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Cohere n¥mber. Re rt ol the TruStoe5 Yeai Ended 3 Oocem The trustees who are also directOf5 of the purpDses of the Comparmes 26, present their report ith the Consolidated financial 51atÈmertr5 of the charity for the year ended 31 Oe£embei 2023. The trusteÈs have adopted ihe pwsirtn5 of Accountin8 and ReponE by Chaiibek Stattmertt oi Recommended Pracbce appIab ro charitie5 preparing iheir accMr5 Iri acCordaeI1hthe Finar1?1 ReporbJÉ stsThlaTd app[table the ilK and RepublK ofireL7j IFRS 1021 leffecir4e l January 20191. OPIEcllv£sANOAcfMMES ObleaNe5¥nd alms The charity's obJÈcts I'objects'l are sFecifKalty $tricted to a. The 3dvancemeni of edwatiDn and traIrn4 ol persons IparDcularty but suJt excluve youni people) INing in east Africa and the EarIakeS reyon of Afvica Iparti¢ularty bur not eXdyIY those who have been displaced from thw hDmEs by cfyiflKLI to enabk to acquire aThJ de¥e1op those praciital skills whKh may èS515f them to improve thÈirconditM)n5of lite: b. ThÈ re101 po¥ertyoI persons IpartKULil bvt pxdusivety thDse have be displaced from their homesby ConfirI in ea5tAfrKa and the Érear lake5reRhyiof Afrti. Sign1fitartaaIfS The chariryoperatesthroulhits sub5#1iafiesin Ea5EAlrfa and the Greatiakosreponof Afrira topro¥wJe essentyal pioièctsor fthidin& The paren% tharityawards8rarts throu8h itssubsWrdiiESto keyet)a¥oursinth05E areakthat hdpadmeve ttobjecti¥es. Further inform3tion aboutthe actmtses planned by ihechafity•spartofitsstrateg¥cJn be found in the Impaci Hi8hliBhts ieport Publk benefit The irustees¥iew advancemenioledu(arth?n andthe rellof povert¥tobÈ•cbwtiesforthepubf¢cbeDefit. The trustees have due re83rdto theCharityC¢>)knT5SW58uwJarKeon publ benefiL Thech3fity has iDcluded3 detsiled rewrtthètdisossesits attibibes. projectsand5eTrices iThth2section enutled Impact Hi8hliBhl ACHIEVEMENT AND PERFORMANCE Charitsbleactl¥ltle5 Details of the charity'sathwemtnts•id tsdiscussed kn detal. withn thE Impxt Hi8NhtsreporL FINANCIALREVIEW Flthath(tsl p051tion The full financial rwew hasbeen conyled irt1 .2025 Finantrdl Reprf. STRucfuRi GOVERNANCE AND MAPi4GÉl4lENT GDvemln8 document The Charity IS Controlled b¥ its ioverne dotumeni thÈ menxirandwi and arricSl aWCklLion. and tonsiitutes a limited company. limited by 8U3Tantee. asdefined bythe CompaDieskt2W& Recthent and appointmerttol newtrysie New iwstee5 are aPPOind foilowulk ¥ proce55 01 ad¥ertiYV8 th1(w8h ielwdnt media. I3 compiliDR deiai15 01 poteniial individuals throu8h recommelldationsby Ihe charity'5 manaRemeni team. New tru51ee5. following an irtterriew wrfessbythe board. JN51 be apPted by the eAiStifjgbo3rdoftrustee OrBan15atlonal sinKiuTe The charity iscomprised ofthe 8roup paretlL and threeSIdrythorit3b triities based in Kenya and U83fida. Thecharity trusiee5 for eacheniity manage theaffairyofthetharityinqtsestion. Stratesy for the charity is¢eiefminEd by 8fDUP UVStees. Decl0 maklr The charity's trustees are acti in both the straie8K dirertion. and runThn8 of thEch3rity. Wlth the trustees being responsiblefor am keydecision making. Thetiustees delegaiÈThedaY-waYMath3seMenlotthè chariry 10 iheCEO- Edmund Pa8e_ durtkn and trJli08 of nEwtru#ttS New tyUStee5 are introduted to rhe board of trustee5 and the role and its requwemenix and are Pro¢ ¥Ath traininÉ ie8ardinÉ a trustee's iesponsthdities. and to eain an S11r*Of oper3tin8a Ihaiifv_
Coherecha the Tn¢st lorthe Year End Oeceffl 23 sTrucrvRE.G¢MRNANCEAN0141AIthGEMEPlf xeymana8e•ntreMeo Keymanagefflentrernurr3tion is based a ed. market rate s3ry. Remuneration I153deterMI and reviewed * the trustees. perfOrnrKe rekied tyJnu5esare Th)t Used aspartolthe rEmuwatK)n pack38 The parent Char ¢tyli5es the on-51te presente of ffs subsidary charitie% issv5 grants to ihe N8an¢5atty)ns to achiove certain haritsblegoalsthaccordanceMlhthÈBroup and patent'sobiects afyj a8rttd xtryitie& I such iransactlwac0N1daled Inthe8roup stsEement¥ FuNRAIsING Thecharity seek51undsfrom reÉular CWtrlbvr and wa Marketi1n and ¥Jeble. Street collethon5#nd door-ttrdoorfund-raisif is DOtc3rried out. Aprofessionèl fund-raiseriswi engaged and neither doesthÈtharity en¢a8e ¥Jttha ctyr#Tvc41 partKipaty. The charity and its personnel are r1 bd any %ilunw SCtm for reBulata)8 fimdq1irg or comply with any wluntary 5tsndardsof fund-rni The charity's fuThl.raigng was mana8ed directed by tIU5tees. and as such, no aldibonal mLNtNl8 prrKess was deemed necESSary. There have beert •0 compl3illlS fectNed by the d41ity or its peryonnEI re83rd1 its xtN¢riE5 for ihe pwwse of fUn¢-raIn& in connecik?n ro anywacceoable practice& 05 yjmmaiised below. The chèTrty ha5 sou8hi to ptotect lnerable people and oth¥ trmbers of the public from behaTrAovr ihrouRh ivs dire¢ted n0431yn8acDwtkVth the Irttenti to e1Ina fuThl-niyn8acriYities ihai carry 3 hoh¥ iiskofimpartin8such people. The tru5teescla55the fdlowin835 UrtaC£ept3e hmd4alywpTrctis.' Unre350nable intrusion on a person's prNacy Unreasortabfy per5t51tappr0èe$fO¢ the pwposeof 1c111r1&0fOihefsetwDgnv1wothefoPerty0n behalf of the charity Plating undue pretyJreona sort to 8Ne moneyoroiher property
Cohere's Impact Highlights 2021 to 2023 TRAfisFER POWR. TRANSFORM COMMUNITIES This report summaTises some of Coheie's key achievements and lessons learnt partnering with ref ugee-led organisations (RLOS) from 2021 to 2023. It emphasises the direct impact of our equitable partnershlp model on refugee-led response to humanitarian crises over the course of three years, and highlights the indirect outcomes achieved by the refugee-led organisations we partner with at the individual and community level. These are aligned to our areas of ef fective change which include; ccordinit•iop, Cra=It <tr-1lL.tlir-11.'*iJ. fun,Jinu and -a-LJJ as well as sharing learnings and achievements of additional initiatives including Reframe and OUT own internal learning journey. PARTNERSHIPS Building equitable partnerships with refugee-led organisations is the foundation of our work, and alongside the increase of partnerships there has been deliberate eff orts to ensure improvements in the quality of partnerships by piloting and testing innovative equitable partnership models. These models are rooted in trust, collaboration. innovation and shared visions. This has become central to our work over the last seven years and we are committed to documenting our journey and learnings as an organisation to demonstrate better practices. Thi5 report highlights some of the shared ideas and learnings between 2021 to 2023 from our team and partners. Over the past three years. Cohere has increased its number of direct partnerships with ref ugee-led organisations across AfTiC In 20 <> 21 partners In 2022 <> 51 partners In 2023 <> 63 partners Our partnershlp wlth YIDA Youth Inltiative YIDA Youth Initiative is a ref ugee-led organisation that focuses on Early Child Development in Kyakall Ref ugee Settlement in Southwest Uganda. They have built a primary school and an early education childhood centre (ECDJ in the settlement. to create a safe space f or over 700 refugee children annually. Cohere has been in
partnership with YIDA since 2021. Cohere first supported YIDA to develop and strengthen its financral management, governance and procurement systems. through ongoing capacity sharing sessions. Cohere has linked YIDA to flexible f unding f rom Open Society Foundations and the GSobal Wholebeing Fund to support its educational activities. What are equltable partnershlps. A def inltion: Partnerships where systems. proce55es and daily interactions help to rectify the poyder imbalances that enable exclusion. This presupposes the neces51ty of resourcing partnerships with time and money. instÈtutionalised in human resources processes (recruitment. interviews. induction). reinforced through ongoing internal training and communities of practtce. and built into Monitoring. Evaluation. Accountability, and Learning (MEAL) processes. (Credit. Asylum Access) Meanlngful reach Cohere's RLO partners directly reached 74.373 community members in 2023. 55.738 community members in 2022 and 24.479 community members in 2021. On average. each ref ugee-led organisation is directly reaching nearly 1,100 community members each year through their tailored programmes. These communities are in both urban areas and rural settlements. anij are often on the f rontline of disasters and emergencies in the Eastern Af rican region. Table *. Communlty members reached Yoar Number of RLOS Cofflmunlty memb•ri r•&ched 74.373 Average Reach 2023 63 2022 51 55.738 1.093 2021 21 24.479 1.166 These refugee-led interventions respond to the essential needs of their community members and provide services spanning= education. tood security and livelihoods. protection, water sanitation and hygiene. health and nutrition. shelter and non-food items. climate fesilience and adaptation. Ref ugee-led organisations across the region adapt their work to the needs of their communitie5, and their context. and continue to demonstrate how their responses are
more efficient and effective than other humanitarian interventions. A localised responsè is able to achieve appropriate and sustainable interventions that an intefnational response cannot. In emergency response this is particularly critical. and with ever- growing numbers ot emergencies. and as a result displaced populations, yvorldwide it must be recognised and supported. Story of change: I CAN SOUTH SUDAN In 2023,1 CAN SOUTH SUDAN. a refugee-led organisation that we have been partnering with in Uganda since 2020 expanded their Y4ork to South Sudan to respond to the ma5S displacement caused by the Sudan War. They extended their operation to Gorom Refugee Camp in June 2023 where large numbers ot refugees were arriving from Sudan in desperate need of support. They began delivering basic provisions. including tents. food supplies and clothes, as well as delivering recreational activities for chÈldren. Suppoited by partners including Cohere and Choose Love. they have been able to provide this critical support to refugees in the camp. I CAN SOLrrH SUDAN is one of only three organisations running interventions in the camp. They have been able to extend their vvork to respond to one of the world's biggest displacement crises. and we as their donors have been able to fund frontline response directly and eff iciently. What l$"meaningful rea¢hTh? The impact reach of our RLO partners as a cohort is described as the -meaningful reach- reported by our partners. This has been captured by providing monitoring, evaluation and learning support to our partners over a three year period and then relying on them to cornmunicate the results and reach they see as meaningf ul. This is important because it defers the power to define what is deemed "succes5" to the communlties that are themselves experiencing these changes. Results f rameworks are this way are not solely based on external paradigms of normative ethics. It is essential that the interventions are meaningful to the communities they are serving. Cohere is committed to centering our work on the community's needs and this includes how vve measure impact. (Xjtcomes f or individuals and communit ies Durtng the period 2021 to 2023. Cohere conducted an annual meaningful reach survey to assess the impact of Cohere's interventions and the work of RLOS in theif
ommunities. The impact of thework of RLOS in Africahas been evaluated overthethree years of partnerships by Cohere as well as by other actors with whom vve have collaborated and interacted. such as the Refugee Led Research Hub, RRLI, IPA and ODI. Findings from these evaluations have demonstrated outcomes for individuals and communities from refugee-led interventionsas well as the impact of their work in terms of reforming the sector and instigating systems change., Ftgure Q. DIs1rtbutltyi trl PL05•cr053dltl•rqntth•fflatk•r•ukn2023 100% 60% 30% 20% 24% 10% Ed•tion Fo)dsecwty and Watsr Sh•R•r and SaniW.C noTrlood nd hyB¥Jfhry Iim4t• and adaptatrc THEMATICAREA Refugee-led organisation5 implemented key activities under the thematie area8 in 2023 as summarised in table l. Rgur• 5.. CommuThlty mr¥suPpOrted dIr•Khtheffl• CT ISAFÉGVDi4o O+ILQPFVJF_ TERS4NITATfo4 o¥E'lE1VjA11 4 LTh 4i68 CLWATE4esi PEP1AT1 • i SLTE8Ay?hQr&F0lrkUs • 1 5 cts-rntfdil rnertory r*achtd www.ref vidence: Gètachew. . Gitahi. M.. Kar4 A.. Ramazani. U. [2022). 'Ref uoee-Led Organisations in East Africa: Community Percèptions in Kenya. Uganda, Ethiopia and Tanzanla.. Refugee-Led Research Seiie& Research Report (l). Septefflber 2022.,
