Girl Effect Annual Report and Financial Statements For the year ended 31st May 2024 1111111 *￿yA1Vll• 2710212025 OMPANIES HOUSE A21 32 Company No. 07516619 Charity No. 1141155 Page 10153 GIRL EFFECT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 Contents Page Reference and Administrative Details Trustees, Report Ilncorporating the Strategic Report) Independent Auditors. Report 21 Statement of Financial Activities 25 Balance Sheet 26 Statement of Cash Flows 28 Notes to the Financial Statements 29 Page 2 of 53 GIRL EFFECT ANNUAL REPORT AMD FINAIICIALSTATEMEMTS FOR THE YEAR ENDED 31 MAY 2024 COMPANY NUMBER: IT151861 Status The organisation is a chariiable company limited by guarantee, incorporated on 3 February 2011. and regislered as a charity on 4 April 2011. Governing Ik)¢ument The company was established under Memorandum and Articles which established the objects and powers of the charitable company, as afflended by Special Resolution on 8 September 2015. Company Number 07516619 Charlty Number 1141155 Registered Offlce 151 Wardourstreet, London, WIF 8WE Operatlng Offic• 151 Wardourstreet. London, WIF8WE Trustee$ Jonathan Newhouse. Chair Jacob Schimmel Ime Archibong Erin Hohlfelder Jorge Casimiro Compony Secretary Tabatha Bruce Chief Executlve Offlcer Jessica Posnerodede Page 3 of 53 GtsRL EFFECT ANNUAL REPORT AND FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MAY 2024 COMPAIIY NUMBER: IY15NI9 Bankers UK Nigeria Indla HSBC 165 Fleet Street London EC24 2DY Stanbic IBTC Bank 39 Aguyi Ironsi Street Maitama Abuja Citi Service, Citibank" 7th Floor, Block B7. Nirlon Knowledge Park Off Western Express Highway, Goregaon East, Mumbai 400 063 Maharashtra, India. Metro Bank One Southampion Row London WCIB SHA Tanzania CRDB Bank PIC Ministers Residence Rd Dar-es-salaam Tanzania. Ethiopl• Zernen Bank S.Co. Main Branch Joseph Tito Street P.O.Box.'1212 P.0 BOX268 0222923026 Malawi Standard Bank Capital City Branch P.0. Box30063 Lilongwe 3 Audltors UK Haysmac LLP Chartered Accountants and Registered Auditors 10 Queen Street Square London EC4R IAG Nigeria Oladimeji Ayoola & Co (Chartered Accountants) Suite CIO. 2nd Floor, Kenuj 02 Mall, Kaura district, Abuja Malawl BDO 6" Floor Unit House Victoria Avenue, PO Box 3038 Blantyre. Malawi Ethiopia TAY Authori2ed Accountants & Auditors P.0. Box 1335 Addis Ababa India MSKA & Associates Chartered Accountant Floor 3. Enterprise Centre Nehru Road. Vile Parle. Mumbai 400099 Tanzania BoO East Africa ill Floor. Wing B Infor Tech Place Mwai Kibaki Road P.O.Box 9912 Dares Salaam, Tanzania Page 4 of 53 GIRL EFFECT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 TRUSTEE¥ REPORTIINCORPORATING THE STrATEGIC REPORT) COMPANY NUMBER: ￿15168?9 The Trustees present their report and the audited financial statements for the year ended 31 May 2024. The financial statements comply with the Charities Act 2011. the Companies Act 2006, the Memorandurn and Articles of Association and Accounting and Reporting by Charities.. Statement of Re¢ommendÈd Practice applicable in the UK and Republic of Ireland IFRS 1021 (Second Edition - effective l January 20191. Obj¢¢tivè$ and Actlvltles Girl Effect is an international. non-prof it organisation that supports adolescent girls and young women to make informed choices, enabling them to take control of their bodies, health, education, and future. Girl Effect collaborates with various stakeholders. including girl researchers, creators. champions, and advisors, alongside technical experts. partners, and government bodies. to inspire girls. co-develop solutions, and connect them to support and services that improve health. education. and livelihoods. Girl Effect's educational content and products integrate the latest thinking from social behaviour chanqe comrnunication ISBCCI, humaF)-centred design IHCDI, gender studies, and behavioural economi¢s. Girl EffÈet operates in both digitally connected and disconnected communities, utilising the best of todals technologies to reach girls wherever they are. Glrl Centred: Girl Effect engages girls at every stage. With their advice and support, Girl Eff ect designs and delivers relevant. culturally responsive, and impactful solutions-centring their voices and needs throughout. Proven Social Bohaviour Change: Girl Effect engages girls and young people through evidence-based social and behavioural change. Olglt81 & Analogue Multlmedla Systems: Girl Effect meets girls where they are today. in the spaces and on the platforms and channels they love and trust. Systems Change: Girl.Effectworks closely with-supply-side-partners and goiierriments to creale sustainable chanqe from individual to policy level. Last year. Girl Effect reached over 45 mllllon people across Africa and Asia, including one million throuqh our Al-enhanced sexual health chatbols. and connected 23 million girls with content that challenges the gender norms that often restrict their ambitions. Girl Effect hos a presence in Ethiopia, India, Kenya. South Africa. Nigeria. and Tanzania. Page 5 of 53 GIRL EFFECT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY2024 TRUSTEES REPORTIINCORPORATIMG THE STRATEGIC REPORT) COMPANY NUMBER: Ir15I6615 STRATEGIC REPORT Girl Effect Programmes hio In 2014, Girl Effect created the youth brand ryegna." which means'ours. in Amharic. Rooled in Ethiopian culture and co-developed with thousands of Ethiopian girls. Yegna equips and inspire5 young people to overcome the barriers they face every day. Yegna created Ethiopia's first TV drama for teenagers, with a nationwide reach of 9.8 million people. Today, Yegna is a household name in Ethiopia. There have been four series of the drama, broadcast on three national TV channels in Ethiopia. reaching both urban and rural communities in three languages IAmh?ric, Afan Ororno, and Afaril. This hyper-localized reality series focuses on understanding a day in the life of AGYW. parents. and community leaders, identifying moments and opportunities for seeding in different health messaqes on HPV and Rl vaccine decisions, as well as general health. gender, and economic empowerment. The drama challenges the way society views girls and encourages positive behaviour change by tackling the complex issues girls face- from violence and earSy marriage, to barriers to education and immunisation. Girl Effect's Yegna-branded product5 and content ecosystem. consisting of radio and television dramas, talk shows, and school clubs. connects audiences with the information and support they need to practise improved health behaviours for better education and economic outcomes. National TV Drama: Yegna's TV drama follows the lives of five girls and two boys as they overcome challenges in iheir teenage years. It attracts diverse viewers. from teens lo adults, tackling a wide range of issues an¢J challenging negative social norms. Yegna's TV drama has a nationwide reach of 9.8 million people. Music: Music is a big part of Eihiopian culture. Yegna's songs reinforce messages f rom the TV drama- coverinq gender equality, how to respond to health rumours and more. The Yegna songs are featured within the TV episodes and also hosted on YouTube for on-demand viewing by fans. Yegna has over 18 million views on YouTube. Olgttal & Social Media: Tapping into Ethiopia'5 growing digital audien¢e, Yegna is live on Facebook, YouTube, Instagram, Telegram and also has an SMS line. Yegna's digital channels distribute content directly to girls, in a space where they can respond give feedback to the work and the issues Covered. Yegna has 152,000 YouTube subscribers. School Club Network: Yegrna's mini-media clubs. running across a network of schools. inspire students to create their own media (drama. poems, songsl and support thern to share it within their communities. P4e6of53 GIRL EFFECT ANNUAL REPORT AMO FINANCIAL STATEMEKTS FOR THE YEAR ENDEO 31 MA Y 2024 TRUSTEE¥ REPORT (IMCORPORATING THE STRATEGIC REPORT) COMPANY NUMBER: IY15N Chha Jaa (which means Go Forth and Shinel is India's f irst digital youth brand aimed at girls from low- income. vulnerable contexts in India's Hindi belt. Launched in 2019. Chhaa Jaa's focus is on inspiring. entertaining, and equipping girls with the right skills and the ¢onfidence to navigate the critical time of adolescence. Girl Effect India has reached 23+ million girls online,- 500+ content pieces viewed 21 million time5- 250,000+ conversalions with its chatbot, and a 90Yo engagement rate with its online community. Girl Effect India has invested in a variety of channels that can flex to deliver messages across thematic areas. These include- Bak Bak Gang: Facebook feed and community Bak Bak Gang is a social media.saf e space- for girls to have open and non judgemental conversations about life. love. sex. and their bodies. The conversations are led by girls and are used as girls. insights to inform content. YouTub¢ Channel: Available on YouTube and Facebook, these videos are maée up of multiple formats including,. a sketch comedy. a no-nonsense-how-to- series. and a chat-show with a frank and friendly gynaecologist. Bol Behen: The award-winning chatbot Bol Behen. meanin9"Speakl Sisterf launched in 2020 is a privale and self-paced journey tackling sexual reproductive health curiosity and service access. 801 Behen has 600K+ messages received and 239K+ conversations initiated. Bol Behen is available on Facebook Messenger and Whatsapp. Bol Behen speaks in-Hinglish" IHindi-Enqlishl and was built with input from qirls at every stage. Ken Girl Effect has been expanding efforts in Kenya. and has developed a digital solution to address the unmet demand for family planning services in Kenya. WAZZII Imeaning-cool- in Kenyan Sheng- Swahili + Enylishl 15 Girl Effecfs latest WhalsApp chatbot. providing young people in Kenya with a private. judgement-free space to discuss sex and relationships, and to seek healih services. WAZZII imparts knowledge, tackles harmful attitudes, and integrates with digital healthcare services to support young people to access affordable and relevant sexual and reprodijctive healih products and services. Increase Sexual and Reproductlve Health Knowltd9e= In under 8 weeks, WAZZII engaged adolescent girls and young women with trusted sexual and reproductive health information and services in Nairobi and Migori counties. Engaged over 300.000 user5 through social media channels promoting SRH information Linked over 42,000 users to the chatbor. 