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← Opportunity International United Kingdom

2024-12-31-accounts

Looking forward, creating . opportunity | 2024 Annual Report

Contents

Contents
Our global impact 6
Our impact in 2024 9
Building on our impact 13
Strengthening fundraising 16
Report and financial statements 19
How to help 39

Front cover

Theresa is a farmer from Ghana. She and her family depend on farming for their livelihood. When Theresa was introduced to Opportunity International, she was able to access a loan and was provided with a mobile phone, which has helped her communicate with other farmers. With the loan, she bought more land and increased her harvest. As a result, she can now pay for her children’s school fees and her family live comfortably and happily.

Theresa, sending her children to school and able to pay the fees — Ghana

Opportunity International is a Registered Charity no. 1107713 (Scotland: SCO39692)

One opportunity can . change everything

It can turn an idea into a business. A harvest into a livelihood. A parent into a provider. With the right tools and your support, people build more than income. They build futures.

Because poverty isn’t just about a lack of money. It’s a lack of opportunity.

One loan can launch a business. One training session can double a harvest. And one opportunity often leads to another, building through families, communities and generations.

We‘ve seen it for over 50 years.

From rural farms to busy markets, we’ve walked alongside people as they unlock lasting change. Alice, a farmer in Rwanda, joined a local group where she learned modern agricultural techniques and how to manage a loan. With that knowledge, she hired help to cultivate her land, grew her income, and began buying health insurance and clothing for her children. Step by step, she’s building a more secure future for her family — one choice, one season, one opportunity at a time.

This is microfinance, but it’s more than loans.

It’s savings groups and digital banking, health support, and financial training. It’s tailored to each place, built on trust and strengthened by partnership.

Real change, built from the ground up.

Not handouts. Not short-term fixes. Just the tools people need to build secure, independent futures.

“Before I started farming, I didn’t know how to cultivate. But when we joined groups, we were trained in modern agriculture, and how to take out a loan and use it. When I take a loan, I’m able to employ someone to cultivate.”

Alice, buying health insurance and clothing her children — Rwanda

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. Looking forward, creating opportunity

During 2024, we witnessed remarkable resilience and commitment from our institutional and individual supporters. Despite global challenges, our team worked hard to ensure our shared mission continued to drive

However, 2024 was also a year of financial pressure.

Like many UK charities in international development, we faced a challenging funding landscape, raising £1 million less than in 2023. Recognising the need for long-term sustainability, we made two key strategic decisions:

meaningful change, reaching tens of thousands of people with financial services, livelihood opportunities, and climate resilience initiatives.

1. Strengthening efficiency and focus – We restructured our operations to reduce costs while prioritising programme delivery in Uganda and enhancing our fundraising capacity.

New donors joined us in multi-year partnerships, expanding our efforts to strengthen financial inclusion in Ghana, empower refugees in Uganda, and build climate resilience in Rwanda and Malawi. Our Christmas appeal saw incredible generosity, channelling vital resources into rural livelihoods. These investments helped individuals and communities secure their futures in the face of economic and environmental instability.

2. Evolving our leadership for growth – We repositioned our leadership team in early 2025 to ensure financial sustainability and impact at scale:

At a time when food insecurity was worsening due to inflation, conflict, and climate-related disasters, we helped double the number of clients accessing loans. Our clients, nearly 80% women and 75% youth, were helped to build sustainable businesses, invest in their families, and strengthen financial resilience.

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Looking ahead, we know the road is not without challenges. With global funding cuts, economic uncertainty, and growing needs, we must be even more strategic and innovative. We draw strength from our Christian motivation to drive our development faithfully trusting in God, who makes everything possible. We have already taken steps to meet the reality of where we are heading; expanding digital and AI-enabled services, bringing more savings groups into our network, and strengthening partnerships to do more with less. We are on the right path.

Yet, reaching more clients is only part of the story. True transformation requires deep, lasting impact. In 2025, we are committed to build on the progress made in 2024. We will ensure that families don’t slip back into poverty, that young people have lasting opportunities, and that financial inclusion becomes a foundation for long-term resilience.

This work is only possible because of you, our donors, partners, supporters, staff and volunteers. Your generosity fuels real change, and in the year ahead, your support will be more critical than ever.

Thank you for all that you do to support Opportunity.

Cliff Hampton Chair

As we reflect on the achievements of the past year, it is important to acknowledge the excellent work we have accomplished at Opportunity International. Each success stands as a testament to the dedication and enthusiasm of our clients, supporters, partners, and staff.

Despite facing challenges, our clients have shown significant resilience and, with the support of Opportunity International, have worked hard to lift themselves out of poverty.

As Patron, I have seen the transformative impact of our work on the lives of those we support. They are now able to look ahead to a brighter, more secure future for themselves and their families.

Just as our clients look to the future, we must also look forward as we embark on new initiatives and embrace new challenges, aiming to have an even greater impact in the years ahead.

I send you my very best wishes for 2025.

Mary Oakes Chief Executive, Opportunity International UK

Nana Francois

Chief Executive Opportunity Microfinance Investments Limited (Former Chief Executive, Opportunity International UK)

HRH The Princess Royal

Opportunity International Patron

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Our global . impact

Opportunity International UK has an operational focus in sub-Saharan Africa. Our Opportunity International global affiliates work in 30 countries globally.

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Guatemala Serbia
Haiti
Honduras
Dominican
Nicaragua Republic
El Salvador
Colombia
Ecuador
Peru
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Ghana Globally 21.2m 193,517 3.4m 17.6m Paraguay Nigeria Unique clients Loans distributed Children reached Microenterprise clients to farmers through our Education have opened savings Finance work accounts Democratic Republic of the Congo

“Ever since I joined this programme, everything that I do has a purpose. I start the year with a goal, and achieve all the goals I set by the end of the year.”

Xaverine, adding plumbing to her newly built house — Rwanda

Ghana 100% 420 Of clients are female Clients trained 100% 99 Of clients are youth Clients accessed savings

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Pakistan

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India
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Nepal
Philippines
Bangladesh
Ethiopia
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Cambodia
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vat aq
Uganda Indonesia
Kenya
Rwanda
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Tanzania Mozambique wt Malawi

Uganda 13,173 3,888 Clients accessed Clients accessed ; loans savings 53,220 28,597 Clients trained Jobs created Rwanda 10,718 15,003 31,791 Clients accessed Clients accessed Farmers trained in loans savings financial literacy

Zambia \ Madagascar

Malawi 6,080 15,023 85% Smallholder farmers Clients accessed Of farmers trained accessed loans savings in financial literacy

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Education Finance
Agriculture Finance
Microenterprise & Graduation Prog.
Refugee Financing
Digital Innovations
Health & Women’s Safety
Capital Solutions
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Opportunity’s work closely aligns with the UN Sustainable . Development Goals

Across all our programmes and interventions, we hold ourselves to account against stringent and measurable impact. We seek alignment between what we are doing today, tomorrow, and next year.

To ensure that the interactions and programmes that we are pursuing help to meet global need, we align our work with the United Nations Sustainable Development Goals.

Our work globally has strong alignment. This ensures that our work is making a real and lasting difference.

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Impact in 2024.

As we reflect on 2024, Opportunity International UK has made significant strides in strengthening financial inclusion, promoting sustainable agriculture, and improving livelihoods for vulnerable communities. Our projects have had a lasting impact, empowering individuals and families to build more secure and prosperous futures.

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. Impact in 2024

Malawi Financial confidence rising for 26,000+ Malawians

With the support of Jersey Overseas Aid, our financial inclusion initiative in Malawi has exceeded expectations. Over 1,600 Village Savings and Loan Associations (VSLAs) were strengthened, surpassing our target of 1,200. These groups provided training in financial literacy and entrepreneurship to 26,244 members, enhancing their access to financial services and economic resilience. Additionally, 6,080 individuals were linked to financial institutions for agriculture and business loans.

The external evaluation conducted by the University of Bath confirmed that participants experienced improved financial confidence, increased household incomes, and greater food security despite economic challenges. It also found that 75% of respondents felt more confident using financial services, and two-thirds reported improved financial resilience due to savings and loans through VSLAs. Women particularly benefited, gaining greater control over household finances and decision-making.