Revenues In 2023 The total ievenue generated by Cohere RLO partners in 2023 was USD 2.783.119, adding to USD 1,402.963 in 2022 and USD 391,423 in 2021. During this period Cohere transferred 1.252,196 USD to our RLO partners showing that fundsffom Cohere made up a Proportion of 27% of all the funding our partners Teceived. The average revenue generated by our RLO partners was close to 50.000 USD in 2023. With a total reach of 74.373 community members in 2023. this means it costs about 37dollarsto reach one community member. The total revenues for the period was Average Flevenue S1539 Median 19898 Mode 50000 Standard D8viation 807412 Range 404548 Minimum 300 Maxifflum 404848 Sum 2783120 Number of RLOS •Thesewere the olganilI0n5 that r*ported lhewievenuèsl 21>2 FUNDING Refle¢tlons and conslderations Grant-glvlng Since 2021 our grant agreements have moved increasingly towafds unrestricted funding with f lexible reporting requirements. We know that if refugees are to actually lead the transf ormation they want to see in their communities this f lexibility is essential. and this requires shifts away from traditional funding rnodels. Over the last three years we have experimented with alternative methods of funding. and worked with donors to realise new potential in f unding mechanisms. In early 2021. Cohere launched a call foi proposals foi partnership across Kenya and Uganda. A total of 153 applications ¥Nere submitted and 19 RLOS were selected and f unded as new partnefs. Cohere has not launched a public call for proposals since then based on sorne key lessons drawn from the proposal process.
From this process we have drasvn some recommendations: Success rate vs Investment ot tlme - the downside of proposal calls is that. in our case. only 13Yo are successful in their applications. This means that 87% of applicants are expending time and resources completing applications for opportunities they will not access. detracting trom the time and energy the would be putting into their community programmes. Rejection has a negative impact on team morale Bias tOYdard$ applicants - hoy¥ever well designed. proposa15 will always establish form ot bias towards applicants more familiar with the process. even if familiarity does not confer merit in terms of the Work they are doing on the ground. Bullding relationshlps on the ground > compelling proposals At Cohere we put value on how inclusive retugee leaders are in representing the visions foT changg their communities want to see yve recognise that integrated community visions are about whatall community membersneedand want, notjustthe leaders. There is no substitute for building trust-based human relationships on the gfound in terms of understanding and experiencing communit¢J dynamics. This strengthens the partnerships. and makes them More equitable. from the beginning for the benefit of the donor and the RLO. The beneflts ol having communlty members on your team having f ull tlme employees who are themselves from the community. enables a deeper understanding of these dynamrcs and brings forward committed visionary leaders. At Cohere, our Refugee Advisory Panel also equips us with invaluable insights and guidance when it comes to decision-making. Playing a ¢reative role by working tsyith organlsations that demonstrate Systems chango While funding for RLOS continues to be scarce it is important that funding decisions are strategic. RLOS that are doing WOTk that is shifting narratives should be supported so that the ec05yStem as a whole can grow and more funding overall can be leveraged for the refugee-led response. This process of selecting grant recipients Informed us to make decisions and ref ine Processes that ensure more effective and dtgnified ways of working. This is a continuous process of refinement which we continue to learn from. We hope that our learning opportunities can demonstrate best practices for other organisations within the sector. Reporting Over the last three years. we modelled variou5 reporting and accountabilit mechanisms. with the goal of ensuring that RLOs are accountable to funders and more
importantly are accountable to their communities. Whilst funds can ideally be unrestricted they should still be accounted for. Detailed f inancial reporting can promote this and is improved with flexibility on timelines and refugee-led budgeting process. For impact reporting. vve migrated our process to a structure with minimal requirements, asking RLOS to report stories of change through their Retrame profiles. These stories enable RLOS to share a wide spread of data in an engaging way. Y4ith the assumption that human stories are as. if not more. important and relevant for RLOS as statistical data. Themat1¢ respons95 from RLOS For refugee leaders to play a meaningful and main5trÈam role In the global ref ugee re$pon5e it will be vltal for some RLOS to be re¢ognised as experts In a specific field and they intend to domonstrate this uslng data and evldence. Some RLOS are keen to align themselves byith thematic areas of response. such as education, livelihoods and climate resilience. This gives them more meaningful access to thematic working groups which can offer focused experience and opportunities for a more central Tole. RLOS can then apply for and acces5 thematically ring-fenced funding. Encouraging RLOS towards these opportunities will open up access to funding in the short term that it will otherwise be impossible for them to access. It is therefore important to take a nuanced perspective on what is -restrictive- funding a5 compared to funding that is ring-fenced while still aligning with the vision foT change as held by RLOS and refugee cotnmunitkes. Cohere's approach is to support refugee leaders in accessing the f unding they need and want to achieve their goals, v¥hile shining a light on where power sits or should sit In that flow of f unding so that the planning and the achievements can truly be community driven and owned. An example of this kind of f unding mechanism would be 'Education Cannot Wait". This Ks a f und that has mobilised $1.6 Billion for Education in Emergencies. and RLOS have been satisfied to receive funding from thi5 source as downstream partners of larger INGOS. The establishment of Education Cannot Wait has been largely hailed as a success in allocating funding to the crucial gaps in education in emergency contexts. However. for better or worse. funds from this Source will always be ring-fenced towards education or the vvrap-around services that SUPPOTt education and can not therefore be described as -unrestricted-
Grant Slzes Nuance is also vital when considering appropriate grant siies. There are negative examples of RLOS being provided small grants that could be a threat to the.do no harm- principle. Small. one-off grants that are highly restrictive can have consequences such as high administrative burdens and a waste of RLO personnel time. threaten funding sustainability due to new on-going costs. create stress and anxrety for leaders, and promote a focus on short term deliverables at the expense of longer term investments and opportunities. An appropriate or inappropriate size of a grant will vary depending on the location's economy and purchasing power parity, on the age of the organisation and their f unding management Systems. and most importantlg on the conditions of funding. It is hard to argue that an entirely Lrnrestricted grant or gift would be inappropriate. no matter its size. A core tenet of the non-profit sector is that typically anuone with even $10 should be able to make a donation %vithout f eeling wt 15 too small. provided they don't expect high conditionality. Cohere has provided relatively small grants. of less than $5000 in some cases. but the following considerations have given us confidence in their legitimacy: Unrestricted grants and not tlme-bound - the fvnds do not need to be spent if investing them f or the future is the most strategic decision. Options to Invest In Ideas that Y4111 lead to sustalnability for the organlsatlon as opposed to the other byay round - such as investing in leadership tslent or cost saving measures such a5 vehicles or property. Continulng a long temi funding partn¢rshlp. with repeat tunding often coming within a 12 month period, and extendÉng over several years. In addition. we alvvays discuss the multiple ways in which Cohere can connect RLOS to other direct funding opportunities. Our RLO partners have also documented that in almost every case. a small grant from Cohere helped them to leverage a larger funding opportunity trom another donor. with detail on specific causality. CAPACITY STRENGTHENING COURSE Cohere is dedicated to working with RLOS to improve their organisational structures and accountability. Our open source. 21 module acit Stren thenin an ourse (CSSC) has been delivered to. and by. groups across the continent. It was designed to support RLOS in governance issues as well as topics related to leadership, 12
strategy, incluslon. accountability to communities. risk management and resource mobilisation. Over the thfee year period. Cohere delivered the course to 60 RLOS directly and has been adaptTrng the course towards a more RLO centred approach. infusing continuous in-person mentorship foi RLOS and organising webinars on topical capacit areas. In parallel to this, vve have created more flexible forms of capacity strengthening Èuch as acces5 to one-on-one mentoring and coaching. This has been boosted bu our presence on the ground as we are able to provide on-going face to face support and has been a crucial element in promoting equal partnerships. as our partnefs genuinely see us as peers who can help thern connect to growth opportunities as opposed to being donors per Se. -Th& Gours8 played 8 key role for K14BU be¢ause through it we ijnderstood our strengths." we reflectedon ourcommunitysne•ds,'andsve were able to define our wsion andmission clearl¥ It h8lpedus tobuildourstrategy. ereatepolic5 andrefine ourprograrnmes Welearntpartnersthp negotiation. proposal trvritsng. and linancial management. which has helped us through due diligenceproc255esand thè management ocontr8Cts. The coursé ispart of oursuccess.- Samwell Binla. Founder and CEO. K14BU K14BLI 15 an refugee.led otgani5atoTh based in Kakurna. that rbOW counts AIAS. Global Wellbeing Fund end COHEAE amongst its donors. They supporteooe¢>mmtsnity mernbers and havè an annu41 turnover of E40,000 per year. Development of capacity assessment tool Capacity strengthening has continued to be a key pillar for organisational growth amongst our RLO partners. Cohere developed an organisational capacity assessment tool developed on the basis of the capacity sharing Course and with f eedback f rom the RLO partners to continuously track the progress made in organisational capacity. The RLO partners that have used the OCA have demonstrated ownership of the capacity improvement process. The feedback from the results of the OCA conducted in 2023 seived as a baseline and provided insight5 into the specif ic areas of learning that the RLOS wanted to focus on.The OCA was used by42 organisations across 7 key compliance areas that included: Governance. Mission and Vision. Monitoring and Evaluation, Fraud. Safeguafding. Risk Management and Financial Management. In 2023. our concept of capacity strengthening shifted focus to include capacity strengthening for donors. By sharing examples of best practice we have been able to advise donors on how they too could change their approaches to partnering with RLOS in a way that shifted power to RLOS while not cornpromising on their f iduciaTy responsibilities. We were able to do this by modelling an approach to due diligence that 13
