## **PEPAL FOUNDATION** 

## **(A company limited by guarantee)** 

## **TRUSTEES’ REPORT AND FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED 31 DECEMBER 2024** 

**Registered number: 06949484** 

**Charity number: 1137688** 

## **www.pepal.org** 



**CONTENTS** 

||**Page**|
|---|---|
|**Reference and administrative details of the charity, its trustees and advisers**|**2**|
|**Trustees’ report**|**3**|
|**Independent examiner’s report**|**10**|
|**Consolidated statement of financial activities**|**12**|
|**Consolidated and charity balance sheet**|**13**|
|**Consolidated cash flow statement**|**14**|
|**Notes to the financial statements**|**15**|





**TRUSTEES’ REPORT - PEPAL FOUNDATION FOR THE YEAR ENDED 31ST DECEMBER 2024** 

## **Directors and trustees** 

Vikas Karlekar Dr. Andriy Klepikov Tammy Lowry (resigned 31 March 2025) Edward Marsh Julie Saunders 

## **Board advisor** 

Dr. Ritah Waddimba Nakigudde 

**Executive Director** (who is neither a member of the company nor a trustee) Philip Krinks 

## **Name of the Charity** 

The name of the charity is Pepal Foundation. The use of the word ‘Pepal’ is used as a collective term to describe the Pepal Foundation and member group companies. 

|**Company registered number:**|06949484||
|---|---|---|
|**Charity registered number:**|1137688||
|**Independent Examiners:**|James Peach|Kreston Reeves LLP|
|||2ndFloor, 168 Shoreditch High Street,|
|||London, E1 6RA|
|**Bankers:**|Barclays Plc|Leicester LE87 2BB|
||Moneycorp|Zig Zag Building, 5thFloor, 70 Victoria Street,|
|||London SW1E 6SQ|
||Absa Bank Uganda|Plot 2/4 Hannington Road, Kampala, Uganda|
|**Solicitors:**|Russell-Cooke|2 Putney Hill, London, SW15 6AB5|
|**Registered Office:**|167-169 Great Portland Street|167-169 Great Portland Street|
||Fifth Floor||
||London||
||W1W 5PF||



2 



**TRUSTEES’ REPORT - PEPAL FOUNDATION FOR THE YEAR ENDED 31ST DECEMBER 2024** 

## **1. Introduction** 

The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the financial statements of Pepal Foundation (the charity and the group) for the year ended 31 December 2024. The Trustees confirm that the annual report and financial statements of the charity and the group comply with the current statutory requirements, the requirements of the charity and the group's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), effective 1 January 2019. 

The Pepal group was set up with the support of Foundation Hoffmann to connect businesses and Non-Governmental Organisations (NGOs) to achieve effective and sustainable social change in the developing world through a focus on leadership and innovation. Originally an initiative of the registered charity, the International HIV/AIDS Alliance, Pepal became an independent group in July 2009. 

- **Pepal’s vision** is a world in which inspired leaders from business, NGOs, and government work together to solve big social issues. 

- **Pepal’s mission** is to develop leaders to drive social change. 

The Pepal group comprises Pepal Foundation, a company limited by guarantee which received its charity registration on 31 August 2010, and its wholly owned trading subsidiary, Pepal Limited, a company limited by shares. 

**Pepal Foundation** is a grant making body that raises funds from institutional and other donors to achieve its charitable objects, which are to: 

- Advance health throughout the developing and emerging world; and 

- Relieve poverty and other charitable needs within the developing and emerging world; and 

- Advance any other purpose which is charitable according to the law of England and Wales. 

In the year up to 31 December 2024, **Pepal Foundation** has provided grants to Pepal’s NGO partners and supported the delivery of the charitable Pepal leadership programmes and the testing of low resource, high impact innovations. 

**Pepal Limited** is a for-profit entity which designs and implements the Pepal leadership programmes, and supports the implementation of Pepal’s activities. 

Since the charity qualifies as ‘small’ under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required. 

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**TRUSTEES’ REPORT - PEPAL FOUNDATION FOR THE YEAR ENDED 31ST DECEMBER 2024** 

## **2. Activities, Achievements and Performance** 

## ~~Lo~~ **Charitable Objectives** 

In setting objectives and planning activities, the trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit. The trustees always ensure that the programmes and activities undertaken are in line with Pepal’s charitable objectives and aims. 

Pepal delivers its charitable objectives by: 

- Connecting businesses, NGOs and government to work on projects in low resource countries, which have a scalable and sustainable social impact. 

- Providing capacity building leadership programmes to leaders from NGOs, civil society and the government in low resource countries. 

- Supporting the generation and testing of innovation ideas coming from the Pepal leadership programmes. 

- Providing grants to Pepal’s partner NGOs to implement charitable activities. 

