DoGUSign Envebpe ID". 5CC14067.96344654-8639-FBD3D8083E9E 0711012025 SCHOOLSAND TEACHERS INNOVATING FOR RESULTS ANNUAL REPORT AND FINANCIAL STATEMENTS Year Ended 31st March 2025 Company Limited by Guarantee Registration Number 08186440 (England and Wales) Charity Registration Number 1149143 ST_OR education
DoGUSign Envebpe ID". 5CC14067.96344654-8639-FBD3D8083E9E ST_OR ed ucation TABLE OF CONTENTS REFERENCE AND ADMINSTRATIVE INFORMATION.................................................................................................................... INDEPENDENT AUDITOR'S REPORT..........................................................................................................................................18 STATEMENT OF FINANCIALACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025................................................................ BALANCE SHEEtASAT31 MARCH 2025................................................................................................................................... stATEMENTOFWH FLOWS FOR THEYEAR T031 MARCH 2025.......................................................................................24 PRINCIPALACCOUNTING POLICIES..........................................................................................................................................25 NOTESTOTHE FINANCIALSTATEMENTS................................................................................................................................28 Arjnufjl Report und FinorJciulStuternerJt5- Yeui Ended315t fvlurch 2025
DoGUSign Envebpe ID". 5CC14067.96344654-8639-FBD3D8083E9E ST_OR ed ucation REFERENCE AND ADMINSTRATIVE INFORMATION Statu5 Schoo15 and Teacher5 Innovating for Results (STIR Education) Is a charitable company limited by guarantee, incorporated on 21 August 2012 and registered as a charity on 28 September 2012. In the event ol the charity being wound up, members are required to contribute n atnount not exceeding £1. Governing document The organisalion was established under a Memorandum olAssociation, which established the obiectg and powers ol the org3ni5ation, and Is governed under its Articles olAssociation. Trustees Jonathan Owen (Chairl. LouiseMarieHenbest John Austen Knight" Bijoya Baneriea Sarah Washington Leah Anyanwu Euan Wilmshurt Victoria Collis (resigned 28 January 20251 'Members ol Finance Committee Company Secretary Bates Wells Braithwaite 10 Queen Street Place London EC4R IBE Chief Executive Girish Menon luntil 5 June 20241 Jerbnilerwillmott & John Macintosh ICO-CEOS, from 6 June 20241 Senior Executives Anamika Srivastava- Global Director, Finance & Operations (Until July 241 Nancy Clark- Director, Donor Partnerships and Strategic Communications Modern Musiimenta Karema- Uganda Country Director Yoni NurdiJnsyah- Indonesi3 Executive Director Jobin Thoma5- Associate Director, Monitoring, Evaluation and Research Neha Gehlot- Associate Director, Programme Design and Readiness ShrLJti Singh Associate Director, Finance and Operations IAug 24 to July 251. Nithyambika GuruKumar- DirecLor, Donor Partnership£ and Strategic Communications lon Maternity) Mark Butchei- A550ciate Director Amplification & Advocacy Registered ollice 167-169 Great Portland Street London WIW SPF info@stireducation.org Arjnufjl Report und FinorJciulStuternerJt5- Yeui Ended315t fvlurch 2025
DoGUSign Envebpe ID". 5CC14067.96344654-8639-FBD3D8083E9E ST_OR ed ucation Company registration number 08186440 (England and Wales) Charity registration number 1149143 Auditor Buzzacott ALJdit LLP 130 Wood Street Lor)don EC2V 6DL Solicitor Bates Wells 10 Queen Street Place London EC4R 18E Bankers Lloyds Bank Oxford St PO 1000 London BXI ILT UK Metro Bank I Southampton Row Holborn London WCIB SHA UK Arjnufjl Report und FinorJciulStuternerJt5- Yeui Ended315t fvlurch 2025
DoGUSign Envebpe ID". 5CC14067.96344654-8639-FBD3D8083E9E ST_OR ed ucation TRUSTEES, REPORT.. YEAR TO 31 MARCH 2025 The trustees of Schools and Teacher£ Innovating lor Results ISTIRI present their trustees. report, which is also the directors. repori for the purposes ol company law, together vdirh the financial statemenis for the year ended 31 March 2025. The report has been prepared in accordance with the Charities Act 2011 and Part 15 01 the Companies Act 2006. The Iinancial statement5 have been prepared in accordance with the accounting policie5 Set out on pages 22 to 35 01 the attached financial stateinents and comply with the charity s Memorandum and Articles of Pssociation and applicable laws and Accounting 3nd Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic ol Ireland IFRS 1021 STIR'S VISION AND VALUES OUR REASON FOR BEING EducfJtlOn 5yStem5 today mustprepare every child, everywhere, to thrive in on increosingly complex world. Education and learning are not the same thing. Despite greater Investment in government schools and huge improvements in attendance, children in low- and middle-income countries are still ncit learning. More than half olthe world's students are not on track to gain the most basic skills they need to get a job or participate in society (Their worldl. A lack ol access to qualily teaching is preventing qLiality learning. To solve the global learning crisis, we must also solve the global teaching crisi5. A Staggering shortage 0144 million teachers IUNESCOI and high levels ol bLirnout and attrition pose existential challenges lor systems around the world to deliver quality education. Increasingly, we also demand that they tackle complex social issues such 3$ climate change, gender Inequality and social justice. As a result, teachers feel undewalued, demotivated and d isregarded by theireducation systems. It's not enougli to improve teachers, ski115-we need to address their mindset and motivation. We cannot improve learning for our children until we change the way thatteachers think and feel. We believe that there Is no greater education Intervention than a teacher who loves teaching. But cultivating a love of teaching at a global scale is lar from simple to create it sustainably will take time and great effort. Ilwe can shift teachers, mind-sets, we can change the mind-sets ol our children too, and creJle the POSltive cla55rooms that all education sy5tetn5 desire. OUR MISSION STIR has shown that it is possible to reignite intrinsic motivation sustainably and Jt scale within education systems. We've been investing in teacliers siiice 2012. starting viith a small pilot for 25 teachers in Delhi. We have since grown to reach more than 550,000 teacher5 and 12 million children acro55 India, Uganda, Indonesia and Ethiopia. We are guided by our strategy which was articulated In October 2021 entitled 'Innovate. Aclvocote. Motivate, which demonstrates how we plan to create an education ecosystem of intrinsically motivated learners across our geographies by 2025. Ourmtsslon statement.. We 5UPPOrteduc3tion systems to reignite intrinsic motivation so that every child, teacherand official Is motivated to learn and Improve. OURVISIONWILL BE REACHED WHEN: Every child is engaged, feels safe, love5 learning, trust5 and values theirteacher, is curiou5 and think5critically. Arjnufjl Report und FinorJciulStuternerJt5- Yeui Ended315t fvlurch 2025
DoGUSign Envebpe ID". 5CC14067.96344654-8639-FBD3D8083E9E ST_OR ed ucation Every teacher love5 teaching and Intentionally improves their classroom practice. Every local and ministry ofFicial sees the foundations ol lifelong learning as a core goal, priciritises the support of teachers, and uses data and insights to continually improve. Our vision stotement.. A world where every child develops a love of lifelong learning. OUR VALUES HUMILITY.. We do ntsl have all the answers upfront. OPENNESS.. We will listen, learn and Improve, and lead through obstacles. OWNERSHIP". We empower each other with high expectations and support. PURPOSE". We are united by a shared vision we will build and achieve together. We encourage and support team members lo take ownership over the work that they do, and challenge each other to continuously learn and improve. In the same way, our team role-mode15 these values with our government partners. We encourage and support ofFicials to take on ownership to ensure sustainability. We seek to build a culture ol constant learning and use our innovative monitoring and evaluation data to inform further imprcivement. These core values guide u5 35 we build an internal culture and work environment that develops the foundation5 01 lifelong learning In education system5 around the world. We aim to walk our talk by recruiting and developing a team ol lifelong learners. As a result, STIR is an exciting and unique place to work. Ourteam is trusted and empowered with significant responsibility and accountability ro deliver projects where Ihey will learn and grow. STIR'S BOARD OFTRUSTEES The Board of Trustees works closely to provide strategic and lidLiciary oversight and guidance to the executive team. Trustee meetings take place once a quarter, involve an operational, and programme review 3£ well as 3 focused examination of key strategic and operational Issues that take place. They contribute a lull day lor strategy workshop alongside key funding partners - each year and participate regularly In one-to-one discussion and checkpoints in between Board meetings, including a lortnightly discussion between the Chair and the Chief Executive. The following truslees were in ollice 3l the time this report W3S 3pproved 2nd served Lliioughout the year, excèpl where shoivn. Jonathan Owen Ichairl John Austen Knight Louise Marie Henbest Bijoya Banecjea Sarah Washington Leah Anyanwu Euan Wilm5hurst Resigned 28 January 2025 STRUCTURE The Chief Executive and Executive Team provide report5 to regular meeting5 01 the Board ol Tru5tee5 and Finance Committee on a quarterly basis. This enables the business ol the Board, including strategy development and govemance, to be undertaken collaboratively and in accordance with good practice. The role ol the Chief Executive manages the day-to-day business and operations ol STIR. KEY MANAGEMENT PERSONNEL The key management personnel ol the charity comprise the trustees together with the Chiel Executive and senior manaEement te3m as listed on p3Ee 2. The pay and remuneration ol the ch3rity's key m3n3gemenl personnel are determined through a comprehensive benchmarking survey conducted by reputable org3nizalion, which involves a thorough evaluation ol market 5tand3rd5, performance metrics, and organisational budgetary constraints to establish Arjnufjl Report und FinorJciulStuternerJt5- Yeui Ended315t fvlurch 2025
