The Ashmore Foundation (A Company limited by arantee) Annual Report and Financial Statements For the 12 months period ended 30 June 2023 Charity Number: 1122351 Company Number. 06444943 1111111111 "ACIWK* 1811212023 cPANIEs HOUSE
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The Ashmore Foundation Contents Reference and Administrative Information........................... Report of the Trustees for the year ended 30 June 2023 .... Stalemenl of Financial Activities............. .16 Balance Sheet.. .... .17 Statement of Cash Flows............................. . . .18 Notes to the Financial Statements................................... .19
The Ashmore Foundation Reference and Administrative Infonnation Charity Name The AshM0 Foundation Charfty reglslratlon number 1122351 Company reglslratlon number Reglstered Ofll¢o 51b Floor. 61 Aldwy¢h. London. WC2B 4AE Trustees Matthew Hill (Chair of Trustees) Cemil Urganci Elizabeth Brown James Carleton Jennrfer Bingham Mark Ccombs Palri¢k Caddl Oscar Ardila Tim Jenknn$ Nicole Olivares Lydia Toisuta Andrew Brudenell Jonathan Shingler Alyssa Nolan (resigned 14 (ktober 2022) {resigned 15 December 2022) (resigned 31 May 2023) (Tesigned 9 October 2022) lapprynted 20 October 2022) (appDJnled 14 October 20221 Executive Director Esther Arthur Company Secretary EslherArthur Auditor KPMG LLP. 15 Canada Squa. London. E14 5GL Banker Barclays Bank plc. 1 Churchill Place. London. E14 SHP Solicitor Withers LLP. 16 Oid Bailey. London, EC4M 7EG Investmenl Custodlan Northem Trust, 50 Bank St. Canary Wharf. London E14 5frrr
The Ashmore Foundation Report of the Trustees for the year ended 30 June 2023 The Truslees presenl the annual portand financial statements ofThe Ashmore Foundation (the 'Foundation°I for the 12 months period ended 30 June 2023. The financial stalemenls have been prepaied in accordance with the accounting policies set oul in the notes lo the accounts and comply with the Foundation's governing documents, the Companies Act 2006. the Charities Act 2011. and Ihe Statement of Recommended PTa¢ltce'. Accounting and Reporting by Charities preparing Iheir accounts in accordance with the Financial Reporting Standard 102 applicable in the UK and Republic of Ireland IFRS 102). Objectives and activities The objectives of the Foundation. as set (xrt in the Foundation's articles of association are exclusively charitable Pu05eS and are deteIned by Ihe Trustees of the Foundation in their absolute digcrelion. The Trustees conflrn Ihal they have referred lo the Charity Commission's guidance on public benefft when reviewng the Twsys aims objectives. in planning future acliwlies. and setting the grant making policy. The Foundation was established using an initial gift recewed from the Emerging Market asset manager Ashmore Group plc l°Ashmorel. comprised of bonuses waived by employees. This initial capital has been supplemented by further donations and contributions from both Ashmore and its employees in support of the Foundation's charitable objectrves. The Foundalion furthers ils charitable purposes Ihrough ils grani making poliry. which focuses on the provision of granis and social impact initialives in Emerging maet countries. defined by the OECD as any bw or mlddle-inLme county. The Foundation woths lo address inequality and Sla1 injuslice by enhancing the capabilities, resources and ¢)pportunities of disa(fvanlaged communib-es. primarity in the locations within which Ashmore operates and invests. An Emerging Mathel focus= refle¢ls a ere to give back lo the countries and communities that have contributed to Ashmore's profitabilty, particularty through the enhancement of skills and resources for disadvantaged aryj low inoyne groups: alh)ws for increased leverage of the skills, kTh)wledge, expertise and network of Ashmore employees lo deliver th8 social impact goals of the Foundation: and provKles support for a thriving and diverse ¢i¥ryl society. essentAI to democratic development in transitional and emerging nations. For th8 Foundatw)n, operating in Emerging Markets poses challenges. Principalty, the scale of need versus the re$our¢es available. language. distance Irom local operations. and cultural issues, pose particular challenges in carrying out due diligence and in performing ongoing monitoring ol the application of charitable funds. Awareness of these challenges informs the Foundation'$ grant strategy.
The Ashmore Foundation Grant making policy The Foundation has established its grant rnang policy to achieve ils obje¢tives lor the public benefit. Ils aim is lo improve econofnic opportunities. tackle inequalityand promote social injusti forvulnerable and marginalised communities in Emerging Market counlries. The Foundalion doos this by fo¢using its resources on economic empowernent. equipping communities with the ski115 and soUrceS required lo meet their basic economic needs and supporting charitable partners to effed systemic change in the social issues we are looking to make an impact i.e. education and skills. small and medium sized enterprise development. gender equity and environmentally posilive community development. Geographically. granls are awarded to initiatNes within Emerging maet countries, with a focus on countries where Ashmore has a presence or invests. and wher8 there is a cleadydefined need and a slrong civil society. The Foundation stralegically reviews and adapts ils priority funding geogrnphles to meet these requirements. The priority locations are Colombia. India. Indonesia and Peru. During the current financi period. The Ashmore Foundation mado pTogramme-related investments in order to generate &la1 benefrt from a proportion of its reserves. In the case ol naturai disasters and humanilavian emergencies. at the discretion ol the Trustees, the Foundatron may donate lo organisations operating outside of Emerging Markets. The Foundation seeks out organisalions that are accountable and that can dernonslrate an ability to achieve tangible outcomes in areas of soclal and economic developmenl. To achieve this, the Foundation provides flexible grant funding. often over a nunljer of years and subject to agreed programme outcomes. The Foundatlon conttnues to establish partnerships with organisatM>ns that are m8etlng a cleaty defined social need lordisadvantaged and low-income groups. These or9anisatKS musl be able to demonstrate ¢larity of purpose. grassrools engagement and empowemienl of communilies, tangibl• PO$Flive oulcomes, cosl-effectiveness. accountabilty and a sustainable approach lo the social and e¢onomic development ol communities. The Foundation will provide projed. generallcore. overheads, matched funding or her types of grant funthng. depending on the needs of the organisation. The Foundation will not make grants lo owisation5 that: Fail lo meet eligibility requirernents: Fail lo prowde sufficient infonnation to enable adeqLMte assessment: Have paid stalf lated to AShm0.$ employees.. Personal appeals: Organisations that are overtly political or pursue polilical agenda: Organisations that are religious and seek to evangelise or prosetytise. Animal chariltes: and. Applications for relsPeCI1ve fiJndiThJ. Once identified, potential partners undergo a due diligence assessmenl. which covers governance, accountability, financial management. sustainability. contexlual understanding, moniloring and 8valualKJn frarneworks, and positive impa¢t and effectiveness. All grantees must adhere to the Conditions of Grants induding a requirement for regular reporting.
