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← Indochina Starfish Foundation

2023-12-31-accounts

ISF Cambodia

TRUSTEES’ REPORT & Audited Accounts Year ended 31 december 2023

isfcambodia.org

PHNOM PENH, CAMBODIA

Company Name: Indochina Starfish Foundation CHARITY NUMBER: 1115484 COMPANY NUMBER: 05798114 Period from 1 January 2023 - 31 December 2023

TABLE OF CONTENTS

Reference and Administrative Details

Reference and Administrative Details ..... . . . . . . . . . . . . . . . . . . 3

Trustees

A Letter from our Chairman. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4 Trustees’ Report. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 ISF’s Impact 2023.. . . . . . . .. . . . . . . . . .... . . . . . . . . . . . . . . . . . . . . . . . 9 Oversight and Recognition. . . . . . . .. . . . . . . .. . . . . . . . . . . . . . . . . . .34 Governance . . . . . . . .. . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 Financial Review and Accounts . . . . . . . .. . . . . . . .. . . . . . . .. . . . . . 40 Financial Instruments. . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . 42 Future Outlook . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 Our Supporters and Partners. . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 46 How you can Help . . . . . . . .. . . . . . . .. . . . . . . .. . . . . . . .. . . . . . . .. . . . 47

Mr Martin Cubbon, Chairman Ms Miranda Leung Mr Neil Cutler Mr Leo Brogan Mr Robert Gazzi Ms Belinda Greer Mr Patrick Healy Mr Martin Murray Ms Kirsten Molyneux Mr Andrew Riddick Mr Erik Lorenz Mr Mark Ashall

Principal Office

1310, St. 89BT, Chamreunphal Village Sangkat, Boeng Tumpun Khan Meanchey Phnom Penh Cambodia

Registered Office

Unit 18, 23 Melville Building East Royal William Yard Plymouth PL1 3GW

The charity is incorporated in England and Wales.

Company Registration Number

05798114

Auditor

Francis Clark

Charity Registration Number

1115484

Secretary

Ms Miranda Leung

Unit 18, 23 Melville Building East Royal William Yard Plymouth PL1 3GW

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a letter from our chairman

As we reflect on the past year, I am filled with immense pride and gratitude for the remarkable progress and impact we have achieved together at ISF Cambodia (ISF). Your ongoing support has been instrumental in transforming the lives of many in our communities, and I am delighted to share some of our accomplishments with you.

now studying Graphic Design at a university in Phnom Penh and has started his own graphic design business, giving back to ISF by using his talent in photography and design.

Our Football Programme has continued to inspire and educate thousands of youth, using the power of sports to foster positive change.

This year, we provided opportunities for 4,230 players of all abilities, including 1,561 female athletes and 489 players with disabilities or affected by HIV. Highlights include six coaches and assistant coaches participating in the ASEAN Para Games and 24 female players attending the AIA-SPURS Football Camp in Thailand. These experiences have not only enhanced their skills but also boosted their confidence and broadened their horizons.

In our Education Programme, we have made significant strides in reducing dropout rates, achieving an impressive rate below 6.5%, compared to the national average of 20%. Through our Catch-up Programme, we have enabled 142 students who were previously unable to attend school due to poverty to catch up on the education they had missed and regain their childhood. 456 students who have completed the programme now attend public schools, and 49 more are currently in higher education. Our holistic approach, which includes providing uniforms, materials, meals, healthcare, and family support, has empowered our students to overcome barriers and excel academically. We are proud that 100% of our high school graduates from 2019 to 2022 have gone on to university or secured stable employment within a year. A recent survey found that our university graduates earn an average of USD 450 per month, six times more than their families’ incomes.

“This year, we provided opportunities for 4,230 players of all abilities, including 1,561 female athletes and 489 players with disabilities or affected by HIV.”

The story of Nita, one of our Football Programme participants, is particularly noteworthy. Born into a life of poverty and adversity, Nita had to leave school in grade 3 to help support her family. However, her passion for football remained strong. After joining ISF’s Football Programme, Nita’s skills and confidence grew tremendously. She now plays as a defender for one of Cambodia’s biggest football clubs, Phnom Penh Crown. Her journey from a vulnerable youth to a professional football player is a testament to the transformative power of our Programmes.

“We are proud that 100% of our high school graduates from 2019 to 2022 have gone on to university or secured stable employment within a year.”

Stories like Martin’s underscore the importance of the work we do together. Since joining ISF in 2014, Martin has shown determination and passion. Over the past 10 years, he has excelled in his studies and engaged in numerous extracurricular activities and classes offered by ISF. Martin is

Our community development projects have also seen tremendous success. Established in 2023, the C&A Sewing Social Enterprise has provided sustainable income for students’ families, contributing to ISF’s long-term sustainability . Our community and mobile libraries have fostered a love for reading and provided essential resources to 16,569 visitors, 67% under 18. Additionally, 14 community members received sewing training, enhancing their job prospects and financial stability reducing the financial pressure on their children to drop out of school.

single-use plastics, recycling programs, and community clean-ups. These efforts have engaged our students and staff in climate action, positively impacting our environment and instilling a sense of responsibility in our future leaders.

Your dedication and generosity have been the cornerstone of our success. Together, we are not just making a difference but transforming lives and communities, laying the foundation for a future free from poverty and inequality. We are deeply grateful for your continued support, which makes all of this possible.

“the C&A Sewing Social Enterprise has provided sustainable income for students’ families, contributing to ISF’s longterm sustainability”

With heartfelt appreciation,

Furthermore, we have intensified our environmental efforts, advocating for sustainability through initiatives such as no

Martin Cubbon

Chairman, ISF Cambodia

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Indochina Starfish Foundation Trustees’ Report & Audited Accounts for 2023

The trustees are pleased to present their audited consolidated financial statements of Indochina Starfish Foundation for the year ended 31 December 2023.

The trustees, directors for the purposes of company law, present the annual report together with the financial statements and the auditor’s report of Indochina Starfish Foundation for the period ending 31 December 2023. The annual report and the financial statements have been drawn up following appropriate statutory regulations, the company’s Memorandum and Articles of Association, and the second edition of the Statement of Recommended Practice (2019) applicable to charities preparing their accounts per the Financial Reporting Standard applicable in the UK and the Republic of Ireland (the SORP).

Status

Indochina Starfish Foundation is a company limited by guarantee incorporated in England and Wales on 27 April 2006 and registered as a charity with the Charity Commission in England and Wales on 20 July 2006. Its constitution documents are the memorandum and articles of association.

Who we are

Indochina Starfish Foundation (ISF) is a Cambodian-based organisation dedicated to transforming the lives of impoverished children and those in marginalised communities by providing access to education, healthcare and sports, nurturing future community leaders and creating positive social impact. Our vision is an inclusive society free from poverty and inequality.

The legal objective of ISF is to promote general charitable purposes for the benefit of individuals and communities within Cambodia through:

With over 18 years of experience in creating sustainable pathways out of poverty, our holistic programme integrates transferable skills with education, community development, and sport to provide life-changing opportunities across Cambodia for those children and their communities most in need.

In accordance with Cambodian law, we have a memorandum of understanding with the Ministry of Foreign Affairs and a memorandum of understanding with the Ministry of Education to operate as an NGO. ISF Australia, one of whose Directors is also an ISF trustee, has been set up since 2008 to raise funds in Australia to provide us with regular income.

What we offer:

Catch-up education: Accelerated learning for children unable to attend school due to poverty so they can catch up to the correct grade for their age and enter public school.

English and computer classes: Developing students’ technical and employability skills through English language classes and computer courses.

Employment support: Careers counselling, vocational training, soft skill development, and more.

State school support: Ongoing holistic support to students and their families who attend public school after completing the Catch-Up Education Programme.

Community development projects: Ensuring our education centres do not exist in a vacuum through projects including community libraries, sewing training, employment support and more.

Healthcare: Supporting the health and well-being of all our students through checkups, treatment, vaccinations, and health education.

Nutrition: Overcoming food insecurity and promoting health by providing families with school meals and monthly food parcels. This support reduces the financial burden on families and lowers dropout rates, as children are no longer required to work to contribute to putting food on the table.

Football Programme: Providing disadvantaged youth with the chance to play football and improve their health, using sport to educate, motivate, and empower through regular training, tournaments, and events.

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Our Our Our Vision Mission Vision

To transform lives of impoverished children and those in marginalised communities by providing access to education, healthcare and sports, nurturing future community leaders and creating positive social impact.

An inclusive society free from An inclusive society free from poverty and inequality. poverty and inequality.

ISF 2023 Snapshot

724 Students in our Catch-up Programme, primary, secondary, higher education and employment

49% Of our students are female

100% In final year of high school go to university or are in stable employment 1 year after

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116
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ISF graduates have stable employment and have broken the cycle of poverty since 2006 9 ISF Impact Report

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4,230
Players of all abilities in our
Football Programme
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1,561 Female athletes

210

489 Players with disabilities or affected by HIV

Coaches and young leaders throughout the country trained in football for good

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ISF strategic review

In 2023, ISF conducted a strategic review to ensure our services were benefcial and in line with the needs of the communities we serve. Our key fndings can be found below:

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ISF serves children from the poorest communities

ISF Education services are in high demand

All ISF students are from families which earn less than US$75 per month.

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ISF Education services have clear objectives, which we consistently meet

ISF university graduates have great prospect and earnings

ISF’s goal is to empower our students with a brighter future, enhanced employment prospects, and leadership capabilities to serve their communities. We aim for our students to either pursue higher education at university or secure stable employment upon completing high school.

ISF successfully attained its goal from 2019 to 2022, with 100% of high school seniors either attending university or securing stable employment within a year after graduation. Furthermore, in 2023, 96% of our high school graduates are heading to university, marking the highest percentage achieved since 2019.

Our university graduates enjoy high job prospects and earnings, allowing them to uplift their families from poverty and emerge as future community leaders, serving and inspiring others.