DoGUSign Envebpe ID". 5CC14067.96344654-8639-FBD3D8083E9E ST_OR ed ucation lair and competitive pay scales. Further information detailing the remuneration can be found in note 6 to the financial statements. PUBLIC BENEFIT The trustees conlirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to public benefit gLiidance published by the Chai Ity Commission. STIR'S activities continue to aid and SLiPPOrt the beneficiaries outlined vdiihin our charitable objectives including teacher£ and children across the Ugandan, Indonesian and Indian education sy5temg along with the education sy5tem5 and structure5 that support them. Message from Chair AI STIR Educalion,we've always believed that motivated teachers change live5 and thisyeai, our independent impact evaluation h35 shown just how true that is. Seeing clear Improvements in children's le3rnin8 Outcomes Is both thrilling and deeply affirming. It proves that when teachers and education officials are inspired and supported, they can transform classrooms in ways that last. In a world of constant change and growing challenges, this locus on intrinsic motivation is more important than ever. What excites me most Is that STIR'S approach doesn'tiust deliver results, It builds capacity within education systems themselves, so that change continues long alter we've stepped back. l am truly proud ol what the team, our partners and our siipporter5 have achieved together. Il's proof that our vision isn't just possible, It's 3150 cost ellective. And it gives me enormous hope lor what's to come.. classrooms full ol possibility, teachers who feel valued and empowered, and children everywhere given the chance to thrive. Jonathan (Jol Owen Trustee and Chair, STIR Education Message from CEOS Dear Friends and Supporters, This past year has been one ol both challenge and hope. Despite a turbulent global funding landscape, our belief In the power of motivated teachers has only deepened. Across India, Indonesia and Uganda, we ve seen classrooms come alive with possibility as teachers and education officials rediscover their purpose and drive change for milliorbs ol children. A significant milestone was the lull handover of our India programme ICIMI, which now operates Independently while continuing to apply the STIR approach at scale. In Uganda, our partnership with the Ministry ol EdLJcation and Sports has gone From strength to strength. We've expanded our secondary programme to 119 districts and 38 municipalitie£ and our primary programme novd operates in 64 districts and 8 municipalities. Meanivhile in Indonesia, our collaboration with the Bakti Barito Foundation, under a national agreement with the Min15try ol Education, continue5 to expand across East Nusa Tenggara, East Java and West Java. We also launched our amplilic3tion services in 2024, sharing our expertise in motivation science lo help other organi53tions strengthen their proErkmmes By working in this way, we can create deeper impact without duplicating effort5 making change more 5UStain3ble and sy5tem-led. We have already delivered several successful projects In Ghana and Brazil, enabling us to both widen OLJr organisational impact whilst also learn quickly on new models ol delivery. Arjnufjl Report und FinorJciulStuternerJt5- Yeui Ended315t fvlurch 2025
DoGUSign Envebpe ID". 5CC14067.96344654-8639-FBD3D8083E9E ST_OR ed ucation The sudden closure ol USAID earlier this year ha5 created real uncertainty lor the international development sector. cutting vital funding almost overnight. Yet this challenge has accelerated crucial conversations abciut locally led solutions and stronger collaboration between NGOs-principles that are central to our approach. For STIR, these developments reinforce our movement toward5 locali5ation and our amplification approach, both of which oller sustainable pathways loard. With strong local partnerships in place and a proven approach to motivation, we are confident thai we can build education systems where every teacher is inspired and every child can thrive. Thank you for standingwith us through this pivotal moment. Your support means we can keep turning that vision into reality. With warm iegards, Johrb Mclntosh & Jenny Willmott CO-CEOS, STIR Education About STIR Education STIR Education is an internation31 NGO commitled lo improving children's learning by %uppoiting teacher and educaLion system behaviour change. We believe there is no inteNention more powerful than a motivaLed Leacher. We bring te8cher5 together, strengthen their classroom practice, Ignite their Intrin51C motivation, and build powerful network5 3cr055 education system5. Thi5 leads to cla55room5 lJll ol p055ibility and measurable improvements in children's leorning. Our programmes deliver impact al scale, costing just $0.25 per child pei 0.1 SD gain in learning outcomes Founded in Delhi in 2012, we have since expanded to work internationally, with our India programme ICIMI now operating independently. In addition to our core programmes, we laLJnched amplification seNices in 2024. This enables us to share our expertise in motivation science and embed it within other educational initiatives helping partners strengthen their interventions and achieve sustainable, sy5tem-led change. At STIR, our locus is simple but Iranslormative.. reigniiing motivation among teachers and education ollicials so that every classroom becomes a place where children can thrive. Vision A world where teachers love teaching and children love learning. Mission We are an international amplifying organisation that supercharges the impact of education interventions by supporting them to integrate the latest in motivation science. why Motivation Science Motivation is a ierm we lend io feel we iniuitively understand, but the term itself is poorly delined, and is understood differently across different scierbtific disciplines. It has also recently been argued thai existing psychological theories ol motivation are incomplete, reSLJlting in an inability to reliably predict in practice what the biggest influences on motivation will be in a given context. This matters enormously. In education, our ability to reliably motivate children, teachers and others working in the sector is critical to improving OLJtcomes. Given the wider financial challenges in the sector, we need to develop a much better understanding olthe most cost-eflective levers to drive motivaticin at scale. Our Model Arjnufjl Report und FinorJciulStuternerJt5- Yeui Ended315t fvlurch 2025
DoGUSign Envebpe ID". 5CC14067.96344654-8639-FBD3D8083E9E ST_OR ed ucation STIR Education supports education systems to become self-improving by focusing on the motivational and behavioural driver5 01 teacher5 and officia15. The model works at multiple leve15 01 the 5y5tetn classroom, school. district, and ministry through a structured and scalable approach. Indonesia Update Reach.. Total.. 3,266 schools | 25,332 teachers | 477,795 students Key Highlights National Impact Evaluation completed, showing early signs of improved practices and ownership. High participation from teachers and officials, with strong demonstration of behaviour change Increased district ovdner%hip, bvith expanded participation and co-design ellorts Use ol innovative slorylelling technology to capture voices ol change Expansion to Six di5trict5 across three provinces, reaching 3,266 schools Our work in Indonesi3 continues lo deepen, with high participation from teachers and ollicials and strong demonstration ol target behaviours. In Kediri City, ollicials expanded our institute sessions to include supervisors from early years and high schools an encouraging sign of local ownership. We're now focusing on increasing di5trict-led co-de5ign. Each district ha5 115 Own team, and we're building a central rep051tory ol adaptable content to 5UPPOrt contextuali53tion. In 2024, we piloted a new approach to gather real-time stories ol change Lising mobile technology. In collaboration with Fortell.ai, we're testing a scalable, video-b35ed tool that interacts with respondents in their local language, offering rich behavioural insights. Initial findings are expected soon. Gender equity remains J core priority- We're ensuring our content Jvoids gender bi3$, promoting inclusive facilitation, and working with Ministry ol PrimJry and Secondary Education IMOPSEI to explore best practices. Arjnufjl Report und FinorJciulStuternerJt5- Yeui Ended315t fvlurch 2025
