COMPANY REGISTRATION NUP4JBER: 08064488 CHARITY REGISTRATION NUMBER: 1147400 The Costa Foundation Company Limited by Guarantee Financial Statements 31 December 2023 KER LIMITED Chartered accountants & statutory auditor Station House North Street Havanl Hampshire P09 1QU The Costa Foundation Company Limited by Guarantee Flnancial Statements Year ended 31 December 2023 Page Trustees, annual reF)Ort (incorporating the directorfs report) Independent auditor's report to the mem1￿rS 13 Stalement of financial activilies (including income and expenditure account) 18 Statement of financial posltlon 19 Statement of cash flows 20 Noles lo Ihe financial statements 21 The Costa Foundatlon Company Limited by Guarante8 Trustees, Annual Report (Incorporaling the Director's Report) Year ended 31 December 2023 The trustees, who also the directors for the purposes of company law, wesent thèir report and the financ4al siatèmenis of ihe charlty for the year ended 31 December 2023. Chalr's report 2023 has been a year of signific￿1 Ghange for the Cosla FoLJndation. After 16 years of dedicated Servi￿ the charitys founder. Piers Blake, retired. On behalf ol the whole board, and the many lens ot thousands ol children around the world who his work has benefited, I would like to thank him and wish him a very happy retirement. During the year Russell Fairhurst stepped down as Chair. Like Piers. Russell has been involvod ￿th the FourKlation since ils inception. and we too thank Russell lor his rnany years of serwce. l am thrilled to have begn appointed as Russell's successor. l am dellghted that Kat8 O'Brien has been recruited to replace Plers as the flrst dlrectly employed Execulivo Director ol the Costa Foundation. Kale has had a ¢ar¢or working in organisalions enabling children and young people lo thrive and has already made a signrficanl contribution to our worf(. Given the level of change in key personnel I'm proud that the charity has increased its expendlture on tal. lile-changing work, lo £1.7m in 2023. It is very pleasing to sg9 OUT charitat￿9 income rise in 2023. We havg worked hard in the year to strengthen our relationship with Costs Coffee, and the £1.6m ol income raised is a 21¢k increase year on year. This has been driven by record levels ol fundraising by the teams who work in Cosla Coffee stores. Thank you for everything that you do lo supyort the Foundation, and to the customers who continue to help lund our work. I would like lo thank existing Irustee Laura camlie￿ who has become Chair of the Projects Committe8, which worts so hard to scrutinise and approvo tho projocts that we fund. Thanks also lo all other trustees and volunteers, each ol whom voluntarily dedicates their time lo support the Foundation. I'd also like to acknowledge the many valued partners that we work with arouNI the worfd. Without you we would not be ablg lo support so many children and young people.. .thank youl There have been a number of other board changes since our last retx)rt. I would like to recognise and thank Gordon Mowai. who has stepped down from ihe board in 2024 having left Cosia Coff0¢, and welcome three new independent Irus1&98: Hannah Bellamy, Charlolle BJlour-Poole - who are both members ol the Projects Committee - and Rory Blyth, who has taken on the role of Treasurer. l am so very pleasod lo welcome a long-lerm supporter of the Foundation Nick Orrln, Managing Director of Cosla Coffee UK and Ireland, to the board in 2024. Rob Swyer- Chair, The Costa Foundation The Costa Foundatlon Company Llmlted by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (￿ltInUaLl) Year ended 31 December 2023 Reference and admlni3tratlve delalls Rgglstergd chartty name The Costa Foundation Charlty reglstratlon number 11474(NJ Company registratlon number 08064488 Prfnclpal offlce and regi$kred 3 Knaves B8ech Busin8ss Park office Davies Way Loudwater High Wy¢ombo B8dfordshir8 HP10 9QR UK irustees A AggaNal K Brnnton L Camfield K Cook8 R Fairhursl N Lake G Mowat H Finn P Cumming C Clusker R Swyer H Bèllamy Mr R Blyth Mr N Orrin C Poole (Resigned 10 March 20231 IResigned 29 March 20231 (Resigned 31 July 20231 (Rgsigned 31 January 20231 (Resigned 29 February 20241 (Appointed 16 March 20231 (Resigned 16 Juno 20231 (Appoinlod 16 March 20231 (Appointed 20 June 2023) (Appointed 20 July 20231 (Appointed 15 November 20231 (Appointed 13 May 20241 (Appointed 20 July 20231 The twstge rosignalions (with the exception of Kay Brulrton. Russell Fairhuist al￿ Kieran Cooke) reflect turnover within Costa Coffee , where Iruslees have stepped down from their position al the Foundallon as a resuft of leaving their corporate roles at Cosla Coflee. The Foundation was incorpDrated at Companies House on 10 May 2012, regislored as a charity with th8 Charty Commission on 23 May 2012 and with the Office of the Scottish Charity Regulator on 17 S8pl8mb8r 2012. Prior lo the incorporation ol the Foundatior). donations w¢ro ¢011g¢lod in an account maintsined by Charitie5 Trust, an independent registered charity, pursuant to an agreement wlh Costa Limited and th the intent that the monies in the account would be used for similar charitable purposes to those adopted by the Foundaiion. Following incorporation, Charities Trust transferred tho funds then held by them to Ihe Foundation. The Articles of Association of the Foundation established the objects and F)owers of tho Foundation. In the eveni of the Foundation being wound up, members are r￿uIred to contributo an amount nol excee(*ng £1 each. The Cosla Foundation Company Limlted by Guarantee Trustees. Annual Report (Incorporating the Dlrector's Report) (vonlIni￿dJ Year ended 31 December 2023 Company se¢retory G Long Audltor Morris Cro¢ker Limited Chartered accountants & statutory auditor Station House North Street Havant Hampshlre P09 1QU Bankers National Westminslor Bank PIC PO Box 12263 1 Princos Street Londo EC2R 8PH The Costa Foundalion Company Limited by Guarantee Truslees, Annual Report (Incorporating the Dlrector's Report) (Conlink￿l) Year ended 31 December 2023 Stru¢turei govemance and managemgnl Relationship wth Costa Limited Under the Articles of Association of the Foundation, Cosla Limited I"Costa"I has the power to aFJPDint Trustees of the Foundation provided at least two Trustees are appointed by the Board of Trustees. Costa is party lo a Commercial Parti¢ipalion Agreem&nl wtth the Foundation lo enable Cosla to raisg funds through the sale of certain products from which it has agreed to donate certain proceeds lo the FourKJation. Funds were alstr raised via fundraising from Cosla's employees and members ol the public. In addilron lo the other fundraising activiiios describ￿ below. Costa is also paty lo a Grant Funding Agreement pursuant to which Cosla committed lo donate the sum of £20,000 lor 2023. Fundraising Approach The Foundation's approach to fUnd￿Sing is to predominanlly use the relalionship wf(h Costa. its