¥[￿DilMernts" further¢etraiL51. Noie rep￿)￿t mu￿t5 and ar￿u payvnl of dueto IhE thielK)kler The Invesifflent ManÈgermffiiiOts (￿￿.$ kquxhty ¢J) a da>￿ba￿￿3rIfj %?Ih 4reed risk frawtth ￿POrts to the Group on a MntI￿¥ tsa￿5. IquKtityiewi h3sbeen de5wd tol￿fi￿ that trcr￿p ha5 Sulfic￿￿t rE5L¥Jrtes to c¢Jwprqected wtflows In a stress scenano 8iven ore5et 1wju￿Ity hèirojts exh058eic￿5. Aspartofthe m3n38emeniof IY4LJityrisK the1rfftStt￿ K¥(er•￿ kyesthbesa knit to lhea[￿￿or￿Fl1IOed comifftntsèsatrrtain FWteTkaÈe of 115 RefeFence NAV. The Group's swrCesoflKJu￿lty¥re￿rety eqlMtys￿￿￿e$. cupcfjtedebl cashdew5t> a5setcla55 Invesin￿l trictw)n5 en5urea ottheC¥tyJp'saSsetsarein￿ed in tTrE5e type5 offassetS.wh￿h &￿tse ￿adI￿+d1spQSed.The Group a150ha5 the abilityto meet rhknte rep￿￿t50b1￿t￿)thsknIaTh￿ 5pe(ie (￿l￿tryofa fl￿te￿er.$ wo rata slwreof Lhe YNe5bT￿nts In tht portfolio at the￿9￿ption (iat¢ The Gsoup ￿VeSt in LÈmati"Cty)tyXts tr￿t arE trth ¢>+W.tttrc(v)ter. debt sKun￿sar¥j wbsted eouity investrrtrts that are t traded in an markeL Asa resulL the &tu) rwnot t￿ at to (YM(k￿ ￿￿¥jate Ihese wwesttrwts atan èTtKxJnt cl￿ to their fair value to meer I￿vi￿l￿requiren1entS, tore¥A)￿J to specific e￿It5 ￿ a5 d2terorati)i in ihecredworthine55ofany particuiir The bebv4 tables G￿p.$ liilities le￿nt ￿￿￿K1￿￿p1Yb￿Sed w the réJnainHigwitKI at the bn¢e %et date to the maiurity date. Ito3 rthDnths ussvjo 3MO￿th5 to l year U5S'L Ito5 Morethan 5years uss'()o I month usswo years ussThio Total uss wo 31 Oecornber 2021 Creditors amounls fall￿8 dLe Within year 1.925 25.7S9 29.665 ?S7.349 Creditor5.' a￿K>￿ts fdlin8 due in nyjre t￿n one year 223.865 223.865 Totsl Ilabilities 201,925 25.759 29,065 223,865 481,214 Gmup Les5tha I month uss'o Ito3 3 rnonttr toly ussTrJo Ito5 More than 5yea uss'cJo Total 31 OEcernbef 2020 Creditor5.' arnunts fallin8 due within one year USS'CO) uss'00 USS'000 101.850 2.557 60.950 165.357 Creditors amunts falling due in more than one ye¥ 34.458 34.458 Total Ilabililie5 101.850 2.5S7 00.9S0 34.458 199,815 lthcertaw) Iiatslitie5. V4hich are rK)t an the Bae arernt in tsb pwpose of Fwndaiion IKiiAdityrisk Asd15c￿Sed In Note 13. the GrDUP has irNegtedTh) k)ans )dsetmtheswknch 1￿me an u￿erta￿l ccmM￿)￿I tstii fr￿Y0e 0￿￿ett lo pay at 8 fvwre dale. The lTri e1th000 are paid by the is vnknryhn at the baixe sheei dale. The iot31 uncertain £ommiimtntsas at JI D£cern￿ 2021 h*e tÉen e5tiTrJted a5 US$629.9(Mk1202tr. LISSlJ)26.￿7￿. TheChildTen's In¥es¢met)l FuDd Fwndètion ICIFF UK) I Page 83

1. DEBTORS oup 31 Oec 2021 USS'L Four￿150￿ 31 Dec 2021 uss'ooo FoU￿1￿)n 21 Dec 2020 US$'000 us$'((¥) tivJends rece￿ab 1,616 3.481 1.224 19.23) Ilh69 Amounls dLe frerfn trxokers Other debtor5 Aff¥yJnts due fr￿n rdated parties Prepayffnts 240 2.543 33 758 751 743 Totsl 14.571 33.071 993 1319 The an￿￿1￿5 due frrffi Wer5 rKI￿e5£a5h from weenexc￿trac[S ck)sed await￿ sett￿rr￿St.(ath from trades notvet Sett￿ aThY •ltere5r r￿e1¥th.