DoGUSign Envebpe ID". 5CC14067.96344654-8639-FBD3D8083E9E ST_OR ed ucation We've expanded Into Six di5trict5 across East Java, East Nusa Tenggara, and West Java. In Garut, we launched our first Environmental Learning Module with Bakti Barito an important step toward integrating climate education into our core programme. Uganda update Reach.. Schools 21.034, Teachers 363,916, Students 9,229,321 Iii( Key Highlights Nation31 Impact Evaluation completed, showing early signs ol improved praclices and ownership. Signed a 5-year Mou with the Ministry ol Education and Sports, outlining our gradual 5cale-down plan and increased cost-sh3rinE. Stakeholder data reporting increased fourfold Ilrom 10,000 in 2023 to over46,000 in 20241, indicating growing system ownership. Partner a550Clations like Association of Secondary School Headteacher5 01 Uganda IASSHUI, National Association ol Municipal and Disirict Education Ollicers INAMUDEOI, Ugand3 Nation31 Inspectors ol Schools AssociaLion IUNISAI and Principals Association ol Uganda IPAUI remain deeply involved in delivery, co- design, and advocacy. STIR was awarded a Certificate ol Appreciation by the Government ol Uganda lor prcimoting'education lor lasting peace. Uganda's education landscape continue5 to evolve, with new reforms such as the National Teacher Policy, Teacher Incentive Framework, and 3 Digital Agenda Jimed at strengthening theteaching profession and integrating lechnolo into classrooms. The Teacher Bill and Teacher Qualifications Framework are currently under development, signalling progress towards prolessionalising teaching, though challenges remain in ILinding and implementation. Atihe leadership level, the appointment ol Dr. KedraceTuryagyenda as Permarbent Secretary has boosted government engagement with education partners. We've also seen stronB ownership from the new Commi55ioner for Government Secondary Education, a former programme Headteacherwho continues to champion our work. We've scaled our secondary programme to 119 districts and 38 municipalities-reaching over 74,222 teachers and 1,222,461 stLidents across 2,668 schools. Our primary programme now sparbs 64 districts and 8 municipalities, supporting over 289,694 teachers and impacting 8,006,860 learners across 18,366 schools, in partnership with NAMUDEO, UNISA and PAU. Arjnufjl Report und FinorJciulStuternerJt5- Yeui Ended315t fvlurch 2025 io
DoGUSign Envebpe ID". 5CC14067.96344654-8639-FBD3D8083E9E ST_OR ed ucation This year's Learning Improvement Cycles focused on creatingsale and sUPPOrtive learningenvironment5. Specifically, the 5trategie5 Implemented aimed to foster positive relationships and promote a sense ol belonging and inclusion in classrooms, ultimately making schools safer for all children. We also began layingthe groundwork for a pilot intervention in refugee settlements. Initial discussions were held with Windle International Uganda and Finn Church Aid to explore opportunities for collaboration in strengthening the quality of teaching and learning In education-ln-emergency settings. Following these conversations, Finn Church Aid expressed a strong willingnesg to p3rlner with 5TiR Education. Subsequent Follow-up meetings were conducted to better understand Iheir work in Ihe settlements, share STIR Education's approach, and ideiitify potential areas ol collaboration. As a result, Finn Church Aid recommended live refugee settlements in South Western Uganda as potential 51tes lor piloting the Intervention. The signing ol a Memorandum ol Understanding, Js well as the co-de5ign and implementation ol the pilot, has been scheduled lor the 2025126 financial year. India Update Key Highlights Programme implementation continued in Tamil Nadu, Karnataka, and Delhi until November 2024. Leadership training, teacher PLCS, and lech-enabled mentoring sc31ed thrciugh strong stale and city-level partnerships. In Kbrnataka, live districts completed district-level training with preparations underway lor Learning Improvemeni Cycle 2. In Delhi, the Teacher Development Coordinator programme continued post-handover, with Learning Improvemeni Cycle cycles and collaboration with State Council of Educational Research and Training and Municipal Council of Delhi. Arjnufjl Report und FinorJciulStuternerJt5- Yeui Ended315t fvlurch 2025 li
DoGUSign Envebpe ID". 5CC14067.96344654-8639-FBD3D8083E9E ST_OR ed ucation STIR ceased direct programme operations in India from November 2024, with ILJII handover to the Centre lor Intrinsic Motivation ICIMI with the activity in India being treated as a discontinued operation within the statement ol financial activities and 5UPPOrting notes. STIR Education Formally concluded ils operations in Indi3 In November 2024, completinE a successful handover ol all programme acrivities io the Centre lor Intrinsic Moiivation ICIMI. CIM now leads ongoing implemeniaiion across Tamil Nadu, Karnataka, and Delhi. In Tamil Nadu, teacher professional development continued at Scale, with leadership training facilitated under the Model School Society and high engagement in chatbot-ba5ed tech mentoring. Monthly teacher and head teacher PLC5 loslered peer le3rninE, relleclion, and well-being across all districts. In Karnataka, nodal officials and district resource teams in live districts conducted training sessions, developed action plans, and prepared lorthe next Learning Improvement Cycle. Amazon-supported schoo15 were a150 engaged through change champion work5hop5 and technology integration conte5tS. In Delhi, vde were pleased to see the system sustain the TDC approach, with successful delivery ol LIC 15 and ongoing network meetings supported by SCERT and DOE. The Academic Coordinator Programme was launched in partnership with MCD but was paused due to fLinding constraints. Amazon-supported schools continued engaging with technology-focu5ed PLC5. As STIR exiled direct delivery in India, we are proud ol the strong government ownership and local leadership that ensures the work continues meaningfully under CIM'S guidance. Ethiopia Update In 2023, STIR Education signed a live-year Mou with the Ministry ol Education and began work in the South Ethiopia region, launching our programme In the woreda5 01 Sodo Zuria and Bayra Koysha. We later expanded to Humbo and Damot Galie, reaching 106 schoo15, 2,068 teacher5, and nearly 93,000 students within a year. Our model grounded In peer networks, reflection, and action-leedback loop5 Was Integrated into existing teacher development slruclures, supporting improved teacher motivation and student engagement. Despite strong early momentum and positive collaboration with government stakeholders, we unfortunately had to cease operations in Ethiopia In 2024 due to funding constraints. We remain hopeful that the foundation laid will continue to Inspire improvements in classrooms and teacher development. External Evaluation - Indonesia & Uganda 111 2024. STIR Education's programmes in Indonesia and Uganda were independently evaluated by Deloitte, wilh academic oversight From Professor Nishilh Prakash ol Northeastern University The study used a quasi-experiment31 design to assess our impact on foundational learning social-emotional learning, and teacher behaviours, with data collected directly Irom students and educators. Key Highlight5'. Foundational learni ng showed statistically significant gains in literacy in both countries and in numeracy in Uganda. Literacy improved by 16.40h in Indonesia and 15.6WD in Ug3nd3, with modest but meaninglul ellect sizes for a low-cost, system-wide programme. Impact on soci31-emotional learning was limited, though improvements were noted in peer ccillaboration Ilndonesial and conllicL resolution Iugandal Teachers in Uganda showed improved professional behaviour5 (peer learning, coachinl and ob5eNationl. While sell-reported intrinsic motivation didn't correlate directly with learning, Its predictors-autonomy, mastery, and purpose were linked to improved teaching and learning. These results highlight the potential of STIR'S fnodel to Influence teaching and learning at scale, and the need for continued exploration of practical strategie5 to embed motivation science into education sy5tem5. Arjnufjl Report und FinorJciulStuternerJt5- Yeui Ended315t fvlurch 2025 12
DoGUSign Envebpe ID". 5CC14067.96344654-8639-FBD3D8083E9E ST_OR ed ucation Amplification Services In 2024-25, STIR Education expanded It5 global influence through a growing demand lor amplification Services ollering insights, capacity buildins and research on Intrinsic motivation in education systems. As the only global organi5ation with an explicit focu5 on teacher intrinsic motivation al Scale, we're proud 10 5UPPOrt partners in embedding this approach into their work. Key Highlights-. We continued our partnership with Transforming Teaching, Education and Learning IT-TELI, a local NGO, and the Government ol Ghana, to support their national secondary education reform project, 'Leading in Teaching. We're helping them to understand how to strengthen and measure teacher motivation through this project. In partnership with UNICEF Gh3na, we completed a landscape study exploringthe motivation of teacher5 and education off icials in Ghana's pre-tertiary education system. Conducted between August 2024 and April 2025, the study provides practical insiEhts to inform policy and programming aimed al strengthening motivation, retention, and pèrlorm3nce across the secior. In Br3ziI, we completed projects with loc31 NGOS Centro Lem3nn and Ensina Brasil We have supported each organi£ation to integrate contenr on motivation into their programmes, and vdorked with Ensina Brasil to embed co-design processes into Iheir work with municipalities. We supported Save the Children to develop global modules lor teachers on liieracy development. Delivered motivation-Iocu5ed workshop5 lor the Teach lor All Global Academy. Ran the webinar 'From Intervention to Amplification featuring global education leader5 including Brookings, IDP Foundation, and Teach for All. Delivered focused webinars on teacher motivation to partners such a5 Schoo152030, Dignitas, Madhi Foundation and UNICEF Ghana. We are currenily exploring new opportunities and remain committed 10 helping others build motivated, empowered education systems globally Arjnufjl Report und FinorJciulStuternerJt5- Yeui Ended315t fvlurch 2025 13
