2024-06-30-accounts

(A company limited by guarantee)

Annual Report and Financial Statements

For the Year Ended 30 June 2024

Charity Number: 1122351 Company Number: 06444943

Contents

Reference and Administrative Information ............................................................... 2 Report of the Trustees for the year ended 30 June 2024 ......................................... 3 Statement of Financial Activities ............................................................................ 16 Balance Sheet ........................................................................................................ 17 Statement of Cash Flows ....................................................................................... 18 Notes to the Financial Statements ......................................................................... 19

Reference and Administrative Information

Charity Name

Charity Name The Ashmore Foundation Charity registration number 1122351

Company registration number

06444943

Registered Office

5[th] Floor, 61 Aldwych, London, WC2B 4AE

Trustees

Matthew Hill (Chair of Trustees) Alyssa Nolan James Carleton Mark Coombs Jonathan Shingler Jennifer Johan Bingham Oscar Ardila Espindola (resigned 13 April 2024) Patrick Cadell (resigned 03 December 2023) Rebecca Embry (resigned 24 May 2024) Lydia Jessica Toisuta (resigned 14 April 2024) Cemil Urganci (resigned 01 December 2023) Seki Mutukwa (appointed 24 May 2024) Carolina Arias Polo (appointed 01 December 2023) Dhiren Shah (appointed 01 December 2023)

Executive Director

Esther Arthur

Company Secretary Esther Arthur

Auditor

Ernst & Young, 25 Churchill Place, Canary Wharf, London E14 5EY, United Kingdom

Banker

Barclays Bank plc, 1 Churchill Place, London, E14 5HP

Solicitor

Withers LLP, 16 Old Bailey, London, EC4M 7EG

Investment Custodian

Northern Trust, 50 Bank St, Canary Wharf, London E14 5NT

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Report of the Trustees for the year ended 30 June 2024

The Trustees present the annual report and financial statements of The Ashmore Foundation (the “Foundation”) for the 12 months period ended 30 June 2024. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Foundation’s governing documents, the Companies Act 2006, the Charities Act 2011, and the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard 102 applicable in the UK and Republic of Ireland (FRS 102).

Objectives and activities

The objectives of the Foundation, as set out in the Foundation’s articles of association are exclusively charitable purposes and are determined by the Trustees of the Foundation in their absolute discretion. The Trustees confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing the Trust’s aims and objectives, in planning future activities, and setting the grant making policy.

The Foundation was established using an initial gift received from the Emerging Market asset manager Ashmore Group plc (“Ashmore”), 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 objectives.

The Foundation furthers its charitable purposes through its grant making policy, which focuses on the provision of grants and social impact initiatives in Emerging Market countries, defined by the OECD as any low or middle-income country.

The Foundation works to address inequality and social injustice by enhancing the capabilities, resources and opportunities of disadvantaged communities, primarily in the locations within which Ashmore operates and invests. An Emerging Market focus:

• reflects a desire to give back to the countries and communities that have contributed to Ashmore’s profitability, particularly through the enhancement of skills and resources for disadvantaged and low income groups;

• allows for increased leverage of the skills, knowledge, expertise and network of Ashmore employees to deliver the social impact goals of the Foundation; and

• provides support for a thriving and diverse civil society, essential to democratic development in transitional and emerging nations.

For the Foundation, operating in Emerging Markets poses challenges. Principally, the scale of need versus the resources available, language, distance from local operations, and cultural issues, pose particular challenges in carrying out due diligence and in performing ongoing monitoring of the application of charitable funds. Awareness of these challenges informs the Foundation’s grant strategy.

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Grant making policy

The Foundation has established its grant making policy to achieve its objectives for the public benefit. Its aim is to improve economic opportunities, tackle inequality and promote social injustice for vulnerable and marginalised communities in Emerging Market countries. The Foundation does this by focusing its resources on economic empowerment, equipping communities with the skills and resources required to meet their basic economic needs and supporting charitable partners to effect 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 positive community development.

Geographically, grants are awarded to initiatives within Emerging Market countries, with a focus on countries where Ashmore has a presence or invests, and where there is a clearly defined need and a strong civil society. The Foundation strategically reviews and adapts its priority funding geographies to meet these requirements. The priority locations are Colombia, India, Indonesia and Peru.

In the case of natural disasters and humanitarian emergencies, at the discretion of the Trustees, the Foundation may donate to organisations operating outside of Emerging Markets.

The Foundation seeks out organisations that are accountable and that can demonstrate an ability to achieve tangible outcomes in areas of social and economic development. To achieve this, the Foundation provides flexible grant funding, often over a number of years and subject to agreed programme outcomes.

