REIJSTEREDCOMPANY PIUMBER.. I)8534364 IEn8landaftd Wales) REGISTEAEDCIiARITY NL¢M8EK. 1153638 oftheTnirt Cohei rttents of ihefinamdal Staternen ar Ended 31 mber Z023 Pale Rthren(e a￿dAth￿￿51Ta¥Ve0Etr7 Report•ltheTNsteEs 3 to 28 R¢partOfthel￿elK￿￿tA￿tht￿* 29 to 32 34 to 37 Cash flowstsiement Notrsto the Cash Flow statement otes io theAn•KiJlSuwMnts 40 10 $2 R ference andAdrnlnlstratfveDetaMs lartheYe3rEndEd 31 De(em 13 TRUThES ZALO Or p i Ja<*50n CMHope HDNBReHI Msc H Prfe lit￿8￿d 7S.241 CEO E Pase TheCEOis resp0M￿Ede fortt* day-tTrdaym3n?8ty)￿lOfthechlrity. RE¢ISTERED OFFICE Dean Fann Oaksry Wiltshire SN16 9S8 REGISTERED COMPA14Y NUMBER 08534364 IEfiOand 3￿wa￿l AEGISTEREO CFfARIT*NUMBER 1153638 AUDITOR5 (*JnkleVs Str￿t￿y Awliior Chartved Acclxthtsnts Wo(xltsnOsGran8e Wocxllands Lane Bradjey StL*e Bristol BS32 4JY BANKER5 CAF BANK UMrrED 25 ￿nIsHiIIAyenL Wesl M?￿r Kent MEL9 4N) Cohere n¥mber. Re rt ol the TruStoe5 Yeai Ended 3 Oocem The trustees who are also directOf5 of the purpDses of the Comparmes 2￿6, present their report *ith the Consolidated financial 51atÈmertr5 of the charity for the year ended 31 Oe£embei 2023. The trusteÈs have adopted ihe pwsirtn5 of Accountin8 and Repo￿nE by Chaiibek Stattmertt oi Recommended Pracbce appI￿ab* ro charitie5 preparing iheir accMr5 Iri acCorda￿e￿I1hthe Finar￿1?1 ReporbJÉ stsThlaTd app[table￿ the ilK and RepublK ofireL7￿j IFRS 1021 leffecir4e l January 20191. OPIEcllv£sANOAcfMMES ObleaNe5¥nd alms The charity's obJÈcts I'objects'l are sFecifKalty ￿$tricted to a. The 3dvancemeni of edwatiDn and traIr￿n4 ol persons IparDcularty but suJt exclu￿ve￿ youni people) INing in east Africa and the E￿arIakeS reyon of Afvica Iparti¢ularty bur not eXdy￿￿IY 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 re￿101 po¥ertyoI persons IpartKULil￿ bvt pxdusivety thDse have be displaced from their homesby Confi￿rI in ea5tAfrKa and the Érear lake5reRhyiof Afrti. Sign1fitartaa￿If￿S The chariryoperatesthroulhits sub5#1iafiesin Ea5EAlrfa and the Greatiakosreponof Afrira topro¥wJe essentyal pioièctsor fthidin& The paren% tharityawards8rarts throu8h itssubsWrdiiESto keyet)*a¥oursinth05E areakthat hdpadmeve tt*objecti¥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 rel*lof povert¥tobÈ•cbwtiesforthepubf¢cbeDefit. The trustees have due re83rdto theCharityC¢>)knT*5SW58uwJarKeon 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 Hi8N*htsreporL 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 iovern*e dotumeni thÈ menxirandwi and arric￿S￿l aWCklLion. and tonsiitutes a limited company. limited by 8U3Tantee. asdefined bythe CompaDieskt2W& Recthent and appointmerttol newtrysie New iwstee5 are aPPOin*d foilowulk ¥ proce55 01 ad¥ertiYV8 th1(w8h ielwdnt media. I￿3 compiliDR deiai15 01 poteniial individuals throu8h recommelldationsby Ihe charity'5 manaRemeni team. New tru51ee5. following an irtterriew wrfessbythe board. JN51 be apP￿ted by the eAiStifjgbo3rdoftrustee OrBan15atlonal sinKiuTe The charity iscomprised ofthe 8roup paretlL and three￿SId￿rythorit3b￿ triities based in Kenya and U83fida. Thecharity trusiee5 for eacheniity manage theaffairyofthetharityinqtsestion. Stratesy for the charity is¢eiefminEd by￿ 8fDUP UVStees. Decl￿0￿ 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-w￿aYMath3seMenlotthè chariry 10 iheCEO- Edmund Pa8e_ durtk*n and trJl*i08 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 ￿￿*S￿￿11r*Of oper3tin8a Ihaiifv_ Coherecha the Tn¢st lorthe Year End Oeceffl 23 sTrucrvRE.G¢MRNANCEAN0141AIthGEMEPlf xeymana8e•*ntreM￿e￿￿o￿ Keymanagefflentrernur*r3tion is based￿ a ￿ed. market rate s3￿ry. Remuneration I￿153￿deterMI￿ and reviewed * the trustees. perfOrn￿rKe rekied tyJnu5esare Th)t Used aspartolthe rEmuwatK)n pack38 The parent Char￿ ¢*tyli5es the on-51te presente of ffs subsid*ary charitie% issv5 grants to ihe* N8an¢5atty)ns to achiove certain haritsblegoalsthaccordanceMlhthÈBroup and patent'sobiects afyj a8rttd xtryitie& I such iransactlw￿a￿c0N￿1daled Inthe8roup stsEement¥ FuN￿RAIsING Thecharity seek51undsfrom reÉular CWtrlbvr￿ and wa Marketi￿1n and ¥Jeb￿le. 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 r￿1 b￿d any %*ilunw SCt*m￿ for reBulata)8 fimdq1i￿rg or comply with any wluntary 5tsndardsof fund-rni* The charity's fuThl.raigng was mana8ed directed by tIU5tees. and as such, no aldibonal mL*NtN*l8 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¢-raI￿n& in connecik?n ro anywacceoable practice& 05 yjmmaiised below. The chèTrty ha5 sou8hi to ptotect ￿lnerable people and oth¥ tr*mbers of the public from behaTrAovr ihrouRh ivs dire¢ted n0431yn8acDwt￿kV￿th the Irttenti￿ to e1￿Ina￿ fuThl-niyn8acriYities ihai carry 3 hoh¥ iiskofimpartin8such people. The tru5teescla55the fdlowin835 UrtaC£ept3￿e hmd4alywpTrcti￿s.' Unre350nable intrusion on a person's prNacy Unreasortabfy per5t51￿tappr0è￿e$fO¢ the pwposeof ￿1c111r1&0fOihef￿se￿t￿wDg￿nv1wothef￿oPerty0n behalf of the charity Plating undue pretyJreona ￿sort to 8Ne moneyoroiher property Cohere's Impact Highlights 2021 to 2023 TRAfisFER POW￿R. 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, C￿ra=It￿ 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 ￿m￿*r¥suPpOrted ￿dIr•Khtheffl• ￿￿￿CT￿ ISAFÉGV*Di4o O+ILQPFVJF_￿￿ *TERS4NITATfo4 ￿￿o￿¥￿E'lE1VjA￿11 4 LTh 4i68 CLWATE4esi PEP1￿￿￿￿￿￿￿AT1￿ • i S*LTE8Ay?hQr&F￿0lrkUs • 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 olgani￿lI0n5 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. ereatepolic￿5 andrefine ourprograrnmes Welearntpartnersthp negotiation. proposal trvritsng. and linancial management. which has helped us through due diligenceproc255esand thè management o*contr8Cts. The coursé ispart of oursuccess.- Samwell Binla. Founder and CEO. K14BU K14BLI 15 an refugee.led otgani5at*oTh 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 Organisat￿n 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 co￿lt10n 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 Re*ugees 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 detaitspraet￿als0lUtiOn5 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 acCo￿tIng (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 cofflp￿ed 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 1ft￿n* | . i*J. 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 EXP￿dItUre FUndraI￿ng 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 Improve￿Ent. 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 pe￿anent k)$3 of funds or ebminate an oTrJoing budget gap. It is Ihe intention of Cohere for Operabry Re3erve3 b te Used and ￿PIen￿ed 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 de￿nated as Operabng Reserve wll be established in an amountsufficient lo mainlain ongoing operatKin3 and trfograms measured for a set pe￿d 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 profess￿nal 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. kaSe￿Id8. fvmthre. t]xbJre3. and equipmenl necessary br the effective oPerat￿n of the organoabon and Pl￿18M8. 