employees, customers and partnors lo raise funds through fur1dr￿sIng activities aMI the sale ol products. We do not carry out street fundraising, nor do we undertake fundraising mail shots or telephone canvassing. We woth wvith Costa 10 9nsure any fundiaising they do lor the Foundatlon comFJies with recognised standards. Th¢ fundraising practice is monitored by the Irusloes ol the charity and we monitor any fundraising complaints (none wer¢ roceived during 20231 and dways seek lo protect the puiAic. Including vulnerabl8 pèople, from unreasonably intrusive or persisl8nt fundraising approaches and undue pressure to donal&. Governing Document The Foundalion is incorFyJraled as a prniale company limited by guarantee No.08064488. The Costa Foundation is a register￿1 charity in England and Wales No. 1147400, a registered charfty in Scotland No.SC043414. The Art￿leS of Association of the FOU￿lation oslaFJished the objects and powers of the Foundation. The Costs Foundation Company Llmlted by Guarantee Trustees, Annual Report (Incorporating the Dlrector's Report) (eonlirtU0d} Year ended 31 De¢ember 2023 Structure, gDvernance and manryem8nt f¢ontlnuodJ Organisational Structure The Board ol Trustees ffleet at least four times a year and oversee fi'nance, current project work and Ihe future strategy ot the Foundali)n. The Foundation also has onè sub-commrttee.. the Projects Commitree. The purpose and duties ol this committee is set out in the Igmis of reference and are broadly outlined below. The purpose ol the Projects Committee is: al To recommend to the Board the wojecls strategy in fulfilment of the FoundatiDn'S Theory ol Change; bl To prepare annual budgets for projects and other mallers within the remit ol the Committee,. cl To consider for approval all projects presentod lor funding by tho Foundation., dl To To develop and implement a system for tha monitoring and evaluation of Foundation proj8cts', and 91 To monitor all extemal dolivery partners for Foundation projects and lo recommend new partners to the Board. The Projects Committee uses a straiegle matrix to assist in the evaluation of project proposals and collects detailed monitoring and evaluation information on Foundation schools trj measure the impact and success ol the projects across a number of key performance indicators. It reviews delivery partner pertomiancè and atproves new dolivery partners when appropriate. Trustees visit schools from time to lime to irnprove their understanding ol the educational needs in coffee growing cownmunities in thos& countrigs and lo satisfy Ihemsolves that the funds given to proj&cls are belna usod appropriately and on a timely basis. The Foundation held Trustee Indemnlly Insurance during the period. In June 2023, lollomng the retirement ol Piers Blake, the fout¥Jer and Dir¢clor of the Foundalion sinc& ils incoplion in 2007, the Foundation recruilcd its first directly employed Executive Director, Kate (YBrien.Faye Southey was also recruited as Proje￿ Officer in April 2024 to provid& additional supwrt. Principal risks uncertainties The Trustees have examined the major slralegic, financial. operationa and reputational risks which the charity la¢es and regularly revlew what actions can be taken lo miligale these risks. The live risks that would have the highest impact are.. a significant decrease in income, especially given reliance on a single SUPFX)rter Icosta Foundation and related entiliesl., a reduction in purchasing power due lo inflation or currency movements., a safety or security incident on a monitoring visit to one of t countries thc Foundation funds,. reliance on a small team to deliver the work of the Foundation,. sal8guarding issues in Foundation lunded schools- and misconduct by stall ol our delNery par￿er$ on or off Foundation projects. . These risks ar8 Mil￿ated by ongoing investment in bullding and maintaining the strong and positive relationship with Cosla Foundation partners. In addition. the Foundation has a safeguarding wh'cy, condu¢ts due diligence on partners, and Msils projects lo mf(igate ag￿n$t risks of misconduct or breaches ol safety. A full risk assessment is conducted before overseas trip with appropriate training and monitoring measures in place lor all Irav&llers. Gonts are given based on the income generated and na project applications are fkjlly approved unless the Foundation has sufficient reseNes to fund the entire budget required for that project. The Foundation purchases any required currency or￿e a project has approved to mitigate any risk to affordability as a result of currency movements. The Costa Foundation Company Limlted by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (¢orttImi￿j Year ended 31 December 2023 ob￿CtIveS and •ctlvltlg8 The Foundation's aims are the advancement ol education, the prevention and reliel ol poverty and the advancement of hea￿h ar￿ the gnvironmenl ol coffee growing communities around the world. In the consideration of projects, the Tw8tees hava due regard lo tho Charity Commission's guidance on public ￿nefIt. The Trustees always ensure that the projocts undertaken are in line with the aims and objectNes of the Foundation and use its Theory of Change to gur(le their decisions. I projects continue io be implemented Ma delivery partners based in tho countries where the projects are Ljndertaken. The delivery partners range frotn charitable non-governmental oroanisalions to the Sustaina￿lIty learns of coffee companies. The Foundation aims lo fund schools which provide indiwdual wellbeSng and a safe, quality educalh?n for children within coffee growng communities. All new school construction projects are required to have fresh water and separate sanitation facilities lor boys and girls. Depending upon local needs, the Foundation also funds electricity installations, boarding accomrnodalion, leacherfs accommodation, libraries, science labs, computer labs and safely infrastructure such as ￿rime1er feficing, safety lighting, sports pitches and flood barriers. The Foundation works wth communities and local authorities where its school projgcls will bo located but does not employ the leaching slafl or fund school places. The schools we have funded in Uganda and Zambia are op8raled by a charty called Promoting Equality in African Schools I'PEAS") where the teachers are employed and paid by PEAS. You Can find out more inforrnation on the PEAS website at TrNww.peas.org.uk. All other Costa Foundation funded schools are run by teachers trwned and ftjnded by the local education aulhortties or other NGOS. This system ensures the sustainability of the schools as 18achers are not reliant upon continued funding from ihe Foundation to meet their operating costs. We support many of our schools by funding leacfership and Irain-the-lrainèr sessions and providing equipment and learning aids for extra cutTiculum lessons held outside of school hours. During 2023, Ihe Board