THE CENTRE FOR GLOBAL EQUALITY LIMITED (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS For the period ended 31 March 2025 Charlty No. 1121067 Company No. 06080896 Registered Office: 74 Eden Street Cambridga, CB1 1 EL THE CENTRE FOR GLOBAL EQUALITY LIMITED Annual report and financial statements for the period ended 31 March 2025 Page Trustees, report Referen￿ and administrative details Independent examiner's report Statement of financial activities 10 Balance sheet li Statement of cash flows 12 Notes to the financial statements 13-25 THE CENTRE FOR GLOBAL EQUALITY LIMITED TRUSTEES. REPORT For the period ended 31 March 2025 The Charitable Company: Directors, Structure, Governance and Management The Centre for Global Equality ICGE) was established as a company limited by guarantee on the 2nd of February 2007. It is governed by its Memorandum and Articles of Association, and the liability of th members is limited by guarantee. It was registered as a charity on the 4 of October 2007. The Company was established to further the charitable objectives set out below. The trustees of the board, who are the company directors, meet regularly to oversee the work of the Chief Executive Officer ICEO), who is responsible for the day-to-day work of the Centre. The CEO is also the Company Secretary. The CEO is supported by eleven other full-time staff. A variety of additional supporting roles are also fulfilled by contractors, interns and volunteers from time to time. Recruitment, Appointment and Training of New Trustees The Centre for Global Equality recruits trustees with the skills and experience relevant to its position as a small Sustainable Development organisation operating within the Charity Sector. Trustee appointments are made at the Annual General Meeting IAGM) or, if trustees are co-opted by the Board during the year, such appointments are confirmed at the AGM. On their appointment, trustees are elected to serve for between one and three years and may be re-appointed at the end of their term. Trustees are limited to two terms of office unless they serve as Chair, Vice-chair or Treasurer, in which case they may serve for a third term up to a maximum of nine years. Trustees receive briefings and relevant paperwork from the Centre for Global Equality CEO and, where relevant, from other staff and trustees. Trustee induction and training needs are met through formal and informal processes. Management of Risk The trustees, as directors of the Centre for Global Equality, are responsible for the charity's systems of internal controls and effectiveness. The board of trustees meets regularly to review major risks and, where appropriate, systems and procedures are established to manage the risks the charity faces. The major risk identified for the 2024-2025 period is the organisation's reliance on one large programme. The need to diversify the organisation's funding base to reduce this risk and enhance ongoing financial sustainability continues to be a priority. Reserves Policy The directors agreed that the company should aim to keep a level of reserves equal to three months, average expenditure, which equates to £120,000. This level of reserves is not place at the end of the financial period, with free reserves at the end of the period being £87,641. The directors have considered the shortfall in agreed reserves and will work to bridge this gap in the forthcoming financial periods. This shortfall does not give rise to a prospective resource deficit because the ongoing restricted programmes are expected to be sufficient to fund the organisation's expenditure in full for the forthcoming periods. In addition the directors are satisfied that the company will remain a going concern for at least 12 months from the date of approval of these financial statements. THE CENTRE FOR GLOBAL EQUALITY LIMITED TRUSTEES. REPORT For the period ended 31 March 2025 Objectives and Activities To promote in any part of the world, the relief of human poverty or suffering in any manner which is, or may be deemed to be, charitable. To promote and organise co-operation in the achievement of the above purposes between voluntary organisations, academia, students, the business community, the wider relief and development community and the general public and to educate the UK public so as to raise awareness of human poverty or suffering. Activities Report During the shortened year from August 2024 to March 2025 the Centre for Global Equality {CGE) delivered its objectives through activities in three pillars: research, innovation, and ecosystem-building. Inclusive Research ro rammes During this period, CGE participated in several collaborative research programmes, the largest of which was the Climate Compatible Growth ICCGI programme funded by the UK Foreign, Commonwealth and Development Office (FCDO). CCG provides research and global public goods to support low- and middle-income countries develop economic strategies, plans and policies to attract