32Yo of whom were connected directly to a healthcare worker to answer their questions about SRH Girl Effect is leveraqing the successes and insights from the first phase to reach more young people in Kenya with critical sexual and repro(Juctive health information and services. Additionally, through a partnership with The Bill and Melinda Gates Foundation. Girl Effect is designing an intervenlion that uses the WAZZII multimedia ecosystem to shift norms that prevent adolescent girls and young women from discussing contraception. child spacing. and economic empowerment, including the ownership of assets. Page 7 of 53 GIRL EFFECT ANNUAL REPOftT ANO FIMANCIALSTATEMENTS FOR THE YEAR ENDED 31 MAY 2024 TRUSTEE> REPORTIINCORPORATING THE STRATEGIC REPORT) COMPANY NUMBER: 07516619 In 2024, Girl Effect resumed its operations in Nigeria by supporting Gavi. the Vaccine Allian¢e, and the Federal Ministry of Health as well as the National Primary Healthcare Development Agency to address barriers and build awareness and acceptance of the HPV vaccirses with adolescent girls, parents, and caregivers. Girl Effect also works closely with the BMGF to drive societal shifts in perceptions and beliefs about girls, with improvements in Economic Empowerment IEEland Sexual and Reproductive Health ISRHI outcomes. South Atrica Girl Effect has launched a new youth brand in South Africa called Jik'izinto (Zulu for"things are changing for the betterfl in Spring, 2024. The core content will mobilize the power Df community radio. social media, and offline activations to break down harmful attitudes and beliefs and provide positive pathways for youth. The aim of Jik'iznto is to inspire hope among a generation of young people by increasing young people's access to sexual health services, building pathways toward their economic empowerment, and supporting them with their mental well-being as they continue to navigate a challenging environment around them. Developed with authentic insights from young people and underpinned by behaviour change science. Jik'izinto will build demand for economic empowerment and sexual health services. The long-term qoals are to.. Increase financial literacy and economic empowern*nt Young people have access to high quality information on education. training and employment opportunities Young people increase employability by improving soft skills (CVS, interviewing) Increase sexual & reproductive health practices with the potential to prtvent unplanned pre9nancy and transmission of HIV and other STI$ Young people access health services and products (when they need tol Young people effectively manage their menstrual health and mental well being Inspiring change through media, Girl Effect will be in the places where young people are lookir)g for information, designing for all levels of digital access- f rom national mass media and social media carnpaigns, lo l..1 chat channels and automated on-demand IVR Ilnteractive Voice Response) lines. Page 8 of 53 GIRL EFFECT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDEO 51 MAY 2024 TRUSTEE¥ REPORTIINCORPORATIMG THESTRATEGIC REPORT) COMPANY NUM8ER: 07516619 Big Sis Girl Effecl's award-winning Al-powered ehatbot called Big Sis aims to shift girls. knowledge and attitudes around sexual health and rights. 8ig Sis pairs factual information with content about skills- like how to have a tricky conversation with a health worker or partner. Big Sis's content is designed to support girls wherever they are on their Sexual health journey. Big Sis is able to detect whether a girl is in need of help. through their conversation. If she is, Big Sis will direct her on to an appropriate service to get help from a qualified professional. The Big Sis Helpdesk, managed by trained mental health counsellors at Marie Stopes South Africa. supports young people engaging with Big Sis by providing them the option to speak with a human. This integration enables counsellors to directly interact with Big Sis users via WhatsApp, to provide counselling as well as support accessing or booking services that are relevant to them. The chat functionality, deployed in Spring 2024. is a significant improvement from the previous phone-based approach. Transitioninq from a voice-based service to a chat experience offers young women enhanced privacy, particularly beneficial for users residin9 in crowded homes or those with sensltive inquiries. This shift ensures that individuals can engage with a counsellor without the fear of being overheard, fosterinq a more secure and supportive environment. Tanzanla In 2019, Girl Effect launched Tujibebe. a mobile-based national youth brand that empowers young people by providing them with essential information. Skills, and confidence to make informed choices and posilive chan9es in their lives. The organisation's goal is to help young individuals set up small businesses. save for the future, addre55 body concerns. access health services, and overcome lif e's challenges to realisÈ their ambitions. The content is designed to be accessible online. whether the girls own or borrow a mobile phone. ensuring maximum reach and impact. The organisation employs various Ènfjagement strategies to connect with its audience reaching an estimated 12.5 million people. engaging the target audience via.. Radio drama and chat show: Tujibebe produces a captivating radio drama and chat show thai follows the lives ol three teenagers. This content is broadcasted weekly on Tanzania's largest radio station, Clouds FM, reaching 1.7 million girl& Peer-peer girl re$oareh•r$: To ensure that the content is relevant and effective, Tujibebe condutts research through its network of Technology Enabled Girl Ambassadors ITEGAsl. These young researchers provide insights and perspectives from the target audience. IVR phone Ilne: An interactive and on-demand audio platform is available to users, featuring inspirational stories. top tips. and quizzes. Since its launch. the IVR phone line ha$ re¢•lv•d o¥•r 2.1 mlllion ¢alls. wlth 950.000 unique callers. Digital ¢hannels: Tujibebe utilises digital platforms to allow girls to share their stories, seek advice, and illteract with the organisation. The website has garnered over792.0Th) users. with 4.5 million- page views. and ov¢r122.000 girls engaged on social media. Club$: Partnering with FEMINA, Tujibebe extends its content to reach 2.500 school youth clubs. further expanding its impact on the ground. Page 9 of53 GIRL EFFECT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MA Y 2024 TRUSTEES REPORT (INCORPORATING THE STRATEGIC REPORT) COMPANY NUMBER: 07516619 Champion App: Girl Effect's Champion App is a new digital tool fa¢ilitating group discussions on parenting skills and early childhood development. This app is particularly useful for young parents and ¢8regivers without access to mobile phones. Additionally, in Tanzania, Girl Eff ect is leading the design of malerials for the HPV multi-age cohort and the swit¢h to a single-dose regimen. The team is working closely with the Ministry of Health and all Ifey stakeholders to co-develop a social behaviour change communication plan and a monitoring and evaluation plan for the national campaign to support this transition. ti ir We believe in girls. strength and recoqnise them as autonomous individuals whose ideas, perspectives and skills can help inform, inspire and shape work. It'5 Wlth their advice and support that we can deliver effective programme5 that are relevant. culturally responsive. and impactful. Girls aren't just end- users. They are our informers. our inspiration. and our co-creators. whose opinions are valued and whose ideas we bring to life. Some examples of how we engage girls are the followinq= Girl Creators: co-design products and solutions with our team. Our creators help design & create Contenl and play a pivotal role in driving conversations about health. education and livelihoods. Youth Advisory Panel (YAPI members.. voices and ideas are integrated into our program design, implementation, and accountability of our work. From safeguarding to content creation to evaluations, Y APS are at the heart of our engagement approach. Champion$: The role of Girl Effe¢t's Girl Champions is of a peer engager. facilitating their own and their peers'journeys by becoming a catalyst. Girl Champions are the gateway to reaching and engaging wider Girl Networks. those with less access to mobile and digital, ensuring girls with or without phones can be reached. engaged and impacted. Girl Effect's partners include (among othersl- Bill and Melinda Gates Foundation, Co-lmpact. Hilton Foundation, Gavi. the Vaccine Alliance. Malala Fund, Meta, MSO for Mothers, Nike Foundation. Patrick J. McGovern Foundation. UNICEF. and Vodafone Americas Fovndatiori. Page 10of53 GIRL EFFECT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDEO JI MAY 2024 TRUSTEE¥ REPORTIINCORPORATING THE STRATEGIC REPORT) COMPANY NUMBER: 075K6 Girl Effect engages in fundraising across institutional donors. non-institutional donors, and high net worth individuals IHNWlsl. The fundraising team works to identify opportunities for qrants for spe¢if 1¢ programs and inlerventions that GE is working on. and build partnerships with donors to promote our work. Girl Effect also engages its board members to help with networking opportunities with various organizational and individual donors whose interests align with the work of Girl Effect. GE always positions itself not as an grganization asking for money. but an organization that 15 partnering with key slakeholders to augment our work and impact. A surplus of £2.2m has been realised in the year12023- surplus of £2.6ml. Included in these results is an unrealized loss on foreign exchange occasioned by the translation of ressjlts from entities for purposes of consolidating the Group Accounts. Fundraising income increased by 25% to £13.2m as the organisation continued implementing its fundraising and operating strategy. while organisational costs increased by 43°A to £11.8m. The increase in cost is attributed to scale up of organisation's projects in different geographies. Investment income increased significantly by 88% owing to current high inlerest rates available on the organisation's cash and fixed term deposit balances. Additionally, a net loss on foreign currency expos¢Jre amounting to £0.7m12023.. net loss of £0.5ml was reported in the year. the loss arises due to year-end book translations necessary for the consolidation of Group Accounts in the reporting currency IGBPI. The net forex loss is primarily because of the strengthening G8P value against the USD. as most of our reserves are held in USD. The overall implication, therefore. is that all operational costs for the year have been f ully covered by income for the same period. The Girl Effect annual accounts for 2024 represent a consolidation of the financial positions of the UK charitls subsidiaries (Girl Effect Nigeria. Girl Effect Malawi. Girl Effect Enterprise. Girl Effect Ethiopia, and Girl Effect Tanzanial and its branch in Rwanda (closed in October 20221. Girl Effect Enterprise also had Girl Effect Enterprise India Private Limited as a subsidiary in the year. Financi Girl Effect's f inancial objectives are to maintain a strong and effective financial management system and control framework to ensure that resources are effeclively deployed to achieve optimal value-for- money oulcomes for all stakeholders,- the ultimate goal being the achievement of healthy financial. funding and cash flow positions on a consistent basis. Particularly as we actively grow the number of our restricted funding partnerships. we continue to invest sigrsificant effort to ensure that we have robust and responsive f inancial policies, systems and processes that support efficient resource allocation and provide visibility into project activities, results, outcomes, and sustainability. Page 11 of53 GIRL