2. CASH AT BANK AND IN HAND Ch at b3nk ir￿LI1e$ thJe frcth the Cw's CL6icrfJ4) •)1 (thr (￿rt￿p¥i]e% ￿ dern#￿ and ￿terest tear￿g dEWSitswith c¥i8inal maiuities of ss 3 r￿rth5. C35h ￿edged￿ScOlL1te￿ hidude5cdlalerdlbalancesl￿￿ alvewend %ith ￿G￿9'SCUsl9dl￿ arKI prinr brokeraTKlothercounterpathe5 The use ol these attK)unts is re5trKted based ￿￿(￿.$ co￿tr￿tual marw ey4x}5￿al ￿ar end date. The lol at b•kaThJ cash as ¢￿￿ter¥ Ixe of the C￿s¢&)a1eo Brte *et and the refiected wthin the Cash Fkw¥ Stst• The fdowing table shows the breakdown ol the am￿nts ith tustixthèns aThJ ¢)tlvcwnterpartiesas al 31 December 2021". C•sh•nd¢•sh C•sh pW8¢d equivalent5 as col￿teral 31 Dec 2021 31 Dec 2021 vss'ooo usswo C•sh•¢b•47k Aownts•ye and I￿ hand from broker5 to biokers 31 Oec 2021 310ec2021 31 Dec 2021 usswo ussY¥)o uss'ooo N¢t<￿nIer- partyPo￿tron 31 De¢ 2021 uss'ooo stodian and me broker HSBC Bank Hc 404.540 14.770 419JlO 3.481 17.4861 415.305 0therc0unte￿artte5 JP more￿ Chase U85AG 9.636 32 9,670 92 9,636 32 9.670 92 Barclay5 8ank A8SA Group LirThted WelLs Fargo Citco Bank NederLirKI NV Awash 9.670 181 181 181 Total 424.160 14.rn 438,930 13.481 (7.4861 434.925 Thethildten's Investtnent FuThd Foundation ICIFFUKI I Page 8

fdlowne tsb￿ the txeakck)wn ot the ￿th cust(¥kn KI otheraurterpth as at 31 Decemier 20Tr. C15handcash egulvalEDts 31 Dec 2020 USS'OOD CashP￿dIed Cash atbank as cdlater and In hand 31 Oe<2020 31 De¢2020 vss'oty) uss'oc Arnoyntsdue frorn brpkors 31 Oec2020 USS'L Amount5 to broker5 31 Dec 2020 vss'ooo NÈtcounter- partyp051llon 31 Dec 2020 uss'c)o &oup Custodian HSBC Bank Hc 84.480 95.016 179.496 19.220 12.400) 196,316 Other counterpartie5 JP Morgan Chase UBS AG 15.632 140 3.171 133 15,632 146 3.171 133 15.632 146 3.171 133 88rclay5 Bank ABSA Group LiTh￿ted Wells Far80 Citco Bank Nederland NV Total 104.371 95.016 199,387 19.220 12,4001 216.207 following table shows the breakdown of the cash arxl tash ffjJIVa￿ntSQf ￿ Foundation IEld with counterparbe5 a5 at year end.. Cashand tash tluivalents 31 Dee 2021 us$'ooo Cash and cashequivalents 31 Dec 2020 us$'ooo Foundotion HSBC Bank plc 37.006 JP Morgan Chase ABSA Bank 9.631 15.632 92 133 8arclay5 Bank FAC 9.670 3.171 Awash Bank 64.284 $5.942 18. CREDITORS: arnounts falling due within one year Grwp 31 Dec2021 usswo Group 31 t)ec 20ZO uss rKK) FrAndaUon 31 Der2021 uss'o Founda￿￿ 31 Dec 2020 U5$ (Mlo Amounts due to brokers 7.486 Grants 172.777 74.095 172.777 74.41B Creditos 4&638 28203 1.136 1.213 Loan5 569.992 lio.