investment for low- carbon growth and sustainable development. CGE'S role is to run Climate Compatible Growth networks in the programme's partner countries and enable productive collaborations between researchers and government officials in these networks and CCG consortium institutions. The Centre for Global Equality delivers CCG Country networks in collaboration with partner universities in six countries, namely: Strathmore University (Kenya); the University of Zambia (Zambial,. Kwame Nkrumah University of Science and Technology (Ghanal,. the National University of Laos (Lao PDR); the National Economics University (Vietnaml,. Anna University and Punjab University Ilndial. CGE also contributes to the delivery of CCG'S Operational Intelligence Framework and to model curation and capacity building in non-partner countries. The key achievements of the period were the delivery of eleven outcomes by the CGE-based Country Partnerships team. Seven of these were outcomes where CCG knowledge products were used for decision-making. In Zambia these were used to inform the country's Constituency Development Fund and the Gender Impact Assessments for energy infrastructure projects. In Kenya CCG knowledge products supported the launch of the country's Least Cost Power Development Plan, informed the National Electric Cooking Strategy, and contributed the modelling underpinning E-mobility Policy Development. CCG research also contributed to the Lao PDR National Green Hydrogen and Ammonia Roadmap, and Vietnam's National Plan on Circular Economy. Three outcomes reflected the embedding of CCG research and tools in national processes. In Kenya the institutional capacity of the Kenya Power and Lighting Company was strengthened, and CLEWS modelling was embedded in training supporting Integrated planning. In Zambia CCG contributed to the establishment of the country's Sustainable Urban Mobility Advisory Committee. The final outcome achieved during the period was the embedding THE CENTRE FOR GLOBAL EQUALITY LIMITED TRUSTEES. REPORT For the period ended 31 March 2025 of Geographic Information System IGISI modelling in Vietnam's National Economics University, reflecting the use of CCG knowledge products in educational institutions. During the period CGE co-delivered a CCG slster programme supporting county-to-national energy planning in Kenya, which was funded by the FCDO through UK Partnering for Accelerated Climate Transitions (UK PACT). CGE also continued to contribute to an ongoing collaboration between researchers at the University of Cambridge and Bahir Dar University titled Affordable Perovskite Solar Irrigation Systems for Small-holder Farmers in Ethiopia IAPSISSFE). Inclusive Innovation ro rammes During the 2024-2025 period, CGE delivered or co-delivered programmes in three stage5 of the inclusive innovation cycle.. ideation, R&D and international co-creation. CGE'S core ideation programme is Development i-Teams, which is delivered in collaboration with Cambridge i-Teams based at the Institute of Manufacturing {IfMI, University of Cambridge. Development i-Teams investigates the potential of new science and emerging technologies to impact positively on the lives of under-resourced communities in low- and middle-income countries. The 20th Development i-Teams programme was run from January to March 2025. This programme's projects, which were built on technologies from CGE Cultivator ventures and research at the University of Cambridge, were: 'Analysing the market for a low-cost community-based hearing test for children,; 'Sharing best practice on student health and well-being with schools,, and 'Conservation Copilot- guiding evidence-based decisions for biodiversity net gain and beyond,. CGE'S core R&D programme is the Cambridge-based Inclusive Innovation Cultivator. The Cultivator provides long-term, tailored support for sustainable development entrepreneurs, helping them navigate the complexities of building and scaling impactful ventures in challenging, resource- constrained contexts. Five ventures joined the Cultivator during the period. These were: Anthropology By Children (ABC), Benylights, HC-01 Housing Prototype for Internally Displaced People, Humanitarian Technology Trust, Listo and Sam's Agrivoltaics in Palestine. 