From extreme poverty to secure livelihoods Malawi

Supporting the ultra-poor, the poorest sub-group of those in extreme poverty, has been a priority of our work in Malawi. Made possible through the generosity of private donors, our programme successfully helped 200 ultra-poor households establish sustainable livelihoods. Through a combination of financial support, business coaching, and social empowerment initiatives, 69% of households diversified their income sources, and 96% invested in business ventures.

Food security significantly improved, with 70% of households maintaining food stores well beyond the harvest season. In addition to financial training, participants received business coaching, livestock management support, and were encouraged to join VSLAs. Notably, the programme created a step-change by fostering gender equality, with 95% of participants reporting joint financial decision-making within their households; an important shift towards long-term female empowerment and resilience.

Refugees leading change with 925 jobs created Uganda

Our work with refugees in Uganda has been transformative. We have created or improved 925 jobs for young refugees while training over 9,000 individuals in financial literacy, agribusiness, and business development. This was made possible with the support of the Dutch Government’s Challenge Fund.

Our commitment to refugee financial inclusion was strengthened through the

establishment of a second Opportunity Bank of Uganda branch in Rwamwanja refugee settlement due to open in mid-2025. By employing and training refugees as Financial Inclusion Officers, they are able to serve the local settlement with firsthand experience. The programme has given 565 refugee farmers access to local markets and supported 154 individuals in accessing business loans. Young refugees have benefited from tailored financial literacy training, which has helped them build sustainable livelihoods and reduce dependence on humanitarian aid.

Coffee farmers gaining market power and stable incomes

Uganda

Our Coffee Loan Guarantee Facility, made possible through private donors, has strengthened Uganda’s coffee value chain enabling farmer-led cooperatives to access critical financing. In 2024, Opportunity Bank of Uganda extended credit to 19 cooperatives, benefiting 4,683 smallholder farmers. The initiative improved payments to farmers and enabled better access to markets through collective bargaining power, ultimately enhancing income stability for coffee-growing communities.

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“Apart from accessing loans, I also benefit from the training offered by the groups. I have learned about money management, budgeting and how to achieve my goals. In terms of agriculture, I learned how to grow vegetables using irrigation on my farm near the river.”

Over 15,000 smallholder farmers from farming cooperatives and 4,000 microentrepreneurs in Village Savings and Loan Associations benefitted from this project. Over 35,500 jobs were created, 16,003 savings accounts were opened and 13,102 farmers accessed loans. By the end of the project, 80% of households reported an increase in their household income and felt more confident in accessing financial services.

Disability-inclusive banking reaches 28,000+ people Uganda

Continuing our commitment to fully inclusive finance, Opportunity Bank of Uganda trained over 28,000 members in disability-focused savings groups. The initiative facilitated the opening of 459 new group savings accounts and 1,385 individual accounts, mobilising £470,000 in deposits.

Atupele, rebuilding her home after Cyclone Freddy

— Malawi

By securing faster payments, farmers have reduced their reliance on high-interest loans while strengthening their bargaining power. Training provided to cooperative leaders and smallholder farmers has also fostered improved financial planning and sustainable farm management practices.

Rwanda Rural finance creating 35,500 jobs

Over 7 years, we implemented a £1.5 million International Development project in southern and western Rwanda. The project, implemented in partnership with Urwego bank and financed by the Scottish Government’s International Development initiative, aimed to improve livelihoods in rural Rwanda through access to financial services and training in finance and agriculture.

While high staff turnover posed challenges, regular disability awareness training ensured continued improvements in service accessibility. The programme has also focused on building long-term financial habits for people with disabilities who often have challenges accessing finance and creating sustainable livelihoods. Increased access to savings groups can provide economic stability and empowerment.

Uganda Fuelling SMEs through tailored finance and support

This project has enhanced financial access and business support for small and medium-sized enterprises (SMEs). With support from the Argidius Foundation, Opportunity Bank of Uganda restructured its financial products to better serve SMEs and trained dedicated SME lending officers.

Increased engagement through trade fairs, exhibitions, and digital services has strengthened the bank’s SME client base, fostering business growth and job creation. The introduction of new digital financial services has also helped SMEs streamline transactions, improving efficiency and access to critical funding.

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“I have confidence now” Jeanne D’arc is a farmer from Rwanda. With our support, she took out a lifechanging loan with which she bought a goat and some chickens, made improvements to her home and bought land to grow rice on. She now plans to buy a dairy cow and a motorbike. Jeanne d’Arc’s life has been transformed – as well as earning more, her newfound confidence means she shares the role of provider with her husband and is passing on her newly learnt skills and knowledge to her community.

Jeanne D’arc, expanding her farm and increasing incomes — Ghana

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Building on our . impact As we transition into 2025, we are committed to scaling up our impact through ongoing and new initiatives that address financial inclusion, climate resilience, and sustainable livelihoods.

. Building on our impact

55,000 farmers – and growing – reached with Rwanda & Malawi inclusive finance

Our Inclusive Finance programme to support farmers in Rwanda continues to grow. Over 55,000 smallholder farmers digitally registered in the programme, far exceeding the initial target of 24,000. Plans are underway to develop new loan products aimed at regenerative agriculture as well as tailored financial services for women farmers.

In Malawi, our partnership with Illovo Sugar Estate is supporting soil health initiatives and climate resilience. By providing financial literacy and training in regenerative farming techniques, we are equipping more farmers with the tools they need to improve productivity and withstand climate shocks.

Ghana Climate-smart finance takes root

set to expand. This will increase financial opportunities for refugee farmers, strengthening resilience across communities.

Additionally, by improving digital banking services, we aim to make financial inclusion more accessible for refugee entrepreneurs, reducing barriers to economic participation.

Uganda Strengthening families through finance and education

We are supporting 42 Early Childhood Development (ECD) centres in refugee settlements and Kampala through our partnership with the Hilton Foundation. Parents and caregivers are gaining financial

literacy and business development training, while the centres are linked to financial institutions for sustainability.

A key focus will be raising awareness of climate change and providing practical solutions for small businesses and farmers, ensuring long-term resilience and sustainability.

We are working to develop financial products that are ‘climate-smart’ and adapt to the conditions. These are being developed in partnership with the Swiss Capacity Building Facility and Sinapi Aba Savings & Loans (SASL) to help vulnerable communities adapt to climate change. The recently developed Climate Change Toolkit will guide SASL’s response to climate change, including new green financing options and digital education initiatives.

New funding fuels refugee finance and farming expansion

Uganda

With additional funding secured, we aim to extend the Refugee Finance programme to 2026, creating an additional 1,000 jobs for young refugees. Our agricultural lending project, piloted in Nakivale refugee settlement, is also

“Opportunity International has worked to assist people with disabilities such as myself. The Wenzetu womens’ group helped me to overcome my challenges. They showed me love and made me feel like I belonged somewhere.”

Judith, being included and valued

— Uganda

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With over 1,400 business loans disbursed to date, we aim to further strengthen financial independence for these communities, ensuring that early childhood education remains a priority for vulnerable families.

Training Ghana’s youth for long-term success

Ghana

Our Youth Apprenticeship Scheme, in collaboration with Sinapi Aba Trust, is providing vocational training and financial literacy support to 300 disadvantaged young people in Kumasi. As we progress, we will continue to monitor and support apprentices through skills development, mentoring, and job placement initiatives, ensuring they have the tools to build long-term careers.

Young women building futures through skills and savings Ghana

Our Kayayei programme supported 244 vulnerable young women with life-skills, vocational training, and mentoring to escape poverty and build sustainable livelihoods. Many have launched small businesses and opened savings accounts. With new support from private donors, we’re building on this success to reach more young women in 2025.

The progress made in 2024 is a testament to the dedication of our teams, partners, and donors. As we move forward, we remain committed to driving financial inclusion, creating sustainable livelihoods, and empowering communities to build resilient futures. By continuing to innovate and adapt, we will ensure that Opportunity International UK drives transformative change in the years to come.

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. Strengthening our fundraising

The commitment of our private and institutional donors over the past year is a testament to the high regard in which our work is held. In 2024, we dedicated significant effort to strengthening existing relationships and building new ones, ensuring the long-term sustainability of our impact.