DoGUSign Envebpe ID". 5CC14067.96344654-8639-FBD3D8083E9E ST_OR ed ucation FINANCIAL REVIEW The 2024125 Financial year had ended with an excess ol expenditure over income due to Lhe ILinding challenges and both income and expenditure have been 3flected as comp3red to previous years. The income during the year ended 31 March 2025 wa5 £1.94 million Icompared to the pieviou5 year ol £1.98 million, a drease ol just 0.02%, with expenditure during the year be ng £2.01 million, 19.5% less than the previous year's figure of £2.59 million). This ha5 resulted in a net deficit of £0.15 million compared to a net deficit of £0.61 million in 2024. The reported deficit was mainly due to close down activities ol the India operations (presented as discontinued in the statement ol financial activities) and some foreign exchange losses. Without these variances, the charity is in b break-even position lor the 2024125 year. Thetotal funds as atihe end of the current year was £0.44 million, olwhich £0.03 million was restricted and the balance 01 £0.41 million being unrestricted. The restricted funds carried fomard are to be used lorthe financial year 2025126 in accordance with respective grant agreements. PRINCIPAL RISKSAND UNCERTAINTIES There have been great challenges in Fundraising as there has a gener31 shift in lunder priorities towards humanitarian id and health emergencies. Thi5 coupled with funder5 preferring to fund local entities has had a n Irmpact on the organisation's effort5 to raise lunds. In response to these challenges, the Board ol Trustees approved an organisational strategy anchored on amplification which locuses on a service for pay delivery model and localisation ol the different organisations in the different geographies. The organisation planned to have a strateg] anchored on localisation In addition to amplification to facilitate loc81 fundraising but unlortLJnately these have suffered delays in implementation. There is a quarterly review of the progress ol these strategies at the Finance Ccimmittee and Board of Trustee level to assess the respective situations and devise aligned progress pathw3ys FUNDRAISING ACTIVITY The organisation continued to reflect its current the Fundraising Slr3tegy12020- 20251 We sought to maximise our strengths, including deep government partnerships, ourstrong team, our ambitious scaling objeclives and our rigorous monitoring and evaluation. and address or minimise our biggest weaknesses, including our olten complex messaging, over-reli3nce on single sources ol funding Igrantsl The impact evaluation commissioned in 2024 ivill provide a valuable tool to those funder5 who we have engaged with previously who felt that our evidence was not robust enough. In 2024 our new organisational strategy reflected the launch ol our Advisory SeNices which will seek lo provide 3 lee lor seNice model, civersifying STIR'S overreliance on one fundraising channel This will be a key loim ol unrestricted income to the global organisation in future years. Our current fundraising strategy does not target members ol the public. We lundraise from grant giving organi53tions, )usinesses and individuals known to us. We do not run fundraising advertisements. Where we approach high nel worth indiiiiduals IHNlsl, it is alw3ys through an existing relationship that the individual has with the Charity's Board or team member5. STIR ha5 always complied with sound fundraisin8 practices. STIR Education has never received complaints about its fundraising practices to the Charity Commission. All fundraising team members are trained in complaint fundraising practice5, due diligence and identifying vulnerable behaviour in potential donors to ensure we do not accept donations from vulnerable members ol society. A new three-year fundraising strategy will be in place for 2025- 2029 to reflect the diversification from being a solely grant Funded organisation Arjnufjl Report und FinorJciulStuternerJt5- Yeui Ended315t fvlurch 2025 14
DoGUSign Envebpe ID". 5CC14067.96344654-8639-FBD3D8083E9E ST_OR ed ucation REVENUE STREAMS The majority ol our Funding comes from instilutional sources lin the form ol restricted income grants). We also saw some unrestiicted Income come through our Advisory SeDJice5 in the p35t year. We will build on this in the coming year as well as we establish a department dedicated lo the Securing and servicing ol Advisory Service contract5. RESERVES PPI. Y AND GOING CONCERN STIR Education has recently received confirmation ol significant 5-year and 3-year funding for Uganda and Indone51 country programmes, respectively. Although the lunding agreements are still to be signed for both of these, they have been issued and will be signed imminently. This puis STIR'S country programmes on a good lootingforthe mediLJm term. Uganda has another lunder lor the same period and have several other funding opportunities in the pipeline. For Indonesia, several potential lunders are in rhe pipeline and SITR is actively pursuing a local fundraising strategj. From a global perspective, STIR will coniinue to build their amplification pipeline. Two opportunities have converted recently from two very different org3nisJtions who are Funding STIR support around building teacher intrinsic motivation into programmes and 3150 research on le3cher motivation. We continue to see this as an area of growth a5 we move into the next one to three years STIR'S trustees have examined Lhe requirements lor reserves in light ol Lhe risks to the organisation. STI R continues to build reserves through planned operating surpluse5 to meet the working capital requirements of the charity, which is currently set at three to lou r months ol operating activitie5 (which comprise5 of personnel cost5 and fixed ope"Btion5 globally). Tot31 lund£ stand at just under £0.44 million. although £0.03 million ol this is restricted lor specific projects. The balance ol unrestricted reseNes funds as at 31 March 2025 15 £0.41 million12024 was £0.55 million) amounting to the charity 5 free reserves, which represents just under three months, current annual budgeted spend of £2.25tn Thi5 15 broadly in line with our resewes policy and the trustees are consciously monitoring this to ensure there is financial sustainability during these challenging lime$ across the globe. The STIR Donor Partnerships team has been ellective in maintaining strong relationships with the existing donor and are constantly reaching to donors to ensure long-tern sustainability for the foreseeable future. The trustees are diligenily OveeeIng and strategically managing STIR'S reserves 10 ensure long-term financial stability and The Board of Trustees therefore believe that STIR will remain a going concern for at least the 12 months from the date ol approval olthese financial siatements. They will continue to provide vigilant oversight on the status ol free resewes, guided by the organisation's financial sirategy and executive team. to ensure ongoing stability and sustainability. INVESTMENT POLICY STIR does noi hold any financial inveslments to date and 1£ in the proces£ ol exploring options and setting up èn investment policy. SAFEGUARDING POLICY STIR Education is committed to promoting the rights ol children and vulnerable adults including their right to be protected from harmful influences, abuse and exploitation. STIR does not work directly with children but thi5 policy demonstrates its commitment to safeguarding children and vulnerable adult5 from harm and make5 clear to everyone within the organisation of the behaviours and actions that are reqLJired of them when dealing with these stakeholders. As per ourvalues, it is everyone's responsibility to proiect the spirit ol this policy. This policy applies to anyone working on behalf ol STIR, including the board ol trustees, paid and unpaid team members, including interns, studènts and Arjnufjl Report und FinorJciulStuternerJt5- Yeui Ended315t fvlurch 2025 15
DoGUSign Envebpe ID". 5CC14067.96344654-8639-FBD3D8083E9E ST_OR ed ucation agency workers and any visitor who may come into contact with children through association with STIR. STIR a5 01 now does not vdork with or use any volunteers. Where appropriate, STIR will make external stakeholders aware of its safegLiarding policy. As an organisation, we have conducted mandatory staff trainings to increase awareness and preveniion and 10 ensure any cases are reported and responded. EQUITY, DIVERSITY AND INCLUSION STIR commits to creating a sale and physically comfortable working environment with a positive value driven, meritocratic and open culture across all leve15. We aspire to create a culture that promote5 excellence and innovation where our team ha5 the opportunity to learn and develop their skills and prole55ional practice. The charity Is committed to providingequality, lairness and respect loreveryone in theteam whether In temporary, part-time or lull- time employment. As an equal-opportunities employer we do not discri minate on the grounds ol gender, sexual orientation, marital or civil partner statLJS, pregnancy or maternity, gender reassignment, race, colour, nationality, ethnic or national origin, religion or belief, disability or age Iprotecled characlerislicsl. STIR will oppose and avoid all forms ol unlawful discrimination. This applies to all aspects ol employment with us, including pay and benefits, terms and conditions of employment, dealing with grievances and discipline, terminatiorb and dismissal, redund3ncy, leave lor parents, requests lor flexible working, and selection lor employment, promotion, Ir3ining or other development31 opportunilieg. This applies In the workplace, outside the workplace Iwhen dealing with customer5, 5upplier5 or otherwork-related contact51, and on work related trip5 