23 ventures continued from the previous period {autohaem, Beneficial Bio, Cortirio, EquaData, Eyevu, Global Volcano Risk Alliance, Apka Shakti Ventures (previously Hydecol, Ideabatic, Immi Watch, Kilele Accelerator, Lifetime, Na'amal, Majicom, open- seneca, Paige Braille, Reachsci, School Health Pulse, Sustainable Sterilisation Systems, SustainEd, SolarPlexus, Unlearning, Vesma, and Waterscopel. One venture, Vigyanshaala, concluded its time in the Cultivator. At the end of the reporting period in March 2025, the Cultivator supported 28 active ventures. Between August 2024 to March 2025 cultivator ventures raised over £1 million, 22 collaborations took place across 23 countries, and 28,360 beneficiaries were reached. Highlights include the successful transfer of Waterscope technology to a locally led venture in Ethiopia resulting in a Letter of Intent for THE CENTRE FOR GLOBAL EQUALITY LIMITED TRUSTEES. REPORT For the period ended 31 March 2025 30 units and an Invitation to Tender from the Ethiopian Ministry of Health, and Unlearning secured a contract with the Pakistan Civil Service Academy to embed its gender bias and gender-based violence intervention into the training of newly inducted civil servants. The Cultivator also supported the launch of new inclusive scaling pathways, including the establishment of social franchising pilots in West Africa and the spin-out of two new charities addressing critical gaps in volcanic risk preparedness and equitable access to health technologies. CGE regularly collaborates with Cultivator teams to co-deliver projects. This period CGE received a grant from Robert Bosch Stiftung to support Cultivator member Na'amal and EqualReach to connect forcibly displaced people and host communities with fair and inclusive digital work opportunities. To facilitate cocreation CGE runs an annual CGE Cultivator Co-create Travel Awards programme. In the 2024-2025 period awards were made to: IMMI Watch to conduct a workshop at the UN Regional Headquarters in Dakar, Senegal, to develop strategies to introduce and scale IMMI Watch into new markets in West Africa with the UNFPA; School Health Pulse to train local partners in Cambridgeshire, Peterborough and Calderdale,. SolarPlexus to pilot the application of the SOPEVS Al algorithms to determine the most cost-efficient and reliable micro grid configurations through an installation in Indonesia; and Waterscope to conduct a knowledge transfer visit to Ethiopia to focus on refining assembly techniques and manufacturing workflows so that Waterscope devices may be fabricated effectively in the country. Buildin Inclusive Innovation Ecos stems To strengthen our inclusive research and innovation programmes the Centre for Global Equality continued to build enabling ecosystems in Cambridge (UKI, Bahir Dar (Ethiopial, Hanoi (Vietnam) and Bandung (Indonesial. In Cambridge CGE continued our ongoing collaboration with Cambridge i-Teams and our work for the Climate Compatible Growth (CCGI programme through the Cambridge Centre for Inclusive Innovation Iccll) based in the Department of Chemical Engineering and Biotechnology ICEBI at the University of Cambridge. CGE'S primary contribution to enhancing Bahir Dar's inclusive innovation ecosystem during the 2024- 2025 period was through a grant from the Sustainability Team of Arm Ltd. to support BIT Makerspace at Bahir Dar University with core funding and activities focused on innovation and entrepreneurship training. In collaboration with Cambridge i-Teams, CGE continued to collaborate with the Bandung Institute of Technology and the Hanoi Institute for Science and Technology to integrate i-Teams into the commercialisation ecosystems surrounding leading universities in Indonesia and Vietnam. Called ASEAN i-Teams, this programme was funded by the UK FCDO. THE CENTRE FOR GLOBAL EQUALITY LIMITED TRUSTEES. REPORT For the period ended 31 March 2025 Future Plans Going forward the Centre for Global Equality will continue to enable inclusive research and innovation for sustainable development. In collaboration with partners in academia, civil society, government and business, CGE will enhance ecosystems and create enabling environments for the evolution of innovative solutions to challenges relating to food, water, energy, education, health, livelihoods, climate and the environment. Our four strategic goals for this period are to: develop and diffuse the inclusive innovation model; institutionalise a global inclusive innovation community of practice,. deliver programmes for inclusive innovation ecosystems; and foster inclusive innovation leaders of the future. Particular objectives for the coming year are to scale our inclusive innovation approach through enhanced communications, establish new inclusive innovation partnerships, and focus on outcomes in the Climate Compatible Growth {CCG) programme relating to evidence-based policy and the embedding of CCG tools in university curricula in partner countries. Principal Sources of Funding The majority of Centre for Global Equality's funding during the 2024-2025 period came from participation in consortium research and innovation programmes. A total of £199,043 was brought forward from the previous year, of which £106,840 was unrestricted. Of the £919,63112024 - £899,183) in restricted funds for collaborative research programmes, £663,476 12024 - £604,283) was received by CGE to run the Country Partnerships workstream and contribute to the Operational Intelligence Framework and capacity building in affiliate countries for the Climate Compatible Growth (CCGI programme funded through Loughborough University by the UK Foreign, Commonwealth & Development Office IFCDOI. CGE