OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-12-31-accounts

The Power of Nutrition

Annual Report and Financial Statements For the year ended 31 December 2022

+44 (0) 203 1413 905 info@powerofnutrition.org www.powerofnutrition.org @FundNutrition

One Bartholomew Close, London EC1A 7BL Company number: 09288843 Registered charity number: 1160373

Trustees’ Annual Report

Reference & Administrative Details ............................................................................................ 2
Message from the Chair ............................................................................................................. 3
Strategic Report .......................................................................................................................... 6
1.
Objectives & activities ....................................................................................................................... 6
1.1.
Background .............................................................................................................................. 6
1.2.
Purposes & aims ....................................................................................................................... 6
2.
Achievements & performance .......................................................................................................... 8
2.1.
Supporting quality, high-impact nutrition programmes ....................................................... 8
3.
Looking ahead ................................................................................................................................. 10
4.
Financial review .............................................................................................................................. 11
4.1.
Income .................................................................................................................................... 11
4.2.
Expenditure ............................................................................................................................ 11
4.2.1.
Programmatic Expenditure............................................................................................... 11
4.2.2.
Operational Expenditure .................................................................................................. 12
4.3.
Foreign exchange movement .............................................................................................. 12
4.4.
Reserves and going concern ................................................................................................ 12
5.
Structure, governance & management ........................................................................................ 14
5.1.
Structure ................................................................................................................................. 14
5.2.
Governance & management ................................................................................................ 14
5.3.
Key policies & risk management .......................................................................................... 15
6.
Statement of responsibilities of Trustees ...................................................................................... 19
Independent Auditor’s Report.....................................................................................................................20
Opinion ....................................................................................................................................................20
Basis for opinion ......................................................................................................................................20
Conclusions relating to going concern ..................................................................................................20
Other Information ....................................................................................................................................21
Opinions on other matters prescribed by the Companies Act 2006 ...................................................21
Matters on which we are required to report by exception ...................................................................21
Auditor’s responsibilities for the audit of the financial statements.........................................................21
Capability of the audit in detecting irregularities………………………………………………………..22
Use of our report .....................................................................................................................................23
Statement of financial activities ................................................................................................ 24
Balance sheet ........................................................................................................................... 25
Statement of cash flows................................................................................................................................26
Notes to the financial statements…...........................................................................................................27

Page 1 of 40

The Power of Nutrition, a company limited by guarantee, was incorporated in England and Wales on 30 October 2014 with company number 09288843. It was registered as a charity in England and Wales on 6 February 2015 with charity number 1160373.

Reference & Administrative Details

Company number 09288843 Charity number 1160373 Registered office One Bartholomew Close, London EC1A 7BL Trustees Trustees, who are also directors under company law, who served during the period and up to the date of this report were as follows: Jonathan Brinsden David Bull CBE Michael Rann (resigned 12 July 2022) Mark Cutifani Alasdair Cook Caroline Kuhnert Pranav Lalit Trivedi (appointed 18 November 2022) Kul Chandra Gautam (appointed 18 November 2022) Elhadji Amadou Gueye Sy (appointed 6 February 2023) Anulika Nwamaka Ajufo (appointed 14 February 2023) Susana Edjang (appointed 1 June 2023) Principal staff Simon Bishop (Chief Executive, resigned 9 February 2023) Jim Emerson (Interim Chief Executive, appointed 1 June 2023) Michelle Thompson (Director of Strategic Engagement, resigned 22 July 2022) Alok Ranjan (Director of Programmes & Investments) Chris Skeet (Director of Finance) Carla Martins (Director of Human Resources and Operations) Bankers Barclays PO Box 885 Mortlock House, Station Road Histon CB24 9DE HSBC 133 Regent Street, London W1B 4HX Solicitors BDB Pitmans One Bartholomew Close, London EC1A 7BL Auditor Sayer Vincent LLP Chartered Accountants and Statutory Auditors Invicta House, 108-114 Golden Lane, London, EC1Y 0TL

Page 2 of 40

The Power of Nutrition Trustees’ annual report

For the year ended 31 December 2022

Message from the Chair

The year 2022 was The Power of Nutrition’s seventh since inception and it saw us take a material stepchange in direction. In response to changing fund dynamics and availability, we launched an ambitious new strategy – expanding our traditional prescriptive model to several agile products, broadening our remit to all forms of malnutrition through a multisectoral lens and shifting our focus from ‘more money for The Power of Nutrition’ to ‘more money for global nutrition’. At the same time, we have adopted new purpose and vision statements, created new team values, expanded into the Middle East, and refreshed our governance model.