continued to adhere to the slralogic plan lor the period 2021-23 which saw the charity investing in tho development ol n9w schools. expansions lo existing Foundation-funded schools as well as the continuation of moro programme led initiatives with our NGO panners. While our pritnary locus remains on funding school inlraslru￿ure,. we recognise the opwrtunty to enhance the qudily ol education provided by seoking programmes from our delivery partners which will support leadership and teacher training. accessibility lespe¢ially lor girlsl and safety- The Costa Foundation Company Limited by Guarantee Truslees, Annual Report (Incorporating the Director's Report) (conNmi8d) Year ended 31 December 2023 Achlevements and pgrformanco Projects FurKled from 1 j￿Uary 2023 10 31 Decembor 2023 During the year ended 31 December 2023, the FouNlalion Completed 14 projects, supporting 13,201 chiklren and young people in coffee growng courrtries. This was despite continuing glt)bal ¢osl of living and inllalion ch￿lenge$, delays dLie to adverse weather conditions: and local administrative delays. As a resutt ol these ch￿lengeS, fewer school construction projects were fund¢d, meaning a slight slowdown in approving projects. These are as follows.. Prolect Country & ProJect Parlner Grant amount Descriptlon Term San CaTIos IEA School. Colon- Genov& Narino Construction of 8 new classrooms for 200 students, restrooms for boys and girls110 toilets and 10 wash basin units), septic lank lor 200 people, water and electricity supply, garden lands¢apiro and accessing road lo the new school block. Colombia- Fundacion Carcafe £220,000 2022-2023 14 de Julio School, Rancho Grande, Malagalpa ConslrLJeiion 018 classrooms. including one lor pre-school. for 311 students - kindergarten, primary and secondary, a staff roDm. a kitchen- dining area, equipwl with sch(x)l NKaragua- furniture. enlarged playground and Fundacion perimel&r fenGe. Nicafrance £239,000 2022-2023 3 school projects In Santa Barbara Project in 3 schools to improve school infrastructure and water and sanitation lacililies, plus training of sludenl, teachers and parents to support accoss lo education. Honduras- Plan International £186,099 2021-2023 Buildirw a better fthurg - Alta Verapaz Project in 2 schools lo improve sohoDI infrastructure, water and sanilalion lacilities, plus training of Guatemala- student, teachers and parents lo Plan supwrt access to education. International £157,269 2021-2023 la Verapa2 Food Security Programme Food securty response reaching 505 farnilies, including 1,597 children. Targeting communities where the Cosla Foundation has lundod Guatemala- schools and school projocls Plan previously. In16rnational £38,785 2021-2023 The Costa Foundation Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (COnfInu￿) Year ended 31 December 2023 Dormitory sanitation block, classroom and fence at Kampinda H*Jh Seht)ol, Northern Provin¢e Conslruclion of 3 room classroom block adding 180 new learning Zambia-PEAS spaces lor the school communty, (Promoting sanitation block for boarding Equality in accommodation and wall fen￿ to African add security for Ihe Sc￿01. Schoolsl £87.609 2022-2023 Dormitory block and classro¢m at Kabuta High Sehool, Northem Province Construction of 3 room classroom block adding 180 new learning Zambla-PEAS spaces for the school community, {Promoling bDarding accommodation block, Equality in wtt￿h has added 60 new Ix)arding African spaces. S¢hoolsl £80,551 2022-2023 Dormr(ory block, sanitary bbck, dormitory extension, lab upgrado at Bridge High Sch¢)ol, Miiooma Di*ricl Extension of dormitory b1￿￿ lo create 120 additional boarding spaces and dormitory sanitation block. upgrade of science laboralory and construction of a shallow well has given the 889 students access to safe w￿er. Uganda- PEAS (Promoting Equality in African Schools) £72,991 2022-2023 Solar lighting al Bwesuml High Schocd, Kasese District Uganda- PEAS (Promoting Equalty in African Schools) Inslallalion ol solar and hydropower ¢onneclion lor the school and boarding ac¢ornmodation £12,661 2023 Ment health arn1 wellbeing teacher training in 10 Cosla Foundation funded PEAS hools Programme to deliver psycho-social teacher Iralning and training on the new curriculum 8110 Cosia Foundation funded PEAS schools in response lo an increa59 in need lor psycho-socid and pastoral care to be incoTwraled in PEAS teaching. Uganda- PEAS (Prtsmoting Equality in African Schools) £34,122 2023 The Costa Foundation Company Limlted by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (eontinued) Year ended 31 December 2023 Water reservoir expansion at Wote Primary School, Yirgacheff8 region Ethiopia- Imagine 1 day Expansion ol primary school wal8r reservoif to ensure water supply. £2,237 2022-2023 Water reservoir gxpansions x 2 al Adeyi Prlmary S¢hrx)l. Bale Zone, Oromia Construction indudes 2 water tank Ireservoirsl with a capacity 0125m3 and 5m3 conslwcted respectTriely. 5 water points, I spring. Ethiopia- Imagine 1 day £6.364 2022-2023 Water lank installation at Bekkaye Primary School, Bde Zone, Oromia ConstrLKtion includgs 1 classroom roof water catchment of 5.000 lilres with 1 hand wash water point. Ethiopia- Imagine 1 day £36,000 2023 Educate a gi programm& Programmo supporting 200 high performing female students from poor and disadvantaggd households in rural Ethiopia in completing a lull course ol secondary school education IGrado$ 9-121 and in developing as lulur8 leaders ol Ethiopia. Ethiopia- Imagine 1 day £55,000 2022-2023 An oveM8w is as follows.. New schools completed School projects eompleled Expansions cornpleted Programmes cornpleled Total all projects corn￿918d Total grant value ol projects completed 2023 Total piojects fundgd Total childrgn TO1￿ value of grants approved 2023 14 £1,228,688 16 13,201 £1,732,703 The Costa Foundation Company Limited by Guarantee Trustees, Annual Report (Incorporating the Dlrector's Report) (coniintM4) Year ended 31 December 2023 Achlevements and p8rlormance r¢ontlnuodJ What some ol the ¢hI￿ren. young Fjeople a￿1 parents from the communities we have supported say.. 'We dSd not have a ￿ace Irelerring to loiletsl where we could feel comfortabl¢ and where we would not be afraid ol contracting diseases with regards lo our personal hygiene. Now all of that has changed. We feel freer to go Ito thè toiletsl knowing that they are clean and that we are not going to gel diseases.'IElida, student, L2s Vega5, Hondurasl. 