also received restricted funds for staff time, travel, consumables and subcontracts to support the delivery of a CCG 'sister project, in Kenya funded through Loughborough University by UKPACT of £38,01812024 - £78,453). CGE received further restricted funds from the University of Cambridge for the co-delivery of the collaborative research project APSISSFE of £7,14412024 - £12,008). Delivery of CGE'S main innovation programmes, i-Teams and the Cultivator, were enabled through the following restricted grants and collaborations. CGE received £72,007 (2024 - £124,541) from the UK FCDO to deliver the ASEAN i-Teams programme in collaboration with Cambridge i-Teams. CGE also received restricted funding from the University of Cambridge through the Institute for Manufacturing to co-deliver Development i-Teams of £15,900 {2024 - £10,416). In addition, CGE received restricted funds from the Arm Sustainability team of Arm Ltd to support BIT Maker Space at Bahir Dar University in Ethiopia of £37,928 {2024- £38,400), and restricted funds from Robert Bosch Stiftung to support Na'amal to connect forcibly displaced people to fair and inclusive digital work opportunities of £47,73612024- £nil). The organisation is also grateful to have received generous in-kind support from a number of individuals and organisations. In particular CGE would like to thank the following for pro-bono, in-kind support in the form of technical and legal and business development advice for ventures provided THE CENTRE FOR GLOBAL EQUALITY LIMITED TRUSTEES. REPORT For the period ended 31 March 2025 through the Cultivator programme: BDB Pitmans LLP, Eduardo Von Risto, Ellis Ware Consulting, Emeddism, Purexs, Hogan Lovells, the Imagination Factory, Jaime Aguilera Garcia, the Makerbox Lao, the Marcus Rashford Foundation, the Harlequins Foundation, and the University of Cambridge. Public Benefit of the Centre for Global Equality In determining activities of the organisation, Centre for Global Equality trustees have paid due regard to Charity Commission guidance on public benefit. The Activities Report above explains CGE'S strategy for meeting its charitable purposes, and outlines the significant activities undertaken, and achievements made, during the 2024-2025 period towards meeting these purposes. Financial Review Results for the period and the financial position of the company are as shown in the annexed financial statements. The total funds of the Centre for Global Equality were £199,043 at 31 July 2024 and £143,799 at 31 March 2025, as shown on the Balance Sheet: the organisation is solvent at 31 March 2025. Statement of Directors, Responsibilitie5 The directors are responsible for preparing the Trustees, Report and the Financial Statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl. Under company law the directors 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: select suitable accounting policies and then apply them consistently make judgements and estimates that are reasonable and prudent prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. THE CENTRE FOR GLOBAL EQUALITY LIMITED TRUSTEES. REPORT For the period ended 31 March 2025 Directors During 2024-2025 Ms Kimberly Gire Dr Francesca O'Hanlon Ms Wee Kii Teh Mr lan Steed Prof Howard Griffiths Mr Amitabh Mehta Prof Alexandre Kabla Paul Aggleton Chair Vice Chair (co-opted December 2024), appointed l April 2025 Treasurer, resigned 5 December 2025 Resigned 5 December 2025 Appointed 8 October 2024 Appointed 7 April 2025 Staff During 2024-2025 Full-time staff Dr Lara Allen MrArthur Sim Mr Alex Millington-jung Mr Ben Moore Dr Elizabeth Tennyson Dr Kirsty Mackinlay Dr Chinagorom Ajike Dr Sandile Mtetwa CEO Finance and Operations Manager (appointed October 2024) Cultivator Lead Inclusive Innovation Coordinator Climate Compatible Growth Country Partnerships Manager Climate Compatible Growth Country Partnerships Coordinator Climate Compatible Growth Country Partnerships Coordinator Climate Compatible Growth Country Partnerships Coordinator (appointed February 20251 Climate Compatible Growth Operational Intelligence Officer Climate Compatible Growth Climate Project Officer Climate Project Officer Dr Ligia Zagato Mr Fynn Kiley Ms Samia Said Member Organisations 2024-2025 Afrinspire, autohaem, Beneficial Bio, Cortirio, EquaData, Global Volcano Risk Alliance (GVRAI, Humanitarian Technology Trust, Apka Shakti Ventures (previously Hydeco), Ideabatic, Immi Watch, Internet of Production Foundation, Kilele Accelerator, Listo, Majicom, Na'amal, Paige Braille, Partners for Change Ethiopia, School Health Pulse, Solarplexus, SustainEd, Unlearning, Vigyanshaala, Waterscope. Bankers Barclays Bank UK PLC, I Churchill Place, London, E14 5HP Independent Examiner Price Bailey LLP, Tennyson House, Cambridge Business Park, Cowley Park, Cambridge, CB4 OWZ Approved by the Board and Signed on their Behalf Kimberly Gire C_hair of thp Rnard nf TriJEtpp Date: 33-12-2QJg ## ;<=*9=>; =*8? *6@?A:@*=BC:@/;D*@/E/;=F ## />F=G=>F=>;*=H:E/>= 23* =G? ;*;?