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← Indochina Starfish Foundation

2024-12-31-accounts

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TRUSTEES’ REPORT & Audited Accounts Year ended 31 december 2024

Company Name: Indochina Starfish Foundation CHARITY NUMBER: 1115484 ytd Mabel ' _ COMPANY NUMBER: 05798114 Wee e) Ae a ih ' e Period from 1 January to 31 December 2024 B 4 isa "

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table of contents

Reference and Administrative Details 3
A letter from our Chairman 4
Trustees’ Report 6
ISF 2024 Impact & Achievements 9
Donor Appreciation 10
2024 Activities 12
Oversight and recognition 48
Governance 52
Financial review and accounts 53
Financial instruments 54
Future Outlook 55
Join Us! 56

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ISF Audit Report 2024

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Reference and Administrative Details

Trustees

Mr Martin Murray, Chairman Ms Miranda Leung Mr Leo Brogan Mr Robert Gazzi Mr Patrick Healy Mr Martin Cubborn Ms Kirsten Molyneux Mr Erik Lorenz Mr Mark Ashall Mr Neil Llewelyn Cutler (Resigned 31/12/2024) Ms Belinda Greer (Resigned 26/02/2024) Mr Andrew Riddick (Resigned 26/02/2024) Ms Anita Davis (Appointed 15/01/2024) Ms Tanya Kitt (Appointed 15/01/2024)

Principal Office

1310, St. 89BT, Chamreunphal Village Sangkat, Boeng Tumpun Khan Meanchey Phnom Penh Cambodia The charity is incorporated in England and Wales.

registered Office

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

Company Registration Number

05798114

charity Registration Number

1115484

auditor

PKF-Francis Clark Unit 18, 23 Melville Building East Royal William Yard Plymouth PL1 3GW

secretary

Ms Miranda Leung

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ISF Audit Report 2024

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a letter from our chairman

Dear Friends,

As I reflect on 2024, it is a year we can undoubtedly look back on with great pride.

While this was my first year as Chairman of the Board of Trustees at ISF Cambodia, my journey with ISF began more than a decade ago. For over 10 years, I have taken great pride in having a small association with this extraordinary organisation, watching lives transform and futures take shape. Stepping into this role has given me an even deeper appreciation for the courage of our students, the tireless dedication and extraordinary commitment of our staff, and the kindness of our global family of donors, volunteers, partners and friends.

From my very first day as Chairman, I have been inspired by the power of the ISF community. This is a remarkable network of supporters who come together every year in Cambodia, Hong Kong, the UK, and Australia. These gatherings are more than just events; they are moments to celebrate our shared mission, to reconnect with friends old and new, to fundraise for the children we serve, and to enjoy the simple joy of coming together with purpose. They remind us that ISF’s strength lies not just in the work we do, but in the people who believe in it.

In November, we reached one of the most powerful milestones in ISF’s history. We doubled our reach in the Catch-Up Education Programme, growing from 50 to 100 students. That is 100 children taken off the streets, given a desk, a uniform, and the tools to dream again. Each one carries a unique story, and each story has been changed forever because of you. This was not just growth in numbers; it was a leap in hope.

Our Football Programme continued to break down barriers, engaging over 4,600 players and coaches of all abilities. Every match played and every training session held is more than just sport, it’s about building confidence, teaching discipline, and proving that teamwork can change lives. On a personal note, one of the highlights of my year was watching my team, the Teddy Bears, win a trophy at the AIA-ISF Youth League and having the chance to share in their joy and pride!

Beyond education and sport, our Community Development Projects and Sustainability Initiatives are helping families stand on their own feet, protecting our environment, and planting seeds of long-term change in the communities we serve.

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ISF Audit Report 2024 4
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We also took a bold step onto the global stage with the launch of ISF Cambodia Foundation USA . This is already opening doors to new supporters and partners across United States and expanding our capacity to reach more children in need.

And then there was our unforgettable first-ever ISF Cycling Challenge, which immediately followed our 11th Hong Kong Charity Dinner, and a 2 50 kilometres adventure from Phnom Penh to Siem Reap. Riding alongside Olympic champions Sir Chris Hoy MBE, David Smith MBE, Jason Queally MBE, and 16 other champion participants, including my youngest son, was a truly memorable experience that I will never forget. Together, we raised vital funds and shone a spotlight on ISF’s mission to a worldwide audience.

As we look to the future, 2025 will be a pivotal year for ISF. With more students entering our classrooms, we are committed to reaching, caring for, and supporting them in building their futures. We will also focus on strengthening our internal processes and sharpening how we measure impact, ensuring every action drives meaningful change.

Looking further ahead, 2026 marks ISF’s 20th anniversary —a milestone we see not only as a celebration but as a rallying point to expand our reach, deepen our impact, and ensure that no child is left behind.

One of our most ambitious projects is to secure ISF’s long-term sustainability by purchasing land and building a second school , just as we did with our first. This foundation will safeguard our programmes, provide stability for generations of children, and allow us to continue evolving to meet future needs.

Achieving this vision will require bold action, innovative partnerships, and, above all, the continued generosity of our supporters. Together, we can make the next chapter of ISF’s story our most impactful yet.

As 2024 draws to a close, I must simply recognise that none of these achievements would have been possible without you. Your generosity is not just keeping our programmes alive, it is rewriting destinies, strengthening communities, and creating a safe place where every child we serve has the chance to learn, grow, and dream without limits.

Thank you for believing in ISF Cambodia, for the incredible commitment of our staff and for believing in the children we serve. Their future is brighter and filled with promise because of you. With deepest gratitude and excitement for what is ahead,

Martin Murray Chairman of the Board of Trustees ISF Cambodia

ISF Audit Report 2024

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Indochina Starfish Foundation Trustees’ Report & Audited Accounts for 2024

The trustees are pleased to present their audited consolidated financial statements of Indochina Starfish Foundation for the year ended 31 December 2024.

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 2024. 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 19 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 has been set up since 2008 to raise funds in Australia to provide us with regular income. In 2024, Indochina Starfish Foundation - US Inc. , a US registered charity was established which will facilitate fundraising from US-based supporters. The foundation has a threemember board, one of whom is also a director of ISF.

ISF Audit Report 2024

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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.

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

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.

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, university scholarship and mentoring.

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

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.

ISF Audit Report 2024

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our our Mission Vision

An inclusive society free from poverty and inequality.

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.

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ISF 2024 Impact & Achievements

Education

100 New students

ISF in 2024 doubled the intake of catchup students compared to previous years

50/50

Gender parity

in ISF's Education Programme

30 ISF students

exited the programme with stable jobs, moving closer to long-term financial independence

93%

of students who graduated high school in 2024 plan to attend university

football

10,000+ Direct & indirect beneficiaries of our Football Programme.

girls 38%

and young women directly engaged in Football in 2024

227 trainers

trained on our social impact programme

29 coaches& players

built careers in football after taking part in ISF’s Football Programme.

ISF Audit Report 2024

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donors & partners appreciation

This is All Thanks to You!

While we may not be able to name each and every one of you, our deepest gratitude goes out to our incredible donors, supporters, and volunteers.

ISF Audit Report 2024

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At ISF Cambodia, our impact is made possible through the powerful connections between donors, partners, volunteers, and the communities we serve—all united by a shared vision of transforming lives through education, sport, and opportunity. Together, we are creating a future where every child has the chance to dream, learn, and grow.

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ISF Audit Report 2024

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Kanha, ISF Football Coach and University Student

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Kanha’s Story

Kicking Down Barriers Through Education and Football

Kanha, a 20-year-old ISF football coach, is a powerful example of girls’ empowerment in Cambodia’s football community. Coming from a disadvantaged background, she moved from a rural province to Phnom Penh in 2015 in search of better educational opportunities.

That same year, she joined ISF’s Education Programme, and in 2016, she was introduced to ISF’s Football Programme.

After years of playing and learning with ISF, Kanha took her first step into coaching in 2022. She quickly discovered her love for the role, embracing the opportunity to develop leadership skills and inspire young players.

Beyond coaching, Kanha has taken on multiple roles at ISF. She worked as a librarian in ISF’s libraries, where she supported students in their learning journey, helping them develop literacy skills and fostering a love for reading. These experiences further strengthened her ability to mentor and support young learners, equipping her with valuable skills in education, organization, and leadership.

ISF gave me a job opportunity, allowing me to earn money to support myself and my brother.

At the same time, Kanha is attending university and begun her first year studying Business Management—a field she deliberately chose to prepare for her future.