EFFECT ANNUAL REPORT AND FINAIICIAL STATEKNTS FOR THEYEAR ENDE031 MAY2024 TRVSTEES REPORTIINCORPORATIMG THE STRATEGIC REPORT) COMPANY NUMBER: IY15166 harit S We envision a future where every girl has the power to control her body. health, education, and Ilvelihood. Over the next five years, our goal is to empower more than 35 million adolescent girls and young women. improving outcomes in key areas such as family planning, critical health-seeking behaviors. nutrition, maternal and child health IMCHI, irnmunization, mental health, gender-based violence IGB VI, economi¢ empowement, and early childhood development. with a particular focus on young mothers. Family Planning In the next five years, we aim to implement a sustainable approach in Kenya, Ethiopia, Nioeria, South Africa, and Tanzania, focused on= Reducing teenage pregnancie$ through awareness and access to essential services. Increaslng contraceptive uptake. continuation. and method mix by providing informed choices and addressing barriers to access. Enhan¢ing access to sexual and reproductiv• h•alth (SRH) ￿rvIceS across our target geographies. R¢du¢ing HIV and STI inf•ctions through education. prevention. and linl4age to care. N￿rItIOn Our five-year ambit.ion is to= Reach millions of adolescent girls and young women in Nigeria and Tanzania with age- appropriate information and linkages to resources. such as Mulliple Micronutrient Supplementation IMMSI, Iron and Folic Acid IIFAI supplement5, and other nutrition products. Raise awareness about the importance of balanced diets among adolescent girls, pregnant women, and young mothers, fostering healthier communities. Matern•l and Chlld Health(MCH) Our ambition is to enhance nutrition and developmental outcomes for children under three by= l. Improving Nutrition and Development Promoting exclusive breaslfeeding for the firsl six months of life to ensure optimal infant health. Educating mothers and communilies on the lifelonq benef its of breastfeeding. Encouraging the timely introduction of nutrient-rich complementary foods starting at six months. 2. Supporting Young Caregivers Eq¢Jipping young mothers with essential health and livelihood information. Connecting them to critical health services to improve their well-being and that of their children. 3. Engaging Influential Figur•$ Creating a supportive environment for responsive caregiving by engaging community leaders, grandparents, in-laws. and other caregivers in awareness initiatives. 4. Research and Development Paje 12 of53 OIRL EFFECT ANNUAL REPORT AND FINANCIAL STATEIUTS FOR THE YEAR ENDEOS1 MAY 2024 TRuST£￿REPORTI1NCOI1poRAT1NG THE STRATEGIC REPORTI COMPANY NUMBER: 07516619 Developing and scaling digital solutlons for nutrition education and monitoring. Utilizinq data aDalytics tools for real-time program monitoring and evaluation. Delivering robust evaluations of our nutrition interventions to inform continuous improvement. Immunization Over the next five years. we will adopt a holistic approach to immunization by: Providing comprehensive health content to girls and their parents, covering nutrition, sexual and reproductive health. mental health. and nurturing care. Expanding efforts to include routine immunizations while rea¢hing underserved populations such as out-of-school girls. young male and female caregivers. and zero-dose communities. Ensuring that immunization is integrated into broader health programs to maximize impact and Girl Effecl has a Reserves Policy in place. Girl Effect aims to hold reserves at a level that equates to approximately one year of unrestricted expenditure for UK and overseas subsidiaries. This is to ensure that the charity can continue to meet its charitable objectives in the event of a sustained reduction in voluntary income or other adverse scenarios. The Trustees consider annually the level of reserves that should be maintained and take account of the requirements of the Charities SORP and the guidance issued by the Charity Comrni55ion (Charities and Reserves- CC191. The Irustees believe in a prudent approach to general reserves and consider that these should be held at a sufficient level to mitigate the financial risks we have identified. At the balance sheet date, a general reserve of £7.8m is held. alongside £25.7m of designated reserves. as described below. The general reserves held are anticipated to finance future GE projects falling withln the charilys objectives that are either parlially funded or not funded by dDnors. RESERVE Restricted funds Restricted income funds are to be spent within a reasonable period from their receipts to further one or more, but not all the charitls purposes. The charity holds a number of different funds to support specif ic activities chosen by donors. which fall within the objectives of the charity. On 31 May 2024, the charity expended all its income recognised from donors. Unrgstricted funds These are funds that are expendable at the discretion of the Trustees to further ihe charilrfs objectives. The charitls unrestricted funds at 31 May 2024 were £33.5m out of which £25.7m are classif led as designated funds. These designated funds are described below. Page 13of53 GIRL EFFECT AIIMUAL REPORT AND nMANCIALSTATEMENTS FOR THE YEAR ENDED 31 MAY 2024 TRUSTEE¥ REPORT(INCORPORATINGTHE STRATEGIC REPORT) COMPANY NUMBER: 075*619 es èted funds- Fixed A5sets- Tan ible and In The charity continues to arnortise a material intangible asset (representing the historic investment in an end-to-end technology inf rastructurel. Accordingly. the Trustees have decided that reserves equating to the carrying value of the organisation's fixed assets should be placed in a designated fund each period. as these represent a future call of the charitys reserves. This desi9nated fund was £0.09m as at the balance sheet date. Desi nated funds- Pro ramme related The organisation has entered voluntarily into commitments with a variety of partners (including its founding funderslto deliver aqainst several programming priorities in line with the charitls objectives and donor expectations. These represent calls on the organi5ation's reserves which the Trustees plan to honour. The total value of this committed activity is estimated at £20.7m at the end of the financial year. Accordingly. that figure has been designated within the organisation's reserves as of 31 May 2024. fun ic The organisation is undergoing a signif icant operating model shift towards a network of global hubs with a stronger presence close to the markets we work in and the girls we work with. On this basis the Trustees continue to designate £Sm of reserves to underwrite the cost of this transition. which will include the cost of dual running of certain roles. of establishinq new legal entities and fundraising processes, and of embedding a new global governance framework, amongst other work5treams. s-str ro ts General Funds The Trustees review the level of general reserves required on an annval basis in line with guidance issued by the Charity Commission and having assessed the risks facinq the charity. they recognise the need to ensure that the reserves held enable financial stability, are adequate to meet working capital requirewnents and can safeguard the charitls current commitments against fluctuations in income levels. The balance of general reserves on 31 May 2024 was £7.8m. Golng concern Above is an overview of Girl Effeet's f inancial performance and the general reserves position. The planning process, including f inan¢ial projections. has taken into consideration the current economic climale and its potential impact on sources of income and planned expenditure. There is a reasonable expeclation that we have adequate resources to continue in operational existence f or the foreseeable future., however, our reserves policy seeks to account for the uncertain current environment. Girl Effect believes that there are no material uncertainties that call into doubt Girl Effect's ability to continue in operation. Accordingly, the accounts have been prepared on the basis that Girl Effect is a going concern. Page 14 of S3 GIRL EFFECT ANIIUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENOED 51 MA Y 2024 TRUSTEE* REPORTIINCORPORATINGTHE STRATEGIC REPORT) COMPANY NUMBER: trIS166 Investment policy The Trustees have delegated the management of investments to the Chief Finance Officer, in consultation with the CEO. Investments may be made in any share or bond. unless the underlying activity of the company or institution concerned is in direct conflict with the aims of the Girl Effect. Trustees accept that investing in pooled funds will restrict their ability to fully apply an ethical investment policy. Managernent, however. remains vigilant of issues that might affect Girl Effect and bring them to the altention of the Investment Managers. Investments are made at intervals of less than one year to ensure that sufficient f ur¢ds are readily available in the short to medium term to address any significant and sudden decline in income. This aligns with the reserves policy. which requires maintaining at least one yearfs worth of unrestricted expenditure for UK and overseas subsidiaries_ This account also holds the designated fund, which supports the charitls long-term objectives and forms part of the organization's resÈrves. The main investment objective is to maximise retums, protect capital and to invest in liquid assets. Investment management of share portfolios will be delegated to authorised professional investment managers, regulated by the FCA. Girl Effect's cash balances should be deposited with institutions having a satisfactory credit rating as approved by the Trustees. Deposits should be spread by counterparty. The investment objective is to generate a return of RPI per annum over the long term. after expenses. Most of Girl Effect's income is generated in US Dollars and current investments have been made in both US Dollars and Sterling Pounds fixed term dep051ts onty- As of 31st May 2024. our investments were held in fixed interest deposits. A total of £23.Im was held in f ixed interest deposits12023.. £19.9ml. with the short-term deposits and cash in hand being placed on liquidity funds pursuant to our investment policy. As short-term cosh deposits are anticipated to cover committed expenditure, these were placed for a maximum period of 12 months. The investments in the year adequately rnet the investment policy objectives of maximising returns while ensuring zero risk of capital loss as they are all principal-assured in nature. How pay Is governed at Girl Effect The Board of Trustees has oversight of organisalional spend at Girl Fffe¢t. The CEO and Executive Committee (Eclare responsible tor def ining Girl Effect's pay policy. Annually Girl Effect's People team review the currenl cost of living (CPI Index) and determine a Cost-of-Living Adjustment if applicable. The basic pay increase is based on the data available at the time of reviewlincluding affordability. salary benchmarking, market competitiveness and internal equity). Pay increases awarded to staff aim to ensure that performan¢e is also weighted. by directing spend towards