Docusign Envelopè10.. EF4188AB-16F44BA3-BD4B-A3678302F638 Registered Company Number: 08534364 Registered Charity Number: 1153638 COHERE CHARITY UK (A Company Limited by Guarantee) TRUSTEE'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Docusign Envelope ID.. EF4188AB-16F44BA3-BD48-A3678302F638 COHERE CHARITY UK (A Company Limited by Guarantee) CONTENTS Page Reference and Administrative Details of the Charity, its Trustees and Advisers Trustee's Report Impact Report Trustee's Responsibilities Statement 26 Independent Auditors. Report on the Flnanclal Statements 27-30 Consolidated Statement of Financial Activities 31 Consolidated Balance Sheet 32-33 Charity Balance Sheet 34-35 Consolidated Statement of Cash Flows 36 Notes to the Financial Statements 37-58 Docusign Envelope ID.. EF41B8AB-16F44BA3-BD4B-A3678302F638 COHERE CHARITY UK (A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees GTBO￿l Z A Longi Dr P Harris J Jackson C M Hopewell HDNBReid Ms C H Page (resigned 7 June 2024) Company registered number 08534364 Charity registered number 1153638 Reglstered office Dean Farm Oaksey Malmesbury Wiltshire SN16 9SB CEO E Page Independent auditors MHA MHA House Charter House Phoenix Way Swansea Enterprise Park Swansea SA7 9FS Bankers CAF Bank Limited 25 Kings Hill Avenue West Malling Kent ME19 4JO Page 1 Docusign Envelopa ID.. EF41B8AB-16F44BA3-BD48-A36783Q12F638 COHERE CHARITY UK (A Company Limited by Guaranlee) TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees. who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of Ihe charity for the year ended 31 December 2024. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Praclice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019). Objectives and activities The charivs objects are specifically restricted to the following= The advancement of education and training of persons globally who have been displaced from their homes by conflict enabling them to acquire and develop those practical skills which may assist them to improve their conditions of life- The relief of poverty of persons globally displaced from their homes by conflict and people from disadvantaged communities living in areas hosting displaced populations The charity operates through its subsidiaries in East Africa and the Great Lakes region of Africa to provide essential projects or funding. The parent charily awards grants through its subsidiaries to key endeavours in those areas, that help achieve the objectives. Further infomiation can be found in the Impacl Report section. Achievements-and performance The achievements of the charity are detailed in the Impact Report Section. Flnancial review Fund-raising The charity seeks funds from regular contributors. and via marketing in publications and website. street collections and door-to-door fund-raising is not carried out. A professional fund-raiser is not angaged, and neither does the charity engage with a commercial participator. The charity and ils personnel are not bound by any voluntary schemes for regulating fund-raising. or comply with any voluntary standards of fund-raising. The charitls fund-raising was managed and directed by the trustees, and as such, no additional monitoring process was deemed necessary. There have been no complaints received by the charity or ils personnel regarding its activities for Ihe purpose of fund-raising, in connection to any una¢￿ptab1e practices, as summarised below. The charity has sought to protect vulnerable people and other members of the public from negative behaviour through its directed fund-raising activities, with the intention to eliminate fund-raising activities that carry a higher risk of impacting such people. The trustees class ihe following as unacceptable fund-raising praCti￿s. Unreasonable intrusion on a person's privacy. Unreasonably persistent approaches for the purpose of soliciting or otherwise producing money or other propety on behalf of the charity. Placing undue pressure on a person to give money or other propety. Page 2 Docusign Envelopè ID: EF41B8AB-16F44BA3-B048-A36783Q2F638 COHERE CHARITY UK {A Company Limited by Guarantee) TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Further information can be found in the Impact Report section. Going Concern The trustees consider that there are no material uncertainties about the charity's ability to ¢ontinue as a going concem and on that basis, the financial statements are prepared on a going concern basis. Structure, governance and management Governing Document The charity is controlled by ils governing document, the memorandum and articles of association, and constitutes of a limited company. limited by guarantee, as defined by the Companies Act 2006. Recruitment and appolntment of new trustees New trustees are appointed following a process of advertising through relevant media, and cornplwng details of potential individuals through recommendations by the charitvs membership team. New trustees, following an interview process by the board, must be appointed by the existing board of trustees. Public Benefit The charivs trustees can confirm that they have complied with Ihe duty in Section 17 of the Charities Act 2011 to have due regard to public benefit by the Commission. The charitable objeclives outlined. and the activities of the charity demonstrate public benefit. Organisational structure The charity is comprised of the group parent, and three subsidiary Gharitable entities based in Kenya and Uganda. The charily trustees for each enlity manage the affairs of the charity in question. Strategy for the charity is determined by the group trustees. Decision making The charivs trustees are aclive in both the strategic direction and the running of the charity. wtth the trustees being responsible for all key decision making. The trustees delegate the day-to-day management of the charity to the CEO- Edmund Page. Induction and training of new trustees New trustees are introduced to the board of trustees and the role and its requirements. and are provided with training regarding a trustee's responsibiltties. and to gain an understanding of operating a charity. Page 3 Docusign Envèlope ID.. EF41B8AB-16F448A3-BD4B-A3678302F638 COHERE CHARITY UK (A Company Llmited by Guarantee) TRUSTEE'S REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Rlsk management In Complian￿ with the SORP, the major risks to which the Charity is exposed, as identified by Trustees, have been reviewed and systems have been established to manage those risks. These are reviewed at the monthly Board Meetings. Key management remuneration Key management remuneration is based on a fixed, market rate salary. Remuneration levels are detemiined and reviewed by the trustees. Perfomance-related bonuses are not used as part of the remuneration packages. Related parties The parent charity utilises the on-site presence of its subsidiary charities, and issues grants to these organisations to achieve certain charitable goals in accordance with the group and parenl's objects and agreed activities. All such transactions are consolidated in the group financial statements. Approved by order of the members of the board of Trustee and signed on their behalf by.. Clive Hopewell C M Hopewell Date: September 29, 2025 Page 4 - Docusign Envelope ID: EF41B8A8-16F4-4BA3-BD48-A3678302F638 COHERE Impact Report 2024 Docusign Envelope ID.. EF4188AB-16F44BA3-BD4B-A3678302F638 EXECUTIVE SUMMARY The global forced displacement crisis demands a radical rethinking of current humanitarian approaches, which often overlook the agency and leadership of displaced communities. Cohere addresses this gap by placing affected individuals at the center of decision-making and leadership. In 2024, the organisation made significant strides in transforming its own Internal structure by prioritising inclusion through relationships to enhance humanitarianism within the current sector. Cohere introduced a model f or trust based humanitarianism 'Trust Circles. that promotes inclusion of the most marginalised populations. The model serves to decentralise decision making, prioritise refugee leadership and move away f rom restrictive funding in emergency response and ref ugee- led initiatives. These internal reforms reflect a commitment to aligning actions vvith principles, ensuring Cohere operates as a true ally rather than a gatekeeper. cornerstone of Cohere's work is its partnership vvith Refugee-Led Organisations (RLOS), which reached 69 direct RLO partnerships and 2 Refugee-Led Networks across 9 countries in Africa in 2024. Cohere also maintained connections vvith over 400 RLO partners globally through the Reframe platform. Through initiatives like the Collective Change Profiles on Ref rame. RLOS novw showcase their expertise in areas like education and livelihoods. attracting flexible funding based on proven impact rather than donor conditions. Cohere also piloted innovative approaches to due diligence, emphasising trust and relationships over bureaucratic hurdles. Hovvever, challenges persist, such as balancing accountability with autonomy and bridging technology gaps for RLOS with limited capacity. These efforts underscore a broader vision: humanitarian solutions should emerge f rom communities. not institutions. In 2024, the 60 partners that participated in Cohere's meaningf ul reach survey reported a combined total revenue of £4.821.606 with Cohere channelling a total of £533.997 to its RLO partners. The