“ I really appreciate being a university student as I always gain new positive experiences and learn so many new things .”

With 10 years of ISF’s holistic support, Kanha has thrived in multiple areas of her life, turning her passion for football into a career while continuing to pursue higher education. She is not only building her own future but also paving the way for other young girls to follow their dreams in sports and beyond.

As a coach, Kanha has taken on greater responsibilities, growing both personally and professionally. Coaching has helped her improve her public speaking skills, build confidence, and achieve financial independence, enabling her to support herself and her family.

ISF A nnual Report 2024udit Report 2024

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ISF Audit Report 2024

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education Programme

-- Long-Term Commitment to Success

At ISF Cambodia, education is more than just attending school, it’s a long-term commitment to guiding each child from primary education to stable employment. We support each student for more than 10 years , ensuring they receive the resources, skills, and opportunities needed to break the cycle of poverty and achieve financial independence.

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438 Students
integrated in
public/private
schools
775
Total ISF
students
187 74 University
students Students
in Catch-up
54 students
considering
22
going to university
Employment
Students
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Latest Highlights

6 ISF graduates

Most ISF university graduates 30 6 earn ISF students ISF graduates 6 times more have secured stable have completed than their family income[1] employment in 2024 university

1 ISF 2023 Survey.

ISF Audit Report 2024

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Our Education Programme operates in Phnom Penh, with two education centres located next to the communities we serve. This proximity ensures that children have safe, accessible learning environments where they receive high-quality education and essential support.

We provide:

essential support

Uniforms, school materials, meals, healthcare, and family assistance.

skills development

English, computer training, and extracurricular activities.

academic education Reducing dropout rates and ensuring long-term engagement.

career pathways

Counseling for higher education and stable employment.

breaking the cycle of poverty

catch-up programme

A Second Chance

For children who have never attended school or dropped out, our accelerated learning programme (two years in one) allows them to catch up and reintegrate into state schools.

school integration Programme

Ensuring Continuity

After completing the Catch-Up Programme, students receive ongoing support in public and private schools (including fees) to ensure academic success and prevent dropouts. Students also benefit from extra classes at ISF education centres, counselling and mentorship, internships and study trips that expand their knowledge beyond the classroom.

Higher Education & Employment programme

Beyond Graduation

We provide university scholarships, vocational training, and career support, ensuring students transition smoothly into stable employment and independent living.

ISF Audit Report 2024ISF Annual Report 2024

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Catch-Up Programme ~~ST~~ = "

In 2024, ISF’s Catch-Up Programme has supported 187 children aged 8-11 who were previously unable to attend school due to poverty. In just 12 months, students learn up to 2 years of the national curriculum, enabling them to catch up and transition into public schools.

187 96% 53 96% students enrolled students attend students successfully students passed in our Programme classes regularly integrated into public exams and advanced and private schools two grades

Doubling Our Impact: Welcoming 100 New Students in 2024

In November 2024, ISF doubled its efforts to provide quality education by welcoming 100 new catch-up students — out-of-school children eager to learn. Among them, 63 had never attended school before, highlighting the urgent need for educational support. With over 500 applications received, the demand in our communities remains high, reinforcing our commitment to ensuring that every child gets a second chance at education and a brighter future.

Our team follows a thorough selection process to identify the children and families who need support the most.

We prioritize children and families who:

have been living in our target areas for at least two years.

have a Poor ID or Poor Confirmation Letter issued by local authorities.

ISF Audit Report 2024

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srey da’s Story CT

From Fragile Beginnings to a Future Full of Strength and Promise

Srey Da* joined ISF in November 2023 in poor health, underweight, and requiring close monitoring.

Since then, she has grown into a bright and active student, showing enthusiasm for learning and sports.

Though initially nervous about getting hurt, she enjoys football and loves her yoga classes, finding them refreshing.

Srey Da has made remarkable strides in English, advancing from knowing just the alphabet to reading books, holding basic conversations, and presenting herself confidently.

“'Khmer is my favorite subject because I really like reading and writing, and I'm pretty good at it, too.

When it's break time, I have fun playing with my friend.

I'm always happy to go to school every day because I love learning new things.

Learning is important to me because it helps me know more."

*Names of children under 18 years old have been changed.

ISF Audit Report 2024

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School Integration Programme

After completing the Catch-Up Education Programme, students transition into public primary or secondary schools. Some students, through full scholarships or our partnership with the Academy of Careers and Technology (ACT), are able to attend private schools.

ISF continues to support all students on their educational journey through a comprehensive, integrated model that combines academic guidance, financial assistance, and ongoing learning opportunities . This includes extra lessons in both core subjects and enrichment areas such as English, computer literacy, and physical education. By addressing both academic and personal development needs, this holistic approach helps students deepen their knowledge, develop essential life skills, and stay actively engaged in their education.

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Drop out rate is
438 less than 86% 93%
ISF students in 50% students passed high school
public or private graduates plan to go
of state school annual exams
schools to university
drop out rate
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In 2024, dropout rates were 4.1% at primary, 15.5% at lower secondary, and 13.7% at upper secondary (MoEYS).

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Sokhan’s Story

Against the Odds Sokhan’s Fight for Education

Sokhan* joined ISF in 2022 at the age of 10, having been forced to drop out of state school due to his family’s financial struggles.

At the time, he was only in grade 2, significantly behind his peers. Without intervention, his chances of returning to formal education were slim.

Determined to continue his education,

Sokhan joined ISF’s Catch-Up Education Programme, designed to accelerate learning for children who have been out of school. Over the course of two years, he progressed rapidly, regaining his confidence and academic skills. With the dedicated support of ISF teachers, he successfully reintegrated into state school in November 2024, enrolling in grade 6, which is appropriate for his age.

“I am so grateful for the opportunity to receive support from ISF. I am committed to studying hard to build a brighter future. My dream is to become a policeman."

Sokhan also benefited from ISF’s holistic support, including daily meals, computer lessons, and English classes , which have helped him develop critical life skills and maintain a strong motivation to learn.

*Names of children under 18 years old have been changed.

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a Future-Ready Skills

ENGLISH PROGRAMME

DIGITAL SKILLS

English proficiency is essential for higher education and employment in Cambodia. 473 catch-up and state school students attend regular English classes.

Besides regular classes, we facilitate:

ISF equips students with essential technology skills for the modern job market. 357 Catch-up and state school students are enrolled in our classes.

Catch-Up students learn Microsoft Word, Excel, and PowerPoint.

Older students gain hands-on experience in design and coding, skills in high demand globally and in Cambodia.

EXTRA-CURRICULAR ACTIVITIES

ISF students participate in diverse extracurricular activities, including physical education, yoga, football, and Khmer dance as well as a STEM and Life Skills Project, in which students gain essential skills and hands-on experience to succeed beyond school.

ISF Audit Report 2024

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we

Food, Healthcare & Well-Being

For many ISF students, financial hardship and limited access to services mean that both healthcare and proper nutrition are daily challenges. At ISF Cambodia, we work to eliminate these barriers by ensuring every child receives essential medical care and regular nutritious meals in school and at home to support their health, development, and ability to learn.

Our comprehensive healthcare programme supports ISF students and parents by addressing both physical and mental health barriers. We provide:

Basic Healthcare

services, including vaccinations and regular check-ups.

In 2024,

3,261

medical treatments provided by our nurses, ensuring urgent medical care they wouldn’t otherwise receive.

Mental Health

support with counseling and well-being workshops.

21

students treated for malnutrition, ensuring they can grow and concentrate in school.

Specialised care

through partnerships with local clinics and hospitals.

Health Awareness

6,375

monthly food parcels distributed to help families struggling with food insecurity.

in disease prevention, including sexual health education and protection against mosquitoborne illnesses.

To avert hunger and ensure our students and their families have the nutrition they need, we provide:

food parcels

with basic ingredients distributed to the families we support every month.

Nutritional support

ensuring students and families have access to healthy food and supplements in case of malnutrition.

ISF Audit Report 2024

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University Programme

For ISF students, university is about survival, responsibility, and securing a better future for themselves and their families. Through hard work, education, and ISF’s support, they are breaking the cycle of poverty and creating a pathway to lasting success.

Coming from families living in extreme poverty, many must work while studying to support their households and gain valuable experience to secure a better job after graduation.

In 2024, ISF provided 68 students with the opportunity to pursue higher education, studying fields such as civil engineering, architecture, IT, accounting, business management, and graphic design.