The Foundation continues to establish partnerships with organisations that are meeting a clearly defined social need for disadvantaged and low-income groups. These organisations must be able to demonstrate clarity of purpose, grassroots engagement and empowerment of communities, tangible positive outcomes, cost-effectiveness, accountability and a sustainable approach to the social and economic development of communities. The Foundation will provide project, general/core, overheads, matched funding or other types of grant funding, depending on the needs of the organisation.

The Foundation will not make grants to organisations that:

• Fail to meet eligibility requirements;

• Fail to provide sufficient information to enable adequate assessment;

• Have paid staff related to Ashmore’s employees;

• Personal appeals;

• Organisations that are overtly political or pursue political agenda;

• Organisations that are religious and seek to evangelise or proselytise;

• Animal charities; and,

• Applications for retrospective funding.

Once identified, potential partners undergo a due diligence assessment, which covers governance, accountability, financial management, sustainability, contextual understanding, monitoring and evaluation frameworks, and positive impact and effectiveness. All grantees must adhere to the Conditions of Grants including a requirement for regular reporting.

The ongoing monitoring includes a combination of annual narrative and financial reports, telephone or video conference updates and monitoring visits where possible. The Foundation endeavours to visit each partner and the communities they are working with at least once during

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the life of the partnership. Progress reports are submitted at six monthly intervals and wherever possible grantees are invited to present their work to Ashmore employees at Ashmore’s offices globally.

The total value of grants to be made each year is expected to be a minimum of 50 percent of the Foundation’s donation income.

Achievements and Performance

During the financial period, the Foundation successfully made funding commitments to seven organisations (2023: eight organisations) in accordance with its grant making policy as outlined above. Commitments for 2023/24 totalled $415 thousand (2023: $564 thousand) which include multi-year grant commitments not due for payment until 2026. Since its inception in 2008, the Foundation has committed over $8.0 million to support social causes throughout the Emerging Markets.

Organisation: Lend a Hand India (LAHI) Country: India

LAHI aim to contribute to the acceleration of India’s development through education and skills development. By partnering with grassroots non-profit organisations, community groups and local governments LAHI create better access to education, vocational training, career development, employment and entrepreneurial pathways. The Gender Equity Initiative is a two-part project, firstly conducting a study of the barriers to further employment and high education facing girls who have completed the same skills training as their male counterparts who achieve greater economic outcomes. Secondly, the project will test specific initiatives focused on the findings of the barriers to girls post completion of their skill development initiatives to secure a job, start a business or secure admission for higher education in the chosen field.

Organisation: Minga Peru

Country: Peru

Minga Peru have worked alongside medical professionals and mental health volunteers to record episodes of the ‘Bienvenida Salud’ radio program in Spanish and native languages. Episodes have been broadcast to isolated Amazonian regions and over 635 adolescent girls have received entrepreneurship and business training including the set-up of community gardens using seeds and assistance provided by Minga Peru. In addition, the young women on the programme have received personal development training to become leaders in their communities and reduce the threat of human trafficking and sexual abuse amongst their peers.

Organisation: Aangan Trust

Country: India

Aangan works with stakeholders like schools, local police and village authorities to train community volunteers to respond quickly at times of natural disaster to prevent instances of serious child harm. The project titled “Our Systems, Our Children” builds a child protection system in West Bengal by co-ordinating between Gram Panchayats (Village Councils) and trained Community Safety Groups to create a more resilient response to child protection during times of crisis and emergency.

Organisation: Children Change Colombia

Country: Colombia

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Children Change Colombia is working alongside local partners on the Caribbean Coast of Colombia to deliver a phased program to assess the pedagogical needs of marginalised young people following the closures due to COVID before developing and delivering vocational training courses to improve future employability outcomes.

Organisation: Fundacion Baylor Colombia Country: Colombia

Baylor Colombia’s Alimer Cambio program offers the exchange of recyclables for credits and healthcare, providing vulnerable populations with access to food, personal hygiene products, water and health services at recycling banks in local villages. Users create an account in order to exchange credits for access to services and products, which are otherwise scarce.

Organisation: Her Future Coalition (HFC)

Country: India

HFC works in West Bengal, India, to prevent trafficking and other extreme forms of gender-based violence by providing education, shelter, vocational training and holistic support to survivors and high-risk girls. The project aims to deliver vocational training to 300 women and young girls, improve their financial literacy and provide them with critical life skills.

Organisation: Plant Your Future

Country: Peru

Plant Your Future’s agroforestry model works with farmers to turn degraded farmland into sustainable and productive agriculture, including tree planting for carbon storage. The project which is being delivered in two regions of the Peruvian Amazon, Ucayali and Loreto, has offset Ashmore’s FY 22/23 Scope 1,2 and 3 emissions totalling 1,288 tCO2e in addition to delivering several social and economic outcomes for local communities. This includes 200 smallholder farmers who are receiving technical assistance and capacity building in regenerative agriculture and at least a dozen women who are receiving income and skills training from the development of two native-seed nurseries.