During 2024, Pepal’s charitable objectives were delivered by staff who were employed by both Pepal Limited and Pepal Foundation. The Executive Director is an employee of Pepal Foundation and Pepal Limited and a company director of Pepal Limited. The Executive Director is not a trustee nor member of Pepal Foundation.  During 2024, Pepal had four staff. 

## **Current Pepal Programmes** ~~[~~ 

Pepal believes that we will only find long term solutions to some of the most pressing and challenging issues in the Global South if the public, private, and charity sectors work together towards a common purpose. Pepal was created in 2009 to do this by bringing together global corporations, NGOs and governments to find practical solutions to big social issues. Our innovative programmes create immediate and scalable solutions and develop leaders who are capable of driving change, both in our programmes, and throughout their future careers. 

During 2024 we reached 100 (2023: 165) corporate and national leaders through 3 (2023: 5) leadership programmes, and we developed and tested 15 innovations (2023: 21). 

## _**Krishi Tarang: Leadership and Agricultural Livelihoods in India**_ 

The Krishi Tarang programme aims to improve livelihoods and life chances for young people from agricultural communities in the highly populated state of Uttar Pradesh, India. We achieve this by developing the capacity of leaders and testing small scale innovations with the potential for local ownership. Krishi Tarang is a partnership between Pepal, Nestlé S.A., Progressive Foundation, other NGOs including Medha, Safe Society, Educate Girls, Shramik Bharti and Trust Community Livelihoods and the Indian agritech platform Gramik. In 2024, we delivered the two cohorts with project activities in rural districts of Uttar Pradesh, including Raebareili, Kanpur and Barabanki. 

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**TRUSTEES’ REPORT - PEPAL FOUNDATION FOR THE YEAR ENDED 31ST DECEMBER 2024** 

Agriculture is the primary source of livelihood for nearly 60% of the population in Uttar Pradesh, yet it remains one of the least profitable sectors. Small and marginal farmers, who make up over 80% of the farming community, are often cultivating small plots of two hectares or less. With low yields, high input costs, and limited access to markets, many are trapped in cycles of debt and poverty. This makes agriculture a subsistence activity, rather than a reliable source of income. 

Despite its status as India’s second-largest state economy, Uttar Pradesh’s agricultural sector faces systemic challenges that limit income generation. Irrigation coverage is uneven, with many farmers dependent on erratic rainfall. Access to quality seeds, fertilizers, and mechanisation is limited, particularly for smallholders. Farmers often sell their produce at distress prices to middlemen, losing potential earnings. Rural infrastructure such as roads, cold chains, and processing units is insufficient, preventing value addition that could boost incomes. Limited access to formal credit and crop insurance further exposes farmers to financial risk. 

Leadership and social impact are the main pillars of the Krishi Tarang programme. In two cohorts in 2024 Krishi Tarang has developed 78 leaders: 36 Nestlé leaders from around the world and 42 leaders from the state of Uttar Pradesh. Twelve teams tested innovative projects reaching 1,392 farmers in 40 villages, where 52 farmers became locally employed, 13 started new small businesses, 361 farmers adopted new methods of farming such as sustainable farming and multi-layer farming which increased their income on average by 30%. 

## _**NJIA / iNJIA: Leadership and Cervical Cancer: Tanzania, India and Uganda**_ 

The NJIA programme, and iNJIA - the online version - aims to save lives by improving awareness of, and access to, cervical cancer prevention services for women in Tanzania, Uganda and India.  We achieve this by developing the capacity of leaders, testing small scale innovations with the potential for scale and advocating for improved services. NJIA is a partnership between Pepal, F. Hoffmann-La Roche AG (Roche), the Governments of India, Uganda and Tanzania and several international NGOs including ICAP and MDH in Tanzania, Progressive Foundation and JHPIEGO in India and Baylor College of Medicine Children’s Foundation Uganda (Baylor-Uganda) in Uganda. In 2024, we delivered the final iNJIA leadership programme with project activities in the remote Kagera Region of North-West Tanzania. Previous programmes also worked in the Pwani region of Tanzania outside Dar Es Salaam, Uttar Pradesh state in India and in Rwenzori, Bunyoro and Eastern regions in Uganda. 

Cervical cancer is a 93% preventable disease and is caused by the Human Papilloma Virus (HPV), the most common sexually transmitted infection. Cervical cancer primarily affects women in their childbearing years leading to significant losses for communities and families. Low-cost screening, treatment and vaccination can be delivered by primary health care facilities, and this saves lives and is available in all the regions in which NJIA operates. 

Cervical cancer is the most common cancer among women in Tanzania, and the leading cause of cancer related mortality among women aged between 15 and 49. Each year about 7,300 new cases of cervical cancer are diagnosed in Tanzania: one of the highest incidences in Africa. In Uganda, 40 percent of all cancers are attributed to cervical cancer. India also has a very high burden; one woman dies of Cervical Cancer every 6 minutes.  India, due to its large population, has the highest number 

5 



**TRUSTEES’ REPORT - PEPAL FOUNDATION FOR THE YEAR ENDED 31ST DECEMBER 2024** 

of cervical cancer cases globally, and in the areas where NJIA operates there are two million women in need of screening. In all the regions NJIA operates, the potential for impact is significant. 