The Ashmore Foundation The ongoing monitoring includes a combination of annual narrative and financial reports, telephone or video conference updales and monitoring visrts wheie possible. The Foundation endeavours lo visit each partner and the communrties they are wotl(ing with al lea once during the lile of the partnership. Progress reports are submitted at six monthly inlervals and wherever possible grantees are invited to present their work to Ashmore emptoyees al Ashmore's offices globally. The lolal value of grants to be made each year is expected to be a minimum of 50 percent of the Foundalion's donation income. Achievements and Performance During the financial period, the FouThJalion successfulty made lunding commitments to eight organisalions12022-. seven organisationsl in accordance with its grant making policy as outlined above. Commitments for 202W23 totalled $564 thousand (2022.. $366 thousand) which include mulli-year granl commitments not due for payment until 2024. Since ils inceplion in 2008, the Foundation has committed over $8.0 millton lo support social causes throughout the Emerging Markets. Organsatlon: Lend a Hand India (LAHII Country.. Indla LAHI aim to contribute lo the acceleration ol India's developmenl through educalh)n and skills development. By partnering wilh grassroots non-profit organisations. community groups and local govemmenls LAHI create better acce5S to education. vocational training. career development, employment and entrepreneurial pathways. The Gender Equtty Initialive is a two part proie¢t, firstly conduding a study ol the barriers lo further emplOlent and high education facing girls who have completed the same skills trning as their male counterparts who achieve greater economic outcomes. Secondly, the project ¥wll test speufi¢ initiatives focused on the findings of the barrie lo girls posl complelion of their Skill development initiatives to secure a job. start a business or secure admission tor higher ethcalion in the chosen field . Organlsatlon: Minga Peru Country: Penj Minga Peru have worked alongside medical pro1esstcrf1S and mental health volunteers lo COrd episodes of the '8ienvenida Salud. radio program in Spanish and native languages. Episodes have been broadcast lo isolated Amazonian regions and over 635 adolescent gids have received entPreneur$hIp and business training including the set-up of communty gardens using seeds and assislan¢e provided by Minga Peru. In addition, the young women on the programme have received personal developmenl Iraining lo become leaders in their communities and reduce the threat of human trafficking and sexual abuse amongst their peers. Organisation: Aangan Trust County.. Indhi Aangan works wilh stakeholders like schools. local pdice and village authorities lo train community volunteers lo respond quIcY at limes of natural disaster lo prevent instances ol serious child ham. The project tilled 'Our Systems. Our childn, builds a child protection system in Wesl Bengal by COrdinating between Gram Panchayats (Village Councils} and trained Community Safety Groups to Create a more resilient response lo Child proteclion during limes ol crisis and emergency.
The Ashmore Foundation Organisatlon: Chlldren Change Colombla County. Colombia Children Change Colombia is working alongside local partnets on the Caribbean Coast of Colombia to deliver a phased program lo assess the pedagog1 needs of marginalised young people following the closures due to COVID before developing and deliveitng vocationJ training courses to impTove future employability outcomes. Organisation: Fundacion 8aylor Colombla Country: C0mbia Baylor Colombia's AllmeaMb1Q program ofl8r5 Ihe exchange of recyclables for credits and healthca. providing vulnerable populations vAlh access to food. personal hygiene products. water and health seNices al recycling banks in lo¢al viilages. Users create an account in onder to exchange credits for access lo services and producls . which a otherwise scarce. Her Future Coalition {HFC) Cotmtry.. India HFC works in West Bengal, IrKSa. to prevenl trafficking and other extreme forn of gender-based violence by providing educat1. sh¢er. vocational traintng and holistic support lo suNivors and high risk glrfs. The project aims lo delNer vocational training to 300 women and young girts. improve theirfinan¢ial literacy and provide them wilh ciikncal life skills. Plant Your Future County: Peru PLant Your Future's agroforeslry model wo$ with farmers to tum degraded famland into sustalnable and productive agricullure. indLKling tree planting for carbon storage. The project whi¢h is being delivered in Iwo regions of the Peruvian Amazon. Ucayali and Loreto. has offs81 Ashmore's FY 21122 Scope 1,2 arKI 3 emissions totalling 653.87tC02 in addition to deliv8ring several social and economi¢ othcomes for local o)mmunities. This includes 200 smallholder farmers who are receiving le¢hni¢al assistance and capa(aty building in regenerative agriculture and at least a dozen women wh) are receiving income and skills Iraining from the development of two native4eed nurseries. Worfd Bicycle Relief Country: Colombra World Bicycle Relief empowers people and communittes through Irfhanging bicycles, helping Ihem to conquer the challenges caused by lack of access lo mobility solutions. The Ilag5hip proj'ect in La Guajira. Colombia is called Mobilised Communities and atms to distribute 350 specially dosigned Buffaio Bicydes, primarity lo women and young girls. enabling them lo gain independence and a¢¢ess education. healthcare and livelihorA opportunllios. The project also develops techni capacity within loc communities through a bicycle mechanics training programme and a spare parts enterise. Further analysis of Foundation's grant maknng adivity is prowded In note 5 to the Flnanclal ststenl
The A5hmore Foundation inancial Review The Foundation's WO is reliant on income from Ashmore and ils employees and investment retums from ils reserves. Income to Ihe Foundation is supported by a matched giving scheme. whereby Ashmore will match indmdual donations lo the Foundalion of up lo £2 thousand per employee per year and up lo £50 Ihousand per year for employee group fundraising donations. The Foundation matches donations made direclly to FoundalH)n grantees ol up to £500 per AshmoTe employee per year. Vdunlary donation income for 2022f23 was $0.9m (2022: $1.5 million). This was derived from Ashmore Group plc's prolit before lax donation of up to 0.5%. Ashmore employee bonus waivers and direct donations lo the Foundation via Ihe payroll giving scheme and fundraising activrties. The Foundation's reseNes are invested wlh the aim of incrementally growing the capital value of funds over an inveslmenl cycle. Investment income during the year amounted to $272 thousand 12022: $327 Ihousandl driven by interest inwme. Corporate debt. fixed income and equities funds. Flealised and unrealised investment gains forthe yearwere $203 tho¥Jsand12022.. $1.7 million lossesl- This was driven by gains on equity and fixed income funds duiing the year. Expenses to support charilatAe actbvrties (excluding grant making} amounted to $119 thousand 12022.. $51 Ihousandl. The Foundation's grant mthng activity for Ihe year amounted to $S64 thousand (2022: $366 thousand). The increase relates lo greater new commilmenls approved by the Trustees during the year. including additional commilments to support humanitarian efforts in response lo the earthquake crisis in Turkey and Syria. Further details are provided in 'Achievements and Pertoman¢e" and in note 4 to the Financial Statements. ReseNes amounted to $10.9 millK)n as at 30 June 2023 (30 June 2022.. $10.2 million), the increase was driven by net realised and UnalISe(l investment gains {30 June 2022: net realised and unrealised investment losses) in Ihe yeaf. Publk Benefit The Tnjstees confimi that during the year ended ?0 June 2023 they have complied with Ihe duty in section 17 of the Charilies Act 2011 10 have due regard lo public benelrt guidance published by Ihe Charity Commission. Going Concem th'sclosu The Trustees have considered the reslience of the Foundalion, laking into account its current finandal position. and the principal and emerging risks facing the Foundation including the impa of ¢urrenl global affairs and their effect on global markets and potential implications on the Foundations linancial resources. The Trustees have reviewed a going concem asses5menl. by applying a StsSed scenario. including severe but plausible downside assurnptions. and the impact on ils inveslmenls and unrestricted financial resources alongside known grant commitments for a period of 12 months from the dale of approv of these linan¢ial statements. While there are significant wder market uncertwnties that may impact the Foundation. the stressed seenario shows that Ihe Foundation would continue to have sufficient financial resources lo meet its liabilities as they fall due for a period ol at least 12 months from the dale of the release ol thi5 report. The linancial slalements have therefore been prepared on a going concern basis.