Organisation: World Bicycle Relief

Country: Colombia

World Bicycle Relief empowers people and communities through life-changing bicycles, helping them to conquer the challenges caused by lack of access to mobility solutions. The flagship project in La Guajira, Colombia is called Mobilised Communities and aims to distribute 350 specially designed Buffalo Bicycles, primarily to women and young girls, enabling them to gain independence and access education, healthcare and livelihood opportunities. The project also develops technical capacity within local communities through a bicycle mechanics training programme and a spare parts social enterprise.

Organisation: Common Seas

Country: Indonesia

Lautan Bersama Nusantara Foundation

Lautan Bersama Nusantara Foundation is an Indonesian charity established in October 2020 and supported by Common Seas during its formation. The foundation’s mission is to reduce plastic pollution while creating livelihood opportunities for marginalized women in rural communities in Indonesia. They work to reduce plastic waste by promoting systemic change through education,

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policy advocacy, and innovation. Their initiatives empower local communities, businesses, and governments to adopt more sustainable practices, while supporting waste management improvements.

Further analysis of the Foundation’s grant making activity is provided in note 5 to the Financial Statements.

Financial Review

The Foundation’s work is reliant on income from Ashmore and its employees and investment returns from its reserves.

Voluntary donation income for 2023/24 was $876 thousand (2023: $937 thousand). This was derived from Ashmore Group plc’s profit before tax donation of up to 0.5%, Ashmore employee bonus waivers and direct donations to the Foundation via the payroll giving scheme and fundraising activities.

The Foundation’s reserves are invested with the aim of incrementally growing the capital value of funds over an investment cycle. Investment income during the year amounted to $364 thousand (2023: $272 thousand) driven by interest income, corporate debt, fixed income and equity funds. Realised and unrealised investment gains for the year were $319 thousand (2023: $203 thousand gain). This was driven by gains on bonds, money market and equity funds during the year.

Expenses to support charitable activities (excluding grant making) amounted to $125 thousand (2023: $119 thousand).

The Foundation’s grant making activity for the year amounted to $415 thousand (2023: $564 thousand). The decrease relates to fewer commitments approved by the Trustees during the year. Further details are provided in “Achievements and Performance” and in note 4 to the Financial Statements.

Reserves amounted to $11.9 million as at 30 June 2024 (30 June 2023: $10.9 million), the increase was driven by income from donations and net realised and unrealised investment gains (30 June 2023: net realised and unrealised investment losses) in the year.

Public Benefit

The Trustees confirm that during the year ended 30 June 2024 they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.

Going Concern Disclosure

The Trustees have considered the resilience of the Foundation, taking into account its current financial position, and the principal and emerging risks facing the Foundation including the impact of current global affairs and their effect on global markets and potential implications on the Foundations financial resources. The Trustees have reviewed a going concern assessment, by applying a stressed scenario, including severe but plausible downside assumptions, and the impact on its investments and unrestricted financial resources alongside known grant commitments for a period of 12 months from the date of approval of these financial statements. While there are significant wider market uncertainties that may impact the Foundation, the stressed scenario shows that the Foundation would continue to have sufficient financial resources

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to meet its liabilities as they fall due for a period of at least 12 months from the date of the release of this report. The financial statements have therefore been prepared on a going concern basis.

Reserves and Investment Policy

There has been no change to the trustees December 2021 decision to let Ashmore contributions be the main driver of growth for the reserves, and the investment committee (“IC”) is to target a three-year annualised return of 3%.

In terms of ethical considerations, there is also no change. Trustees reserve the right to exclude investments in any companies that directly undermine or contravene the organisation’s charitable objectives. Direct investments into any company or entity whose core business activity involves the production, assembly, direct sale, distribution, operation, or marketing of alcohol, tobacco, adult entertainment, weapons and gambling should be avoided.

The portfolio nominal return for the 12 months period to 30 June 2024 was +7.2%. The financial year started weakly as expectations of the level at which global interest rates would peak, having initially fallen (to the benefit of the fund in 4QFY23), rose once again on the back of a strong US economy and persistent inflation. This sent the portfolio’s bond and equity valuations down, but the high cash position (c. 37%) minimised the capital deterioration.

By October 2023 the inflationary impact of the pandemic and, more recently, the Ukraine war began to slowly subside, and the US economy showed some signs of softening. This was the inflection point on US / global rate expectations resulting in a rally in both bonds and equities, which the IC had added to in September (reducing cash, including the high yielding deposit fund, to c. 28%).