To make long-term support more accessible and engaging, we introduced two new ways for donors to contribute:

Giving Opportunity

A regular giving scheme designed to attract new supporters by offering a simple, meaningful way to stay connected with the people we serve.

A key part of this was expanding our fundraising team with the appointment of Catherine Manser as Head of Philanthropy. Catherine has already begun deepening engagement with our current and potential supporters, helping to secure vital resources for our programmes.

Opportunity Funds

A new initiative allowing supporters to ‘invest’ in specific areas of our work, tracking the impact of their donations over time. While there is no financial return, donors can see their funds directly improving lives.

We were privileged to hold two major fundraising events this year, generously hosted at St James’s Palace. The first, supported by TLG Capital Investments Ltd, was set to be attended by our Patron, HRH The Princess Royal. While she was unfortunately unable to join us due to a riding accident, guests enjoyed the historic surroundings and an inspiring evening in support of our mission.

Our second event, supported by C. Hoare & Co private bank, was also held at St James’s Palace and was hosted by HRH The Princess Royal. This offered a unique opportunity to introduce our work to potential new supporters. Our Patron spoke personally of her admiration for our work, recalling her visit to clients in Nakivale settlement, Uganda. Her continued endorsement of our work remains invaluable.

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Recognising the critical role of private trusts and foundations, we engaged Jacknella Creative Ltd to strengthen our engagement with these key supporters throughout 2025. We remain deeply grateful to the trusts and foundations that continue to provide financial support, many of which are listed here.

As we move forward, we are evolving how we present Opportunity International UK. We have strengthened our storytelling, refined our communications, and begun adopting a more engaging, digitally friendly look—this report being the first step in that transformation. These changes are designed to attract new support and expand our reach.

Looking ahead to 2025, we will be encouraging supporters to consider leaving a legacy gift to Opportunity International UK. Legacy giving costs nothing in the short term but ensures our work continues for future generations. If this is something you would consider, please visit opportunity.org.uk/help or refer to the inside back cover of this report.

We are enormously grateful to all our donors and supporters, who make our work possible and contribute to our impact.

“I still remain convinced Opportunity’s approach is excellent and achieves fantastic results.”

In safe hands.

In keeping with our core values of respect, integrity and stewardship, we are committed to maintaining the highest possible standards in fundraising and relationships with our supporters.

We are registered with the Fundraising Regulator and are committed to the Fundraising Promise and adherence to the Code of Fundraising Practice. We have safeguards in place when working with suppliers to protect our supporters and the reputation of our charity. We also action any opt out requests received through the Fundraising Preference Service.

Information on our complaints policy is available through our website, which clearly details how the public can make a complaint. All complaints are dealt with in-line with our policy and responded to within five working days of receipt. We report to the Fundraising Regulator on the totality of our complaints. We received one complaint in relation to our fundraising activities during 2024.

In addition to our complaints policy, our safeguarding policy takes account of our duty of care to donors with emphasis on procedures to protect vulnerable people. Our fundraisers have been trained in safeguarding and are familiar with the policy and its application to fundraising activities.

Marion, still donating after 25 years — UK

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We want to acknowledge and thank our many donors and partners who make our work possible. Without their support we would not be able to empower people living in poverty, transforming their lives, their children’s futures and their communities.

Kayayei Youth Association, Ghana

Amber Gate Foundation Argidius Foundation Bramham Trust CarVal Investors Foundation

Medicor Foundation

Micro Loan Foundation

NUDIPU

Opportunity Bank, Uganda Opportunity International, Malawi

Challenge Fund for Youth Employment Clecam Ejoheza, Rwanda

Opportunity International Savings and Loans, Ghana

Cohere

CUMO

PHB

Danish International Development

Scottish Government

Agency (Danida)

Sinapi Aba Savings and Loans, Ghana Swiss Capacity Building Facility

Equity Bank

FINCA

The Patrick and Helena Frost Foundation

First Capital Bank

Unleashed Potential

Golden Bottle Trust

Urwego Bank, Rwanda

Inkunga Finance, Rwanda

Jersey Overseas Aid

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2024 Income £1.8m

35% Statutory

26% Individual donations

20% Other income

16% Trusts and foundations

2% Companies

<1% Gift in kind – media

2024 Expenditure £3.3m

83% Charitable activities

16% Cost of generating funds 1% Governance costs

2024 Spend by country

41% Uganda

26% Rwanda

23% Malawi

6% Ghana

4% Pakistan

The financial charts are a summary of the accounts for the period 1 January 2024 to 31 December 2024. The full audited accounts are shown in the following section.

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Financial statements. 1 January 2024 to 31 December 2024

. Opportunity International

Principal and registered office

Opportunity International United Kingdom

Angel Court 81 St Clements Oxford OX4 1AW

Bankers

Barclays Bank Plc

Oxford Corporate Banking Wytham Court 11 West Way, Botley Oxford OX2 0JB

Patron

HRH The Princess Royal

Trustees

The trustees of Opportunity International United Kingdom, who are also the directors and members for the purposes of company law, present their report and financial statements for the year ended 31 December 2024.

The trustees of the Charity who served from 1 January 2024 to the date of this report were as follows:

Senior staff

Nana Francois Chief Executive Officer (CEO, OMIL from 1 February 2025)

Mary Oakes Deputy Chief Executive (CEO from 1 February 2025)

Sally Vicaria International Programmes Director (Executive Director OI Global from 1 February 2025) Lydia Baffour Awuah International Programmes Director (from 1 February 2025)

Shabnam Zamurd Finance Director David Knights Fundraising & Communications Director

Clifford Hampton (Chair)

Auditors

Forvis Mazars LLP

5[th] Floor

3 Wellington Place Leeds LS1 4AP

John Ford (resigned 11 June 2024)

Roger Witcomb

Michael Crofton-Briggs

Hywel Rees-Jones (resigned 11 June 2024) James Copestake (resigned 30 Sept 2024)

Tineyi Mawocha

Nigest Haile Goshu

Simon Martin

Company registration number: 05322719 Registered as a Charity in England and Wales (1107713) and in Scotland (SC039692)

Samantha Bamert

David Burndred (appointed 3 Dec 2024) Michael Gough (appointed 3 Dec 2024) Eugenia Adofo (appointed 3 Dec 2024) David Thomson (appointed 10 March 2025) Tabitha Eccles (appointed 13 May 2025)

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. Objectives & activities

Our vision is a world in which all people have the opportunity to achieve a life free from poverty, with dignity and purpose.

The Charity’s primary aim is to facilitate the provision of microfinance services to people living in poverty around the world, helping them to work their way out of poverty. By providing financial solutions and training, we empower people to transform their lives, their children’s futures and their communities. They are our ultimate beneficiaries and we refer to them as ‘clients’.

We are motivated by our Christian faith and we work with clients regardless of their race, ethnicity, gender or religious affiliation. Six core values guide the way we work: commitment; humility; respect; integrity; stewardship; and transformation.

We deliver our work through creating partnerships on the ground, with socially driven microfinance organisations, NGOs and other relevant organisations.

The trustees confirm that they have referred to and given due consideration to the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and planning activities. Most of our projects are in sub-Saharan Africa. By focusing on this area our aim is to achieve quality and depth in our activities rather than geographical spread. We have focused our efforts on a small number of key partnerships based in Uganda, Malawi, Ghana and Rwanda.

The trustees believe that this approach has allowed the Charity to have greater impact whilst deploying resources cost effectively, with greater governance, monitoring and control, and thereby meeting the public benefit requirement.

Significant activities of OMIL

Opportunity International did not make any grants (2023: £nil) to its wholly owned social investment vehicle, Opportunity Microfinance Investments Limited (hereafter OMIL). OMIL continued to hold investments in financial institutions in Ghana and Uganda.

Group results for the year

The key elements of the group’s results for the year are as follows:

The combination of the above factors has resulted in a deficit for the year of £1.5m and corresponding reduction in net assets. With a smaller, more agile team going forward plans are in place to significantly improve fundraising results whilst closely managing our cost base.

Group consolidation basis

The Charity may retain an interest in the programmes it funds by taking a shareholding in the receiving institution. These programme investments help the Charity to improve its ongoing oversight but also have the effect of forming a

financial group. The Group is a consolidation of the Charity’s finances and the additional net income, attributable to the group, by virtue of its shareholdings. The Consolidated Statement of Financial Activities and Consolidated Balance Sheet describes the Group that is formed.