*;<=*; C3;==3*?8*;<=*9=>; =*8? *6@?A:@* =BC:@/;D*@/E/;=F 8$.*)7!*#!.&$,*!%,!,*IJ*E+.K7*LMLN M&.%H).#&#)&#$%&($’.0#:&#.*,#%%,&)+&?:&%P’?0+’#0)+&)7&#$%&’(()*+#,&)7&#$%&()?H’+:&7).&#$%&H%.0)-&%+-%-&2 & Q’.($&"B"R&/$0($&’.%&,%#&)*#&)+&H’@%,& B&#)&"R! ## !"#$%"&’&(&)&!"*+%,*’+"&"*$-*.!#$.) V,&#$%&($’.0#:&#.*,#%%,&)7&#$%&()?H’+:&N’+-&’6,)&0#,&-0.%(#).,&7).&#$%&H*.H),%,&)7&()?H’+:&6’/O&:)*&’.%& .%,H)+,056%&7).&#$%&H.%H’.’#0)+&)7&#$%&’(()*+#,&0+&’(().-’+(%&/0#$&#$%&.%S*0.%?%+#,&)7&#$%&>)?H’+0%,& V(#&"BBU&NW#$%&"BBU&V(#XO! =’G0+@&,’#0,70%-&?:,%67&#$’#&#$%&’(()*+#,&)7&#$%&()?H’+:&’.%&+)#&.%S*0.%-&#)&5%&’*-0#%-&*+-%.&8’.#& U&)7& #$%&"BBU&V(#&’+-&’.%&%60@056%&7).&0+-%H%+-%+#&%P’?0+’#0)+Y&M&.%H).#&0+&.%,H%(#&)7&?:&%P’?0+’#0)+&)7&:)*.& ()?H’+:X,&’(()*+#,&’,&(’..0%-&)*#&*+-%.&,%(#0)+& 3R&)7&#$%&>$’.0#0%,&V(#&"B &NW#$%&"B &V(#XO!&M+& (’..:0+@&)*#&?:&%P’?0+’#0)+&M&$’G%&7)66)/%-&#$%&E0.%(#0)+,&@0G%+&5:&#$%&>$’.0#:&>)??0,,0)+&*+-%.& ,%(#0)+& 3RNRON5O&)7&#$%&"B &V(#! ## /%,!#!%,!%)*!0+1&%!.2"*")+)!1!%) I0+(%&#$%&()?H’+:X,&@.),,&0+()?%&%P(%%-%-&Z"RBYBBB&:)*.&%P’?0+%.&?*,#&5%&’&?%?5%.&)7&’&5)-:& 60,#%-&0+&,%(#0)+& 3R&)7&#$%&"B &V(#!&M&()+70.?&#$’#&M&’?&S*’6070%-&#)&*+-%.#’A%&#$%&%P’?0+’#0)+&5%(’*,%&M& ’?&’&?%?5%.&)7&M>V[CY&/$0($&0,&)+%&)7&#$%&60,#%-&5)-0%,! M&$’G%&()?H6%#%-&?:&%P’?0+’#0)+!&M&()+70.?&#$’#&+)&?’##%.,&$’G%&()?%&#)&?:&’##%+#0)+&0+&()++%(#0)+&/0#$& #$%&%P’?0+’#0)+&@0G0+@&?%&(’*,%&#)&5%60%G%&#$’#&0+&’+:&?’#%.0’6&.%,H%(#F - ! ’(()*+#0+@&.%().-,&/%.%&+)#&A%H#&0+&.%,H%(#&)7&#$%&()?H’+:&’,&.%S*0.%-&5:&,%(#0)+&2TU&)7&#$%&"BBU& V(#1&). - "! #$%&’(()*+#,&-)&+)#&’(().-&/0#$&#$),%&.%().-,1&). - 2! #$%&’(()*+#,&-)&+)#&()?H6:&/0#$&#$%&’(()*+#0+@&.%S*0.%?%+#,&)7&,%(#0)+&2\U&)7&#$%&"BBU&V(#&)#$%.& #$’+&’+:&.%S*0.%?%+#&#$’#&#$%&’(()*+#,&@0G%&’&W#.*%&’+-&7’0.&G0%/X&/$0($&0,&+)#&’&?’##%.&()+,0-%.%-& ’,&H’.#&)7&’+&0+-%H%+-%+#&%P’?0+’#0)+1&). - 3! #$%&’(()*+#,&$’G%&+)#&5%%+&H.%H’.%-&0+&’(().-’+(%&/0#$&#$%&?%#$)-,&’+-&H.0+(0H6%,&)7&#$%& I#’#%?%+#&)7&J%()??%+-%-&8.’(#0(%&7).&’(()*+#0+@&’+-&.%H).#0+@&5:&($’.0#0%,&’HH60(’56%&#)& ($’.0#0%,&H.%H’.0+@&#$%0.&’(()*+#,&0+&’(().-’+(%&/0#$&#$%&40+’+(0’6&J%H).#0+@&I#’+-’.-&’HH60(’56%&0+& #$%&KL&’+-&J%H*560(&)7&M.%6’+-&N4JI& B"O! M&$’G%&+)&()+(%.+,&’+-&$’G%&()?%&’(.),,&+)&)#$%.&?’##%.,&0+&()++%(#0)+&/0#$&#$%&%P’?0+’#0)+&#)&/$0($& ’##%+#0)+&,$)*6-&5%&-.’/+&0+&#$0,&.%H).#&0+&).-%.&#)&%+’56%&’&H.)H%.&*+-%.,#’+-0+@&)7&#$%&’(()*+#,&#)&5%& ## 345+%%!*6$(,"1&)7*89: 4).&’+-&)+&5%$’67&)7&8.0(%&9’06%:&;;8 <%++:,)+&=)*,% >’?5.0-@%&9*,0+%,,&8’.A >’?5.0-@% >93&BCD > E’#%F ! #$%$&’$( ) * THE CENTRE FOR GLOBAL EQUALITY LIMITED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) For the period ended 31 March 2025 Unrestricted funds Restricted funds Total funds 8 months ended 31 March 2025 As restated total funds year ended 31 July 2024 2025 2025 Notes Income from: Charitable activities.. Promotion of international development Investment income Other income 919,631 919,631 874 332 902,682 581 874 332 Total Income 1,206 919,631 920,837 903,263 Expendituro on: Charitable activities.. Promotion of international development 976,081 976,081 916,821 Total axp8nditur8 976,081 976,081 916,821 Net Incomel{expendltura) 1,206 {56,450) (55,2441 (13,5571 Transfar between funds 115,3251 15,325 Net movement In funds 114,1191 {41,125) (55,2441 (13,5571 Reconciliation of funds Total funds brought forward as previously stated Prior year adjustment 160,237 153,3971 7,661 84,542 167,898 31,145 212,600 17 Total funds carrled forward 92,721 51,078 143,799 199,043 The notes on pages 13 to 25 form part of these financial statements. io THE CENTRE FOR GLOBAL EQUALITY LIMITED Company No. 06080896 BALANCE SHEET As at 31 March 2025 As restated 2024 2025 Notes FIXED ASSETS Tangible fixed assets 5,080 3,191 CURRENT ASSETS Debtors.. falling due within one year Cash at bank and in hand 10 114,555 355,545 470,100 177,651 118,700 296,351 CURRENT LIABILITIES Creditors.. falling due within one year (331,381 100,499) NET CURRENT ASSETS 138,719 195,852 NET ASSETS 143 799 199 043 REPRESENTED BY: Unrestricted funds Restricted funds 13 12 92,721 51,078 143,799 106,840 92,203 199,043 The Trustees consider that the charity is entitled to exemption from the requirement lo have an audit under the provisions of section 477 of the Companies Act 2006 {"the Act") and members have not required the charity to obtain an audit for the ye8r in question in accordance with section 476 of the Act. The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements were approved by the board of directors on J3. lJ'XP¥ . and signed on its behalf by- Kimberly Gire Chair of the Board of Trustees The notes on pages 13 to 25 form part of these financial statements. li THE CENTRE FOR GLOBAL EQUALITY LIMITED STATEMENT OF CASH FLOWS For period ended 31 March 2025 Notes 2025 2024 Net cash from operating activities 240,819 51,745 Cash flows from investing activities: Purchase of fixed assets Investment income Net cash used in investing activities (4,849) 874 