Generally, the portfolio’s investments continued to grind higher from this point onwards and the IC further reduced cash in December 2023. By this point, profits had already been taken in the US equities holdings and replaced with more Emerging Market equity exposure, due to the valuation gap.

In the 4QFY24, the IC again lowered cash to c. 23% using the funds to lock in longer-term yields in UK Gilts. There was an acceleration in returns in this final quarter of the year, taking the Foundation’s portfolio return for the year to June 2024 to +7.2%.

Plans for Future Periods

The Trustees anticipate the continued involvement of the Foundation with charitable organisations in support of their goals, continued opportunities for Ashmore employees to engage and volunteer through Board and Committee membership, connections between grantees and Ashmore employees via the showcasing of grantee work at Ashmore’s offices, and, for direct involvement with grantees of Ashmore offices located in Emerging Markets.

The Foundation plans to maintain, and potentially grow, the level of grants made partnerships across all priority geographies and will continue to identify and engage with suitable charitable partners to deliver its social impact goals.

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Structure, Governance and Management

Governing Document

The Foundation is a charitable company limited by guarantee and constitutes a public benefit entity as defined by FRS 102. It was incorporated as company number 6444943 registered in England on 4 December 2007 and registered as a charity in England and Wales (1122351) on 17 January 2008. The company was established under a Memorandum of Association which set out its objects and powers and it is governed in accordance with its Articles of Association.

Appointment of Trustees

The directors of the Ashmore Foundation are also charity Trustees for the purposes of charity law. Under the requirements of the Articles of Association, the Trustees may appoint a person who is willing to serve, for such term as they see fit, either to fill a vacancy or as an additional trustee. Trustees of the Foundation initially serve a term of up to three consecutive years. The Articles of Association provide for a minimum of two Trustees with no maximum number. A retiring trustee may be reappointed and there is no limit to the number of times a trustee may be reappointed.

Trustee training and induction

Before being formally appointed to the board, new Trustees are invited to observe a board meeting. To ensure that all Trustees have an appropriate understanding of their responsibilities and the current strategic direction, new Trustees are provided with information on the Foundation’s history and strategy, the role and responsibilities of Trustees, the governing documents, key policies and the minutes of recent Board meetings. A series of Learning and Development sessions will continue to be delivered to Trustees to ensure they are informed and have the required skills to able to execute their duties to the Foundation.

Organisation

The board of Trustees administers the Foundation and typically meets on a quarterly basis. Where appropriate, the Foundation establishes smaller committees whose membership is made up of at least one trustee together with Ashmore staff volunteers. There are currently four committees each of which has been delegated authority over a particular area by the Board. The current committees are; Grants and Social Investments, Fundraising, Carbon and Investment Committee.

As at 30 June 2024, the board of Trustees was made up of seven Ashmore employees and one external Trustee, 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 serve.

Trustees delegate day-to-day management to the Executive Director (Esther Arthur, March 2022present), who is appointed on the basis of their knowledge, skills and experience within the social development sector in the Emerging Markets and, where the Executive Director is unavailable, day-to-day management is shared amongst the Trustees and other personnel as required. To facilitate effective operations the Executive Director is responsible for all activities, including all grant related activities and communications with all stakeholders, including Ashmore.

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Related parties

All Trustees give their time voluntarily and do not receive remuneration or other benefits from the Foundation. Trustees are required to disclose any relevant interests and register them with the Executive Director. In accordance with the Foundation’s policy, a trustee must withdraw from decisions in the event a conflict of interest arises.

Risk Management

The board of Trustees identifies the major risks to which the Foundation is exposed and maintains a risk register, which is reviewed and updated annually.

The principal funding source for the Foundation is currently by way of an annual donation contribution made by Ashmore Group plc, equivalent of up to 0.5% of profit before tax.

The principal operational risk lies in awarding grants to organisations that are ineffective use of grants for public benefit. The Trustees are satisfied that adequate systems and procedures are in place to mitigate this exposure.

Due diligence is carried out prior to the approval of any grant, the nature of which is linked to the size of the grant proposed and an assessment of the governance and management, social impact and reputation of the proposed grantee. Ongoing monitoring mechanisms ensure the Executive Director can work with organisations to ensure they are meeting the objectives set out at the beginning of the grants. Ultimately, the Trustees are satisfied that overall, risks to the Foundation are mitigated to an acceptable level.

Auditor

Ernst & Young LLP was appointed as external auditor by the board of Trustees for the audit of the financial statements for the year ended 30 June 2024.