vvas more participatory and formative. and a5 such more owned by the RLOS themselves. As such, the dynamic approach we had been modelling in due diligence became central to our capacity strengthening approach as RLOS became more engaged in the process and donors became interested in simplif ying due diligence. Thrs remarns a focus for our work as we continue to tefine these Pfactices and demonstrate transformations. Ilyour Organisatn wouldbe interestedin thseus$ing this firther th our tean7. then you c8n em8ilr.n &vearecohere.or COORDINATION In 2021 Cohere had insufficient clarity as to how to support FILOS in the area of coordination. We have seen that there is an undervalued role of aggregation initiatives in the sector such a5 ref ugee-led consortia, coalitions. local-level networks. refugee led research groups. and refugee led thematic working groups. Although there are many good examples of these aggregation initiatives there is a need for more awareness of and support for their emergence. In 2023. out of the 58 RLO partners who participated in the Cohere annual meaningful reach survey. 48 RLOS (83%) reported to be affiliated with a network and 31 RLOS (53%) belong to a colt10n or consortium. Figure2:1$ yourorgan15•tlon part of a notw0 Flgure 3:1$ yourorganls•tlon part of a eon50rt1um? Why is there an increasing number of aggregation initiatives? Ever increaslng number of RLOS around the world RL05 consistently demonstrating local responses are more relevant. rapid. adaptable. sustainable and greater accountability to local communities
Only a small number of donors explicitly committed to providing f unding to RLOS (22 identif led by ODI in 2026) . Donors have been working with intermediaries such as Cohere and there is an evolving netydork of refugee led intermediaries. The existing cohort of intermediaries do not have the scope to effectively connect a wide enough range of refugee led initiatives to funding or other actors in the sector. "A refugee response that is ledbypeople affectedby forceddispl8cementis the most effeGtive and appropriate means of achieving change. The current system is under extren7e threat. and with numbers of forcibly displacedpeople increasing every year. the iesponse to refugee cnses will fail unless new approaches are tested and scaled. Aggreg8tion initiatives offer an example of a new approach - through 8 network. a refugee led8pproach can be scaled while stillmaintaining the vital characteristics of a nuancedlocalisedresponse.-FdmundPage. CEO & Founder of Cohere) Read our rnost recent blog for further reflectlons on Th N ed re n Initiative5. èLed As an example of an alternative structure of aggregation. Cohere has partnered wlth the Grassroot Leadership Organizations. headquartered Kampala. The Grassroot Leadership Organisations (GLOS) was founded in 2021 by 13 member RLOS. They make up a legally registered consortium focused on fundraising and supporting across no specific thematic sector or geographical aiea. GLOS. main goals include fundraising to assist member organisations, ensuring accountability through a dedicated team of data collectors. and encouraging inclusive participation in planning, implementing. and repofting community initiatives. GLOS promote knowledge sharing among members especially in financial matters. and fostering extensive network& Current GLOS members. such as Bondeko Refugee Velihood$ Centre. Refugee Parliameritarians for Peace. and Ha$plife. engage in collaborative learning. sharing pl1 Sturridge, C.. Girling-morris. F.. Spen¢8r, L Kara L. and Chicet. C. [2023) The failure to f und refugee led organisations= Why the currerst system is not working. and the potential for change. HPG report. London.. DDI (wwv4.odi.orglenlpubli¢ationslthe-f&lure-to-fund-refugee- ledorgani5ations-why-the-current-system-is-not-working-and-the-potential-for-change]. httP5-.Ilreframe.networklrlolGTa55root%20Leadership%200rganization5%20[GLOs) 15
implementation strategies. Through this joint effort. GLOS aim to enhance efficiency for both donors and recipients by consoltdating funds and facilitattng a smooth flow of support to grassroots organisations. This means that donors can support diverse and specialised projects based on local expertise with a reduced administrative burden. Advocacy In 2021. advocacy was one of the four pillars of our Wofk. OUT scaling initiative for our Advocacy department was to support refugee-led advocacy initiatives that had more specific advocacy targets and objectives. At the local level this included RLOS working on reducing regulatory barriers to their work. and at the international level this included efforts to ensure refugee leaders had a presence in key international forums. In 2022, our advocacy work began to adapt in response to depressing indicators within the sector that f unds to RLOS and other local actois were by some metrics reducing rather than inereas¥ng. The Global Humanitarian Assistance report. for example, detailed 8 reduction in humanitarian funding received by local actors from 4.1% to 2.1Y. globall¢J between 2020 and 2022., A major multilateral institution reported to us that within East Africa the amount of their funding that they had transferred directly to RLOS had reduced f rom 0.2Y• of their total fvnds spent to 0.1 This coincided wtth us joining forces vvith Urban Reugees at the end of 2021- an organisation that had been doing effective work in advocacy highlighting and addressing the pervasive barriers preventing the shift of power within the humanitarian response towards refugee leaders. In line with this. we adapted our advocacy strategy to include wider attempts to address entrenched barriers to the meaningful participation and leadership of refugees in the ref ugee response. Report on Barriers to Meaningful Participation of Rèfugees In th• Rèfugèe Rosponsè In January 2023. we launched a report "Addressing five barriers to implementing -Meaningf ul Refugee Participation- in the ref ugeè rèsponse-. The report addresses the challenges hinderrng -meaningful Refvgee Participation" in the humanitarian decision- making process. focusing on pledges made at the 2019 Global Retugee Forum. Conducted between May and December 2022. the study dray¥5 on testimonies from fifteen pledge-making NGOS and Refvgee-Led Organizations (RLOSJ across seven regions. The report aimed to provide a platform for these organisations to share challenges in fulf illing their pledges and propose practical solutions. 16 https.Ildevinit.orglb4ceOb#33999754
The report underscores the need for a shared conceptual framework. transparent selection criteri4 inclusive organisational cultures. legal advocacy. and a sector-wide shift in power dynamics to achieve meaningf ul refugee participation. It recommends practical steps for organisations embarking on internal learning journeys. such as adopting diversity. equity. and inclusion (DEI) practice& fostering inclusive governance. and advocating f or policy changes to dismantle existing barrieT5. The report selves as a comprehensive guide. offering valuable insights and proposing actionable solutions for organisations committed to ensuring meaningful refugee participation in humanitarian decision-making. Read the report here 8nd watch our video series that detaitspraetals0lUtiOn5 in response to the tsports finding& Shlftlng Power- Cohère's Internal Leaming Journey Initiated in 2021. Cohere embarked upon a thorough and structured jouiney to shift power internally. A comprehensive 2022-2026 strategy was developed. outlining reform areas within the organisation along with detailed implementation strategies. leading to multiple initiatives: Refugee Advisory Panel Establishment Recrultment of Governance and In¢luslon Officer Recrultment of flve colleagues to our team with Ilved experience of forced dlsplaeement Hlghllghting challenges In Refugee Representatlon Priorltlsatlon of Internal DEI Conversations Inslghts and taklng actlon to shift power wlthln Cohere In a crucial phase of our jouiney towards shifting power Cohere enlisted decolonisation and Diversity. Equity, and Inclusion (DEI) specialists. to undertake an overhaul of Cohere's internal systems. policies. and appioaches. This was complemented with insightful one-to-one interviews and focus group discussions involving key staff. board members. and advisory board members. offering valuable insights into Cohere's internal dynamics. The specialists then formulated recommendations for Cohere, and presented them to the staff. leadership team. and board. marking a pivotal shift from analysis to actionable insights. guiding strategic planning aligned yvith power-shifting objectives. The ongoing third phase involves Cohere's team delving into the recommendations. using them to f ormulate and implement plans for change. This collaborative eftort 17
ensures that the specialists, insights are translated into tangible steps. contributing to Cohere's overarching strategy for power-shifting. Collective learnlng Whilst we take on our own learning journey as an organisation. we also believe In the valve of collective learning. With this in mind. Cohere designed a series of Interactive workshops. with the guidance and support of experts (mang of whom have personally experienced f orced displacement) that launched at the end 2025. This five-session Interactive Workshop Series was run over the course of six months with each session being co-organised with experts on topics that can support and share learnings. experiences. and better practlces. Allsessions are available to watch at this link. The interactive workshop Series is a Concrete example of our commitment to externali8e our experiences in shifting power to refugee leadership and engage In sectoi-yvide dialogue. This work is carried across our Communications. Prospecting (partnerships). Advocacy and MEAL departments through activities like on-line campaigns promoting the work carried out by RLOS as first responders to displacement crises.. one-on-one conversations with donors who have moved towards a model of funding that is more flexible and community led; advocacy Carnpwgns around representation of retugees at the highest levels of decision making: research and evidence generation taking on questions of shitting power and decolonisation. Cohere has made significant strides to address the barriers to meaningful refugee participation that was outlined in our 2022 report. and our work continues. REFRAME Cohere continued to developand promote the Reframe platform that has enhanced RLO engagement in terms of access to funding. learning content. net¥vorking opportunities. amongst other benefits. Reframe had 393 RLOS spread in 27 Countrie$ across the world at the end of 2023. There were 2 support partners onboarded on Reframe aimed at decentralislng the plattorm towards more ref ugee leadership. Reframe has offered us f urther clarlty on our role in coordination and elevating systems change innovations. Firstly. Reframe acts as a portal for raislng awareness about hundreds of ref ugee-led initiatives including aggregation initiatives such as consortia. coalitions and networks. Secondly, Reframe of feFS aggregation InTtiatives as a chance to profile therr unique iole in changing systems. 18
As an example. Reframe's education collective change profile brings together RLOS working towards shared ind4cators of change in delivering formal primary education. Between the five RLOS profiled on the page. 2000 Children are being supported through formal education. By Nvorking towards shared established indicators of change. in this case school enrolment numbers. RLOS are able to shift the narrative on the eff ectiveness of a refugee led response in a mainstream sector such as education. which in turn is leading to more recognitbon of RLOS as being mainstream responders as opposed to local responders acting on the periphery of the core response. Go to Reframe to find out more. For more information about Cohere's work. please visit wbvw.weare out to our team on info@wearecohere.org- ohere. or reach https=Ilreframe.nelworklpooltrd-fundsledu¢ation 19
Cohere Charity 2023 Financial Report The figures in thls report reflect the f inancral transactions of the Cohere Charity, a UK- registered charit¥ which works m&nly in Kenya aThJ Ugand& The ealculations are based on the average rynnthly exchange rates for S)22 and 2023 (source:ww xchan Please note that Cohere Charity uses aecru81 acCotIng (based on transaction oceurrence) as opposed to cash accounting (when payments are reeeivedlmadel Cash-based aceountlng has been used to comple the flgures for IbL[lO Accounts. Therefore. If the figures In this document are cofflped with the audited accounts there rnay be a discrepancy. This is due only to the difference in accounting methods used and is not a difference in actual Incomelexpenditure. Rèserws Thls figure shows the tot value of the ch&rity's reserves. irtJ•n2023 Th•Fund• otth•QwltrJi FieBtrloted 1ftn | . iJ.