orevent5 Including social event5. To ensure we have a sale space, the People and Culture team carries oul pulse surveys al leasL twice a year and ensure there are clear action plans laid out lo get back to the team5 lor their welfare and molivalion. The team also ensures there are learning and development opportunities available acr055 the organisation without any biases or discrimination ol any kind. As an organi5ation, we recogni5e our re5POn5ibility toward5 the environment and the 5uslainability of the planet. We are committed to minimising the Impact of our work on the environment and are mindful ol thi5 in our planning and delivery like encouraging use ol digital options than printing and being prudent on the air travel. We also have an internal working group which focusses on environmental issues, so we can keep this issue Ljnder review and improve as needed STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also directors ol STIR lor the purposes ol company lawl are responsible lor preparing the Iruslees, report and financial slèlement5 in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trLiStees to prepare financial statements lor each financial year which give a true and lair view ol the slate ol allairs olthe charitable company and ol the income and expenditure ol the charitable company lor that period. In preparing these Financial statements, the Lrusiees are required to.. -> select suitable accounting policie$ and then apply them consislenlly., obsewe the methods and principles in Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting standard applicable in the United Kingdom and Republic of Ireland IFRS 1021-, make judgements and estimates that are reasonable and prudeni,. state whether applicable United Kingdom Accounting Standards have been followed, subject lo any material departures disclosed and explained In the financial statetnents-, and Arjnufjl Report und FinorJciulStuternerJt5- Yeui Ended315t fvlurch 2025 16
DoGUSign Envebpe ID". 5CC14067.96344654-863&FBD3D8083E9E ST_OR ed ucation prepare the financial statements on the goi ng concern basis unle55 It is inappropriate to presume that the charitable company will continue in operation. ThetfU5tee5 are responsiblefor keeping proper accounting records that di5c105e with ieasonable accurag at anytime the Pinancial position of the charitable company and enable them to ensure that the financial Statements comply with the Companie5 Act 2006. They are also responsible lor saleguarding the a55ets of the charitable company and hence lor taking reasonable steps for the prevention and detection ol fraud and other irregLJlarities. Each ol the trustees confirm5 that.. -> so lar as the trustee is aware, there 1£ no relevant audit information of which the charitable company's auditor is unaw3re,' and the Iruslee has taken Jll the steps that helshe ought to have taken as a trustee in order lo m3ke himselllherself aware of any relevant audit inlorm3tion and to establish that the charitable comp3ny'5 auditor is aware ol that information. This confirmation is given and ghould be interpreted in accordance with the provisions of S418 01 the Companies Act 2006. The trustees are responsible lor the maintenance and irbtegrity of financial information included on the charitable company's website Legislation in the United Kingdom governing the piepèralion and disseminolion ol linJncial statement5 may diflerfrom legislation in otherjurisd ictions. 0711012025 The Trustees, Report was approved by the trustees on...............:.......................and signed on their beh311 by.. Tr . *JwibvpFRobert Owen Company registration number.. 08186440 IEngland and Wales) Charity registration number. 1149143 Arjnufjl Report Gnd FinunriulStoteNnents- Yeui Ended315t fvlurch 2025 17
DoGUSign Envebpe ID". 5CC14067.96344654-8639-FBD3D8083E9E ST_OR ed ucation INDEPENDENT AUDITOR'S REPORT OPINION We have audited the financi31 statements of Schools and Teachers Innovating lor Results Ithe'ch3ritable company'l lor the year ended 31 March 2025 which comprise the stalement ol lin3ncial activities, the balance sheei, and statement of cash flows, the principal accounting policie5 and the notes to the financial statement5. The financial reportingframework that has been applied In their preparation Is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial 5tatementS'. give a true and lairview of the state of the charitable company's allairs as at 31 March 2025 and ol its income and expenditure lor 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 ol the Companie5 Act 2006. BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under Lhose sLand3rds are Further described in the auditor's responsibililies lor ihe audit ol the financial Statements section ol our report. We are independent ol the charitable company in accordance with the ethical reqiiiremenls that are relevant lo our audit ol the financial slalemen15 In the UK, Including the FRC'5 Ethical Standard, and we have lulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained 15 sufficient and appropriate to provide a basis lor our opinion. CONCLUSIOP ie ITING TO GOING CONCERN In auditing the financial statements, we have concluded that the trustees. use of the going concerii basis 01 accounting in the preparation ol Ihe financial slatements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions tliat, individually or collectively, may cast sigiiilicant doubt on the charitable compaiiy s ability to continue as a going concern for a pericid ol at least twelve months from when the financial statements are authorised lor issue Our responsibilities and the responsibilities ol the trustees with respect to going concern are described in the relevar)t seciior)s ol this reporL. OTHER INFORMATION The other information comprises the information included in the annual report and financial statements. other than the Financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report and lin3ncial stalemenls. Our opinion on the financial statements does not cover the other inlormation and, except to the extent otherwise explicitly stated in our report, we do not expre55 any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, considerwhelher the other information is materially inconsistent with the Iinancial 5tatement5 or our knowledge obtained In the course ol the audit or othemise appears to be materially misstated.11 we Identify such material Incon515tencies or apparent material misstatements, we are required to determine whetherthis gives rise to a material misstatement in the financial Arjnufjl Report Gnd FinunriulStoteNnents- Yeui Ended315t fvlurch 2025 18
DoGUSign Envebpe ID". 5CC14067.96344654-8639-FBD3D8083E9E ST_OR ed ucation statetnent5 themselve5.11, based on the work we have performed, we conclude that there Is a material misstatement of this other irbformation, we are required to report that fact. We have nothing to report in thi5 regard. OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIESACT2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the trustees, report, which is also the directors, report lor the purposes ol company law, for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the trustees, report, which 15 also the directors, report lor the purpose5 of company law, ha5 been prepared in accordance with applicable legal requirements. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light ol the knowledge and understanding of the charitable company and It5 environment obtained In the course ol the audit, we have not Identilied mater131 misstatements in the trustees, report. We have nothing to report in respect ol the following matlers in relation to which the Companies Act 2006 requires us to report to you il, in our opinion.. adequate accounting record5 have not been kept, or returns adequate for our audit have not been received Irom branches not visited by us", or Ihe financial £LaLemenis are not in agreemenl with the accounting records and returns. or certain disclosure5 01 tiustee5' remuneration specified by law are not made., or e have not received all the Information and explanations we require for our audit. RESPONSIBILITIES OF TRUSTEES As explained more fully In the trustee5' re5pon5ibilities statement, the trustees Iwho are also the directors ol the charitable company for the purposes of company lawl are responsible lor the preparation ol the financial statements and for being satisfied that they give a true and fair view, and for SLich internal control as the trustees determine is necessary to enable Ihe preparation ol financial £13tements that are Free from material misstatement, whether due to Iiaud or error. In prepariiigthe fiiiancial statements, the trustees are responsible lor assessing the charitable company's ability to continue 3£ a going concern, disclosing, 3£ 3pplicable, m3tiers related io going concern and using the going concern basis o13ccounting unless the trustees either intend lo liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OFT -INANCIAL STATEMENTS Our objectlVe5 are to obtain reasonable a55urance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to 155LJe an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not 3 guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatemenis can arise from fraud or error and are considered material il, individually or in the aggregate, they could re350nably be expected to influence the economic decisions ol useis taken on the basis ol these financial statements. Arjnufjl Report und FinorJciulStuternerJt5- Yeui Ended315t fvlurch 2025 19