those who perform strongly and above expectations. Girl Effect always ensures it meets all national pay standards and provides all paid staff with a living wage as a minimum. The CEO and EC review pay increases across the organisation to ensure spend is appropriate, contributing to organisational health and rewarding strong performance. Page 15of 53 GIRL EFFECT ANllllAL REPORT AND FINAMCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 TRUSTEE¥REPORTlIt4CORPORATING THESTRATEGIC REPORT) COMPANY NUMBER: 075166 Glrl Effect approach to staff compensation Our principles are to pay our slaff a fair salary that is competilive within the sector (benchmarking against not only the charitable sector but also relevant parts of the private sector because the unique nature of what we do leverages the products and tools of the creative industries in order to transform girls livesl, proportionate to the complexity of each role, and responsible in line with our charitable objectives. Salaries are market-tested against appropriate salary Surveys across sectors and skill sets. All staff in the UK are automatically enrolled in a group personal pension. Remuneration of key management personnel is guided by the same principles and approach applied to other staff members. ensuring consistency, fairness. and alignment with organizational values. The remuneration and performance of the CEO is specifically overseen by the board of trustees. This process includes evaluating the CEO'S performance against agreed objeclives and ensuring the remuneration reflects Ihe responsibilities and irnpact of the rDIe. The Trustees consider the Executive Team to comprise the key management personnel (Chief Executive Officer, Chief Programmes Officer, Chief Creative and Technology officer, Chief Growth Officer. Chief Business Off icer, Chief Finance Off icer, Chief Parlnerships Officer and Head of Transformation and Inclusion) of the charity in charge of directing and controlling. running. and operating the charity on a day-to-day basis. All Trustees give of their time freely. Public beneflt statement Girl Effect's Trustees have given regard to the legislative and regulatory requirements for disclosing how it5 charitable objectives have provided benef it to the public. The Trustees have complied with the duty set out in Section 17 of the Charities Act 2011 and clarified how the organisation's work seeks to focus on seven chariiable purposes as specified in the Act. These are'the prevention or relief of poverty, the advancement of education. the advancement of health or the Saving of lives, the advancement of citizenship or community development. the advancement of human riqhts, ¢onflict resolution or recon¢iliation or the promotion of religious or racial harmony or equality and diversity, the relief of those in need because of youth. age. ill-health. disability. financial hardship or other disadvantaqe". Rlsk managemeTrt Girl Effect operates in countries where high levels of risk exist. The Trustees recognise that if Girl Effect is to achieve its objectives. it may be necessary to accept some risks that are outside of the charity's control, and which cannot be fully mitigated. The Execulive Committee is charged with actively monitoring such risks, but the Tnjstees recognise that any system of risk management cannot eliminate risk. It, therefore, provides reasonable. but not absolute, assurance that the organisation is protected. Girl Effect has a formal rislf management process through which the Executive Committee identifies the major risks to which the organisation may be exposed ané has ranked these by likelihood an¢J impact, culminating in a risk conlrol document which is updated on a regular basis. All significant risks. together with current mitigation actions. are reviewed regularly throughout the year by the Trustees. Page 16 of 53 GIRL EFFECT ANNUAL REPORT AND FINANCIAL STATEIENTS FOR THE YEAR ENOEO 31 MA Y 2024 TRUSTEES REP(IRTqINCORPORATINGTHE STRATEGIC REPORT) COMPANY NUMBER: 07516619 Risk is also managed at project-level with Pf Dject managers actively rnonitoring and mitigating risks- this critically includes safeguarding and data protection risks. The principal risks and uncertainties identif led by the charity are as follows". Risk identified Action taken to mitigate the risk Potential safeguarding incident to girls. partners or staff A Child Protection policy in place with staff trained regularly and designated child protection off icers Confidential whistleblowing structures operational Reputational damage from negative media coverage Targeted, transparent and proactive communication to relevant stakeholders Insufficient funds to implement strategy Conservative reserves policy in place Plan in place to mobilise unrestricted, semi- restricted. and co-investment funding Operating model not adequate to scale at speed Plan in place to review and evolve infrastructurèl processesl systems for scale and optimise for speed Development of clear organisationol structures Resource and talent planning in place Excharsqe rate volatility Proactive Treasury management of exchange rate volatility with funds invested in USD and GBP Human resources.. unable lo attract. develop staff of the right qualities and capabilities Regular review of recruitment process Global recruitment process to attract best talent Professional development a priority with resources made available globally Cybersecurity.. malicious attacks resultinq in security breaches. loss of service and damage to reputation Risks io Cyber security reviewed and evaluated and online qlobal incidence log maintained Plans in place to improve security controls Data Protection= sensitive and personal data compromised resulting in regulatory non- compliance. Risk to Digital and IT infrastructure and assets being reviewed External specialist support being leveraged to identify and improve Digital Policy and Practice Safeguarding Making sure children and young people are safe is Girl Effect's top priority. Our safeguarding policy promotes the welfare of all children and young people, prevents harm and mitigates risk, and protects children and young people through immediate response when harm or abuse is idenlified. P4e 17of53 GIRL EFFECT ANNUAL REPORT ANO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 TRUSTEEV REPORT(INCORPORATING THE STRATEGIC REPORT) COMPANY NUMBER: 07516619 Structure. governance. and management The charity is governed by its Memorandum and Articles of Association dated 3 February 2013. as amended by Special Resolution on 8 September 2015. The Trustees. responsible for the Overall strategic direction and management of the CharIt￿S business, meet at least Iwice a year. Meetings ¢onsist of at least two trustees, with at least one also being a member of the charity. Girl Effect trustees are appointed by a majorily vote based on their expertise, notable achievements, motivation. and their abilily to create a positive impact on the lives of girls. The recruitment and appointmenl of trustees follow a variety of methods, including: Advertisement Approach.. Promotin9 vacancies through public channels to reach a broad audience. Targeted Approach.. Actively identifying and approaching individuals with specif 1¢ skills or expertise. Volunteering Pipeline.. Encouraging long-standing volunteers or supporters of Girl Effect to transition into trustee roles. Recruitment Agencies= Collaborating with spe¢iali2ed agencies when necessary to ensure the best candidates are identified. Prior to appointment, a rigorous due diligence process is conducted. including reference checks, to ensure the selected individuals align with Girl Effect's safeguarding standards and are well-equipped to Contribute to achieving the organization's objectives. On appointment, new trustees receive an information pack and an induction. which includes gener81 information on charity governance and Girl Effect specific information on its governance, charilable activities, f inances, fundraising and staffing. Trustees receive periodic training. as appropriate and where necessary. Trustees are encouraged to visit international projects. No Trustee has a benef icial interest in the company. The Trustees bear responsibility for strategic planning, policy and dire¢tion. Implementation is delegated to the Chief Executive. who is answerable to the Trustees. and her.Executive Team. Board members bring expertise in multiple areas. as well as a strong personal commitment lo Girl Effecys mission and values. a willingness to act as advocates in promoting the work of Girl Effect within their personal networks an(J to the wider world. and to be active in helping mobilise new funds. At the balance sheet date. Girl Effect is registered as a UK charity headquartered in London with- A branch in Rwanda Iclosed in the October 20221 A wholly owned subsidiary in Nigeria A wholly owned subsidiary in Malawi A wholly owned subsidiary in Tanzania A Civil So¢iety Organisation in Ethiopia A wholly owned subsidiary in UK which has a subsidiary in India Pa3e 18of53 GIRL EFFECT ANNUAL REPORT AIID FINANCIAL STATEMEIITS FOR THE YEAR ENDED 31 MAY 2024 TRUSTEE¥ REPORT(INCORPORAnNG THE STRATEGIC REPORT) COMPANY MUMBER: In5M19 Glfl Effect UK Group organisatlonal stru¢ture(as atthe balance sheet date) GIRLEFFÉCYN*Eri IRLEFFECT+IALthI EFFECTE r4HLEFFEeT ENTERPR￿E{uK> ￿￿EFFECT ILEFFECT TAIIZANL4 t4FPsu￿0I￿ EFFECT pwrLté St4t¢ment of the Board of Trustees respon$ibilitie$ forthe financial statements The Trustee5, who are also directors of Girl Effect for the purpose of company law. are responsible for preparing the Trustees. Report and the accounts in accordance with applicable law and United Kingdom Accounling Standards (United Kingdom Generally Accepted Accounting Pra¢ti¢el. Company 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 of the income and expenditure of the charitable group for that year. In preparing these f inancial statements. the Trustees are required to.. In preparing those financial statements which give a true and fair view. the Trustees should follow best practice and: Select suitable accounting poli¢ies and then apply them consistently-, Observe the methods and principles of the Charities SORP-. Makejudgements and estimates that are reasonable and prudent.. State whether applicable accounting standards and statements of recommended practice have been followed, subject lo any material departures disclosed and explained in the f inancial statements-, -Prepare the f inancial statements on the going concern basis unless it is inappropriate to assume that the charitable group will continue that basis The Trustees are responsible for keeping accounting records which disclose wilh reasonable accuracy at any time the f inancial position of the charitable company and which enable them to ensure thal the financial statements comply with the Companies Acl 2006. The Trustees are also responsible for safeguarding the assets of the charitable company and group and hence for taking reasorsable steps for the prevention and detection of fraud and other irregularities. Page 19of53 GIRL EFFECT ANNUAL REPORT AND