Investment Long temi investment 2023 r881n knv88tfflont £1277,758I10 In the year 2023. Ci>here made a Significant inveslment of £ 1.200,000 tn SaTasin Investment. ¥ reputable firm in the financial sector. This inve$tment yielded a remarkable rèturn of £77,757 in interest. which Cnhere reinvested into the portf olio to increase ils value. Aditionally. Cohere Ujanda holds a 99%stake in Tura¢o Foods Ltd. a social enteTpfi5è that produce$ and distributes nutrilious f ood products lo low-income communities. Income È are pleased to report that our Flesl ricled in¢on* grew by 14.6°/tyin 2023. reaching £1.675.535 f rom £1.462.149 in 2022. This reflecl s our successful ef forts l o ident ify new donors who share our vision and mission. Pbwever, we faced a signif icanl challenge in raising unrestricted income. which dropped by 74.8%to £181.454 in 2023. This was because in 2022 we received an endowment frorn Lost Fbrse. 21
Global Unrestricted Income Analysis 2023 UNRESTICTED INCOME GROUPS -31% Interest • Community Fundrai9ng • Gift Aid Other Income • Priv3ie CDnor Agency Re8ular Indsvidual Donations 45% Private Donor Agencies contributed £76.414 to our unrestricted income. which accounted for 45 % of the totd. This was a significant increase from last year's £ 5.386. after we adjusted for the lost horse endowment. Interest eamed from our short- term investment in Flagstone was another major SOUT¢e of unrestricted income. generating 31% of the total. This was a nebv category that bve did not have last year. Individual donors provided 13% of the unrestricted income. which was a decrease from last year's £ 53.736 to £ 24.371. Expenditure .2023 Actual (Group curr. 2022 A¢tual (Group ¢urr. Type of EXPdItUre FUndraIng Cost Progr¥mme Cost Genor•l & Admlnlstratl costs Tradlng Grand Tot % Change 15.965 +224.37% 1.078.087 1.5ffi,660 127.675 151.065 1,832,185 +81.14%
We are proud to report that our Programme cost. which includes granting. advocacy and coordination. accounted for 90% of our total expenditure. This ref lects our commitment to supporting our beneficiaries and partners most effectively. We allocated £630.287 to Grants. a remarkable 681% increase from the previous year's £80.627. This was made possible by the generous contributions of our supporters, whorn ¥¥e sincerely thank. Our general and administrative expenses accounted for 7% of our total funding, which was an 82% inefease from the previous year's amount of £70.486. This category includes the costs of rvnning our headquarters in the UK. such as staff salaries. travel expenses. and office supplies. The financial notes contain a detailed analysis of Our expenditures for your reference. We have prepared this document to give you a clear and comprehensive overview of how Vde allocated our funds. Staffing costs accounted for 32% of our total funding. which amounted to £598.566. Thls was a slgnificant rise of 11% compared to the previous year. We have invested in hiring and retaining qualified and experienced staff to deliver our services and prolects effectively and efficientltj. The f inancial report for the year 2023 shows that our organisation allocated t1.447.799 to Restricted Expenses and £384.386 to Unrestricted Expenses. Restricted Expenses are those that are tied to specific projects or grants. while Unrestricted Expenses are those that can be used for any purpose. The difference between the two categories reflects our strategic priorities and our commitment to deliver high-qvality services to our benef iciaries. Summary Cohere ChaTlty had a net surplus of £218.738 for the year 2023. The charity's financial position at the end of the year was healthy. with a cash balance of £1.658.947 and £151.777 outstanding liability. The charity's financial performance was in line with its budget and strategic plan. and it met all its legal and regulatory obligations.
COHERE "' www.wearecohere.org Multiple Reserves Policy 24
Introduction Purpose The purpoge of the ReseN83 Pdy for c[8 i8 to ensure ihe slability ol the mission. programs, employThn( and ongoing operabons of the organtzatson aTrl lo provmle a >JUr of intemal funds for organtzational prionkne8 Suth as bjilding repair and ImproveEnt. pr(M3ram opporluntty. and capauty building. The Reserves Polry will be implemented in ¢(mcert olher govemance and financkql )lices of Cohere and 18 intended k) support the 9)ab and alrategie3 conlaired In these related p)IicE8 and in 8trdl8gic and operaknnal Flan3. Definitions and Goals Operating Reserve The OperahNJ Regerve is intended to proNide an inlerrAI $Jur of funds for situations such a3 a Sudden increase in expen3es. one-bme unbuth3eted expen8e3. unanbcipated loss in funding. or uninsured1033e3. Operab'ng Reserrfe3 not intended to p1a a peanent k)$3 of funds or ebminate an oTrJoing budget gap. It is Ihe intention of Cohere for Operabry Re3erve3 b te Used and PIened wthin a reasonabty short pencd of Itme. The Operabng Regerve Fund 13 defined a3 a desNJnated fund sel aside by adion of the Board of Directors. The minimum aTmunt lo be denated as Operabng Reserve wll be established in an amountsufficient lo mainlain ongoing operatKin3 and trfograms measured for a set ped of bme. measured in months. The Operating Reserve 8eNes a dynamic role and wll be reviewed arKI adjusted in response to both inlemal and extemal charrfJes. The largel minimum Operabng Reserve Fund 13 equal to six monlhs of average operating u)sls, which Should be between £20,CK)(P£50.0(HJ. The cal(aIlatN of average monthly operaling cos13 indudes all recumng. predtctable expense3 such a8 saLryrie3 benefits. (Kcupancy, Offi. travel, program, aThJ ongoing professnal 8eNce3. Deprecwbon. in-kn"nd. and other noniash expenges are not inclLNJed in the calculabon. The calcu13tson of average monthly expenses algo excludes some expenses donor reslricled prc#Jrams. ontrb'me or unusual, capital purchases. The amount ol the Operabng Reserve Fund target minimum will be calculaled each year after approval of the annual budge( reported lo the Board of Director3. and Induded in the gUlar financwl reports. 25
Building and Capilal Asset Reserve The &Jilding and Caprtal Awl Re3erve n Intend lo provtde a ready of fuTrJ3 for repair or acquisibon of buibJiThJ3. kaSeId8. fvmthre. t]xbJre3. and equipmenl necessary br the effective oPeratn of the organoabon and Pl18M8. The lafget aThb)unt of the Building and Capital A33el Re%rve wll be deterynined by the Board of Direclorn. Opportunity Reserve The Opportsjnty Reserve 13 lo promde fund310 meet s(al targets of 0Prbjn1fy or need that furlher the mimon ol Ihe ovaanizatn whith may or may rt have stth eXFectsbon of inctemenfal or lOng4e increased income. The Opporbjntty Reaerve is al80 inlended a3 a U[c8 of inlemal funds for CVganr1inal capaoty building 3uch a3 staff developmenl. re8earth and development, or investhnI in infrastrudure Ihal vnll build bng- term capacity. The target amount of the OpwTiunty Reserve wdl be delemild by Boa of Directors. Accounting for Reserves The Rèserve Fund8 be recorded m the Iinancial le[d5 as Board-D93wnaled Fund R88&Ne. The Funds 11 be funded aThJ available in c23h or eash equNalent fvTrJs. Resee9 will be mainlained in a Segregaled bank accthnl or inve31ment fund. Fiinding of Reserves The Opèratiry Reserve will be funded wlh ¥urplu3 unrestrKAed operag hJnd3. The Board of Dir8cIorn may from bme lo Itmè dired Ihal a spelitr $crte of revenue be sel as8 for Opèrating Re3eTve8. Example3 CQUtd indude on84ime grfls or bequests. spttial grants. or Sal appeals. The Building and Capital A33els Reser¥e will be funded by setting aside funds receNed from any capital Campaigns or Similar appeals and 3etbng asxle th8 equivalenl amcmjnl of cash ewal lo the year'3 d6prgGiab'on in the annual tyjdget. The Opporbjntty Re¥erve will be funded with occ83ronal special designatK)ns made by the Board of Director3. Use of Reserves Use of Ihe Regerves requires Ihree 3tep3: Ideiitlfiratlon of appi-opiiate iise of reserve fiiiids. Z6
The Execulive Diredor and 3taff vrill tdenbfy the need for ac£e33 lo reserve fundg c(fin thal the use 1$ consi3tenl wth the purpose of the reserve3 as dexribed n fhis Polry. step requires analy3t3 of the reason for the 3hortfall, the availability of any other of furmts before ugirrfJ re3erveg. and evaluatson of the b'me pen(yJ Ihal the hjnds WLII le needed and replenighed. Aiitlioiity to iise reserves. The Execuhve Diredorwdl a request to Use Reserue3 k) the Board of Dired0. The request 11 indude the analysi3 aThJ detemiination of the u88 of fur9 and plans for repnighrnent. The organizalion'3 goal is to repleni3h the fund3 used I1h1n months lo reslore the Reserve FuThJ to the target minimum amount. If the use of Re3eNe8 will take longer than 12 monfh8 to lepn8h. the request wll be scrulinLzed more [eIlty. Finance Commsttee thryll approve or Ihe requesl and authoroe transfer from the fund Reporting and monitoring. The Exeuthve Diredor is tespon3ts1e for en8unro thal the Res8Ne Fmls are MaIntaed and used onty as degcnbed in this Policy. Upon approval for the use of Reserve Funds. the Executive Diredor will maintain recordg of the use of funds and plan for repleni3hmen( rf requId. He will pmvide regular reports lo the Boa of Direclors of progress to restore Ihe Fund to the tsrget minimum amount. rf required. Relationsliip to Other Policies Cohere shall mainlain the folloMng bcfjrd-approved P)le3. whth may ntaIn provi8ions that affect the ation. 3ufficiency. and management of th8 Re3eNe Fund. Financial Policy Revieiv of Policy This Pdicy wll be reviewed every other year, at m1niffm, by the Fwwn(£ Diredor, or sooner rf warranled by intemal or extemal evenls or thanges. Changes to the Polirywill be recs)mmended by the Finan Director lo the Board of Diredofs. 27