'We feel proud and very grateful to dl the organisalions involved in this project. Our school used to be in a deplorable slate and had many needs. The classroorns used to be sgparated by curtains and we could hear the class of the other grades and this is annoying it interrupts the class. Without a doubl what I liked most about this project is the consliuction of new Classrooms and thai nov¥ we can all be in sep￿ate Iclassgsl a￿1 have mora pilvacy and safely. Of course this has also improved access to our school because before l. .) we c(yJkl only lil 20 StUde￿ts per clas5 and also becaus9 of the conditions (of the school) somo parents were afraid lot sending their children lo school) l...) now these fears are not longer thère and there is more space for all thildr8n. (Kevin, SDJdènl. San José de Colinas, Hondurasl. .1 am happy that plan has supported LJS wih the training on thè topic of menslrual care. I think thai it is a subject that is not diseussgd much here in my comrnunity because people are embarrassed lo talk about it. l...11 have understood that I musl take ¢aTg ol myself and that l am impDrtant as a person and as a 18enager.'IMatia, 12 year old gid. Gualemalal. "The presence ol the PEAS school has brought a h)t of good change in my community. PEAS havo shifted the view of parents in my communty to educate their girf children. This is a great achievement, as often girls would not be gwen tho same opportunity as bDyS' (Byamanywoha, a 73-year-old faI￿r livirtyJ in westem uga￿a. He works as a coffee larmerl. We would like lo take this opportunity to thank all at Cosla Coffee. their partners who have 5UPPOrted the FOur￿atIon ar￿ Dther donors for their partnership and support. We would also like to gnie special thanks lo our delivery partners who yel again wotl(ed tirelessly through all of Ihe challenges they've laced. W& are delighted that we'vÈ been able lo report continued activity at the levels shown above and truly appreciate their hard work, resilience, commitment and absolute locus on providing the fa¢ili1195 to positively change ihg lrfe story of so many children and young people in coffee growng communttses. Communication (￿r website was updated in aulurnn 2023 and contains current vidoos. Case studies and includi some of the latest school openings and stories from around the world. For more information visit w￿.C0statoun￿a1lon.cOm. In addition, our Instagram page l@coslaloundationl and Linkedln page (httsj￿M.IlnkedIn.C0mlcompanyIco8￿toundat[onl are regularly updated with images from ¢offeo- growing communities around the wodd that have beneif(ed from a Costa Foundation funded school plus many stories and images from our inspirational fundraisers In Cosla Coffee stores and beyond. 10 The Costa Foundation Company Limlted by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (conllnu8dJ Year ended 31 December 2023 Firbanclal revlew Total income for the yeaT ended 31 De¢ember 2023 was £1,589,57412022.' £1,287.7151 The increase in ineome is predominanly due to brilliant fUndr￿SIng in Cosla Collee stores in the UK and Ireland. £1.483,327 was paid out or lomally accrued in the year l January 2023 10 31 December 2023 and a furth&r £185,885 was cofflrnitted lo projects subject to conditions boing met. Other expenditure of £1￿.345 was made in respect of management of the projects arKI costs relating to the running of the Foundation. Reserves at 31 Decomber 2023 amounted to £1.094,488 131 Decembor 2022.. £1,173,586). Reseryes and Investment Policy The ReseNes at the year-gnd of £1,094,488 are held mainly by tho Foundallon and partly by Charities Trust. The Trustees monitor roserve levels regularly to ensure that ￿1 commitments are met and that future project requests are reviewed on a timely basis. Funds are only commilled lo new projects on the income has been received. As a result, there is a delay of some months between the receipt of lunds,the approval ol projects and the subsequent expgnditure of funds to complete Ihose projects. Those fLJnds identified for future projects are hold in cash balancos for safekeeping pending their expenditure. The reserves policy during the year was held at £75,000. This is calculaled based on keeping £50,000 reserved as seed money lor an emergency or unexpected need for money. A further £25,000 is reserved for unloroseen day-to-day operational costs. As projeeis are not signed off until fur)ds are reeèNed, we do not require reserved funds lor uncertainty of future income. or 'troughs" in the cash dgel. Truslees, responslblllties statement The tnjslees, who are ￿s0 directors lor the purposes of COTnpany law, a￿ responsible for prgparing the Iruslees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iuniled Kingdom Generally Acceplocl Accounting Practice). Company law requiffjs the charity trustees to prepare financial statements lor each year which give a true and lair viow of the stale ol allairs of the charitable company and the incoming resources and application of resources. including the income and expenditure, for that por￿. In preparing these financial statements, th8 trustee5 are required to:. select suitable accounting policies and then apply thom consistently, observe the methods and principles in the applicablg Charitigs SORP." make judgmonls and accounting estimates that are reasonable and pruderil;" prepare the financial slalements on the going Cor￿￿rn basis unless11 is inappropriate to presume that the charty will continue in business. The trustees are responsible lor keeping adequate accounting records that are sufficient to show and oxplain the charity's transactions and disclose wth reasonabl6 accura¢y al any lime the financial position of the charity and enable them lo 6nsure that the financi￿ statements comply wth the Companies Act 2006. They we aso responsible for safeguarding the assets of the charity and hence IDr taking ieasonable steps for the prevention and detection ol fraud and other irr8gulariiios. The Costa Foundation Company Llmlted by Guarantee Trustees. Annual Report (Incorporatlng the Director's Report) (contlnu8dJ Year ended 31 December 2023 Audlior E￿h of the persons who is a trustee at the date ol approval of this report confirms that.. so lar as they are awar8, there is no relevant audit information of which the charit￿5 auditor is unaware; and they havg taken afi sleps that Ihey ought to have taken as a trustee lo make themselves aware of any relevant audit information and lo establish that the charity's auditor 18 awaro of Ihal information. Small cornpany provlslon8 This report has been prepared in accordance with the provisions applicaile to companies anlitled to the small compani&s exemption. The trustees, annud rep()rt was approved on 23 Augu812024 and svJned on beh￿f of the board of Iruslees by.. J*r4* R Swyer Trustee 12 The Costa Foundation Company Llmlted by Guarantee Independent Audltor's Report to the Members of The Cosla Foundation Year ended 31 December 2023 Oplnlon We have audited the flnanclal slatemerns of The C05ta Foundation {Ihe 'charity'l lor the year erKled 31 Do¢¢mber 2023 which comprise the slalement of financial activities (including income and expendlture accounll, slalemenl ol financial positth)n, slalemenl ol cash flows and the related notes, including a summary ol significant accounting policios. The financial reporting framework that has been applied in