( Derivative fina￿￿11 instrum¢nt 1kiknlib.es 17.646 528J) Atcrualsand deferred incoff 12.618 12.575 7,532 Taxes arKI SOCAI security costs 299 299 257J49 165,357 75A664 193,462 The*nwnts due to tyotrtrs irÉ1U￿ cash ht¥th ttsdeswwctssedthKh noiyet settled￿j cath loJvrdrd fOre￿n e¥chanEe contract5 closed but¥•tsih'nE settlenwt. Thechiidren's Irwestmeni Fund FouDdètion ieiFFUKI I Page 85

1. CREDITORS: amounts falling due after one year Croup 31 Oec2021 uss ￿00 Foundation 31 Dec2021 FoundabD Ioec 202W5$ 31 Oec )20U5S'C#X) Creditors r>3yaNe t*t¥%ten l 2 years Creditor5 payaue between 2 and 5 years 79.266 34.458 73.CO) 144.599 144.( Creditors payable after 5 yeais 223M65 34.458 217.W)
2. MOVEMENT IN FUNDS Funds w￿e transferred from the Expendable End(rmnt Fund to ￿ Deygnated FuThY5 at the end. Ba&nce asat 31 Dec2020 Exchan8e difteteftce Transfer between fvnds VS$'OCQ Balance asat 310¢¢ 2021 USS'O FX8alnsl iIDSSEsI Resow¢es uss Y¥Jo Expended ￿[n5/OD5Ses} uss'crf resEr¥E uss'ooo Lhfestricted.. D Income funds (844.6841 14561 845.140 Oesienated fvnds jrLKxrE furKts &711 642.579 308.274 950.853 12.902) 8,099 EXpend￿￿e er￿0￿ment fiJrKI 5.356,222 24.468 694.914 11.153.414) 4.922,190 Totsl furds 6.[￿5.512 28,758 1847.5861 694.914 14561 S.881.142 Group Exchange difference Trnnsfer bet¥tJeen ltsnds us$'oc Balance asat 310ec 2020 uss'ooo asat 31 De< 2019 uss'ooo FX8alnsl lknses) uss'ooo expended gain￿lI0$Se$j uss'ooo USS'ODD serve uss'c¥Jo uss'ooo Lhirestricted.. W Income fvtK15 60.015 1371.0161 11.1971 311.598 gna￿ funds 657,971 115a921 642.579 18.561 111.85J 6,711 Exper￿able endowmenl fund 5204.018 17.496 ).914 1296,2061 &356,222 Totsllw05 S.80L989 9&072 1382.8661 430.914 11.197) 005,512 ) Pes•ves retaned yne¢4 ufE5trKted fuThtsarethsd￿￿ i to￿ in the taile5 aiKwe lotal US$135.653k lJ)al". U5$169.323k). The ChiMien'$ Investment Fund Foundation ICIFE LIKI I Page 86

Foundatlon Balance Transfer IrKothin¥ R•s￿r(S EXpft￿d pkn$11kn5451 ss'o uyyx ssYN)o Balance as at 310È£ 2021 us$'ooo 31 Oe< 2020 US$￿ Ilosse5) uss'¢x)o fvTrds uss wo iknre5tricted come furKIs 11.428 1825312) 126 B14.145 DeS￿nated funds Restricted income funds 642.S79 .274 950.853 4.290 14.2901 Expend3ble endowment fund 5.361.J90 691.SQ6 11,122.4191 4,930077 Total funds 6.C4)3,969 15,718 1829.