DoGUSign Envebpe ID". 5CC14067.96344654-8639-FBD3D8083E9E ST_OR ed ucation Irregulorities, includingfroud, ore instonces of non-complionce with lows ond regultstions We design procedures in line with our responsibilities, outlined above, lo detect materi31 misslalements in respect ol irregularitie5, including fraud. The extent to which our procedure5 are capable of detecting Irregularities, Including fraud is detailed below-. Our approach to identifying and 3ssessinE the risks ol material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, wa5 as follows.. The engagement partner ensured Lhat Ihe engagement team collecLively had Lhe 3ppropriaLe compelence, capabilities and skills lo identily or recognise non-compliance with applicable lavds and regulations., We identified the law5 and regulations applicable to the charity through di5CU55ions with management and representatives ol those charged with governance and from our knowledge and experience ol the sector in which the charity operates", We focused on specific laws and regLilations which we considered may have a direct material ellect on the accounts or the activities ol the charity. These included but were not limited to the Companies Act 2006, the Charities Act 2011, the Charities SORP, employment and saleEuardinE principles. We considered the impact ol the International nature of the charity'5 operations on its compliance with18ws and regulations. We assessed the extent of compliance with the laws and regulations identified above through making enquiries ol management and those and those responsible lor legal and compliance procedures, charged with governance and review ol minute£ ol Lru£tees' meetings. We 35se55ed the susceptibility of the charity'5 lin3ncial statements to material misstatetnent, Including obtaining an understanding of how fraud might OCCLJr, by. Making enquiries ol management and iepre5entative5 of those chaiged with governance as to where they considered there was susceptibility to fraud, their knowledge ol actual, suspected and alleged fraud, and Considering the internal controls in place to mitigate risks ol fraud and non-compliance with laws and regulation5. To address the risk ol fraud throLigh management bias and override ol controls, bve.. Performed analytical procedure5 to identify any unusual or unexpected relationships. Identifying and testingjournal entries, in particular anyjournal entries posted with unusual characteristics- Tested the authorisation ol expenditure-, Assessed whetherjudgements and assumptions made in determining the accounting estimates were indicative ol potential biJs', and InvesliEaled the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were noi limited Lo.. Agreeing financial statement disc105ures to underlying supporting documentation., Reading the minutes of meetings of trustees", and Enquiring ol management and represeniatives ol those charged with governance as to actual and potential liligètion and claims. Enquiring ol auditors ol over5ea5 components as lo actual and potential non-compliance with significant laws and regulations. Arjnufjl Report und FinorJciulStuternerJt5- Yeui Ended315t fvlurch 2025 20
DoGusign Envebpe ID". 5CC14067.96344654-8639-FBD3D8083E9E ST_OR ed ucation There are inherent limitations In our audit procedures described above. The more removed that laws and regulations are from lirbancial transactions, the less likely it is that we would become avdare ol non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry ol the trustees and other management and Ihe inspection ol regulatory and legal correspondence, il any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilitie5 is available on the Financi31 Reporting Council's website at wMw.frc.org.uk/auditorsresponsibilities. This description forms part ol ou r auditor's report. USE OF OUR REPORT This report15 made solely lo the charitable cotnpany's member5, a5 a body, in 3ccordance with Chapter 3 01 Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company s members those Matte we are required to state to them in an auditor's report and lor no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, lor ou r Judil work, for this report, or lor the opinions we have formed. 1/7L,I'2-2. 9 October 2025 Shachi Blakemore (Senior StatutoryAuditorl For and on bèh3110l Buzzècolt Audit LLP, Statutory Auditor 130 Wood Street London EC2V 6DL Arjnufjl Report Gnd FinunriulStoteNnents- Yeui Ended315t fvlurch 2025 21
DoGUSign Envebpe ID". 5CC14067.96344654-8639-FBD3D8083E9E ST_OR ed ucation STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 Ilncluding Income and expenditLire account) UNRESTRICTE RESTRICTED 2025 TOTAL UNRESTRICTE RESTRICTED 2024 TOTAL DFUNDS FUNDS FUNDS DFUNDS FUNDS FUNDs NOTES Income from: Donations and legacies Interest Income 445,184 1,287,136 1,732,320 217,931 1,268,327 1,486,258 1,505 2,155 448,844 1,505 2,155 1,735,980 5,637 3,769 227,337 5,637 3,769 1,495,664 other income Continuing operations Donations and legacies.. Discontinued operations Total income 1,287,136 1,268,327 16 1,918 200,319 202,237 24,391 461,037 485,428 450,762 1,487,455 1,938,217 251,728 1,729,364 1,981,092 Expenditure on: Charitable activities.. 481,936 1,317,716 1,799,652 188,873 1,306,805 1,495,678 Continuing operations Charitable activities.. 481,936 1,317,716 1,799,6S2 188,873 1,306,805 1,495,678 Discontinued operations Total expenditure 16 106,381 180,136 286,517 380,686 715,968 1,096,654 S88.317 1,497,852 2.086.169 569.559 2,022,773 2,592.332 Net lexpenditurel for the year and net movement in fvnds 1137,5551 110,3971 1147.9521 1317,8311 1293,4091 1611.2401 Transfer Between Funds li 106,909 1106,9091 Reconclllatlon of funds Total funds brought forward Funds balances carried fonHard 41 756,806 441,635 1,198,441 All of the charity's activities derived from continuing operations during the above two financial periods, except where indicated. Arjnufjl Report Gnd FinunriulStoteNnents- Yeui Ended315t fvlurch 2025 22
DoGUSign Envebpe ID". 5CC14067.96344654-863&FBD3D8083E9E ST_OR ed ucation BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 2024 Notes Current assets Debtor5 L99,301 594,454 196,975 1,012,897 Cash atba?kand In hand Totsl 793,755 1209,872 Creditors.. Amounts falling due within one year Totsl io 1354,5061 1622,6711 354506 1622.6711 Net current assets and net assets 439249 587201 The funds olthe charity Restricted funds li 30,920 41,317 Unrestricted funds . General fund 408329 545,884 Totsl funds 439249 587201 Approved by the trustees and signed on their behalf by.. Sddby.. J). PLVLbb gEEF.'JEfjIÈIRn Owen Approved on.. 0711012025 Company Registration No. 08186440 (England and Wales) Charity Registration No. 1149143 Arjnufjl Report Gnd FinunriulStoteNnents- Yeui Ended315t fvlurch 2025 23
DoGUSign Envebpe ID". 5CC14067.96344654-8639-FBD3D8083E9E ST_OR ed ucation STATEMENT OF CASH FLOWS FOR THE YEAR TO 31 MARCH 2025 2025 2024 Notes Cash flows from operating activities- Net cash used in operating activities 1419,9481 12702681 sh flows from investing activiti Interest received Nel cJsh provided by investing activities 1,505 1,505 5,637 5.637 Change in cash and cash equivalents in the year 1418,H31 1264,6311 Cash and cash equivalent5 at l April 1,012,897 1,277,528 Cash and cash equivalent5 at 31 March 594.454 1.012.897 NOTESTO THE STATEMENTOFWH FLOWS FOR THEYEAR T031 MARCH A) Reconciliation of expenditurefortheyearto netca5h used in operating activities 2025 2024 Net lexpenditurel lor the year las per the statemeni ol financial aciivities Adjustments for.. 1nterest receivable 1147,9521 1611,2401 11,5051 1268,1651 12,3261 1419,9481 15,6371 230,662 115,947 1270,2681 (Decrease) increase in creditors Ilncreasel Decrease in debtors Net cash used in operatingartivities Bl Analysis of cash and cash equivalents 2025 2024 sh at bank and in hand 594,454 1,012,897 Analysis of Changes in net debt The charity does not have any borrowings or lease obligations. Net debt consists therefore ol the cash balance. Arjnufjl Report Gnd FinunriulStoteNnents- Yeui Ended315t fvlurch 2025 24
DoGUSign Envebpe ID". 5CC14067.96344654-8639-FBD3D8083E9E ST_OR ed ucation PRINCIPAL ACCOUNTING POLICIES The principal accounting policies adopted, judgements and key sources ol estimation uncertainty in the preparation of the lin3ncial statement5 are laid out below. These financial Statements have been prepared for the year to 31 March 2025 and are presented in sterling and are rounded to the nearest pound. The financial statements have been prepared under the historical cosi convention with items recognised at cost or IrJngaCtion v31ue unless Otherwise stated in the relevant accounting policies below or the notes to these financial statetnent5. The financial staiements have been prepared in accordance with Accounting and Reporting by Charilies.. Statement ol Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable In the United Kingdom and Republic ol Ireland (Charities SORP FRS 1021, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The charity constitutes 3 public benefit enlily as defined by FRS 102. BASIS OF PREPARATION There are three areas ol operation ol the ch3rily- central governance, Fundraising and support functions within the UK and operational activity In Uganda, India luntil November 20241, Indonesia and Ethiopia (until March 20251- with a shared vision, mission and busine55 model being adopted. The financial Statements therelore incorporate all operations to show the activities of the entire organisation, but for the purposes of local laws, the Uganda, India, Ethiopia and Indonesia operations have been separately incorporated. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT Preparation ol the financial statements requires the trustees to make significantjudgements and estimates. The only item in the financial statements where IhesejudEements and estimates have been made are in respect ol determining the b3515 for the allocation ol support and governance cost5 across the charitable activities as shown in note 3. ASSESSMENT OFGOING CONCERN The tnjstees have asse55ed whether the use of the going concern assumption is appropriate in preparing these financial statemerbts. The trustees have made this assessment in respect tci a period of one year from the date of approval ol these financial statemenis. Thetrustees of the charity have concluded that there are no material uncertaintie5 related to events orconditions that may cast significant doLJbt orb the ability ol the charity to continue as a going concern. The trustees are of the opinion that the charity will have SLJfficient resources to meet its liabilities as they fall due. With regard to the next accounting period, the year ending 31 March 2026, the most significant Issue5 that affect the charitable company are the availability of grants and funding from Institutions, family foundations, Individual donors and other agencies and general economic conditions orb the level ol commercial sources ol irbcome. STIR has been able to secLire grant commitments for approximately £l.I million up until March 2026 and expeciing prospective commitments ol a further £0.6 million lor the 2025-26 Financial year. Arjnufjl Report und FinorJciulStuternerJt5- Yeui Ended315t fvlurch 2025 25