FINAl￿1AL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 TRUSTEE¥ REPORTIINCORPORATING THE STRATEGIC REPORT> COMPANY NUMBER: 075156 The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable Companys website. Legislation in the United Kingdom governing the preparation and dissemination of Financial Statements may differ from legislation in otherjurisdictions. Each of the directors, who held off ice at the date of approval of this Trustees, Report. has conf irmed that there is no information of which they are aware which is relevant to the audit but of which the auditor is unaware. They have further conf irmed Ihat they have taken appropriate steps to identify such relevant information and to establish that the auditors are made aware of such information. Auditors Haysmac LLP has expressed its willingness to continue in off ice as auditors. A resolution proposin9 that Haysmac LLP be re-appointed as auditors of the charitable Company for the forthcoming year will be put to members at the Annual General Meeting. The Trustees. Report (incorporating the Strategic Reportlwas approved by the Trustees on 5 February 2025 and is siqned on their behalf by: Jonathan Newhouse, Chair Page 20 of 53 GIRL EFFECT ANNUAL REPORT ANO FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MAY 2024 INDEPEN￿NT AUIXTOffS REPORT TOTHE MEMBERS OF GIRL EFFECT Opinion We have audited the financial staiements of Girl Effect for the year ended 31 May 2024 which comprise the Consolidated and Charity Balance Sheet. the Consolidated Statement of Cash Flow5 and notes to the financial statements, including a summary of significant accounting policies. The f inancial reporting Framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard102 The Financial Reporting Standard applicable in the UK and Republic of Irelandlunited Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements- give a true and fair view of the state of the group's and of the parent charitable CoMpan￿S affairs as at 31 May 2024 and of the group's and parent charitable companls net movetnent in funds, including the 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. Basls for opinion We conducted our audit in accordance with International Starsdards on Auditing IUKIIISA8lUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the grgup in accordance with the ethical requirements that are relevant to our audit of the f inancial statèments irs the UK, including the FRC'S Ethical Standard, and WÈ have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is suff icient and appropriate to provide a basis for our opinion. Concluslons relating to going concern In au(Jiting 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 relaling to events or conditions that, individually or collectively, may Cast signif icant doubt on the groups ability to continue as a going concern for a period of at least twelve months from when the f inancial stalements are authorised for issue. Our responsibilities and the responsibilitie5 of the trustees with respect to going concern are described in the relevant Sections of this report. Other inforniation The trustees are responsible for the other information. The other information comprises the intormalion included in the Trustees, Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, 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 Page 21 of 53 GIRL EFFECT ANNUAL REPORT ANO FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 PIAY 2024 INDEPENDENT AUDIToifs REPORT TO THE MEMBERS OF GIRL EFFECT misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If. based on the work we have performed, we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Oplnlons on other matters prescribed by the Cornpanles Act 2(#)6 In our opinion, based on the work undertaken in Ihe covrse of the audit= the information given in the Trustees. Report (which includes the strategic report and Ihe directors, report prepared for the purposes of company lawltor the f inancial year for which the financial statements are prepared is consistent with the financial statements., and the strategic report and the directors. report included within the Trustees. Report and have been prepared in accordance with applicable legal requirements. Matters on whi¢h we arg requir￿ to roport by exc•ptlon In the light of the knowledgè and understanding of the group and the parent charitable company and its environmenl obtained in the course of the audit. we have not identif led material misstatements in the Trustees. Report (which incorporates the strategic report and the director5, report). We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if. in our opinion: adequate accounting records have not been kept by the parent charitable company. or returns adequate for our audit have not been received from branches not visited by us-, or the parent charitable company 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. Responsibilities ot tn￿tee$ forthe financial statements As explained more fully in the trustees. responsibilities Statement set out on page17. the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial slatements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group's and the parent charitable companys ability to continue as a going concern. disclosing. as applicable, matters relafed to going concern and usinq the going concern basis of accountirig unless the Irustees either intend to liquidate the group or the parent charitable company or to cease operations. or have no realistic alternative but to do so. P￿e 22 of 53 GIRL EFFECT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 INDEPENDENT Au￿01yS REPORTTOTHE MEMBERS OFGIRL EFFECT Auditorfs responsibiliti¢s forthe audt 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 f raud or error. and to issue an auditorfs report Ihat includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUKlwill always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the Iggregate, they could reasonably be expected to inf luence the economic decisions of users taken on the basis of these f inancial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We desig procedures in line with our responsibilities. QLFtlined above, to detect material misstatements in respect of irregularities. includinq f raud. The extent to which osjr procedures are capable of detecting irregularities, including fraud is detailed below. Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to charity and company law applicable in England and Wales, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have direct impact on the preparation of the financial statements such as the Compar)ies Act 2006 and the Charities Act 20211. and consider other factors such as income tax, payroll tax and sales tax. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controlsl. and determined that the principal risks were related to the improper recoqnition of revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included.. Inspectin(J correspondence with regulators and tax authorities- Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud., Evaluiiling rnarbagemenfs controls designed to prevent and detect irregularities: Identifying and testing journals-, and Challenging assumptions and judgements made by management in their ¢riti¢al accounting estimates. Because of the inherent limilations of an audit, there is a risk that we will not detect all irregularities, including those leadin9 lo a material misstatement in the f inancial statements or non-compliance with re9ulatlDn. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment. forgery, collusion. omission or misrepresentation. A further description of our responsibilities f or the audit of the f inancial statements is located on the Financial Reporting Council's website at= www.frc.org.uklauditorsresponsibilities. This description forms part of our auditorfs report. Page 23 of 53 GIRL EFFECT Al•WUAL REPORT AMD FINAMCIAL STATEMENTS FOR THE YEAR ENOEO 51 MAY 2024 INOEPENOENT AU1)IT￿$ REPORTTO THE MEMBERS OF GIRL EFFECT Use of our report This report is made solely to the charitable CoMpan￿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 companys members those matters we are required to state to them in an Auditorfs report and f or no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other Ihan the charitable company and the charitable companls members, as a body. for our audit work, for this report, or for the opinions we have formed. Steven Harper (Senior Statutory Auditor) For and on behalf of Haysmac LLP. Statutory Auditor 10 Queen Street Place London EC4R IAG Date- 21 February2025 Page 24 of 53 GIRL EFFECT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES COMPANY NUMBER: 07516619 General Funds Restrict•d Funds Total 2024 Total 2023 Notes INCOME FROM: Donations and Legacies Investments Other 9.636,176 3,525,315 13.161.491 10.526,897 1,620,783 304 1.620,783 304 859.645 139 Total Income 11.257.263 5.525.515 14,782,578 11,386,681 EXPENDITURE ON: Raising funds 1188,5731 1188.5731 1197,9541 Charitable activities 18.129,1191 13,525,315) 111,654.4341 18.099,7221 Totsl expefidi￿re (8.3TI.6921 13.525.315) 111.843.007) (8,297,678) Net IncomÈllExpenditure) 2.939.571 2,939,571 3,089.005 Foreign exchange loss 1754.813) 1754,8131 1509.5531 Net movement in funds 2.184.758 2.184.758 2.579.462 Fuftds brought forward 31,345.166 31.343.166 28.763.714 Funds carried forward 33.527.924 33.527.924 31.545.166 The notes on pages 29 - 53 form part of these financial statements The statement of f inancial activities includes all gains and losses recognised in the year. All amounts derive from continuing activities. Full comparatives for the Statement of Financial Activities are shown in Note 19 Page 25 of $3 GIRL EFFECT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 GROUP AND CHARITY BALANCES SHEETS COMPANY NUMBER: 07516619 2024 2023 Not• Group Char Group Charity XED ASSETS Tangible assets Intangible assets Investments 49.678 44,703 35,450 32.270 249.698 24S,698 23.099.434 23.099.434 19.979.797 19,979,797 23.149.112 23.144.137 20.264.945 20.261,765 CURRENT ASSETS Debtors Short term deposils and cash in hand 10 920.510 597,107 955,656 589,907 12,177,764 11,158,483 11,819.020 10.900.340 13.098.274 11.755.590 12,T14.676 11,490,248 CURRENT LIABILITIES CREDITORS: •mounts falling due within one year 12.719.4621 12.666.376) 11.696,4551 11,646,544) NET CURRENT ASSETS 10.378.812 9,089,214 11,078,221 9,843,704 NET ASSETS 33.527.924 32.233.351 31,343.166 30,105,469 Page 26 of 53 GIRL EFFECT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 GROUP AND CHARITY BALANCES SHEETS (continued) COMPANY NUMBER: 07S16619 FUNDS Vnrestrlcted nds General funds 7.795.089 6.517,189 8,738,475 7.521,557 Designated funds 13 25.732.835 25.716,162 22.604,691 22.583,912 Restricted funds 14 TOTAL FUNDS 33,527,924 32.233.351 31.343.166 30,105.469 The deficit of the parent charity prior to consolidation was £2,654.26212023'. surplus of £1,445,686) Approved by the Trustees and authorised for their issue on S February 2025 and signed on their behalf by: Jonathan Newhouse. Chair The notes on pages 29- 53 f orm part of these f inancial statements Page 27 of 53 GIRL