Disclosure of information to auditor

The Trustees who held office at the date of approval of this Trustees’ report confirm that, so far as they are each aware, there is no relevant audit information of which the Foundation’s auditor are unaware, and each trustee has taken the steps that they ought to have taken as trustees to make himself or herself aware of any relevant audit information and to establish that the Foundation’s auditor are aware of that information.

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Statement of Trustees’ responsibilities in respect of the Trustee’s annual report and the financial statements

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law they have are required to prepare the financial statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the excess of income over expenditure for that period. In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• assess the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and

• use the going concern basis of accounting unless they either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charitable company and to prevent and detect fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the Trustees on 20[th] December 2024 and signed on their behalf by:

Matthew Hill Chair of Trustees

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE ASHMORE FOUNDATION

Opinion

We have audited the financial statements of The Ashmore Foundation (“the Charitable Company” for the year ended 30 June 2024 which comprise the Statement of Financial Activities, the Balance Sheet and the Statement of cash flows and the related notes 1 to 13, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 “The Financial Reporting standard applicable in the UK and Republic of Ireland”.

In our opinion the financial statements:

• give a true and fair view of the state of the charitable company’s affairs as at 30 June 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report below. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the trustee’s ability to continue as a going concern.

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Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained in the annual report.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in this report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

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

• the information given in the trustees’ report, prepared for the purpose of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• The trustees’ report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have identified no material misstatements in the directors’ report included within the trustees’ report.

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

• adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemption in preparing the Trustees’ Annual Report.

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Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 12, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that it gives a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

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

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

• We obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and determined that the most significant are the Charity Act 2011, Statement of Recommended Practice (SORP): the Financial Reporting Standard 102 applicable in the UK and Republic of Ireland (FRS 102). We understood how the charitable company is complying with those frameworks by making enquiries of management and reviewing minutes of meetings of the trustees to understand the oversight of those charged with governance.

• We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including how fraud might occur by considering the risk of management override of controls. We considered the controls that the charitable company has established to address risks identified by trustees, or that otherwise seek to prevent, deter or detect fraud and how management and those charged with governance monitor those controls.

• Based on this understanding we designed our audit procedures to identify noncompliance with such laws and regulations. Our procedures involved the review of minutes of meetings of the trustees, making enquiries of management; and performance of journal entry testing based on our risk assessment and understanding of the business, with a focus on nonstandard journals.

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

Use of our report

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

[ ent % Youn WP

Constantinos Pavlou (Senior statutory auditor)

for and on behalf of Ernst & Young LLP

25 Churchill Place Canary Wharf London E14 5EY 20 December 2024

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The Ashmore Foundation

Statement of Financial Activities

(including Income & Expenditure Account) for the year ended 30 June 2024

		Total Funds	Total Funds
	Note	2024	2023
		$000’s	$000’s
Income and endowments from
Donations and legacies	2	876	937
Interest and investment income	3	364	272
Total		1,240	1,209
Expenditure on
Charitable activities	4, 5	(415)	(564)
Support of charitable activities	6	(125)	(119)
Total expenditure		(540)	(683)
Realised and unrealisedgain on investments	7	319	203
Net income/(loss)		1,019	729
Other recognised gains and losses
Foreign currency translation gain		2	9
Net increase in funds		1,021	738
Total funds brought forward		10,923	10,185
Total funds carried forward		11,944	10,923

The Statement of Financial Activities includes all gains and losses in the year.

All income and expenditure are derived from continuing activities.

The notes on pages 19 to 26 form part of these financial statements.

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The Ashmore Foundation Balance Sheet

as at 30 June 2024

	Note	2024	2023
		$000’s	$000’s
Fixed assets
Investments	7	12,095	10,665
Total fixed assets		12,095	10,665
Current assets
Programme related investments	8	-	200
Cash at bank and in hand		285	428
Total current assets		285	628
Current liabilities
Creditors falling due within one year	9	(391)	(323)
Net current assets		**(106) **	305
Total assets less current liabilities		11,989	10,970
Creditors falling due after more than one year	9	(45)	(47)
Total net assets		11,944	10,923
The funds of the Charity
Unrestricted funds		11,944	10,923
Total Charity funds		11,944	10,923

The trustees have prepared the accounts in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011.

The notes on pages 19 to 26 form part of these financial statements.