The NJIA programme started in 2015, and ended in 2024, by which time we had created over 717 (2023: 695) NJIA leaders from Tanzania, India and Uganda, the overwhelming majority of whom say they have made profound changes to their leadership style and that they would recommend NJIA to a colleague. 

Furthermore, strengthening the cervical cancer ecosystem has always been a pillar of the NJIA programme across all the countries we operate in. With 3 innovations addressing challenges on both the prevention and treatment sides of care in this final programme, NJIA leaders in Tanzania ~~,~~ screened over 1,300 women, administered 3,526 HPV vaccinations to young girls and treated over 68 women who tested positive for early lesions. 

**3. Financial Review and Results** 

## **Results** ~~Lo~~ 

Overall, the group made an operating surplus of £10,109 in 2024 compared to a surplus of £6,714 in 2023. The surplus on restricted funds was £13,758 with unrestricted fund balances reducing by £3,649.  Grant income of £15,482 was received during 2024 which will mostly be expended during 2025. 

## **Income** ~~eT~~ 

During 2024, the group continued to generate income from a mix of sources including: 

- Unrestricted fee income, via Pepal Limited, from companies for participation on Pepal’s leadership programmes. This fee income was used to cover the costs of NGO and health care worker participation on the leadership programmes and provide core funds to the group. 

- Unrestricted fee income, via Pepal Limited, from companies for the design of the leadership programmes which combine leadership training with social impact. 

- Restricted income for onward granting to Pepal’s partner NGOs to support project activities. 

In total, the group’s income was £299,224 in 2024 compared to £438,720 in 2023. 

## **Expenditure** ~~Lo~~ 

Expenditure totalled £289,115 during the year (2023: £432,006), covering the costs of grants to local implementing partners, salaries, programme development, programme implementation, support and administration costs. 

During the year, the Pepal Foundation made £58,334 (2023: £23,194) of grants to in relation to supporting livelihoods of young people in agriculture, and £28,901 (2023: £69,992) of grants to 

6 



**TRUSTEES’ REPORT - PEPAL FOUNDATION FOR THE YEAR ENDED 31ST DECEMBER 2024** 

support cervical cancer prevention work. Note 6 of the Consolidated Financial Statements provides more information on the grants made by the group. 

## ~~Lo~~ **The Balance Sheet** 

At 31 December 2024, the balance sheet remained healthy with unrestricted reserves of £191,887 (2023: £195,536), sufficient to allow the group to meet its working capital needs. 

Restricted funds totalled £15,482 at 31 December 2024 (2023: £1,724), reflecting small grants from foundations. Trade debtors at year-end were £66,395 (2023: £220,350), representing unrestricted amounts owing from work completed at the end of 2024. 

## **4. Plans for Future Periods** 

During 2024, the Trustees undertook a Strategy Review to reflect on progress over recent years, including the completion of the successful NJIA/iNJIA programme during the year. The Review included input from Pepal’s external stakeholders, including donors, governments, corporates and NGOs. It noted reduced possibilities for corporate programmes, given changes in the needs of our corporate partners and in the environment for international development work. During 2025 it was decided that Pepal would bring the Krishi Tarang programme to completion during the year. 

Looking ahead the Trustees plan to operate at smaller scale, focusing on supporting our existing partner organisation, Pepal Foundation in Tanzania. 

## **5. Going Concern** 

The trustees are confident that with the good level of reserves and good cost control so that the level of expenditure remains appropriate for the level of income, the group has the resources to develop the new phase of work mentioned above. For this reason they continue to adopt the going concern basis in preparing the financial statements 

## **6. Policies and Objectives** 

## **Grant-Making Policies** ~~Lo~~ 

Pepal signs framework agreements with its NGO partners. These outline broad objectives of the partnership. Specific activities are governed by individual contracts. 

Pepal Foundation receives grants for supporting beneficiary activities which it either spends directly on project activities or distributes via project agreements with its NGO partners. 

7 



**TRUSTEES’ REPORT - PEPAL FOUNDATION FOR THE YEAR ENDED 31ST DECEMBER 2024** 

## ~~Lo~~ **Reserves Policies** 

The trustees aim to hold as unrestricted general funds an amount which is equivalent to one third of the unrestricted annual expenditure in order to provide sufficient cash to meet the operational needs of the organisation. Before accepting any restricted grant, which relies on pre-funding activities, the trustees will assess whether the group has sufficient unrestricted general funds to meet operational needs. 

The level of unrestricted general funds was on £191,887 on 31 December 2024 (2023: £195,536) compared to a targeted level of reserves of £95,797 in 2024 and £140,028 in 2023. The targeted level of reserves reduced in 2024 due to the level of activity. The group therefore had, at 31 December 2024, sufficient reserves. 