Tlie Ashmore Foundation Reserves and Investment Policy There has been no ¢hange to the Injstees December 2021 dectsion to let Ashmore Group contributions be the masn driver of growth for the reseNes. and the investsnenl committee I'l is lo target a lower Ihr¢e•year annualised relum of . In terms of ethical conSideratnS, there is aLw no change. TnteeS reserve the right to exclude inveslm8nls in any companies that direcyy undemiine or contravene the organFsalion's charitable objectives. Direct investments into any company or entity whose core business activity inVoeS the production. assembly. direct sale. distribution, operation. or rna811ng of alcohol, lobac¢o. adult entertainment. weapons and gambling should be avoided. The iKJrtfolio nominal retum for the 12 montt)s peric*J to 20 June 2023 was +4.?%. Like the previous fr'nancial period. the inveslmenl retum was made up of Iwo distinct phases. Ouring the second haK 012022. the wortd continued to reel from the Ukraine war resutting in high inflation which drove global interest rates up and confidence down. The portlolKJ conlinued to struggle. partially off-set by a high allocation to eaming cash depo&ts, which was ineTeased as the IC decided lo sell down bolh bonds and equities. Bond yields rose. bung the bond portlolio significantly, and equities. particulady longer duration assels, al 5ufferfjd from higher rates and a lack ol nfidenCe in e¢onomies to suNive the tumoll. T¢)wards Ihe end of 2022. the IC de(aded that much of this was now priced into equities and 6¥• ol cash was used to rebuild exposure in both EM and US equiknes. to total 1 ts. In the first hall of 2023. US equities and. to sorne extent. EM equltres began to look past the high interest rates and macro uncertainty to perform much better. This helped the Foundallon's portfolio lo retum positNe growth tor the financid y8ar lo end June 2023, finishing up +4.7%. Plans for Future Periods Truslee$ will conlinue lo monilor the irnpa of volatile global markets on the charitable organisalions tt supports. The Trustees antpale the continued involvement of the Foundation wlth charitable organisations in support of their goals, conlinued typortunities for Ashmore employees lo engage and volunteer through Board and Committee membership. conne¢lion5 belween grantees and Ashmore employees via the showcasing of grantee work al Ashmore's offices. and. for direct invofvementwith grantees of Ashmore offices Iwatéd in Emerging Markets. The Foundalion plans to maintain the 18vel of grant partnerships across ail priority geographies and will continue to idenbty and errfJage with suitable charitable partners to delwer its social impact goals. StruGture, Govemance and Management Governing Document The Foundation is a charitable wnpany limited by guarantee and constitutes a public benefft entity as d8fined by FRS 102. It was incorporated as company number 6444943 registered in England on 4 December 2007. and regislered as a charity in England and Wales {11223511 on 17 January 2008. The company was established undei a Memorandum of Association which set out its oblects and powefs and it is governed in accordance with ils Artides of Association.
Ashmore Foundation Appolntment of Trustees The directors of the Ashmore Foundation are also charity Tnjstees for the purposes of charity law. Under the requirements of" the Articles of Association. the Trustees may appoint a person who is willing to serye. for such tern as they see fit. eilher to fill a vacancy or a$ an additional trustee. Trustees of Ihe Foundation initially serve a lemi ol up lo three consecLrtive years. The Articles of Association provide fora minimum of Iwo Trustees wilh no maximum number. A retiring trustee may be reappointed and there is no limil lo the number of limes a trustee may be reappointed. Trustee training and induction Before being fomially appointed to the boa. new Trustees are invited lo obseNe a board meeting. To ensure Ihal all Trustees have an appropriate understanding of their responsibilities and the ¢urrent strategic direction. new Tnjstees are provided wilh infornation on the Foundation's history and slrategy. the role and resporksibilities of Trustees. the goveming documents. key policies and the minutes ot recenl Board meetings. A series of Leaming and Development sessions will Continue to be delivered to Trnslees lo ensure they are informed and have the required S.11$ to abEe lo execute their duties lo the Foundalion. Organisation The board of Tnjstees administers the Foundalion and typulty meets on a quarterfy basis. Where appTopriate. the Foundation establishes smaller ccmnmittees whose membership is made up ol at leasl one Injstee logelher wilh Ashmore staff volunteers. There are Gurrently four commtttees each of which has been delegated authority over a particular area by the Boafd. The CUTrent committees are.. Grnnts and Social Inveslmenls, Fundraising, Carbon and Investment Committeg. As al 30 June 2023, the board of Trustees was made up ol eight Ashmore employees arNd two exlernal Trustees. all of whom have been selected on the basis of their skills. knowledge, experience and commitment. as well as a desire to allow a range of Ashmore employees to seNe. Trustees delegate day-l04ay management to the Executive Director (Esther Arthur, March 2022- presentl. who is appointed on Ihe basis of their knowtedge. skills and experience within the social development 5edor in the Emerging Markets and. where Ihe Executive Director is unavailable, day.loqJay management is shared amongst the Tfttees and other personnel as fequired. To facililale effe¢lNe operations the Executive Director is responsible for all activities, including all grant resaled aclivilies and communications with aN stakeholde. includirMJ Ashm0. Relatedparties All Trustees give their time voluntarity and do not receive MUneration or other beneffts from the Foundation. Trustees are required lo disclose any relevant inte$1$ and register them with the Executive Director. In aordanCe with the Foundation's policy. a trustee must withdraw from decisions in the event a conlli¢l of interest arises. Risk Managentent The board of Trustee$ identifies Ihe major risks to which the Foundation is exposed and maintains a risk register, whi¢h 1$ reviewed and updated annualty. The principal lunding sour¢e for the Foundalion is cuffently by way of an annual donation contribution made by AShm0 Group pl¢. equivalent of up to 0.5% of profil b8for8 lax.