Charity results for the year

The Charity’s activities constitute the majority of the Group’s income and expenditure and as noted above, the results for 2024 have been disappointing, but the income from our supporters and our reserves allowed us to fund many different projects. We sustained our charitable expenditure at over 83% (2023: 82%) of total expenditure.

Investments

All investments held by Opportunity International have been acquired in accordance with the powers available to the trustees. Cash surplus to immediate requirements is deposited in high interest accounts operated by the Charities Aid Foundation, Scottish Widows and CCLA Investment Management Limited.

Shares are purchased in Opportunity International Implementing Partners in order to achieve charitable objects rather than with the aim of generating income or the best investment return. As such, investments are classed as programme investments. Implementing Partners are faced with difficult economic and political conditions, and it is challenging to appoint and retain senior management in these organisations, hence the Charity is unable to guarantee the economic value of such investments. No dividends are payable on these investments and, if this changed in the future, the proceeds would be reinvested into the institution in service of our clients.

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Governing document

Opportunity International is a charitable company limited by guarantee and is governed by its Memorandum and Articles of Association.

Organisational structure

The Board of Trustees, currently consisting of eleven members, administers the Charity. The Board of Trustees meets at least quarterly. Additionally, the trustees have formed a Finance and Audit Committee, a Board Development Committee, and a Revenue Advisory Group.

The Finance and Audit Committee reviews detailed budgets, the risk register, staff remuneration, and matters pertaining to external and internal audits. The Board Development Committee reviews the performance and composition of the board. The Revenue Advisory Group keeps a watching brief on our Private Fundraising.

A Chief Executive is appointed by the trustees to manage the day-to-day operations of the Charity. The pay for all staff is compared to the market for similar charities in size and location, as well as individual performance. The senior leadership team remuneration is set and annually reviewed by the Finance and Audit Committee.

Appointment of Trustees

As set out in the Articles of Association, the trustees nominate the Chair and Treasurer.

The Board of Trustees consists of at least five and no more than 15 individuals, all of whom are the members of Opportunity International and directors for purposes of company law.

One third (or the number nearest one third) of the trustees retire at each AGM, those longest in office retiring first and the choice between any of equal service being made by drawing lots. However, a retiring trustee who remains qualified may be reappointed for a maximum of two consecutive terms of office.

Trustees’ remuneration

No trustees receive remuneration.

Trustees’ indemnity provision

The Charity has taken out indemnity insurance, on behalf of the trustees.

Appointment, induction and training of trustees

Potential new trustees are reviewed by the Board Development Committee and may then subsequently be asked to attend a Board of Trustees’ meeting where they meet trustees and key staff of Opportunity International. At the following trustees’ meeting, the potential new trustee is invited to join the board and providing that all trustees agree the individual becomes a new trustee.

The new trustee’s induction is made by the Chair and Chief Executive of Opportunity International at a further meeting where the new trustee is introduced to his or her legal obligations, the content of the Memorandum and Articles of Association, the committee and decision-making process, the strategy and the recent financial performance.

Relationship with other organisations

The origins of Opportunity International date back to the early 1970s, when a network of organisations giving people a hand up out of poverty came together, motivated by Jesus’ call to love and serve the poor. In 2000, these organisations united under a formal membership structure, whereby ‘Implementing Members’ were exclusively microfinance institutions. Over time, Opportunity International broadened its approach to tackle multiple dimensions of the complex problems of poverty. It identified solutions that are putting technology to work, enhancing health outcomes, strengthening resilience and food security, and addressing some of the challenges around the provision of quality education through the non-state sector. As a result, the Opportunity International network today is a much broader ecosystem of partners. The central coordinating hub of the network is ‘Opportunity Global’. The five affiliates of Opportunity Global are offices in Australia, Canada, Germany, the UK and the US.

Reserves policy

Our OIUK reserves are affected by the strategy and

operating model which we currently adhere to, namely that the majority of our funding comes from large institutional donors, and they require a co-financing agreement of around 30-50% of the total project costs. This co-financing – which OIUK calls ‘match funding’ - has traditionally been raised from private donors and in the event that this has been unsuccessful, has come from unrestricted reserves.

If required, unrestricted reserves can be utilised to provide this match funding to ensure that programmes can be completed and that the impact that we wish to see in our clients’ lives is not at risk.

OIUK is affiliated to like-minded charitable organisations operating in the US, Australia, Germany and Canada. A central secretariat has been established to provide key services, and we usually need to fund our agreed share of the costs from our unrestricted reserves. We also sometimes need to help cover our share of other global programming costs which help us fulfil our charitable objects. Cash flow profiles at our partners can vary, consequently, we may from time to time agree to temporarily fund from unrestricted reserves more than our agreed share of global programmes such as the Digital Finance Services and EduFinance teams to ensure we maximise the benefits of our network.

Finally, we want to be good stewards of donors’ funds and to continue to provide funding for our clients into the future. Holding reserves can help mitigate risks such as a downturn in OIUK’s various sources of income or an unforeseen increase in costs. Some of our funders cap their contribution at 10% which means that we need to raise additional unrestricted income from other donors to compensate for this and enable us to continue to function effectively for the longer term.

Our OIUK policy is to maintain a minimum level of unrestricted reserves which would cover between 6 and 12 months of budgeted operating expenditure, together with provision to cover any potential shortfalls in match funding requirements where contracts have been signed with donors.

In the context of an increasingly volatile funding

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environment and taking into account the income and expenditure trends for OIUK, this reserves policy provides an element of security to our staff, programme partners, and clients. Should the unrestricted reserves rise above the 12-month ceiling or reduce below the 6-month minimum then the Board of Trustees, guided by the Finance and Audit Committee, will discuss whether actions should be taken to restore the income and expenditure equilibrium.

Risk management

The trustees have a risk management strategy which comprises an annual review of the risks the Charity may face, the establishment of systems and procedures to mitigate those risks, and the implementation of procedures designed to minimise any potential impact on the Charity should those risks materialise. Our risk sensitivity is elevated for income diversification and loss of key personnel (due to our size and reserves) but remains low for project delivery and safeguarding measures. The key identified risks and mitigation strategies are detailed in Fig 1.

Donations

During the year, the Group made no political donations (2023: £nil).

Statement of trustees’ responsibilities

United Kingdom Company Law applicable to incorporated charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charitable company and group’s activities during the year, of the surplus or deficit of the charitable company and group for that year and of its financial position at the year end. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:

been followed, subject to any departures disclosed and explained in the financial statements;

The trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy the financial position of the charitable company and group and which enable them to ensure that the financial statements comply with the Companies Act 2006.

They are also responsible for safeguarding the assets of the charitable company and group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. So far as the trustees are aware:

In preparing this report, the trustees have taken advantage of the small companies exemptions provided by section 416A of the Companies Act 2006.

Approved by the Board of Trustees and signed on behalf of the Board.

Clifford Hampton Chair 13 May 2025

Fig 1

Identified risk Risk mitigation measures Trend ~~rr~~ Reduction in The Charity plans to mitigate fundraising this risk by utilising unrestricted income from reserves and is committed to private donors achieving breakeven by 2026. and from Efforts have been underway Government to actively diversify grant grants income sources.

Match funding The Charity is working with requirements the affiliated support members not fully met to mitigate this risk. Care is taken when applying for new funding to ensure match is not excessive. Project delivery Impact has been successfully and impact delivered for over 30 years by experienced, dedicated programme managers who collaboarte with locally based staff. Loss of key In a small charity setting, we personnel manage this risk through succession planning whenever possible and by ensuring that donor relationships are maintained by more than one key staff member. Safeguarding All staff undergo DBS checks. risk A designated safeguarding officer oversees the process, ensuring that training is effectively provided to local staff.

23

Independent auditor’s report to the members of Opportunity International United Kingdom

Opinion

We have audited the financial statements of Opportunity International United Kingdom (the ‘parent charity’) and its subsidiary (‘the group’) for the year ended 31 December 2024 which comprise Charity Statement of Financial Activities, the Consolidated Statement of Financial Activities, the Charity Balance Sheet, the Consolidation Balance Sheet, the Consolidated Statement of Cashflows and notes to the financial statements, including a summary of significant accounting policies.