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 0P￿rbjn1fy or need that furlher the mimon ol Ihe ovaanizat￿n whith may or may r￿t have stth eXFectsbon of inctemenfal or lOng4e￿ increased income. The Opporbjntty Reaerve is al80 inlended a3 a ￿U[c8 of inlemal funds for CVganr￿1￿inal capaoty building 3uch a3 staff developmenl. re8earth and development, or investh￿nI in infrastrudure Ihal vnll build bng- term capacity. The target amount of the OpwTiunty Reserve wdl be delemil￿d 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. Rese￿e9 will be mainlained in a Segregaled bank accthnl or inve31ment fund. Fiinding of Reserves The Opèratiry Reserve will be funded wlh ¥urplu3 unrestrKAed opera￿g hJnd3. The Board of Dir8cIorn may from bme lo Itmè dired Ihal a spelitr $c￿rte of revenue be sel as￿8 for Opèrating Re3eTve8. Example3 CQUtd indude on84ime grfls or bequests. spttial grants. or S￿￿al appeals. The Building and Capital A33els Reser¥e will be funded by setting aside funds receNed from any capital Campaigns or Similar appeals and 3etbng asxle th8 equivalenl amcmjnl of cash ewal lo the year'3 d6prgGiab'on in the annual tyjdget. The Opporbjntty Re¥erve will be funded with occ83ronal special designatK)ns made by the Board of Director3. Use of Reserves Use of Ihe Regerves requires Ihree 3tep3: Ideiitlfiratlon of appi-opiiate iise of reserve fiiiids. Z6 The Execulive Diredor and 3taff vrill tdenbfy the need for ac£e33 lo reserve fundg c(￿fi￿n thal the use 1$ 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 fur￿9 and plans for rep￿nighrnent. The organizalion'3 goal is to repleni3h the fund3 used I￿1h1n months lo reslore the Reserve FuThJ to the target minimum amount. If the use of Re3eNe8 will take longer than 12 monfh8 to lep￿n￿8h. the request wll be scrulinLzed more ￿[e￿Ilty. ￿ 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 MaInta￿ed 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 requI￿d. 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)l￿e3. 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 m1niff￿m, 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 pre￿rIng 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 finèr￿1¥ Statew￿lts lortach financialyearwhith è rrue and fair￿eW of the siète of aNairs of Ihe ch3rit3ble company and ol ihe irtc0ml￿ resources and appliCatKin of resoufcES. i￿luding 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 reasona￿e 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 wh￿h disdose with reasonable accuracy aL an¥ tsme Ihe financial 51tion of the pon51ble fDC the OihEr informat￿￿ The Other informatKin itynprise5 the information includeo in rhe Annual Report. othei ihan the fifFancial staiemenls and otsr Report olihe Lndependent Auditorsthereon. Our opinion on the financial siaiefflents does not Cover the other inloim•tion and. e%iept to the extent otheTh￿Se explicitly staled in our repoft. we do notexpre55 any loirn ol assvr3nce CDn¢lugon therew. In CL)nneciion with our aL*dit of the financial sta*menr5. our responsibl￿tY 15 10 read Ihe oiher information and. irn doing 50. fon5ider whether the other information 15 Illaterialty in¢onsi5t*nl wth IhE financial slatemenis 0¢ our knowAedge obtaiNed in tho audit or otherwise appears io be materially misstaied. If we identify wch material inLon52Stencie5 or apparent material misstaiemenis. we are required tD deterrnine wheiher this 8wes rise ID a material misst3temÈDt ill the fina￿la1 staiements I￿￿￿$elves. 