RLOS reached a total ot 100,629 community members through their holistic community-led initiatives. Ultimately. Cohere's work in 2024 demonstrated that meaningful change in forced displacement response is possible vvhen communities lead. By redef ining partnerships and reimagining systems, the organisation is proving that the humanitarian sector's f uture must be rooted in equity and trust. In 2025, Cohere plans to expand its Trust Circles, deepen Reframe's role in connecting RLOS and amplif u visibility of these alternative models through documenting and sharing learnings. While shifting mindsets within the sector remains an uphill task, Cohere's approach to relationship building focusing on shared values over transactional engagements - offers a promising path f orvvard. Impact Report Docusign Envelope ID.. EF4188AB-16F44BA3-BD48-A3678302F638 IIEFINITION OF TERMS Refugee-led or anisations (RLOs}: Organisations led by eople offected by forced displacement, ugees, as lum seekers, internall disp aced people, stateless people, host community members directly alfected by forced disp acement. Trust circles: This is a model developed by Cohere to reimagine how humanitarian aid is designed and delivered, by centering trust-based, meaningful relationships over traditional structures and hierarchies. Rather than organising around departments or functions, Cohere s staff are grou èd into Trust Circles". which are teams built on shared values, mutual accountabilityi and proximity to t e communities most affected by forced displacement. This model brid e ond the most mar9inolised by bein deliberatel structure es the gap between those with privile to ensure that decision-moking is ledty people who are closest to the lived rea ities of disp acement, with most staff bein9 from ond living in those communities. Everythin9 else, such as bureaucratic processes, rigid com liance, and extractive reporting is deprioritised in favour of cultivating trust and community-le action. Through Trust Circles, Cohere ensures that its work is not just for communities affected by displacement, but with and led by them. Reframe: {www.reframe.network) This is an online platform that enables RLOS to showcase their work and demonstrate their impact and connect to peers and a global support base. Collective ¢hange profiles: This is a feoture on the Reframe platform that brings together RLOS working towards shared indicators of change within a specific thematic area for example education, climate resilience, agriculture, livelihoods and women. The RLOS come together to showcose the progress of their pro rams, demonstrate their collective expertise, track achievements, and share best Meaningful participation: While there are varying degrees of porticipotion, we consider meaningful participation of refugees to include people with lived experience ol displacement having tangible influenee over the riorities and out comes of decision-makingi and that refugees are viewed as rights- holders who active y participate in shaping the o portunities and outcomes in their communitios, rather than as recipients of aid. This is based on the de inition of R-SEAT and Cohere. Impact Report Docusign Envelope ID.. EF4188AB.16F448A3-B04B-A3678302F638 INTRODUCTION The global landscape of forced displacement is characterised by immense complexity and vulnerability. wlth millions of individuals and communities uprooted by conflict, persecution. and environmental disasters. In these contexts. traditional humanitarian and development approaches often fall short, failing to adequately address the unique needs and agency of those directly affected. A critical gap exists in ensuring that displaced populatlons are not merely recipients of aid, but active participants in shaping their own futures. Therefore. the imperative for inclusive decision-making becomes paramount. It is essential to amplify the voices of marginalised Indivlduals and foster systems where displaced communlties have genuine influence over the policies and programs that impact their lives. This necessitates a fundamental transformation in how we engage with and support these communities, moving towards models that prioritise their leadership, knovvledge, and self-determination. Cohere's theory of change centres on the belief that a world where individuals. communities. and leaders in contexts affected by forced displacement can collaboratively shape aligned visions for change is achievable. This vision is underpinned by the assumption that by fostering inclusive decision-making, increasing access to resources, and elevating the agency of marginalised communities, sustainable and meaningful impact can be realised. The theoru posits that strategic interventions, including internal organisational reform. collaborative sector-vvide change, increased flexible funding to Refugee-Led Organisations. and the promotion of sgstems change innovations through equitable partnerships. will lead to tangible results. Ultimatelu. Cohere's theory of change assumes that by facilitating these interconnected strategies, a more equitable and responsive ecosystem can be cultivated, supporting those affected by forced displacement to drive their own futures. 9 ?LL¥ oarti"itsisl iii.-. nOQ+ pa-, nerships throLigh Ref raine 9 Countries Impact Report Do¢usign Envelope ID.. EF41B8AB-16F44BA3-BD4B-A3678302F638 COHERE'S PROCRESS TOWARDS OBJECTIVES Cohere implemented activities in 2024 aligned to the theory of change croc) developed in 2023 and reviewed at the beginning of 2024. The organisation embarked on a learning journey guided by this revised theory of change. Th. Toc fouilJ'- Cohere's Internal ref lections, learning and ref orming the organisational culture Cohere's innovating and reforming its relationship with its RLO partners towards more equitable partnerships Cohere's externalising the lessons learnt f rom these internal learnings and learning from its dynamic partnership models with the ultimate goal of reforming the sector and increasing flexible funding to RLOS. The progress and learnings under each of these three objectives are discussed in more detail in the following sections: Aefortnillg CohBpe The objectives for Cohere's People department in 2024 f ocused on reirnagining the role of an NGO that is an ally to the vision of the most marginalised in communities affected by f orced displacement and reforming Cohere in line vvith this. Firstly. Cohere aimed to improve the governance structure to shift power by promoting greater inclusivity in decision-making processes. Secondly, the organisation aimed to reform internal representation and inclusion. ensuring equitable power-sharing within the organisation. Thirdly. the organisation aimed to increase clarity, internal learning, and skills development, ensuring continuous growth and alignment with organisational goals. Finally. Cohere aimed to foster a positive and enabling organisational culture. creating a supportive environment that encouraged collaboration and inclusivity at all levels. Rather than make small tweaks as a wau of Reforming Cohere, the People Department's success in achieving these four objectives was largely a result of four turning point decisions that created radical shifts in the structure, character, culture and approaches of the organisation: Impact Report Docusign Envelope ID.. EF41B8AB-16F44BA3-8D48-A3678302F638 li i.: o Logir Vlofle, significant shift in our approach was the integration of the People department's objectives into the organisation's overall logic model and theory of change. It became evident that the People department's work needed to be mainstreamed as a core f unction and seen as an essential part of achieving our organisational goals. not just as a support f unction. Reforming Cohere has value in promoting our organisational vision over and above what we do in our day to day work. As an entity that has power vve can either be a threat to or a facilitator to the shift in power vvithin the humanitarian sector. The way we are structured and make decisions has a bearing on the agency of the most marginalised that we are ourselves aiming to elevate. ,+ C'ii-c,le IL r)i?'ei With this renewed commitment to ref orm we embarked on a new structure f or decision making. which we called Trust Circles. Cohere's Trust Circles represent a radical approach to shifting povver and f ostering meaningf ul. trust-based relationships within humanitarian work. At its core, the Trust Circle model places relationships and collaboration over rigid, top-down strategic planning. ensuring decisions are made by the most marginalised in f orced displacement contexts and those closest to them. Divided into five geographical 20nes. each Trust Circle comprises Cohere team members and community representatives. with leadership distributed among individuals vvho have lived or are living in those communities. This structure decentralised decision~making. allowing those with the most direct experience of displacement and community challenges to lead. By prioritising lived experience, the Trust Circles support local voices and ensure that solutions are deeply inf ormed by those they impact the most. Trust Circles foster strong. values-aligned partnerships vvith local organisations, such as refugee-led initiatives. by building a vveb of human connections grounded in shared trust. Decisions are made not by distant NGOS or donors, but by the people vvho understand