Once enrolled in university, approximately 60% of our students secure part-time jobs, marking a signifcant step towards self-suffciency. According to a recent survey, the average monthly salary from their part-time employment stands at approximately US$217. This income is substantial, equivalent to what one might earn from a full-time job. Furthermore, our university graduates earn an average of US$450 per month, a notable increase compared to the average salary of US$270 for ISF high school graduates who do not pursue higher education. This represents a 67% higher income for university graduates, all of whom have received promotions and salary raises since their graduation.

Enabling students to support themselves independently after graduation is crucial to lifting them out of impoverished communities. This initial step empowers them to assist their families and contribute positively to their communities.

Our survey comparing ISF high school graduates with non-ISF high school graduates in our service areas indicates that ISF graduates exhibit a higher rate of employment success compared to their counterparts from state schools.

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ISF Students Non-ISF students
Unemployed 2.50% 47%
Working Full Time 81% 33%
Working Part time 2.50% 4%
In University 13.75% 0%
No details provided 0% 16%
Total 100% 100%
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Consistently low drop-out rates

We are dedicated to minimising the number of students who do not complete high school. From 2019 to 2023, our dropout rate for students attending state schools was consistently below 6.5% per year, compared to the 20% dropout rate in state schools overall. This achievement is particularly notable for 2022, despite school closures due to Covid-19. Additionally, approximately half of those who drop out enroll in our Employment Support, ensuring continued assistance and opportunities for their future.

Not all our students can complete the full education journey in high school and it is just as important for us to give them their means of achieving stable employment and a better life.

In a survey comparing 87 ISF students who did not fnish high school with 26 students from state schools in the same area, the average salary of ISF students is 27% higher than that of students from state schools, with fgures of US$269 versus US$211, respectively. This survey underscores that ISF students not only earn higher salaries but also beneft from workplace advantages and greater opportunities for promotion.

ISF offers more holistic support compared to most NGOs operating in the same geographical area with similar services - Our holistic service is impactful and makes a real differencE.

Our services encompass a wide range of support, including providing meals and clothing for students and their families, offering catch-up lessons to facilitate integration into state schools from grade 6, covering school fees for state school or ACT, and providing essential educational resources such as English and computer classes, libraries, and life skills training. Additionally, we offer experiential learning trips, yoga, physical education (PE), the Youth Role Model project, tablet-based learning, and health and well-being services, along with our Employment Support.

According to our survey of 279 ISF respondents, the most valued services include English and computer classes, along with access to libraries, as they are perceived as highly benefcial for accessing higher education, securing gainful employment, and aiding in studying. Employers particularly appreciate our career counseling services, English classes, and provision of technical and skills development, recognising them as crucial for workforce readiness and success.

making dreams a reality: Martin’s road to success

This year, our highest number of grade 12 students will continue onto higher education after graduating high school with 47 out of 49 students planning to start university in 2024. ISF’s Employment Team will provide these students with the support and resources needed to make their dream a reality.

One of these students is ISF high school graduate Martin. Since starting at ISF in 2014, Martin has shown great determination and passion to catch-up on the schooling he had missed and complete his education.

Over the past 10 years, he has worked hard on his studies and got involved in a host of extracurricular activities and classes offered by ISF that has developed his knowledge and skills. We are delighted that Martin has continued his education, studying Graphic Design at university in Phnom Penh and has started his own graphic design business. Martin is giving back to ISF by using his talent with photography, design, and helping out at events.

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EDUCATION PROGRAMME

ISF’s Education Programme aims to empower disadvantaged children by equipping them with the necessary tools to secure gainful employment and achieve financial independence. Our objectives include reducing dropout rates, promoting gender equality, supporting students to complete their studies, ensuring the well-being of children, and providing necessary assistance to families. We provide uniforms, materials, meals, healthcare, and family support. We offer English, computer, and extracurricular activities, such as skill development and training for life after school.

CATCH-UP programme

We provide accelerated learning to children who have never attended school or dropped out to support their families, so they can catch up on missed education.

state school support

We partner with Cambodia’s public schools to support graduates of our Catch-up Education Programme, ensuring their continued enrollment and academic engagement.

Higher education AND employment support

Our support does not stop after high school. We provide pathways to higher education, equipping them with the skills for gainful employment and independent living.

pathways out of poverty

ISF’s holistic approach has led to life-changing benefits for ISF Education Programme’s students. So far, 116 ISF students have found meaningful employment, while seven have completed university studies. A recent survey revealed that ISF university graduates earn up to 67% more than their peers who did not pursue higher education. This empowers them to uplift their families from poverty and be leaders in their communities, outcomes once unimaginable for children who had resigned themselves to a life of scavenging.

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catch-up programme catch-up programme

ISF’s Catch-up Education Programme is supporting 142 children aged 8-11 years old who were previously unable to attend school due to poverty. Catch-up students join us five days a week to learn up to two years of the national education curriculum in 12 months. Once they have completed our accelerated learning programme, we integrate these students into public schools.

142 99% Students in Of students our Catch-up attended classes Programme regularly

99% 44 Students completed the Of students passed programme and were exams and moved integrated into public up two grades schools

In December, 50 new students In December, 50 new students enrolled in our Catch-Up Pro-enrolled in our Catch-Up Programme for the new academic gramme for the new academic year. These children are from the year. These children are from the poorest and most disadvantaged poorest and most disadvantaged families in the communities where families in the communities our schools operate. 44% had where our schools operate. 44% never been to school before, had never been to school before, while others had been forced to while others had been forced to drop out.drop out.

state school support

Students who complete our Catch-up Programme are enrolled into public schools where we continue to support them with all the essential resources needed to complete their studies. In 2023, we supported 456 students to study at primary and secondary schools in the city, as well as our partner the Academy of Careers and Technology (ACT).

456 98 8% 100% 88% 100% 91% ISF state school State school students Of ISF state school Of surveyed students Of ISF state school Of surveyed students State school students students regularly attended students passed believe they can go students passed passed their exams believe they can go their annual examtheir classes to university or find their annual exam and moved to the next to university or find gainful employment gainful employmentgrade

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english Classes

All catch-up students attend English classes to develop language skills crucial for higher education and gainful employment. In total, 98% of catch-up students are regularly attending lessons as well as 219 state school students. This year, we organised ISF’s frst Picture Description Contest as well as our annual English Speaking and Singing Contests to provide students with the chance to showcase their English speaking abilities.

extracurricular extracurricular activities activities

ISF students enjoy a wide range of ISF students enjoy a wide range of extracurricular activities including weekly extracurricular activities including weekly sports activities, such as PE, yoga, football, sports activities, such as PE, yoga, football, and Khmer dance. In addition, ISF’s Life Skills and Khmer dance. In addition, ISF’s Life Skills Project is empowering 100 students with Project is empowering 100 students with essential skills and experiences to succeed essential skills and experiences to succeed beyond school, using project-based learning to beyond school, using project-based learning to focus on skill development, as well as focus on skill development, as well as environmental and sustainability initiatives. environmental and sustainability initiatives.

Computer Classes

ISF’s computer classes enable students to develop the technical skills needed for when they leave school. Catch-up students are taught Microsoft Word, Excel, and PowerPoint. Older students can access specialised classes in Photoshop and coding, skills that are currently in high demand in Cambodia’s job market.

HEALTH AND WELL-BEING

The healthcare we provide is central to the well-being of our students and their families. ISF ensures all 724 students can learn effectively by overcoming the physical and mental health barriers they face through the provision of basic healthcare, vaccinations, mental health counselling, and educational workshops. We also work with local partner clinics and hospitals to provide specialised care.

6,764 3,833 18 440 Montly food Treatments provided Students treated for Referrals to parcels to ISF by ISF nurses malnourishment specialty care families facilities

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preventive medicine

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Mosquito-borne diseases are a signifcant challenge in our communities, especially during rainy season. ISF collaborates with local authorities to combat and prevent the spread of these diand prevent the spread of the se diseases. Our ases. Our nurses raise awnurses r a reness on these risks and other hygenic ise awareness on these risks and other normas and implement prevhygenic normas and implem ent ive measures to preventive promotmeasur e well-being. s to promote well-being.

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Higher education SupporT

and employment SupporT In 2023, ISF provided vital support to 49 students, enabling them to pursue higher education at In 2023, ISF provided vital support to 49 students, enabling them to pursue higher education at the university level. These remarkable individuals all hail from backgrounds of extreme poverty, the university level. These remarkable individuals all hail from backgrounds of extreme poverty, where the prospect of accessing higher education seemed insurmountable. These students have where the prospect of accessing higher education seemed insurmountable. These students have not only completed their high school education but are now on their way to earning bachelor’s not only completed their high school education but are now on their way to earning bachelor’s and associate degrees in a diverse range of fields such as civil engineering, architecture, IT, and associate degrees in a diverse range of fields such as civil engineering, architecture, IT, accounting, business management, and graphic design.accounting, business management, and graphic design.

Students in higher education receive comprehensive support throughout their first two years of Students in higher education receive comprehensive support throughout their first two years of study, including essential resources such as laptops, tuition fees, educational materials, and study, including essential resources such as laptops, tuition fees, educational materials, and uniforms. They also benefit from monthly food parcels, access to English and IT classes, as well as uniforms. They also benefit from monthly food parcels, access to English and IT classes, as well as personalised career counseling and emotional guidance from our dedicated team.personalised career counseling and emotional guidance from our dedicated team.

During their final two years at university, our Employment Team works closely with students to During their final two years at university, our Employment Team works closely with students to help them secure suitable job opportunities. We are dedicated to empowering students to help them secure suitable job opportunities. We are dedicated to empowering students to become self-sufficient and gain essential skills necessary for employment.become self-sufficient and gain essential skills necessary for employment.

66 49 Students graduated Students graduated Students in higher from Universityfrom University education

36 96% Students are working ISF high school alongside their studies graduates are planning to gain independence to start university

employment SupporT

ISF’s Employment Support is dedicated to helping students from underprivileged communities achieve self-sufficiency after completing their education. Currently, we assist 18 students in various ways: three are undergoing vocational training, six are receiving career counseling and guidance, and nine have secured full-time employment.