The trustees continue to closely monitor the cash flow needs of the group. 

## **7. Structure, Governance and Management** 

**Governing Document** 

Pepal Foundation is a company limited by guarantee governed by its Memorandum and Articles of Association dated 1[st] July 2009. It is registered as a charity with the Charity Commission. On 31 December 2024 there were five trustees. 

## ~~LO~~ **Appointment and Induction of Trustees** 

Trustees are appointed by the members as set out in the Memorandum and Articles of Association. The trustees of Pepal Foundation have been selected to bring a range of skills relevant to the charity. Together, the trustees bring skills in grant-making, finance, human resources, international development, and business. 

## **Organisation** ~~eT~~ 

All trustees are members of the Company and the Trustee Board which comprises between three and twelve members. Together, the trustees take overall responsibility for the strategy and finances of the Charity and for ensuring its effective management. The trustees also oversee the performance of the group including Pepal Limited. During the year until 31 December 2024, the trustees of the Charity met regularly. Similarly, the directors of Pepal Limited have met regularly. 

Pepal Foundation and Pepal Limited is managed by the Executive Director and five other staff members. Additionally the work of the group is supported by volunteer workers as well as strategic NGO partners, independent specialists and independent academic faculty. 

## **Related Parties** ~~Lo~~ 

None of the trustees received remuneration for their work as trustees of Pepal Foundation. 

8 



**TRUSTEES’ REPORT - PEPAL FOUNDATION FOR THE YEAR ENDED 31ST DECEMBER 2024** 

## ~~Lo~~ **Pay Policy for Senior Staff** 

The directors consider that the trustees and the senior management team comprise the key management personnel of the charity in charge of directing and controlling, running, and operating the Group on a day to day basis. 

The pay of the Executive Director and other senior staff is reviewed regularly and reflects funds available, past contributions to the organisation, the level of risk that the organisation is exposed to, and market rates. 

## **Risk Management** 

The trustees, together with the directors of Pepal Limited, have identified the risks to which the group is exposed and put in place risk mitigation strategies. During the year, the trustees reviewed the risk management framework and continue to group the risks into five areas: 

- _Financial_ , including fraud, financial monitoring, the availability of appropriate banking facilities, the failure to make the group financially viable and/or short-term cash problems. 

- _Strategic_ , including knowledge management, our ability to grow with a small staff team, overdependence on a small number of key clients and reputational risk. 

- _Governance and compliance_ , including healthcare compliance, overall compliance, GDPR and the effectiveness of our governance structure. 

- _Human resources_ , including staff health and well-being and attracting and retaining key staff. 

- _Security and safeguarding_ , for both participants and staff and including cyber security. 

We continue to place a high emphasis on safeguarding. We have a policy of zero tolerance towards any deliberate harm of others, especially children, by our representatives (whether staff, volunteers, or others). We have safeguarding policies in place and we train our staff and volunteers. We remain committed to transparency around safeguarding issues. In 2024, Pepal didn’t log any safeguarding concerns. No concerns were deemed as ‘serious incidents’ and therefore no reports were made to the Charity Commission. We recognise under-reporting within the sector is a major barrier to tackling sexual exploitation and abuse; we are working with our staff and partners to ensure that all incidences, no matter how minor, are reported. We will continue to monitor, report, and investigate any safeguarding incidents and take action where necessary. 

The trustees, together with the directors of Pepal Limited, regularly refresh risk analysis to assess current risks and to put in place risk mitigation strategies. During 2025, the trustees will continue to monitor the risks to which the group is exposed and to review the Group’s risk management strategies. 

## **8. Trustees Responsibilities in Relation to the Financial Statements** 

The Trustees (who are also directors of Pepal Foundation for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with 

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**TRUSTEES’ REPORT - PEPAL FOUNDATION FOR THE YEAR ENDED 31ST DECEMBER 2024** 

applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

Company and Charity Law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable company and group for that period. 

In preparing these financial statements, the Trustees are required to: 

- Select suitable accounting policies and then apply them consistently; 

- Observe the methods and principles in the Charities SORP; 

- Make judgments and estimates that are reasonable and prudent; and 

- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable group will continue in operation. 

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the Charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

In preparing this report, the Trustees have taken advantage of the small companies’ exemptions provided by section 415A of the Companies Act 2006. 

This report was approved by the Trustees on 26[th] August 2025 

and signed on their behalf, by: 


**----- Start of picture text -----**<br>
)<br>26 August 2025<br>**----- End of picture text -----**<br>


Julie Saunders (Chair of Board) 

10 



**INDEPENDENT EXAMINER’S REPORT – PEPAL FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2024** 

I report to the charity trustees on my examination of the accounts of the company for the year ended 31 December 2024 which are set out on pages 12 to 22. 

## **Responsibilities and basis of report** 

As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). 

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. 

## **Independent examiner's statement** 

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies. 

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 

1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or 

2. the accounts do not accord with those records; or 

3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or 

4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. 