the context best, ensuring that every action is relevant, inclusive, and responsive to evolving needs. Impoct Report Oocusi9n Envelope ID.. EF41B8AB-16F44BA3-B04B-A3678302F638 Cohere's model also redefines traditional roles within the INGO sector, turning the typical hierarchy on its head. The CEO and leadership team are positioned as supporters rather than the key decision makers, accompanying the community-led decision-making processes. This approach not only shifts power but also creates a dynamic. adaptive environment where learning. ref lection, and constant relationship- building take precedence over static plans. This also means that people vvith lived experience become not simplu a group that should be recruited for tokenistic reasons, but are now the group with the highest credentials to build relationships and lead the decision making process. i jJ!ii rec tri,- IlJtir)?Lil fLJndiinq Towards the end of 2024, Cohere made the decision to move away from relying on restricted institutional funding. This shift provides Cohere with the opportunity to reshape how power f lows within f unding. Institutional f unding of ten comes with rigid expectations and requirements that can place unnecessary pressure on local partners and communities, limiting thelr agency and capacity for meaningf ul participation. By stepping avvay from this model, Cohere can redirect resources in a way that better supports local leadership and decision-rnaking. allowing for more flexible. context- specific solutions. This move aligns with Cohere's commitment to shifting povver within the humanitarian sector, ensuring that funding is not just a tool for delivering aid. but a means of enabling communities to take control of their own f utures. By focusing more on unrestricted f unding. Cohere hoped to have the f lexibility to direct resources where they were needed most, vvhile also exploring other, more suitable funding options that better align vvith the communities. needs. In early 2025. as a result of the work of 2024. Cohere made the strategic decision to significantly reduce the size of its workforce. This restructuring enabled the organisation to become more heavily weighted towards the refugee community. as our colleagues based in ref Ljgee-hosting communities took on increased responsibility. B reducing roles that were primarily focused on fulfilling donor contract obligations. Cohere could better support communitg-driven initiatives and better support local leadership. This shift away from institutional funding allowed us to build a leaner. more agile team that is closely aligned with the communities vve serve. with a renewed focus on inclusive decision-making and placing the voices of the most marginalised at the heart of our work. Impact Report Docusign Envelope IO.. EF4188AB-16F4-4BA3-804B-A3678302F638 DhRrR's dwRtllir e,lliIit￿FA DRrtllprihing In 2024, Cohere embarked on a journey to reevaluate our partnership with Ref ugee-Led Organisations (RLOSJ and explore best practices for equitable collaboration with refugee leaders. Our goal was to foster partnerships that genuinely serve marginalised communities. To support this, we established the Centre for Best Practice (CeEePra). an internal initiative aimed at testing and sharing systems change. CeBePra brought together staff f rom our Finance and Programmes departments, who interact daily with RLOS, to f ocus on two key objectives: 1. Promoting inclusive decision-making in Cohere's engagement with RLOS. 2.Gathering evidence and best practices to address learning questions relevant to the broader sector. We also invited input f rom our Ref ugee Advisory Panel CRAP) and other departments. seeking their guidance to better understand and respond to community needs. Through these collaborative eftorts, vve reflected on our partnership processes and brainstormed hovv to be more inclusive in decision-making vvhile amplifying the voices of tnarginalised communities. CeBePra's purpose became a f orum for tackling complex questions. such as: 1. Hovv do we support RLOS in generating and sharing evidence? 2.Hovv do we support RLOS in aggregating and coalition building. S.Hovv do we conduct effective due diligence and select nevv partners? Our brainstorms on this topic were based on the premise that RLOS should not have to prove their impact to donors as a condition for receiving funding. as their primary constituents are community members. The communities they vvork with do not rely on academic-style data and evidence to assess whether RLO leaders are committed. accountable. and inclusive. Instead, community members know in real time-based on their own experiences and those of the people around them whether the RLOS they work with are meeting their needs, expectations. and addressing their challenges and opportunities. That said, RLOS are themselves keen to demonstrate the impact of their work - not only to shovv that it is the most appropriate in the communitg but also to prove that. even within the paradigms of the humanitarian sector, the results they achieve are more sustainable, efficient, and effective. For many RLO leaders. the motivation behind presenting this evidence is to position themselves as a viable alternative to the vvasteful international NGO delivery of aid, which also comes vvith the risk of inconsistency and corruption. Impact Report 07 DocLtsign Envelope 10-. EF4188A8-16F44BA3-BD46-A3678302F638 At the same time, we recognise that it is fair for donors whether individuals or donor agencies - to have thematic interests beyond simply f unding ref ugee responses. It is understandable that donors may wish to focus on specif ic sectors such as education, livelihoods, climate, or agriculture. We therefore created collective change profiles on Ref rame to enable donors to allocate f lexible, unrestricted funding to RLOS working in particular thematic areas. These RLOS can present both their individual work and their collective results around shared Indicators, demonstrating their expertise. This allows RLOS to secure funding based on what they have already achieved, rather than on conditional promises for the future. In addition, it highlights the power of collaboration, enabling RLOS to align monitoring and evaluation and agree on the types of results their communities want to see. Reframe also provides real-time updates, allowing visitors to explore topics of interest and learn more about the people and leaders behind the organisations they support. Throughout 2024, we launched five Collective Change Profiles alongside one emergency campaign fund for Sudan. These include Basic Education, Digital Livelihoods, Sustainable Agriculture. Climate Resilience, and Women for Women. .Jl4reoL, --tli..I f I Ci i r,. g Our brainstorming on aggregation and coalition building in 2024 built on our work on the same topic in 2023. Due to changes and developments in the networking and coalition-building space for ref ugee leaders within Af rica and beyond. we were able to draw several observations, with support from a reference group of refugee leaders who had themselves been involved in various forms of aggregation and coalition- building. Across different refugee-led networks, tensions emerged in 2024. We attribute this primarily to external actors attempting to impose a vision for refugee-led networking that has been developed outside refugee communities and is arguably designed more to meet the priorities and agenda of donors than those of refugees themselves. This remains an incredibly sensitive issue. and some of Cohere's views do not align with those of practitioners who have been promoting refugee-led networks and coalitions. We have therefore concluded that there are only two viable models for aggregation: one that includes the flow of funds and another that must remain separate from funding flovvs or sub-granting. When it comes to aggregating and distributing funds. we no longer see an alternative to independent organisations sub-granting to downstream partners. That independent organisation could well be a refugee-led organisation. and we have already seen several successf ul versions of this in practice. However. it must be legally distinct f rom the partners it sub-grants to and must have the f reedom to make unilateral decisions about which partners it channels f unds to. Impoct Report Docusign Envelope ID.. EF4188AB-16F448A3-BD4B-A3678302F638 These groups of organisations may refer to themselves as a consortium and would operate in the same way as non-refugee-led consortia, where the lead organisation has the authority to select downstrearn partners and is accountable for the entire f low of funds. On the other hand. there is unlimited potential for a network of RLOS that openly avoids the management of funds on behalf of members. Networks, with unlimited numbers of members, can play a role in sharing learning. information and connections, developing joint advocacy messaging and building community. This will be more effective if the flow of funds to members is not onlg avoided but clearly stated as going against the goals of the network. There are three main reasons for this. Firstly. we cannot see any network structure that can enable a funding f lovv decision process that can satisf y members and bypass the emergence of unavoidable tension. Secondly, we cannot see any governance structure that can legitimately enable this decision making process in a way that vvas