é021 691,906 12611 5,881.730 Foundadon Balance Transfer btwn lunds USS Yl FXylD51 ISD55 uss'o 31 Dt2019 uss'ooo RestyJr¢e5 EMpthdd ￿￿5111￿$1¢$I vss'oo uss'ooo 31 O¢c 2020 us$'(xJ us$'ooo Unrestiicted Income furkls 57.372 1351.4841 11.1911 295J)3 Des8nated fund5 Restricted income funds 057.971 115.3921 642.579 18.501 118.5611 Expendable endowffnt fund 5.XQ,893 432.4C 1279.9111 5XL390 Totsl funds 5,804864 75,933 1370.04 432.4L IL1911 6.IY)3,969 A$3131 fkcemter2021. theTrustee5 havEaWed LE$9￿>.5511￿￿Tr. US$64157WoFreser¥e5 astfjewaled IL¥Kts repre5eDts furyts 21. ANALYSIS OF NET ASSETS BETWEEN FUNDS The taLqe bekywrye5entstheal0ca￿Olthe￿wb￿¥e￿Ktt¥rosstr¢ th￿di[[ere￿C￿tW￿(Iw￿>Ftyf￿rth￿rde￿QfIhel￿m.releKto Qa8e 44 EXP￿datIe Funds. DesDate Total Dec 2021 uss'ooo nds JI Dec 20%) us$ Doo U5S'0 Int3ngible assets TansIb￿ assets Investments SLY) l.X)5 8.029 9234 5099.121 453JQl 1481,2141 5A81.142 7.502 5.964.867 232.458 1199.8151 0,￿$.512 4.258.586 388.154 1.640.535 65.277 756.6641 Other assets 275.4%> 49211 95Q853 TheChildrtn'$lnvestment Futsd FoundaiioD ICIFF UK) I Page 87

1. COMMITMENTS At 31 Oecember2021. thEGrwplwlout5r•Khi8ccrnNtrwisclU5$43.347klam.. V5519.435kJ in rlirffi ro inve5tsTellts held thin the irNestment wrtfoli The Grouphasalso irrlesied in kns%rtih i￿1￿[x¥3tean ￿n￿rtaIn cotmxmt thalinaYt￿0b1vd to pay3ta fUt￿Ed￿le.ThP likElihood that th￿e iofflmittnents by the C￿up ￿ unkn(￿￿ date.ThE lot& uncertain (￿￿MIE￿￿￿t5 35at 31 Detember 2021 have tÉen esrrn3ted * US$029.Thk I￿a￿. US51.02d￿7k). The investment c0ffffttr￿[S a￿ Ptylhe F¢L*Klar￿n•¥j ¥e ¥￿e>￿ over ihe ve of the iwtmwts.

2. OPERATING LEASES The total rent char8ed as an expense in the SOFA. is Ihstltss￿ bel)vr. Gt Year eThJeO 31 Dec 2020 USS'(M)O Fowd•tion Year ended 31 Oec 2021 uss Foundabon Year ended 31 De¢ 2020 us$'ooo Yearended Oec 3021 uss'ooo Rent i.n6 1.711 1.688 Group had commitments to future NNnirrnJm lease payments under rth operating leases at the year end as folk)ws.' Grfj￿P Dff 2021 vss wo Gr 31 Dec 2020 uss'(o) FouThdaUon 310¢1 2021 uss Fwndation 31 De< 2020 us$ Doo LaFKI and Bu1￿1n8 Le5S than ore Ye￿>) Between o)e aThl fve ye¥$ Mor& than fveyears L429 1.423 3.875 1,357 3.486 1.207 3.503 1.207 447 5.762 6.073 5.745 6.050 Ill Includes a c¢mnil￿ntUrth an ylhTO Fund (UK) Lmmiled topty r•it dyrirhe yrityj f<Akwin8 ihe ￿￿00 ol these cwnis ¢1 U5$765k12020." US$702kk The trtal fenw incw Ir￿￿)ed witF•n ttSOFA. isdstbseo beiw. Group 31 Oec 2021 uss'o)o Gr￿P 31 Dec 2020 uss xxx) Foundatlon 31 Dec 7021 US$￿ Foundahon 31 Dec 2020 us$ rxJ Rental ir(OTe 1.685 The G¢fWP i% a kssor of VK irwtment vc¢e¢iy. The ￿ase pèyffntsexpected 10 ie recty%tdart Gmup Dcc2021 uss Trjo GrrA 31 Dec 