th8ir preparation is applicable law and United Kingdom Aeeounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Iuniled Kingdom Generally Acceptgd Accounting Practicgl. In our q)inion the financial slatemenls: give a true and fair view of the stale of the charitls affairs as at 31 December 2023 and ol ils incoming resources and a￿l¢atIOn of resources, including Jts income aml expenditure. for the year Ihen endsd., have been prowdy prepared in a¢¢ordan¢e with Untted King(k)m Generdly Accepted Accounting Practice; have been prepar8d in accordance with the requSrements of the Companies Act 2006. havè b8en prepared in accordan(x with the requirements of the Charities and Trustee Investment {Scotlandl Act 2005 and regulation 8 01 the Charities Accounts (Scollandl Regulations 2006 las amended). Basls for oplnlon We conéu¢ied OUT audil in accordance wth Inlemalional Standards on Auditing IUKI IISAS IUKII and appliCat￿e law. Our responsibilities under those standards are funher described in tho auditorfs responsibiif(ies for the audit ol tho financial statements section of our report. We are independent ol the charity in accordance wlh the ethical requirements that are relgvant lo our audit ol the financial Stslements in the UK, including th¢ FRC'S Ethical Stsndard, and we have fulfilled our other ethical responsibilities in accordance with Ihgsg requirements. We believe that the audtt evidence we have obtained is sullicienl and appropriate to provide a basis for our opinion. Conclusions relating to golng concern In auditing the financid slatemenls, we have concluded that the trustees, use ol the going conc&rn basis ol accounting in the preparation ol the financial statements is appropriate. Based on ihe work we have perforrned, we have not identilied any material uncertainties rglating to events or conditions that. individually or collectively, may cast significant doubl on the charitys ability to ¢onlinue as a goirtg concem for a period of at least twe￿& months from when the firwicid statements are aulhorised for issue. Our resFX)nsibilities and th8 rosponsibilities ol Ihe twslees with respect to going concern are described in tho relevant sections of this report. 13 The Costa Foundation Company Llmlted by Guarantee Independent Audltor's Report to the Members of The Costa Foundation {¢onllnuqtsl} Year ended 31 December 2023 Other Informatlon The other information comprises the Information induded in the annual report, olher than thè tinan¢ial statements and our auditor's rep)rt Ihereon. The Iruslees are responsible for the other information. Our opinion on the financial slalemenls does not cover tho other infoirnalion and, except to Ihe exlent othe￿iS￿ explicitly stated in our report, we do not express any forni ol assurance conclusion Iheroon. In connection ￿th our audri of th¢ frnancial staloments, our resKKn5ibility is lo read the other Information a￿. 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 lo be materially misstslecl. 11 we idonlify such malorial inconsistencies or apparent material misslalements, We are required to delgmiino whether thèra is a material misstatement in the linancial slalem8nls or a material misstalemenl of the other information. 11, based on the work we have performed, we ¢on¢lud¢ that there is a material misstatement of this other inlorwnation. we are rgquired to r8port that fact. We have n(rthing to report in this regard. Oplnlons on othor matters prescrfbed by the Companlos Act 2006 In our opinion. basod on the work undertaken in the courso ol the audit.. the information gwen in the trustees, report for the financial ￿ar for which IhB financial statements are pr8paied is consistent wilh the financial 51alements,' and Ihe Iruslees, report has been propared in aCCordar￿e Imth appI￿able1eg￿ requirements. Mattèrs on whlch we ar8 requlred to report by exception In the light ol the knowledge and understanding of the charity and rts environment obtained in the urse of Ihe audiL we have not identified material misslalements in Ihg Iruslees, report. We have nothing lo report in respect of the following matters in relation to which the Companigs Act 2006 requlres us to report lo you if, in our opinion.. adequatg accounting re¢ords have not b&en kept, or re￿m$ adequaie lor our audit hav8 not been received from branches not visited by us. or the financial 8t21omerts are not in agreement with th¢ accounting records and returns,. or certain disclosures of trustèes, remungralion sp8cili8d by law ar¢ not made., or we have not recewed all the infomiation and explanations wo require tor our audtt,. or the Irusl8es were not entitled lo prepare the financial statements in accordance with the small companies regime and lake advantage ol the small companle8' èxemwions in preparing the directors, reporl and from the requirement lo prepare a siratggi¢ r¢port. 14 The Costa Foundation Company Limlted by Guarantse Independent Auditor's Report lo the Members of The Costa Foundation {eonHnuod) Year ended 31 December 2023 Responsibllllles ol trustee$ As explained more fully in the trustees. responsiLMlities statement, tho trustees Iwho are also the directors for the purposes of company lawl are responsible for the preparatlon of ihe linancia slalements and lor being satisfied that ihey give a true and lair vigw, and for such intemal control as the trustees determine is necessary lo enable the preparation of financial statements that are free from Materi￿ misstatement, whether due to fraud or error. In preparing the financial slatemenls, the Injsiees are reswnsible lor assessing thè charitYs abiltty to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidaie the charity or to ceaso operations. or have no realisiic alternative bul to do so. 15 The Costa Foundation Company Limited by Guaranlee Independent Auditor's Report to the Members of The Costa Foundation (conttnuèy) Year ended 31 December 2023 Audltorfs respon$lbllitie$ for the audlt of the financlal statpmonts Our objectives are lo o￿aIn reasonablè assurance about whether ihe financial statements as a wholè are free Irom material misslatemenl, whether dug to fraud or error, and to issue an auditor's report that Includes our opinion. Reasonable assurance is a high level ol assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misslalemonl when il exists. Misstatements can arise from fraud or error and are considered malerial rf, individually or in the aggregate, they could reasonably b8 expected lo influenc& the economic decisions ol users taken Dn tho basis ol these financial slatemenls. Irregularities. inclu(ling fraud, are instances of non-compliance with laws and regulations. We dgsign procedures in line with our responsibilities, outlingd above, to delecl material mlsslalemerns in respect of irregularities, including fraud. The extent lo which our procedures are capable of detecting irregulariti8s, including Iraud is detailed below.. From