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. 

Signed: Date: 08.09.2025 WL 

James Peach Kreston Reeves LLP Chartered Accountants Second Floor, 168 Shoreditch High Street, London, E1 6RA 

11 



**CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES: PEPAL FOUNDATION (Incorporating income and expenditure account) FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **Registered Number: 06949484; Charity Number: 1137688** 

||||||**1 Jan to**|
|---|---|---|---|---|---|
|||**1 Jan 2024 to 31 Dec 2024**|**1 Jan 2024 to 31 Dec 2024**|**1 Jan 2024 to 31 Dec 2024**|**31 Dec 2023**|
||**Notes**|**Unrestricted**|**Unrestricted**<br>**Restricted**|||
|||**Funds (£)**|**Funds (£)**<br>**Funds (£)**|**Total (£)**|**Total (£)**|
|**Incoming resources**|**2**|||||
|Charitable income||281,808|281,808<br>15,482|297,290|435,583|
|Other income||1,934|1,934<br>0|1,934|3,137|
|**Total Incoming resources**||**283,742**|**283,742**<br>**15,482**|**299,224**|**438,720**|
|**Resources expended**||||||
|Charitable activities|**5, 6, 14**|287,391|287,391<br>1,724|289,115|432,006|
|**Total resources expended**|**5**|**287,391**|**287,391**<br>**1,724**|**289,115**|**432,006**|
|**Net(outgoing)/incoming resources**||**(3,649)**|**(3,649)**<br>**13,758**|**10,109**|**6,714**|
|Net movement in funds||(3,649)|(3,649)<br>13,758|10,109|6,714|
|Total funds brought forward at 31 Dec 2023||195,536|195,536<br>1,724|197,260|190,546|
|**Total funds carried forward at 31 Dec 2024**|**11**|**191,887**|**191,887**<br>**15,482**|**207,369**|**197,260**|



There are no recognised gains or losses other than those disclosed above. 

All of the above results derive from continuing activities and there were no acquisitions in the period. 

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**CONSOLIDATED BALANCE SHEET: PEPAL FOUNDATION AS AT 31 DECEMBER 2024** 

## **Registered Number: 06949484; Charity Number: 1137688** 

||**Notes**|**Group (£)**|**Group (£)**|**Charity (£)**|**Charity (£)**|
|---|---|---|---|---|---|
|||**31/12/24**|**31/12/23**|**31/12/24**|**31/12/23**|
|**Fixed assets**||||||
|Tangible assets|**8**|-|-|-|-|
|Investment in subsidiaries|**13**|-|-|1|1|
|||**-**|**-**|**1**|**1**|
|**Current assets**||||||
|Amount due from subsidiary|**9**|-|-|39,101|44,777|
|Other debtors|**9**|70,025|232,176|3,290|8,720|
|Cash at bank and in hand||177,470|150,801|173,257|149,576|
|||**247,495**|**382,977**|**215,648**|**203,073**|
|**Creditors**||||||
|Amount falling due within 1 year|**10**|22,462|13,698|8,280|5,814|
|Deferred income|**10a**|17,664|172,019|-|-|
|**Net current assets**||**207,369**|**197,260**|**207,368**|**197,259**|
|||||||
|**Total assets less current liabilities**||**207,369**|**197,260**|**207,369**|**197,260**|
|**Funds**||||||
|Unrestricted general funds||191,887|195,536|191,887|195,536|
|Restricted funds||15,482|1,724|15,482|1,724|
|**Total funds**|**11**|**207,369**|**197,260**|**207,369**|**197,260**|



The Trustees consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the period in question in accordance with section 476 of the Act. 

The Trustees acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 December 2024 and of its net incoming resources/resources expended for the year then ended in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to the financial statements so far as applicable to the company. 

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. 

The financial statements were approved by Trustees on 26[th] August 2025 and signed on their behalf, by: 

Julie Saunders (Chair of Board) 

The notes on pages 15 to 22 form part of these financial statements. 

13 



**CONSOLIDATED CASH FLOW: PEPAL FOUNDATION AS AT 31 DECEMBER 2024** 

## **Registered Number: 06949484; Charity Number: 1137688** 

||**Notes**|**For the year ending**|**For the year ending**|
|---|---|---|---|
|||**31 December 2024**|**31 December 2023**|
||**12**|||
|**Cash flow from operating activities (£)**||||
|Net cash provided by operating activities||24,735|5,134|
|**Cash flow from investing activities (£)**||||
|Bank interest||1,934|3,137|
|**Change in cash and cash equivalents for the year (£)**|**Change in cash and cash equivalents for the year (£)**|**26,669**|**8,271**|
|**Cash and cash equivalents brought forward (£)**||150,801|142,530|
|**Cash and cash equivalents carried forward (£)**||**177,470**|**150,801**|



14 



**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: PEPAL FOUNDATION FOR THE YEAR ENDING 31 DECEMBER 2024** 

## **1. Accounting policies** 

The principal accounting policies, all of which have applied consistently throughout the period are set out below. 