EFFECT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 CONSOUDATED CASH FLOW STATEMENT COMPANY NUMBER; 07516619 2024 2023 Note Group Group Cash provided by operating activities 17 2,390,378 3,571,475 Cash flows from Investlng activities Interest income 1.620,783 85S,645 Purchase of tangible fixed assets 139.476) 117.8901 Purchase Investments 114.929.6211 110,740,518) Proceeds from disposal of Investments 11.316.680 13.090,221 Cash from Investlng actlvitles 12.031,634) 3,191,458 Increase In cash and cash equivalents in the year 358.744 6,762,933 Cash and cash equivalents at the beginning of the year 17,819,020 5,056,087 Cash and cash equivalentsat the •nd of the year 11177.764 11.819.020 Page 28 of 53 GIRL EFFECT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MAY 2024 NOTES TO THE FINANCIAL STATEMENTS {conllnuedl I.ACCOUNTING POLICIES The principal accounting policies adopted.judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows.. Ba$1$ of preparatlon 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 IFRS1021 20191Second Editionl-lcharities SORPIFRS10211. the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Girl Effect meets the def inition of a public benefit entity under FRS102. Assets and liabilities are initiolly recoqnised at historical cost or transaction value unless olherwise stated in the relevant accounting policy notelsl. Girl Effect is a charitable company registered in England and Wales. Its reference and administrative details are shown on page l. The f inancial statements are prepared in pounds sterling. rounded to the nearest pound. Preparation of accounts on a going concern basis The Trustees consider that there are no material uncertainties about the Charitvs ability to continue as a goinq concern. The review of our financial position, reserves levels and plans give Trustees confidence that the charity remains a goinq concern for the foreseeable future. Group flnancial statements The f inancial statements consolidate the results of the charity and its wholly owned subsidiaries. The charity financials consist of Girl Effect UK, Girl Effect Rwanda & Girl Effect Tanzania. These are treated as.part of the charity as UK.repr.esents sufficient contr.ol over-these entities. In addition. Girl Effect Tanzania does not receive independent funding and depends solely on Girl Effect UK. Girl Effect Nigeria, Girl Effect Ethiopia, Girl Effect Malawi and Girl Effect Enterprise Ltd are consolidated at the group level on a line-by-line basis. In line with the requirement of the Charity SORP FRS102. these entities have been treated as subsidiaries on the ba51S that they are separately registered in their respective countries. Girl Effect Enlerprise has 99Y? ownership of its subsidiary in India- Girl Effect Enterprise India. A separate Statement of Financial Activities and Income and Expendilure Account and Statement of Cash Flows for the charity has not been presented because the charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006. The charity-only net movemeni in funds is shown as a footnote to the balance sheet. I￿9￿¢ r¢¢ognition All income is recognised once the charily has entitlement to this income, it is probable that income will be received. and the amount of income receivable can be measured reliably. 29 of 53 GIRL EFFECT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 NOTES TO THE FINANCIAL STATEMENTS l¢ontinued) Oonations and legxies Donations and gifts are included in full in the Statement of Financial Activities when there is entitlemenl, probability of receipt and the amount of income receivable can be measured reliably. Bifts in kind Gifts in kind represent assets donated for distribution or use bythe Charity. Assets given f or distribution re recognised as income onlywhen distributed. Assets given for use bythe charity are recognised when receivable. Gifts in kind are valued at the afflount realised from the disposal of the assets or at the price the charity would otherwise have paid for the assets. Grantg Grants are recognised in full in the statement of financial activities in the year in which the charity ha5 entitlement to the income. the amount of income receivable can be measured reliably and there is probability of receipt. Income from charitable xtivities Income from charitable activities is recognised as earned as the related services are provided. Income from tsther trading activities is recognised as earned as the related goods or services are provided. Investment income Investment income is recognised on a receivable basis once the amounts can be measured reliably. Flxed a$sels Fixed assets are stated at cost or deemed cost (donated valuation at estimated fair value) less accumulated depreciation and impairmeni losses. Assets costing more than £1,000 are capitalised. Oepreciation is calculated to write off the costs of the fixed assel by equal instalments as follows, all on a straight-line basis.. Motor Vehicles 5 years Furniture. Fixtures & Fittings S years 3 years Leasehold improvements Life of lease Intangible Assets (Computer software) S years Costs directly attributable to the development of identifiable software are recognised as intangible assets only if they can be reliably measured. the product or process is technically and commercially feasible. future economic benefils are probable, and the qroup has aéequate resources available to complete the development and use or sell the software. Directly attributable costs that are capitalised as part of the assets include employee costs and an appropriate portion of direcl overheads. Other development expenditure that do not meei these criteria are recognised as an expense as incurred. Page 30 of 53 GIRL EFFECT ANNiIAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 NOTES TO THE FINANCIAL STATEMENTS Ic¢>ntinuedl Expendltu Expenditure is reeognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, thè amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings: Costs of raising funds comprises the costs of staff, Consultants, and their travel as well as fundraising events and other costs incurred to generate charitable income Expenditure on charitable activities comprises all costs directly attributable to the activities highlighted in Note 3. This includes staff costs for those directly attributable to those activities. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. Allo¢ation of costs Staff costs are allocated between direct charitable expenditure and support costs based on the time spent on these activities. Other costs are allocated directly to the relevant heading. Operating leas•s Rental charges are Charged on a straight-line basis over the life of the lease. Flnan¢lal InstNments The charitable companyand group only have financial assetsand f inancial liabilities of a kind ihat qualify as basic financial instruments. Basic finan¢ial instruments are initially recognised at transaction valve and subsequently measured at their settlement value. Cash .Cash at_bank.and_inhand.is defined_as all cash held irtrinstant.ac¢ess bank accounts and usèd as working. capital. Investments Investments are recognised as f ixed assets as they are part of the designated fund whose intended purpose is to support charitls long-term objectives and forms part of the organisation's reserves. Investments are a form of basic financial instruments and are initially shown in the financial statements at market value. Profits and losses on the realisation of investments are shown as realised gains and losses in the Statement of Financial Activities. Realised gains and losses on investments are calculated between sales proceeds and their opening carrying values ortheir purchase value if acquired after the f irst day of the financial year. Unrealised gains and losse5 are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. P￿e 31 of 53 GIRL EFFECT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 NOTES TO THE FINANCIAL STATEMENTS (continued) Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Crèdltors and provlsl¢)ns Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of 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 their settlement amount after allowing for any Irade discounts due. Funds Unrestricted funds are donations and other income receivable or generated for the objects of the charity. Designated funds are unrestricted funds earmarl(ed bythe Trustees for particular purposes. Restricted funds are those funds which are to be used in accordance with specif ic instructions imposed by the donor or trust deed. Employee benefits Short term benefits= short term benefits including holiday pay are recognised as an expense IFI the period in which the service is received. Employee termir)aiion benef its.. Termination benefits are accounted for on an accrual basis and in line with FRS102. Pension scheme- Girl Effecl operates a def ined contribution pension scheme for the benefit of Its employees. The assets of the scheme are held independently from those of Girl Effect in an independently administered fund. The pensions costs charged in the financial statements represent the contributions payable during the year. Girl Effect's pension is provided by AEGON UK. Critical accounting judgements and key sourcesof estlmatlon uncertainty In the application of the accounting policies. the Trustees are reqvired ro make judgefflents, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revi5ion5 to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and f uture periods. In the view of the Trustees. no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment lo their carrying amounts in the next financial year. Similarly. the Trustees (Jo not consider that there are any areas of significant estimation uncertainly within Ihe f inancial staternents. The accounting policies in relating to material areas. such as the recognition of incorne, are shown above. Page 32 of $3 GIRL EFFECT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IAAY 2024 NOTES TO THE FINANCIAL STATEMENTS {continuedl 2. DONATIONS AND LEGACIES 2024 2023 Total Total Trusts and Foundations 5.202,409 5,916,755 353,557 1.687.060 1.710 8.856,368 961.221 408,291 300,820 197 Non-Governmental Organisations INGOI High Net Worth Individuals Companies Other Miscellaneous Donors Total 13.161.491 10.526.897 The 'Companies' category above includes donated services from Facebook and other global communieations firms. The donated services relate to advertising credits used to deliver our campaigns and programmes. As shown on the face of the Statement of Financial Activities, approximately 73Y. of the organisation's donation income for the financial year relates lo unrestricted fund5. Most of the restricted income is derived from fundinq partnerships with Foundations. 