discussion with management and those Charged with governance informaJon about the entty is documenled lo assess the activity within the organisation. We discuss managèments assessment of risk in respect of irregularities. fraud and going concèrn. Based on these discussions and our own assessmgnls we d&l&rmined that the key risk areas were income rÈ¢ognition in respect ol cul off issues concerning income rocognition and management override concernlng the size of the organisalion. We sel financial statement materiality level based on the level of income. As a not lor profit organisallon rising income is its primary focus which is why income was used lo deiemine the level of materiality. Our Dverall assessment ol risk was used io determine performance materiality ai an appropriate level. Substantive audit lesls were designed after assessing and testing systems and controls. The systems and Controls whKh have be9n designod lo act as a preventative measure against fraud and grror were operating as ￿￿uMented. Substantive testing lested a sample of the population, rèwesenlative ol th8 POFxJlalion. to identify errors. The iesiing did Tr)t identtfy any material misslaloTnents in areas tested. Audit substsnlive tests concluded no malèrial errors ov8r the key rlsk areas of income recognition arKS management override. The audit considers the organisation is not exwsed to malerid risk of error as a result ol assessing laws and regulations that are appropriate to the organisalion. Managemenl assessed there is no gDing concgrn risk. As part of an audit in accordan￿ with ISAS IUKI, we exeicise professional judgment and maintain professional s¢epticism IhrDughoul the audit. We also.. Identify and assess th& risks of material misstatement of the financial statements, whother due lo fraud or error, design and perform audit procedures responsive lo those risks, and obtain audit evidence that is sufficient and appropriate to providg a basis for our opinion. The risk of not detecting a material misstalomenl resulting from fraud is higher than for one resuEiing from error, as Iiaud may involve collusion. forgery, intentional omissions, misrepr6sentations, or the override ol internal control. 16 The Costa Foundation Company Limited by Guarantee Independent Auditor's Report to the Members of The Costa Foundatlon (eontinuedj Year ended 31 December 2023 Obtain an understanding of internal Gonlrol rolevant to tho audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Ihe internal control. Evaluate the appropriateness ol accounting poI￿leS used and the reasonableness of accounting eslimales and related disclosures made by the trustees. Condude on the approprialgness of the trustees. use ol the going concern basis of accounting and, based on th& audit 6vid&nce obtained, whether a material uncertainty exists related 10 events or ¢ondilions that may cast signiticanl doubt on the charills ability to continue as a going concern. If we conclude that a material uncertainly exists, we are reqLsired lo draw attention in our auditor's report lo the related disclosures in the f1nancial statements or, if such (Jisclosures are inadequate. lo modily our opinion. Our conclusic)ns are based on the audit evidence obtained up to the date ol our auditorfs report. However, future events or conditions may cause the charity to cease lo continue as a goinu concern. EvJuale Ihe Overall presentation, stN¢lure and content of the financial stalemenls, including the disclosures, arKI whether the tinanaal statements represent the underlwng transactions and events in a manner that achieves lair presenlalion. Wo ¢ommunicaie with those Charged with governance regarding, among other mallers, thg planned scope and timing of the audit and signrficanl audit findings, including any Significant deficiencies in inlefnal control that we idenlty during our audit. Use of ¢)ur report This report is madg solely to the charit￿S Members, as a b(xly. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audil work has been undertaken so that we might stste to the eharitvs members those matters we are required lo stale to them in an auditor's report and for no other purposo. To the fullèst extent permitted by law, we do not accept or assume responsibility lo anyone other than Ihe charity and the chariws members a5 a l￿dy, lor our audit work, for this report. or lor Ihe opinions we have fomied. Stuart Mackie (Senior Statutory Audttor} For and on behalf ol Morris Crocker Limited Chartered accountants & statutory auditor Siailon House North Street Havanl Hampshire P091QU 17 7t)74 17 The Costa Foundation Company Limlted by Guarantee Slatement of Flnanclal Activitles (Includlng income and expenditure account) Year ended 31 December 2023 2023 Restricted funds Total fund$ 2022 Unrestricted funds Total funds Nolè Income and 8ndowments Donations and legacies Totsl income 1,589,574 1,589,574 1,589.574 1,287,715 1,589,574 1,287,715 Expendilure Expenditure on Charitable activities Total expendllur¢ 6￿ 1,634,503 1,634,503 34,169 34,169 1,668.672 1,668.672 1.166,923 1.166,923 Net {8xpendituro)Ilncome and net movemont In funds 144,9291 134.1691 179,0981 120,792 Reconclllation of funds Total funds brought forward Total fund$ carrled forward 1,139,417 1,094.488 34.169 1,173.586 1,052,794 1,173,586 1,094,488 The statement of financial activities includes all gains and losses recognised In the year. All income and exwndilure derive Irom continuing actEviti88. Th• notès on pages 21 to 29 fomi port ol tht$* flnanclal statsments. 18 The Costa Foundation Company Llmited by Guarantee Statement of Financial Position 31 December 2023 2023 2022 Note Current 8S58ts Debtors Cash al bank and in ha 14 366,995 1.224,200 1,591,195 20,577 1.491,549 1.512.126 Creditors: amounts falling due wtthln one year Not current assets 15 496,707 1,094,488 1,094,488 338,540 1,173.588 1, 173,586 Total assets less current Ilabllltles Funds of tho charlty R6slricled funds Unrestricted funds 34,169 1,139.417 1,094,488 1,094,488 Total charfly lunds 17 1.173.586 These financial statements have been prepared in a¢¢ordanGe wrfch the provisions applicable lo companies subject IO the small companies. regime. These financial slalemenls were approvod by the board ol trustees and aulhorised for issue on 23 August 2024, and are Sig[￿ on behalf of th8 board by.. R Swyer Trustee The Costa Foundation is a Company limited by guarantee registered in England and Wales. Company number 08064488. Charty numb8r 1147400.Scottish ¢harty number SC043414. Thg notes on pag•s 21 to 29 form part of these Iln8nclal stalements. 