20J) uss'rKM) Foundatton ai Oec2021 USS 000 Fryjrth￿Th 31 Dec 2020 us$'ooo Less than one year Between ￿e and five year5 More than five years 4030 17.066 2LtY16 On 11 AuAUSt J121. the Group￿lIfe￿ 9￿Or freelN)kl cla MOerly￿ Clywick. UK. T1￿ freemd Kwired ￿ a5ed loa th￿d party. The lease Com￿n¢ed￿ i July 2008wlha a5e ierffl of 25 yew5 ￿tA￿￿on 30JuDe2033 11 irthdesa foi an annual rent revieweveiy 13th of July. rent cotKe5yonovvJd wll e￿j on 13 May 2024 te Th)rt*n8e to tenr4 term5after this Oatt. TheChild¢en'$ Investment Fund FouThJaiion ICIFF UK) I Page 88

3. RELATED PARTIES Investment Manager TCI Fund M￿￿Èely￿ni Limited (rci FMlaCts45y￿vrnt￿￿Wt0 crrin 01 theC1￿. TCI FM. aThJ its vwou5 8roupentities. a￿ uIDmathiy£entrolW by &r Chftstoph¢Y Flohn.a ol CIFF. [￿nn8?02DlheSUb5￿i￿esèTrd invesD￿l ￿)￿l￿￿thin theGroupwe￿re$tr￿tu￿ tE5uIMg nch3nge5 to tl in%estmentm3oaÈempnt 8reeti￿nIS with TCI FM. TCI FM i% tw) kneer etht￿l any fee ftKthe5e mawnent Se￿￿5 firther.TCI FM. lor itsdf on behall ol Sir Ch-istothr Hohn ind otlr pties ￿laled toTCI FM atxl s￿ CknstwlwHthn.utMtsteralF¥warved the fFht to rEcei¥e any kind ofbwefit (whet￿[ fina￿1 ¢y rv)n.1n3￿￿I but ine&htè Ml respett ofrthe rjtr4LS￿n of H)vesimeni management swces 10 CIFF Catital UK LP, as the ((￿r￿0[ ts CIFF Ourin8a)21 an aiTx>untofUS$794k12020." U5$842klw35 charBaJ toenbbe5wikn itrÈ&w) fr(xnTCI FM. inreLibDn toexpensesincUr￿d byTCI FM ￿ btha1loftheaFFc￿ in¥estmenLrxwrfdK>. rFW¥c0n5￿t￿¢ofrÈSeJ{hfte5￿KW￿ tyTCI FM forthÈbenefitofCIFFwth U)ird parhes. US$nl remard ptyab a5 at 31 S)21 12020". U5$32k). F￿tIlerrnOre. futheyearerthd 31 Deceffth-X)21 CIFF wasottwyd USSI.144k1203>. VS5863k) byTCI'sholthrEcixTyany.TCI FLA)d Mana8emwt IUKI Lmttyj. wl respect ofrer ar￿ asscoaw uMr¢thcosi> Donation5 Ourin8 2021. TCI FM m3dean ￿res￿l(led CIFFd Us￿111202￿. USS(A).615kl restrKled thtk4tiDn5 of US$2.2C6k in 2021 1202Q US$IO.711kl to 5UFWt il tharitsLactMtie50f the ￿rNIat￿.A6 al 31 December 2021. TCI FM had CLYlltnirted additiwl strKied fthJin8¢f US$18.4Jlk IK>2Q US$3.139k) to ￿ pad wi fUl￿ye 5￿christOpher￿￿￿1 15 also the frAMNJer ￿ Iru51eeaf tr￿Chr￿ta¢￿T (UK)vth￿h durin8 2021 reStr￿ted (k)nations io the Foundatsn ol US$I.8(Th f202Tr. U5$7.85CA].A5 al 31 Decetrthf X)21. the CFwistq>herPk>hn F(xxM$3t￿ IUKI hal c(¥rmitted athjiknthal restricted lumjwwof US$9.11(IK (202fr. USSIO.911X) tobe ￿?