In 2023, we celebrated the successful placement of 22 students in gainful employment, marking a significant milestone as these individuals no longer require support from ISF. The range of roles attained by the students is diverse, including positions as welders, sales staff, assistant cameramen, call center representatives, as well as roles in IT such as system engineering and quality control. These successes are particularly noteworthy considering the challenging circumstances these youth have overcome, coming from families engaged in informal, low-paid, and unstable occupations such as scavenging, construction and factory work.

22 100% 97% 96% 97% 96% Students found Of students feel Students think Of surveyed ISF Of surveyed ISF gainful employment confident in their ISF was instrumental Students think alumni have improved alumni have improved in 2023 employability skills ISF was instrumental to securing and to securing and thanks to ISF’s supportliving conditions living conditions mantaining a job thanks to ISF’s support thanks to ISF mantaining a job

closed cases survey

how education improved sreyphors’s future

When she was ounger, SreWatch Sre y phors’ stor y and learn phors’s family was unable to send her to school, leaving her trapped in how the chance to access a cycle of poverty. After she joined ISF eight years education supported her to get a ago, she showed her strenght and passion: she was better life and attend university. able to catch-up with the correct grade for her age and then completed high school. Determined not to settle, Sreyphors is pursuing higher education in accounting. Now, she’s on a path to a brighter future, not only for herself but for her whole family.

In 2023, we conducted a survey with 78 former ISF students who were not able to successfully complete our Education Programme, but still received ISF support for many years. Findings of the survey revealed that 72 former students are now living in better confitions than when they joined ISF: 58 have stable income or support from other NGOs/family members and 14 have a job and they feel they don’t need ISF support anymore.

We decided to re-open one case and supported a young female former ISF student. She received employment support including CV writing, soft skills, and career counselling, and within one month, she secured a service staff position improving her living situation.

Between 2006 and 2023, 188 disadvantaged young people have been able to break the cycle of poverty by finding stable employment thanks to ISF support.

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FOOTBALL PROGRAMMe

Our Football Programme provide free football opportunities to marginalised youth, using Cambodia’s most popular sport to educate, motivate, and empower. We go beyond just playing by offering regular training, tournaments, and a tailored social impact curriculum for positive behaviour change, addressing key local issues ike gender equality and substance abuse.

4,230 Players of all abilities

37% of players are female

Our Football Programme contributes to multiple UN Sustainable Development Goals (SDGs):

To ensure equal access to play for all, we’ve built and maintain our Sports Ground and a pitch in one of our schools. (SDG11)

By providing skills for youth that help them escape the cycle of poverty they were born into. (SDG1)

We improve the health and well-being of youth through physical activity and mental development. (SDG3)

We’ve reduced our everyday plastic use and we’re educating players on responsible consumption using sustainability-focused football games (SDG12+13)

Our football-for-social impact curriculum educates players on local/ global issues. 100% of our players are enrolled and regularly attending school (SDG4)

We run activities for players of all abilities, without discrimination of gender, ethnicity, disability, religion, economic or health status (SDG10)

We emphasise the formation

of girls’ teams, ensuring a gender-balanced environment. The Girls’ Tournament offers access to girls to competitive sport . (SDG5)

ISF provides a safe space on-field and in the classroom for all our participants. (SDG16)

We’ve trained numerous coaches, many of whom began as players. These efforts have led to inspiring success stories of young leaders in the sports sector. (SDG8)

We collaborate with local schools/NGOs to amplify our reach and we partner with international sports-for-good organisations to improve and share learning. (SDG17)

2023 highlights

Four ISF students had the ISF students as Spurs Mascots chance to travel abroad for the Four ISF students had the chance to travel first time! Their trip to the UK abroad for the first time! Their trip to the was unforgettable as they UK was unforgettable as they walked walked hand-in-hand with hand-in-hand with Tottenham Hotspur Tottenham Hotspur players and players and explored the wonders of the explored the wonders of the UK. This was not just a trip, but an UK. This was not just a trip, but opportunity for personal growth and an opportunity for personal cultural exchange. Thank you AIA and growth and cultural exchange.Tottenham Hotspur for making it possible!

AIA-Spurs Football Camp in Koh Samui Twenty-four ISF female football players had the Twenty-four ISF female football players had the opportunity to take part in the AIA-SPURS opportunity to take part in the AIA-SPURS Football Camp in Koh Samui, Thailand. These Football Camp in Koh Samui, Thailand. Female female players trained with top-notch coaches players trained with top-notch coaches from the from the Tottenham Hotspur Elite Development Tottenham Hotspur Elite Development team and team and received comprehensive training in received comprehensive training in various various football skills, including ball mastery, football skills, including ball mastery, passing, passing, and shooting. Players also attended and shooting. Players also attended classes on classes on the importance of nutrition, exercise, the importance of nutrition, exercise, and mental and mental well-being while pursuing their well-being while pursuing their football dreams .football dreams .

ISF coaches at the 2023 ASEAN Para games

Six of our coaches and assistant coaches were selected as national coaches/coaches assistants for the 2023 ASEAN Para Games in Cambodia. Additionally, 17 athletes from our ISF’s Football for All Abilities Programme joined them on the field, representing Cambodia. This is a shining example of ISF’s commitment to inclusion and equality. We are honored and proud to have such a diverse and talented team.

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TEChnical football training and football for social impact

We deliver weekly football training and monthly football for social impact games to 2,260 girls and boys of all abilities throughout the country. Our sessions provide a safe space for children to have fun, develop essential life and soft skills, and improve their health.

91%

Of surveyed players want to adopt positive behaviors/ motivate their community

ISF’s bespoke social impact curriculum promotes social change using football-based activities.Children receive education on important issues including substance abuse, equality, inclusion and more, contributing to behavior change on and off the pitch.

90%

Of observed players demonstrated improvement in key soft skills

bopha and sokyou* break gender stereotypes through football

Bopha and Sokyou are two young football players in the Bopha and Sokyou are two young football players in the province of Kampong Thom. They have been playing for province of Kampong Thom. They have been playing for two years and they both love it because it makes them two years and they both love it because it makes them feel healthy, happy, strong, and confident.feel healthy, happy, strong, and confident.

They joined ISF Football Programmet thanks to their They joined ISF Football Programmet thanks to their teachers: “I like this project”, shares Bopha, “because I teachers: “I like this project”, shares Bopha, “because I could learn so many good social messages and football could learn so many good social messages and football techniques”. They are also both sharing the lessons they techniques”. They are also both sharing the lessons they learn from this project with their family, friends, and learn from this project with their family, friends, and wider community members. wider community members.

Bopha and Sokyou are sure, participating in the project Bopha and Sokyou are sure, participating in the project has made them feel more confident in themselves, “I was ashamed and did not dare to play has made them feel more confident in themselves, “I was ashamed and did not dare to play football, but now I do it and when I play I am happy”. football, but now I do it and when I play I am happy”.

*Names have been changed.for safeguarding reasons

Outreach football project

ISF’s Football for Change Outreach Project has continued to make a significant impact in the lives of more than 700 disadvantaged players living in Cambodian rural provinces with the support of 28 coaches who received training, ongoing technical support, and equipment. In addition, 312 disadvantaged children in Koh Kong province, 50% of whom were female, had the rare chance to play football in a safe environment thanks to ISF’s Football Festival.

Following the project, surveys revealed that an impressive 89% of players demonstrated awareness of HIV/AIDS, while 85% knew how to protect themselves from STDs. Additionally, 92% recognised the detrimental effects of drugs on their health. Beyond health-related awareness, over 95% of players expressed the belief in gender equality, affirming that girls hold equal value to boys. Furthermore, 94% of players acknowledged the equal rights of people with disabilities, underscoring a significant shift in societal perceptions.

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Coaches and community leaders development

ISF promotes the professional development of our coaches, nurturing their skills and expertise. In addition, we train 200 young leaders in our football-for-good curriculum with the aim of creating a scalable football-for-change model which can be replicated throughout Cambodia.

Youth Role Models youth Role models

ISF’s Youth Role Models (YRMs) initiative aims to develop crucial soft skills in disadvantaged young people, including communication, leadership, decision-making, and teamwork. Each year, 20 YRMs are selected from our Education Programme based on school attendance, performance, and attitude. They serve as mentors for other children and youth. ISF’s YRMs undergo training on ISF’s 12-topic social impact curriculum to deliver football-for-social-impact and physical education sessions to around 140 students in ISF’s Catch-up Programme. After running the project for four years, we conducted surveys with former participants to undesrtand the long-term impact of our project:

100% Of former YRMs believe the skills they learnt are easily applicable to their current jobs/studies

football for all abilities

489 100% 100% Players with disabilities Of surveyed players Of players have shown or HIV positive accessing experienced improved improvement in football activities physical health key soft skills

ISF’s Football for All Abilities Project addresses the marginalisation faced by youths with disabilities and HIV across Cambodia by providing sport-for-good initiatives, such as regular football, football-for-social-impact training and events.

We held an All Abilities event, during which players with different disabilities or HIV had the chance to play together in fun games, fostering inclusion and increasing awareness.

Furthermore, 421 took part in ISF’s All-Abilities Football Festival. The festival included a full-day tournament for 204 deaf/hard-of-hearing players as well as half day of fun games and competitions for a further 217 players with disabilities or HIV, to further promote inclusion.

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nita, From Marginalised Youth to Professional Football Player

Like many children in Cambodia, Nita was born into a life of poverty and adversity. After her parents were forced to remove her from education at grade 3 due to fnancial hardship, she was forced to spend her childhood looking after the house while her parents went out to earn what they could in ill-paid jobs.

In 2010, Nita’s luck turned around and she was selected by ISF to enrol in ISF’s Catch-up Programme and engage in our awardwinning Football Programme. Though her education remained her priority, her real passion was football.

Thanks to regular training and annual competitions in the AIA - ISF Youth League, Nita’s skills and confdence grew tremendously over the years.