To make university possible, ISF provides:

School essentials

Tuition fees, educational materials, and uniforms.

Many of our university students already earn three times their families' income through parttime jobs, allowing them to both provide for their loved ones and gain crucial work experience — a key factor in securing a stable, higher-paying job after graduation.

In 2024,

students graduated from university and are already working students enrolled in higher education

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68

of students are working while studying, building critical skills

84%

digital access

Laptops and access to English and IT classes.

54

students planned to attend university in 2025

food support

Monthly food parcels to ease financial strain at home.

counselling

Personalised career counselling and emotional support.

In 2015/2016, a milestone moment occurred when the first ISF student — a young woman — embarked on her university journey.

Since then, 121 ISF students have followed in her footsteps, pursuing higher education, with 18 proudly earning their university degrees and opening doors to brighter futures.

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ISF Audit Report 2024

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Employment Support ~~a~~ “

Many students come from families dependent on their income, making stable

employment an immediate necessity, not just a future goal.

In 2024, we supported 22 students through:

Vocational Training

or hands-on career skills.

career counselling

and job readiness workshops.

job placements

in diverse industries.

100%

of students feel confident in their employability skills

100%

believe ISF lessons/workshops have been useful to find a job

In 2024, 30 students secured stable jobs in different sectors, including service and retail, skilled trades, finance, education, digital media, public service, and professional sports.

100%

of surveyed alumni have stable employment

Of these students, 20 pursued university, earning $266/month on average. Six left school early, while three entered the workforce after completing high school, earning on average $225/month. One hardworking student graduated from vocational training and now she is already earning $1,000/month.

All these students have transitioned from unstable, low-wage work to high-demand, wellpaying jobs with long-term growth potential!

Giving back

ISF students and alumni play a vital role in giving back to the organization and their communities, with 76 individuals currently engaged in various forms of support.

Many give back by sharing knowledge, donating, raising awareness, interning, or volunteering, ensuring ISF’s lasting impact and fostering a cycle of support and empowerment!

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Sreymey’s Story

The Transformative Power of Education

''I am Sreymey and I am studying Accounting at Acleda University of Business.

I lived with my grandparents since I was a very young child because my mother was a dealer at a casino. Our family was poor back then and only maintained by my mother's earnings and my grandparents' salaries.

I grew up in these circumstances, and I realised that education was the key to changing my fate.

I did not want to live the same life as my mother and grandparents, struggling to just make ends meet. Nevertheless, I was sure in my heart that it would be virtually impossible for my family to afford a higher education for me.

Now, as a university student, I am living proof that anything is possible with the right support and determination.

I currently work and can support my family, which cover about 35% of our needs. Something I never could imagine myself doing when I was young. My family still suffers, but all is improved from before. I am happy that I am able to provide for them and pursue my studies.

I am grateful to ISF for giving me a chance to build a better future. Their help not only changed my life but also allowed me to support my family and strive towards a better tomorrow."

All this changed in 2013 when I joined ISF in Grade 1. ISF gave me opportunities that my family could not. They funded my education, gave me learning materials, uniforms, meals, healthcare and helped me gain the confidence to dream a better future.

With their help, I was able to stay in school, study hard, and learn the skills needed to succeed.

ISF didn't only provide me with an education, they provided me with hope. It allowed me to dream of a future where I could break the cycle of poverty and create a better life for myself and my family.

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Measuring our impact Education: a Pathway to Opportunity

At ISF Cambodia, we are committed to ensuring that every child has access to quality education and the tools needed to break free from poverty.

To measure the effectiveness of our Education Programme, we conduct impact assessments, evaluating student progress, dropout rates, employment outcomes, and financial stability.

The latest results from our 2023 biennial survey as well as from surveys conducted in 2024 demonstrate the transformative impact of ISF’s holistic approach. We will reassess these findings in 2025 to ensure we continue adapting and strengthening our support.

Reaching the Most Vulnerable

Most ISF students come from families earning less than $75 /month .

40% of children who apply to ISF cannot be enrolled due to limited capacity - we ensure priority is given to those in greatest need.

HOW WE MEASURE OUR IMPACT

Regular follow-ups by our social workers, engaging directly with students, graduates, and families.

Annual/biennial surveys tracking education progress, employment rates, and financial stability.

Employer feedback surveys, ensuring that ISF graduates meet workforce expectations.

Partnerships with schools/NGOs

to compare ISF students’ progress with their peers.

This comprehensive approach enables us to track long-term outcomes, adapt our support strategies, and continuously improve the effectiveness of our programmes.

ISF Audit Report 2024

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Measurable outcomes

ISF Cambodia provides holistic support — education, life skills, nutrition, healthcare, sports and career guidance — to every child for more than 10 years. To this day, we have empowered 218 students to secure gainful employment and build brighter futures.

100%

of ISF students graduating between 2019 and 2023 either enrolled in university or secured stable employment within a year

81%

of our 2019-2023 high school graduates started higher education

100%

<6.5%

of surveyed 2022 ISF alumni have increased their salary by 24% on average after 2 years

drop-out rate from 2019 to 2024 - lower than the 11.1% dropout rate in state schools in 2024 (MoEYS)

Our 2023 biennial surveys also track ISF graduates, ensuring we measure their long-term financial and employment outcomes. See results below.

$480 per month. Average income of ISF university graduates, 6x their family’s earnings.

60%

of university students secure part-time jobs, gaining early financial independence.

Education is not always a linear journey, and not all students are able to finish high school. That’s why we prioritise alternative pathways to employment.

$269

per month. Average salary of ISF students who didn’t complete high school, 27% higher than non-ISF peers ($211/month).

career growth

ISF students gain more workplace advantages and promotion opportunities than their non-ISF peers.

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Beyond Education ISF’s Holistic Approach to Breaking the Cycle of Poverty

At ISF Cambodia, we go beyond traditional education by providing comprehensive support that includes:

Survey results

Meals and clothing for students and their families.

Catch-up lessons to help students reintegrate into state schools from grade 6.

Essential educational resources, including: English and computer classes; Access to libraries, Life skills training, Experiential learning trips, Physical education (PE), yoga, and Khmer dance.

Employers value ISF’s career counselling, technical training, skills development for workforce readiness helping ISF graduates stand out in the job market.

ISF Graduates vs. Non-ISF Students

A key indicator of our Education Programme’s effectiveness is how well ISF graduates transition into employment compared to non-ISF students in the same communities.

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ISF Students Non-ISF Students
Unemployed 3 47
Employed 37 84
in University 14
N/A
16
0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85
Percentage of Respondents
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These results highlight that ISF students are far more likely to secure stable employment or pursue higher education than their peers who do not receive ISF support.

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football Football Programme ProgrammeEmpowering Youth : j - = — OL12 anlieaeeto t Through Sport

4,443 lia 245 7 players took part in our coaches/young leaders 5,675 Football Programme. players were 44% are female coached by ISF 38% players are female trained coaches.

4,443

38%

Our Football Programme provides free access to football for marginalized youth, leveraging Cambodia’s most popular sport to educate, inspire, and empower.

More than just a game, we offer structured training, tournaments, and a tailored social impact curriculum designed to foster positive behavior change. Through football, we address critical local issues such as gender equality and substance abuse, equipping young people with life skills that extend far beyond the pitch.

To measure our impact, we track key indicators such as participation rates, skill development, behavioral changes, and reintegration into education. Success stories from our players and increased community engagement further demonstrate the programme’s effectiveness in transforming lives.

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—

Football Training & Football for Social Impact

We provide weekly football training and/or monthly social impact games to 2,192 girls and boys of all abilities across Cambodia.

Our sessions create a safe and inclusive environment where children can have fun, develop essential life and soft skills, and enhance their physical well-being. Through ISF’s football-based social impact curriculum, participants learn about critical issues such as substance abuse, equality, and inclusion, fostering positive behavior change both on and off the pitch.

99% 97%

of surveyed players report increased confidence about their future employment prospects.

of surveyed players feel their health improved since joining ISF’s Football Programme.

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2024 Highlights

ISF & LAUREUS SPORT FOR GOOD AT GUMBALL RALLY

TOTTENHAM HOTSPUR INTERNATIONAL COACHES

In September 2024, 30 ISF football players took part in an exciting football activation event held during the iconic Gumball 3000 Rally—a global celebrity car rally known for combining luxury, entertainment, and philanthropy. Supported by Laureus, a global sports-based charity that uses the power of sport to end violence, discrimination and disadvantage, the event featured social impact games designed to teach life lessons through sport. These engaging activities focused on building teamwork, inclusion, and problemsolving—core values that extend far beyond the football pitch. A heartfelt thank you to Laureus and Gumball 3000 for giving our young athletes a platform to shine and grow.