Re Re rt of the lrnstÈes r the Year Ended 31 DecembEr 2023 STATEMEf4TOFTRUSIEES' RESPONSIBIUTIES The trustees Iwho a¢e also the directDrsof CohEre Charity forthe wrposesof compahy tswl are reswngNe lot prerIng the Report ol Ihe Trustees and the financial starements in accordarKe wth applicawe law and United KinBdtyn A(tounting 5tsndards (United Kin8dom GeneraltyActepred A¢covnDn8Prairicel. Company law requires the tyustees ro wepare finèr1¥ Statewlts lortach financialyearwhith è rrue and faireW of the siète of aNairs of Ihe ch3rit3ble company and ol ihe irtc0ml resources and appliCatKin of resoufcES. iluding the income ané expendirure, of Ihe charilablE company forthat period. In prepaiin8ih05e fin3rK*al $temEntS the irv$t¥refeqU•red io selett Suitable accounrin8 policiesand ihen applythem conwstentty-, obsetvÈ IhE mpthods3nd prin¢iples¢n ihe ChaiitySORP-, makejud8ementsènd estirTrates that are reasonae and prudent.. prepare the finarKial siatEm2nis on rhe 8oing concern bays lEsS IE 15 inappropriate to pte5ume that Ihe charitsble iompany 11 continue in business. The tru5tee5 are re5POll5ibl2 foi keeping proper accouniing record5 whh disdose with reasonable accuracy aL an¥ tsme Ihe financial 51tion of the <hariiable company and to enable them io ehsure th3t the firtèrKi315ts1ements comply with thE Companies Act 2W6. They are a150 r2sp0Th5ibk for saleguardin8 the asse15 of the charitawe tompan¥ and hente for tsk reasonable steps for the prevention ènd deiectioTr of fraud aFKJ oihEr irre8ular1rS. In so far a5 the trustees are aware-. Ihere is no ielevant audit inlormatK)n ofwht(h thecharitabletofflpany'saudittsrsa unaware, and the trustees have tsken ?11 steps that they ought io have taken to make themse¢$ aware of aDV ielevani autlii infurmaiion and to establish tharthe audiiors are awareof that information. AUDITORS The audiiors. Dunkley'¥ Will be proposed FLY re4ppoiniment atthe forthcomingAnnual General Meetin8. Approved by order of the board of tru51ee5 nd si8on itsbehalfby". Trustee k-lvfc LJI LL
tthe Inde
Cohere Chari
ndeniAu(fitory tothe Trustees ol
Opinlon
we have audited the financial ststements of Cohwe Chawity Ilhe 'cha[irab company'l and it5 sub5KSiaiies for the year enLled
31 December 2023 which comptiSÈ the Grwp siatement of FinarKial NLiMiv&s. the Group BalancE Sheet. the Group Cash Fbw
Statement DOte$ 10 ihe financial Stalemen int1lnE 3 5umtTh3ry 01 5iÉnifitsnt aicwntin8 policies. ThE Enanchil reportin
framework Ihar has been applied in thar prépaiaDon applitatAe law and United n£dOrn cOuntIn1 stsndard5 (United KiDRdom
Generally Accepted Accountin8 Pratticel-
In our opinionthe fin3nLial ststements..
wve a true a1 fair Yiew ol the state of cbarirable compary'$ a•r$ a5 at 31 December 2023 artd of its incomin8 resources and
appliCatn of resource5. includin8its IDcoffle and expenditure. for ihe year ihen ended.-
have beEn properly prepaied In accordanceviith Uted Kin8dQmGer3llY A
rt ofthe Inde Cohere thafl ndentAudltors Tte Responsibilities of Vystte5 As explained more fully In the Stètemtnr of Trvstees. Responybilities. the irustees IWIK) are also rhe dire(iots of the chaiiiable company for IhE purwses of company lawl are Te5pon5iYe lof the prepJrat4)ti of rhe financial 5t31emenis and for being Satisfied that they give è true and fair view. and for sh internal contrd as the Efu5teesdetermiDe is necessary to enable the prepara¢Ton of financial staiefflents thèiare free from mater411 mi551atement. wherherdue tofraLKI errof. In prepaiing the financial st3*mertts. the trUse$ ate fespon5th fora55pwn8 the charitable Éompany's èbilffy to toniinue as 3 80(n8 concern. dixlo>w a5 applicable. matters related to 8clD8 c0ftrn and USin8 the ÉoinR ionierTh basis of ac<ouniin8 uThle55 the trustees eirher intertd to liquidaie the charitable compally orto£ease operation4 of havE f#l realiSticaliernaEwe but iodo so.
rt ol th Inde tAudstorStotheTru Coh Our responsibilltie5forihe audit olthe fiTrahoal ststements WE have been appoinied as auditors under Sertion 144 of thE tharit5 2011 and report in accordance th tht Act and ielev3nt rÈ8ulaiions fflade oi effectthefeunder. Ow objÈciive5 are ro obtain reawnable assuTrnce about wlther ihe finala1 St3Ments as a Wtrle are fveE frotn materjal m1$5taiefflent, wheThei ¢ue tD frèud or error. and io issue a Report of ihe Iependen1 Audiiois thai In¢lvOe5 our opinion. Fieasonable a5surbnce 15 3 high level of assuranie. but is rto¢ a 8uarantee that an atsdit COfMYvcted ID xcordance Viith Ims IUKI will always delect material rnissktemenr when it eiists. MiSSLatements can arise frLwn fraud or eiror and are consmjertd material il. individually or in ihe aggresaie. they (d ceasonably bp expecied to innuerKe the eiorttyThL de£iyons of users takeN on the basis of these finJnci31 5tatemeThts. The exienttowhich our proceduresare capable Df Oetectin8 irre8uLAr1t5. lUding Iraud isdetailed below". EAtent to¥ihlch the auditwas ¢on51deredcapableof oÈtectitygIuIr1lIe¥ddInlfr4ud We Ideniify and a55ESS the r15ks of maierial mi55t3tement of fithintièl staiemenik whEther due to fraud ur Eiror. aDd then de51gn nd perform audit procedures responsSVè to risks. inclLvJing ¢btathingaod¢i evlllence thai is wfficienr and appropriate to provide 2 basis loi our opinh?n. Identitylng and asses51ni putÈntlalrtsks relaied tolrreiulartti In identifying and assessing risks of material mi55tatEmeniin iespect ol e&aDes. InLludnRfraud and rrf)n-tompli3Kewith lawsand reBulaivJns. we (sIdered ihe lollowin8.- the Thaiure ol the industry and sector. conrrol enrOnment and business perf0rn13nce irfludin8 the d25i8n of the compaDy's iemuneration policies. bonus levp15 and pertormanceiaiÈets.- - any maiterswe ideniified, hawn&obtaiThed and revtewed ihe iompany.sd0cvmefiiaii)o¥Iheir policies ènd procedtsies rElatin8 10.. o rdenifvi& v+aluati and complyinÈwlih laws and regulations3t svhether they wereaw3r2of any Insiantes ol noTh-cofflpli3nce-, ode¢ecting and responLlin8 th iherisks of fraud arKI vfvther they Ik)ve knowlcdEe of any aciual. 5vspected trr alle8ed fraud., o ihe internal conirols established io mitigate rl5ksoffraI or nOomPlI3ceW1th law5 and re8ulalM)n5-. thE matter5 discussed among the audit en8a8Èmeni team regardi hrrt4 aryj where Iratsd Mh1 occur in ihe fin3rKial statemEnts and a result ol thEse piotedurel we CL¥tsK4ered the opportunities and incentNes thai may exis¢ %Yiihifi the LanIshOn lor fraud and identified the 8reaiesi poiential fOrfraL in the areasof manaÈement OVerre01 con¢icAs and re%nue ieco8nillort we also obrained an Understand8 ol it k8al afid r£Rulatory frame%ork thèi ihc company operates in. focuynB on piovisions vf those laws and r2gul3tKins rhai had a direct effE¢r on the determirtaiKin of maier&il amounts and diS(bsuies in the financial statement5. Audit tespvnseto rlsk5 Identlfied Our procedurEs to respond 10 risks idehrified iDtlvded lo1n8'. enquifin8of mènagernenl. concerninRaCtual anLI poteniial Titi8atn and cLiims: - pErfDrmin8 anatytical procedures to idtntiFy any unusual oi thiexpected 1datwnSps that may indicate risks of matetial m15Statemeni due to fi3vd-, in addressin# the risk oi fraud Ihrou8h managemeni override of ¢ontrd5. iesiing ihe apprDpriJTene55 of jouinal entries and other adiustments, assesne whether thejudgement5 fflade in makin8 accouniing esiim3te5are indicaLNe ol a potential bia5'. and evalu31in8 the business ralion31e of aw signifKaThrtran5airw)rtS Ihai are unv5ual orout5iLle ¢he norrnal cotsr5e ol sIness. We also communicated ielevant Identified law5 and reBulatifm5 and potenrol Ir3ud risks io all en838Emeni ieam mèmber% and remained aleri to any indiiations ol fraud oi D0nompfi3eWith laws and rEiulat1fy75 Ihroughout the aLKJit. A further description of our re5pofi5ibilities for ihe audit of tht finJnco15ts1emen¢s ¢5 located on itr Finaniial Reporting CouDiil's web51te ar w¥vW.frc.orR uklauditorsiesponsibilities. This descripDtyI lormspartof our Rewrt of tr Independent Auditor5. 31
Re Coh rtolthE Inde re Charl ndent Audil to the Tru5teesof Useofout repNt This report 15 niade solely to the charitab crlmpany's trusree% as a body. in a¢coidaniE wtth Part 4 01 Ihe Charities IA¢¢ovDt5 and Reports) Re8ulaiiDn$ 2008 Our audit work has beeh undertsken 50 that we mighi State to the charitable company's Irusrets those Tnaiter5 we are required to State to them in an audiiors. report and for t[1 purpose. To Èhe I1&$¢ extent permitted by law. we do not accept or a$5ume re5POThSibility to anyone other than the char¢[ae company and the charirable iompany's trustees a5 a body. for Our audil woik. for rhis Tepori oi for ihewtsKJns we have formed. Dunkley's Statutory Auditoi Chartered Accountants Eligible to a¢tas an aL4itor in ieimsof SEcti 1212 of tc(npanVèS A(t Woodlands Gran8e w¢odl4nd5 Lane Bradleysioke 8532 4JY Dale..