legallu clear, even if it was theoretically possible. This disincentivises donors to choose to give to a network over and above an independent organisation. Thirdly, for this reason among others, we do not see any legitimate reason vvhy donors would choose to fund a network as opposed to a consortium lead or an independent intermediary organisation. The funding that has so far been received by networks has either been down to tokenistic experimentation on the part of donors. or provided carelessly by donors who were unwilling to explore the dynamics of the netvvorks they were funding. Overall, it does not seem realistic that donors are likely to fund large member networks with the view to funds being disseminated to members and as such members are joining for funding opportunities under false pretences. It would therefore be fairer to inform potential members f rom the start the f unding is not the reason to join the netvvork so that they can choose vvhether or not to be a member based on the real merit of vvhat the network can off er. To remain responsive to the aspirations of the most marginalised. humanitarianism must be built on trust-based relationships. After 18 months of discussions vvith displaced communities and stakeholders, Cohere developed the Trust Circle model not just a plan but a reimagining of how an INGO operates as an ally. Trust Circles create networks of meaningful relationships that span privilege and vulnerability, prioritising trust over institutional loualty. This model shifts humanitarian aid away f rom rigid hierarchies, embedding it instead in personal connections. Impact Report Docusign Envtrlope ID.. EF41B8AB-16F44BA3-BD4B-A3678302F638 Cohere is divided into five Trust Circles, each representing a geographical zone in Africa. All staff belong to a circle, including leadership, with the model set to expand to refugee advisors and board members. Each circle is led by individuals with lived experience in displacement, ensuring decision-rnaking remains rooted in community realities. Lived experience is the highest credential for leadership. guiding actions through shared values rather than rigid plans. Power f lows f rom communities upward, INith ally donors supporting rather than dictating. This approach redefines NGO hierarchies, ensuring those Closest to crises lead the response. CVE2.1lei Ickinq Ti-ad tiori- I Humilllitarian florn'is The Trust Circle model challenges exclusionary humanitarian norms, shifting away from externally driven assessments, strategic planning, bureaucratic accountability mechanisms, and donor-led agendas. Traditional needs assessments rely on rigid data collection. often missing the evolving realities of communities. Western evidence frameworks fail to capture complexity. whereas Trust Circles embed real-time understanding vvithin relationships, allovving decisions to adapt organically. Documentation remains valuable but does not dictate decisions. Conventional strategic planning imposes externally defined outcomes that rarely align with displaoetnent's unpredictability. Trust Circles, in oontrast, centre marginalised voices in decision-making. measuring success by hovv meaningfuSly they shape outcomes rather than by arbitrary targets. Accountability mechanisms often exclude the most affected. Tools like surveys create distance rather than engagement. Trust Circles embed accountability within ongoing relationships, ensuring continuous adaptation vvithout bureaucratic delay. The model also redef ines due diligence, vvhich traditionally prioritises institutional compliance over relational trust. Trust Circles value social contracts and community realities over rigid, externally imposed standards. While papervvork-based due diligence has a role, it must not override trust-based approaches. Similarly. donor-led agenda- setting is replaced with locally driven priorities, disrupting traditional hierarchies and ensuring aid is rooted in community leadership. Impact Report Docusign Envelope ID-. EF4188AB-16F448A3-BD4B-A3678302F638 .LIITUI"P.' -'of"ieciiul I Rather than prescribing rigid f ramevvorks. Trust Circles create the space for equitable, trust-based relationships. This requires deep organisational flexibility and humilitu, prioritising relationships over f inancial scaling. Traditional NGOS often centre donors as clients, risking power imbalances. Cohere must remain self-critical, resisting gatekeeping roles and instead acting as a connector between donors and community leaders. Financial sustainability can still be achieved when both donors and communities recognise the value of this model. Equally important is a culture of continuous reflection. Power imbalances and unconscious bias can damage relationships rooted in trust. Everyone within Cohere must engage in ongoing self-awareness and learning, fostering an environment where critical ref lection is welcomed. Seeking external perspectives ensures growth, keeping Cohere accountable to its mission, Trust, while central, is vulnerable to being broken. Deep relationships do not guarantee trust" in some cases. getting to know someone better can reveal reasons not to trust them. Ally NGOS must promote f aith in others while also fostering resilience when trust is challenged. Repairing trust requires a culture of mutual support. ensuring that setbacks strengthen, rather than dismantle, relationships. By embedding trust. inclusion, and community leadership at the core of humanitarian practice, Trust Circles off er a model that moves beyond institutional structures toward genuine allyship. This is not about an NGO defining a better future but ensuring those affected by crisis lead the vvay in shaping it. We ref lected on our approach to due diligence and vvhy it is essential. We concluded that due diligence helps us know our partners not just on paper but as people and organisations. To complement this, we agreed that building more human-centred relationships is critical to equitable partnerships. To achieve this, vve proposed f orming Trust Circles in each of our geographical f ocus areas. Trust Circles would enable us to deepen relationships with RLOS while supporting the formal due diligence process. Impact Report Docusign Env8lop& ID.. EF4188AB-16F44BA3-BD4B-A3678302F638 The Way Forward: Trust Circles in 2025 In 2025. Trust Circles will serve as a vehicle for building equitable partnerships. Their scope will include: .Partner Selection and Due Diligence participatory processes. 2. Mutual Learning Exchanges aggregators. 3. Reflecting on Cohere's Added Value Exploring how Cohere can bring meaningf ul contributions to partnerships vvith RLOS beyond f inancial support. 4.Adaptability Generating insights and lessons that CeBePra can integrate into its work. Facilitating more human-centred, Promoting shared learning with individual RLOS and Trust Circles evolve throughout this process, ensuring they remain responsive to community needs and adaptive to emerging challenges. Throughout 2025, CeBePra will work with the People department to reflect and foster the cultures of Listening, Transparency. Accountability. Reliance. Learning and Organisational Humility. This will help us collaborate and align our vision with the vision of marginalised cotnmunities. Cohere's Partners Impact Cohere continued to strengthen its existing partnerships in 2024 across its areas of operation. New partnerships were also established in existing locations and in new locations. Cohere partnered vvith RLOS across a total of 9 countries. Kenya, Uganda. South Africa, Zimbabvve, South Sudan, Malavvi, Nigeria. Sudan and the Democratic Republic of Congo CDRC). Kenya had the highest number of partnerships with 26 RLOS partnering with Cohere on various interventions. Cohere's 69 direct RLO partners in 2024 vvere distributed as shown in table I below. There were additional indirect partners in South Africa and Malawi through the respective (Refugee-led Organisation Network) RELONS in those countries. Country RLO Partners Kenya 26 Uganda 20 South Afrlea South Sudan Zlmbabwe Malawl DFIC Nl9trla Sudan Impact Report Docusign Envelope ID= EF41B8A8-16F44BA&BD4B-A3678302F638 The distribution of Cohere's presence through its work with RLOS across Africa is as shown in f igure I below. 60 RLO partners participated in the Cohere reach and results survey 2024. 