11. based on the work we h3ve perfoimed. we concludt thai theie is a maierial misstaiement of this Othpr informaDty). are reouiied w iepori that laci. We have nothin8 10 report in thi5 retarly. Mattersvn which we are requlred to report byex. Or the finan¢i31 statemenrs ar2 nor in 38reement wilh thEattOuntinB¥e¢(*d53nd feiurns- or we have Dot tecei¥ed all ihe information and expiènatK)nswe require fotour au6ii. 29 rt ofthe Inde Cohere thafl ndentAudltors T￿￿te Responsibilities of Vystte5 As explained more fully In the Stètemtnr of Trvstees. Responybilities. the irustees IWIK) are also rhe dire(iots of the chaiiiable company for IhE purwses of company lawl are Te5pon5iYe lof the prepJrat4)ti of rhe financial 5t31emenis and for being Satisfied that they give è true and fair view. and for s￿h internal contrd as the Efu5teesdetermiDe is necessary to enable the prepara¢Ton of financial staiefflents thèiare free from mater411 mi551atement. wherherdue tofraLKI ￿ errof. In prepaiing the financial st3*mertts. the trUs￿e$ ate fespon5th fora55pwn8 the charitable Éompany's èbilffy to toniinue as 3 80(n8 concern. dixlo>w a5 applicable. matters related to 8clD8 c0ft￿rn and USin8 the ÉoinR ionierTh basis of acJ2 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 notins 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 pu￿￿è5e 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 invesiinBacrI￿1les 11.308.613) 16.8631 Change in cash and cash e4vi¥alents inlho reporting period ash and cash equfvalents atthe besIn￿ne 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 r￿tr$ 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 recer￿ed 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 finat*ial sraiernents of ihe charitable (L￿pany. whch is a swblic benefit entity trnder FRS 102. have bEen prepared in accordancE WLh the Charitie5 SORP IFRS 1021 'Ac(￿nD￿R 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 fil￿r￿al 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 InCI￿JeTUra(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 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¢)￿t￿methI of costs Certain indirect costsafe classed assupportcosts. These 3re aPPOiii¢Thed io rhe specifK direct expenditure. such as Rai￿n8 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 panvltl￿5e 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 Taxatk*n The charity is exemptfrom corporatioritax finitsihaiiiable 3{Li￿tle> Fund accoynikn8 Unre5triCted f¥Thdscan be used in actorLlarKewithtl* charithblE Object￿ at the discret￿ olihe Iw5iees. Restiicted funds Can only be used for particular restr￿e￿ 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 r*iureard pvrposeof eachfvnd 15 irfluded in the ￿teSt0 the finantlalsia￿ment$_ Hire puKhase andleasln8commthents Renrals paid under operaDn8 ieasesaie £harÉed io IhE state￿￿10¥ Financi41 •£tiwtie5 w a SlfalBhi line b0515 over ihe period of the lease PeTh￿0n costs•Ad other W)st-r￿1rern*fitbonefftS The chaiirable company operate5 3 defined ¢ontributK)n pension xhemE. Con¢ributions payable io ihe charitable company's pensiOTh scheffle arecharsed iothe state￿￿10f Finanièl kIT￿liEs 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¥it￿5 in the year irtquestion. upon disposal of any shares. any change in valuE io thed3te oldisposal is Im￿dia￿￿ recognisEd it) rhe statement ol financièl Inveniorfe5 In¥ÈnlOlies 3¥e valued on a WEiÈhted 3¥eraRe cost basi DONAIKINsANDIEGAC￿s 3L 11.23 31.12.22 rionation& l.B96.989 3,837.168 INVESTMENT INCWE 31.12.23 31.12.22 Othei fixed aS￿li￿ve$1- Fll D&p091 account inteie%i 4.464 20.081 24.545 The note5form ￿rt01 ihese financial