Cohere thari rou 5tstemeht f FinaDCI l Artwiiies lorthe Year Ende l De(ember 2023 31.IZ.23 Totsi funds 31.12.22 Total funds Unresirxied Resiride fuTrJ5 Noths INCOMEAND ENOOWMEFITSFROM Donations and le83Cies 181.454 1,675.535 IA56.989 3,837.168 In¥Estment income Tradingincome Other Income 24.545 60.580 $4.981 24.545 60.580 54.981 5.613 Totsl 321.560 L675.535 1,997.095 3.841781 EXPENDITURE ON Raising funds 617 51.168 51.785 15.965 Chaiiiableactivities Tarnuk 670,792 391.394 86,387 Office General Capacity Stren8theninR Ad¥OCaty Coordinaiion 49.869 176.308 49.869 L272,221 270.084 37.161 1.095.913 267.140 33.578 a.983 Other Tradin8 expenses 151x65 151.e65 Totsl 384.386 1.447.799 1.832.185 1.164.538 Nei gain50n in¥esiments 53.828 53.818 NEfiNCOMVIEXPENDITUREI Tran5fErs bwveen Ivnos 18.9981 1111.4081 227,736 111.408 21B.738 2.678.243 19 et mo¥Ernent in ndS 1120.4061 339.L44 218.738 2.678.243 RECONCILIATION OF FUND5 Total lund5 brought forward 2.340.348 406.242 2.746.590 .347 TOTALFUNDS CAARIED FORWARD 2.219.942 745.386 2.965.328 2.74S.590 Aspermitted bys408 CompaniesAci 2LYX¥. fhecompanyhas not presertted itsown Statemeni of Fin3niiJiACtiViiie5 and relaied DotÈs. The company 5 nei movemenr in funds for theyearwas ÉL67.71312022- É2.594.9921- The notesform part of IheserinalaI statements 33
Cohor Cha Re istered numbEr'. 08534364 <4 Sheet 31 December Z023 31.12.23 31.12.22 Total funds UnrestrKte fu Restri¢¢eO fvnd5 fndS Notes FIXEDASSETS Tan8ible a55eis InvE5tments 14 15 132.322 1.258.837 132.322 L258.837 73.364 1.391.159 1.39L159 73.364 CVARENT ASSETS InveDtory Debr5 InvestmeAf5 Cash ai tank ,991 34.989 69.676 913.561 10.991 34.989 $9.676 1.658.947 16 17 73,162 745,386 2.807,625 1.019.217 745.386 I.774.3 2.880.787 CREDITORS Amounts falliw within one yeai IB Ik51.7771 Il51.7771 1207.5611 NET CUARENT ASSETS 877.440 745.386 1,621.826 2,673.226 TOTAI ASSEtS I£5S CURRENT IIABILITIES 1268,599 745.386 3.013.985 2.746.59) CREDITORS Amounts falling dve afterMe than one year 14&6571 148.6571 NEfASSUS 1219.942 745.386 2.965.328 2.746.590 FUNOS UnrE5tricied Funds 19 2.219.>J2 745.386 2.340.348 406.242 TOTAL FLINDS 2.965.328 2.746,590 The chari13trAe tompany is entitled to exemption horn budit thider Seaion 477 01 Companies 21))6 for the year ended 31 Oecember 2023. The members have not deposired noti<e. wr5uant io sEctn 476 01 the Compans Acr 2(1)6 requiriag an audit ol these financial siatements. The tfusiee5 acknOwdEe ther rE5ponsibilitie5 for ensvring thar the charitable cofflpany keeps acrounbng recofds thai compty wilh Se[in5 38S and 387 of the Cgmp3nies Act 2006 ind prepaiin8 financial statErnentswhich gwe a and fair wew olihe 5ts1e of affair5 of the charitable company a5 al the end of each finaniial year and ol Its Surplus oi deficit lor each fina131 yEai in accoidance with the Tequirements of Seciion5 394 and 395 and otherwise comply wilh ihe requiiefflen15 of ihe Companies Act 2()S ielètin8 to finarncia15ratement5. 50 lar a5 applicable tothe thafitable company. These financièl statements have been audired Ller thp rEqlementS0f SeciiOTh 145 olthe ChariiiesAci 2011. The notÈsform partof thesefituntial 5taiement5
Charl red number.. 34364 Sheet- <ontin 31 De¢em r 2023 These financièl Statements h3¥e bEen ptepared in aC(dIn¢t ¥Jlth the wowyons opICable to charitable iomp3nies subject w the srnall companies regime. The financial 5ts1ements were appIoved by ihe BDard of Truse5 artd •uthori5ed lor issue $18ned on itsbehalf by-. and WEr Trustee E-l) P£ LJ £L The nores trjrm partof These financial sts¢ements 35
Chari 15terednufflberO8S34 UK BalaTrrE Sheet 31 December 1023 31.12.23 31.12.22 Unrestre0 fvr¥J Resiriited fund5 fund5 funds otes FIXED ASSETS L4 15 1.460 1.258.837 Invesrmenrs 1.258.837 1.260.297 1.260.297 286 CURRENT NSSET5 Debtors Invesiments Cash at bank 16 17 34.897 18.919 475.039 34.897 18.919 1.482.287 26.811 L(M)7.248 2.679.761 S2&855 Im7.248 1.536.L03 2,706.572 eREDfTORS Amount5 fallin8 due Within oneyear 18 110.2941 liQ,7941 190.2651 NET CURRENT #SSErs 51E,56I l.W7.248 L.525.809 2.616.307 TOTAL A55ETS LESSCURRENT iIA&iiifiES 1.778.858 l.(Q7.248 17B6,106 2.618.393 NET ASSETS 1.778.858 I.7.248 2.786.106 2.6J8.393 FUNDS Unresiricteo Iynds Restric¢ed funds 19 1.778.858 l.Cx)7.248 2.338.527 279.866 TOTAI FUNDS 2.786.106 2.618.393 The chafitsble cofflparty is entiued io exempDon from a11[ undet setsil 477 of the Comparries 2CQ6 fo¢ the yeai ended 31 DKember 2023. The fflpmbEr5 have noi deposired noe. puwsuant 10 SectTr 476 01 the Compans Act 2Q)6 requirinÈ aa audit Df these financi41 srarErnents. Tht irusieesackrthvledge thr responsibilitiesfor en5urin8 that rhe tharitable company keep5 accouryiing records that c¢mpty wilh SecDM$ 386 and 387 of the Companies Act 2006 anLS preparing financial staternents whh Éive a irue and fair wew of the state of atfairsof thE chariiable compafjy as at the end ol each financial year and ol its surplus or deficit for each financial year In atCOfdan¢e with the reqvirEment5 015ections 394 and 395 and which otherwise tomply wirh ihe requirement5 of the Companies A¢1 2006 relarin& to financial staiemeois. so far ès applicable io <h3fitable tompaw. These financr31 statements have been oudited undeithe requiremenisof Sectlon 145 of theCliaritiesAEt 2011. The nore5 fw) pary ol Ilse fithènckil statemenrs
isiÈred numbei- 08S34364 UK Balan Sheet- contln l Decefflber 2023 These fifjanc&41 statements haye beEn prep31ed in accNdance wth the prcm5$ applic3ble 10 charitable c(Mnpanies svbjett to the small companies regime. The finaThcial statemefiis were appr(r4ed by the 8oard of fiustees and authwsed i55ue o 8ned on it5 behalf by-. Trustee The notes form partof ihese finantial 5raiemen15 37
cohore Chari Gtou ¢a5h Flow stsiement for the Year Erded 31 Decemb r 2023 31.12.23 31.12 22 Iloies Cash flow5 from operatiniattNiios Cash generated fiom operatK>ns k67.191 Z,344.881 Finance costs paid 110,6111 Net cash provided tyoperatinEacti¥ities 167.191 2.331.699 ¢a5h flows Irom investinl attmties Purchaseel tan8ible fixed asset5 sale of taThwble fixe¢ assets puè5e ol fixed asset inve51ments Sale of fixed asstl investmen 75.1781 16.705 IL.287.8281 13.143 20.081 4.464 16,8631 Dividend5 ieceived Net C35h used In invesiinBacrI1les 11.308.613) 16.8631 Change in cash and cash e4vi¥alents inlho reporting period ash and cash equfvalents atthe besInne of the rÈportinE period Cash In cash and tash equlvalents due to exchan8e rate movernenis 11,141.4221 2.324.836 2.W7.625 487.20Y 17,2561 14.4201 Cash and cath equlyalents atthE end olthe reportini period 1.65&947 2.807,6Z5 The rtr$ part olihesefirthncial staietDents
hefe Cha Not sto the Gvou Cash Flow S temeni for the Year Ended 31 0ecembEr20 RECONOLIATION OF NET INCOMETO 14ET CASH FLOW FROM OPERAT114GAcnwTIES 31.12.23 31.12.22 Net income lorthe reportlng peHod14s per thEStstÈmeniof finandal Actitiesl Adju5tmentstor: 218.738 2,678,243 17.391 110.6201 153.8281 120,L*II ,135 OepreciaiiDn eliminated on disposal Losseson illvE51fnEnlS Interest recered 2,571 10,611 Dividends receryed Increase in Inventory Ilncreaselldecrease in debtors In¢rea5elldecrÈasel in creditors 14,4641 ILO.9911 38.173 132,3491 1322.3301 Net£ash pia¥idedbyoperations 167.lgi 2,344.881 ANALYSISOF OIANGES IN NET FUNDS At 1.1.23 Cash flow At 31 12.23 wet tash Cash ai bank 2.PA)7.625 l.J48,678 L658.947 Total 2.807,625 1,148,678 1.658.947 The noie&form partof thesefinancial 5taiementS 39