In 2024, ISF welcomed the visits of Shannon Moloney, Tottenham Hotspur Football Club’s International Development Manager, alongside Tottenham Hotspur Global Development Football Coaches, Tegan Burling and Lily Jervis. Their high-energy training sessions and hands-on involvement brought expertise, motivation, and joy to players and coaches. By sharing football techniques, offering guidance, and joining matches, they created an unforgettable experience that reinforced football's power in fostering skills, teamwork, and personal growth.

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Chanda’s Story ss

How Football Ignited her Passion and Transformed Her Confidence

Chanda*, an 11-year-old girl from Mondulkiri Province, Cambodia, discovered her passion for football through ISF Football Programme. Despite it only being a two-days event, her participation in ISF Football Festival has had a significant impact on her life.

Chanda's journey into football began with encouragement from her teacher. ISF Football Festival provided her with an opportunity to enhance her skills, particularly in controlling and dribbling the ball. The festival was a highlight for her, offering joy, confidence, and a sense of achievement.

Football Festival

Chanda was one of 419 young players who took part in the two-day football festival in Mondulkiri province, guided by ISF coaches and local trainers. This event aimed to expand access to sports and play for rural children, providing them with a unique opportunity to engage in football in a fun and inclusive

environment.

Playing football has improved Chanda’s health and well-being. She feels healthier, runs faster, and acknowledges the benefits of physical activity. Her teacher's advice that sports contribute to good health has motivated her to stay active.

Participating in the festival boosted Chanda’s confidence and helped her develop essential soft skills such as leadership, teamwork, problem-solving, and resilience. She felt happy and confident working as a team during the matches.

Chanda comes from a family of hardworking farmers who support her education. Despite her responsibilities at home, she balances her studies, household chores, and football. She looks forward to participating in more events like ISF Football Festival and sharing her positive experiences with her family.

*Names of children under 18 years old have been changed.

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— Skills Development ~~ee~~

COACH & COMMUNITY LEADERS DEVELOPMENT

ISF promotes the professional development of our 23 coaches and young coaches nurturing their skills and expertise through various professional training in areas such as SEN (Special Educational Needs), First Aid, and refereeing.

In addition, we train 227 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

ISF’s Youth Role Models (YRMs) initiative aims to develop crucial soft skills in disadvantaged young people, including communication, leadership, decision-making, and teamwork. 20 YRMs are selected from our Education Programme to serve as mentors for other children and youth while improving their soft and employability skills. 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 180 students in ISF’s Catch-Up Programme.

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Chara’s Story

Empowering Others as a Youth Role Model

Chara*, currently in grade 7, left her provincial state school to live with her parents, who work as a driver's assistant and factory worker in Phnom Penh. In 2022, she joined ISF's Catch-Up Programme, starting in grade three.

ISF has made a positive impact on her life, ensuring her good health with nutritious meals, medical care, and vaccinations. ISF also provides her with free English and computer classes, helping her gain new skills.

She participates in various programs like life skills training, environmental clean-ups school trips, and a youth role model initiative. She is hopeful and has high expectations for a brighter future.

“I’ve learned that every challenge is a chance to grow.

Helping others has made me more confident, and now I believe in a brighter future for myself and those around me”.

Chara decided to become a youth role model to gain new experiences and share her knowledge with younger students. This role has boosted her confidence, work ethic, communication skills, and teamwork abilities.

*Names of children under 18 years old have been changed.

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— :

Football for All Abilities

ISF’s Football for All Abilities Project tackles the marginalisation faced by youth with disabilities and HIV across Cambodia by providing inclusive sport-for-good initiatives.

Through regular football training, football-forsocial-impact programmes, and special events, the project creates opportunities for these young athletes to participate, compete, and thrive.

These activities reinforced teamwork, confidence, and inclusion, demonstrating the power of football in breaking down barriers and uniting communities.

As part of these efforts, ISF hosted an All Abilities event, bringing together players with diverse disabilities and HIV to engage in fun, inclusive games. The event not only fostered a sense of belonging but also raised awareness about the importance of equal opportunities in sports.

Additionally, 297 participants took part in ISF’s All Abilities Football Festival, which featured a full-day tournament specifically for deaf and hard-of-hearing players, alongside a half-day of engaging games and competitions.

425

players with disabilities or HIV positive accessing football activities

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players believe new skills acquired during the project will be useful for their future

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Van’s Story

Breaking Barriers and Building Communities

Van* joined ISF’s Football Programme in 2022, seeking not only a place to play but also a community where he could belong. As a deaf player, he found that ISF provided a vital space for athletes like him to come together, compete, and grow on equal footing.

For Van, football is about more than just winning. It is a platform for learning, teamwork, and personal development. He believes that tournaments like today's go beyond competition—they teach players how to collaborate, support one another, and improve both on and off the field.

Although he has experience playing as a goalkeeper, Van prefers the role of a defender, where he can actively contribute to his team’s success. Through ISF’s inclusive Football Programme, he has gained confidence, honed his skills, and built meaningful connections with other players who share similar experiences.

*Names of children under 18 years old have been changed.

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, Football Events ~~ee~~

AIA - ISF YOUTH LEAGUES

Bringing together nearly 1,860 players from across Cambodia, this event stands as the nation’s biggest grassroots football competition, highlighting the remarkable talent of young athletes and the transformative power of sport. In 2024, the league took place in Phnom Penh, Kampot, and Banteay Meanchey provinces, providing opportunities for youth to compete, grow, and connect. More than just a tournament, the event harnesses the power of football to instill essential values such as teamwork, discipline, and sportsmanship.

BOYS & GIRLS TOURNAMENTS

ISF Tournaments are the organisation’s flagship events and the largest annual football competitions for young girls and boys from disadvantaged backgrounds. Bringing together over 600 boys and 500 girls, these tournaments provide a full day of organised football in a safe, supportive environment. More than just a competition, the events offer participants the opportunity to develop skills, build confidence, and experience the joy of the game, fostering inclusion and empowerment through sport.

BATTAMBANG LEAGUE

We organised a Youth League in the remote province of Battambang involving 135 young players who had the chance of participating in a safe and organised football league.

COMMUNITY LEAGUE

We engaged 350 youth from marginalised communities around the ISF Sports Ground, educating them on healthy living and core values, such inclusion, equality, and respect.

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community projects

Strong Communities = Stronger Students

At ISF Cambodia, we understand that a child's success is closely linked to their environment. Our Community Development Projects go beyond education, investing in family well-being and local neighbourhoods. By empowering caregivers, improving literacy, and creating economic opportunities, we help build stronger, safer communities, ensuring ISF students can focus on their education in a stable, supportive environment.

We implement a range of community-driven initiatives designed to enhance economic stability, reduce financial stress on families, and create safer living conditions for students. These efforts not only uplift families out of poverty but also contribute to a healthier and more resilient community.

We implement:

Job training

job-focused training programmes help caregivers develop skills and secure stable employment.

Libraries & Literacy projects foster learning, providing students and community members with knowledge and growth opportunities.

Social Enterprise

provide long-term economic sustainability, supporting families while reinforcing ISF’s mission.

By working within the communities where our students live, we create an environment that fosters safety, stability, and opportunity. Our holistic approach ensures that:

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Libraries & Literacy

ISF Libraries are more than just bookshelves — they are community hubs. They foster literacy skills, cultivate a love for reading, and provide employment opportunities for local librarians.

Our mobile libraries bring books on motorbikes and tuk-tuks to even the most remote communities, ensuring that no child is left behind.

In 2024, 2,666 readers were registered in our libraries every month on average.

By bringing education into the heart of the community, we create safe spaces for learning and personal growth, helping students and their families enrich their knowledge and open doors to new opportunities.

31% over 18

69% under 18

Throughout the year,

22,989 Visits were recorded across our libraries.

2,102 New books

were added to our collection.

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) — val

Economic Empowerment

SEWING TRAINING: GIVING FAMILIES THE TOOLS FOR A BETTER FUTURE

C&A SEWING SOCIAL ENTERPRISE: A SUSTAINABLE SOLUTION

In 2024, we provided sewing training to 15 caregivers, equipping them with valuable technical skills that open doors to stable employment.