3. Expenditure Current Year 2024 2024 Sub-Total Sub-Total Direct In-Direcl 2024 Total 2023 Total Expenditure on raising rnajor donations 188.573 188.573 197,954 Expenditure on ¢h¥itable a¢tivitie$ Yegna Zathu 2.821.512 176,680 218.833 3.040.345 13,703 190.383 2,353,799 327,085 381.344 612,044 702,968 1.420.370 2,302,112 Springster Ni Nyampinga TEGA Brand India Tujibebe South Africa Project Nigeria Project 116.889 1,845,172 4.233.156 1,589.206 32.969 9.066 743.110 328,324 123.257 2.557 125,955 1.988,282 4,561,480 1.712,463 35.S26 11.004.157 838,850 11,843,007 8,297,676 Page 33 of 53 GIRL EFFECT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 NOTES TO THE FINANCIAL STATEMENTS leontinuedl Expenditure Prior Year 2025 S￿-T0￿1 Oirect 2tr13 Sub-Total In-Direct 2023 Total Expenditure on raising major donations 197,954 197.954 Expendfture on th4rltabl• actlvltles Yeqna Ni Nyampinga Zathu Sprinqster TEGA Brand India Tujibebe 2,079,137 540,625 288,918 371.852 587,566 1,185,393 2,040,996 274,662 71.419 38.167 9.492 115,402 234,977 261,116 2,353.799 612,044 327,085 381,344 702,968 1.420,370 2,302,112 7.292.441 1.005.235 8.297,676 The support costs were as follows- 2024 Totsl 2023 Department Total General Management & Strategy 285.692 413.974 Corporate Communications 8 Website 18.535 40.087 Operations. Human Resources and Finance. 534.623 551.174 858.850 1.005,23S 'In¢ludes costs of IT, legal and premises Page 34 of 53 GIRL EFFECT ANNUAL REFY)RT ANO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 NOTES TO THE FINANCIAL STATEMENTS Icontinued) 4. GOVERNANCE COSTS 2024 2023 Included within Finance, Operations and Hurnan Resources support costs are governance costs comprising.. Staff costs 128.970 120.927 Auditorfs remuneration: Audit work- group 45,600 34.980 Audit work- subsidiaries & branches 11,629 22.371 Other services 52.344 47,308 238.543 225.586 5. NET INCOME FOR THE YEAR As noted in the Trustees reporl. the Statement of Financial Activities also includes a net loss of £755K relating to foreiqn exchange movements in the year. The vast majority of this balance relates lo a movement in the GBP-USO exehan9e rate. as the GBP value of cash and investment balances held by the organisation denominated in US Dollars increased since the last revaliiation date. SUBSIDIARIES Income in ea¢h subsidiary entity is the summation of income awarded and contracted with that subsidiary eniity directly, foreign exchange gains. and income contributed by the Girl Effect parent charity las disclosed in Note181. GIRL EFFECT NIGERIA Girl Effect Nigeria is a wholly owned subsidiary of Girl Effect UK and was incorporated in Nigeria company number= RC12028651 on 8th July 2014 las Girl Hub Nigeria. later changed to Girl.Effect Niqerial. We have structured our Nigerian entity as a grantee of Girl Effect. and it therefore holds minimal reserves. The company was transferred to Girl Effect as part of the consolidation of all global activities within Girl Effect. A¢cL)rdingly. it became a subsidiary of Girl Effect from l June 2015. Girl Effecl UK is the sole Company member of Girl Effect Nigeria and there are currently six other registered Directors. Page 35 of 53 GIRL EFFECT ANNUAL REPORT ANO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 2024 NOTES TO THE FINANCIAL STATEMENTS (continued) Girl Effeci Nigeria ceased current operations in August 2020 and company become dormant. Though Nigeria still remains as a high priority country for Girl Effect and we are planning to launch new programs in the country as ad(litional fundings are secured. The summary financial performance of the subsidiary alone is.. 2024 2023 Income 14.266 33,752 Expenditure 119.1191 Retalned In subsldiary 14.8531 33,752 The assets and liabilities of the subsidiary were.. Flxed Assets Current assets 20 15.4201 62 Current liabilitigs Total (net liabilitiesy assets (3.4(W)I 62 Aggregale share capital and reser¥es (3.4001 62 Girl Eff8cl in Malawi is a wholly owned subsidiary of Girl Effect UK and was incorporated in Malawi on 25th July 2016 as a company limited by guaranteeleompany number: MBRS10120491 and reqistered with CONGOMA and the NGO Board. We do not anticipate Malawi to have excessive profits as Girl Effect transfers cash to Malawi to cover costs as they arise. Girl Effect in Malawi has two shareholder subscribers who are Girl Effect UK employees and members of the Senior Leadership Team. three founding Director members who are national Malawians and a f urther two members. The Board of Directors meets on quarterly basis to manage the affairs of the company, discuss the strategy and direction. and ensure statutory compliance. Page 36 of $3 GIRL EFFECT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 NOTES TO THE FINANCIAL STATEMENTS Iconlinuedl The summary financial performance of the subsidiary alone is: 2024 2023 Income 226.003 11.624 Expenditure (28,4151 134,7321 Retained in $ub$ldlary 123,1081 The assets and liabilities of the subsidiary were= Current assets Current liabilities 17.311 12.529 (260.490) Total netlliabiliti•$V assets ri,3ll 1247,961) Agqregate share capltal and reserves 247.961 NT RPRISE INDIA Girl Eff ect Enterprise India Private Ltd is a 99% owned subsidiary of Girl Effect Enterprise UK Ltd and was incorporated on 8th February 2018 under re9lStration number U74999MH2018FTC304938. The other l°A is held by a GE UK Senior leadership team member as it 15 mandated that there be an individual as shareholder. There are three directors.. one local national director and two Girl Effect employees who are members of the Executlve Team. The Board of Directors meets OT) a quarterly basis to manage the affairs of the company. discuss the strategy and direction and ensure statutory compliance, supported by its own Company Secretary. Page 37 of 53 GIRL EFFECT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 NOTES TO THE FINANCIAL STATEMENTS (continued) The summary financial performance of the trading company alone is: 2024 2023 In¢ome Expenditure 1.227.182 1894.wn) 593,341 1738,5411 Rotalned In $ubsldlary 332.205 1145,2011 The assets and liabilities of the subsidiary were.. Fix•d Assets 3.180 Current assets Current Ilabllilies 1.180.263 (49.666) 1,361,141 149,9101 Totsl net assets I liabiliti•s 1.135.57J .314.410 Aggregate share capitaland reserves 11.135.573) 11,314.4101 GIRL EFFECT ENTERPRISE Girl Effect Enlerprise Ltd was set up in order to enable Girl Effect to operate a'trading arm, and conduct commercial activities worldwide with the view to there being the. potential to receive some primary purpose trading income in the provision of our TEGA research services to other girl-centred development organisations. Girl Effect Enterprise Ltd (previously Girl Effect Trading) is a wholly owned subsidiary of GE UK and Currently has three directors. The Board of Directors meets at a minimum on a half yearly basis to manage the affairs of the company, discuss the strategy and direclion and ensure statutory compliance. The summary f inancial performance of the subsidiary alone is.. 2024 2023 In¢om• 2.342 2,304 Expenditure (41.385) 15961 Retained in Subsldlary 139.0431 11.7081 Page 38 of 53 GIRL EFFECT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MAY 2024 NOTES TO THE FINANCIAL STATEMENTS (continued) The assets and liabilities of the subsidiary were= Fixed assets 726,801 2ffl,589 726,801 Current assets 306,631 Current Ilablllt6es Total net liabilities Aggregate share capital and reserves 1,033,432 17,033,4321 (994.3891 GIRL EFFECT T Girl Effect in Tanzania is a wholly owned subsidiary of Girl Effect UK and was incorporated in Tanzania (company number ..1385871931 on 12th January 2019. Girl Effect in Tanzania has two founding registered Directors who are members of Girl Effect UK'S Executive Team. The summary financial performance of Tanzania is= 2024 2023 Income 4.565.848 465.442 Expenditure (2.026.630) (853.832) Retained in subsidiary (2.339.218) (188.3901 The assets and liabilities of the subsidiary were: Fixéd assets 11.In 12,r19 Current assets 49.249 Current Ilabilitie$ (164.m) (2,704,335) Total net Ilabluties 1104.615) 12.641,04SI Aggregate share capltsl and reserves 104.613 2.641.045 P&Je 39 of 53 GIRL EFFECT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENOEO 31 MAY 2024 NOTES TO THE FINANCIAL STATEMENTS (continued) Girl Effect in Ethiopia is a wholly owned subsidiary of Girl Effect UK and was incorporated on 28 August 2019 as an Eihiopian Civil Society OrganisationlCSOI. The summary financial performance of Ethiopia is: 2024 2023 Income ExpeDditur• 2.221.214 (l.227.2881 526.682 (681.518) Retsined in subsidiary 1993,926) 1154,836) The assets and liabilities of the subsidiary were= Flxed assets Current assets Cwrent liabilities 153 181.651 661 292,754 11,225,631) Total net liabilities 68.501 1962,2171 Aggregate share capltal and reserves 168.301) 962.217 STAFF COSTS AND NUMBERS 2024 2023 staff costs were as follows: Salaries and wages 2.186.gT2 2,177,215 Social security cosls 1.056 131,535 Pension contributions 207.009 157.361 Redundancy payments 15,308 2.525.057 2.481.420 Page 40 of 53 GIRL EFFECT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 NOTES TO THE FINANCIAL STATEMENTS Iwntinued) Trustees give their lime freely without receiving any remuneration or benef its. The number of employees whose emoluments for the year (excluding employer pension costsl were over £60,000, fell within the following bands= 2024 Number 2023 Number £60,001- £70.000 £70,001- £80,000 £80.001- £90.000 £ioo,ooi- £iio,000 £110,001- £120.000 £120,001- £130.000 £130.001- £140,000 This covers both in-country and global operations. These employees accruerj pension contributions totalling £43.99012023- £30.5941. The aqqreqate earnings for the key management personnel were £489.17212023= £375,609), with pension contributions of £43,99012023= £30,594) and employer national insurance of £61,230 12023: £47,188). This includes market comparable figures for those seconded to Girl Effect and éirectly paid by a donor whose policy does not allow for disclosure of individual Compensation agreements. 