## Basis of accounting 

The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard 102 (effective 1 January 2019). The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP), “Accounting and Reporting by Charities”, published in October 2019, Charities Act 2011, applicable accounting standards and Companies Act 2006. 

The Statement of financial activities (SOFA) and Balance Sheet consolidate the financial statements of the company and its subsidiary undertaking. The results of the subsidiary have been consolidated on a line by line basis. 

No separate SOFA has been presented for the company alone as permitted by section 408 of the Companies Act 2006. 

## Public Benefit 

Pepal Foundation meets the definition of a public benefit entity under FRS102. 

## Basis of consolidation 

The financial statements consolidate the accounts of Pepal Foundation and all its subsidiary undertakings ('subsidiaries'). 

The charity has taken advantage of the exemption contained within 408 of the Companies Act 2006 not to present its own Income and expenditure account. 

The income and expenditure account for the period dealt with in the accounts of the charity was a surplus of £10,109. 

## Company status 

Pepal Foundation is a company limited by guarantee registered in England and Wales with registered address 167-169 Great Portland Street, Fifth floor, London, W1W 5PF. The members of the company are the Trustees named on page 2 of this report. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. 

## Fund accounting 

Unrestricted funds are general funds that are available for use at the trustees’ discretion in furtherance of any of the objectives of the charity. 

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors which have been raised by the company for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. 

15 



**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: PEPAL FOUNDATION FOR THE YEAR ENDING 31 DECEMBER 2024** 

## Incoming resources 

Income from charitable activities includes income recognised as earned (as the related goods or services are provided) under contract or where entitlement to grant funding is subject to specific performance conditions.  Grant income included in this category provides funding to support programme activities and is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. 

## Debtors 

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. 

## Deferred Income 

Income received in advance is held in deferred income, either as part of unrestricted or restricted funds, and carried forward to future accounting periods to be recognised in income when measurable stages of work have been completed, approved or certified. Any grants restricted to future accounting periods are deferred and recognised in those accounting periods. 

## Creditors and provisions 

Creditors and provisions are recognised when the charity has a present obligation resulting from a past event that will probably result in the transfer funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at the settlement amount after allowing for any trade discounts. 

## Resources expended 

All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources. 

Governance costs include those incurred in the governance of the charity and are primarily associated with constitutional and statutory requirements of operating the charity. 

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources. 

## Foreign currencies 

Transactions in foreign currencies are recognised at the rate of exchange at the date of the transaction.  Monetary assets and liabilities are translated into sterling at the exchange rate on the balance sheet date.  All exchange differences are recognised through the statement of financial activities.  The charity does not own any non-monetary assets abroad. 

## Taxation 

Irrecoverable VAT is not separately analysed and is charged to the statement of financial activities when the expenditure to which it relates is incurred and is allocated as part of the expenditure to which it relates. 

16 



**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: PEPAL FOUNDATION FOR THE YEAR ENDING 31 DECEMBER 2024** 

The company is a registered charity and is exempt from income tax and corporation tax under s521 of the Income Tax Act 2007 and s466 of the Corporation Tax act 2007. 

## Tangible fixed assets and depreciation 

Tangible assets are stated at cost and depreciated over their useful economic lives at the 33% per annum. All assets with a purchase value above £2,000 are capitalised. 

## Investments 

The investment in the subsidiary is shown at historic cost. 

## Going concern 

The Trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements. 

## Significant judgements and estimates 

No significant judgements have had to be made by management in preparing these financial statements. 

## **2. Income** 

|Group Income (£)||**to 31 Dec 2024**|**to 31 Dec 2023**|
|---|---|---|---|
|Restricted Grant Income|Kahawa Foundation|15,482|11,817|
|_Total Restricted_||_15,482_|_11,817_|
|Programme Income||281,808|423,766|
|Other income||1,934|3,137|
|_Total Unrestricted_||_283,742_|_426,903_|
|||**299,244**|**438,720**|
|Charity Income (£)||**to 31 Dec 2024**|**to 31 Dec 2023**|
|Restricted Grant Income|Kahawa Foundation|15,482|11,817|
||From Pepal Limited|58,625|71,362|
|_Total Restricted_||_74,107_|_83,179_|
|Gift Aid Income from subsidiary||97,319|168,271|
|Other income||2,295|2,916|
|||**173,721**|**254,636**|



100% (2023: 99%) of the income of the group derives from outside the UK. 