In 2023, ISF launched the C&A Sewing Social Enterprise (C&A), a business designed to empower caregivers while supporting ISF’s longterm sustainability.

Our training:

Our Social Enterprise:

By giving caregivers the opportunity to learn a trade and earn a living, we help break the cycle of poverty, creating a more secure and hopeful future for ISF students.

In 2024, our team of three skilled tailors worked tirelessly to produce high-quality garments , which are now available for purchase. To expand sales, we:

This initiative not only provides financial security for ISF families but also strengthens the overall economic stability of our communities.

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our commitment our Commitment to to sustainability Sustainability

At ISF Cambodia, we believe that education, sports, and environmental responsibility go hand in hand. A clean and sustainable environment is essential for the well-being of our students and the communities where they live.

That’s why we integrate eco-friendly initiatives into our programmes, ensuring that ISF not only educates children but also instills a culture of environmental responsibility. Our efforts are guided by ISF’s Environmental Policy, ensuring accountability for our ecological footprint and embedding sustainable practices into all aspects of our work. Key environmental initiatives include:

Plastic-free

Strict no single-use plastic policy at ISF premises and events.

EMPOWERING STUDENTS, PLAYERS & COMMUNITY MEMBERS AS ENVIRONMENTAL ADVOCATES

Our Life Skills Project actively engages 100 secondary school students in climate action and plastic reduction efforts through:

Recycling

ISF has installed recycling bins to encourage proper waste disposal.

Eco supplies

Reusable water bottles; eco-friendly food packaging and cutlery at ISF events.

Renewable energy

Solar lights have been installed at football pitches and playgrounds, reducing our carbon footprint.

Composting

Organic waste is composted promoting urban greening and sustainability.

ISF students are not just learning — they are leading. Through their participation, they have become environmental advocates in their communities, inspiring their families and neighbors to adopt eco-friendly habits. Their passion has driven more people to join ISF’s sustainability efforts, reinforcing the power of education in shaping a greener future.

We also integrated environmental protection topics, such as waste management, in our ISF Football for social impact curriculum using football as a tool for environmental awareness !

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OVERSIGHT AND RECOGNITION

FUNDRAISING PRACTICES

At ISF, we are committed to complete openness and transparency in all our fundraising activities. We continue to raise funds through a diverse mix of trusts and foundations, corporate sponsors, and individuals.

In 2024, we raised funds from individuals in several ways, including:

Online fundraising through our website, supporter platforms, social media, and email outreach.

Our fundraising is carried out exclusively by ISF staff, trustees and volunteers. We do not use thirdparty agencies to fundraise on our behalf. We also never telephone, email, or send mail to anyone who has not expressed an interest in our work.

In 2024, ISF successfully hosted an in-person fundraising event in Hong Kong, alongside ongoing online fundraising campaigns. We also launched a new event, the “Cambodia Cycle,” which saw 20 supporters cycle across Cambodia and raise significant funds for ISF’s programmes. These initiatives enabled us to connect with both local and international supporters and generate vital resources to sustain our work.

Local fundraising within Cambodia also continued to grow, with increased contributions from Cambodian corporate partners, individuals, and community-led events. All fundraising activities are conducted to the same high standards of transparency and accountability that guide our global efforts.

ISF complies fully with legal requirements and best practices regarding information retention and processing, including the safeguarding of supporter data. We communicate with supporters in their preferred ways to keep them informed of our work and progress. Importantly, no complaints regarding our fundraising activities were received in 2024.

We treat every donation with the utmost care. In 2024, 85% of every $1 spent went directly towards helping children, youth, and families in Cambodia.

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Financials

Source of Funds

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Other Income
2%
Campaigns & Events
30%
Individual Donors
42%
Corporations
9%
In-Kind
2%
Trust and Foundations
15%
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Expenditure distribution Expenditures by Programme
fundraising & Education
governance 66%
15%
Football
31%
Community
Programmes
85% 3%
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Expenditures by Programme

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MONITORING, EVALUATION, ACCOUNTABILITY AND LEARNING (MEAL)

Building on the findings of the 2023 strategic review, in 2024 ISF continued to monitor key KPIs— particularly in education—to track progress and measure impact more effectively. We also established a system of biennial surveys, to be conducted every two years, providing robust longitudinal data to strengthen accountability and help us adapt our programmes to evolving community needs. These efforts ensure that ISF’s work continues to deliver sustainable, positive outcomes.

In 2024, ISF also implemented a new M&E system for the Football Programme, enabling more structured monitoring of participants’ development and programme outcomes. For the Education Programme, we began exploring new solutions for data collection, monitoring, and analysis. This project is ongoing and will continue into 2025, aiming to further strengthen our ability to evaluate progress and impact.

Sustainability remains central to our approach. ISF designs and implements interventions that address the root causes of adversity to create long-lasting change. Our methodology combines internal and external monitoring processes for a comprehensive assessment of our delivery model and its outcomes. Both quantitative and qualitative data are collected through baseline and endline surveys, group discussions, and case studies. Our in-house M&E Officer leads data collection and analysis, while programme staff and partners contribute by gathering participant data, progress reports, and feedback.

Key evaluation tools include:

The results of our M&E activities guide internal decision-making on programme priorities, shape external communications and donor reporting, and give stakeholders a more active role in shaping how projects are run.

In 2024, ISF also prioritised staff training and capacity development, recognising that empowered and skilled staff are essential to programme success. Staff enhanced their capabilities through training in computer skills, time management, English language, and LGBTQ+ inclusion. They also participated in wellness initiatives such as mental health sessions, yoga, and meditation. Our Football Programme staff benefitted from extensive professional development throughout the year, including weekly English classes, first-aid training, referee and goalkeeper courses, sign language classes, and goalball training—a team sport designed exclusively for athletes with visual impairments. In addition, they received specialised training delivered in partnership with experts in supporting children with SEN (Special Educational Needs), ensuring that our football activities are inclusive and responsive to the needs of all participants.

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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. Trustees are appointed in accordance with the criteria outlined in our Board of Directors/Trustees Nomination Policy. 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, ISF’s top priority remains the safety and well-being of the children in our care. We are firmly committed to implementing and upholding a strict Child Protection and Safeguarding Policy to ensure that no child we serve is exposed to abuse, exploitation, violence, or neglect.

All staff members, coaches, and beneficiaries continued to receive regular training to reinforce awareness and best practices following the Child Protection and Safeguarding Policy approved in 2023.

Our policy is fully aligned with the principles of the UN Convention on the Rights of the Child. We also continue to work closely with both local and international safeguarding partners. ISF remains a proud ChildSafe Alliance Partner—a global network led by Friends International and UNICEF dedicated to improving the quality and impact of services for marginalised children, youth, and their families. Similarly, we maintain our membership in the International Safeguards for Children in Sport, contributing to the global movement that promotes safe sporting environments for children worldwide.

risk review

The trustees have examined the major internal and external risks that the charity faces. The existing risk register was reviewed and approved in 2024 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 2024 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 2024, operational reserves were US$2,029,889 of which US$950,445 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 2024 is US$3,728,579 (2023: US$3,243,307) comprising tangible assets of US$1,765,307 and net current assets US$1,963,272. Free reserves at year-end were US$883,828 (2023: US$459,782). Free reserves is unrestricted reserves (US$950,445), less funds spent on tangible fixed assets (US$66,617).

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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 eleven 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:

Mr Martin Murray, Chairman

Ms Miranda Leung

Mr Leo Brogan

Mr Robert Gazzi

Ms Anita Davis

Ms Tanya Kitt Mr Patrick Healy Mr Martin Cubborn

Ms Kirsten Molyneux Mr Erik Lorenz Mr Mark Ashall

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FUTURE PLAN AND SUSTAINABILITY

In 2024, ISF continued to build on its strong foundation while embracing innovation and forward planning to ensure the long-term sustainability of our programmes. We introduced new digital tools to enhance fundraising efficiency and donor engagement, enabling us to reach and connect with supporters more effectively across multiple platforms.

A major highlight of the year was the launch of the Cambodia Cycle, a flagship fundraising event that united 400 supporters and raised over US$ 300,000. This event has already established itself as one of ISF’s key fundraising milestones, combining community spirit with significant impact for our programmes.

Alongside this success, we advanced work on developing long-term partnerships with private foundations to secure sustainable funding for the years ahead. Looking toward 2025 and beyond, ISF is prioritising financial resilience by securing multi-year grants, providing greater stability and continuity for our programmes.