rictes to the Flnancial tements for the YÈar Ended 31 Decernber 2013 ACCOIJNTING POLIOES Cohere Charity 15 a private company. limited byguarantee. incotpowatEd ID Eryland and WalEs. The rebiStÈred uffico and number ian be found on the informaLvJn page Basss of preparing the fin4nualstatements The finatial sraiernents of ihe charitable (Lpany. whch is a swblic benefit entity trnder FRS 102. have bEen prepared in accordancE WLh the Charitie5 SORP IFRS 1021 'Ac(nDR and RepDrtiry by tharitie> Ststefflent ol Recomrnended PractKe applicable ro charities prepann8 their accounts in aciordance Wilh the Financial Reportin8 5tsndaTd applicable in the UK and Republic ol lieland IFRS 1021 leffective l Jènuary 20191.. Fin3r&ial Reporting Standard 102'The Financkal Reportin& Srandard applicable in thÈ UK aThS Republic of Ireland. and the CompaniesAit 2(lJS. The filral sratements have been prepared under the bi510fical cosi conventK)n. with the exceptK)n of uwpsiments which a at maTket value, as modified by the revaluation of certatoasstrts. Basisof tonsomdatlon Group financia1 statements have been prepared iniespectof CohereCh3¥ityand its wholly owned subsidiary. The charirfs tradin8 subsidiaries InCIJeTUra(ova1Ie¥ Fothl Limited. Cotsere U8and3 andcohere Kenya. fhesE subsidiary 15 ¢onsolida¢td line by line basis and hès ihe same aCCOuntB)gdate asthe Charity- Income All income is recognised in the StaieTnentofFinancialAciMties L¥Ke thEchafity haseniiTlement to ihE funds. li 15 probable that the incorne Will be re<eNed and the amountcan be meaSud reliabty. Grank •tiOn and leyry Intom¢ EntitlemÈnt 15 deierrnined upon formal ¢ommuntaiion ¢haia donation or lew Vrill becorne p3ya14t. unle55 there are specific perloimance related cofidition% upon whKh anyincome is deferred. Inve5trnent Income Income Irom inrerest. rordlDes and diyidends Is re(oBni5ed when ils receipt is probable ènd the amount reteNable can be measured reliabty- Dividends area<£iued when ihe sharelx)kler'stight to ieceive paymenris established. Ewpenditure Liabilities are recogni5ed 35 expendirure a5 soon as therÈ i5 a legal or construCtNe obligation committing the charity to thai expenditure. it IS probable thèi a tra051er of economi¢ benefits vrill be iequired in set¢km&nt 3nd the amount of the obhytitsn tan be meèsured re1iabty. Expenditure is axounied lor on an attru31s bays and hès been clawfied vnder hea0iilBS that a8gre83ie 311 cosi related 10 rhè cate80ry. Where t0515 ianwt be diiecity 3ttr&buted to particular headings they have been allocated 10 acliyities on a ba5 con51Steni¥Ih I1 use oliesource> fjrènis ofFered subject to condition5 whKh have nut been met at theyear enLldale are noted a5 a commitment but Mt accruEd a5 expenditurE. ILKatlon and app¢)tmethI of costs Certain indirect costsafe classed assupportcosts. These 3re aPPOiii¢Thed io rhe specifK direct expenditure. such as Rain8 Funds. and separate Ch3ntstAe A(f4Vities ditecrly by the tiustees. based on the purpose ol the expendirure. Any iemaininR sugport iosis not directty applied. Jre 3PPOrtioned to the dire¢r ExpeDdirure 8roups by the trustees u5in8 3 method based on the charify'5 acti¥itie5 intheyear. 7•niible fixedassets Depreciation 15 prowded ai ¢he lollowinganrsual r3tesinofdErio wrire oNeach a55ertyer iisestitnated useful life. Freehokl property- Io% on reduriD8 balance Fixturesartd filtiw- L3% M reLSuc1 balan. I2.5% iedutin8baLince Ihe no$ form panvltl5e finaThtki15¢31ements
ohert Ch Notesto the Fihanclal 51atements fov the Y ar£nded 31 Decem r1023 ACCOUNIING POLICI£S- conbnutd Motorvehicle5-25%on rEducin8 balanlle Computer equipment- 30%0n reducing balante. 25%0n reduon8baiince ant 3ml tnachirffj- 13%on reduting balance Taxatkn The charity is exemptfrom corporatioritax finitsihaiiiable 3{Litle> Fund accoynikn8 Unre5triCted f¥Thdscan be used in actorLlarKewithtl charithblE Object at the discret olihe Iw5iees. Restiicted funds Can only be used for particular restre puirMise5 Wlthin the objects of the charity. Rtsknctions arise when Specified by rhe dortor 0¢ furtds are raistdfor partKulai resirKied purpose5. Further explanat)n of the riureard pvrposeof eachfvnd 15 irfluded in the teSt0 the finantlalsiament$_ Hire puKhase andleasln8commthents Renrals paid under operaDn8 ieasesaie £harÉed io IhE state10¥ Financi41 •£tiwtie5 w a SlfalBhi line b0515 over ihe period of the lease PeTh0n costs•Ad other W)st-r1rern*fitbonefftS The chaiirable company operate5 3 defined ¢ontributK)n pension xhemE. Con¢ributions payable io ihe charitable company's pensiOTh scheffle arecharsed iothe state10f Finanièl kITliEs in the period io which Ihty relate. Investments All inve5lments are held ai fair value, WLh adiustynents to fair Val being re(orded In ihe staiÈmenr of financial aCD¥it5 in the year irtquestion. upon disposal of any shares. any change in valuE io thed3te oldisposal is Imdia recognisEd it) rhe statement ol financièl Inveniorfe5 In¥ÈnlOlies 3¥e valued on a WEiÈhted 3¥eraRe cost basi DONAIKINsANDIEGACs 3L 11.23 31.12.22 rionation& l.B96.989 3,837.168 INVESTMENT INCWE 31.12.23 31.12.22 Othei fixed aSlive$1- Fll D&p091 account inteie%i 4.464 20.081 24.545 The note5form rt01 ihese financial statemersts 41
Coh 14ote5 to the Fin I Statèmeflts. for the Yèar Ended31 Oecemb rz ntinved 23 TPADING AcnwnÉs FROM 5uBsifiARY<OMPANY Resuks from5ubsidiarytradithgcompany 31.12.23 31.12.22 Income from salèof goods fl1.5 Tural inLome 60.5BO Costof goods sold 5tJff c05t5 Olher expertditure 82.212 41.$94 27.159 Total ExpendFture 151.065 Profitlllossl 190.4851 RAISING FUNDS Ral*ng thatn5ad 143¢ies 31.12.23 11.12.22 Staff costs 12,245 7.221 1.809 1,342 1,018 852 3.727 Work permit Transport Marketin8 materials security Con5u1tancv Volunteer expenses 10.718 23.205 51.168 15.965 Investmmt managemeni costs 31.12.23 31.12.22 Portlolw) m3n3Bement 617 A88re8aiearnouAIS 51.78S 15.965 Ihp noies lorm part of ISe finantial statements 42
Cohet art NotestD thè Financial Statements- <oDvn r the Year End d 31 Decembtr2011 CHARITABLE ACTlVtTIES COSTS Giant nding of tIM[S Isee Dole 61 Support cosisl5eè note 71 Oiiecl Cosrs Totals Genetal I8.75 551.861 167.140 33.578 31.079 S¥1.069 2.944 3.583 49,869 1.272.2ZI 270.084 37.161 Capacity strED8thenin8 Advocacy Coordinaln 630.287 871.372 630.287 J27,675 1,629.334 GKANTSPAYABLE 31.12.23 31.12.22 Tamvka Cap8rity Strenyhenir4 80.617 630.287 630.287 80,627 The total 8fant5 pèid Institut5 duringtheytar wa5 35 follows-. 31.12.23 31.12.22 Grant 630.287 80.627 SUPPORT COSTS Gtyernance costs M3na8ement Other 3 Totals General Caga¢ity siren8therynE AdwJca¢v 36.193 I4,9 2,944 3.583 15.4881 374 17.1 31.079 90.069 2,944 3.583 57.629 52.572 17.474 127,675 flET INCOMEIIEXPENDITURE Ne¢ Incomellexpendilurel Is sfdied altercbar8*)RllcrediDn81'. 31.12.23 31.12.ZZ Auditor5, remuneraiion Depreciation- owned a55tIS Hire ol plant and machIry Oiher operating lèases 19.269 18.530 2.639 8.135 45.386 2,419 The notes INM partof these finantiJl siaiements 43
Cohert Charl
Notes tothe Finantlalstaternents +¢on
for the Year Ended 31 December 2023
io.
TRUSTEES. REMLINEKATION AMD 8EIIÉFITS
There were no rtU5tee&' remuneratrn or oiher benefits the yEar ended 31 Oecember 2023 nor for the yEar ended
31 Oecember2022.
Ther2 wece no Irvsrees. expenses p3*1 for iheytai ejthd 31 December2023 lor itrje yÈar ended 31 December 2022.
ii.