3,975 (1,664) 581 1,083 Change in cash and cash equivalents in the reporting period 236,844 50,662 Change In cash and cash equlvalents at the beglnnlng of the reportlng perlod 118,700 68,039 Change In cash and cash equlvalents at the end of the reportlng perlod 355,544 118,701 Notes to cash flow statement 1. Reconciliation of net income for the year to net cash flow from operating activities 2025 2024 Net expenditure Adjustments for= Depreciation charges Investment income Decrease in debtors Increasel{de¢reasel in creditors (55,244) (13,5571 2,960 (874) 63,096 230,881 2,227 (581) 68,717 (5,0611 Net cash inflow from operating activities 240,819 51,745 2. Analysis of cash and cash equivalents At 1 August Cash flow At 31 March Cash at bank and in hand 118,700 236,844 355,544 12 234’546274’897’!:9;<:’4=><:?2@’:?A?24B 6924C’29’234’8?6<65?<:’C2<24A462C 8*$’,D"’E"$(*F’"#F"F’1 ’A%$0D’-G-H ## !"#"$%&’(#)*$+%,(*# !"#+"$&("#*)(#>3)9%3#?@’%3,&-#A,=,&"1#,/#%#8B#(":,/&"("1#2!%(,&-#C2!%(,&-#(":,/&(%&,)$#$’=9"(# DDEDFGHI#3,=,&"1#9-#:’%(%$&""7# !"#%11("//#)*#&!"#(":,/&"("1#)**,2"#,/#HJ#?1"$#K&(""&L#+%=9(,1:"L# +MD#D?A7 !"#$%&’("#)*#&!"#+!%(,&-./#)0"(%&,)$/#%$1#0(,$2,0%3#%2&,4,&,"/#%("#$)&"1#,$#&!"# (’/&""/5#6"0)(&7 !"#*,$%$2,%3#-"%(#<%/#/!)(&"$"1#&)#%3,:$#<,&!#&!"#1%&"/#)*#&!"#8B#>)4"($="$&5/#*,$%$2,%3#-"%(# CO0(,3#&)#U%(2!IL#(%&!"(#&!%$#&!"#*,$%$2,%3#-"%(#)*#&!"#8$,4"(/,&-#)*#+%=9(,1:"#CO’:’/&#&)#Z’3-I#%/# 0("4,)’/3-7# !,/#,/#9"2%’/"#&!"#=%;)(,&-#)*#+>?5/#*’$1,$:#,/#1,/0"$/"1#%22)(1,$:#&)#&!"# >)4"($="$&5/#*,$%$2,%3#-"%(7#O/#0"(=,&&"1#9-#%003,2%93"#3":,/3%&,)$#2!%(,&%93"#2)=0%$,"/#2%$# 2!%$:"#-"%(#"$1#&)#9"&&"(#%3,:$#<,&!#)0"(%&,)$%3#2-23"/#%$1#%/#&!"#2!%$:"#("/’3&/#,$#%#9"&&"(# %3,:$="$&#<,&!#+>?./#0(,=%(-#*’$1,$:#/)’(2"#&!"#2!%$:"#&)#&!"#$"<#U%(2!#-"%(#"$1#,/#2)$/,1"("1# =)("#%00()0(,%&"7##O/#%#2)$/"@’"$2"#&!"#("0)(&"1#("/’3&/#*)(#&!"#0"(,)1#"$1"1#[D#U%(2!#EFEY#%$1# &!"#2)=0%(%&,4"#("/’3&/#*)(#&!"#-"%(#"$1"1#[D#Z’3-#EFEJ#%("#$),("2&3-#2)=0%(%93"#1’"#&)#&!"# 1,**"(,$:#("0)(&,$:#0"(,)1/#)*#\#%$1#DE#=)$&!/#("/0"2&,4"3-7 ## - <00*I#,(#/’E*&(0("J ## -. ;%J(J’*)’%00*I#,(#/ !" 2!%(,&- 2)$/&,&’&"/ % 0’93,2 9"$"*,& "$&,&- %/ 1"*,$"1 9- N6K DFE7 !" *,$%$2,%3 /&%&"="$&/ !%4" 9""$ 0("0%("1 ’$1"( !,/&)(,2 2)/& 2)$4"$&,)$ ,$ %22)(1%$2" <,&! O22)’$&,$: %$1 6"0)(&,$: 9- +!%(,&,"/P K&%&"="$& )* 6"2)=="$1"1 Q(%2&,2" %003,2%93" &) 2!%(,&,"/ 0("0%(,$: &!",( %22)’$&/ ,$ %22)(1%$2" <,&! &!" N,$%$2,%3 6"0)(&,$: K&%$1%(1 %003,2%93" ,$ &!" 8B %$1 6"0’93,2 )* R("3%$1 CN6K DFEI ,//’"1 ,$ S2&)9"( EFDTL &!" N,$%$2,%3 6"0)(&,$: K&%$1%(1 %003,2%93" ,$ &!" 8B %$1 6"0’93,2 )* R("3%$1 CN6K DFEIL &!" +!%(,&,"/ O2& EFDDL &!" +)=0%$,"/ O2& EFFG %$1 8B >"$"(%33O22"0&"1#O22)’$&,$:#Q(%2&,2"7 !" *,$%$2,%3 /&%&"="$&/ %(" 0("0%("1 ,$ /&"(3,$:L was unrestricted. The support costs attributable to grant-making were £19,390 (2024 - 21,050). Grants were made to 5 (2024 91 institutions. No grants were outstanding at year end (2024 - £nil). 17 THE CENTRE FOR GLOBAL EQUALITY LIMITED NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 March 2025 Charitable activities expenditure: promotion of international development (continued) Prior year as restated Direct costs Support costs Total 2024 Total 2023 Salary cosls Staff expenses Recruitment costs Programme activities Telephone Bank fees Exchange differences Computer costs Office costs Insurance Fees and subscriptions Depreciation Miscellaneous support costs Professional fees Governance costs.. Accountancy Trustee meeting expenses AGM costs 348,521 574 1,090 516,316 348,521 574 1,090 516,316 483 212 1,345 1,020 33,796 1,912 3,514 2,227 1,648 1,839 254,691 883 2,219 405,722 593 80 438 958 31,229 1,763 3,455 1,123 714 483 212 1,345 1,020 33,796 1,912 3,514 2,227 1,648 1,839 1,650 1,650 1,560 149 995 674 674 866 501 916 821 706 572 Net income for the year This is stated after charging- 2025 2024 Depreciation Fees payable to Independent Examiner.. Independent examination fees Other assurance services Operating lease rentals 2,960 2,227 2,400 2,100 19,981 27,441 1,650 24,527 28,404 18 THE CENTRE FOR GLOBAL EQUALITY LIMITED NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 March 2025 Staff costs 2025 2024 Wages and salaries Pension contributions Social security costs 283,332 12,900 31,024 327,256 307,710 12,891 27,920 348,521 The average number of employees during the year was.. 2025 2024 Management and administration Programme delivery 10 Key management personnel The key management personnel are listed on page 8. Remuneration and benefits of key management personnel during the 8 month period was £49,167 (2024 - during the year was £66,650). No employees were paid in excess of £60,000 during the 8 month period. In 2024 1 employee was paid in excess of £60,000 during the year. No remuneration was paid to trustees in the 8 month period12024 -£nil was paid to trustees during the year). No expenses were paid to trustees during the 8 month period for services provided to the centre12024 £nil was paid to truslees during the