5 partners reported to be working in 2 countries vvhich included their main country of operation as the first country and DRC or South Sudan as the second country specifically in response to the crisis situation. The RLO partners worked within different settlements and camps as vvell as in urban refugee settings. Table 2 belovv shows the locations of the various RLO partners in the countries of operation. Country Kenya Malavpji Nigeria South Af rica South Sudan Sudan Uganda Bldlbldl Refugee Settlement Itnvepi Refugee Settlement Kampala Kyaka11 Refugee settlernent Kyangwali Refug&e S8ttlement Nakivale Refugee Settiornent Rhino camp r8fug88 settlement atnwanja Refugee Settlemènt Kakuma Refugee Camp Kalobeyei Settlements I Settlement Camp$ Icities Kltengela airobi Turkana county JubaMakp8n du Refugee Campyei refugee carnp Dzaleka Refugee j camp Lagos Ogoja Refugee Settlements Cape Town JohannesbLJrg Rlchards Bay Rustenburg Kduda Impact Report Docusign Envtslope ID- EF4188AB-16F44BA3-BD48-A3678302F638 Most RLOS (70%J that responded to the survey identify as Community Based Organisations CCBOS) with valid registration documents. The registered CEOS are both Refugee-led Organisations (RLOSJ serving refugees and host communities as well as CBOS working in the host community that also serve both refugees and host community members. Figure 2 shows the distribution of organisations across the dif ferent categories. Only 3/0 of organisations that responded to the survey indicated their status as being not registered. Currerttl(J not ieoÉifrFed Regi¥lpfodnallJTrsI n(Iii-tsa¥￿.'lln1Èn1￿I Ufg3nlB&lltsh 25% Fleoi$terf•O ttsmmunitu-based organiSatiJil l-.i-.J bLj Refugee-led Organisations [RLOs) implemented various programs in response to community needs. RLOS often implement holistic cross-cutting interventions thereby focusing on multiple thematic areas. In the survey. Cohere sought to understand the key programs implemented by its partners. As shovvn in f igure S below, more than half of RLOS who participated in the survey indicated to have programs focusing on entrepreneurship, alternative livelihoods and other income generating activities. Thls is a key indicator of the gaps that exist in communities in terms of self reliance and economic sustainability of refugee communities. Early childhood development and education programs are also a key focus for RLOS in response to the challenges of access to education in displacement settings. Vocational training and digital livelihood programs are the third and fourth most implemented programs just f urther highlighting the gaps and opportunities that exist in communities relating to livelihoods in displacement settings. Nearly 30% of the 60 RLOS also indicated to be working on issues related to social protection and human rights advocacy. The f igure 3 provides a brief overview of the programs that are RLOS implemented 2024 with the possibility of one organisation implementing multiple programs. Impact Report Docusign Envèlopè ID.. EF41B8AB-16F448A3-BD48-A3678302F638 In 2024 Cohere partners who participated in the survey reported to have supported a total of 225.273 community members through implementation of their various programs. Children below 18 years were 70,606 about 51% of all community members supported. There was near gender parity with 51/ total female community members supported and 49/ total male community members supported. The gender distribution among children supported by RLOS under the diff erent programs leaned more tovvards female children (65%) while the male children were 35%. Table 3 belovv shows the total number of community members supported by gender and age. Total Female Male Children Female children Male children 100630 55158 45471 35971 21418 1455S The organisations reported to have a total of 877 paid employees with 439 C50/) of them being women. They also had a total of 394 volunteers. The highest number of paid employees in a single organisation was reported as 87 with some organisations reporting to have no paid employees. The table 4 below shows a summary statistics of the number of paid employees for the 60 organisations surveyed. Impact Report Do¢usign Envèlope ID.. EF47B8AB-16F44BA3-B04B-A3678302F638 Mean 15 Standard Error Median 10 Mode Standard Deviation 16 Minimum hhaximum 87 Sum 877 Count 60 Cohere's partners who participated (60) in the survey reported a combined total revenue of GBP 4.844.809 for 2024. The organisations reported to have received GBP 3,717,407 from other institutional donors this represents T7Yo of their total revenue in 2024. Cohere channelled a total of GBP 533,997 to RLO partners in 2024. Figure 4 belovv shovvs the distribution of revenue of the organisations that participated in the survey. As seen in the f igure, a majority 45 t75Y) of RLOS who responded to the survey have annual revenues of belovv GBP 75.000. There are about 6 organisations with annual revenues belovv GBP 550,000 and 4 organisations vvith revenues above GBP 350,000. 1,flOJ,txin AlAI,0￿) Icu,o 6(xl,n co,o(J) 2￿.0c i(L),ntk) Impact Report Docusign Envelope ID.. EF41B8AB-16F448A&8D4B-A3678302F638 Aeforminy IhB Sector Collllborlltivd! In 2024. Cohere made meaningful progress toward its objective of reforming the humanitarian sector by externalising internal learnings and applying insights f rom its evolving partnership models with Ref ugee-Led Organisations CRLOS). This effort was the result of close collaboration across four departments departments Monitoring, Evaluation, Accountability and Learning (MEAL), Prospecting, Advocacy and Communications each contributing to building evidence, shifting narratives, and influencing change. Cohere's MEAL function played a central role by embedding learning into every layer of the organisation's work. Through structured internal reflection, experimentation. and relationship-centered processes such as Trust Circles. Cohere deepened its understanding of what equitable partnerships require. Lessons from piloting technology-enabled. RLO-led due diligence processes and developing community- defined indicators through Collective Change Profiles laid the foundation for advocating practical alternatives to rigid, top-down accountability mechanisms. Prospecting and fundraising teams aligned their approach with these learning outcomes; prioritising relationship-based donor engagement over transactional proposals. They focused on building a values-aligned donor community, investing in human connection, and advocating for more flexible, trust-based funding models. This shift not only improved fundraising effectiveness but also positioned Cohere to influence donor behaviour from within the system. The Advocacy team translated internal insights into external influence. Through research. dialogue forums. and the publication of key learnings- such as those from the Interactive Workshop Series on ref ugee participation Cohere contributed to sector- wide conversations on meaningful refugee leadership and the need to reimagine due diligence. monitoring, and partnership norms. Meanwhile, the Communications team refined and amplif led these messages through targeted campaigns like Are Vve All Listening? and UNITY, and through Ref rame. These platforms elevated refugee voices and showcased the collective impact of RLOS, helping to shift harmful narratives and challenge assumptions that undermine RLO legitimacy and funding. Together, these cross-departmental efforts marked a year of integrated progress. where internal learning was actively translated into advocacy. donor engagement, and public communications. with the ultimate goal of transforming power dynamics in the sector and unlocking more direct, f lexible f unding for ref ugee-led solutions. Impact Report Docusign Envelope ID: EF41B8A8-16F44BA3-BD4B-A3678302F638 St'ory of Change" IIBYE - Proiect Agribusiness for youth employment and self reliance CABYE-ProjectJ is a project supported by Challenge Fund for Youth Employment (CFYE) through Cohere that seeks to shift agriculture f rom intense labour as perceived by uouths to more prof itable and attractive work that contributes to their dignified and self reliant living. Starting in 2023, the project supported around 375 youths aged between q6 and 36 with agribusiness. marketing. price negotiation, agro-inputs development, budgeting and f inancial education skills: given startup capital in material and cash to boost their lending and loans programmes" offered Continuous accompaniment in value addition chains. as well as linkage to serious buyers and money lender institutions. Of the 375 smallholder farmer refugee ouths, 250 are already enabled to earn a minimal income that meaningf ully contribute to graduate them to self reliance. As for others, mainly newly engaged in farming. are still under programme. Impact Reporf Docusign Envelope ID.. EF4188AB-16F44BA3-BD4B-A3678302F638 Coh8re Croup Financial Stat8m8nt 2024 Fund 8t8tBll￿nt 2024 2023 2022 The Funds of the Charity: GBP GBP GBP Unrestricted Fund £ 2.075,415 £ 2,219,942 £ 2,340,348 Restricted Fund £ 1.058.162 £ 745,386 £406,242 i Total Charity Funds £ 3,113,577 £ 2.965,328 £ 2.748,590 The Charity's total f unds increased steadily from £2.75m in 2022 to £3.11m in 2024 C+q3Y). Beneath this growth. the balance betvveen unrestricted and restricted f unds shifted notably. Unrestricted Funds rose in 2023 C+17/) but fell sharply in 2024 (-24/J, ending the period at £2.08m. slightly below 2022 levels. This reduction ref lects increased drawdovvns and f ewer new unrestricted commitments, placing some pressure on flexible reserves. Restricted Funds declined in 2023 (-46/,J before rebounding strongly in 2024 (+375/.] to £fj.04m. Over tvvo years, restricted funds more than doubled, evidencing strong donor confidence in programme-specif ic vvork. Total Funds grew modestly uear-on-year, with overall increases of £217k in 2023 and £148k in 2024. Overall Movement [2022-2024): A steady net increase of £365k (+fj3%] over the tvvo years, underscoring consistent f inancial growth despite shifts in f unding structure. Impact Report Docusign Envelope ID.. EF41B8AB-16F44BA3-BD48-A3678302F638 Iriknorne Total income for 2024 was £1.81m, a decrease of 9/ from £2.Om in 2023 The table below is a breakdown of income categories.. Total Income 2024 Total Unrestricted Restricted Income GBP GBP GBP Donations and Legacies 1.526.270 166,243 1.360.027 Charitable Activities j Other Trading Activities Investments 7.051 7.051 Other Income 77.614 33.116 44,498 Sales 197,340 197,340 Intercompan transf ers Total Income £ 1.808.255 £ 403.730 £ 1.404.525 Restricted donations and legacies fell q9/, reflecting the conclusion of significant projects, while unrestricted donations decreased slightly but remain an essential source of flexible funding. Other income increased 41/, and new revenue streams from sales and investments contributed to overall income. Despite the overall decline, the charity maintained a balanced mix of restricted and unrestricted funds to support both project delivery and operational needs. The total expenditure for 2024 was £1,804.q10, ref lecting a 1% decrease f rom the previous ear's £1.832.185. Impact Report Do¢usÉgn Envelope ID.. EF4188AB-16F448A3-8D48-A3678302F638 .. Ci.Tr_l. F_-'.