The Ashmore Foundation The principal operational rtsk lies in awarding grants to organisalions that are ineffectwe use of grants for public benefit. The TTUStees are satisfied that adequale systems and procedu$ a in place lo miligale this exposure. Due dillgencè is carried out prior to the approval of any granl, Ihe nalure of which is linked to the size ol the grant proposed and an assessment of the governance and management. social impact and reputation ol the proposed grantee. Ongoing monitoring mechanisms ensure the Execulive Dlrector is able to work with organisalion5 to ensure they are meeling the objectNes sel out al the beginning of the grants. uMatety. the Trustees are satisfied that overall. risks to the Foundation are mitrgaled to an acceplable level. DisGlosure olinfomiation to auditor The trustees who held office at the date of approval ofthis Trustees. report confinn that, so fai as they are each aware, there is no relevant aJIt information of which the Compan$ auditor are unaware. and each trustee has taken the sleps that they ought lo have taken as Iruslees to make himself or herself aware of any leVant audlt in1omtIOn and lo establish that th8 Company's auditor are aware of that inlonmation. 10
The Ashmore Foundation Statement of Trustees, responsibilities in respect ol the Trustee's annual report and the financlal statements The Trustees are responwble for preparing Ihe Trustees, Annual Report and the financial statements in accordance with applicable law and regulalion$. Companylaw requires the Trustees to prepare financial ststements foreach financial year. Under that law they.have are required to prepare the financial stalemenls in a¢¢ordance wrth UK Accounting Standards and applicable law {UK Generally Accepted Accounting Practice). including FFIS 102 The Financial Reporting Siandard applicable in Ihe UK and Republic of Ireland. Under MpanY law the Tnsstees must not approve the financial statements unless they are satisfied that they give a true and fairview of the state of affairs of the charitable company and of the excess ol in¢ome over expencliture tor that period. In preparing these financial slatements. the Trustees are required lo- seled suitable accounting policies and then appty them consislenlly,. make judgements and eslimales that are Teasonalje and prudent- stale whether applicable UK Accounting SiarKlards have been followed, Subject to any material departures disclosed and explained in the linancial slal&ments'. and assess ihe charitable compan$ abilty to continue as a going concem. disdosing. as applicable. matters related to going concern: and use the going concern basis of accounting unless they either intend lo liquidate the charitable company or to cease operalions. or have no realistic altemative but to do so. The Trustees are responsible forkeeping adequate accounting reco that are svfficienl lo show and explain the eharitsble company's transactions and disclose with reasonable accuracy at any time the fi'nancial position of Ihe chaiitable company and enable them to 8nsure that the h'nancial stalemenls comply with the Companies Act 2006. They are responsible lor sh inlemal Control as th8y determine is ne¢essary to enable the Preparation of financial statements that are free from material mi$statemenl. whether due to fraud or emr. and have general responsibility for taknng $u¢h steps as are reasonably open lo Ihem lo safeguard the assets of the charitable company and lo prevent and delect fraud and other irregularities. The Trustees are responSie lor the maintenance and integrity of the Corporate and financial infonnalion included on the ¢haritable ¢ompanVs website. Legislation in the UK governing the preparation and disseminatim of financial statements may differ from legislation in other jurisdiciions. Approved by the Trustees on and signed on their behall by: Matthew Hill Chair ol Trustees
The Ashmore Foundation Independent auditor's report to the nwnbers of The Ashmore Foundation Opinion We have audited the financial siai¢m¢nts of The Ashmore Foundation ('Ihe charitsble Company") for the year ended 30 June 2023 which comprise the Statement of Financial Activities. Balance She. Stat¢m¢ni of Cash Ftows and related notes. including the accounting policies in note l. In our opinion ihe financial statemeni5- give a irue and fair view of th¢ State of tlr charitable company's affairs as at 30 June 2023 and of lis incoming resources and applicaiion of resources. including its income and eXdIture. for the year then ended: have beerb properly prepared in accordance with UK a¢COUntillg standar"ds, in¢luding FRS 102 Tlie Filne11 Reporting Siandardopplicable in ihe UK and Republic oflr8land: and have been prepared in accordance with the requirements of the compani Act 2(K)6. Basis for opinion We conducted our audil in accordance wilh International SthftdaS on Auditing (UK) ("ISA5 (UK).) and applicable law. Our responsibiliiies aTr described below. We have fulfill¢d our eihical r¢sponsibilities under. and are independent of the charltable company in accordance with, UK ethical requirements including ihe FRC Ethical Siandard. We believe thai the audit evidence we have obtained is a 5ufficietit and appropriate blS for our ¢)pinion. Goin8 concern The trustees have plepared the financial statements on the going concem basis as they do not irtiend to liquidate ih¢ chariiable company or io ¢eas¢ ils op¢faiions, and as they have colUded that the charitable company's financia] E)osiEion means that th&s is realistic. They have also concluded rhai there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at le&st a year from the date of approva] of the financial staiemenis ("the uoing concern period"). In evaIuatson of the iru51ee5' conclusion5. we considered the inherent risks to the charitable ¢ompany's busine55 mLxlel and analysed how those risks might affect the charitable company's financial resources or ability to continue operations over the goin8 concern petiod. Our conclusions bd on this work= we consider thai the trustees, use of the going concern basi5 of ac¢ounting in the preparation of th¢ financial sratements 15 appropriate: we have not identified. and concur with ihe irnMecs' assessment that there is noi. a mafrrial uncertainty relaied to events or ¢onditions ihat, individually or lIe£tively. may cast significant doubt on (he ¢hariubl¢ company's abiliiy ro Continue as a going ¢0¢M for Ehe going con¢em period. However. as we cannot predici all events or coMlits¢Ms as subsequent events may resuli in outcomes that aTr inconsistent wrth judgements thai were reasonable V4t the time they were made. Ihe above conclusions are not a guaraniee thai ihe charitable company will continue in operation. Fraud and breache5 ofiaws and regu]ations- ability lo detect Jdentifyins and responding to risLF ofmaierial in1ssle1•leI due rofraud To identify risk5 of materia] misstatementdue to fixud ("fraud risks") we asse5sedevents orconditions thai could indicate an incentive orpre55ure (o commit frdud or provide an opwwnity to commit fraud. 12