With her determination and skills, Nita was able to achieve her dreams and now plays as a defender for one of Cambodia’s biggest football clubs, Phnom Penh Crown.

AIA-ISF Youth LEagues

Featuring almost 1,600 players from across the country, this event is Cambodia’s biggest grassroots competition, showcasing the incredible talent of our youth and the power of sports. In 2023, the league was held in Phnom Penh and Kampong Thom provinces. We use the power of football to instill positive values such as teamwork, discipline and sportsmanship and promotes integration and social inclusion, dismantling social barriers and stereotypes based on gender, background, and abilities.

boys and girls tournaments

ISF Tournaments are ISF’s flagship events and the largest annual football tournaments for young girls and boys from disadvantaged backgrounds with more than 500 boys and 400 girls enjoying a full day of organised football in a safe environment.

community league

We engaged 325 marginalised youth, educating them on healthy living and core values, such as inclusion, equality, respect and friendship, as well as developing key skills and qualities.

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community development projects

ISF proudly implements various community projects aimed at empowering our students’ families and caregivers with valuable skills, enabling them to secure legitimate employment and support their households. These initiatives alleviates the fnancial burden on their children, allowing them to focus on their education without undue pressure.

COMMUNITY AND MOBILE LIBRARIES

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16,569 67% 996
Visits to ISF Of our readers are New books acquired
Libraries under 18
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ISF Libraries aim to foster literacy skills, cultivate a love for reading, and offer employment opportunities as librarians that can change lives. Our community libraries are safe places for people of all ages to read, learn, and play, while our mobile libraries bring books on motorbikes or tuk tuks to even the most diffcult-to-reach areas. We are dedicated to providing ISF students, their families and communities with access to resources that will help them expand their knowledge and enrich their lives.

sewing training

In 2023, we offered sewing classes for 14 students’ caregivers, providing both technical skills and economic empowerment. This enables better job opportunities, lifts families out of poverty, and prevents children from dropping out of school.

c&A sewing social enterprise

As part of ISF employment support for our students’ family members, in 2023 ISF established C&A Sewing Social Enterprise (C&A) leveraging our successful sewing training project initiated in 2013. C&A aims at helping ISF students’ parents developing sewing skills, having a stable income and pulling them out of poverty. C&A will also be instrumental in providing ISF with a stable and sustainable source of income for our programmes’ sustainability long term.

After its establishment in June, our three tailors have been working tirelessly to make a great selection of clothing for our many costumers. To enhance products’ sales, we renovated our shop and set up a Telegram Channel and Group, a Facebook page, and a TikTok account. Follow us to hear all about C&A!

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environmental efforts environmental efforts

Transparency

code of conduct and policiescode of conduct and policies

We advocate for children’s holistic well-being, recognising the importance of a clean environment alongside education and sport. ISF as a whole is dedicated to environmental stewardship, upheld by our Green Policy, ensuring accountability for our ecological footprint in all our programmes. No-single use ISF has recycling bins Compost is re-used ISF Beneficiaries plastic at ISF’s to encourage proper in ISF’s school and staff receive premises and waste disposal and gardens environmental and events recycling plastic reduction training

We advocate for children’s holistic well-being, recognising the importance of a clean environment alongside education and sport. ISF as a whole is dedicated to environmental stewardship, upheld by our Green Policy, ensuring accountability for our ecological footprint in all our programmes.

ISF is committed to sustainability, enforcing a strict no single-use plastic policy. Recycling bins, accompanied by explanatory signs, are readily available on our premises. Solar lights have been installed at ISF football pitches and playground to promote clean energy use, and students and players received reusable water bottles. Reusable bags are utilised for distributing monthly food parcels to students’ families and football materials to partner schools and NGOs. During events, food is wrapped in eco-friendly banana or lotus leaves with reusable or wood cutlery, while awareness is raised through engaging activities and posters.

Our Life Skills Project engages 100 secondary school students in plastic reduction efforts through workshops, group projects, community clean-ups, and collective gardens. Empowered by our initiatives, ISF students have emerged as advocates for climate action and plastic reduction in their communities. Their efforts have inspired community members to join in ISF’s activities, such as workshops on these topics, fostering support for our sustainability initiatives.

ISF is dedicated to upholding ethical standards, inclusivity, and the protection of vulnerable groups ISF is dedicated to upholding ethical standards, inclusivity, and the protection of vulnerable groups and the environment, guided by stringent policies. These include our Child Protection and and the environment, guided by stringent policies. These include our Child Protection and Safeguarding Policy, ensuring the safety of children through thorough checks, training, and clear Safeguarding Policy, ensuring the safety of children through thorough checks, training, and clear mechanisms for reporting concerns or violations, and our Environmental Protection Policy, promoting mechanisms for reporting concerns or violations, and our Environmental Protection Policy, promoting sustainability through waste reduction and recycling efforts. sustainability through waste reduction and recycling efforts.

Our operations are governed by our Code of Conduct and Internal Regulations, which ensure Our operations are governed by our Code of Conduct and Internal Regulations, which ensure transparency, prioritise data protection, uphold gender equality and inclusion, and enforce a zerotransparency, prioritise data protection, uphold gender equality and inclusion, and enforce a zerotolerance policy towards sexual harassment, abuse, exploitation, and any forms of fraud, bribery, and tolerance policy towards sexual harassment, abuse, exploitation, and any forms of fraud, bribery, and corruption. corruption.

Through these policies, ISF aims to foster a transparent, safe, and inclusive environment, underscoring Through these policies, ISF aims to foster a transparent, safe, and inclusive environment, underscoring our role as a responsible and trustworthy organisation committed to making a positive impact. our role as a responsible and trustworthy organisation committed to making a positive impact.

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OVERSIGHT AND RECOGNITION

FUNDRAISING PRACTICES

We are committed to being completely open and transparent about our fundraising. We raise funds through trusts and foundations, corporate sponsors, and individuals. We raise funds from individuals in many different ways, including:

Our face-to-face fundraising is done by our own staff at our own fundraising events, and we do not hire third parties to fundraise on our behalf. We will never telephone, email, or send mail to anyone unless they have expressed an interest in our work. In 2023, we hosted an in-person fundraising event in Hong Kong while also continuing to leverage online fundraising activities and campaigns throughout the year. These efforts allowed us to engage both our local and international supporters, raising vital funds to sustain our programmes.

Local fundraising activities within Cambodia also increased, with ISF expanding income from Cambodian-based corporate companies, individuals, and events. The same high standard of fundraising practices was adopted for these fundraising activities.

ISF complies with all legal requirements and best practices regarding information retention and processing, including any information we have about our supporters. We use a variety of means to keep our supporters informed of our work and progress throughout the year, but always ensure that we fully respect their wishes and only communicate with them through their preferred methods. No complaints about our fundraising activities were received in 2023.

We treat all donations with the utmost care – 87% of every $1 we spend goes directly towards helping children, youth, and families in Cambodia.

Where our money comes fromWhere our money comes from

Where our money goes

Fundraising Fundraising

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ProgrammesProgrammes
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Organisational expenditureOrganisational expenditure

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67% 30% 3%
Education Football Community
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MONITORING, EVALUATION, ACCOUNTABILITY AND LEARNING (MEAL)

In 2023, ISF conducted a strategic review, which revealed impressive findings highlighted on pages 10-14. The strategic review is crucial for ISF’s MEAL activities. By thoroughly assessing the effectiveness and impact of its programmes, ISF ensures it meets its goals and addresses the needs of its target communities. This review provides valuable insights into programme performance, helping to identify areas for improvement and inform future strategies. This ongoing evaluation process is essential for maintaining accountability to stakeholders and ensuring that ISF’s interventions lead to sustainable positive outcomes. Additionally, the review’s findings support evidence-based decision-making, enabling ISF to adapt its programs to changing community needs and enhance its overall impact.

ISF ensures sustainability is at the forefront of its work through comprehensive MEAL activities. We design and implement interventions that address the root causes of adversity to create sustainable change. Our methodology includes both internal and external monitoring processes, enabling a comprehensive assessment of the delivery model, methodology, and all of its delivery elements. We collect both quantitative and qualitative data to monitor impact through baseline and endline surveys, group discussions, and case studies.

ISF has an in-house M&E Officer who implements M&E measures, including tools, data collection, and analysis. Our program staff collect data on participants and progress and engages with partners to gather feedback. Tools used throughout our programs include a variety of evaluation and monitoring instruments to ensure we capture a holistic view of our impact and areas for growth, such as:

We use the results of our M&E to inform internal discussions around programme activities, priorities, and needs, as well as external communications and donor reporting to ensure accountability. Through our M&E activities, we measure the impact and effectiveness of the project against our objectives, reviewing and learning from our findings. It also gives our stakeholders a more active role in determining how the project is run.

ISF prioritises staff training and capacity development. In 2023, ISF actively encouraged its staff to enhance their skill sets through various programs, including computer skills training, time management courses, English language classes, and LGBTQ+ inclusion workshops. Staff also participated in mental health, yoga, and meditation sessions. Additionally, the Development Team engaged in external peer consultations and training opportunities to diversify income streams.

Our Football Programme staff attended multiple training sessions throughout the year, including weekly English language classes, first-aid training, referee courses, goalkeeper training, sign language classes, and goalball training—a team sport designed exclusively for athletes with visual impairments.

supporters and volunteers

ISF’s success to date has only been possible through the generous support from our diverse funding base. While it is impossible to list all of them here, we are truly grateful for the support we receive from individuals, trusts, foundations, companies, schools, and community groups - many of whom have supported us for several years. Their support enables ISF to continue providing resources, assistance, and care to vulnerable youths and their families across Cambodia.

We were once again overwhelmed by the support received in 2023. Grant funding, corporate support, sponsorship, and individual donations ensured we could continue providing holistic programming to enable disadvantaged children and their communities to lift themselves out of poverty. The response to our events, online campaigns, and appeals meant that we could continue reaching thousands of beneficiaries each year and effectively respond to their needs.