¥;- Cost of goods sold 11% - REGISTERED NUMBER: 08534364 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2024 2023 2023 Note Fixed assets Tangible assets Investments 15 16 172.358 1,385,015 132,322 1,258,837 1,557,373 1.391.159 Current assets Inventory Debtors: Amounts falling due within one year Investments 2,251 557,121 529,805 521,778 10,991 34,989 69,676 1.658,947 18 19 Cash at bank and in hand 1,610.955 1,774.603 Current liabilities Creditors.. Amounts falling due within one year 20 (54.751) (151,777) Net current assets 1,556.204 1.622.826 Total assets less current liabilities 3,113,577 3.013.985 Creditors.. Amounts falling due after more than one year 21 (48,657) Total net assets 3,113,577 2,965,328 Charity funds Restricted funds Unrestricted ftjnds 22 22 1,038.162 2,075.415 745,386 2.219.942 Total funds 3,113,577 2,965,328 Page 32 Docusign Envelopè ID.. EF41B8A&16F448A3-BD4B-A3678302F638 COHERE CHARI￿ UK (A Company Limlted by Guarantee) REGISTERED NUMBER: 08534364 CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 The charitsble company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024, although an audit has been carried out under Section 144 of the Charities Act 2011. The members have not deposiled notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements. The Trustees acknowledge their responsibilities for- . (al Ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and (b) Preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial siatements, so far as applicable to the charitable company. These financial siatements have been audited under the requirements of Section 145 of the Charilies Act 2011. These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies. regime. September 29, 2025 The financial statements were approved and authorised for issue by the Board of Trustees on and signed on their behalf by- Clive Hopewell C M Hopewell Truslee Date.. The notes on pages 37 to 58 form part of these financial ststements. Page 33 Docusign Envelope ID.. EF4168AB-16F44BA3-BD48-A3678302F638 COHERE CHARITY UK (A Company Limited by Guarantee) REGISTERED NUMBER: 08534364 CHARITY BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2024 2023 2023 Note Flxed assets Tangible assets Investments 15 1,511 1,385,015 1.460 1,258,837 16 1,386,526 1.260,297 Current assets Debtors: Amounts falling due within one year Investments Cash at bank and in hand 18 544,831 28.213 469,513 34.897 18,919 1,482,287 19 1,042,557 1,536,103 Current liabilities Crèditors: Amounts falling due within one year 20 (20.5481 (10.294) Net current assets 1,022,009 1.525,809 Total net assets 2,408,535 2,786,106 Charity funds Restricted funds Unrestricted funds 22 1,327.119 1,081,416 1.007,248 1.778.858 22 Total funds 2,408,535 2.786.106 Page 34 Docusign Envelopè ID.. EF41 B8AB-16F44BA3-BD4B-A3678302F638 COHERE CHARITY UK (A Company Limited by Guarantee) REGISTERED NUMBER: 08534364 CHARITY BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024, allhough an audit has been carried out under Section 144 of the Charities Act 2011. The members have not deposited notice. pursuant to Section 476 of the Companies Act 2006 requiring an audil of these financial statetnents. The Trustees acknowledge their responsibilities for.. la) Ensuring that the Charitsble company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and (b) Preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011. These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies, regime. September 29, 2025 The financial statements were approved and authorised for issue by the Board of Twslees on and signed on their behalf by.. Clive Hopewell C M Hopewell Trustee Dale.. The notes on pages 37 to 58 form part of these financial statements. Page 35 Docusign Envelope ID.. EF41B8AB-16F44BA3-BD4B-A3678302F638 COHERE CHARITY UK (A Company Llmited by Guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Note Cash flov￿ from operating activities Net cash used in operating activities 24 {1,074,953) 167.191 Cash flows from Investlng actlvltles Dividends, interests and rents from investmenls Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets Proceeds from sale of investments Purchase of investmenls 7.031 24,545 16,705 (75.178) 13.143 {9,485) (1.287.828) {59,7621 Net cash used In Investing activities (62,216) (1.308,613) Change In cash and cash equlvalents In thè year Cash and cash equivalents at the beginning of the year Change in cash and cash equivalents due to exchange rate movements (1,137.169) (1.141.422) 1,658,947 2,807,625 (7.256) Cash and cash equivalents at the end of the year 25 521,778 1,658.947 The notes on pages 37 to 58 form part of these financial statements Page 36 Docusign Envèlope ID.. EF41B8AB-16F44BA3-8D4B-A3678302F638 COHERE CHARITY UK {A Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 General information Cohere Charity is a private charitable company limited by guarantee and is registered with the Charity Commission {Charily Registered Number. 1153638) and the Registrar of Companies (Company Registration Number: 08534364) in England and Wales. The address of the registered office is given in the Group and Charity information on page 1 of these financial statements. The nature of the Group and Charitvs operations and principal activities a￿ detailed within the Trustees Report. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless othenmise stated. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 20191. the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Cohere Charily UK meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The Charitys subsidiaries include Turaco Valley Food Limited, Cohere Uganda and Cohere Kenya. The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet onsolidate the financial statements of the Charity and it5 subsidiary undertakings. The results of the subsidiarie5 are Gonsolidated on a line by line basis and have the same accounting date as the Charity. The Charity has taken advanlage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Slatement of Financial Activities in these financial statements. Page 37 Docusign Envelope10.' EF41B8AB-16F44BA3-BD4B-A3678302F638 COHERE CHARITY UK (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) 2.2 Golng concern The Trustees have assessed the charitys ability to continue as a golng concern and are confident that Cohere Charity has adequate resources to continue operating for the foreseeable future. The charity has a clear strategic direction. a diversified funding base, strong financial management systems, and committed partnerships that support the ongoing delivery of its mission. At the year end. the charity had a net surplus movement in funds. The post year end trading is currently showing a net deficit in funds and the Trustees have considered the charitls financial position. cash flow forecasts, and funding commitments. alongside potential risks and mitigation slrategies. There are also fixed asset investments which can be accessed lo cover operating costs of the charity as a fall back option. Based on this review, there are no material uncertainties that cast significant doubt on the charity's ability to continue as a going concern. Accordingly. the financial statements have been prepared on a going COn￿M basis. 2.3 Income All income is recognised once the Charity has entitlement to the income. it is probable that the income will be received and the amount of income receivable can be measured reliably. Grant, donation and legacy income Donated setvices and facilities are recognised as income and expenditure when the benefit to the charity can be reasonably quantified or measured and is considered material to the charity. The value of volunteers, time has not been recognised in the accounts. Trading income Income from the trading subsidiary is recognised in the period in which it is receivable and to the extent the goods have been provided. Investment income Income from interest. royalties and dividends is recognised when its receipt is probable and the amount receivable can be measured reliably. 2.4 Expenditure Expendilure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and th8 amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each adivity. Direct Costs attributable to a single activity are allocated directly to that activity- Shared costs which contribute to more than one activity and support costs which are not attribulable to a single activity are apportioned be￿een those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising adivities events and non-charitable trading. Page 38 Docusign Envelope ID= EF41B8A8-16F448A3-B04B-A3678302F638 COHERE CHARITY UK (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 AGGounting policies (Gontinued) 2.4 Expenditure (continued) Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional. such grants being recognised as expenditure when the conditions attaching are fulf511ed. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. Atl expenditure is inclusive of i￿eCOver3b1e VAT. 2.5 Taxation The Charity is exempt from corporation tax on its charitable activities. 2.6 Tangible fixed assets and depreciation Tangible fixed assets are capitalised in line with the policy and recognised when future economic benefits are probable and the cost or value of Ihe asset can be measured reliably. Tangible fixed assets are initially recogni5ed at cost. After recognition, under the cost model. tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following bases: Freehold property Plant and machinery Motor vehicles Fixture5 and fittings Computer equipment 100A on reducing balance 130/0 on reducing balance 20 % & 33 % on reducing balance 209/0 Straight line 330/0 Straight line 2.7 Investments All investments are held at fair value, with adjustments lo fair value being recordgd in tho statement of financial activities in the year in question. Upon disposal of any shares, any change in value to Ihe date of disposal is immediately recognised in the statement of financial activities. 2.8 Inventories Inventories are valued on a weighted average cost basis. Page 39 Docusign Envelope ID.. EF41B8AB-16F448A3.BD4B-A3678302F638 COHERE CHARITY UK (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (¢ontinued) 2.9 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.10 Cash at bank and In hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three moriths or less from the date of acquisition or opening of the deposit or similar account. 2.11 Liabilities and provlslons Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event. it is probable that a transfer of economic benefit will be required in settlement. and the amount of the setuement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as adVan￿d payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material. the provision is based on the present value of those amounts. discounted at the pre-tax discount rate Ihat reflects the risks specÉfic to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a ffinance cost. 2.12 Flnanclal instruments The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.13 Hire purchase and leasing commitments Rentals paid under operating lease5 are charged to Statement of Financial Activities on a straight line basis over the period of the lease. 2.14 Pension costs and other post-retirement beneflts The ¢harilable company operates a defined Contribution pension scheme. Contributions payable to the charitable companvs pension scheme are Charged to the Statement of Financial Activities in the period to which they relate. Page 40 Docusign Envelope ID.. EF4188AB-16F4.4BA3-BD48-A3678302F638 COHERE CHARITY UK (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (continued) 2.15 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustee in furtherance of the general objectives of the Group and which have not been designated for olher purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Income from donations and legacies Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Donations 166.243 1.360,027 1,526,270 Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Donations 181.454 1.675,535 1,856,989 Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Otherfixed asset investments- F11 Deposit accounts interest 6,997 6,997 34 4,464 20.081 7,031 7,031 24,545 Page 41 Docusign Envelope ID.. EF4188A8-16F44BA3-BD4B-A3678302F638 COHERE CHARITY UK (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Trading actlvlties from subsidiary company 2024 2023 Income from sale of goods 176,440 60.580 Totsl Income 176,440 60.580 Costs of goods sold Staff costs other expenditure (186,1181 (61,0171 (73,430) (82,212) (41,694> (27,1591 Total expenditure (320,565) (151,065) ProfiU(loss) (144.125) (90.485) Raising funds 2024 2023 Staff costs Consultancy Volunteer expenses 31,495 4.247 804 12,245 10,718 28.205 36,546 51.168 Investment management costs Unrestricted funds 2024 Tolal funds 2024 Total funds 2023 Portfolio management 946 946 617 Page 42 Docusign Envelope ID.. EF41B8AB-16F44BA3-BD4B-A3678302F638 COHERE CHARITY UK (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysls of expenditure on charitable activtties Summary by fund type Unrestrfcted Restrlcted funds funds 2024 2024 Total 2024 Capacity strengthening Advocacy Coordination General 199.338 209,908 3.048 24.262 870,835 105,606 15,048 151,782 1,070.173 315.514 18,096 176,044 436,556 1,143,271 1,579.827 Unrestricted funds 2023 Restricted funds 2023 Total 2023 Capacily strengthening Advocacy Coordination General 176,308 2,944 3,583 49,869 1,095.913 267.140 33.578 1,272.221 270.084 37.161 49.869 232.704 1,396,631 1,629.335 Page 43 Docusign Envelope ID.. EF41B8AB-16F44BA3-BD4B-A3678302F638 COHERE CHARITY UK (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of expenditure by a¢tlvlties Activtties undertaken directly 2024 Grant fundlng of actlvlties 2024 Support costs 2024 Total funds 2024 Capacity strengthening Advocacy Coordination 276,898 315,514 18.096 175.396 542,824 250,451 1,070,173 315,514 18.096 176,044 General 648 785,904 542,824 251.099 1,579,827 Activities undertaken directly 2023 Grant funding of activities 2023 Support costs 2023 Tolal funds 2023 Capacity strengthening Advocacy Coordination 551.865 267.140 33.578 18,790 630.287 90.069 2,944 3,583 31,079 1.272.221 270.084 37,161 49,869 General 871,373 630,287 127.675 1.629,335 Analysis of support costs Total funds 2024 Total funds 2023 Depreciation Management other Govemance costs 8,618 209,801 9,680 23,000 12,830 44.799 52.572 17,474 251,099 127.675 Page 44 Docusign Envelope ID.. EF41B8AB-16F448A3-BD4B-A3678302F638 COHERE CHARITY UK (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysls of expenditure by a¢tÉvities (Continued AnalysSs of support costs (continued) 10. Grants payable Grants to Institutions 2024 Total funds 2024 Capacity strengthening 542.824 542,824 Grants to Institutions 2023 Total funds 2023 Capacity strengthening 630.287 630.287 11. Governance costs 2024 2023 Auditor's remuneration - Audit of the financial statements Auditovs remuneralion - Preparation of the financial statements Auditorfs remuneration - Over accrual of prior year fees Other governance costs 20.400 2,600 18,895 {1,795) 374 23,000 17,474 Page 45 Docusign Envelope ID.. EF41B8AB-16F44BA3-BD48-A3678302F638 COHERE CHARITY UK (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. Staff costs Group 2024 Group 2023 Wages and salaries Social security costs other pension costs 628,096 59,051 14,526 571.178 21.571 5,807 701,673 598,556 The average number of persons employed by the Charity during the year was as follows.. Group 2024 Group 2023 Admin & Support 47 45 No employee received remuneration amounting to more than £60,000 in either year. 13. Key management personnel During the year key management personnel received remuneration of £290,533 (2023.. £326.392) 14. Trustee's remuneratton and expenses During the year. no Trustees received any remuneration or other benefits (2023-. £Nil) During the year ended 31 December 2024, no Trustee expenses have begn incurred (2023.. £Nil) Page 46 Docusign Envèlope ID.. EF41B8AB-16F44BA3-BD4B-A3678302F638 COHERE CHARITY UK (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15. Tangible fixed assets Group Flxtures and Computer fitting5 equipment Freehold property Plant and Motor machinery vehicles Total Cost or valuation At 1 January 2024 Additions 63,112 17,827 31,847 36,359 47,327 2,158 3.080 30,461 3,418 175,827 59.762 At 31 December 2024 80,939 68,206 49,485 3.080 33,879 235.589 Depreciation At 1 January 2024 Charge for the year 3.604 3.053 5,151 6,195 12,964 7.720 1.124 20,662 2,758 43,505 19,726 At 31 December 2024 6,657 11,346 20.684 1,124 23.420 63,231 Net book value At 31 December 2024 74,282 56,860 28,801 1,956 10,459 172,358 At 31 December 2023 59.508 26,696 34,363 1,956 9,799 132.322 Page 47 Docusign Envelope ID: EF41B8A8-16F44BA3-BD4B-A3678302F638 COHERE CHARITY UK (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15. Tangible fixed assets (continued) Charity Computer equlpment Cost or valuatlon At 1 January 2024 Additions 3,890 699 At 31 December 2024 4,589 Depreciation At 1 January 2024 Charge for the year 2,430 648 At 31 Decembor 2024 3,078 Net book value At 31 December 2024 1,511 At 31 December 2023 1.460 Page 48 Docusign Envebpe ID= EF41B8AB-16F44BA3-BD4B-A3678302F638 COHERE CHARITY UK (A Company Limited by Guarantee> NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16. Fixed asset investments Listed investments Group and Charity Cost or valuatlon At 1 January 2024 Additions Revaluations Transfers between classes 1,258,837 9,485 144,104 (27,411) At 31 December 2024 1,385,015 Net book value At 31 December 2024 1.385.015 At 31 December 2023 1.258,837 Page 49 Decusign Envèlope ID.. EF4188AB-16F44BA3-BD48-A3678302F638 COHERE CHARITY UK {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 17. Subsidiary Undertakings The Charity is the parent entity to two charities and single company. which operate under Cohere {Uganda), Cohere {Kenya) and Turaco Valley Foods Ltd. The registration details of each subsidiary are shown below with the nature of control: Cohere (Uganda) Governing Body - National Bureau for Non- Governmental