The Ashmore Foundation Our risk assessment pro¢edures included.. Enquiring of trustees as io the charitable company's high-level policies and pr(dUreS to prevent and detect fraud. as well as whetherthey have knowledge of any aCEual. 5USFected or alleged fraud. Reading Trustee Board and Investment Commiiiee minuies. Using analytical procedures io identify any unusual or unexpected r¢lationships. We communicared ideniified fraud risks throughout ihe audit team 8nd rematned alert to any indications of fraud throvghoui the audfftt. As required by auditing stsndards. we perfom prdr¢S io add5 the risk of managemet)t override of controls, in particular Lhe risk ihai mAnagemeni may k in a posiiion to make inappropriate accounting entries. On th"s audit we do not believe ihere is a frdud risk related to revenue recognition becaus¢ VenUe is non-judgmenial and strwghifon¥ard. with limited opporniniiy for manipulation. We did noi ideniify any addiiional fraud risks. We performed procedures including identifying journal entries to test based on risk Criteria and compaJing the identified entries 10 supporting dkxumenthtion. These included all post year-end journals. Identifying and responding ro rists of mdlerial mi55iaiement due non-complianee wilh laws ond regulations We identified areas of laws and regulations ihat could reasonably be expecie4J to have a material effect on the financial statements from our general commercial and se¢tor experience. Ehrough discussion with the tTUSt¢¢s and other management las Tequired by auditing sthndards), and dis¢ussed with the directors and oiher management the policies and PT(Kedus regarding compliance with laws &TJd regulations. We communicated identified laws 4nd regulations throughout our team and remaine41 Alert to any indicaiion5 of non-compliance thioughout ihe wdit. The potentaal effe¢t of ihese laws and regulations on the financial siatements varies considerably. Firstly. the charity 15 subject io laws #nd regulations thai diTtctly affect ihe financial sthiemenis in¢ludtng financial reporttng legislaiion (including relaied companies. legi51alion). ch8Tiiy reponing legislation. disiributable profit legislaiion and taxation legislation and we assessed the exteni of compliance with these laws and regulations as part of our pttxeduwes on the related financial siaiemeni iiem5. Secondly. the charity is subject fo many ¢xher laws and regularions where the consequences of non- compliance could have a material eff1 on amounts or dis¢105ures in the finala1 siatements, for insiance through ihe imposilion of fines or liiigation. W¢ identified the following areas as those most likely io have such an effeci.- antibribery and certain aspecis of company leghslation recognising thai the Ashmore Foundation is regisiered as a Charity with the Charities Commission. Audiiing standard5 limii the wuired audil pr(Kedurts to identify noncompliance wilh ihe5e laws and regulafions io enquiry of the Tntte$ and inspection of legal corte5pondence. if any. Therefor¢. if a brea¢h of operational regulations is not disclosed to us or evident from relevant corresponden¢e. an 4udil will not dewi that breach. Coniui of ihe ability of ilw audii ro déiecrfroud or breachÉs oflaw or regulaiion Owing to the inheieni limitation5 of an audit iheFe is an unavoi(iable risk thai we may J)oi have detected some material mismatements in the financial siaiements. even though we have PToperly planned and perfom)ed oui audii in accordance wilh audiiing siandards. For example. Ihe furth¢T rtmoved non- compliance with law5 and regulations is from the events and iransactions refl¢¢t¢d in the financial 13
The Ashmore Foundation statements. the less likely ihe inknntly limiled Pr(edUreS requited by auditing standards would identify li. In addition. as with any audit. there Mained a higher risk of non41eteciion of fraud. as these may involv¢ ¢ollusion. forgery. intentional omissions. misrepreseniaiions, or ihe override of internal conirols. Our audii prx¢dures are designed tts detect marial missi&emenL We are noi SponsIble for preventing non4ompliance or fraud and cannot be expecied iodeTect non40mpliance with all laws and regulaiions . Other infomation The trusiees ate responsible for the other informatioT]. which comprises the Tru51ees' Annual Report. Our opinion on the financial ststements dce5 not cover the other inforntIon and, accordingly, we do not express an audii opinion or. except as explicitly stated below. any fom of assurdnce conclusion thereon. Our responsibiliiy is ¢0 read the other infomiaiion and. in doing so, coJ)sider whether, based on our rinancial statements audit worl the infomation thetein is materially misstated or inc(msistent with the financial sthtemenL5 or O¥JT audit knowledge. Based solely on that work: we have not identifRd material misstatements in the other infom)ation: in our optnion the TnfornJMiion given in the Trum. Annual Report. which constitutes the Report of the Trnstees foT ihe financial year. is consisient with the financial sthtements- and in our opinion ihat report has been prepared in accordance with the Companies Act 2(J)6. Matters on whlch we are required to report by exceptton Under the Companies Aet 20( we are require41 io report to you if. in our opinion: the charitsble company has not kept adequate accounting records or returns adequaw for our audit have not been received from brdnehes not visi*d by us: or the financial siatemenis are not in agrttment with the accounting records aTNJ Tetyms" or certain disclosures of trusiees. remuneration specified by law are not made: or we FLave not received all the infomiation gnd explanations we require for our audit: or Ihe irnuees were not entitled to tske advanta of the small compleS exempiion from ihe requirement to prepare a Strategi¢ rep)rL We hftve nthhing to report in these respects. Trustees, responsibili¢ie5 As explained more fully in their statement set out on page 9, the truste¢s (who are also the dircctors of the charitable company for ihe purpose5 of company14w) are ftsponsible for the preparation of the financial statements and for being saiisfied they give a true and fair view- such internal control as they deEermine is necessary io enable the preparation of financial statements ihai are free from material missiaiement, wherher due to fraud or error. assessing ihe charitsble company's ability io continue as going Concern, dt5c105ing. as applicable. maiws related to going ¢ortc¢rn,' and using the going concern basis of accounting unless they either intend to liquidate the charitable company or 10 cease operations. or have no realisiic oltern&ive but io do so. Auditor'5 responsibilities Our objectives are to obtain reasonable assurance about whether the finatKial siatements a5 a whole are f¢ frorn material misstatement. whether due to fraud or err. and io issue our opinion in an 14
The Ashmore Foundation audiior's report. Reasonable assurance is a high level of assurance. bui dtts not guarantee ihai an audit ¢ondu¢ied in accordwe with ISAS (UK) will always delect a merial misstalemeni when it exists. Nqisstaiemenis can arise fTom fraud Lr eTror and are considered maieTial if, individually or in aggregate. they Could reasonably be exFtthed to influence ihe e£onomic decisions of users iaken on the basis of the financial staiemertS. A fuller de5CriPtion of our responsibilities 1$ provided on the FRC'S websile www.frc or .uklauditorsre5 nsibiliiies. The purpose of our audi¢ work and to whom we owe our responsibilities This report is made solely to ihecharitable company's membeTS. as a blxly. in accordance wilh Chayer 3 of Part 16 of the Companies Act 26. (hr audil work has been undertaken so that we might State io the charitable company s members those matters we are required to slate io ihem in an auditor's report and for no other puryx)se. To the fullesi extent pemiiiied by law. we do not arc¢pl or assume responsibility to anyone thher ihan the charitable company and its members. as a body, for our audii work, for this Tepon, or for ihe opinions have fornxd. Pdtr Crdbb (Senior Statutory Auditor) for And on behalf of KPMG LLP. Statutory Auditor ChaneredALcowffanis 15 Canada Square London B14 5GL 12 DeceM1r 2023 15
The Ashmore Foundation The Ashmore Foundation Statement of Financial Activities (including Income & Expenditure Account) for the 12 months ended 30 June 2023 Totsl Funds 12 months Note 30 June 2023 $OOO's Total Funds 18 months 30 June 2022 $OOO's Income and endowments trom Donations and legaues Interest and investment income 937 272 1.476 327 Total 1.209 1,803 Expenditure on Charitable aclivitles Support of charftable actiwties (5641 1119) {366> (511 Total expenditure (683) (417} Realised and unrealised gainl(loss) on inveslmenls" Nel incomel{loss) 11.705) (319) Other recognised goins and losses Foreign currency translation gainlllos5) Net increasel(decrease) in lunds 738 1306) Total fwds brought forward 10.185 10.491 Total funds carried tornard 10,923 10,185 The Statemenl ol Financial Activities indudes all gains and losses in the year. All income and expenditure are derived from continuing acttvittes. "Refer to note 7 for re-presentation of realised and unrealised gainlooss) nvestrnents. The notes on pages 19 to 27 tomi part of these tinancial statements. 16