19 The Costa Foundation Company Limlted by Guarantee Statement of Cash Flows Year ended 31 December 2023 2023 20T2 Cash flows fn>m op8ratlng activitles Nel lexpondilurelllncome 179,0981 120,792 Adjustments for." Inl8re51 payable aThY similar charges Changes in.. Trade and other debtors Trado and other croditors 272 221 1346,4181 158,167 1267,0771 420,197 1203,2331 337,977 Cash generated from operations In￿est paid Nel cash lus¢d inlllrom o*xratlng actsvi￿&S 12721 1267,3491 1221) 337,756 Nel Idgcrease}Ilncrease in rash and cash equlvalents Cash and cash equfvalents at beglnnlng of year Cash and cash equlvalents at gnd of year 1267.3491 1,491.549 337,756 1,153,793 1,491,549 1,224,200 Thg noie5 on pag8s 21 to 29 form part of these flnanclal $tatèments. The Costa Foundation Company Llmlted by Guaranlee Notes to the Flnancial Statements Year ended 31 December 2023 General Informatlon The Cosla Foundation is a company limited by guaranleo, incorporated in England and ￿￿es. The address ol il's registered office, its regisler8d numbers and principal plac8 of business is disclosed in the Trustee's Annual Report. The principal activity of the charity is the advan￿Ment of education, the relief of poverty and the advancement ol health and environment ol coffee-growing communities around th& world. The financial statements are prepared in sterling and this is the functional currency ol the Charity. Statem8nt (rf compliance Theso financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicthe in the UK and the Republic of Ireland,, the Statement of Recommended Practicè applicable to charities prèparing thoir accounts in accordance with the Financi￿ Reporting Standard applicthe in the UK and Republic of IrdarMI IFRS 1021 ICharf(ies SORP IFRS 10211 and the Companies Act 2006. Accountlng pollcles Bas1$ of preparatlon The financial statements hav8 b&en pr6parod on th& historical cost basis, as modified by Ihe rovalualion of eert&n financial assèts and liabilities and inveslm&nl properties measured at fair wdlue through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Golng concern These financial slalemenls have been prepared on the going concern basis. This is based on the charity reserves KK>licy, ￿uS the lact the charity only commits lo projects once income has been raised, committed projeci expenditure is already secure. The charity has the security of a contractual annual donation Irofn Cosla Limited of £20k, which is not linked lo lundraising. Therefore, we do rKsl view any goiw concern risk for Ihe charity. Judgerwit$ and key sources of estimation uncertainty In applyng the companvs accounting policies. the trustees are required lo make judgernents, estimates and assumptions in determining the carrying amounts of assets and liabililios. The Irust8gs' judgem8nls, estimates and assumptions are based on the best and most reliable evidence available al the time when the decisions are made and are based on historical experience and other factors that ar9 considered to be applicable. Due to the inherent subjectivity involved in the making such judgements, eslimales and assumptions, the actual results and outcomes may differ. The trustees do not Consider Iherg lo be any signrfKant judgements, estimates or assumptions in these financial slaternents. 21 The Costa Foundation Cornpany Llmlted by Guarantee Notes to the Flnancial Statements (conllnued) Year ended 31 December 2023 Ac¢ountlng pollcles l¢ontlnu8dJ Forelgn exohange Transactions denominated in foreign currencies are translated into slerfing on the exchange rate ruling on the dale of transaction. Fund accounting Unreslricled funds are available for use at the discretlon of the trustees to further any of the charity's purpose5. Designalecl funds are unr&slricled funds earmarked by the trustees for partlcular lulure proj¢¢l or mmiiment. Restricted funds ar8 subjected to restrictions on their expenditure declarod by the donor or through the terrns ol an appeal, and fall into one ol two sub-classes.. reslricle(l income funds or endowment funds. In¢omlng resources All incom8 is induded in the statement of financial activities when enliuement has passed lo the ¢harity, rt is probable that the economic benefits associated with Ihe transaction will flow to the charity and the amount can be rellably measured. Resourcas expended All support costs incurred have b&en allocat￿ bepNeen charitable expenditure and governanca as appropriate. There are no Costs relating lo more than one functional cost category. All expenditure and liabilities are included on an accruals basis and recognised when there is a legal or constru￿1Ve obligation to pay out rgsources. Financlal Instruments The Cosla Foundalton has only financial assets and liabilitles of a kind that qudify as basic financial instruments. Basic financial instruments are initially re￿nised al transaction values and SLJbsequently measured at Ihelr setNemenl vJue. Defined conlrfbution plan$ Contributions to defined conlribLrtion plans are recognised as an expense in the period in which the related service is prowded. Prepaié contributions are recognised as an asset to the extent that the prepayment w11 lead to a Yeduction in future paymen15 or a cash relund. When contribut￿nS are not expected to bo settled wholly within 12 months of the end ol the reporLing dale in which the employees render the rglated service, the liability is measured on a discounted present value basis. Tho unwitKling ol the discount is iecognised as an expenso in th8 period in which il arises. The Costa Foundation Company Limited by Guarantee Notes to the Financial Statemenls (conllnu8d) Year ended 31 December 2023 Llmltod by guaranloe The Foundation is incorporated as a private company limltÈd by guarantee. The Articles of ASSO￿atiOn ol the Foundation established the objects and powers ol the Foundation. In the event of the Foundation being WOU￿ up members are required to contribute an amount not exceedir £1 each. Donations and legacl88 Unrestricted Funds Reslricled Total Funds Funds 2023 Donatlons Donations from sales of products in Cosla stores Store Fundraising Matched Giving Donations from Cosla Donations trom lundraisirg General and gift aid donations Payroll Giving 390,869 861,125 179,129 20.000 94,394 33.274 10,783 1,589,574 390,869 861,125 179,129 20,000 94,394 33,274 10,783 1.589,574 UnToslricted Funds Reslricled Total Funds Funds 2022 Donatlons Donations from salos of products in Costa Stores Storo FurKJraising Matched Giving Donations from Costa Donatons from lundraislng Goneral and gift aid donations Payroll Giving 363.683 697,344 363,683 703,974 6.630 80,OQO 20.413 47.440 24.686 80,000 20,413 87,440 32,205 1,287,715 40,000 7,519 54,149 1.233.566 23 The Costa Foundation Company Limited by Guarantee Notes to the Financial Statements (¢onrinu6dJ Year ended 31 December 2023 Exp8ndlture on eharltable aotlvltles by fund iype Unreslricled Funds Restricted Total Funds Funds 2023 Project Expenditure Inole 91 Project management costs Costs of raising funds Supwrt costs 1,449,158 115,251 3,836 66,258 34,169 1.483.327 115.251 3,836 66,258 1.634,503 34.169 1,668,672 Unrestrlcted Funds Restricted Total Funds Funds 2022 Project Expenditure Inole 9) Projo¢l manag8menl costs Costs ol raising