￿1 ￿ hILu￿ Subsidiary director fees ring the yEar. directe¢s' fees of US$22k120Xfr. U5531kl ILv￿Cke th3rged to Talos. fees olUSSl33k12021>. US$18kl fot Jackie Gikoy. Sty)K3 @ro.Will&)m Tristan w ¢lerViiver ¥ye￿ Cl￿r8ed to CIFF GP. No otherdirecttys of CIFF $ubsMlv￿eSwe entr1￿0 to fees. Legal fees [￿nn& the y. gJkKtrTrCoL¥tor¢knYd the toptytr galcostsoftkNlka LEhtimth w[Sy￿ hs inW)I￿￿nt irT the proceedings Lehbnki arJethersvCts)￿- UKSC201810150 F¢NJThJatirkn•kl LkLehtiFnakn atyeed YNxJntof$l,062k to such costs. This am￿[ rw¥ned unpaid a5 ai 31 Decrt¢ 2021 was p•d Al Jwry 2022. Common trustees In the nortnal cow5e of charitalAE 8ranbn& thpre c3n be Instal￿e5 ¥¥he￿ the 8rants lo (l￿n￿5 thèi have rrustee5 ￿ c(xrfflon with tt FoUnd3￿n The Foundabon disdosey3ntsto thue charit￿a5 fElated batwtiorfj. as the tW5tee53re partofè coltrNe ol non.rdated trustee5 and are t￿L C(￿￿￿tErEd to IE inaswTrifi(3nt tK>siiion of The Tfu5tee58re 53ti5fied th31 apwuwiate pr£Keou￿5 are n p￿le io Ensure that any k¥Jtwt4?I confiKtsal A)tere5lweaTh)rwiatetywWwJ a￿1th1. Other transactions with Group companies Fr￿ Thyabon has ln thnta8e of e￿pbtr) centa1￿ i) FRS 102. 314 rv)t to dtscbse cther fv5actions With 8rtwp offlpaniesas all are ¥vlh)IFrfowrd sutygdiare5of tt FoJnda￿jaThj Ihe crrn)rthied frt￿31 statwts a￿ wtsKty3v8itsiAe. Cotxes be requested from the corpany secrew.

4. SERVICE PROVIDERS Administrator &oup enj￿ have entered èdministrdticn 4rernt5wlh vAdmitMStrèlL¥. Qtco FWKI Setvite5(Ireiondl Linited. TreAd￿nIStrator ewes fmm enbties a (rthtb￿ fee%thrh i5r3ky￿ted a5a pe￿&¥tOl￿rIUsted A5set5 on 3 sliding stale. The total adm1rHS￿ti(￿) fee ttr Iheyeawas USSI.984k1202Q. US$2.01(￿.ofW￿wth US$169k12020.. US$397k)wJS PBY3ble atyeareTh1. TheChildren'$ Investment FurAI Foundation ICJFF UK) I Page B9

Custodian and Prime Broker The Gmup has a CuSi(￿38reonWt H58C. Grow re￿5 tetfitial of assets hehj byHSBC. Cash arKI 5ecuritie5 deposited with HSBC a￿ repayable or¢ de{W￿ k) ath11t￿, the Gr￿.5 casb with HSBC be sepEgaied from HS8Cs Chvn c￿h HSBC Is not PtrThitted lo ufiise. ￿.hyr￿fft(3te￿r0therwtfie3lvQryiate the B5setsof theG￿p. ￿Ver HSBC Wil XquI￿ è security tere5t ITr anyassets that ao tyowded as to theC4￿P. Intermediary AVE Captsl Limited (AVEI ts 10 pTh¥Je re￿[til to iogethtrCIFF Cwial otrrCIFF sthidor. as the party. ￿th thirrj partE5. as partes. in real ￿tate deL¥t tpnsacbws p￿￿aTht to U)e ierms ofan intemedi3ry seNces a£￿ment swed ￿ Cthber ofTO FM. Sir Christqther Hohn or •Tryother ￿rtE% Ittsted 10 them have a)y hnanckl interesi In AVE. Grtsjp entities pay fees LOAVE C4Ntal Lunited ￿ relation to ihe intermedory seNicts (the