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the “Auditor’s responsibilities for the audit

of the financial statements” section of our report. We are independent of the charity and the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s or the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If,

based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In light of the knowledge and understanding of the group and parent’s charity and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.

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

24

exemption in preparing the Report of the Trustees and from the requirement to prepare the Strategic Report.

Responsibilities of Trustees

As explained more fully in the trustees’ responsibilities statement set out on page 23, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Based

on our understanding of the group, the parent charity and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: Charities Act 2011, Charities Accounts (Scotland) Regulations 2006, UK tax legislation, anti-bribery, corruption and fraud and money laundering.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006.

In addition, we evaluated the trustees’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were

not limited to:

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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

Use of the audit report

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

Michael Speight (Senior Statutory Auditor) for and on behalf of Forvis Mazars LLP Chartered Accountants and Statutory Auditor Michael Speight (Jun 19, 2025 08:52 GMT+1)Michael Speight

5[th] Floor, 3 Wellington Place, Leeds LS1 4AP Date: 23 May 2025

25

Charity Statement of Financial Activities (including income and expenditure account) Year ended 31 December 2024

Note Unrestricted
& Designated
funds
£		 Restricted
funds
£		 Total year
ended 31
December
2024
£		 Total year
ended 31
December
2023
£
Income from:
Voluntary income
2
Investment and
other income
3
Total income
Expenditure on:
Cost of generating
funds
4
Charitable activities
4, 5
Total expenditure
Net movement in
funds
Brought forward
Carried forward
15		 439,909
209,928
649,837
(525,436)
(729,067)
(1,254,503)
(604,666)
1,806,332
1,201,666		 1,147,855
-
1,147,855
-
(1,929,899)
(1,929,899)
(782,044)
2,826,692
2,044,648		 1,587,764
209,928
1,797,692
(525,436)
(2,658,966)
(3,184,402)
(1,386,710)
4,633,024
3,246,314		 2,555,923
160,425
2,716,348
(433,637)
(2,206,529)
(2,640,166)
76,182
4,556,842
4,633,024

Comparative Charity Statement of Financial Activities (including income and expenditure account) Year ended 31 December 2023

Note Unrestricted
funds
£		 Restricted
funds
£		 Total year
ended 31
December
2023
£		 Total year
ended 31
December
2022
£
Income from:
Voluntary income
2
Investment and other
income
3
Total income
Expenditure on:
Cost of generating
funds
4
Charitable activities
4, 5
Total expenditure
Net movement in
funds
Brought forward
Carried forward
15		 489,498
160,425
649,923
(433,637)
(744,509)
(1,178,146)
(528,223)
2,334,555
1,806,332		 2,066,425
-
2,066,425
-
(1,462,020)
(1,462,020)
604,405
2,222,287
2,826,692		 2,555,923
160,425
2,716,348
(433,637)
(2,206,529)
(2,640,166)
76,182
4,556,842
4,633,024		 2,374,945
264,621
2,639,566
(471,578)
(2,271,021)
(2,742,599)
(103,033)
4,659,875
4,556,842

The notes on pages 30 to 38 form part of these financial statements. All results are derived from continuing operations. There are no recognised gains or losses other than those passing through the statement of financial activities.

26

Consolidated Statement of Financial Activities (including income and expenditure account) Year ended 31 December 2024

Note Group Group Total year Total year
Unrestricted Restricted ended ended
& Designated funds 31 December 31 December
funds 2024 2023
£ £ £ £
Income from:
Voluntary income 2 439,909 1,147,855 1,587,764 2,555,923
Investment and other
income		 3 209,928 - 209,928 160,425
Total income 649,837 1,147,855 1,797,692 2,716,348
Expenditure on:
Cost of generating
funds		 4 (525,436) - (525,436) (433,637)
Charitable activities 4, 5 (732,467) (2,011,174) (2,743,641) (2,210,489)
Total expenditure (1,257,903) (2,011,174) (3,269,077) (2,644,126)
Net incoming/
(outgoing) funds		 (608,066) (863,319) (1,471,385) 72,222
Exchange loss on
convertible loans		 10 - (68,114) (68,114) (113,531)
Net movement in
funds		 (608,066) (931,433) (1,539,499) (41,309)
Brought forward 2,689,586 3,623,214 6,312,800 6,354,109
Carried forward 16 2,081,520 2,691,781 4,773,301 6,312,800

Comparative Consolidated Statement of Financial Activities (Including income and expenditure account) Year ended 31 December 2023

Note Group Group Total year Total year
Unrestricted Restricted ended ended
funds funds 31 December 31 December
2023 2022
£ £ £ £
Income from:
Voluntary income 2 489,498 2,066,425 2,555,923 2,374,945
Investment and other
income		 3 160,425 - 160,425 264,621
Total income 649,923 2,066,425 2,716,348 2,639,566
Expenditure on:
Cost of generating
funds		 4 (433,637) - (433,637) (471,578)
Charitable activities 4, 5 (748,469) (1,462,020) (2,210,489) (3,204,332)
Total expenditure (1,182,106) (1,462,020) (2,644,126) (3,675,910)
Net incoming/
(outgoing) funds		 (532,183) 604,405 72,222 (1,036,344)
Exchange loss on
convertible loans		 10 - (113,531) (113,531) (289,555)
Loss on sale of shares 10 - - - (132,933)
Net movement in
funds		 (532,183) 490,874 (41,309) (1,458,832)
Brought forward 3,221,769 3,132,340 6,354,109 7,812,941
Carried forward 16 2,689,586 3,623,214 6,312,800 6,354,109

The notes on pages 30 to 38 form part of these financial statements. All results are derived from continuing operations. There are no recognised gains or losses other than those passing through the statement of financial activities.

27

Charity Balance Sheet Year ended 31 December 2024 Company number 05322719

Note As at 31 As at 31
December December
2024 2023
£ £
Fixed assets
Tangible fixed assets 9 6,764 8,339
Current assets
Debtors 11 196,561 164,193
Cash and cash equivalents 12 3,992,577 5,414,637
4,189,138 5,578,830
Liabilities: amounts falling due within one year 13 (949,588) (954,145)
Net current assets 3,239,550 4,624,685
Net assets 15 3,246,314 4,633,024
Funds
Unrestricted funds 19 1,110,252 1,506,332
Designated funds 91,414 300,000
Restricted funds
– funds in surplus 22 2,142,584 2,913,826
– funds in deficit 22 (97,936) (87,134)
3,246,314 4,633,024

The notes on pages 30 to 38 form part of these financial statements. These financial statements, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within the Companies Act 2006, Pt. 15, were approved and authorised for issue by the Board of Trustees on 13 May 2025.

Consolidated Balance Sheet Year ended 31 December 2024 Company number 05322719

Note As at 31 As at 31
December December
2024 2023
£ £
Fixed assets
Tangible fixed assets 9 6,764 8,339
Programme investments 10 647,133 796,522
653,897 804,861
Current assets
Debtors 11 196,561 164,192
Cash and cash equivalents 12 3,992,577 5,414,637
4,189,138 5,578,829
Liabilities: amounts falling due within one year 14 (69,734) (70,890)
Net current assets 4,119,404 5,507,939
Net assets 16 4,773,301 6,312,800
Funds
Unrestricted funds 19 1,990,106 2,389,586
Designated funds 91,414 300,000
Restricted funds – Subsidiary and investments 22 Restricted funds – Subsidiary and investments 22 647,133 796,522
– Charity restricted funds in surplus 22 2,142,584 2,913,826
– Charity restricted funds in deficit 22 – Charity restricted funds in deficit 22 (97,936) (87,134)
4,773,301
6,312,800
~~——~~

The Charity and Consolidated Balance Sheet signed on behalf of the Board of Trustees by the Chair

Clifford Hampton Chair

28

Consolidated Statement of Cash flows Year ended 31 December 2024 Cash flows from operating activities: (£)

