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
c￿PANIEs HOUSE
#1S6

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 Pu￿05eS and are dete￿Ined 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 ma￿et countries. defined by
the OECD as any bw or mlddle-inL￿me county.
The Foundation woths lo address inequality and S￿la1 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 ￿e￿re 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 rna￿ng 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 ma￿et 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 or9anisatK￿S 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 rel￿sPeCI1ve 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 $8.0 millton lo support social causes throughout the Emerging
Markets.
Organsatlon: Lend a Hand India (LAHII
Country.. Indla
LAHI aim to contribute lo the acceleration ol India's developmenl through educalh)n and skills
development. By partnering wilh grassroots non-profit organisations. community groups and local
govemmenls LAHI create better acce5S to education. vocational training. career development,
employment and entrepreneurial pathways. The Gender Equtty Initialive is a two part proie¢t,
firstly conduding a study ol the barriers lo further emplO￿lent and high education facing girls who
have completed the same skills tr￿ning as their male counterparts who achieve greater economic
outcomes. Secondly, the project ¥wll test speufi¢ initiatives focused on the findings of the barrie
lo girls posl complelion of their Skill development initiatives to secure a job. start a business or
secure admission tor higher ethcalion in the chosen field .
Organlsatlon: Minga Peru
Country: Penj
Minga Peru have worked alongside medical pro1esstcrf￿1S and mental health volunteers lo ￿COrd
episodes of the '8ienvenida Salud. radio program in Spanish and native languages. Episodes
have been broadcast lo isolated Amazonian regions and over 635 adolescent gids have received
ent￿Preneur$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 quIc￿Y at limes of natural disaster lo prevent instances ol
serious child ham. The project tilled 'Our Systems. Our child￿n, builds a child protection
system in Wesl Bengal by CO￿rdinating 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 pedagog￿1 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: C0￿mbia
Baylor Colombia's Allme￿aMb1Q 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 Irf￿hanging 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 ente￿rise.
Further analysis of Foundation's grant maknng adivity is prowded In note 5 to the Flnanclal
ststen￿l

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 Un￿alISe(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 St￿sSed 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 conSiderat￿nS, there is aLw no change. Tn￿teeS 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 inVo￿eS the production. assembly. direct sale. distribution, operation. or rna￿811ng 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. bu￿ng 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 ant￿pale 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 Tft￿tees 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 a￿ordanCe 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. u￿￿Matety. 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 a￿JIt 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 in1om￿tIOn 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 s￿h 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 responSi￿e 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 eX￿dIture. for the
year then ended:
have beerb properly prepared in accordance with UK a¢COUntillg standar"ds, in¢luding FRS 102 Tlie
Fil￿ne1￿1 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 Sthftda￿S 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 b￿lS 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 co￿lUded 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 b￿d 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 in1ss￿le1•le￿I 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 pr￿d￿r¢S io add￿5 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(Kedu￿s 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 eff￿1 on amounts or dis¢105ures in the fina￿la1 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 Tn￿tte$ 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 pr*x¢dures are designed tts detect ma*rial 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 inforn￿tIon 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 comp￿leS 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 accordw￿e with ISAS (UK) will always delect a m￿erial 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 2￿6. (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 DeceM1￿r 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 re￿gniSed 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 prin￿paI and emerging risks fa¢ing the Foundalion including the impact ot
¢urrenl global affairs and their effect on glob￿ mart(els and potent￿1 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$). wh￿h is the
Foundation's functional ¢urren¢y. All infomiation presented in US Dollar has been rounded to
the nearest thousand. eX￿p1 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. FO￿ign 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 resOU￿e5
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 InCI￿led 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 IC￿SeS
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 be￿een 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 in￿rred. 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 ReSou￿e$ expended
Expenditure is ￿Cognised on an a¢cruats basis as liabilities are incu￿ed. Expendilure inC￿deS
any VAT which cannot be fulty reCove￿d. whlch is reported as part of the expendilure to which il
relates.
Charitable expendilure wnprtses those costs incurred by the FO￿datiOn 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 cOVe￿d 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¢ I￿g teFrn. inten￿1ve 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 pU￿0$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. educat￿al 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 eXp￿di￿re
(119)
{51)
With effect from March 2022, the Foundation hiled a sole employee whose ¢m￿oYee 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 co￿￿rate
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 [r￿me 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 te￿nS 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 ￿1mbu￿emenff0rfraVel 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 ￿r￿nt 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 coty￿any 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