At the same time, we remain deeply committed to strengthening our ties with local communities in Cambodia. Grassroots engagement is not only vital for fundraising but also ensures that our programmes remain relevant and responsive to the needs of those we serve.

To safeguard our future, ISF continues to implement carefully designed strategies, policies, and procedures to effectively manage risks and minimise the impact of unforeseen crises on our beneficiaries and funding. Our prudent reserves policy has enabled us to build and maintain a cash reserve of approximately US$ 2,293,793. We aim to preserve a reserve equal to 12 months of budgeted expenditures for our Education Programme and six months for our Football Programme, thereby ensuring financial stability and sustainability even in the face of fluctuating income levels.

Looking ahead, preparations are underway for ISF’s 20th anniversary in 2026. We will celebrate this milestone with our long-term supporters through a series of events in Cambodia, Hong Kong, the United Kingdom, and Australia—an opportunity to reflect on two decades of impact and to honour those who have helped make it possible.

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Join Us!

Donate

Fundraise & volunteer

Online: Visit

https://donate.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, UK and USA and donations are tax deductible.

Launch a fundraising campaign to support ISF and impact the lives of Cambodia’s most vulnerable children.

Interested in volunteering and contributing to our vital work? For more information, reach out to us at info@isfcambodia.org.

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ISF Audit Report 2024
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56

Docusign Envelope ID: E4242902-C393-4209-B948-A5329AFDFC41

Indochina Starfish Foundation

Statement of trustees' responsibilities

The trustees (who are also the directors of Indochina Starfish Foundation for the purposes of company law) 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 Standard applicable in the UK and Republic of Ireland".

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the parent charitable company and the group and of the incoming resources and application of resources, including its income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to:

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 trustees 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 22.09.2025 and signed on its behalf by:

......................................... | / Ms Miranda Leung Company Secretary and Trustee

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Docusign Envelope ID: E4242902-C393-4209-B948-A5329AFDFC41

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 (the 'charitable parent company') and its subsidiary (the 'group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Charity Balance Sheet, Consolidated Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

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

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Docusign Envelope ID: E4242902-C393-4209-B948-A5329AFDFC41

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

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In 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 misstatements in the Trustees' Report.

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

Responsibilities of trustees

As explained more fully in the Statement of trustees' responsibilities (set out on page 48), 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 determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

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Docusign Envelope ID: E4242902-C393-4209-B948-A5329AFDFC41

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to acts by the company which were contrary to 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, but not limited to the reporting framework (FRS 102, the Companies Act and Charities Act). We evaluated management’s incentives 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 compliance with laws and regulations, review of trustees' meeting minutes and review of compliance with specific requirements of Cambodian law of which we are aware, including the registration with the Ministry of Foreign Affairs and Ministry of Education. We also addressed the risk of management override of internal controls, including testing of journals and evaluating whether there was evidence of bias by the trustees that represented a risk of material misstatement due to fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.

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

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Docusign Envelope ID: E4242902-C393-4209-B948-A5329AFDFC41

Indochina Starfish Foundation

Independent Auditor's Report to the Members of Indochina Starfish Foundation

Use of our report

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

...................................... O006DF78DEBD3402... Louise Bridgett (Senior Statutory Auditor) PKF Francis Clark, Statutory Auditor

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

23 September 2025 Date:.............................

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Docusign Envelope ID: E4242902-C393-4209-B948-A5329AFDFC41

The notes on pages 67 to 88 form an integral part of these financial statements.

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Docusign Envelope ID: E4242902-C393-4209-B948-A5329AFDFC41

Indochina Starfish Foundation

Consolidated Statement of Financial Activities

Year Ended 31 December 2024 (Including Consolidated Income and Expenditure Account)

Note
Income and Endowments from:
Donations and legacies
2
Other trading activities
3
Investment income
4
Total income
Expenditure on:
Raising funds
5
Charitable activities
6
Total expenditure
Net expenditure
Transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
20		 Unrestricted
funds
US $
396,632
25,537
6,925
429,094
(238,735)
(361,609)
(600,344)
(171,250)
(22,836)
(194,086)
698,756
504,670		 Restricted
funds
US $
1,075,397
-
-
1,075,397
(7,113)
(1,241,431)
(1,248,544)
(173,147)
22,836
(150,311)
2,888,948
2,738,637		 Total
2023
US $
1,472,029
25,537
6,925
1,504,491
(245,848)
(1,603,040)
(1,848,888)
(344,397)
-
(344,397)
3,587,704
3,243,307

The funds breakdown for the period ended 31 December 2023 is shown in note 20. All of the charity's activities derive from continuing operations during the above two periods.

The notes on pages 67 to 88 form an integral part of these financial statements.

Page 63

Docusign Envelope ID: E4242902-C393-4209-B948-A5329AFDFC41

Indochina Starfish Foundation

Consolidated Balance Sheet

31 December 2024

Consolidated Balance Sheet
31 December 2024
2024 2023
Note US $ US $
Fixed assets
Tangible assets 13 1,765,307 1,828,179
Current assets
Debtors 15 37,711 4,489
Cash at bank and in hand 16 2,293,793 1,599,827
2,331,504 1,604,316
Creditors: Amounts falling due within one year 17 (368,232) (189,188)
Net current assets 1,963,272 1,415,128
Net assets 3,728,579 3,243,307
Funds of the group:
Restricted 2,778,134 2,738,637
Unrestricted funds
Unrestricted 950,445 504,670
Total funds 20 3,728,579 3,243,307

The financial statements on pages 62 to 88 were approved by the trustees, and authorised for issue on 22.09.2025 and signed on their behalf by:

......................................... | Ms Miranda Leung / Company secretary and trustee

The notes on pages 67 to 88 form an integral part of these financial statements.

Page 64

Docusign Envelope ID: E4242902-C393-4209-B948-A5329AFDFC41

Indochina Starfish Foundation

Charity Balance Sheet

31 December 2024

Charity Balance Sheet
31 December 2024
2024 2023
Note US $ US $
Fixed assets
Tangible assets 13 911,602 974,957
Investments 490 490
912,092 975,447
Current assets
Debtors 15 890,931 857,030
Cash at bank and in hand 16 2,274,737 1,586,511
3,165,668 2,443,541
Creditors: Amounts falling due within one year 17 (368,083) (189,138)
Net current assets 2,797,585 2,254,403
Net assets 3,709,677 3,229,850
Funds of the charity:
Restricted 2,778,134 2,738,637
Unrestricted funds
Unrestricted 931,543 491,213
Total funds 20 3,709,677 3,229,850

The financial statements on pages 62 to 88 were approved by the trustees, and authorised for issue on 22.09.2025 and signed on their behalf by:

......................................... | Ms Miranda Leung Company secretary and trustee

The notes on pages 67 to 88 form an integral part of these financial statements.

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Docusign Envelope ID: E4242902-C393-4209-B948-A5329AFDFC41

Indochina Starfish Foundation

Consolidated Statement of Cash Flows

Year Ended 31 December 2024

Note
Cash flows from operating activities
Net income/(expenditure)
Adjustments to cash flows from non-cash items
Depreciation
8, 13
Investment income
4
Working capital adjustments
Increase in debtors
15
Increase in creditors
17
Increase in deferred income
Net cash flows from operating activities
Cash flows from investing activities
Interest receivable and similar income
4
Purchase of tangible fixed assets
13
Net cash flows from investing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at 1 January
Cash and cash equivalents at 31 December		 2024
US $
485,272
97,189
(27,369)
555,092
(33,222)
20,272
158,772
700,914
27,369
(34,317)
(6,948)
693,966
1,599,827
2,293,793		 2023
US $
(344,397)
98,548
(6,925)
(252,774)
(1,739)
11,364
95,413
(147,736)
6,925
(50,032)
(43,107)
(190,843)
1,790,670
1,599,827

All of the cash flows are derived from continuing operations during the above two periods.

The notes on pages 67 to 88 form an integral part of these financial statements.

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Docusign Envelope ID: E4242902-C393-4209-B948-A5329AFDFC41

Indochina Starfish Foundation

Notes to the Financial Statements

Year Ended 31 December 2024

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 set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 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 at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The presentational currency is US dollars (USD $), 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 2024.

No Statement of Financial Activities is presented for the charity as permitted by section 408 of the Companies Act 2006. The charity made a surplus for the financial period of US $479,827 (2023 - deficit of US $344,397).