17 



**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: PEPAL FOUNDATION FOR THE YEAR ENDING 31 DECEMBER 2024** 

## **3. Surplus of resources for the year** 

Excess of expenditure over income in the group is stated after charging: 

||**to 31 Dec 2024**|**to 31 Dec 2024**|**to 31 Dec 2024**|**to 31 Dec 2023**|
|---|---|---|---|---|
|Independent Examiners Fees (£)|||4,035|4,035|



The group surplus for the period was £10,109 (2023: £6,714) 

## **4. Employees** 

|**4. Employees**|||
|---|---|---|
||**to 31 Dec 2024**|**to 31 Dec 2023**|
|_Total Staff Costs_|||
|Wages and salaries (£)|143,465|186,357|
|Employers National Insurance (£)|3,892|6,665|
|Employers Pension (£)|1,771|2,996|
|**Total**|**149,128**|**196,018**|
|Average number of employees (Pepal Ltd & Pepal Foundation)|**2.4**|**4.1**|
|Directors Emoluments (Pepal Ltd & Pepal Foundation) (£)|**59,869**|**52,925**|



Key management personnel remuneration in the year was £59,869 (2022: £67,590). 

## **5. Breakdown of cost of charitable activities (£)** 

The trustees consider that the charitable activity of Pepal is the design and delivery of social impact programmes within cross sector partnerships in low resource settings, in collaboration with businesses, NGOs, civil society and governments, including leadership development, the creation of social innovations and scaling for impact. Accordingly all the costs of the group are attributed to this activity. 

||**Restricted**|**Unrestricted Funds**|**Unrestricted Funds**||**Total**|**Total**|
|---|---|---|---|---|---|---|
||**Funds**|**Programmes**|**Governance**|**Total**|**2024**|**2023**|
|Wages and salaries|1,724|142,636|4,768|147,404|196,018|196,018|
|Volunteer expenses|-|-|-|-|7,314|7,314|
|Travel & other staff costs|-|18,173|-|18,173|75,215|75,215|
|Other programme & admin|-|28,048|-|28,048|54,118|54,118|
|Grants to partner organisations|-|87,235|-|87,235|93,185|93,185|
|Governance (exc wages)|-|-|6,531|6,531|6,156|6,156|
|**Total**|**1,724**|**276,092**|**11,299**|**287,391**|**289,115**|**432,006**|



18 



**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: PEPAL FOUNDATION FOR THE YEAR ENDING 31 DECEMBER 2024** 

Support costs are made up of total governance costs, which in 2023 were £9,644 including wages and salaries. In 2023 expenditure from restricted funds was £11,922 and unrestricted funds was £420,084. 

## **6. Grants to Partner Organisations (£)** 

|**6. Grants to Partner Organisations (£)**|||
|---|---|---|
||**2024**|**2023**|
|Pepal Foundation (Tanzania)|28,901|69,992|
|Progressive Foundation (India)|58,334|23,194|
|**Total (£)**|**87,235**|**93,186**|



## **7. Corporation Tax** 

As a registered charity, the company is not liable to corporation tax on its wholly charitable activities. 

## **8. Tangible Fixed Assets** 

The charity and group have no fixed assets. 

## **9. Debtors (£)** 

|||**Group**|**Group**|**Charity**||
|---|---|---|---|---|---|
|||**31 Dec 2024**|**31 Dec 2023**|**31 Dec 2024**|**31 Dec 2023**|
|Trade debtors||66,395|220,350|1,125|459|
|Amounts due from subsidiary||-|-|39,101|44,777|
|Accrued income||-|2,083|-|2,083|
|Prepayments||2,700|4,692|1,350|2,346|
|VAT debtor||115|524|-|-|
|Advances||815|4,527|815|3,832|
|**Total**|**70,025**<br>**232,176**<br>~~a~~|||**42,391**|**53,497 **|



## **10. Liabilities- amounts falling due within 1 year (£)** 

||**Group**||**Charity**||
|---|---|---|---|---|
||**31 Dec 2024**|**31 Dec 2023**|**31 Dec 2024 to 31 Dec 2023**||
|Trade creditors|6,807|5,547|210|(427)|
|Accruals|15,655|8,151|8,070|6,241|
|Deferred income|17,664|172,019|-|-|
|**Total**|**40,126**|**185,717**|**8,280**|**5,814**|



19 



**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: PEPAL FOUNDATION FOR THE YEAR ENDING 31 DECEMBER 2024** 

## **10a. Deferred income (£)** 

|**10a. Deferred income (£)**|||||
|---|---|---|---|---|
||**Group**||**Charity**||
||**1 Jan 24 to**|**1 Jan 23 to**|**1 Jan 24 to**|**1 Jan 23 to**|
||**31 Dec 2024**|**31 Dec 2023**|**31 Dec 2024**|**31 Dec 2023**|
|Balance brought forward|172,019)|37,447)|-|-|
|Resources deferred during the year|17,644)|172,019)|-|-|
|Amounts released from previous|||||
|periods|(172,019)|(37,447)|-|-|
|**Balance carried forward**|**17,644)**|**172,019)**|**-**|**-**|



## **11. Statements of Funds (£)** 

|**Current Year – 2024**|||||||
|---|---|---|---|---|---|---|
|||**Bal b/fwd**|**Income**|**Expenditure**|**Transfers**|**Bal c/fwd**|
|||**(£)**|**(£)**|**(£)**|**between**|**(£)**|
||||||**funds(£)**||
|Unrestricted funds|||||||
||_General Fund_|195,536|283,742|287,391|0|191,887|
|Restricted funds|||||||
||_Kahawa Foundation_|0|15,482|0|0|15,482|
||_Private donations_|1,724|0|1,724|0|0|
|||**197,260**|**299,224**|**289,115**|**0**|**207,369**|



2024 restricted funds represent funds received from the Kahawa Foundation via the Silicon Valley Community Fund to support our cervical cancer prevention programme in Tanzania. 