Organisations of Uganda Charity number 6741 Registered address: Nsambya Hanlon Road Opp Taxas Club Makindye Division Kampala City Uganda Nature of control The UK Charity has a partnership agreement wilh the Uganda Charity that gives the UK Trustees the power to Veto over operations and executive decisions. The UK Charity provides grants to the Uganda Charity to implement projects that have been approved by the UK trustees. The subsidiary entities also have boards of trustee who oversee their projects, but the overall implementation strategy is approved by the UK board of trustees. Cohere (Kenya) Goveming Body - Non-Govemmental Organi5ations Co-ordination Act of Kenya. Charity number- OP.2181051112-051118654 Registered address: Wamagata Court Woodley Nairobi P.0 Box 61716-00200 Nairobi Kenya Page 50 Docusign Envelope ID.. EF4188AB-16F44BA3-BD4B-A3678302F638 COHERE CHARITY UK (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Nature of control The UK Charity has a partnership agreement with the Kenya Charity that gives the UK Trustees the power to Velo over operations and executive decisions. The UK Charity provides grants to the Kenya Charity to implement projects that have been approved by the UK trustees. The subsidiary entities also have boards of trustee who oversee their projects, but the overall implementation strategy is approved by the UK board of trustees. Turaco Valley Foods Ltd: Governing Body- Uganda Registration Services Bureau (URSB) Company Number- B0020003224137 Registered address= P.0 Box 73516 Hanlon Road - Nsambya Kampala Nature of control Turaco Valley Foods Ltd is a subsidiary and the group has majority shareholding. 18. Debtors Group 2024 Group 2023 Charity 2024 Charity 2023 Due within one year Trade debtors Prepayments and acGrued income 12,290 544,831 34.989 34,897 544,831 557,121 34,989 544.831 34.897 19. Current asset investments Group 2024 Group 2023 Charity 2024 Charity 2023 Other investments 529,805 69.676 28,213 18,919 Page 51 Docusign Envèlope ID.. EF41B8AB-16F44BA3-BD4B-A3678302F638 COHERE CHARITY UK (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 20. Creditors: Amounts falling due withln one year Group 2024 Group 2023 Charlty 2024 Charity 2023 Trade creditors Other creditors Accruals and deferred income 16,634 2,576 35,541 37,759 (2,452) 10,294 114,018 23,000 54,751 151.777 20,548 10,294 Group 2024 Group 2023 Deferred income at 1 January 2024 Resources deferred during Ihe year Amounts released from previous periods 144,018 12.541 (144.018) 144,018 12,541 144.018 21. Creditors: Amounts falling due after more than one year Group 2024 Group 2023 Bank loans 48,657 Page 52 Docusign Envelope ID.. EF41B8AB-16F44BA3-8D4B-A3678302F638 COHERE CHARITY UK (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 22. Statement of funds Statement of funds - current year Balance at 31 Gainsl December {Losses) 2024 Balance at I January 2024 Transfers inlout Income Expènditure Unrestrlcted funds General Funds 2,219,942 403,730 {660,839) (31,522) 144.104 2,075.415 Restricted funds Arizona State University Global Whole Being Fund IKEA Foundation LEGO Opportunity International Oxford Policy Management Porticus 16,836 47,030 {69.056) 5,190 350.337 12,570 289.497 309,386 (350,338) (21.8691 9.299 (182.0191 {107,478) 309,385 18.874 81,214 (86.9621 13.126 14,479 28.090 13,338 580 (15.059) 671,122 (154,403) (13,338) (35.138) (30,086) {50.347) 544.809 UNHCR Choose Love Comic Reliaf MCI Open Society Foundalion Rabo Bank Foundation Other funds 35.138 200,000 51.275 169,914 928 {19.577) 19,577 (29) (130,689) 29 84,826 1.365 44,498 745,386 1,404,525 (1,143,271) 31,522 1,038,162 Total of funds 2,965,328 1,808.255 {1,804.110) 144,104 3,113,577 Page 53 Docusign Envelope ID.. EF41B8AB-16F44BA3-BD4B-A3678302F638 COHERE CHARITY UK (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 22. Statement of funds (continued) Statement of funds - prior year Balance at 31 Gainsl December (Losses) 2023 Balance al 1 January 2023 Transfers inlout Income Expenditure Unrestrlcted funds General Funds 2,340.348 321,560 (384.386) {111.408) 53.828 2.219.942 Restricted funds Arizona State University Global Whole Being Fund IKEA Foundation LEGO Opportunity International 34.897 (18,061) 16,836 350.337 69.779 401,538 350.337 12.570 289.497 (57.209) (524.714) 412,673 86.417 (67.544) 18.873 Oxford Policy Management Porticus UNHCR Choose Love Choose Love International Rescue Committee Rabo Bank Foundation World University of Canada 15.038 28,889 13,338 {28.571) (558) (98,616) 14.480 28,090 13,338 1,365 97.817 609,131 {604.975) (7,880) 25.780 7.880 (20,195) (40) 20.235 (3,670) 25,819 {68,202) 46.253 {11,260) 11,260 406.242 1,675,535 (1,447.799) 111,408 745.386 Total of funds 2.746,590 1,997,095 {1,832,185J 53,828 2,965,328 Page 54 Docusign Envèlope ID-. EF41B8AB-16F44BA3QD4B-A3678302F638 COHERE CHARITY UK (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 22. Statement of funds (continued) Restricted funds Arizona State Universit Creating a process and selection criteria for selecting RLOS and lead the grant distribution process to these organisations as well as the reporting. Lead on the training of the RLOS to develop their concept and manage the funds they receive successfully. Global Whole Bein Fund Charitable and educational purposes to support the Grantee's budget for supporting an ecosystem of refugee-led organizations providing critical humanitarian and long-term support lo around 1.3 million vulnerable people. namely women, children, youth, and LGBTQ+ across key geographies. IKEA Foundation Support efforts in building up a Community of Practice around effective refugee leadership and participation_ LEGO Capacity & Planning.. Scalable Community-Led Leaming through Play for Refugee Children. ortuni International UK OIUK Increasing y()uth employment through refugee-led agricultural training and improved market access to agroprocessors. Porticus The grant seeks to strengthen the so¢ial and emotional skills for learners through a course aligned with Kenya's new Competency-Ba5ed Curriculum (CBC). aimed at strenglhening the children's social and emotional skills, developed by Cohere in 2019 with postgraduate students from the University of Columbia. The children who are reached and impacted by this project will not only gain essential social and emotional skills but will also develop resilience strategies and life skills. These competencies will enable them to navigale the challenges they facg and thrlve in their educational journey. Comic Relief Inclusive quality education for refugee children with disabililies in Uganda. Mer Co s International MCI Refugee finance to grow income, assets and resilience through bundled services in Uganda (REFINE). OSF Provide general support and support to Refug&e Led Organisations Page 55 Docusign Envelopa ID: EF41B8A8-16F448A3-BD48-A3678302F638 COHERE CHARITY UK {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 23. Analysis of net assets between funds Analysts of net assets between funds - current period Unrestrlcted Restrlcted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Fixed asset inveslments Current assets 172,358 1.385,015 572,793 {54,751) 172,358 1,385,015 1,610,955 {54,751) 1,038,162 Creditors due within one year Total 2,075.415 1,038.162 3,113.577 Analysi5 of net assets between funds - prior period Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year 132.322 1.258,837 1,029,217 {151,777) {48,657) 132,322 1,258,837 1,774,603 (151,777) (48,657) 745.386 Total 2,219,942 745.386 2.965.328 Page 56 Docusign Envelope ID.. EF41B8AB-16F448A3-B04B-A3678302F638 COHERE CHARITY UK (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 24. Reconciliation of net movement in funds to net cash flow from operating activitles Group 2024 Group 2023 Net income for the period (as per Statement of Financial Activities) 148,249 218,738 Adjustments for: Depreciation charges Losses on investments Dividends. interests and rents from investments Decreasel(increasel in stocks Decreasel(increase) in deblors Decrease in creditors Depreciation eliminated on disposal Movements on current assel investments Reallocation from fixed asset investments 15 19,726 (144.104) (7,031) 8.740 (522,1321 (145,6831 17,391 153.828) (24.545) (10.991) 38.173 (7.127) (10.620) 16 18 20.21 19 (460,1291 27,411 Net cash provided byl(used in) operating activitie5 (1,074,953) 167,191 25. Analysis of cash and cash equivalents Group 2024 Group 2023 Cash in hand 521,778 1,658.947 Total cash and cash equivalents 521,778 1.658,947 Page 57 Docusign Envelope ID.. EF41B8AB-16F44BA3-BD4B-A3678302F638 COHERE CHARITY UK (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 26. Analysis of changes in net debt At1 January 2024 Cash flows At31 December 2024 Cash at bank and in hand Debt due after 1 year Liquid investments 1,658,947 (48,657} 69,676 (1,137.169) 48,657 460,129 521,778 529,805 1,679,966 (628,383) 1,051,583 27. Employee benefit obligations During the financial period, the group made contributions to employment based pension schemes lotalling £14,526 (2023- £5,806). At the balance sheet date, £NIL (2023 - £NIL) was outstanding as payable to the employment pension scheme with respect to the group. 28. Related party transaclions The Charity has not entered into any related party transaction during the year. nor are there any outstanding balances owing between related parties and the Charity at 31 December 2024. Page 58