The Ashmore Foundation The Ashmore Foundation Balance Sheet as al 30 June 2023 Note 30June 2023 30 June 2022 SOOO'S $OOO's Flxed asset8 Investments Tolal fixed assets 10.665 10,665 Current assets Programme related investments Investments Cash al bank and in hand Total current a$$ets 200 9.976 154 10.330 428 628 Currenl liabilities Creditors falling due within one year <323) (1331 Nel cuirent asset$ Total assets less Current liabilities 305 10,970 10,197 10,197 Creditors lalling due after more than one year {471 (12) Totsl net assets 10.923 10.185 The funds of Ihe Charity Unrestri¢led funds 10.923 10.185 Total Charity funds 10,923 10,185 The truslees have prepared the accounts in accordance wlh section 398 01 the Companies Act 21)06 and section 138 of the Charities Act 2011. The notes on pages 19 to 27 form part of Ihese financial slatemenls. Approved by the Trustees on December 11 and swJned on Iheir behalf by: Matthew Hill Chair of Truslees Charity number: 11223S1 17
Tlie Ashmore Foundation The Ashmore Foundation Statement of Cash Flows for the 12 months ended 30 Juna 2023 12 months 30 June 2023 SOOO'S 18 months 30 June 2022 SOQO'S Operatlng a¢tlvltle$ Net income for the year Adjustrnenl$ for: Interest and inveslment income Increaselldecreasel in credttors Realis8d and unreali$ed gainl(loss) on invesknents 729 {3191 1272) 225 (2031 {327) 107 1,705 Net cash frcml(used in) operating activities 479 1.166 Investing activities Divldend and interest recer¥ed Proceeds on disposal of Investments Purchase of investrnents 170 (1.4571 (717) Net cash froml(used in) investing activities {214) (1,279) Net increasel{d¢crnase} in cash and cash equivalents 265 (113) Nel cash and cash equivalents at beginning ol the period Elfe¢t of exchange rate translati 154 254 13 Cash and cash equivalenls at end of Ihe period 428 154 The notes on pages 19 10 27 lonn part of Ihese financial slatements. 18
The Ashmore Foundation Notes forming part ol the Financial Statements for the period ended 30 June 2023 1. Accounting Policies The principal accounting wlicies adopted, judgements and key sources of estimation uncertainty in the preparats.on ol the financNal statements. {al Basis of preparation The Foundation constitutes a public benefit enlity as defined by Financial Reporting Standard IFRS 102). The Financial Statements have been P pared under the historical cost convention rn¢xlified by the fair valuation of investments with items regniSed at cost or transaction value unless othemise staled in the relevant rtotes to these accounts. The Financial Statements have been prepared in accordance with the Companies Act 2006, the Charities Act 2011, and the Statement ol Recommended PractKe: A¢counling and Reporting by Charities preparing thelr accounts in accordance with the Financial Reporting Standard 102 applicable in the UK and Republic of IreFand {FRS 102). The acuunling policies have been applied consislenlly Ihroughoul the year. Ibl Going Concem The Tnjslees have considered the resilience of the Foundation, considering its current financiat position, and the prinpaI and emerging risks fa¢ing the Foundalion including the impact ot ¢urrenl global affairs and their effect on glob mart(els and potent1 implications on the Foundat¢ons financial resources. The Trustee$ have reviewed a going ¢on¢em assessment, by applying a stressed scenaiio, including severe but plausible downside assumptions, and the impact on its investments and unrestricted fftnan resources alongside known grant commitments for a peiiod of 12 months Ircffi Ihe date of approval of these tinancial slatemenls. While Ihere are significant wider market uncertwnlies that may impact th8 Foundation. the stressed scenario shows that the Foundation would continue to have sufficientlinancial iesources lo meet ils liabilitres as they fall due for a Peric of al least 12 months from the dale of Ihe release of this report. The financi statements have therefore been prepared on a going con¢em basis. Icl Functional and pres8ntation cuirency These financial stslements a presented in Uniled States Dollar {US$). whh is the Foundation's functional ¢urren¢y. All infomiation presented in US Dollar has been rounded to the nearest thousand. eXp1 when otherwise indicated. {d) Foreign currency translation Transactions in foreign currencies are translated lo the US Dollar at the exchange rates at the dates ol the transactions. Molletsry assets and liabilities denominated in foreign currencies al Ihe end of the reporting dale are retranslated to the US Dollar al the exchange rale at that dale. Non- fflonetary assets and liabilities denominated in foreign currencies Ihal are measured at fair value are retranslated to the US Dollar at the exchange rale al the dale that the fair value was determined. Non-monelary items in a foreign currency that are measured in tems of historical st are translated using the exchange rate al Ihe date ol the transaction. FOign currency differences arising on relranslalion are recognised in the Stalemenl of Financial Activities within other recognised gains and k)sses. 19
The Ashmore Foundation Note8 forming part ot the Financial Statements for the period ended 30 June 2023 lel Incoming resOUe5 All incoming Tesources are included In Ihe Ststement of Flnancial Activitles on a receivable basis in accordance with the SORP. Income is recognised when the Foundation is entitled to the income and th8 amount Can be quantilied with reasonable accuracy. The foll¢xiing specific policies are applied to particular categories of income: Voluntary income is received by way ot granls. donations and gifts and is Indud8d in lull in the Statement of Financial Activities when tl becomes ¢01¥ab]e. The value ol services provided by volunteer5 has nol been included in these accounts because il cannot be reliably m8asur8d Inveslment inwne. ¢ompristi)g interest and dMd8nts. is InCIled when it becomes receivable. lfj Inveslmenls Investments are financlal instruments and cash held for investrnent purpose5. They are initial recognised at their Iransaclion value and subsequently measured al fair value as at the Bdance She8t date, using the closing market price. Cash and money market inveslments a measured at amortised cost. The Slalement of Financial A¢tNities in¢lude$ net gains and losses on investments. indudlng those resulting from movements in foreign exchange rates. {gl Realised and unrealised gains and ICSeS All gains and losses including Ihose resulling from movements in foreign exchange rates a tsken to the Statement of Financial Aclivilies as Ihey ar¢se. Realised gains and kJsse5 on the disposal of assets are calculated as the difference beeen the sales proceeds received and the opening ¢arrying value {or Ihe purchase value if acquired subsequent lo the first day ol the financial year). Unrealised gains and losses on investrnents are calculated as the difference between Ihe fair value of investments al the year end and thèir opening Carrwng value (or their wrchase value rf acquired subsequent to ihe fitst day of the financial yearl. Realised and unrealised investment pns ar losses a combbned in the Statement of Financial Aclivitles. (h) Liabiltknes Liabilities are recognised in the period in which they are inrred. or in the case ol grants, In the period in which the grants are awarded by the Trustees. Liabdities are recognised when either a legal or constructive obligation exists. Grants payable over a period longer than one year are recognised in full in the period in which Ihe granl Fs approved by the TNslees. lil ReSoue$ expended Expenditure is Cognised on an a¢cruats basis as liabilities are incued. Expendilure inCdeS any VAT which cannot be fulty reCoved. whlch is reported as part of the expendilure to which il relates. Charitable expendilure wnprtses those costs incurred by the FOdatiOn in the delNery of actiwtie5 and servi¢es for its beneficiaries. It includes bolh Ihat can be allocated direclly to such activities and those costs ol an indirect nature which are necessary to support Ihem. Fundralsing expenditure includes costs incurred the OTganisation and running of fundraising 8venls induding Ashmore Challenge events.