funds SupFM)rt costs 1,031.553 75,736 3,761 34,408 1,145,458 21,465 1,053,018 75.736 3.761 34,408 1,166,923 21,46S Support ¢ost$ Resirithod Year Q￿ed Year ended funds 3111212023 3111212022 Unrestricted funds Governance costs Other support costs 16,685 49,573 16.685 49,573 8.772 25,636 66,258 66,258 34.408 Expgndttur8 on charilable aclivlties by actlvlty type Activities undertaken Grant funding directly of acliviti8s Support costs Total funds 2023 Total fund 2022 Projecl Expenditure Inole 91 Project management costs Costs ol raising funds Other SUFVOrt Governance wsts 1,483,327 1,483,327 1,053,018 115,251 115,251 3,836 49,573 16,685 1,668,872 75.736 3.761 25.636 8,772 1,166,9 3,836 49,573 16,685 66,258 1,598,578 3,836 24 The Costa Foundation Company Limited by Guarantee Notes to the Financial Statements Year ended 31 December 2023 Included in project expenditure is.. 2023 2022 FX adjuslmenl on US projects Prog 3 Mental Health Prog 4 Guatemala Food P de Julio Lien Son Nursery School Tan Chau Nursery School Dina's Primary Bekkaye water expansion Angetu Melka Gabicho Primary Madriz Nicuaragua Jlnolega San Jose d8 Lourées Malka Arba Santa Barbara 3 Angelo Primary La Esperanza La Jalquilla Primary Wote Primary San Pedro Carcha 2 Aspire High School Bridge High School Basura High School Haru High School Kamixnda Girfs El Kabuia Girls Dimlu High Scler￿e Lab San Carlos Adew Primary School Gatt)i Galo Primary School Harawa Kale Primary School Bwesumbu High School Expansion Adeyi Primary S¢hool Water Reservoir Educate a Girl Gycling lor Success Wole Primary School Water Reservoir Other project related 23.080 34,122 38,785 104,772 105,201 106,084 145,298 35,162 17,060 17,060 145.298 8,732 16.531 {8,0811 102.563 720 18,560 10,644 144 {50,9851 21,210 12.0931 18,383 109,257 34,777 72,991 15221 15211 87.609 80,551 15211 138,8521 89,166 89.154 47.600 14,156 12,661 43,796 5,569 47.733 50,381 1.958 1,984 7,485 Committed, not pwd.. San Pedro Carcha 14 de Julio School La Jaquilla Adeyi Primary SGhool 15,727 108,241 51,011 10.383 25 The Costa Foundation Company Limlted by Guarantee Notes to the Flnanclal Stslements (contlnuéd) Year ended 31 December 2023 Garbi Galo Harawa Kale San Carlos IEA Tan Chau Nursery San Jose de Lourdes Arda Qalu Llen Son Nursery Dina's Primary Gabicho Bridge High sch¢xsl 10,383 41,527 93,618 84.857 82,040 123,123 84.150 16,647 16,647 34,777 1,483,327 1,053,018 10. T8xatlon The chariws activities fall within the exemptions afforded by the provisions of the Income and Corptspiion Taxes Act 2010. Accordingly, there is no laxab'on charge in these attcounls. 11. Net lexpendlturelllncome Net lexpenditureifincome is slated after charg1￿(credIbrngl= 2023 2022 Fees payable for the audit of the financial statements 7,308 5.725 12. Staff costs The total staff costs and em￿oyee benefits for the reportlng period are analysed as follows.. 2023 2022 Waggs and salaries Employer contributions lo pension plans 38,289 2.848 41,137 The average head count of employees during iha year was l {2022= Nill. The average number of lull-time equivalent employges during the year is analysad as follows= 20ZJ No. 2022 No. Number of staff The number ol 8mployeas whose remuneration lor the year fell within th¢ following bands, wer8.. 2023 2022 £60,000 10 £69,999 Key Management Personnel 26 The Costa Foundation Company Limited by Guarantee Notes io the Financial Statements (conNnv8d) Year ended 31 December 2023 12. Staff costs (e4inllnueLIJ Key management personnel I￿lude all persons that have authority and r¢sFX)nsbility for planning, directing and controlling ihe activities of the charity. The total compensation paid to key management personnel for serwces provided to the charity was £41,13712022.'£-1. 13. Trustee remuneration and expenses No trustee received remunèraiion in the period to 31 December 2023 131 Decembèr 2022.. £NILI.Includad in the above is £1,957 01 reimbursed expensos lo three trustees {31 December 2022.. £476 10 two Irusteesl- Trustee Indemnty Insurance was ￿$0 in place during the period. 14. Deblors 2023 2022 Amounts due from Costa Limited Prepayments and accrued income Other debtors 284.225 32,365 50.405 17,175 330 3,072 20,577 366,995 15. Credltor8: amoun1$ falling due wlthln one year 2023 2022 Proj8Gt expenditure comrnitled, not paid Other er¢ditors 442,240 54,467 330,860 496,707 338.540 16. Panslons and other post retlrement beneflts Deflned contrfbutlon plans The amount recognised in income or 8xp8nditure as an oxpense in relation lo defined contribution plans was £2,84812022: £Nill- 27 The Cosla Foundation Company Llmited by Guarantee Notes to the Financial Ststements (contlnuod) Year ended 31 December 2023 17. Anaty8i$ of charllable fund$ Unrestrlcted funds At 1 Jan 2023 Income Exponditure 31 Dec 2023 General funds 1,139,417 1.589.574 11,634.5031 1,094,488 At Income Expendituro 31 Dec 2022 Al 1 Jan 2022 General funds 1,051.309 1,233.566 11,145,458) 1,139,417 Re$trlctad funds At Income Expenditure 31 Dec 2023 Ai 1 Jan 2023 Restricted Fund 34,169 134,1691 Al Income Exp8nditure 31 Dec 2022 At 1 Jan 2022 Re*riGled Fund 1,485 54,149 121,4651 34,169 During the year th¢ FoundalK)n incurred expenditure on the following restricted projects.. Se,0￿ from Jim's Organic Coffee. This had been carried forward from a 2022 donation.£40,000 from AllegralProject Walerfal. This was lo be spent on two projects.A sanitation block at PEAS school in Uganda. This was Complet￿ in 2022. A water and sanitatK)n project was also requested at La Jacquilla Schtjol, Peru. This was cornpleled in 2023. 18. Analysls of net assets between funds Unrestricted Funds Reslricled Total FurKIs Funds 2023 Current assets Credhors less than 1 year Net assets 1,591,195 1496,707) 1,094,488 1,591,195 {496,7071 1,094.488 Unresliicted Funds Restricted Total Funds Funds 2022 Current assets Creditors less than f year Net assets 1,477,957 1338,5401 1.139,417 34.169 1.512.126 (338,S40) 1.173,586 34,169 The Cosla Foundation Company Llmiled by Guarantee Notes to the Financial Statements {Gonllnuod} Year ended 31 December 2023 19. Analysis of changes In net debt At At 1 Jan 2023 Cash flows 31 Doc 2023 Cash at bank and in hand 1,491,549 1267,349} 1.224,200 20. Commlimenls Tho Costa Foundation had commhments of £185,885131 December 2022 £154,781) at the year end. These have not bèen provided lor in the Ilnancial statements as they are subject to ¢ondf(ions beiThJ met before paymgnt. 21. Related partles All unrestricted income received originated from Costa Limited and their employees, apart from donations receiv8J via the Cosla and Gosla Foundation websites third parties. During tho year, Costa Foundation Trustees, Neil Lake, Nick Orrin and Gordon Mowal were named as directorslofficers on companies house of Cosia Lid and they were membors of the Costa Ltd ExecutNe Team. In addition, Costa Foundation Trustee Chark)tto Clusker was a member of the Cosia Ltd Executive Team.