DoGUSign Envebpe ID". 5CC14067.96344654-8639-FBD3D8083E9E ST_OR ed ucation INCOME RECOGNITION Income is recognised on an accrual basis in the year in which the chariLy is entitled to receipt, it is probable the charity will receive the income and the amount can be measured with re3son3ble certainly. Income is deferred only when the charity ha5 to lullil condition5 before becoming entitled to it or where the donor or lunder has specified that the income is to be expended in a future accounting period. Income comprises interest receivable on cash held with the charity's bankers and donations and legacies. Interest on funds held at bank 15 Included when receivable and the amount can be measured reliably by the charity", this is normally upon notificaiion ol the interest paid or payable by the bank. EXPENDITURE RECOGNITION Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer ol econcimic benefits will be required in settlement and the amount ol the obligation can be measured reliably. All expenditure is accounted for on an accrual basis and Is stated inclusive of irrecoverable VAT. Expenditure comprises direct costs and support costs. All expenses, includ ing support cosis, are allocated or apportioned to expenditure on charitable acLivities. All expenditure is Incurred on the charity's primary charitable purpose5 as described in the trustees, report. It includes all costs associated with furthering the charitable purposes ol the charity Ihrough the provision ol its charitable aclivities and also any redundancy payments made. Such costs include direcl and support costs including governance costs. DISCONTINUED ACTIVITIES Where a decision has been made to discontinue or terminate 3n activity in accordance with the definitions contained within FRS 102, income, costs, and obligations a550ciated with the discontinuing operation are recognised within the year. The irbcome, costs, and obligations are disclosed separately on the face of the ststement of financial activities. ALLOCATION OF SUPPORT AND GOVERNANCE COSTS Support costs represent indirect charitable expenditure. In orderto carry out the primary purposes ol the charity it is necessary to provide SLiPPOrt in the form ol personnel, financial procedures, provision of ollice seDJices and equipment and a suitable working environment. Governance costs comprise the costs Involving the public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice. Support Costs lincluding governance cost51 are allocated as described in note 3 to these financial statements. DEBTORS Debtor5 are recognised at their settlement amount, le55 any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material. CASH AT BANKAND IN HAND Cash at bank and in hand represents such accounts and Instruments that are available on demand or have a maiLirity of less than three months from the date ol acqLJiSition. Arjnufjl Report und FinorJciulStuternerJt5- Yeui Ended315t fvlurch 2025 26
DoGUSign Envebpe ID". 5CC14067.96344654-8639-FBD3D8083E9E ST_OR ed ucation CREDITORSAND PROVISIONS Creditors and provisions are recognised when there 1£ an obligaiion at Lhe balance sheet date as a result ol a past event, il is probable that 3 IrJnsler ol economic benefit will be required in geltlemenl, and the amount ol the settlement can be estimated ieliably. Creditor5 and provisions are recognised at the amount the charity anticipates It will pay to settle the debt. They have been discounted to the present value ol the luture cash payment where such discounting is material. FINANCIAL INSTRUMENTS The charity only holds basic financial instruments bs defined in FRS 102. The financial assets and financial liabilities of the Charity and their measurement basis are as follows.. FintJnciG1055et5- trade and other debtors ère basic financi31 instruments and are debt instruments measured t amortised c05t. Prepayments are not financial Instruments. CG5h ot bank- classified 2$ a basic financial instrument and is measured al lace value Finunciul liabilities- trade creditor5, accruals and othercreditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instrLiments disclosure definition. Deferred Income 15 not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver seNices rather than cash or another financial instrument. FUND STRUCTURE Restricted lund5 comprise monies raised for, or which have their use restricted to, a Specific purpose, or contribution5 subject to donor-imp05ed condition5. General funds are unrestricied funds and represent the net surplus made by the charity during its operations. They are available to be used lor the object5 of the charity at the discretion ol the Twstee5. LEASED ASSETS Rentals applicable to operating leases where substantially all of the benefits and risks ol ownership remain with the lessor are charged tci the statement of linancial activities on a straight-line basis over the lease term. FOREIGN CURRENCY Tr8nsaCtion5 in foreign currencies are translated into sterling at the monthly average exchange rate incurred by the charity in the period. Assets and liabilities denominated in foreign currencies are translated into sterling at the closing rates at the year-end date. All revaluation differences and foreign exchange differences are taken to the statement ol financial 3Ctivilies. TAXATION The company is a charity under Ihe Finance Act 2010 (schedule 6, paragraph il definition. Accordingly, the company is potentially exempt from taxation in respect ol income or c3pilal gains within c3teEories covered by the Corporation Tax Act 2010 (part 11, chapter 31 or the Taxation ol Chargeable Gains Act 1992 (section 2561, to the extent that such income or gains are applied exclusively to charitable purposes. No tax charge arose in the period. PENSIONS The charity contributes to pen510n arrangements on behall ol It5 employee5. Contribution5 payable for the year are charged to the income and expenditure account. Arjnufjl Report und FinorJciulStuternerJt5- Yeui Ended315t fvlurch 2025 27
DoGUSign Envebpe ID". 5CC14067.96344654-8639-FBD3D8083E9E ST_OR ed ucation NOTES TO THE FINANCIAL STATEMENTS I.DONATIONSAND LEGACIES UNRESTRICTIIII RESTRIC FUNDS FUNDS UNRESTRICIED RESTRICTED 2024 TOTAL FUNDS FUNDS FUNDS FUNDS Tru5t5 and Foundation5 445,184 1,287,136 1287.136 1,732,320 1.732320 217,931 217.931 1,268,327 1268327 1,486,258 1.486.258 Totsl AAENDITURE UNRESTRICTED RESTRICTED FUNDS FUNDS GLOBAL Total UNRESTRICTED RESTRICTED FUNDS FUNDS GLOBAL Total 180,136 180,136 861,702 861,702 163,522 163,522 5,781 5,781 286,711 875,028 1.497.852 2,086.169 715,968 859,193 133,708 73,809 240,095 2,022,773 715,968 859,193 133,708 73,809 809,654 2592332 Uganda Indone51 Ethiopia UK" (note 31 Totsl Global Costs 588,317 588?17 569,559 569559 Support C05t5 (note 31 are UK costs allocated to India. Uganda, Indone51a and Ethiopia. UNRESTRICTED FUNDS ID2025 REsTricfED FUNDS 2025 TOTAL FUNDS Stall costs People Development Costs Ollice costs Monitoring and evaluation Programme training Meeting costs Other costs 103,762 546 103,762 546 27,876 482 27,876 482 4,338 300 4,338 3CH) 4?,832 180.136 4?,832 180,136 106,381 286517 SubTotsl Support cost5 (note 31 Totsl 106,381 106.381 180.136 Arjnufjl Report und FinorJciulStuternerJt5- Yeui Ended315t fvlurch 2025 28
DoGUSign Envebpe ID". 5CC14067.96344654-8639-FBD3D8083E9E ST_OR ed ucation 2. EXPENDITURE (CONTINUED) UNRESTrICTED FUNDS IND2024 RESTRICTED FUNDS 2024 TOTAL FUNDS Stall cost5 547,560 4,877 74,001 20,431 42,027 4,289 16,729 6,054 715,968 547,560 4,877 74,001 20,431 42,027 4,289 16,729 6,054 715,968 380,686 1,096,654 . People Development Costs Ollice costs Monitoring and evaluation Programme training Equipment Costs Meeting cost5 . Other costs SubTotsl Support costs (note 31 Total 380,686 380,686 715,968 UNREsfRICTED FUNDS UGANDA 2025 RESTRICTED FUNDS 2025 TOTAL FUNDS Stall cosls 552,855 552,855 496 . Petsple Development Costs Ollice costs Monitoring and ev3lu3tion Programme training Meeting costs SubTotsl 496 44,870 372 44,870 372 247,211 15,898 861,702 75,558 937260 247,211 15,898 861,702 491,935 I3,637 SLJPPOrt costs (note 31 Totsl 416,377 416377 UNRESTrICTED FUNDS UGANDA 2024 RESTRICTED FUNDS 2024 TOTAL FUNDS Stall cost5 477,701 1,170 51,610 3,612 313,729 11,371 859,193 165,425 1,024,618 477,701 1,170 51,610 3,612 313,729 11,371 859,193 283,263 1,142,456 . People Development Cost5 Office costs Monitoring and evaluation Programme training Meeting costs Sub Ti)tsl Support costs (note 31 Totsl 117,838 117,838 Arjnufjl Report und FinorJciulStuternerJt5- Yeui Ended315t fvlurch 2025 29