The Ashmore Foundation Notes fomiing part ol the Financial Statements for the period •nded 30 June 2023 No costs are recharged to the Foundation by Ashmore for the use of its premises or office supplies. These amounts are not material and have not been disclose(l. til Taxalion The Foundation is considered to pas$ the tests out in Paragraph 1 Schedule 6 otthe Finance Act 2010 and as such, it meets the definition of a charitable company for UK corporation lax purposes. Accordingly, as a charity. the Foundation is exempl Irom lax in respect of income or Capital gains re¢eived within the categories cOVed by Chapter 3 Part 11 of the Corporation T"ax Act 2010 or Seetion 256 of the Taxalion of Chargeable Gains A¢t 1992. to the extent thal such income or gains are applied exdusively lo ils charitable objects. No tax charges have arisen in the Foundation. 2. Donalions and legacies 2023 SOOO'S 925 12 937 2022 $OOO's 1,468 Income frorn donations Ashmore matching donations Total donalions and legacies 1,476 3. Income from investments 2023 SOOO'S 2022 $OOO's 327 327 Interest and investmenl income Total income from investments 272 21
The Ashmore Foundation Notes forming part of the Financial Statements lor the period ended 30 June 2023 4. Charitable activities - Delails ol Partnership Grantees Aangan Trust (Indio1- Aangan Trust works to strengthen India's child Pfolection systems so that even Ihe most vulnerable children can have a safe childhood. www.aan anindia.o Lend a Hand India (India) - Lend a Hand India creates employment and enlrepreneurship opportunities for India's rural youlh by provHJing practical and relevant edu¢atTron including. jobllrfe skills training. aptitude testing, career counselling. and bridge knans for microenterprises. www.lend-a-hand-india.or inga Peru (Pew) - Minga Peru is a non-profit organization promoting sustainable change lor indigenous women and their eommunitres throughout the Peruvian Amazon. They strengthen leaders, organizalions. and social networks representing the most marginalized communities lo collaboratively build so¢ial justice with gender equty, environmental stewardship and cultural identity. www.min eru.0 Children Change ColombSa- Children Change Colombia worked alongside local partner AQi in Bogola to remotely support children al increased risk ol exposure lo c¢ynmercial sex work. Food and care packages were dislribuled lo locals, many ol whom had lost incomes. AGJ also worked lo respond lo an increase in cases of gender-based violence. s.'Ilchildrenchan ecolombia.o Fundacion Baylor CokJmbia- FundacKSn Baylor Colombia focuses ils efforts on the Indigenous Health & Self-sufficiency Program, known as SAIL (Salud y Aulosuliciencia Indigena). The program works in partnership with the existing health system in La Guajira and aims lo provide inlegraled solutions driven by the local communty and focused on live objectives.. acce. capacity, surveillance. Prevention arHI partnership. htt s.'Illundaci rcolombia.or Her Future Coalition (HFC) - HFC is working to ensure that survivors of trafficking and other forms of gender4Jased violence, and girls at high risk, have what they need to remain free. sale .and indopendonl. Our goal is io proviLl¢ Ig teFrn. inten1ve PTogrJm= which addTQJ: root eou47eg and systemic injustice. htt s:Ilhe recoalilion.or Wofld Bicycle Aelief - World &'cycle Relief is a catalysl for change. partnering with people in rural communities around the globe to realize their goals by expanding opportunities to a¢ces5 education, markets, health facilities and vital seNices with the lool they need lo thrive. Equipped with a pU0$e-deSIgned Buffalo Bicycle from Wortd Bicycle Reliel. students. heallh workers and cnlrcproneurs ID low-in¢omo rcgions create opportunitie for them)cfves. their families and entire communities. htt s.'lJworldbi clereliel.or 22
The Ashmore Foundation Notes fornilng part ol the Flnancial Slatements for the period ended 30 June 2023 Plant Your Futu (PYF)- PYF empowe lamers in the PenNran Amazon to break the cycle of povety and navigate Ihe path ba¢k to sustainable faming. They're doing this by introducing an 'agrolorestry syslem. into a Combination ol growing both IMg-ienn (trees) and short-lem {cropsl produce. Wilh support from PFY. famiers can better access fomial mart(ets lo achieve fairer prices through the sale of high quality fruits. hn s.'Ilwww. lan rfulure.o Soy Mas- Fundaaon Soy Mas aims lo provide oppo.rtunilies lo build confidence and cixmmilmenl In teenage mothers in Chile. The oryanisalion promotes comprehensive training programmes lo young mothers and provides psychosocral. educatal and employment support. htt s.-Ilso mas.cv Needs Map - Need5 Map is a social cocperative that brings people in need logelher with individuals. institutions and organizalions that want to support. Needs Map was established in 2015 as a non-profit organizalion wilh the status of a Social Cooperative. It tacilitates c(Joperation and solidarity in different areas such as education. hearth. wllure & arts. and sports through verified geospatial data technology and communty4>ased verification functionality. htt sJlwvrtv.needsma . Support to Life- Support to Lrfe are an independent humanitarian organization founded with the principle aim of helping disaster affected communities meet their basic needs and rights. Their primary areas ol work are Emergency Assistance. Refugee Support. Child Protertion in Seasonal Agiicullure and Capacity Buikkng. rttolrfe.or 23