A subsidiary is an entity controlled by the charity. Control is achieved where the charity has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Going concern

The trustees consider that there are no material uncertainties 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 concern basis.

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Docusign Envelope ID: E4242902-C393-4209-B948-A5329AFDFC41

Indochina Starfish Foundation

Notes to the Financial Statements

Year Ended 31 December 2024

Key sources of estimation uncertainty

Deferred income: The Trustees are required to make a judgement whether the grants received contain performance or time criteria in order to account for these transactions correctly under the performance model in line with the Charities SORP.

In the Trustees' opinion there are no other key sources of estimation uncertainty 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.

Donations

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 resources in the period for which, it has been received. Such income is only deferred when:

Investment income

Investment income is included when receivable.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time 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.

Raising funds

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

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Docusign Envelope ID: E4242902-C393-4209-B948-A5329AFDFC41

Indochina Starfish Foundation

Notes to the Financial Statements

Year Ended 31 December 2024

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 consistent with the use of resources.

Governance costs

Governance costs comprise all costs involving the public accountability of the trust and its compliance with regulation and good practice. These include the costs attributable to the Group’s compliance with constitutional and statutory requirements, including audit.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to 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 to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate
Land Not depreciated
Buildings 2% straight line
Astroturf pitch (presented in land and buildings) 10% straight line
Furniture and equipment 25% reducing balance
Motor vehicles 25% reducing balance
Computer equipment 25% reducing balance
Leasehold improvements 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 equivalents

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 to an insignificant risk of change in value.

Page 69

Docusign Envelope ID: E4242902-C393-4209-B948-A5329AFDFC41

Indochina Starfish Foundation

Notes to the Financial Statements

Year Ended 31 December 2024

Foreign exchange

Transactions in foreign currencies are recorded at the rate 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 at that date.

Fund structure

Unrestricted 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.

Pensions and other post retirement 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 to make mandatory pension contribution to the National Social Security Fund (NSSF) of Cambodia. Under such law, the group is required to pay a certain fixed amount for an employee and an employee is also required to 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 70

Docusign Envelope ID: E4242902-C393-4209-B948-A5329AFDFC41

Indochina Starfish Foundation

Notes to the Financial Statements

Year Ended 31 December 2024

Financial instruments

Classification

Financial assets and financial liabilities are recognised when the charity becomes a party to 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 at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of position when, and only when there exists a legally enforceable right to set off the recognised amounts and the group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the group transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the group, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to 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

Donations and legacies;
Donations
Total for 2024
Total for 2023		 Unrestricted
funds
General
US $
1,050,058
1,050,058
396,632		 Restricted
funds
US $
1,304,242
1,304,242
1,075,397		 Total
funds
US $
2,354,300
2,354,300
1,472,029

Page 71

Docusign Envelope ID: E4242902-C393-4209-B948-A5329AFDFC41

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Docusign Envelope ID: E4242902-C393-4209-B948-A5329AFDFC41

Indochina Starfish Foundation

Notes to the Financial Statements

Year Ended 31 December 2024

8 Net incoming/outgoing resources

Net incoming/(outgoing) resources for the year include:

Operating leases - other assets
Audit fees
Depreciation of fixed assets		 Total
2024
US $
57,000
12,150
84,605		 Total
2023
US $
35,700
9,546
98,548

9 Trustees' remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the group during the year.

No trustees have received any reimbursed expenses or any other benefits from the charity during the year.

10 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs		 Total
2024
US $
834,145
47,882
5,317
887,344		 Total
2023
US $
763,514
40,313
5,794
809,621

The monthly average number of persons (including senior management team) employed by the group during the year expressed as headcount was as follows:

Management
Education
Football
Development		 2024
No
8
50
21
15
94		 2023
No
10
52
20
11
93

No employee received emoluments of more than $76,396 (£60,000) during the year.

Page 76

Docusign Envelope ID: E4242902-C393-4209-B948-A5329AFDFC41

Indochina Starfish Foundation

Notes to the Financial Statements

Year Ended 31 December 2024

The total employee benefits of the key management personnel (listed below) of the group were US $256,839 (2023 - US $233,994).

Key Management Personnel were: Chourp Vicheka, Kong Seiha, Yin Samady, Tep Sothearith, Chun Chamnan, Sea Povry, Margherita Chiarolanza, Soeung Chara and Maria Cotugno.

11 Auditor's remuneration

Audit of the financial statements 2024
US $
12,150		 2023
US $
9,546

12 Taxation

The group is a registered charity and is therefore exempt from taxation.

13 Tangible fixed assets

Group

Cost
At 1 January
2024
Additions
At 31 December
2024
Depreciation
At 1 January
2024
Charge for the
year
At 31 December
2024
Net book value
At 31 December
2024
At 31 December
2023		 Land and
buildings
US $
2,329,715
11,134
2,340,849
598,612
69,369
667,981
1,672,868
1,731,103		 Motor
vehicles
US $
96,173
-
96,173
78,065
5,434
83,499
12,674
18,108		 Computer
equipment
US $
125,087
23,183
148,270
66,208
16,562
82,770
65,500
58,879		 Leasehold
Improve-
ments
US $
47,373
-
47,373
27,284
5,824
33,108
14,265
20,089		 Total
US $
2,598,348
34,317
2,632,665
770,169
97,189
867,358
1,765,307
1,828,179

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Docusign Envelope ID: E4242902-C393-4209-B948-A5329AFDFC41

Indochina Starfish Foundation

Notes to the Financial Statements

Year Ended 31 December 2024

Charity

Cost
At 1 January
2024
Additions
At 31 December
2024
Depreciation
At 1 January
2024
Charge for the
year
At 31 December
2024
Net book value
At 31 December
2024
At 31 December
2023		 Land and
buildings
US $
1,476,493
11,134
1,487,627
598,612
69,369
667,981
819,646
877,881		 Motor
vehicles
US $
96,173
-
96,173
78,065
5,434
83,499
12,674
18,108		 Computer
equipment
US $
125,087
22,539
147,626
66,208
16,401
82,609
65,017
58,879		 Leasehold
Improve-
ments
US $
47,373
-
47,373
27,284
5,824
33,108
14,265
20,089		 Total
US $
1,745,126
33,673
1,778,799
770,169
97,028
867,197
911,602
974,957

Page 78

Docusign Envelope ID: E4242902-C393-4209-B948-A5329AFDFC41

Indochina Starfish Foundation

Notes to the Financial Statements

Year Ended 31 December 2024

14 Fixed asset investments - investment in subsidiary company

Charity

Shares in group undertakings and participating interests

Cost
At 1 January 2024
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Subsidiary
undertakings
US $
490
490
490
490		 Total
US $
490
490
490
490

Details of undertakings

The charitable company has a 49% share of the ordinary shares in ISF LHC Co. Ltd, a company registered in Cambodia, formed to purchase and hold land on behalf of 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.

ISF LHC Co. Ltd Statement of Financial Position

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Docusign Envelope ID: E4242902-C393-4209-B948-A5329AFDFC41

Indochina Starfish Foundation

Notes to the Financial Statements

Year Ended 31 December 2024

Interest in land
Tangible assets
Other debtors/creditors
Cash at bank and in hand
Amounts due to parent charity
Share capital
Reserves
15 Debtors
Due from group undertakings
Prepayments
Other debtors		 2024
US $
-
10,627
27,084
37,711		 Total
Total
31 December
31 December
2024
2023
US $
US $
853,222
853,222
483
-
(147)
631
19,056
13,316
(853,222)
(853,222)
(1,000)
(1,000)
(18,392)
(12,947)
Group
Charity
2023
US $
2024
US $
2023
US $
-
853,222
853,222
681
10,625
-
3,808
27,084
3,808
4,489
890,931
857,030		 Total
Total
31 December
31 December
2024
2023
US $
US $
853,222
853,222
483
-
(147)
631
19,056
13,316
(853,222)
(853,222)
(1,000)
(1,000)
(18,392)
(12,947)
Group
Charity
2023
US $
2024
US $
2023
US $
-
853,222
853,222
681
10,625
-
3,808
27,084
3,808
4,489
890,931
857,030
857,030

Page 80

Docusign Envelope ID: E4242902-C393-4209-B948-A5329AFDFC41

Indochina Starfish Foundation

Notes to the Financial Statements

Year Ended 31 December 2024

Included in the charity debtors balance above is US $853,222 (2023 - US $853,222) 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

16 Cash and cash equivalents
Group
2024
US $
2023
US $
Cash at bank
2,293,793
1,599,827
17 Creditors: amounts falling due within one year
Group
2024
US $
2023
US $
VAT grant repayable
129
129
Other creditors
10,105
8,289
Accruals
37,426
18,970
Deferred income
320,572
161,800
368,232
189,188
Deferred income
Deferred income at 1 January 2024
Resources deferred in the period
Amounts released from previous periods
Deferred income at 31 December 2024		 2024
US $
2,274,737
2024
US $
129
9,956
37,426
320,572
368,083		 Charity
2023
US $
1,586,511
Charity
2023
US $
129
8,239
18,970
161,800
189,138
2024
US $
(161,800)
(276,385)
117,613
(320,572)

Multi-year grant donations have been deferred over the period in which the grant relates.