Approved by the Trustees on December 20[th] and signed on their behalf by:

Matthew Hill Chair of Trustees

Charity number: 1122351

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The Ashmore Foundation Statement of Cash Flows

for the year ended 30 June 2024

	2024	2023
	$000’s	$000’s
Operating activities
Net income for the year	1,019	729
Adjustments for:
Interest and investment income	(364)	(272)
Increase/(decrease) in creditors	66	225
Realised and unrealised gain/(loss) on investments	(319)	(203)
Net cash from/(used in) operating activities	402	479
Investing activities
Dividend and interest received	3	3
Redemption of social investment	200
Proceeds on disposal of investments	-	500
Purchase of investments	(750)	(717)
Net cash from/(used in) investing activities	(547)	(214)
Net increase/(decrease) in cash and cash equivalents	(145)	265
Net cash and cash equivalents at beginning of the period	428	154
Effect of exchange rate translation	2	9
Cash and cash equivalents at end of theperiod	285	428

The notes on pages 19 to 26 form part of these financial statements.

18

Notes forming part of the Financial Statements for the period ended 30 June 2024

1. Accounting Policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements.

(a) Basis of preparation

The Foundation constitutes a public benefit entity as defined by Financial Reporting Standard (FRS 102). The Financial Statements have been prepared under the historical cost convention modified by the fair valuation of investments with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The Financial Statements have been prepared in accordance with the Companies Act 2006, the Charities Act 2011, and the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard 102 applicable in the UK and Republic of Ireland (FRS 102). The accounting policies have been applied consistently throughout the year.

(b) Going Concern

The Trustees have considered the resilience of the Foundation, considering its current financial position, and the principal and emerging risks facing the Foundation including the impact of current global affairs and their effect on global markets and potential implications on the Foundations financial resources. The Trustees have reviewed a going concern assessment, by applying a stressed scenario, including severe but plausible downside assumptions, and the impact on its investments and unrestricted financial resources alongside known grant commitments for a period of 12 months from the date of approval of these financial statements. While there are significant wider market uncertainties that may impact the Foundation, the stressed scenario shows that the Foundation would continue to have sufficient financial resources to meet its liabilities as they fall due for a period of at least 12 months from the date of the release of this report. The financial statements have therefore been prepared on a going concern basis.

(c) Functional and presentation currency

These financial statements are presented in United States Dollar (US$), which is the Foundation’s functional currency. All information presented in US Dollar has been rounded to the nearest thousand, except when otherwise indicated.

(d) Foreign currency translation

Transactions in foreign currencies are translated to the US Dollar at the exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the end of the reporting date are retranslated to the US Dollar at the exchange rate at that date. Nonmonetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the US Dollar at the exchange rate at the date that the fair value was determined.

Non-monetary items in a foreign currency that are measured in terms of historical cost are translated using the exchange rate at the date of the transaction. Foreign currency differences arising on retranslation are recognised in the Statement of Financial Activities within other recognised gains and losses.

19

Notes forming part of the Financial Statements for the period ended 30 June 2024

(e) Incoming resources

All incoming resources are included in the Statement of Financial Activities on a receivable basis in accordance with the SORP. Income is recognised when the Foundation is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

• Voluntary income is received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities when it becomes receivable.

• The value of services provided by volunteers has not been included in these accounts because it cannot be reliably measured

• Investment income, comprising interest and dividends, is included when it becomes receivable.

(f) Cash at bank and in hand

Cash at bank and in hand is held to meet short-term cash commitments as they fall due rather than for investment purposes.

(g) Fixed asset investments

Fixed asset investments are held to generate investment income over time rather than to finance grant making activities. Fixed asset investments include corporate bonds, equity and fixed income funds not held specifically for sale. Fixed asset investments also include cash held from time to time, and money market funds held as part of on-going investment activities to generate investment return and are expected to be held for more than one year from the reporting date.

Corporate bonds, equity and fixed income funds are initially recognised at their transaction value and subsequently measured at fair value as at the Balance Sheet date, using the closing market price or net asset value. Cash and money market investments are measured at amortised cost. The Statement of Financial Activities includes net gains and losses on fixed asset investments, including those resulting from movements in foreign exchange rates.

(h) Realised and unrealised gains and losses

All gains and losses including those resulting from movements in foreign exchange rates are taken to the Statement of Financial Activities as they arise. Realised gains and losses on the disposal of assets are calculated as the difference between the sales proceeds received and the opening carrying value (or the purchase value if acquired subsequent to the first day of the financial year). Unrealised gains and losses on investments are calculated as the difference between the fair value of investments at the year end and their opening carrying value (or their purchase value if acquired subsequent to the first day of the financial year). Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

(i) Liabilities

Liabilities are recognised in the period in which they are incurred, or in the case of grants, in the period in which the grants are awarded by the Trustees. Liabilities 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 the grant is approved by the Trustees.

20

Notes forming part of the Financial Statements for the period ended 30 June 2024

(j) Resources expended

Expenditure is recognised on an accruals basis as liabilities are incurred. Expenditure includes any VAT which cannot be fully recovered, which is reported as part of the expenditure to which it relates .