We cannot express enough gratitude to all those who have and continue to support ISF. As part of our evolving fundraising strategy, we have continued to build and strengthen partnerships locally with individuals, businesses, and groups. Our Local Fundraising and Marketing team has enabled us to amplify local fundraising activities, and throughout 2023, we held several events which helped to reach new audiences, as well as raise income and awareness locally. We thank everyone who has donated or provided technology equipment, art supplies, sports equipment, materials, and clothes.

Our most heartfelt thanks to our community in Hong Kong for participating in yet another successful annual fundraising dinner for ISF, and our supporters in Australia for their continued fundraising efforts. We are beyond appreciative for their continued support.

We are also delighted to have received assistance from a number of new and longstanding volunteers across our programmes. Volunteers helped us with activities including fundraising, communications and marketing, career mentoring and life skills development, and social impact training.

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GOVERNANCE

MEMBERSHIP AND VOTING

The subscribers to the Memorandum of Association of the company and such other persons as are admitted to membership in accordance with the Articles of Association shall be members of the company. No persons shall be admitted to membership unless they are approved by the directors.

Any person who wishes to become a member shall deliver to the company an application for membership in the form required by the directors. A member may withdraw from the company at any time by giving at least seven clear days’ notice to the company. At general meetings of the company, on a show of hands every member present in person will have one vote. On a poll, every member present in person or by proxy will have one vote.

PUBLIC BENEFIT

Charities are required under the Charities Act 2011 to show that they provide public benefit. The trustees have reviewed the objects and services of the charity in light of this requirement as well as the Charity Commission’s guidance on public benefit, and confirm (as evidenced by the contents of this annual report) that Indochina Starfish Foundation provides public benefit.

CHILD PROTECTION

As a child support organisation, our priority is the safety and well-being of the children under our care. ISF is committed to the implementation of a strict child protection policy so as to ensure that the children whom we serve are not exposed to abuse, exploitation, violence, or neglect. ISF’s Child Protection and Safeguarding Policy is reviewed annually, and all staff members and beneficiaries receive regular training on the topic.

Our Child Protection and Safeguarding policy conforms to the principles of the UN Convention on the Rights of the Child. We have also developed local and international partnerships with child safeguarding organisations, including being a ChildSafe Alliance Partner – a global network led by Friends International and UNICEF committed to improving the quality and impact of services for marginalised children and youth, their families and communities. Similarly, we are a member of the International Safeguards for Children in Sport, a global movement committed to creating safe sporting environments for children worldwide.

Risk review

The trustees have examined the major internal and external risks that the charity faces. The The existing risk register was reviewed in 2023 to ensure that systems to monitor and control these risks and mitigate any impact they may have on the charity in the future are in place.

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FINANCIAL REVIEW AND ACCOUNTS

REVIEW OF FINANCIAL POSITION

Operating funds (i.e. excluding Capital Funds) raised in the financial year ended 31st December 2023 were higher than those raised in the previous financial year. Our funding sources include individuals, trusts and foundations, schools, and corporations, many of whom have long been supporters.

Funds received are categorised as either restricted, designated for specific purposes, or unrestricted, supporting the broad range of activities in which the charity is involved. Our primary aim is to use all these funds effectively while minimising administrative costs.

The costs of the Education Programme are all incurred in Cambodia and primarily include employment costs for teachers and other education staff, medical costs, food rations for the children’s families, and state school fees. Similarly, the Football Programme’s costs mainly comprise training and equipment expenses, providing qualified coaches, transportation, and organisational costs for leagues and tournaments.

We are acutely aware of the need to minimise administrative costs and maintain a small administration staff. All other costs directly relate to our two core Programmes in Cambodia. In addition to the funds designated for the Education and Football Programmes, we maintain a general unrestricted fund for donations not specifically allocated to either Programme. This fund is used to support specific projects as needed.

On 31 December 2023, operational reserves were US$1,460,012 of which US$504,670 is for general use and the remainder may only be used for specific projects. Consistent with our aim of prudent financial management, it is our policy not to start projects until we are certain sufficient funds are available to complete them.

Despite the disruption caused by the legacy of COVID-19 on our fundraising and operational activities, we maintained a sound financial position as we entered the financial year 2024, during which we continued to cope with and increase our resilience. For more details, please see the following “Future Outlook”.

The charitable company has a 49% share in ISF LHC Co., Ltd., a company registered in Cambodia, formed to purchase land on the charity’s behalf in Cambodia. The balance of the shares is held by Cambodian residents but, in the opinion of the trustees, the charity controls the company, and for this reason, consolidated financial statements have been prepared.

reserves policy

As previously noted, our income is inherently unpredictable, relying on voluntary donations from various sources. To ensure financial stability and sustainability, we aim to build and maintain a reserve (Reserve Requirement) equal to 12 months of budgeted expenditures for our Education Programme and six months of budgeted expenditures for our Football Programme.

Our net assets for the financial year ended 31 December 2023 is US$3,243,307 (2022: US$3,587,704) comprising tangible assets of US$1,828,179 and net current assets US$1,415,128. Free reserves at year-end were US$459,782 (2022: US$651,869). Free reserves is unrestricted reserves (US$504,670), less funds spent on tangible fixed assets (US$44,888).

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FINANCIAL INSTRUMENTS

Objectives and policies

The Group’s activities expose it to a number of financial risks, including credit risk, cash flow risk, and liquidity risk.

Cash flow risk

The Group’s activities expose it primarily to the financial risks of changes in foreign currency exchange and interest rates. The charity uses foreign currency bank accounts to hedge these exposures.

Credit risk

The Group’s principal financial assets are bank balances, cash, and other debtors. The credit risk on liquid funds is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies. The Group has no significant concentration of credit risk, with exposure spread over many counterparties.

Liquidity Risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the Group maintains cash reserves approximately equal to the Reserve Requirement.

AUDITORS

A resolution to re-appoint PKF Francis Clark as auditors for the ensuing year will be proposed at the next board meeting in accordance with Part 16 of the Companies Act 2006.

trustees

There are currently twelve trustees. New trustees are recruited principally as a result of nominations by existing trustees. The board considers their competence, skills, and independence and votes on their appointment. Before their appointment, nominees are invited to visit our operations in Cambodia and to meet and answer questions from the chairperson and management. Police record checks are carried out on all potential trustee nominees.

The trustees for the current financial year are as follows:

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FUTURE OUTLOOK

In 2023, ISF implemented a robust fundraising strategy to enhance our financial sustainability and broaden our local and international income sources. One of the highlights was the ISF Superhero Fun Run held in October. This event was a tremendous success, attracting over 1,200 participants, sponsors, volunteers, and team members, representing a 300% increase from 2022 which saw 300 participants.

Our local fundraising strategy has gone from strength to strength as we established key relationships with various businesses and groups in Cambodia. We are excited to build on these relationships and the success of our events throughout the coming year to continue raising vital funds and awareness locally.

The removal of COVID-19 restrictions in Hong Kong positively impacted our fundraising activities throughout 2023. Our annual Hong Kong dinner raised HK$4.8 million, showcasing strong support from our international donors.

In 2023, we incorporated innovative approaches to widen our local and international income sources. This included a comprehensive digital fundraising and communications review to increase income from individual and corporate donors. The review focused on developing more effective engagement plans for supporters, catering to donors’ different needs and priorities, and

enhancing ISF’s ability to communicate our impact. To support these efforts, we expanded our development, local fundraising, and communications teams to ensure we have the resources and expertise to reach our targets.

The past few years have taught us the importance of being prepared to overcome any challenges that may arise. Our carefully designed and monitored strategies, policies, and procedures ensure we can effectively manage any new crisis, minimising the impact on our beneficiaries and funding.

ISF’s cash reserve of approximately US$1,599,827 has been built up and maintained over the years following our prudent reserves policy. We will continue to manage our financial position prudently, striving to increase and expand our funding avenues to support those most in need. We aim to maintain a reserve equal to 12 months of budgeted expenditures for our Education Programme and six months for our Football Programme, ensuring financial stability and sustainability in the face of fluctuating income levels.

The 2024 Fundraising Strategy is centered on developing innovative tools and methodologies for fundraising, aimed at expanding our donor base and increasing engagement. We are committed to forging long-term partnerships with corporations, individual donors, and philanthropic organizations. Additionally, we are focused on cultivating strategic relationships with key stakeholders and securing more grants from foundations to enhance our financial stability and ensure long-term sustainability. This comprehensive approach will enable us to support our programs more effectively and continue providing holistic support to our students.

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our supporters & partners include

How you How you can Help can Help

DONATE

Online: Visit isfcambodia.org Bank Transfer: Contact us at info@isfcambodia.org for our bank details. We are registered as a charity in Cambodia, Hong Kong, Australia and the United Kingdom and donations are tax deductible.

FUNDRAISE

Start your own fundraising campaign to support ISF and make a difference for the poorest Cambodian children. For information, visit isfcambodia.org/ get-involved-2/fundraise/

VOLUNTEER

Volunteers can support us with a number of tasks that are crucial for ISF work and the people we support. For information, visit our website and get in touch.

JOIN THE CONVERSATION

@ISFCambodia

@isfcambodia

@isfcambodia

ESTABLISH A LEGACY

You can be a part of something special by leaving a gift for the future of our communities. Want to learn more about bequests? Just send us an email at info@isfcambodia.org for more information.