statemersts 41 Coh 14ote5 to the Fin I Statèmeflts. for the Yèar Ended31 Oecemb rz ntinved 23 TPADING AcnwnÉs FROM 5uBsifiARY,fW. Iz. COMPARAllVE5 FOR TrtE STATEhlEPITOF FIPiANCIALAcrivtnES unresiiittpd run Restricted funds fu￿j$ INCOIAE AND ENDOWMENTS FROM O¢narK>n5 and le¥3cies ia75.019 1.462.149 3.837.168 Oihei income 5.6l3 5.613 Totsl 2.380.632 1.462.149 3,842,781 EXPENDITURE ON Raisin8 funds 15.965 LS.965 Chartsble a(b¥iiies Tamuk JO.271 16.121 66.274 6fA),521 375.273 2ri.113 670.792 391.394 86.387 ducation Offiie Totsi 108.631 1.055.907 1.164.538 Thenote5 form part of ihese fi[￿n[la1 statements 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 lu￿ndal, Coheie IKenyal and Turaco Valley Foods Lid. The fesult5and registration detaiL*of each subgdiary are sho%¥fi below al￿ ￿th the nature ol control." Cohere Iugandal.. GovÈrnit)8both- Nation31 D￿eaU for NOTr Government310rypn1￿torns 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¢Jecis￿n5. 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 Implery￿￿￿tIon strate￿ is 3ppioved by the UK boardol trusieek Cohere IKeTh¥al'. GOvern￿&b￿lY-N0n- GovernmentalOrrdrtiSai*?nsCO￿r0lf1aflo0￿tt 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. SUB￿01ARy 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 FIxtU￿s3nd 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 Consolidat￿n 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 fina￿111 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 2.678,243 The nores forrn Partofthe5e finJncia151atements si Cohoie thari Notes iothe Wnancl31 Slatemtnts- con￿nU lor the Year En 3l December Z02 19. MOVEMENT IN FUNL)S- cont5n*d Restrirted fund AfrLOna State Univeryty PyrKty)se l.CrEatsn6 a processand selE(tlOn Lrsieria for selecting RLOS and lead the t diStlibuliM procE55to these0r￿n1$81IDns a5 well a5 the reporting.2.LÈad on the traiThngof the RLOS to develop tsrconcept and man•Re ihe funds ie¢er¥e succe5sfulty. Support ellorts in building up a Communityof PraciKearound elfective refugee leadErship antt parDcipètion Capacity & Plannin8'. 5calableCummunity-Led Leainin8 through Playfor REfugee Children ChaJitable and ed￿al￿n31 purposes to Support thE GTantee'5 bud8ei lor gJpporiinÉ an ecosY5tem of refugee-led or8anizaiion5 providing Cfilical hurnanitar4inand lon8-ierm support toaiound 1.3 million vulnerab people. nèmelywomen. childten. youth, and LGBTQ+ across key Keographies. Thegrant Seeks to strtnyhenthe social and emoll0￿1 skills lor learner5 through a Course aliened with Kenya-s new Competency.Based Curriculum ICBCI. aimed ai sirW￿lheATh8 the ¢hildren'5 social and emotyonal skills. ped bycobere in 2019wirh p0S￿radUate Siudenrs from the unNersityof Columbia The Children who 3re reached and impaiied by thi5project will noi onlyRoin e5seniial SOCi313nd emotional 5ki115 but %Vill a150deveknp ieSilience srrate8ie5 3nd life ski115_The5e iompeiencie5 Will enable ihem io navigaie ihe challenges they fa£e and rhrive in iheir edutabonaljourtw. Prov*e 8er*rol 5UPPOrt and Supp￿ io RefuRee Ltd Or6anisatiOn5 I¥EA FD¥ndatir LEGO Global Whole 8ein£ Fu￿1 PorDcu5 OSF 20. EMPLOYEE BENEFIT OBIIGATIONS Ourin8 Ihe financial period. the Eroup made coniriburions to employmeni basEd pen510n schemes toiallin8 £5.806 12022 £3,6fAII At the bala￿e sheetdate, £nil12022- £nill w35 OUt5tsnthnE as payaWe EO Iheemployrnent pe•yon xherne with iespeci to the group 21. RELA7EDPARTY DISCiOSURES There were no related party transac￿n$ durin&t￿ year. The nDteslorm partof these finarKial suremenis 52