OIUK Unre-
stricted&
Designated
funds
£		 OMIL Un-
restricted
£		 Group
Restricted
Funds
£		 Total
funds year
ended 31
December
2024
£
Net movement in funds
Adjustments for:
– Depreciation charge
– Conversion to grant of
convertible loans
– (Increase)/decrease in debtors
– Increase/(decrease) in
creditors
– Interest and gifts in kind income
Cash fows generated from
operating activities
Purchase of fxed assets
Interest and gifts in kind income
Cash fows generated from
investing activities
Exchange rate movements
Net increase/(decrease) in
cash
Cash and cash equivalents in
the beginning of the year
Cash and cash equivalents at
the end of the year		 (604,666)
4,451
-
(32,369)
(1,156)
(209,928)
(843,668)
(2,876)
209,928
207,052
-
(636,616)
1,699,891
1,063,275		 (3,400)
-
-
-
-
-
(3,400)
-
-
-
-
(3,400)
888,054
884,654		 (931,433)
-
81,275
-
-
-
(850,158)
-
-
-
68,114
(782,044)
2,826,692
2,044,648		 (1,539,499)
4,451
81,275
(32,369)
(1,156)
(209,928)
(1,697,226)
(2,876)
209,928
207,052
68,114
(1,422,060)
5,414,637
3,992,577

Comparative Consolidated Statement of Cash flows Year ended 31 December 2023 Cash flows from operating activities: (£)

OIUK Un-
restricted
funds
£		 OMIL Un-
restricted
£		 Group
Restricted
Funds
£		 Total
funds year
ended 31
December
2023
£
Net movement in funds
Adjustments for:
– Depreciation charge
– (Increase)/decrease in debtors
– Increase/(decrease) in creditors
Interest and gifts in kind income
Cash fows generated from
operating activities
Purchase of fxed assets and loss
on disposal
Interest and gifts in kind income
Cash fows generated from
investing activities
Exchange rate movements
Net increase/(decrease) in cash
Cash and cash equivalents in the
beginning of the year
Cash and cash equivalents at the
end of the year		 (528,223)
3,171
129,500
(41,871)
(160,425)
(597,848)
(6,011)
160,425
154,414
-
(443,434)
2,143,325
1,699,891		 (3,960)
-
10,450
-
-
6,490
-
-
-
-
6,490
881,564
888,054		 490,874
-
-
-
-
490,874
-
-
-
113,531
604,405
2,222,287
2,826,692		 (41,309)
3,171
139,950
(41,871)
(160,425)
(100,484)
(6,011)
160,425
154,414
113,531
167,461
5,247,176
5,414,637

29

. Notes to the financial statements

1. Accounting Policies

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2020) (Charities SORP FRS102) and the Companies Act 2006. The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit.

Basis of consolidation

Consolidated accounts have been prepared in accordance with the Scottish Charities Regulation 6, requiring consolidation where consolidated gross income, after consolidated adjustments, is greater than £500,000.

The financial statements are prepared under the historical cost convention.

The Group financial statements consolidate the financial statements of Opportunity International and Group (the “Group”) comprising the Charity, its 100% owned subsidiary Opportunity Microfinance Investments Limited (OMIL). Additionally, OMIL holds an investment in Opportunity International Savings and Loans Limited (OI-SL) in which it currently holds a 9.5% investment shareholding, and 5% in Opportunity Bank Uganda Ltd. As neither of these qualify as an associate, they are not included in our consolidated financial statements.

The accounts are prepared in GBP sterling and are rounded to the nearest whole pound.

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the group and the charity will continue in existence for the foreseeable future. The Trustees are satisfied that the Group and Charity have sufficient reserves to meet liabilities as they fall due and that there are no material uncertainties in relation to going concern.

Income and expenditure statements

Income and expenditure statements are not presented because the Charity Statement of Financial Activities and Consolidated Statement of Financial Activities are considered to represent the activity of the Charity and the Group.

Foreign currency translation

Assets, liabilities, revenues and costs expressed in foreign currencies are translated into sterling at rates of exchange ruling on the dates when the transactions occur, except for:

Differences arising on the translation of such items are dealt with in the Charity and Consolidated Statements of Financial Activities.

Income

Voluntary income including grants, legacies, private donations match funding institutional projects and

donations are recognised where there is entitlement, certainty of receipt and the amount is measurable. Such income is only deferred when:

Investment income is recognised on a receivable basis.

Expenditure

Expenditure shown in the accounts includes accruals for goods and services rendered up to the financial year-end.

Costs of generating funds mainly comprises the cost of promotional material, leaflets and inserts together with the appropriate employee costs of the staff involved in fundraising. It also includes public relations, advertising, website development, events and travel for fundraising purposes.

Charitable activities of the Charity consist of grants made to implementing partners and funds sent directly Implementing partners for use in the provision of microfinance services. A proportion of support costs of the Group are also included.

Governance costs include those costs incurred for the purpose of the governance of the Charity and its assets, and are primarily associated with constitutional and statutory requirements.

Support costs include central functions and have been allocated to cost categories based on the use of these resources such as staff numbers and time spent.

30

Operating leases

Rentals payable under an operating lease are charged against income on a straight-line basis over the period of the lease.

Pension cost

Contributions are paid into the personal pension schemes of employees and are charged to the income statement unrestricted funds as incurred. The type of pension scheme is defined contribution stakeholder personal pensions.

Taxation

Opportunity International is a charitable organisation with exemption from UK taxation on its charitable activity under section 505 of the Income and Corporation Taxes Act 1988.

Donated services

The value of services provided by volunteers is not incorporated into these financial statements.

Programme investments

All investments are stated at cost less provision for impairment. Investments are made in the implementing partners in order to achieve Opportunity International’s charitable objects rather than with the aim of generating income or the best investment return. Implementing partners are locally established organisations, providing loans, training and savings products for poor entrepreneurs, and undertaking all expansion projects funded by Opportunity International.

An investment is considered to be impaired if its ability to assist in the delivery of Opportunity International’s charitable objects is diminished. Given the countries in which Opportunity International operates and the nature of its charitable purposes, valuation of assets is subject to significant variation.

Significant impairments have been made to programme related investments and convertible loans in the previous years to ensure that programme investments are valued

in line with the expected proceeds from the sale of investments. The programme investments continue to fulfil the charitable objects of the charity.

Fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation, with depreciation calculated on a straight-line basis over the lives described below.

Asset Estimated useful
economic life
Computer equipment
Three years
Furniture & fttings
Three years
Equipment
Three years

Assets costing less than £100 are not capitalised. Assets purchased using grant funding are fully written off in the year of purchase.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits which are readily convertible to known amounts of cash and which are subject to insignificant risk of changes in value and have an original maturity of three months or less at acquisition.

Liabilities

These are the obligations of the Charity and Group arising from past transactions or events, the settlement of which may result in the transfer or use of assets, provision of services or other yielding of economic benefits in the future.

Unrestricted funds

All income which does not have a restricted use as set out by the donor and income from investments are accounted for as unrestricted funds.

Restricted funds

All income which has a restricted use as set out by the donor is separately accounted for as restricted funds.

Accounting estimates and judgements

In applying the accounting policies, the Trustees have made critical accounting judgements, estimates and assumptions about the carrying amount of the assets and liabilities. These estimates and assumptions are based on historical experience and are reviewed on a continual basis.

The critical accounting judgements, estimates and assumptions that have a material effect on the amounts recognised in the financial statements for both the current and next financial years are discussed below.

Judgements

All debtors are reviewed to determine if a bad debt provision is required for each balance.

Impairment testing is carried out for all assets and investments at the year-end date where there is an indication that impairment exists. For the purposes of impairment testing, the carrying amounts of the assets are reviewed and an impairment loss is recognised where the carrying amounts exceed the asset’s recoverable amount.

Estimates

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the assets and is recognised in the Statement of Financial Activities.

Legacy income is accrued where there is entitlement and it is measurable and probable.

An accrual for dilapidations has been provided for the building that the charity rents, as it is a listed building and the Charity is liable for the upkeep, both internally and externally.