The Ashn]ore Foundation Notes tomiing part of the Finan¢ial Statements for the period ended 30 June 2023 5. Charitable activities- summary ol grant making actlvity 2022123 Grants Openin9 commitm•nts SOl)O's New eommilm8n Slxio's Cash pald FX Closing ¢ommitm•nts $000'5 SOOO'S Xw's Aangan Trust Children Change Colombia Fundacion 8aylor Colombia Fundacion IED VITAL Hor Future Coalition Lend a Hand Minga Peru Needs Map Plant Your Future Soy Mas Support to Life Voices of Children World Bicycle Relief Total 50 45 (25) 119} 120) (5) (25) (21} 1451 {191 {82) 12) (291 {50) 1301 (372) 25 26 27 50 25 14 19 198 29 24 324 132 6. Support ol charitable activiligs expendlturo 2023 2022 Staff ¢osts Audit Fundraising Other (721 (10) (22) (151 1361 (10) (1) 14) Total eXpdire (119) {51) With effect from March 2022, the Foundation hiled a sole employee whose ¢moYee expenses are paid by the Foundation. Expendibjre in support of charitthe actpiities increased signfficandy cornpared to the prior year due to the effect ol a lull year of salaries and pension costs arising from hiiing an employee lo the Foundalion. accounting for $72 thousand of expendilure (20Z2= $36 Ihousand)- Fundraislng costs increased to $22 thousand12022.. $1 Ihousandl due to an increase in events after COVID- 19 restrictions were lifted. Other costs increased to $15 Ihousand {2022.' $4 thousand) which Included other professional seNices required in the year related to reporting and advice as well as an increase in bank charges as a result ol higher grant rnaking in the period. 24
The Ashmore Foundation Notes forming part ol the Financial Statements for the pgriod ended 30 June 2023 7. Investments Equity and Flxed In¢orne Fund$ Money corate C•sh Market 8ondg At valuatlon Iomortlsed ¢osl Totsl $OOO's Balance as at 31 December 2020 Purchases I Contributions Sales I Withdrawals Realised gains or losses Unrealised gainllloss) Balance as at 30 June 2022 Purchases I Contributions Sales I Withdrawals Realised 9ain or losses Unrealised gainlllossl 8alan¢e as at 30 June 2023 157 1.787 {100) 143 785 423 9.062 987 11.421) 214 1.611 7,232 10.005 2.886 (1.521) 71 1,776 9,976 3.790 (3.3041 116 87 10,665 170 1,038 1,706 1,094 1,430 (5001 67 12.8041 49 76 5,819 2J74 1,468 Investments held as at 30 June 2023 coffyrise cash deposits, money market, corporate bonts. equity and fixed income funds. Investments are held with counterparties rated al least BBB. Cash and money market investments are measured at amortised cost and, as at 30 June 2023. The Foundation does nol expect to incur any credit Ic*sses and has not recognised any credit losses in the current year. Equty and fixed [rme lund investments a in securities that are listed i traded dally and are measured at fair value. Flealised and unrealised gainl{loss} on investments has been re-presented from other recognised gains and losses to net in¢omellloss) in Ihe Stalemenl ol Financial Aclivitres in line with the recommended representation in the Charities SORP. This has changed the prior year nel income from a gain of $1.386 thousand to a loss of $319 thousand, with no effect on the net inereasel(decreasel in funds {decrease of $306 thousand). The Foundation has ¢hanged the presenlaiion of inveslmenls on the Balance Sheet from current to fixed asset investments due to a change in the Foundakn"on's funding Siraiegy. The Ashmore Group contribution$ are now the main driver of growlh for the reserves. Previousty. investmenls were presented within ¢urrenl assets on the Foundation's Balanc8 Sheet, as these were held for sale with the expeclation lo be realised within 12 months of the reporting date. 25
Ashmore Foundation Notes forming part ol Ihe Flnancial Statements for the period ended 30 June 2023 8. Programme relaled investments 2023 SOOO'S 200 2022 SOOO'S 271 Market value at 1 Juty l January Additions Interest income Paymenls received Foreign exchange Iranslati Distribution Market value at 30 June (3) {31 (70) 200 200 As at 30 June 2023 programme relaled inve5trnents c(Mnpiised of one short tem loan to a n¢- profit organisation. The loan was provided on conces5ionary interest tenS and with a fixed maturity date endin9 on 1 Juty 2023. The loan is stated at arnortised costs less any provisions for impairnent. The carrying values are regularfy rewewed and assessed for recoverability. As al June 2023 no imwment provision was required on the remaining loan. the loan was subsequently settled Ni July 2023. g. Creditors SOOO'S $OOO's Creditors: amounts falling due within one year Grants approved bul not yet made Accruais {27n 1461 1323) 11201 {13) (133) Creditors.. amounts falling due after one year Grants approved but nol yet made Total creditois {47) (370) 1121 (145) All credit¢)rs in 2022r23 relaied to unrestricted lunds (2022: unrestricted funds). 10. TNstee Remuneration No truslee received any r8muneration or expenses thjring Ihe year for seNices performed for the Foundation12022.' nil). Nolnjstee e1Ved 1mbuemenff0rfraVel or accommodation expenses during Ihg year {2022: nil). The Injstees were covered by truslee indemnity insurance durirKJ the accounting period lo June 2023 IperTod to June 22: covered). 11. Volunleers Where approprrate, the FoundatFon establlshes small committees whose membership is mad8 up of at least one truslee together with Ashrnore staff volunteor5. Duiing Ihe rnt accounting period there were three committees each ofwhich were delegated authority over a particular area by the Board. The committees were: Grants. Fundraising and Inveslments. Volunteers donate their time and expethse to further the obje¢tives of the Foundation. They may be involved in lund raising activities. reviewing potential grantees including carrying out due
The Ashmore Foundation Notes lorming part of the Financial Slatemenl$ for the period ended 30 June 2023 diligence, communicating the objectives of Ihe.Foundation and information about the work Ihal11 carries out, or they may lend their legal. financial or other expertise on an ad hoc basis. 12. Related Party Transacllons Tho Foundation is an independent charilable cotyany set by Ashmore and is funded by donations made up by bolh Ashmore and ils employees. During the year Ashmore donated $0.7 million (2022= $1.3 million) lo the Foundab'on. As at 30 June 2023. the Foundalion's Board of Trustees comprised of ten trustees. eight of whom are ernployed by Ashmore and two Iruslees extemal (sèe page 2 for a list of all board members and trustees). Neither the trustees nor any other persons related to the Foundation had any personal interest in any Contract or Iransaction enlered inio by the Foundation during the year {2022.' none). 13. Subsequent Evenls Therg a no subsewent events after the porting dale that require discbsure. 27