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

Fundraising expenditure includes costs incurred in the organisation and running of fundraising events including Ashmore Challenge events.

No costs are recharged to the Foundation by Ashmore Group plc for the use of its premises or office supplies. These amounts are not material and have not been disclosed.

(k) Taxation

The Foundation is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and as such, it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, as a charity, the Foundation is exempt from tax in respect of income or capital gains received within the categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to its charitable objects. No tax charges have arisen in the Foundation.

2. Donations and legacies

2. Donations and legacies
	2024	2023
	$000’s	$000’s
Income from donations	876	925
Ashmore matchingdonations	-	12
Total donations and legacies	876	937
3. Income from investments
	2024	2023
	$000’s	$000’s
Interest and investment income	364	272
Total income from investments	364	272

3. Income from investments

21

Notes forming part of the Financial Statements for the period ended 30 June 2024

4. Charitable activities - Details of Partnership Grantees

Aangan Trust (India) – Aangan Trust works to strengthen India’s child protection systems so that even the most vulnerable children can have a safe childhood.

www.aanganindia.org

Lend a Hand India (India) – Lend a Hand India creates employment and entrepreneurship opportunities for India’s rural youth by providing practical and relevant education including; job/life skills training, aptitude testing, career counselling, and bridge loans for micro-enterprises.

www.lend-a-hand-india.org

Minga Peru (Peru) – Minga Peru is a non-profit organization promoting sustainable change for indigenous women and their communities throughout the Peruvian Amazon. They strengthen leaders, organizations, and social networks representing the most marginalized communities to collaboratively build social justice with gender equity, environmental stewardship and cultural identity.

www.mingaperu.org

Children Change Colombia – Children Change Colombia worked alongside local partner ACJ in Bogotá to remotely support children at increased risk of exposure to commercial sex work. Food and care packages were distributed to locals, many of whom had lost incomes. ACJ also worked to respond to an increase in cases of gender-based violence.

https://childrenchangecolombia.org

Fundación Baylor Colombia – Fundación Baylor Colombia focuses its efforts on the Indigenous Health & Self-Sufficiency Program, known as SAIL (Salud y Autosuficiencia Indígena). The program works in partnership with the existing health system in La Guajira and aims to provide integrated solutions driven by the local community and focused on five objectives: access, capacity, surveillance, prevention and partnership.

https://fundacionbaylorcolombia.org

Her Future Coalition (HFC) – HFC is working to ensure that survivors of trafficking and other forms of gender-based violence, and girls at high risk, have what they need to remain free, safe and independent. Our goal is to provide long term, intensive programs which address root causes and systemic injustice.

https://herfuturecoalition.org

World Bicycle Relief – World Bicycle Relief is a catalyst for change, partnering with people in rural communities around the globe to realize their goals by expanding opportunities to access education, markets, health facilities and vital services with the tool they need to thrive. Equipped with a purpose-designed Buffalo Bicycle from World Bicycle Relief, students, health workers and entrepreneurs in low-income regions create opportunities for themselves, their families and entire communities.

https://worldbicyclerelief.org

22

Notes forming part of the Financial Statements for the period ended 30 June 2024

Lautan Bersama Nusantara Foundation - Lautan Bersama Nusantara Foundation is an Indonesian charity established in October 2020 and supported by Common Seas during its formation. The foundation’s mission is to reduce plastic pollution while creating livelihood opportunities for marginalized women in rural communities in Indonesia. They work to reduce plastic waste by promoting systemic change through education, policy advocacy, and innovation. Their initiatives empower local communities, businesses, and governments to adopt more sustainable practices, while supporting waste management improvements.

Plant Your Future (PYF) – PYF empowers farmers in the Peruvian Amazon to break the cycle of poverty and navigate the path back to sustainable farming. They’re doing this by introducing an ‘agroforestry system’ into a combination of growing both long-term (trees) and short-term (crops) produce. With support from PFY, farmers can better access formal markets to achieve fairer prices through the sale of high-quality fruits.

https://www.plantyourfuture.org.uk

23

Notes forming part of the Financial Statements for the period ended 30 June 2024

5. Charitable activities - summary of grant making activity

2023/24 Grants	Opening commitments	New commitments	Cash paid	FX	Closing commitments
	$000’s	$000’s	$000’s	$000’s	$000’s
Aangan Trust	25	100	(50)	-	75
Children Change Colombia	26	38	(39)	-	25
Common Seas	0	50	(45)	-	5
Her Future Coalition	25	50	(51)	-	24
Lend a Hand	14	5	(14)	-	5
Minga Peru	5	166	(48)	-	123
Fundación Baylor Colombia	7	-	(7)	-	-
Plant Your Future	81	-	(34)	-	47
Plant Your Future VERPA	117	-	-	-	117
World Bicycle Relief	24	6	(30)	-	-
Total	324	415	(318)	-	421