31

2. Voluntary income of the charity and group

The sources of the grants and donations received during the year were as follows:

Unrestrict-
ed funds
£		 Restricted
funds
£		 Total year
ended 31
December
2024
£		 Total year
ended 31
December
2023
£
Scottish Government
strengthening livelihoods in rural
Rwanda
Swiss Capacity Building Facility-
SCBF
Jersey Overseas Aid
Grants from other government
sources
Grants from trusts, foundations and
non-governmental sources.
Donations
Legacies
Total voluntary income		 -
-
-
-
-
426,217
13,692
439,909		 -
36,437
484,431
125,912
448,786
52,289
-
1,147,855		 -
36,437
484,431
125,912
448,786
478,506
13,692
1,587,764		 150,000
31,032
728,144
172,855
790,001
574,949
108,942
2,555,923

A more detailed breakdown of restricted funds is shown in note 22.

3. Investment and other income

4. Analysis of expenditure

Cost of
generating
funds(un-
restricted)
£		 Charitable
activities
£		 Govern-
ance costs
(unrestrict-
ed)
£		 Total year
ended 31
December
2024
£		 Total year
ended 31
December
2023
£
Trustees’
expenses (note 18)
(unrestricted)
Audit fees
(unrestricted)
Support costs
Total support costs
Costs of generating
future income
(unrestricted)
Direct charitable
activities
Charity total
expenditure
OMIL direct
charitable activities
Group total
expenditure		 -
-
96,597
96,597
428,839
-
525,436
-
525,436		 -
-
326,405
326,405
-
2,303,810
2,630,215
84,675
2,714,890		 10,951
17,800
-
28,751
-
-
28,751
-
28,751		 10,951
17,800
423,002
451,753
428,839
2,303,810
3,184,402
84,675
3,269,077		 12,499
15,840
358,916
387,255
341,928
1,910,982
2,640,166
3,960
2,644,126

Governance costs are part of the charitable activities in note 5.

Investment income consists solely of interest from bank and deposit accounts. Other income includes £6,500 (2023: £17,000) gifts in kind, public information and education, through mass media.

32

5. Charitable activities

5. Charitable activities
Charity Charity Charity Charity Group Group
Unrestrict- Restricted total year total year total year total year
ed and funds ended 31 ended 31 ended 31 ended 31
Designat- December December December December
ed funds 2024 2023 2024 2023
£ £ £ £ £ £
Africa
Ghana –
OISL & 49,008 129,729 178,737 157,117 260,012 157,117
SASL/SAT
Uganda –
OBUL		 299,546 716,158 1,015,704 802,130 1,015,704 802,130
Malawi –
Agfn		 227,577 602,414 829,991 464,706 829,991 464,706
Rwanda –
Urwego		 152,076 402,556 554,632 575,856 554,632 575,856
Regional
Africa		 - - - 111,326 3,400 115,286
Total for
Africa		 728,207 1,850,857 2,579,064 2,111,136 2,663,739 2,115,096
Asia
Pakistan 860 79,042 79,902 95,393 79,902 95,393
Total for Asia 860 79,042 79,902 95,393 79,902 95,393
Total 729,067 1,929,899 2,658,966 2,206,529 2,743,641 2,210,489

The Group Charitable Expenditure is higher as it includes funds sent to SAT for the Youth Apprenticeship Project.

6. Net incoming funds of the Charity

The net incoming funds are stated after charging:

Charity for the Year
ended 31 December
2024
£		 Charity for the Year
ended 31 December
2023
£
Net incoming funds of the Group
The net incoming funds are stated after charging:
Depreciation of tangible fxed assets
4,451
Auditor remuneration for audit
services
17,800
Operating lease rentals
– Land and Buildings
91,810		 3,171
15,840
18,362
Group for the Year end-
ed 31 December 2024
£		 Group for the Year end-
ed 31 December 2023
£
Depreciation of tangible fxed assets
4,451
Auditor remuneration for audit
services
22,600
Operating lease rentals
– Land and Buildings
91,810		 3,171
20,640
18,362

7. Taxation

Any excess of income over expenditure for Opportunity International and OMIL is exempt from taxation.

33

8. Staff costs

Year ended Year ended
31 December 2024 31 December 2023
£ £
Salaries 667,649 555,394
Social security costs 75,199 53,787
Pension contributions 90,987 95,268
Charity staf costs 833,835 704,449

The Charity provides a defined contribution money purchase pension scheme, the assets of which are held separately from those of the Charity in an independently administered fund.

The total costs of the senior leadership team, was £370,560 (2023: £363,999).

During the year statutory redundancy and termination payments were paid to 3 (2023: nil) employees amounting to £33,535 (2023: nil).

The number of employees whose total emoluments were in excess of £60,000 are as follows:

Year ended
31 December 2024
Number		 Year ended
31 December 2023
Number
£60,000 to £70,000
2
1
£80,000 to £90,000
1
-
£100,000 to £110,000
1
1

Average number of employees

Average number of employees
Year ended
31 December 2024
Number		 Year ended
31 December 2023
Number
Senior management team
Finance and administration
Fundraising staf
Programme/project staf
Total staf		 5
1
3
4
13		 4
1
3
4
12

9. Fixed assets of the Charity and Group

Computer
equipment
£		 Furniture
& fttings
£		 Equipment
£		 Total
£
Cost
As at 1 January 2024
Additions
Disposals
As at 31 December 2024
Accumulated depreciation
As at 1 January 2024
Charge for the year
Depreciation charge on disposals
As at 31 December 2024
Net book value
As at 31 December 2024
As at 31 December 2023		 16,846
1,920
(531)
18,235
9,515
3,875
(531)
12,859
5,376
7,331		 6,187
-
-
6,187
6,000
64
-
6,064
123
187		 2,806
956
(100)
3,662
1,985
512
(100)
2,397
1,265
821		 25,839
2,876
(631)
28,084
17,500
4,451
(631)
21,320
6,764
8,339

10. Programme investments of the Group

Investments- Investments- Total
equity shares convertible loans
£ £ £
As at 1 January 2024 333,271 463,251 796,522
Conversion to grant (81,275) (81,275)
Exchange diference (68,114) (68,114)
As at 31 December 2024 333,271 313,862 647,133

34

10. Programme investments of the Group (continued)

12. Cash and cash equivalents of the Charity and Group
Subsidiary Share
holding		 Class of
shares held		 Activity Net
assets
£		 Surplus/
(defcit)
for the year
£
OMIL – Opportunity Microf-
inance Investments Limited
100%
-
Microf-
nance
1,526,987
(152,789)
Programme investments:
Opportunity International
Savings and Loans Limited
(OISL) (Ghana)
9.5%
Ordinary
shares of no
par value
Microf-
nance
4,394,730
576,270
Opportunity Bank Uganda
Limited (OBUL)
5%
Ordinary
shares of Shs
200 par value
Microf-
nance
9,205,354
788,206

OMIL company registration number is 04627098, registered charity number is 1098392, and the registered office address is the same as OIUK.

11. Debtors of the Charity and Group

11. Debtors of the Charity and Group
31 December 2024
£		 31 December 2023
£
Amounts falling due in less than one year:
Income tax recoverable
Prepayments
Other debtors
Accrued income
Total debtors
Amounts falling due in more than one year:
SAT Loan
Total debtors		 1,219
10,191
7,730
103,421
122,561
74,000
196,561		 9,855
9,120
130
55,088
74,193
90,000
164,193

SAT loan is a local currency loan, hence exchange loss of £16,000 was written off this year. This loan has been extended by mutual agreement to 2026.

As at 31
December 2024
£		 As at 31
December 2023
£
Short term investments
Deposit accounts of 90 days or more
Instant access deposit accounts
Current accounts
Cash in hand
Cash and cash equivalents		 2,548,870
-
1,346,213
97,374
120
3,992,577		 1,700,000
50,000
2,961,663
702,686
288
5,414,637

13. Liabilities of the Charity: amounts falling due within one year

Charity as at 31
December 2024
£		 Charity as at 31
December 2023
£
Taxation and social security
Accruals and deferred income
Other creditors
Amounts due to subsidiary		 14,675
25,000
25,259
884,654
949,588		 20,560
35,400
10,131
888,054
954,145

Amounts due to subsidiary are unsecured, interest free and repayable on demand.