DoGUSign Envebpe ID". 5CC14067.96344654-8639-FBD3D8083E9E ST_OR ed ucation 2. EXPENDITURE (CONTINUED) UNREsfRicfED FUNDS INDONESIA2025 RESTRicfED FUNDS 2025 TOTAL FUNDS Stall costs 135,872 472 135,872 472 . People development costs Office costs 8,346 17,316 1,516 163522 96,934 260.456 8,346 17,316 1,516 163522 153,728 317250 Programme training Meeting costs SubTotsl Support costs Irbote 31 Totsl 56,794 56,794 UNRESTRICTED FUNDS INDONESIA 2024 RESTRICTEDFUNDS 2024 TOTAL FUNDS Indonesia Staff cost5 105,806 57 105,806 57 Office costs Programme training Monitoring and evaluation Programme training Equipment Meeting costs SubTotsl 8,208 1,200 14,530 2,432 1,475 133,708 69,196 202,904 8,208 1,200 14,530 2,432 1,475 133,708 80,933 214,641 SLJPPOrt costs (note 31 rotol 11,737 11,737 UNRESTRICTED RESTRICTED FUNDS FUNDS THIOPIA2025 2025 TOTAL FUNDS Office Costs 4,687 1,094 5,781 114,219 120.0(K) 4.687 Programme training SubTotsl Support costs (note 31 Totsl 5,781 122,984 128,765 8,765 8,765 UNRESTRICTED RESTRicfED FUNDS WI FUNDS EfHIOPIA 2024 2024 TOTAL FUNDS Stall cost5 . Office Costs Programme training SubTotsl Support Costs (note 31 Totsl 36,208 8,322 29,279 73,809 5,474 79,283 36,208 8,322 29,279 73O09 64,T12 138yI 59,298 59,298 Arjnufjl Report Gnd FinunriulStoteNnents- Yeui Ended315t fvlurch 2025 30
DoGUSign Envebpe ID". 5CC14067.96344654-8639-FBD3D8083E9E ST_OR ed ucation 3. SUPPORT COSTS 2025 FUNDS TOTAL SUPPORT COST2025 IND UGANDA INDONESIA ETHIOPIA Stall Costs 80,853 222,053 16,087 1,248 14,492 13,041 41,106 37,376 2,392 676 100,642 5,027 390 80.513 4,022 312 584,061 25,136 2363 43,756 23,221 64229 58,767 3,859 1,727 34.662 33,247 875,028 Pension Costs People Costs Office Costs Meeting Costs Program Costs Monitoring aid Evaluation Costs Communication Costs 413 21,112 2,845 4,529 4,075 12,846 11,680 747 3,623 3,260 10,277 9,344 598 367 122 Design Costs Governance Costs 669 211 171 22,184 21,280 491,935 6,932 6,649 153,728 5,546 5,318 122.984 Foreign Exchange Losses Totttl IC6581 2024 FUNDS TOTAL SUPPORT COST 2024 INDIA UGANDA INDONESIA H1OP1A Staff cos15 240,509 19,914 255 178,960 14,818 190 51,132 4,234 54 40,922 3,388 43 511,523 42,354 542 Pension costs People costs Office costs 31,212 6,084 55,123 3,065 2,727 16,892 4,905 380,686 23,225 4,526 41,017 2,280 2,0281 12,569 3,650 283263 6,635 1,293 11,719 652 5,311 1,035 9,379 521 66,383 12,938 117,238 6,518 5,799 35,927 10,432 809,654 Meeting costs Monitoring and evaluation costs Comr)unications Costs Design Costs Governance costs (note 41 Foreign exchange losses Totsl 580 464 3,592 1,042 80,933 2,874 835 64.TT2 Note.. The charity's support costs are all incurred in the UK. These are apportioned across each country ol operation proportionately to the level of direct spend Incurred. 4. GOVERNANCE COSTS 2025 TOTAL FUNDS UNRESTRICTED RESTRICTED FUNDS FUNDS UNRESTRICTED RESTRICTED FUPIDS FUNDS TOTAL FUNDS Audit loos Buzzacott Audit LLP 29,760 4,902 29,760 27,900 27,9 4,902 8.027 8,027 34.662 35.927 35927 . Component auditor5 Totslfvnds Arjnufjl Report und FinorJciulStuternerJt5- Yeui Ended315t fvlurch 2025 31
DoGUSign Envebpe ID". 5CC14067.96344654-8639-FBD3D8083E9E ST_OR ed ucation 5. NET {EXPENDITURE) FOR THE YEAR 2025TOTAL FUNDS 2024 TOTAL FUNDS Stall costs (note 61 Auditor'5 remuner3tion 1,320,834 1,721,152 UK Statutory audit 5erwice5 Current year . Component auditors Operating le35e rentals Foreign exchange losses 26,400 4,902 35,560 33,249 27,900 8,027 61,600 10,432 6. STAFF AND EMPLOYEE COSTS Staff costs during the period iiiere as folloiws. 2025 2024 Wage5 and 5al3ries Social security costs Other pension costs Tothl 1,214,895 1,537,081 80,803 141,717 25,136 42,354 1220A34 1721152 The average number ol employees during the period, analysed by function, was as follows (all lull timel". 2025 2024 23 38 Uganda Indonesia. 24 19 Support and administration 56 70 Until the ollice operations are set up in-couniry, the members ol stallworking in Indonesia and Ethiopia have been contracted Iiom the UK during the year ended 31 March 2025. The number of employees who earned £60,000 per annum or more lincludingtaxable benefits but excluding employer pension contributionsl during the year was as follows. £60,001- £70.000 £80.001- £90.000 £90,001- £100.000 £120,001- £130.000 Contributions were made to a defined contribution pension scheme in respect to all the above employees. The key m3naEement personnel ol the charity in charge of directing and controlling, running and operatingthe charity on a day-to-day ba515 comprise the tru5tee5, the Chief Executive, and senior management team. Arjnufjl Report und FinorJciulStuternerJt5- Yeui Ended315t fvlurch 2025 32
DoGUSign Envebpe ID". 5CC14067.96344654-8639-FBD3D8083E9E ST_OR ed ucation 6. STAFF AND EMPLOYEE COSTS {CONTINUED) The senior management team comprises the roles listed on Lhe reference and administrative page within the annual report. The total remuneration (including taxable benefits, employer's pension and national insurance contributions) of the key management personnel lor the year was £576,01312024- £726,156) 7. TRANSACTIONS WITH TRUSTEES None of the trustees were remunerated lor the current or prioryear. Out ol pocket travelling and sub515tence expense5 amounting to E20212024- £1791 were reimbursed to one trustee12024- one). During the year, STIR provided Indemnity Insurance lor Trustees amounting to £39912024- £3991 with a maximum liability 01 £2,000,000 12024-£2,000,0001. Aggregate donation5 Irom trustees received in the year ended 31 March 2025 amounted to £NIL12024- £10,000). 8. TAXATION STIR is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it lalls within the various exemptions available to registered charities. 9. DEBTORS 2025 2024 Accrued income 116,276 83,025 199301 68,953 128,022 196.975 Other debtors Total All debtors are recoverable within one year. 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors 89,130 34,701 37 84,831 64,291 19,616 453,933 622,671 Accruals Other creditors Deferred Income 230,638 354,506 Deferred income relates tci funding received in advance lor project work in the 2025126 financial year. 11. RESTRICTED FUNDS AT31 MARCH 2024 DIREcr COSTS SUPPORT COSTS INCOME TRANSFERS AT31 MARCH 2025 Uganda 1219,2141 132,2741 132,013 159,T92 41317 937,260 1261,7011 200,319 1180,1361 125,000 15,7811 224,876 1162,5211 1,487,455 11,211,139) 175,5591 122,490 32,273 1138,0131 117,7501 195,7241 20,182 Ethiopia Indonesia 1114,2191 196,9351 1286,7131 106,462 30,920 Arjnufjl Report Gnd FinunriulStoteNnents- Yeui Ended315t fvlurch 2025 33
DoGUSign Envebpe ID". 5CC14067.96344654-8639-FBD3D8083E9E ST_OR ed ucation 11. RESTRICTED FUNDS {CONTINUED) Funds resiricted to India, Uganda, Ethiopia and Indonesia are ringlenced For chariLable work in Ihe specilied countrie5. The Uganda delicit is due to timing differences of when income is recognised in relation to programme work. The balance lor India lor £20,182 is from Mailri intended lor funding the Impact Evaluation planned lor 2025. This Is still In plan as there have been approval delay5 from the government. The transfers have been underiaken following agreement with the relevant donors. AT MARCH DIRECT SUPPORT Costs COSTS TRANSFERS 204kn INCOME Ug3nda 1279,3231 1,017,110 293,773 461,036 859,193 165,425 67,617 1219,2141 171,1151 132,2741 | 129,4791 133.013 173,9321 IIQ6g091 715,968 121.775 120.000 73.809 5.474 Indon1 305,410 131,218 133,708 69,196 159,792 441.5 1.729364 1.782.678 240.095 41317 The above transfer to unrestricted fund5 has been undertaken following agreement with the relevant donor5. Funds resrricted to India, Uganda, Ethiopia and Indonesia are ringlenced lor charitable work in the specilied countrie5. The India and Uganda delicit5 are due to timing differences of when income Is recognised in relation to programme work. 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS RESTRiCTED FUNDS GENEPALFUND 2025TOTAL FUNDS Fund balènces èt 31 March 2025 are represented by-. Currenta5sets 385,426 1354,50Ei! 30.920 408,329 793.755 13545061 439.249 Total net assets 408329 RESTCTED FUNDS GENERAL FUND 2024TOTAL FUNDS Fund balances at 31 March 2024 are represenied by-. Current assets 663.9E8 1622.6711 41,317 545.884 1209,872 1622,6711 587,201 Total netassets Arjnufjl Report Gnd FinunriulStoteNnents- Yeui Ended315t fvlurch 2025 34
DoGUSign Envebpe ID". 5CC14067.96344654-8639-FBD3D8083E9E ST_OR ed ucation 13. OPERATING LEASE COMMITMENTS At 31 March, the charity had total commiiments under non-cancellable operating leases as Follows.. NDAND BUILDINPI 2025 2024 Operating lease payments which fall due.. Within one year Between one and two years Total 1,809 47,140 1,200 48,340 14. PENSION COMMITMENTS The charity contributes to defined contribution pension arrangements on behalf of its employees. The pension cost lorthe year amounted to the ligLire shown in note 6. 15. RELATfTh PARTIES With the exception of those disclosed In note 7, there were no other transactions with related parties during the year. 16. DISCONTINED OPERATIONS Operations in India ceased on 30 November 2024 with activity In thi5 geography therefore no longer being presented 5 a continued operation.. Unrestrlcted Restrlcted 2025 Total funds fund5 funds Unrestrlrted funds Restrfcted funds 2024Totsl funds Income and expenditure Income from.. Donations and legacies 1,175 200,319 201,494 19,913 461,037 480,950 Interest Income 703 703 4,478 4,478 Other income 40 40 Total 5ncome 1.918 200.319 202.237 24.391 461.037 485.428 Expenditure on.. Charitable activities 106,381 106.381 180,136 180.136 286,517 286,517 380,686 380,686 715,968 715.968 1,096,654 1,096,654 Total expendlture Net expendlture for the vear and net movement in funds 1104,4631 20,183 184,2801 1356,2951 1254,9311 1611,2261 Arjnufjl Report Gnd FinunriulStoteNnents- Yeui Ended315t fvlurch 2025 35