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Indochina Starfish Foundation Statement of trustees. responsibilities The trustees (who are also the directors of Indochina Starfish Foundation for the purposes of company lawl are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Stsndard applicable in the UK and Republic of Ireland" Company law requires the Iruslees to prepare financial stslemenls for each financial year. Under company law the Iruslees must not approve the financial stslemenls unless they are satisfied that they give a true and fair view of the slate of affairs of the parent charitable company and the group and of the incoming resources and application of resources, including ils income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and apply them consislenlly., observe the methods and principles in the Charities SORP., make judgements and eslimales that are reasonable and prudent: stale whether applicable accounting standards, comprising FRS 102 have been followed. subject lo any material departures disclosed and explained in the financial statements-, and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the parent charitable company will continue in business. The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the parent charitable company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the parent charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Iruslees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Approved by the trustees of the charity on 13.09.2024 and signed on its behalf by.. Ms Miranda Leung Company Secretary and Trustee Page 48

Indochina Starfish Foundation Independent Auditor's Report to the Members of Indochina Starfish Foundation Opinion We have audited the financial statements of Indochina Starfish Foundation Ilhe 'charilable parent company'l and ils subsidiary Ilhe 'group'l for the year ended 31 December 2023, which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Charity Balance Sheet, Consolidated Statement of Cash Flows and Notes lo the Financial Stslemenls, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Acwunling Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. and applicable law (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the slate of the group's and parent charity's affairs as at 31 December 2023 and of ils incoming resources and application of resources, including ils income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in 8ccordance with the elhic81 requirements Ih8t 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 8ccord8nce with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide 8 basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concem 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were aulhorised for issue. Our responsibilities and the responsibilities of the trLJStees with respect to going concern are described in the relevant sections of this report. Other Infomiatlon The trLJStees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and OLJr auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except lo the exlenl olhenNise explicitly slated in our report, we do not express any fomi of assurance conclusion thereon. Page 49

Indochina Starfish Foundation Independent Auditor's Report to the Members of Indochina Starfish Foundation In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in 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 there is a material misstatement in the financial statements or a material misslatemenl of the other information. If, based on the work we have performed, we conclude that there is a material misslatemenl of this other information, we are required to report that fact. We have nothing to report in this regard. Opinion on othgr matter pres¢ribgd by the Companios Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Report for the financial year for which the financial statements are prepared is consistent with the financial statements- and the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstalemenls in the Trustees, Report. We have nothing lo report in respect of the following matters where the Companies Act 2006 requires us to report lo you if, in our opinion.. adequate accounting records have not been kept by the parent charitable company, or retums adequate for our audit have not been received from branches not visited by us., or the parent charitable company financial statements are not in agreement with the accounting records and returns., or certain disclosures of Iruslees remuneration specified by law are not made- or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Stslemenl of trustees, responsibilities Isel out on page 211, the trustees 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 delemiine is ne￿$Sary to enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charity's ability lo continue as a going concern, disclosing, as applicable, matters related lo 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 bul to do so. Page 50

Indochina Starfish Foundation Independent Auditor's Report to the Members of Indochina Starfish Foundation Auditor responsibilities for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misslalement when il exists. Misslalements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slatemenls. Irregularities, including fraud, are InStan￿S 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. The extent to which our procedures are capable of delecling irregularities, including fraud is detailed below.. Based on our understsnding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related lo acts by the company which were contrary lo applicable laws and regulations, including fraud. We considered those laws and regulations that have a direct impact on the preparation of the financial statements, including, bul not limited to the reporting framework IFRS 102, the Companies Act and Charities Act). We evaluated management's in￿ntiveS and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to fraudulent financial reporting. Audit procedures performed by the engagement team include, but were not limited to, discussion and inquiries with management of Complian￿ with laws and regulations, review of trustees, meeting minutes and review of compliance with specific requirements of Cambodian law of which we are aware, inclLJding the registration with the Ministry of Foreign Affairs and Ministry of Education. We also addressed the risk of management override of internal controls, including lesling of joumals and evaluating whether there was evidence of bias by the trustees that represented a risk of material misstalemenl due to fraud. Because of the inherent limitations of an audit, there is a risk that we will not delect all irregularities, including those leading lo a material misstatement in the financial stalemenls. This risk increases the further removed non-compliance with laws and regulations is from the events and tr8nsactions reflected in the financial statements as we are less likely lo become aware of instances of non-compliance. The risk of not delecling a material misslalement due lo fraud is higher than the risk of not delecling one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website al.. www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Page 51

Docusign Envelope ID: E71C854D-0B65-4F18-AFDB-6958E22151C0

19 September 2024

Indochina Starfish Foundation Consolidated Statement of Financial Activities Year Ended 31 December 2023 (Including Consolidated Income and Expenditure Account) Unrestricted funds us$ Restricted funds us$ Total 2023 us$ Note Income and Endowments from: Donations and legacies Other trading activities Investment income 396,632 25,537 6,925 1,075,397 1,472,029 25,537 6,925 Total income 429,094 1,075,397 1,504,491 Expenditure on: Raising funds Charitable activities {238,7351 361,609 17,1131 1,241,431 1245,8481 1,603,040 Total expenditure {600,3441 11,248,544) 11,848,888) Net expenditure Transfers between funds {171,2501 22,836 {173,1471 22,836 1344,3971 Net movement in funds {194.0861 (150,3111 1344,3971 Reconciliation of funds Total funds brought forward 698,756 2,888,948 3,587,704 Total funds carried forward 20 504,670 2,738,637 3,243,307 The funds breakdown for the period ended 31 December 2023 is shown in note 20. Comparative period shown on next page. The notes on pages 58 to 76 fomi an integral part of these financial statements. Page 53

Indochina Starfish Foundation Consolidated Statement of Financial Activities Year Ended 31 December 2023 (Including Consolidated Income and Expenditure Account) Unrestricted funds us$ Restricted funds us$ Total 2022 us$ Note Income and Endowments from: Donations and legacies Other trading activities Investment income 291,664 27,093 1,768 1,031,052 1,322,716 27,093 1,768 Total income 320,525 1,031,052 1,351,577 Expenditure on: Raising funds Charitable activities {157,9341 244,308 14,0241 1,212,614 1161,9581 1,456,922 Total expenditure {402,2421 11,216,638) 11,618,880) Net expenditure Transfers between funds 181,7171 10,657 {185,5861 10,657 1267,3031 Net movement in funds 192,3741 (174,9291 1267,3031 Reconciliation of funds Total funds brought forward 791,130 3,063,877 3,855,007 Total funds carried forward 20 698,756 2,888,948 3,587,704 The funds breakdown for the period ended 31 December 2022 is shown in note 20. All of the charitys activities derive from continuing operations during the above periods. The notes on pages 58 to 76 fomi an integral part of these financial statements. Page 54

Indochina Starfish Foundation Consolidated Balance Sheet 31 December 2023 2023 us$ 2022 us$ Note Flxed assets Tangible assets 1,828,179 1,876,695 Current assets Debtors Cash at bank and in hand 15 4,489 1,599,827 2,750 1,790,670 1,604,316 1,793,420 Credltors: Amounts falllng due wlthln one year 1189,1881 182,4111 Net current assets 1,415,128 1,711,009 Net assets 3,243,307 3,587,704 Funds ofthg group.. Restricted 2,738,637 2,888,948 Unrestricted funds Unrestricted 504,670 698,756 Total funds 20 3,243,307 3,587,704 The financial statements on pages 53 to 76 were approved by the trustees, and authorised for issue on 13.09.2024 and signed on their behalf by.. Ms Miranda Leung Company secretary and trustee The notes on pages 58 to 76 fomi an integral part of these financial statements. Page 55

Indochina Starfish Foundation Charity Balance Sheet 31 December 2023 2023 us$ 2022 us$ Note Flxed assets Tangible assets Investments 974,957 490 1,023,473 490 975,447 1,023,963 Current assets Debtors Cash at bank and in hand 15 16 857,030 1,586,511 855,667 1,771,844 2,443,541 2,627,511 Creditors: Amounts falling due within one year 17 189,138 82,361 Net current assets 2,254,403 2,545,150 Net assets 3,229,850 3,569,113 Funds ofthe charity: Rgstrictgd 2,738,637 2,888,948 Unrestricted funds Unrestricted 491,213 680,165 Total funds 20 3,229,850 3,569,113 The financial statements on pages 53 to 76 were approved by the Iruslees. and authorised for issue on 13.09.2024 and signed on their behalf by.. Ms Miranda Leung Company secretary and trustee The notes on pages 58 to 76 fomi an integral part of these financial statements. Page 56

Indochina Starfish Foundation Consolidated Statement of Cash Flows Year Ended 31 December 2023 2023 us$ 2022 us$ Note Cash flows from operatlng actlvltles Net expenditure {344,3971 1267,3031 Adjustments to cash flows from non<ash items Depreciation Investment income 8,13 98,548 6,925 103,159 1,768 1252.7741 1165,9121 Working capital adjustments Increase in debtors Increaselldecrease) in creditors Increaselldecrease) in deferred income 11,7391 11,364 95,413 13051 12.8151 34,209 17 Net cash flows from operating activities 147,736 203,241 Cash flows from investing activities Interest receivable and similar income Purchase of tangible fixed assets 6,925 50,032 1,768 41,318 13 Net cash flows from investing activities 143,1071 139,5501 Net decrease in cash and cash equivalents 1190,8431 1,790,670 1242,7911 2,033,461 Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December 1,599,827 1,790,670 Al of the cash flows are derived from continuing operations during the above two periods. The notes on pages 58 to 76 fomi an integral part of these financial statements. Page 57

Indochina Starfish Foundation Notes to the Financial Statements Year Ended 31 December 2023 1 Accounting policies Summary of significant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are sel out below. These policies have been consistently applied to all the years presented, unless otherwise slated. Statement of compliancg The financial slalemenls have been prepared in accordance with Accounting and Reporting by Charities- Stslemenl of Recommended Practice applicable lo charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191- (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102}. They also comply with the Companies Act 2006 and Charities Act 2011. Basis of preparation Indochina Starfish Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise slated in the relevant accounting policy notes. The presentational currency is US dollars (USD $1, which is the functional currency of the Group as most transactions are made in USD. Basis of consolidation The consolidated financial statements consolidate the financial statements of the charity and its subsidiary drawn up to year ending 31 December 2023. No Statement of Financial Activities is presented for the charity as permilled by section 408 of the Companies Act 2006. The charity made a deficit for the financial period of US $339,26412022 - deficit of US $294,095). A subsidiary is an enlily controlled by the charity. Control is achieved where the Charity has the power to govem the financial and operating policies of an entity so as lo obtsin benefits from its aclivilies. Inler-company transactions, balances and unrealised gains on transactions be￿een the company and ils subsidiaries, which are related parties, are eliminated in full. Going concern The Iruslees consider that there are no material Un￿rtaIntieS about the group's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the group. Accordingly accounts have been prepared on a going con￿rn basis. Page 58