## **Previous Year - 2023** 

||**Bal b/fwd**|**Income**|**Expenditure**|**Transfers**|**Bal c/fwd**|
|---|---|---|---|---|---|
||**(£)**|**(£)**|**(£)**|**between**|**(£)**|
|||||**funds(£)**||
|Unrestricted funds||||||
|_General Fund_|168,717|426,903|400,084|-|195,536|
|_Designated Business Development Fund_|20,000|-|20,000|-|-|
|Restricted funds||||||
|_Kahawa Foundation_|105|11,817|11,922|-|-|
|_Private donations_|1,724|-|-|-|1,724|
||**190,546**|**438,720**|**432,006**|**-**|**197,260**|
|Unrestricted funds|168,717|426,903|400,084|-|195,536|



20 



**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: PEPAL FOUNDATION FOR THE YEAR ENDING 31 DECEMBER 2024** 

## **12. Reconciliation of net movement in funds to net cash flow from operating activities (£)** 

||**For the year ending**|**For the year ending**|
|---|---|---|
||**31 December 2024**|**31 December 2023**|
|Balance brought forward|150,801|142,530|
|Net income (expenditure) for the year as per SOFA|10,109|6,714|
|Adjustment for:|||
|_Decrease/(increase) in debtors_|_162,151_|_(140,980)_|
|_Increase/(decrease) in creditors_|_8,764_|_7,965_|
|_Increase/(decrease) in deferred income_|_(154,355)_|_134,572_|
|**Net cash provided by operating activities**|26,669|8,271|
|Investment in fixed assets|-|-|
|**Balance carried forward**|**177,470**|**150,801**|



## **13. Investment in subsidiaries** 

The charity, Pepal Foundation (charity number: 1137688) has investments in subsidiaries as follows: 

Pepal Limited (£) **1** 

The investment of £1 represents the whole of the issued share capital, which is made up of £1 ordinary shares of Pepal Ltd, a company incorporated in England and Wales (company number 06950246). 

## **14. Pepal Ltd – Summary profit and loss account (£)** 

|**14. Pepal Ltd – Summary profit and loss account (£)**|||
|---|---|---|
||**1 Jan 2024**|**1 Jan 2023**|
||**to 31 Dec 2024**|**to 31 Dec 2023**|
|_Income_|||
|Programme fee income|282,573|424,446|
|**Total Income**|**282,573**|**424,446**|
|_Expenditure_|||
|Wages and Salaries|92,914|110,112|
|Other staff costs|5,988|23,779|
|Travel and accommodation|14,735|33,973|
|Programme materials and other costs|2,667|6,599|
|Gift Aid donations to Pepal Foundation|97,319|168,271|
|Grants to Pepal Foundation|58,625|71,362|
|Governance including independent examination|3,533|3,669|
|IT and other administrative costs|6,792|6,681|
|**Total Expenditures**|**282,573**|**424,446**|
|**Profit on Ordinary Activities**|**-**|**-**|



21 



**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: PEPAL FOUNDATION FOR THE YEAR ENDING 31 DECEMBER 2024** 

## **15. Trustees and other related parties** 

No non-executive director of Pepal Ltd received emoluments (2023 £nil). No trustees received remuneration for their role in Pepal Foundation (2023: £nil). No trustees received expenses (2023: £nil). 

The Charity had no related party transactions during the year under review. 

## **16. Company limited by guarantee** 

The charity has no share capital but instead is limited by guarantee, each member being committed to contribute a maximum of £1 in the event of a winding up. 

## **17. Operating leases** 

The group had no annual commitments under non-cancellable operating leases. 

## **18. Analysis of net assets between funds (£)** 

|**Current Year - 2024**|**Unrestricted**|**Restricted**|**Total Funds**|
|---|---|---|---|
||**Funds**|**Funds**||
|Current Assets|232,013|15,482|247,495|
|Creditors falling due within 1 year|(40,126)|0|(40,126)|
|**Total Net Assets**|**191,887**|**15,482**|**207,369**|
|**Previous Year - 2023**|**Unrestricted**|**Restricted**|**Total Funds**|
||**Funds**|**Funds**||
|Current Assets|381,253)|1,724|382,977)|
|Creditors falling due within 1 year|(185,717)|-|(185,717)|
|**Total Net Assets**|**195,536)**|**1,724**|**197,260)**|



22