2024 2025 Number Number The average number ol employees Ifull-time equivalentl during the year was as lollows= Charitable activities 59 61 Support Page 41 of 53 GIRL EFFECT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 NOTES TO THE FINANCIAL STATEMENTS l¢onlinugd} Ltssfrhold 8.FIXED ASSETS (Group) Improvement Furni￿￿. flttings & equipment Motor Vehlcle Intangible IT Total Cast At l June 2023 Additions Disposals Reclassification 550.892 308,297 48,T18 310,288 2,756,228 3,974,483 39.476 39,476 12.3961 12.3961 Transfer of Assets 11.2881 11,2881 Balance at 31 May 2024 550.892 308,297 48,778 346,080 2,756,228 4,010,275 Accumulated depreciation Al lJune 2023 543,470 304,690 53,653 280,992 2.506.530 3.689,335 Charge for the year Reclassif ication Disposals Transfer of Assets 19 22,821 249,698 272,538 19941 12821 19941 12821 Balance at 31 May 2024 543,470 304.690 53.672 302.537 2.756.228 3.960,597 Carried forward at 31 May 2024 7,422 3.607 14.8941 43.543 49,678 Brought forward at I June 2023 7.422 3.607 14,8751 29.296 249,698 285,148 Page 42 of S3 GIRL EFFECT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 MOTES TO THE FINANCIAL STATEMENTS (continued) FIXEO ASSETS (Charity) Leasehold Improvements Fumitur•. Motor fittlngs & Vehicle equipment Intangible IT IT Total Cost At l June 2023 Additions Oisposals Reclassification 471.573 267,366 2.480 248.252 33,689 2,755.875 3.745,546 33,68S 11,7981 11,7981 Transfer of Assets Balance at 31 May 2024 AC￿mUlated depreciation At l June 2023 Charge for the year Reclassification Transfer of assets 471,573 267.366 2,480 280,743 2,755,875 3,777.437 471.573 267,379 1,758 217,697 18,734 12821 2.506,ITI 3.464,584 249.698 268,432 12821 Balance at 31 May 2024 Net Book Valu• Carried forward at 31 May 2024 471.573 267.379 1.758 236,149 2,755,875 3,732,734 722 43,994 44,703 Brought forward at I June 2023 722 30.S55 249.698 281.968 Page 43 of 53 GIRL EFFECT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 NOTES TO TrIE FINANCIAL STATEMENTS (continued) 9. INVESTMENTS: Group and charity 2024 2023 Market value at l June Additions Drawdowns Gainlllossesl 19,979,797 14.929,621 111.316,6801 1493.3041 22.412,804 10,740,518 173,090,221> 183,3041 Market valu• at 31 May 23.099.434 19.979,797 Hlstorlcal cost as at 31 May 19,979,797 22.412.804 Additions in the year relate to new f ixed-term deposits taken out by the organisation in GBP or USO wilh the organisation's partner f inancial institutions. The prior yeorfs investment balan¢e has been reclassified as short-term. as all fixed term deposits mature within one year. 10. DEBTORS: amounts falling due within one year 2024 2024 2023 2025 Group Charity Group Charlty Accrued income 530.602 530,602 572,353 518.489 Prepayments 94.955 45.382 48.440 6,479 Other debtors 294,953 21.123 334.863 64.940 920,510 597.107 955.656 589.908 Pwje 44 of 53 GIRL EFFECT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 NOTES TO THE FINANCIAL STATEMENTS (continued) 11. CREDITORS: amounts falling within onè year 2024 2024 2023 2023 Group Charity Gr(￿P Charlty Trade creditors 299.537 274,172 508,214 499,571 Other taxation and social security 157.890 132,462 94,065 80.667 Accruals 80,215 77,922 63.123 35.254 Deferred income 2.181.820 2.181.820 1,031.053 1.031,053 2.719.462 2.666,376 1.696.455 1,646.544 Oef erred income relates to funds received for grant agreements signed towards the end of the finan¢ial year for activities scheduled lo commence in the next financial year. Analy$l$ of movement In deferred income 2024 2023 Openinq balance 1.031.053 129.005 Released in year 11.031.053) 1129.0051 Oef erred in year 2.181.820 1,031,053 Closlng balance 2.181.820 1.031,053 Page 45 of 53 GIRL EFFECT ANNUAL REPORT ANO FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MAY 2024 NOTES TO THE FINANCIAL STATEMENTS lcontinued 12. ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS Restrict Funds Unrestrlcted Funds Total Funds Current year: Fixed assets Current assets Current liabilities 23.149.112 15,098.274 12.719.462) 23.149.112 13,098.274 (2.719.462) Net assels at 31 May 2024 33.527.924 33.527.924 Prlor year: Fixed assets Current assets Current liabilities 20.264,945 12.774.676 11,696.4551 20,264,945 12.774,676 11,696.4551 Net assets at 31 May 2023 31.343,166 31.343.166 13. OESIGNATED FUNDS Balance 2024 2024 Expenditur eand transfers l-Jun-23 31-M*y-24 Programme related fund Strate9ic project fund Fixed assets 17.322.321 11.257.263 17,856,5811 20,723,003 5,000,000 5.000.000 282,370 1272.5381 9.832 Group totsl 21604.691 11.257.263 (8.129.119) 25.7J2.855 P4e 46 of 53 GIRL EFFECT ANNUAL REPORT ANO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 NOTES TO THE FINANCIAL STATEMENTS Icontsnued) COMPARATIVE DESIGNATED FUNDS Balance 2023 2023 EXpendi￿r eand transfers l-Jun-22 In¢om• S1-May-23 Programrne related fund Strategic projeci fund Fixed asset5 13.462.537 9.595.824 15.736,0401 17.322.321 5,000.000 5,000,000 855.195 1572.8251 282,370 Group total 19,517.732 9.595,824 16.308,865) 22.604.691 A description of the organisation's designated funds is included in the Trustees, Report. Balance at Balance at 14. RESTRICTEO FUNDS FJuTr23 Income Expenditure 31-May-24 Gift in Kind - Google Workspace 24,290 124,2901 Gift in Kind Slack 11.004 111.0041 Gift in Kind - Microsoft 8.694 18.6941 Gift in Kind - Grammarly 15.228 115,2281 Gift in Kind Asana 18,882 118,8821 Gift In Kind - Teamviewer 2,219 12.2191 Gift in Kind Adobe creative cloud all apps 70,340 170,3401 Farm Radio Internationall The Northern Trust Company 131.201 1131.2011 Gates Foundation 464.184 1464.1841 Conrad N. Hilton Foundation 604,3SI 1604.3671 Laika Network GEE 2,343 2,343 Co- Impact 246.871 1246,8711 GAVI Alliance 1.534.060 11.534.060) Page 47 of $3 GIRL EFFECT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 NOTES TO THE FINANCIAL STATEMENTS lcontinuedl The Sigrid Rausing ioo.ooo 1100.0001 Fia Foundation 17,017 117.0171 UNICEF- Ethiopia 274.615 1274.6151 Charity total 3.525.315 13.525.3151 Group total 3.525.315 13,525,315) COMPARATIVE FROM FY2023 14.RESTRICTED FUNDS l-Jun- 22 Income Expendlture S1-May-25 Howard Delaf ield International LLP IHDIIUSAIDI 20.480 120,4801 UNICEF-UK 44.788 144.7881 Facebook Ireland l Meta 105,790 1105,7901 Farm Radio Internationall The Northern Trust Company 129,341 1129,3411 GAVI Alliance 356.085 1356,0851 Gift in Kind- Goo9le Workspace 24,290 124.2901 Gift in Kind- Slack 11.004 111.0041 Gift in Kind Microsoft 10.394 110.3941 Gift in Kind Grammarly 15.228 115,2281 Page 48 0153 GIRL EFFECT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MAY 2024 NOTES TO THE FINANCIAL STATEMENTS Iconlinuedl Gift in Kind Asana 15.855 115.8551 Gift in Kind Teamviewer 2.219 12,2191 Gift in Kind Adobe creative cloud all apps 70.340 170.3401 Gates Foundation 362.367 1362,3671 CONGRESOS INCENTIVOS Y CONVENCIONE 329 13291 Laika Network GEE 2.304 2,304 Oimagi 80.387 180.3871 FIA Foundation 66.996 166,9961 The Malala Fund 22.587 122,5871 Unilever UKCR 105,849 1105.8491 UNICEF- Ethiopia 280,085 1345,3931 Freedom Fund- Ethiopia 64.139 IG4,1391 Charlty total 1.790.857 11.790,8571 Group total 1,790.857 11.790.857) Paje 49 of S3 GIRL EFFECT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MA Y 2024 NOTES TO THE FINANCIAL STATEMENTS (continued} A further description of the individual projects can be found below: DonorlProject Description Gift in Kind- Google Workspace Provision of google workspace subscriptions to GE at a discounted rate Gift in Kind- Slack Provision of Slack platform subscriplions to GE at a discounte(J rate Gift in Kind- Microsoft Provision of Microsoft subscriptions to GE at a discounted rate Gift in Kind- Gramrnarly Provision of Grammarly platf orm subscriptions to GE at no Cost Gift in Kind- Asana Provision of Asana platform subscriptions to GE at a discounted rate Gift in Kind- Teamviewer Provision of Teamviewer platform subscription to GE at a discounted rate Gift in Kind- Adobe creative Provision of Adobe Creative cloud all apps subscription to GE cloud all apps at a discounted rate. Farm Radio Internationall The Northern Trust Company Develop and disseminate content to dismantle barriers to sexual and reproductive health and rights ISRHRI for adolescent girls and young women IAGYWI in Malawi. Bill and Melinda Gates Foundation Develop positive social norms that support the health and livelihood outcomes for adolescent girls and young women. Support the integration of early childhood development messaging into an existing media campaign targeting young caregivers115-29 years) of children10-3 years) in Tanzania. Conrad N. Hilton Foundation Fia Foundation A qualitative exploration of girls experiences of mobility to access SRHR services in four African countries. Develop a proposal to reach 2.575M adolescent girls and young women IAGYWI with inclusive and relevant sexual and reproduetive health ISRHI information using social behavioural communication techniques ISBCCI to increase awareness and drive demand for SRH servi¢es. Co- Impact Increase the uptake of HPV vaccination in several Gavi- supported countries and now seek to further collaborate to reduce gender barriers to immunisation and improve demand for routine immunisation through the use of innovative and digital approaches in Ethiopia and Tanzania. GAVI Alliance Page SO of 53 GIRL EFFECT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 NOTES TO THE FINANCIAL STATEMENTS Icontinuedl Sigrid Rausing Development and delivery of content in South Africa. UNICEF Ethiopia Development and delivery of SBCC content in Ethiopia. 15. TAXATION The charity does not incur corporation lax. All incorne is applied for charitable purposes. The charity is not exempt from VAT which is included with the expenses to which it relates in the Statement of Financial Activilies. 16. OPERATING LEASES Ai the year end, the charity was not committed to future lease payments in respect of operating leases. 17. RECONCILIATION OF NET MOVEMENT IN FUNDSTO CASH USED IN OPERATING ACTIVITIES 2024 2023 Group Group Net movement In funds 2,184,758 2,579,452 IGainVLoss on sale of assets 13041 11391 Add back depreciation charge 272,538 572,825 Deduct interest income shown in investing activities 11.620.783) 1859,6451 IncreasellDecreasel in Debtors 35.146 6,910 IncreasellDecreasel in Creditors 1.023,007 1,180,745 Foreign ex¢hange loss on operational activities 754,813 509,553 Foreign exchange translation gain 1258.7971 1418.2261 2.390,378 3.571,475 Page 51 of $3 GIRL EFFECT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 NOTES TO THE FINANCIAL STATEMENTS lcontinuedl 18. RELATED PARTY TRANSACTIONS In 2024 the following transactions took place with related parties= Girl Effect Malawi= Revenue of £35.974 was transferred from the UK to Girl Effect Malawi to cover the costs of activities there. As at 31st May 2024 the balance owed by Ito Girl Eff ect Malawi is Nil. Girl Effect Enterprise India Private Limited.. Revenue of £l,052.694 was transferred from the UK to Girl Effect Enterprise Irsdia Private Limited la wholly owned subsidiary of Girl Effect Enterprise Limited. which is a wholly owned subsidiary of Girl Effectl to cover the costs of our programmes and activities there. As at 31st May 2024 the balance owed to Girl Effeci Enterprise India Private Limited is122,498. Girl Effect Tanzania: Revenue of £1.685.315 was transferred from the UK to Girl Effect Tanzania to cover the costs of our programmes and activities there. As at 31st May 2024 the balance owed bylto Girl Effect Tanzania is Nil. Girl Effect Ethiopia.. Revenue of £826.836 was transferred from the UK to Girl Effect Ethiopia to cover the costs of our programmes and activities there. As at 31sl May 2024 the balance owed bylto Girl Effect Ethiopia is Nil. Board of trustees= Reversue of £4,016.841 was received from the Nike Foundation. an organization over which one of our trustees holds significant influence. 19. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FROM FY21Y23 General Restrict Total Funds Funds 2023 Notes INCOME FROM: Donations arsd Leqacies Investments Oiher 8.736.040 1.790.857 10,525,897 859.645 139 859,645 139 Total income 9.595,824 1.790.857 11.386.681 EXPENDITURE ON: Raising funds 1197,9541 1197.9541 Charitable activities 16,308,865) 11,790,857) 18.099.722) Total expendlture (6,506,819) 11.790.857) 18.297.676) Paye 52 of 53 GIRL EFFECT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 NOTES TO THE FINANCIAL STATEMENTS I￿nIlnued) Net IncomellExpenditurel 3.089.005 3.089.005 Foreign Exchange GainllLossl 1509,5531 1509.5531 Net movement In funds 2.579.452 2.579.452 Funds brought forward 28.763.714 28,763,714 Fund$ ¢arried forward 31.343.166 31.543,168 Page 53 of 53