6. Support of charitable activities expenditure

	2024	2023
	$000’s	$000’s
Staff costs	(81)	(72)
Audit	(10)	(10)
Fundraising	(34)	(22)
Other	-	(15)
Total expenditure	(125)	(119)

Expenditure in support of charitable activities increased compared to the prior year due to an increase in staff costs by $9 thousand (2023: $72 thousand) and costs of fundraising from the Global Challenge events by $12 thousand (2023: $22 thousand) offset by a reduction in other costs by $15 thousand (2023: $15 thousand). Audit costs remained in line with the prior year $10 thousand (2023: $10 thousand).

24

Notes forming part of the Financial Statements for the period ended 30 June 2024

7. Investments

				Equity and
		Money	Corporate	Fixed Income
Fair Value / Amortised Cost	Cash	Market	Bonds	Funds	Total
$000’s
Balance as at 30 June 2022	1,706	-	1,038	7,232	9,976
Purchases / Contributions	1,094	1,430	-	1,266	3,790
Sales / Withdrawals	(500)	-	-	(2,804)	(3,304)
Realised gain or losses	67	-	-	49	116
Unrealisedgain/(loss)	7	38	(34)	76	87
Balance as at 30 June 2023	2,374	1,468	1,004	5,819	10,665
Purchases / Contributions	750	-	1,192	1,371	3,313
Sales / Withdrawals	(1,844)	-	-	(364)	(2,208)
Realised gain or losses	(4)	-	-	46	42
Unrealisedgain/(loss)	18	82	64	120	284
Balance as at 30 June 2024	**1,294 **	1,550	2,260	**6,992 **	12,095

Investments held as at 30 June 2024 comprise cash deposits, money market, corporate bonds, equity and fixed income funds.

Investments are held with counterparties rated at least BBB.

Cash and money market investments are measured at amortised cost and, as at 30 June 2024. The Foundation does not expect to incur any credit losses and has not recognised any credit losses in the current year.

Equity and fixed income fund investments are in securities that are listed / traded daily and are measured at fair value.

8. Programme related investments

	2024	2023
	$000’s	$000’s
Market value at 1 July	200	200
Additions	-	-
Interest income	3	3
Payments received	(3)	(3)
Foreign exchange translation	-	-
Repayment	(200)	-
Market value at 30 June	-	200

As at 30 June 2024 there were no programme related investments (30 June 2023: one programme related investment). In the year a short-term loan to a non-profit organisation was repaid in full. The loan was provided on concessionary interest terms and with a fixed maturity date ending on 1 July 2023.

25

Notes forming part of the Financial Statements for the period ended 30 June 2024

9. Creditors

	2024	2023
	$000’s	$000’s
Creditors: amounts falling due within one year
Grants approved but not yet made	(375)	(277)
Accruals	(16)	(46)
	(391)	(323)
Creditors: amounts falling due after one year
Grants approved but notyet made	(45)	(47)
Total creditors	(436)	(370)

All creditors in 2023/24 related to unrestricted funds (2022/3: unrestricted funds).

10. Trustee and Directors’ Remuneration

No trustee received any remuneration or had expenses reimbursed during the year for services performed for the Foundation (2023: nil). No trustee received reimbursement for travel or accommodation expenses during the year (2023: nil). The trustees were covered by trustee indemnity insurance during the accounting period to June 2024 (period to June 23: covered). The Foundation employed one sole Director in the period to 30 June 2024. The Director received total remuneration for the year of $78 thousand (2023: $74 thousand) in the form of salaries and pension.

11. Volunteers

Where appropriate, the Foundation establishes small committees whose membership is made up of at least one trustee together with Ashmore staff volunteers. During the current accounting period there were three committees each of which were delegated authority over a particular area by the Board. The committees were: Grants, Fundraising, Carbon and Investments.

Volunteers donate their time and expertise to further the objectives of the Foundation. They may be involved in fund raising activities, reviewing potential grantees including carrying out due diligence, communicating the objectives of the Foundation and information about the work that it carries out, or they may lend their legal, financial or other expertise on an ad hoc basis.

12. Related Party Transactions

The Foundation is an independent charitable company set up by Ashmore and is funded by donations made up by both Ashmore and its employees. During the year Ashmore donated $0.7 million (2023: $0.7 million) to the Foundation. As at 30 June 2024, the Foundation’s Board of Trustees comprised of eight trustees, seven of whom are employed by Ashmore and one trustee external (see 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 transaction entered by the Foundation during the year (2023: none).

13. Subsequent Events

There are no subsequent events after the reporting date that require disclosure.

26