18 Obligations under leases and hire purchase contracts

Operating lease commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

Page 81

Docusign Envelope ID: E4242902-C393-4209-B948-A5329AFDFC41

Indochina Starfish Foundation

Notes to the Financial Statements

Year Ended 31 December 2024

Land and buildings
Within one year
Between one and five years		 2024
US $
43,250
24,500
67,750		 Group
2023
US $
42,500
66,500
109,000		 2024
US $
43,250
24,500
67,750		 Charity
2023
US $
42,500
66,500
109,000

Page 82

Docusign Envelope ID: E4242902-C393-4209-B948-A5329AFDFC41

Indochina Starfish Foundation

Notes to the Financial Statements

Year Ended 31 December 2024

The amount of non-cancellable operating lease payments recognised as an expense during the year for the group was US $57,000 (2023 - US $35,700). The charity lease payments were US $57,000 (2023 - US $35,700).

19 Pension and other schemes

Defined contribution pension scheme

The group makes contributions to 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 $5,317 (2023 - US $5,794).

Page 83

Docusign Envelope ID: E4242902-C393-4209-B948-A5329AFDFC41

Indochina Starfish Foundation

Notes to the Financial Statements

Year Ended 31 December 2024

20 Funds

Group

Unrestricted funds
General
Unrestricted
Restricted funds
Education - capital
Education - operating
Football - capital
Football - operating
Community - operating
Community - capital
Total restricted funds
Total funds
Unrestricted funds
General
Unrestricted
Restricted funds
Education - capital
Education - operating
Football - capital
Football - operating
Community - operating
Community - capital
Total restricted funds
Total funds		 Balance at 1
January 2024
US $
Incoming
resources
US $
Resources
expended
US $
Balance at 31
December
2024
US $
504,670
1,102,921
(657,146)
950,445
1,030,254
-
(25,580)
1,004,674
563,434
867,463
(756,000)
674,897
751,128
-
(58,547)
692,581
391,908
378,819
(385,648)
385,079
-
57,960
(38,492)
19,468
1,913
-
(478)
1,435
2,738,637
1,304,242
(1,264,745)
2,778,134
3,243,307
2,407,163
(1,921,891)
3,728,579
Balance at
1 January
2023
US $
Incoming
resources
US $
Resources
expended
US $
Transfers
US $
Balance at
31
December
2023
US $
698,756
429,094
(600,344)
(22,836)
504,670
1,040,872
-
(10,618)
-
1,030,254
627,716
697,460
(761,742)
-
563,434
788,936
-
(37,808)
-
751,128
431,424
365,504
(405,020)
-
391,908
-
12,433
(33,356)
20,923
-
-
-
-
1,913
1,913
2,888,948
1,075,397
(1,248,544)
22,836
2,738,637
3,587,704
1,504,491
(1,848,888)
-
3,243,307		 Balance at 31
December
2024
US $
950,445
1,004,674
674,897
692,581
385,079
19,468
1,435		 Balance at 31
December
2024
US $
950,445
1,004,674
674,897
692,581
385,079
19,468
1,435
2,778,134
3,728,579
Balance at
31
December
2023
US $
504,670
1,030,254
563,434
751,128
391,908
-
1,913
2,738,637
3,243,307

Page 84

Docusign Envelope ID: E4242902-C393-4209-B948-A5329AFDFC41

Indochina Starfish Foundation

Notes to the Financial Statements

Year Ended 31 December 2024

The restricted funds are unspent income reserves, where the original donation was restricted either for the Education, Football or Community Programme, 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 to that Programme, or a transfer from unrestricted funds. Resources expensed against the restricted capital funds equal the depreciation charge for the assets of that Programme.

General donations where no conditions are attached are allocated to the unrestricted fund. Fundraising expenditure, governance costs and some other costs are spent from the unrestricted funds.

The difference between the Group and the Charity funds relates to the unrestricted fund only. All ISF LHC Co. Ltd income and expenditure is unrestricted. The Charity unrestricted fund at period end is US $931,543 (2023 - US $491,213).

Page 85

Docusign Envelope ID: E4242902-C393-4209-B948-A5329AFDFC41

Indochina Starfish Foundation

Notes to the Financial Statements

Year Ended 31 December 2024

21 Analysis of net assets between funds

Group

Group
Tangible fixed assets
Current assets
Current liabilities
Total net assets
Tangible fixed assets
Current assets
Current liabilities
Total net assets
22 Analysis of net debt
Cash at bank and in hand
Net debt		 Unrestricted
funds
US $
66,617
931,488
(47,660)
950,445
Unrestricted
funds
US $
44,888
487,170
(27,388)
504,670
At 1 January
2024
US $
1,599,827
1,599,827		 Restricted
US $
1,698,690
1,400,016
(320,572)
2,778,134
Restricted
US $
1,783,291
1,117,146
(161,800)
2,738,637
Financing
cash flows
US $
693,966
693,966		 Total funds
at 31
December
2024
US $
1,765,307
2,331,504
(368,232)
3,728,579
Total funds
at 31
December
2023
US $
1,828,179
1,604,316
(189,188)
3,243,307
At 31
December
2024
US $
2,293,793
2,293,793

Page 86

Docusign Envelope ID: E4242902-C393-4209-B948-A5329AFDFC41

Indochina Starfish Foundation

Notes to the Financial Statements

Year Ended 31 December 2024

Notes to the Financial Statements
Year Ended 31 December 2024
Cash at bank and in hand
Net debt		 At 1 January
2023
US $
1,790,670
1,790,670		 Financing
cash flows
US $
(190,843)
(190,843)		 At 31
December
2023
US $
1,599,827
1,599,827

Page 87

Docusign Envelope ID: E4242902-C393-4209-B948-A5329AFDFC41

Indochina Starfish Foundation

Notes to the Financial Statements

Year Ended 31 December 2024

23 Related party transactions

Charity

During the year the charity made the following related party transactions:

Ashall Projects Limited

(Anthony Ashall, Trustee of ISF, Director of Ashall Projects Limited) Donations totaling US $4,075 (2023 - US $3,904) were received from Ashall Projects Limited, an associated company,. At the balance sheet date the amount due to/from Ashall Projects Limited was US $Nil (2023 - US $Nil).

HeyVentures Holdings Pte Ltd

(Erik Lorenz, Trustee of ISF, Founder & CEO of HeyVentures Holdings Pte Ltd) Donations totaling US $20,000 (2023 - US $20,000) were received from HeyVentures Holdings Pte Ltd, an associated company.. At the balance sheet date the amount due to/from HeyVentures Holdings Pte Ltd was US $Nil (2023 - US $Nil).

Indochina Starfish Foundation (Australia) Limited

(Neil Cutler, Trustee of ISF, Director of ISF (Australia) Limited) Donations totalling US $106,928 (2023 - US $64,594) were received from ISF (Australia), an associated charity registered in Australia. At the balance sheet date the amount due to/from Indochina Starfish Foundation (Australia) Limited was US $Nil (2023 - US $Nil).

ISF LHC Co. Ltd

(49% owned subsidiary of Indochina Starfish Foundation) Rental payments totalling US $15,000 (2023 - US $6,000) were made to ISF LHC Co. Ltd, a subsidiary company registered in Cambodia. At the balance sheet date the amount due from ISF LHC Co. Ltd was US $853,222 (2023 - 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 88

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Docusign Envelope ID: E4242902-C393-4209-B948-A5329AFDFC41
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ISF Cambodia is a registered charity in the UK (Charity No: 1115484), Hong Kong, Australia (ABN: 79 130 823 193), USA (EIN: 99-4529173), and Cambodia. Donations are tax-deductible in these jurisdictions, subject to local regulations.

ISFCAMBODIA.ORG