14. Liabilities of the Group: amounts falling due within one year

Group as at 31
December 2024
£		 Group as at 31
December 2023
£
Taxation and social security
Accruals and deferred income
Other creditors		 14,675
29,800
25,259
69,734		 20,559
40,200
10,131
70,890

35

15. Analysis of net assets of the Charity between funds

Unrestricted Designated Restricted Total funds
funds funds funds
£ £ £ £
Tangible fxed assets 6,764 - - 6,764
Net current assets 1,103,488 91,414 2,044,648 3,239,550
1,110,252 91,414 2,044,648 3,246,314

Funds are received from a number of donors with each donation generally relating to a specific project. Donations received are distributed by Opportunity International UK to our Implementing partners. These organisations are responsible for the project. Consequently, no analysis of movements on the individual underlying funds has been provided. During the year £208,586 of designated reserves were used for the JOA Malawi match funding.

Comparative: year ended 31 December 2023

Unrestricted Designated Restricted Total funds
funds funds funds
£ £ £ £
Tangible fxed assets 8,339 - - 8,339
Net current assets 1,497,993 300,000 2,826,692 4,624,685
1,506,332 300,000 2,826,692 4,633,024

Comparative Analysis of net assets of the Group between funds: year ended 31 December 2023

Unrestricted Designated Restricted Total funds
funds funds funds
£ £ £ £
Tangible fxed assets 8,339 - - 8,339
Programme Investments - - 796,522 796,522
Net current assets 2,381,247 300,000 2,826,692 5,507,939
2,389,586 300,000 3,623,214 6,312,800

17. Commitments

At 31 December 2024, the Charity and Group had annual commitments under non-cancellable operating leases as follows:

Land and Buildings Land and Buildings
2024
£		 2023
£
Within 1 to 5 years
5+ years		 91,810
91,810
36,724
55,086
128,534
146,896

16. Analysis of net assets of the Group between funds

Fund balances as at 31 December 2024 are represented by:

Unrestricted Designated Restricted Total funds
funds funds funds
£ £ £ £
Tangible fxed assets 6,764 - - 6,764
Programme Investments - - 647,133 647,133
Net current assets 1,983,342 91,414 2,044,648 4,119,404
1,990,106 91,414 2,691,781 4,773,301

18. Trustees’ remuneration and donations

No trustees received remuneration or reimbursement of expenses (2023: nil). Trustees donated £20,527 (2023: £36,525) to OIUK during the year.

No other trustee or any connected person received any remuneration from the Charity, during the year ended 2024, other than the board meeting costs for all trustees. Annual cost of the trustee indemnity insurance is £1,779.

36

19. Unrestricted funds for the Charity and Group

Brought
forward as
at 1 Janu-
ary 2024
£		 Income in
the year
£		 Expendi-
ture in the
year
£		 Transfer of
funds
£		 Carried
forward
as at 31
December
2024
£
Unrestricted funds
Designated funds
Charity reserves
OMIL unrestricted
reserves
Group reserves		 1,506,332
300,000
1,806,332
883,254
2,689,586		 649,837
-
649,837
-
649,837		 (1,254,503)
-
(1,254,503)
(3,400)
(1,257,903)		 208,586
(208,586)
-
-
-		 1,110,252
91,414
1,201,666
879,854
2,081,520

The designated funds were used to match fund the JOA Malawi project in 2024.

Comparative: year ended 31 December 2023

Brought Income in Expendi- Transfer of Carried
forward as the year ture in the funds forward
at 1 Janu- year as at 31
ary 2023 December
2023
£ £ £ £ £
Unrestricted funds 2,334,555 649,923 (1,178,146) (300,000) 1,506,332
Designated funds - - - 300,000 300,000
Charity reserves 2,334,555 649,923 (1,178,146) - 1,806,332
OMIL unrestricted
reserves		 887,214 - (3,960) - 883,254
Group reserves 3,221,769 649,923 (1,182,106) - 2,689,586

20. Related party transactions

OIUK has not transferred any funds to OMIL (2023: £nil). Opportunity International US is an affiliate of Opportunity Global that is not a related party as defined in FRS102.

Michael Gough was appointed a Trustee of the Charity on 3 December 2024. In months preceding his appointment the Charity contracted with Why it Matters Ltd for market research services to the value of £6,350 excluding VAT. Mr Gough is an Executive Director of Why it Matters Ltd. Since Mr Gough’s appointment the Charity has not entered into any further contracts with Mr Gough or Why it Matters Ltd. No other related party transactions have taken place during the year.

21. Ultimate control

The trustees are considered the ultimate controlling party of the Group.

22. Analysis of restricted funds of the Charity and Group

Restricted funds are funds subject to use for a specific purpose, which may be declared by the donor(s) or with their authority (e.g. in a public appeal) or created through a legal process, but still within the wider objectives of the Charity. The resources of these funds are appropriate for the intended purpose of each fund. All the costs of the subsidiary are restricted except for the governance costs of OMIL.

37

Analysis of restricted funds of the Charity and Group Year ended 31 December 2024

Comparative analysis of restricted funds of the Charity and Group Year ended 31 December 2023

Brought Income for Expendi- Match Carried Brought Income for Expendi- Carried
forward as the year ture in the funding forward forward as the year ture in the forward
at 1 Janu- year covered by as at 31 at 1 Janu- year as at 31
ary 2024 designated December ary 2023 December
reserves 2024 2023
£ £ £ £ £ £ £ £
Scottish Government
Strengthening livelihoods in		 163,861 - (163,861) - - Scottish GovernmentStrengthening
livelihoods in rural Rwanda.
89,046		 150,104 (75,289) 163,861
rural Rwanda. Argidiusaddressing the key
Argidiusaddressing the key constraints preventing the growth 140,961 237,272 (125,438) 252,795
constraints preventing the growth
252,795		 - (221,231) - 31,564 of SMEs in Uganda.
of SMEs in Uganda. National Lottery Community
JOA– strengthening systems for
fnancial inclusion in rural Malawi.
JOA– inclusive fnance for
Agricultural Value Chains in Rwanda.		 335,570
182,819		 112,961
481,928		 (657,117)
(344,563)		 208,586
-		 -
320,184		 Fund– mainstreaming fnancial
inclusionfor persons with disabilities
in Uganda.
JOA– strengthening systems for
fnancial inclusion in rural Malawi.
(12,073)
371,618		 45,607
316,179		 (33,534)
(352,227)		 -
335,570
SCBFStrengthening institutional
and client resilience to climate
change, in Ghana.
Private restricted donations		 -
1,737,471		 19,183
52,289		 (19,011)
(134,672)		 -
-		 172
1,655,088		 JOA– inclusive fnance for
Agricultural Value Chains in Rwanda.
SCBFfor Rwanda and Youth
project.		 -
93,024		 436,965
31,032		 (254,146)
(124,056)		 182,819
-
CFYE & Hilton refugeesproject
in Uganda
Private funded Educationin
Pakistan
DANIDAgrain hubs agriculture
project in Uganda
MedicorKayayei in Ghana
(private match funds)
Total restricted funds for the
Charity		 (87,134)
129,257
42,080
69,973
2,826,692		 374,239
12,000
-
95,255
1,147,855		 (385,041)
(72,526)
(40,440)
(100,023)
(2,138,485)		 -
-
-
-
208,586		 (97,936)
68,731
1,640
65,205
2,044,648		 Private restricted donations
Private funded Refugeesproject
in Uganda
Private funded Educationin
Pakistan
DANIDAgrain hubs agriculture
project in Uganda
MedicorKayayei in Ghana (private
match funds)
Total restricted funds for the
Charity		 1,517,153
(61,107)
41,622
1,959

40,084
2,222,287		 204,288
333,748
137,132
40,975
133,123
**2,066,425 **		 16,030
(359,775)
(49,497)
(854)
(103,234)
(1,462,020)		 1,737,471
(87,134)
129,257
42,080
69,973
2,826,692
Subsidiary’s restricted funds 796,522 - (149,389) - 647,133 Subsidiary’s restricted funds 910,053 - (113,531) 796,522
Total restricted funds for the
Group		 3,623,214 1,147,855 (2,287,874) 208,586 2,691,781 Total restricted funds for the Group 3,132,340 2,066,425 (1,575,551) 3,623,214

Abbreviations used above: JOA – Jersey Overseas Aid; SCBF – Swiss Capacity Building Facility; CFYE – Challenge Fund Youth Employment. Some funds are overdrawn due to the timing of receipt from donors.

38

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