yearl. Tangible fixed assets Computer equipment Fixtures and fittings Total 2025 Cost At 1 August 2024 Additions during the period 6,886 2,011 6,886 4,849 2,838 At 31 March 2025 8,897 2,838 11,735 Depreciation At 1 August 2024 Charge for the period 3,695 2,329 3,695 2,960 631 At 31 March 2025 6,024 631 6,655 Net book value at 31 March 2025 Net book value at 31 July 2024 19 THE CENTRE FOR GLOBAL EQUALITY LIMITED NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 March 2025 Liability of members The charity is a company limited by guarantee and does not have share capital. In the event of the charity being wound up, each member has undertaken to contribute an amount not exceeding £1 towards the assets of the charity to meet its liabilities. As at 31 March 2025, the charity had 7 members (2024 - 7). 10 Debtors: due within one year As restated 2024 2025 Trade debtors Accrued income Prepayments Other debtors 17,536 75,842 5,713 15,464 114555 22,398 148,066 1,187 6,000 177651 11 Credltors: due wlthln one year As r8stat8d 2024 2025 Trade creditors Accruals Deferred income Other taxation and security Other creditors 1,258 16,912 278,591 29,546 5,074 331,381 48,002 10,482 42,015 100499 2025 2024 Movement in deferred income: Deferred income at the start of the reporting period Income released in current reporting period Income deferred to next reporting period Deferred income at the end of the reporting period 64,868 (64,8681 278,591 278,591 Deferred income represents income received in advance which is anticipated to be utilised to meet obligations under specific programmes in the subsequent financial periods. Deferred income includes £107,571 which is subject to the uncertainty detailed in notes 2.2 and 2.11. All deferred income has been reflected as a liability which is allocated to unrestricted net funds until such time as the matter is resolved or the income has been recognised in accordance with the terms of the funding agreement. 20 THE CENTRE FOR GLOBAL EQUALITY LIMITED NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 March 2025 12 Restricted funds As restated At 1 August 2024 Income Expenditure Transfer At 31 March 2025 Climate Compatible Growth (CCGI UK PACT Kenya APSISSFE Sensors CDT Cultivator- Open-seneca Cultivator- Reachsci Cultivator Arm Sustainability Open Ventilator System Initiative (ovsi) Development i-Teams International i-Teams - Nairobi (9,3281 26,120 9,608 (2,641) 7,465 1,526 5,338 663,476 38,018 7,144 (654,148) {64,138) (16,905) (1,291) (153) (3,932) 7,465 1,526 6,005 37,422 (36,755) 13,301 13,301 16,200 4,380 15,900 18,175) 23,925 4,380 International i-Teams - Shandong ASEAN i-Teams Blue Tap Famae BIT Makerspace LIF Advance Cambridge Enterprise Resource Efficiency PdA Fellowships Bosch Na'amal 14,301 14,301 15,699) 72,007 (81,347) 15,039 286 286 5,372 (286) 432 4,233 3,750 129,527) 1,729 1,488 432 4,233 3,750 37,928 (34,285) (1,774) 47,736 (77,263) 919631 976 081 In line with CGES accounting policy, programmes which are expected to be temporarily in deficit due to funding liming differences are not transferred to unrestricted reserves until such time as the programme is complete or such deficit is not expected to be temporary. 21 THE CENTRE FOR GLOBAL EQUALITY LIMITED NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 March 2025 12 Restricted funds (continued) Prior year as restated At 1 August 2023 Income Expenditure Transfer At 31 March 2024 Climate Compatible Growth (CCG} UK PACT Kenya APSISSFE Sensors CDT Cultivator Cultivator- Open-seneca Cultivator- Reachsci Cultivator Arm Sustainability Open Ventilator System Initialive (OVSI) Development i-Teams International i-Teams Nairobi International i-Teams Shandong ASEAN i-Te8ms Blue Tap Famae Beneficial Bio Recyclone BIT Makerspace LIF Advance Cambridge Enterprise Resource Efficiency PdA Fellowships 604,283 78,453 12,008 1,000 (587,771) (76,622) (12,008) 11,000) (27,000) {25,840) 24,289 9,608 12,641) (9,328) 26,120 9,608 (2,641) 27,000 7,465 1,526 7,465 1.526 9,100 13,762) 5,338 38,400 10,416 (33,299) (16,855) 8,200 13,639 13,301 16,200 9,000 4,380 4,380 14,301 {11,449) 14,301 (5,699) 124,541 17,937 3,045 1118,791) (17,937) 13,045) 12,049) 3,778 1,488 432 4,233 3,750 53,397 1,729 1,488 432 4,233 3,750 92,203 36,000 899,183 896,377 CLIMATE COMPATIBLE GROWTH (CCG) A consortium research programme funded by the UK FCDO that supports countries model, plan and attract finance for net zero infrastructure such that this contributes to sustainable development. UK PACT KENYA A consortium research programme funded by the UK FCDO that facililates more effective collaboration between Kenya's national- and county-level energy systems planning teams. APSISSFE A collaborative research project funded by Research England through the University of Cambridge to develop Affordable Perovskite Solar Irrigation Systems for Small-holder Farmers in Ethiopia. SENSORS CDT Contribution of a Module on Inclusive Innovation for the MRes cohort of the EPSRC-funded Centre for Doctoral Training (CDTI in Sensor Technologies for a Heallhy and Sustainable Future. 