Iniermedrdtion Feel. The total Intert￿￿11b￿ Fee chatBed to fv Y)FA l(w ihE kwic¥Jwas US$IOA)Sk 13JJtr. U5$96kl. with US$41.025k payab￿ asal 31 DeCem￿r 20211202Q. US$40.664kl. Investment Manager TCI FM is no longer fee ltrimestm)t loCIFF C•)ital. Further. TCI FM. forit5elfa￿l on betK41fof &r Christorhv Hohn and 0￿r parties ￿￿ted 10 Ihe In%vtrwt m¥vra￿ S¥ Cthstoth Fkjhn, uniL4tttaI￿w3lK￿d then8hl io recewe any kind of berefit iwhether hrr(431 ￿ W.￿na￿la1 ¥) eath c3se haw a thi respertof the of in¥e5trr￿t managem￿¢ services to CIFFCaptsl FolkF•Mn8 the restructu￿Of the CIFF (lot￿r 2020. tfrre ￿r￿) byyrè Nuiremt to paya real estate m￿Sement lee to TCI FM. Entibe5 %Mthin the Gmup TCI FM. n areats. a Real Estste ManaÈetnent Fee forfflawga tx)rttolK) of Real E5Eale Loans. The total Re￿ Estste Fee fvwtheyearwas USSnil120X)". VS$1.￿7k). of¥vhth U5$r¥l12020." Us$n￿l was Payab￿ al year end. Other counterparties The Grwp Irom 01￿￿18ted fefer io 16 fry 26. POST BALANCE SHEET EVENTS TherEare no events rEwirireadlu5b￿¢ of the firorKkil Stat￿￿4 LI￿￿)>￿e. 27. ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY The ulbmaie parent utthtng atwj [L￿troll￿g pkn i5The ChkETr'S trWestn￿t FuThJ IUKJ. a charitstle company Iirr￿le0 by jaran￿ Iwithovl a thare captall incorK¥xèiaJ ui Eng13nd andWak> ￿r￿JanIto¥￿￿e 7 of F￿n￿an￿'sArt￿￿ ol A59Kwtion. every merrtspromtses that IfiF¢haritaLlectsnp¥wisdL%5(4¥ed%%thlehÈ.thecrfit¢tyTh3i￿ 12 monihsarternvarO& lopty up 10 e po￿￿ sked￿B r(Hardsthe costs ofdis$d￿x7￿ the ¢￿tribU￿Was3 member. The FO￿d￿ti￿lS￿￿￿rent￿derl3￿nSorthe￿rgest8roU0oI toconsdwJ3ietrse fin￿&31 stalw￿ls3t 31 December 2021. The con50*'dated firkincial 5tatewents of the FwrKlawxl is Irrjn Setret•yèt 7 OiffoNJ st￿t( WIS ?Fr. Thechildren's Investment Fund Foundaiion ICIFF UK) I Page 90

THE CHILDREN'S INVESTMENT FUND FOUNDATION (UK) GROUP INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2021 CONSTITUTI¢ COMPANY NUMBER 437¢XI)6 REGIsTE￿D CfrIARryYNVM8ER 1(fv1043 TRUSTEE5 Sirthtsiorknr Hrkn Mr Wsrr¥th Math> {4)t￿t￿l IJ 20211 REGISTEREO OFFICE 7 Clilfonj StfEet WIS 2Ft COMPANYSECAEfARY l m￿ger￿￿ Stiwre5 tru￿J 10 Fel)r￿ry 20211 27.28. EastcastÈ knet WIWBDH Brad (wmbted 10 Fthy 20211 7 Clifft)td St￿L L¢th WIS 2FT BANKERS HSBC Level 18 8 &n•Ja Squ¥e Lorthft E14 5HQ SOLicrroRS Mils& Re￿ LLP l(x) Hils Ro CwrKl8e CB2 IPH INDEPENDENT AVDITORS PMG 1. INVESTMEI MANAGER TCI Mèro8enrt 7 Clrfft¥d Street LotthnWIS 2FT Thethildren's InvesLtDeftr Fund FoundatlOD ICIFFUKI I Poge 91