Indochina Starfish Foundation Notes to the Financial Statements Year Ended 31 December 2023 Key sources of estimation uncertainty Deferred income.. The Trustees are required to make a judgement whether the grants received contain performan￿ or lime criteria in order to account for these transactions correctly under the perfomiance model in line with the Charities SORP. In the Trustees, opinion there are no other key sources of estimation Un￿rtaInty or key accounting judgements. Income All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. Donatlons Donations are recognised when the Group has received the grant, donation or gift. Deferred income Deferred income represents amounts received for future periods and is released to incoming reSoUr￿S in the period for which, il has been received. Such income is only deferred when.. The donor specifies that the grant or donation must only be used in future accounting periods., or The donor has imposed conditions which musl be met before the charity has unconditional entitlement. Investment income Investment income is included when receivable. Expendlture All expenditure is recognised once there is a legal or conslruclive obligation to that expenditure. it is probable settlement is required and the amount can be measured reliably. All costs are allocated lo the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed lo particular headings they have been allocated on a basis consislenl with the use of resources, with central staff costs allocated on the basis of lime spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Ralslng funds Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable aclivilies. Charitable activities Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for ils beneficiaries. It includes both costs that can be allocated directly lo such activities and those costs of an indirect nature ne￿SSary to support them. Page 59

Indochina Starfish Foundation Notes to the Financial Statements Year Ended 31 December 2023 Support costs Support costs are those costs incurred directly in support of expenditure on the objects of the company and have been allocated to activity cost categories on a basis consislenl with the use of reSoUr￿s. Governance costs Governance costs comprise all costs involving the public accountability of the trust and ils compliance with regulation and good practice. These include the costs attributable to the Group's compliance with conslitulional and slatulory requirements, including audit. Taxation The charity is considered lo pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore il meets the definition of a charitable company for UK corporation tsx purposes. Accordingly, the charity is potentially exempl from laxalion in respect of income or Capital gains re￿iVed within categories covered by Chapter 3 Part 11 of the Corporation Tax Ad 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively lo charitable purposes. Tangible fixed assets The cost of tangible fixed assets is their purchase cost, together with any incidental expenses of acquisition. Depreciation and amortisation Depreciation is provided on tangible fixed assets so as lo write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows.. Asset class Land Buildings Astroturf pitch Ipresenled in land and buildings) Furniture and equipment Motor vehicles Computer equipment Leasehold improvements Depreciation method and rate Not depreciated 20/0 Straight line 10°/o Straight line 250/0 reducing balance 25,/0 reducing balance 25°/0 reducing balance Over life of lease Assets included under Furniture and equipment, Motor vehicles and Computer equipment are subsequently written off after 5 years. Cash and cash equlvalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject lo an insignificant risk of change in value. Page 60

Indochina Starfish Foundation Notes to the Financial Statements Year Ended 31 December 2023 Foreign exchange Transactions in foreign currencies are recorded at the rale of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing al that date. Fund structure Unreslricled income funds are general funds that are available for use at the trustees, discretion in furtherance of the objectives of the group. Restricted income funds are those donated for use in a particular area or for specific purposes. the use of which is restricted to that area or purpose. Capital funds were raised to enable the purchase of two parcels of land within Phnom Penh on which to construct and equip a new centre and sports pitch. Pgnsions and othgr post retirgment obligations In accordance with the requirements of a new law in Cambodia which applied to the group with effect from 1 October 2022, the group is required lo make mandatory pension contribution lo the National Social Security Fund INSSFI of Cambodia. Under such law, the group is required to pay a certain fixed amount for an employee and an employee is also reqUI￿d lo make his or her own contribution. Upon reaching the age specified under the law, an employee is entitled to a retirement payment from the NSSF. Page 61

Indochina Starfish Foundation Notes to the Financial Statements Year Ended 31 December 2023 Financial instruments Classification Financial assets and financial liabilities are recognised when the Charity becomes a party lo the contractual provisions of the instrument. Recognition and measurement All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as al fair value through profit or loss, which are initially measured al fair value (which is normally the transaction price excluding transaction costs). unless the arrangement conslitules a financing transaction. If an arrangement conslitules a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted al a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right lo set off the recognised amounts and the group intends either to sellle on a nel basis, or to realise the asset and settle the liability simultaneously. Financial assets are derecognised when and only when al the contractual rights to the cash flows from the financial asset expire or are settled, bl the group transfers lo another party substantially all of the risks and rewards of ownership of the financial asset, or cl the group, despite having retained some, but not all, signifi'cant risks and rewards of ownership, has transferred control of the asset lo another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. 2 Income from donations and legacies Unrestricted funds General us$ Restricted funds us$ Total funds us$ Donations and legacies- Donations 396,632 1,075,397 1,472,029 Total for 2023 396,632 1,075,397 1,472,029 Total for 2022 291,664 1,031,052 1,322,716 Page 62

Indochina Starfish Foundation Notes to the Financial Statements Year Ended 31 December 2023 3 Income from other trading activities Unrestricted funds General us$ 25,537 Total funds us$ 25,537 Property rental income Total for 2023 25,537 25,537 Total for 2022 27,093 27,093 4 Investment income Unrestricted funds General us$ Total funds us$ Interest receivable and similar income., Interest receivable on bank deposits 6,925 6,925 Total for 2023 6,925 6,925 Total for 2022 1,768 1,768 5 Expenditure on raising funds Unrestricted Total 2023 us$ Total 2022 us$ General us$ Restricted us$ Fundraising costs 238,735 7,113 245,848 161,958 Page 63

Indochina Starfish Foundation Notes to the Financial Statements Year Ended 31 December 2023 6 Expenditure on charitable activities Unrestricted Restricted funds funds Total 2023 Total 2022 us$ 97,618 us$ 295,732 5,154 25,626 77,688 87,476 11,510 14,502 59,427 31,665 25,545 122,348 8,574 126,521 23,935 64,620 11,012 39,179 57,013 59,783 56,544 4,221 7,715 617 us$ 393,350 5,154 29,379 81,057 84,703 11,510 14,502 61,552 31,684 34,026 us$ 400,582 Educatlon Direct staff wages Service fees Other staff costs 3,753 3,369 12,773} 69,217 34,614 86,667 11,378 14,784 54,043 34,335 39,969 Books, materials and equipment Premises and maintenance Vaccination and medical costs Local projects Motor, travel and subsistence Family rations Depreciation Other costs 2,125 19 8,481 1,325 152,703 123,673 161,277 126,521 23,945 64,620 19,190 39,179 57,013 57,200 146,277 132,181 16,962 80,193 18,807 38,902 46,514 62,764 19,554 55,626 Share of support costs Direct staff wages Other staff costs Football 10 Equipment and uniforms Premises and maintenance 8,178 Student training Motor, travel and subsistence Depreciation Other costs 4,175 63,958 56,544 79,398 Share of support costs Community Direct staff wages Other staff costs 75,177 7,715 617 7,123 551 Materials and eqLJipmenl Motor, travel and subsistence Depreciation Other costs 5,401 1,629 172 5,401 1,629 563 5,650 2,070 426 391 17,436 386 17,436 7,444 16,412 4,120 Share of support costs 7058 361,609 1,241,431 1,603,040 1,456,922 Page 64

Indochina Starfish Foundation Notes to the Financial Statements Year Ended 31 December 2023 Activity undertaken directly us$ 870,589 450,970 33,362 Activity support costs us$ 161,277 79,398 7,444 2023 us$ 1,031,866 530,368 40,806 2022 us$ 936,704 481,806 38,412 Educational project Football project Community project 1,354,921 248,119 1,603,040 1,456,922 US $361,609 12022 - US $244,308} of the above expenditure was attributable lo unreslricled funds and US $1,241,431 12022 - US $1,212,614) lo restricted funds. Included in the support costs analysed above, there are also governance costs of US $25,199 {2022 - US $5,635) which relate directly to charitable aclivilies. See note 7 for further details. Page 65

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Indochina Starfish Foundation Notes to the Financial Statements Year Ended 31 December 2023 8 Net incomingloutgoing resources Net outgoing resources for the year include.. Total 2023 us$ 35,700 6,030 98,548 Total 2022 us$ 34,300 5,635 103,159 Operating leases - other assets Audit fees Depreciation of fixed assets 9 Trustees. remuneration and expenses No Iruslees, nor any persons connected with them, have re￿iVed any remuneration from the group during the year. No Iruslees have re￿iVed any reimbursed expenses or any other benefits from the charity during the year. 10 Staff costs The aggregate payroll costs were as follows.. Total 2023 us$ Total 2022 us$ Staff costs during the year were: Wages and salaries Social security costs Pension costs 763,514 40,313 5,794 745,866 38,237 1,404 809,621 785,507 The monthly average number of persons (including senior management team) employed by the group during the year expressed as headcounl was as follows.. 2023 No 10 52 20 11 2022 No Management Education Football Development 56 22 93 92 No employee received emoluments of more that $76.3961£60,000} during the year. Page 67

Indochina Starfish Foundation Notes to the Financial Statements Year Ended 31 December 2023 The lolal employee benefits of the key management personnel Ilisled below) of the group were US $233,99412022- US $198,657). Key Management Personnel were.. Chourp Vicheka, Kong Seiha, Yin Samady, Tep Solhearilh, Chun Chamnan, Sea Povry, Margherila Chiarolanza, Soeung Chara and Maria Colugno. 11 Auditorfs remuneration 2023 us$ 2022 us$ Audit of the financial statements 6,030 5,635 12 Taxatlon The group is a registered charity and is therefore exempl from taxation. 13 Tangible fixed assets Group Leasehold Improve- ments us$ Land and buildings us$ Motor vehicles us$ Computer equipment us$ Total us$ Cost Al 1 January 2023 Additions 2,327,148 2,567 96,173 90,722 34,365 34,273 2,548,316 13,100 50,032 Al 31 December 2023 2,329,715 96,173 125,087 47.373 2,598,348 Depreclatlon Al 1 January 2023 Charge for the year 527,448 67,192 55,182 21,799 671,621 71,164 10,873 11,026 5.485 98,548 Al 310ecember 2023 598,612 78,065 66,208 27.284 770,169 Net book value Al 31 December 2023 1,731,103 18,108 58,879 20,089 1,828,179 Al 31 December 2022 1,799,700 28,981 35,540 12,474 1,876,695 Page 68