STASF COSTS
31.12.23
31.12.22
Wages ar sèlJrie5
Sacial 5ecuri¥Y
Cohev Note5 to the Financial Statements- con rthÈYear End 31 Decemb r 2 23 12. COMPAR4nVES FOIITHE STATEMENT OF FIPiANaALAcrivtTIÉS. tffitbnued NET INCOME 2.27Z,(N)I 406.242 2.678,243 RECONCILIATION OF FUNDS Tora1 lund5 brou8hi f(ard 6&347 68,347 TOTAL FUNDS CARRIEDFORWAR 2.340.348 406.242 2.746.5 13. SUBSIDIARY UNDERTAXINGS The Charily 15 the paient entity to twochu¢tiE5 and single company, ¥thich o>rnie undEr Cohere lundal, Coheie IKenyal and Turaco Valley Foods Lid. The fesult5and registration detaiLof each subgdiary are sho%¥fi below al th the nature ol control." Cohere Iugandal.. GovÈrnit)8both- Nation31 DeaU for NOTr Government310rypn1torns of upnda Charity nurrtbei- 6741 ReglsterEd address.. Nsambya Hanlon Road OppTax3sClub Makindye tivision Kamp31a City Uganda atureof (ontrol The UK Charity has a partnership agreeNseni the Uganda O•rity thai we5 the UK T¥ustee5 the power of Velo ¢¥ef operaiions exèCUt1VE¢Jecisn5. The UK Charity prowdes grantsto Ihe U8anLla Charityio implemeni projects that have beEn approved by Ihe UK Ifustees. The sbb5idiary enlities alio have bD3rds of trustee who tyrtisee iheir piojeris, ihe overall ImplerytIon strate is 3ppioved by the UK boardol trusieek Cohere IKeTh¥al'. GOvern&blY-N0n- GovernmentalOrrdrtiSai*?nsCOr0lf1aflo0tt of Kenya. Charlty nvmbe¢- OP.2L810511124151JI8654 Ae815teredaddress'. Wzmagata Court Woodiey P.0 Box 6171&00200 Nairobi Kenya The notes lorm part ofihese fThncial statements 45
Cha Note5 tothe F¢nancial St3temtnts- C¢tinued for theyear EndÈd 31 Decernber 2023 13. SUB01ARy VNDERTAKINGS-continued Nature of corbtrol The UK Chaiity has 3 P3rtrership a8reemEnl With Kenya Charity that ÈWE5 the UK Trustee5 the power of Veto over Dperationsand executNe de(15lOn5. The VK Charity proYidE5 srants to ihe Kenya Charity 10 implEmEDt projects thathavebeen opproved by the UK trustees. The subsidiary Èntities 3150 ha¥e tN)ards of tru51eE who Oversee their projects. bul the overall implementation strategy 15 approvedbythe UK board of trust Tura¢(tValley Food5 Ltd.. Governlng Body- U8arKl• Resistraiw SeTrxes BLKe3u IiIRSAI Compathynumber-WYJ2Cth3224137 ReEi5terEd addre5S'. P.0. 80¥ 73516. Hinlon Road- Nsambya Xampala Nature af control TU(0 Valley Foods ttd 15 a svbsidiary Companyand ihe Group has rnaiNitytharehoWinÉ. 14. TANGIBLE FIXEDASSEYS Freehokl FIxtUs3nd property Motor vehicles Computer eovipmefi¢ Plant and machinery cosy At I january 2023 Addith?n5 Disposals Con501idation a¢justmeni Exchange and Oth movemefits 9.636 15.732 10.051 1.085 17.0951 18.860 37.408 120.2301 14.398 13.1091 30.195 3.034 108,742 75,178 127,3251 28.326 19.0941 17,919 13,928 112561 12.7681 Al 31 December 2023 63.112 47.327 30,461 31.847 175.827 DEPRE¢TroN Ai i ianvary 2023 Char8e for year Eliminated on di5pos31 Consolidatn adjustment L492 2.180 2.859 277 11,6531 12.973 7,326 18.9671 3.599 18.054 4.2) 35.378 17.391 110.6201 3.408 1.741 The noie5 lorm partofihese fina111 5raiernents 46
Cohe Notestv th Flnancial tstements- cofitlnue ftsr the Ye 31 Det mber Z023 14. TANGIBLE FIXED ASSETS- tontinued ExchanRe and other movemen 13591 11.9671 14,5201 Ai31 Oecèmber 2023 1.124 12.964 20,662 5.149 42,969 tr4ET BOOK VALUE At 31 Oecember 2023 S9.5 1.956 3d.363 9.799 26.69È 132.322 Al 31 Detember 2022 8,144 7.192 5.887 12.141 73,3fA Computef eouipmenl CHARtTY Af l January 2023 and 31 Oecember 2023 3.890 QEPRECWTION Al I january 2023 Charge fDryear 636 At 31 December 202a 2.430 NEf BIXJKVALUE At 31 DecembEi 2023 1,4 At 31 Detember 2022 2,086 15. nXED A55Ef INVESTMÉNIS inv2sLments GROUP MARKU VALUE Additi$ 1.218.152 RevaluaiioThs 53.828 At 31 Detember 2023 1,258.837 NET BOOK VALUE t 31 December 2023 1.258.837 At 31 DÈ<ernber 2022 Theiewefe no inve5rmen13s5e150Utyde ihe U c0510rvaluaiionat 31 Oecemb2r 2023 is repiesenled by_ Theootesform part ofthe5e fiwchil 5ts1ements 47
Notes tc the financial Statements- con lor the YÈar Endèd al D rnber 2023 15. FLKEDASSET INVESTME1415- toniinued Listed investmen Valuation in 2023 Cost 53.828 1.205.009 1.258.837 tFiARITY investments MARKET VALUE Ad#itions sposals Revaluations 1.218.152 53,828 At 31 December 2023 1,258.837 NET BOOK VALUE At 31 Detember 2023 1.258.837 At 31 December ZC122 There were no Invesimenrassetsoutydethe u Cosi 0rva1uall at 31 DE(embEr 2023 15 repreSend br. Listed inve&tmen Valuation in 2023 C05t 53,828 1,205.009 1.258.837 16. DEBTORS.. AMOUNTS FALIING DUE WITHIN ONE YEAR GROUP 31.12.23 31.12.22 Tratte debtLY5 34.989 73.162 CHARITY 31.12 23 31.12 22 Trade dtbiors 34.897 26.811 ThE noies forffl part ofthEsefinancial sta*ments
Note5 to the Fina1 Statements- tonnued lor the Year Eoded 310 Èmber 2023 17. CURRENT ASSET INVEsfMEF4TS GROUP 31.12.Z3 31.12.22 Other Inve5tmpnts 69.676 CHARITY 31.12.23 31.12.22 Other inve5tmÈnts 18.919 18. CREDITOK&"AMOUNt5 FAILIPIfj DUE WITHIN ONE YEAR GHOUP 31.12.23 31.12.22 Trade creditors Accrua15 and deferred irtome 37.759 Ll4.018 23.982 183.579 151,777 207,561 CHARITY 31.12.23 31.12.22 Trade credito crualsand dEferied incorne 10.294 10.118 80,147 10.294 9).265 18. CREDtTORS.. AMOUt4TS FALLING DUE AFfER MORE TF14N OtrIE YEAJI GROUF JJ.12.23 31.12.22 Loan5 48.657 48.697 CHARITY 31 l2.23 31.12.22 loans 19. MOVEMENT IN FUNIJS Nei o¥emenr in funds Transfers between funds Al 31 12.23 At l.l.23 UTrrEStFirted funds GenEial lund 2.340,348 18.9981 1111.4081 2,219.942 The DOIE5form parLoI ihesefin•nck)l St3MentS 49
here (ari Notes to the Finantial Statements-tontinue for the Y ar Ended 31 December 2023 19. MOVEMffir IN FUNOS- C•hlinued Net mtr4Enient in fund5 Transfers betwten ffvnds At 31.12.23 Al 1_1_23 Reslrirted Arizona State Uruversity Choose Love GPobal Whole Beiw Fund IKEA FoU8110n Intecnarionèl Rèscue Comff¥itee LEGO Opportunity InteinaiioThal Oxford PdJCY Management Ponicus Rabo Bank Foundation UNHCR worlil Universify of Canada Oihtrr funds 16.836 17,8801 350.337 12.570 1401 1123.1761 18J74 15581 17991 142.S831 16.836 350.337 12.570 120.1951 412.673 20.234 289,497 18.874 14.479 28,OYJ IS.038 28.889 13.6701 13.338 Ill.2) 45.253 13.338 11.2 25.781 4,155 1.365 406.242 227.736 111.408 745.385 TOTAL FUNDS 2.746591 21&738 2.965.318 Net Movement in funds. included in the aboare a5folk)w5'. Irwni esource5 Resowces expended Gain5 and losses Movement in funijs lJnre3tTitted IndS General fund 321.560 1384.3861 53.828 18.9981 Restrirted lunds AlOna 5tète lJntr5l1¥ Choose Loye Glob61 Whole BeinR Fund IKEA FOuallon Internatn31 RE5cue Committee LEGO Opportvnity Inteinational Oxfoid p¢licy Man3gemÈnt Y.897 118.0611 I7.8) 16.836 17.8801 350.337 12,570 1401 350.337 69.779 157.2091 401.538 B6.417 1524.7141 167.$441 18,874 97*17 25,619 609,130 19&6161 166.9421 IW4.9751 Rabo Bank Faundation Olhti lund5 4.155 1,675.535 IL447.7991 227.736 TOTAL FUNDS 1.997.C85 11.832.185) 53.828 218.738 The notesform pèrrofthefe financial staieThEnt5
CDherÈ Ch otesto thE Financlal Statements- coThvnued for the Year Ended 31 December I 23 19. MOVEMENT IN FUNDS-¢oMlnued comparave5fur0vefflenI in funds Net MeMent in fvnd5 Al 31.12.22 At i.1.2Z ilnre5trictEd Ivnds Gene¢31 fund 68.347 2.272.1 2.340,348 Re5trirtedfvnds RestrKted 406.242 406.242 TOTAL FIJNDS 68.347 2.678.243 1745,5 Comparative net mLs¥ennt in IrKILed in the aleare as folbws". Incomir% re5wrces Resources exp2nd Movement in funds UDrestrtted lunds General fund 2,380.632 IL08.6311 2,272,001 Restrirtedlyds AÈ5tiicted 1.462.149 I1,055,7) 406.242 TOTAL FIINOS 3.84L781 [1.164,5> 2.678,243 The nores forrn Partofthe5e finJncia151atements si
Cohoie thari Notes iothe Wnancl31 Slatemtnts- connU lor the Year En 3l December Z02 19. MOVEMENT IN FUNL)S- cont5nd Restrirted fund AfrLOna State Univeryty PyrKty)se l.CrEatsn6 a processand selE(tlOn Lrsieria for selecting RLOS and lead the t diStlibuliM procE55to these0rn1$81IDns a5 well a5 the reporting.2.LÈad on the traiThngof the RLOS to develop tsrconcept and man•Re ihe funds ie¢er¥e succe5sfulty. Support ellorts in building up a Communityof PraciKearound elfective refugee leadErship antt parDcipètion Capacity & Plannin8'. 5calableCummunity-Led Leainin8 through Playfor REfugee Children ChaJitable and edaln31 purposes to Support thE GTantee'5 bud8ei lor gJpporiinÉ an ecosY5tem of refugee-led or8anizaiion5 providing Cfilical hurnanitar4inand lon8-ierm support toaiound 1.3 million vulnerab people. nèmelywomen. childten. youth, and LGBTQ+ across key Keographies. Thegrant Seeks to strtnyhenthe social and emoll01 skills lor learner5 through a Course aliened with Kenya-s new Competency.Based Curriculum ICBCI. aimed ai sirWlheATh8 the ¢hildren'5 social and emotyonal skills. ped bycobere in 2019wirh p0SradUate Siudenrs from the unNersityof Columbia The Children who 3re reached and impaiied by thi5project will noi onlyRoin e5seniial SOCi313nd emotional 5ki115 but %Vill a150deveknp ieSilience srrate8ie5 3nd life ski115_The5e iompeiencie5 Will enable ihem io navigaie ihe challenges they fa£e and rhrive in iheir edutabonaljourtw. Prove 8er*rol 5UPPOrt and Supp io RefuRee Ltd Or6anisatiOn5 I¥EA FD¥ndatir LEGO Global Whole 8ein£ Fu1 PorDcu5 OSF 20. EMPLOYEE BENEFIT OBIIGATIONS Ourin8 Ihe financial period. the Eroup made coniriburions to employmeni basEd pen510n schemes toiallin8 £5.806 12022 £3,6fAII At the balae sheetdate, £nil12022- £nill w35 OUt5tsnthnE as payaWe EO Iheemployrnent pe•yon xherne with iespeci to the group 21. RELA7EDPARTY DISCiOSURES There were no related party transacn$ durin&t year. The nDteslorm partof these finarKial suremenis 52