22 THE CENTRE FOR GLOBAL EQUALITY LIMITED NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 March 2025 12 Restricted funds (continued) REACHSCI Grants to support Cultivator project Reachsci develop the capabilities of early career researchers in STEM from low- and middle-income countries. WATERSCOPE A grant to support Cultivator venture Waterscope test their water quality monitoring system with collaborating partners in Ethiopia. GVRA Grants to support Cultivator venture the Global Volcano Risk Alliance to raise awareness of the risks volcanos pose, along with mitigating actions. CULTIVATOR ARM SUSTAINABILITY Part funding of the CGE Inclusive Innovation Cultivator Programme by the Sustainability division of Arm Limited, including the Cultivator Co-creation Travel Awards. ovsi A collaboration between researchers, civil society and industry to produce an affordable, context-appropriate oxygen concentrator for low resource seltings. DEVELOPMENT i.TEAMS A programme funded by the University of Cambridge to investigate how new innovations based on research could be deployed to improve people's lives in developing countries in a sustainable way. INTERNATIONAL I-TEAMS An initialive lo Iransfer knowledge from Cambridge lo universities elsewhere in the world about how to adopt 8nd adapt the i-teams programme methodology. ASEAN i-Teams A programme funded by the UK FCDO to pilot i-teams in Vietnam and Indonesia to conlribute to developing a cullure of technology commercialisation in Universities in the ASEAN region. BOSCH NA'AMAL Grant from Robert Bosch Stiftung to support Cultivator Venture Na'amal to connect forcibly displaced people and host communities wilh fair and inclusive digital work opportunities. BIT MAKERSPACE Grant from Ihe Sustainability division of Arm Limited to Bahir Dar University to enhance the BIT Makerspace enlrepreneurship and startup ecosystem to foster innovation and commercialisation in Ethiopia. OPEN-SENECA Grants to support Cultivator project open-seneca develop and deploy their open source, low cost, mobile sensors to monitor air quality. BLUE TAP FAMAE An award made to the Cultivator Venture Blue Tap by FAMAE for winning the student social entrepreneur category of FAMAE'S International Innovation Challenge 2018-19. 23 THE CENTRE FOR GLOBAL EQUALITY LIMITED NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 March 2025 12 Restricted funds (continued) PdA FELLOWSHIPS The Borysiewicz Interdisciplinary Fellowship programme is delivered by the University of Cambridge's Postdoc Academy (PdAI to support outstanding researchers seeking to shape the future for the betterment of society. 13 Analysis of net assets between funds Unrestricted Funds Restricted Funds Total 2025 Fixed assets Net currenl assets Fund balance 5,080 87,641 92,721 5,080 138,719 143,799 51,078 51,078 Prior year as rastated Unrestrlcted Funds Restrlcted Funds Total 2024 Fixed assets Net current assets Fund balance 3,191 103,649 106,840 3,191 195,852 199,043 92,203 92,203 14 Related party transactions There were no disclosable related party transactions during the period12024 - none). 24 THE CENTRE FOR GLOBAL EQUALITY LIMITED NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 March 2025 15 Operating lease commitments As at 31 March 2025, the Charity had future minimum lease payments under non-cancellable operating leases as follows.. 2025 2024 Due within 1 year Due within 2- 5 years 25,500 36,125 16 Penslon commltments The company contributes to a defined contribution pension scheme for the benefit of employees. The amounts included in the accounts represent the contribulions paid during the year, which were £10,184 (2024.. £11,562). At the balance sheet date £nil (2024 - £nil) were payable10 the fund. 17 Prlor year adjustment Following a review of CGE'S grant arrangements it has been necessary to revise the methodology of overhead allocation between individual funderslprogrammes and also to review the nature of the classification of such funds between restricted and unrestricted. Unless explicilly stated all funds are now treated as restricted unless on completion they give rise to a deficit in which case an appropriate transfer is made from unrestricted reserves to fund such deficit. As a consequence an adjustment in respect of prior periods has been made between restricted and unrestricted reserves of £53,397. In addition, accrued income and accrued costs incurred during the final month of 2024 was erroneously ommitted from those financial slatements giving rise to adjustments in respect of the prior period to revenue and direct costs of charitable expenditure of £77,647 and £46,502 respectively. At 31 March 2024 As previously stated Adjustment As restated Accrued income Accruals 70,419 6,500 77,647 (46,502) 148,066 (40,002) Funds Unrestricted funds Restricted funds (160,237) (7.661) 53,397 (84,542) (106,840) (92,203) 25