Indochina Starfish Foundation Notes to the Financial Statements Year Ended 31 December 2023 Charity Leasehold Improve- ments us$ Land and buildings us$ Motor vehicles us$ Computer equipment us$ Total us$ Cost Al 1 January 2023 Additions 1,473,926 2,567 96,173 90,722 34,365 34,273 1,695,094 13,100 50,032 Al 31 December 2023 1,476,493 96,173 125,087 47,373 1,745,126 Depreciation Al 1 January 2023 Charge for the year 527,448 67,192 55,182 21,799 671,621 71,164 10,873 11,026 5,485 98,548 Al 31 December 2023 598,612 78,065 66,208 27,284 770,169 Net book value Al 31 December 2023 877,881 18,108 58,879 20,089 974,957 Al 31 December 2022 946,478 28,981 35,540 12.474 1,023,473 Page 69

Indochina Starfish Foundation Notes to the Financial Statements Year Ended 31 December 2023 14 Fixed asset investments - investment in subsidiary Company Charity Shares in group undertakings and participating interests Subsidiary undertakings us$ Total us$ Cost Al 1 January 2023 490 490 Al 31 December 2023 490 490 Net book value Al 31 December 2023 490 490 Al 31 December 2022 490 490 Details of undertakings The charitsble company has a 490/0 share of the ordinary shares in ISF LHC Co. Ltd, a company registered in Cambodia, formed lo purchase and hold land on behalf of the Charills behalf in Cambodia. The balance of the shares is held by Cambodian residents but, in the opinion of the Trustees, the Charity controls the Company and for this reason consolidated financial statements have been prepared. ISF LHC Co. Ltd Statement of Financial Position Total Total 31 December 31 December 2023 2022 us$ 853,222 631 us$ 853,222 254 Interest in land Other debtors Cash at bank and in hand 13,316 1853,2221 11,0001 112,9471 18,826 {853,2221 11,0001 118,0801 Amounts due to parent charity Share capital Resetves Page 70

Indochina Starfish Foundation Notes to the Financial Statements Year Ended 31 December 2023 15 Debtors Group 2022 us$ Charity 2022 us$ 853,222 2023 us$ 2023 us$ 853,222 Due from group undertakings Prepayments Other debtors 681 3,808 305 2,445 3,808 2,445 4,489 2,750 857,030 855,667 Included in the charity debtors balan￿ above is US $853,222 12022 - US $860,568) owed from ISF LHC Co. Ltd. There is no formal repayment plan in place so the balance is classified as current however it is unlikely to be paid within the next financial year. 16 Cash and cash equivalents Group 2022 us$ 1,790,670 Charlty 2022 us$ 1,771,844 2023 us$ 1,599,827 2023 us$ 1,586,511 Cash at bank 17 Creditors: amounts falling due within ong year Group 2022 us$ 129 6,796 9,099 66,387 Charity 2022 us$ 129 6,746 9,099 66,387 2023 us$ 129 8,289 18,970 161,800 2023 us$ 129 8,239 18,970 161,800 VAT grant repayable Other creditors Accruals Deferred income 189,188 82,411 189,138 82,361 Deferred income 2023 us$ 166,3871 1161,8001 66,387 Deferred income al 1 January 2023 Resources deferred in the period Amounts released from previous periods Deferred income al 31 December 2023 161,800 Mulli-year grant donations have been deferred over the period in which the grant relates. Page 71

Indochina Starfish Foundation Notes to the Financial Statements Year Ended 31 December 2023 18 Obligations under leases and hire purchase Contracts Operating lease commitments Total future minimum lease payments under non-cancellable operating leases are as follows.. Group 2022 us$ Charity 2022 us$ 2023 us$ 2023 us$ Land and buildings Within one year Between one and five years 42,500 66,500 42,000 108,500 42,500 66,500 42,000 108,500 109,000 150,500 109,000 150,500 The amount of non-cancellable operating lease payments recognised as an expense during the year for the group was US $35,700 12022 - US $34,300). The charity lease payments were US $35,700 12022 - US $34,300). 19 Pgnsion and othgr schgmgs Defined contribution pension scheme The group makes contribution lo a state pension scheme required by Cambodian law. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to US $5,45512022 - US $1,405). Page 72

Indochina Starfish Foundation Notes to the Financial Statements Year Ended 31 December 2023 20 Funds Group Balance at 31 December 2023 us$ Balance at 1 January 2023 us$ Incoming Resources resources expended Transfers us$ us$ us$ UnrgStri¢tgd funds General Unrestricted 698,756 429,094 1600,344} 122,8361 504,670 Restrlcted funds Education capital Education operating Football capital Football - operating Community- capital Community- operating 1,040,872 627,716 788,936 431,424 110,618) 1761,742} 137,808} 1405,020) 1,030,254 563,434 751,128 391,908 1,913 697,460 365,504 1,913 20,923 12,433 133,356) Total restrlcted funds 2,888,948 1,075,397 {1,248,5441 22,836 2,738,637 Total funds 3,587,704 1,504,491 1,848,888 3,243,307 Balance at 31 December 2022 us$ Balance at 1 January 2022 us$ Incoming Resources resources expended us$ Transfers us$ us$ Unrestrlcted funds General Unrestricted 791,130 320,525 1402,242) 110,6571 698,756 Restricted funds Education capital Education operating Football capital Football operating Community- operating 1,064,156 793,669 840,524 365,528 123,284} 1754,027) 151,588) 1361,076} 126,663) 1,040,872 627,716 788,936 431,424 588,074 426,972 16,006 10,657 Total restricted funds 3,063,877 1,031,052 {1,216,6381 10,657 2,888,948 Total funds 3,855,007 1,351,577 1,618,880 3,587,704 Page 73

Indochina Starfish Foundation Notes to the Financial Statements Year Ended 31 December 2023 The reslricled funds are unspent income reserves, where the original donation was reslricled either for the Education, Football or Community Progr8mme, the purposes of which are described more fully in the Trustees, Report. Where fixed assets have been purchased for one of these programmes specifically, they have been funded either via a restricted capital donation or a transfer from operating restricted income specific lo that Programme, or a transfer from unrestricted funds. Resources expensed against the reslricled capital funds equal the depreciation charge for the assets of that Programme. General donations where no conditions are allached are allocated to the unreslricled fund. Fundraising expenditure, governance costs and some other costs are spent from the unreslricled funds. The difference between the Group and the Charity funds relates lo the unrestricted fund only. All ISF LHC Co. Ltd income and expenditure is unreslricled. The Charity unrestricted fund at period end is US $493,12612022- US $680,165). Page 74

Indochina Starfish Foundation Notes to the Financial Statements Year Ended 31 December 2023 21 Analysis of net assets between funds Group Total funds at31 December 2023 us$ 1,828,179 1,604,316 1189,1881 3,243,307 Unrestricted funds Restricted us$ 44,888 487,170 127,3881 504,670 us$ 1,783,291 1,117,146 1161,8001 2,738,637 Tangible fixed assets Current assets Current liabilities Total nel assets Total fund$ at31 December 2022 us$ 1,876,695 1,793,420 82,411 Unrestricted funds us$ 46,887 667,893 16,024 Restricted us$ 1,829,808 1,125,527 66,387 Tangible fixed assets Current assets Current liabilities Total nel assets 698,756 2,888,948 3,587,704 22 Analysis of net funds At31 December 2023 us$ 1,599,827 At 1 January 2023 us$ 1,790,670 Financing cash flows us$ 190,843 Cash at bank and in hand Net debt 1,790,670 1190,8431 1,599,827 At31 December 2022 us$ 1,790,670 At 1 January 2022 us$ 2,033,461 Financing cash flows us$ 242,791 Cash at bank and in hand Net debt 2,033,461 1242,791 1,790,670 Page 75

Indochina Starfish Foundation Notes to the Financial Statements Year Ended 31 December 2023 23 Related party transactions Charity During the year the charity made the following related party transactions.. Indochina Starfish Foundation {Australia) Limited (Neil Culler, Trustee of ISF, Director of ISF (Auslralial Limiledl Donations totalling US $64,594 12022 US $132,878) were received from ISF (Australia), an associated charity registered in Australia. At the balance sheet dale the amount due lolfrom Indochina Starfish Foundation IAustralial Limited was US $Nil12022 - US $Nil}. Ashall Projects Limited (Anthony Ashall, Trustee of ISF, Director of Ashall Projects Limiledl Donations tolaling US $3,904 {2022 US $nill were received from Ashall Projects Limited, an associated company,. Al the balance sheet date the amount due tolfrom Ashall Projects Limited was US $Nil12022 - US $Nil}. Heyventures Holdings Pte Ltd (Erik Lorenz, Trustee of ISF, Founder & CEO of Heyvenlures Holdings Ple Lldl Donations tolaling US $20,00012022 - US $nill were received from Heyvenlures Holdings Pte Ltd, an associated company.. Al the balance sheet date the amount due lolfrom Heyventures Holdings Pte Ltd was US $Nil12022 - US $Nill. ISF LHC Co. Ltd 149010 owned subsidiary of Indochina Starfish Foundation) Rental payments lotslling US $6,00012022 - US $6,000) were made to ISF LHC Co. Ltd, a subsidiary company registered in Cambodia. At the balance sheet dale the amount due from ISF LHC Co. Ltd was US $853,22212022- US $853,222). As explained in note 14, this company has been consolidated in these financial statements, as, in the opinion of the Trustees, the Charity controls the Company. Page 76

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