Ongoing global challenges, including the aftermath of the pandemic, the ever-increasing impact of climate change and global conflict continued to present huge challenges to the nutrition sector. Most drastically, the need has increased – in 2022, 345 million people globally - more than double the preCovid 19 amount faced high levels of food insecurity. At the same time, aid budgets have been reduced or diverted for other needs. The result? We are seeing the global progress made in tackling malnutrition being reversed. That’s why our work, and in particular, our collaborative model, is more important than ever in mobilizing resources and ensuring they are used efficiently to tackle malnutrition.

Despite this challenging context, our unwavering commitment to improving nutrition through collaboration with our partners, has resulted in tangible impact for a more hopeful future. We were delighted to achieve our original target of helping to avert 600,000 cases of stunting more than two years early at the end of 2022. That’s 600,000 children who have received the right food and nutrition to grow up healthy and strong. It also means over 133 million mothers and children have benefited from our programmes with improved nutrition.

New strategy

In response to the rapidly changing world, The Power of Nutrition launched a new bold and ambitious 2022-25 strategy ‘Transforming global nutrition fundraising, together’. The strategy builds off our DNA, including attracting new money to nutrition, convening partnerships and pooling funds for greater efficiency, but doing so in an innovative way that adapts to new market challenges. We expanded our focus from stunting to incorporate all forms of malnutrition through a multisectoral lens and moved from our current prescriptive ‘x4 leverage’ model to several new responsive, innovative models. This included work on Nutrition Ventures, an innovative financing platform and the launch of our first ever public appeal in response to the global malnutrition crisis. We also expanded into the Gulf Cooperation Council (GCC), where we’re building new networks and establishing new partnerships to advance nutrition focused funding. Finally, the strategy also sees a shift in focus on fundraising for our own programmes to act much more as a tenacious sector champion and public good for the entire global nutrition sector.

Programme portfolio

The Power of Nutrition’s portfolio expanded in 2022 with the addition of three new programmes, achieving our annual target:

  1. DRC phase I with funding secured from the Swedish International Development Cooperation Agency.

  2. The Product Access Initiative in Liberia, which is conducting critical research to uncover contextspecific barriers to the uptake of nutrition services and to then address the barriers at a community level.

  3. A new programme in Zambia, which is a first for The Power of Nutrition, taking an in-kind contribution of maternal supplements from new partner, Kirk Humanitarian.

We have now invested in 21 programmes across 16 countries in sub-Saharan Africa and Asia and at year end, our portfolio of co-investments had reached over 133 million people (80 million children under-five, 22 million adolescents and 30 million women) with critical nutrition services since inception.

Page 3 of 40

The Power of Nutrition

Trustees’ annual report

For the year ended 31 December 2022

Fundraising

Like many in the not-for-profit sector, 2022 was The Power of Nutrition’s most challenging fundraising year to date. The ongoing impact of the pandemic was then exacerbated by Russia’s invasion of Ukraine which saw our traditional donors’ budgets both tightened and diverted. At the same time, this same conflict drove up the cost of living and continues to have devastating impact on food security in the countries where we work, making our fundraising task more important than ever.

In response to this escalating crisis, moved by what we are seeing across the sector, we kicked off our first ever public appeal for funds. The lack of coverage in the media, combined with official famines not being declared despite millions of children being malnourished, has made this challenging but we are identifying donors who are also moved, and we have secured new donor engagement and income to kick our response into gear. The first disbursement of $50k funds raised will be for a co-funded project (of $130k) in Ethiopia, implemented by new partner International Medical Corps.

Within a challenging fiscal environment last year, we worked closer than ever with our existing funding partners and have been doing all we can to strengthen the convening role that we play in uniting donors and partners for the greatest impact. These efforts have laid firm foundations for future programmes. Key networking events, such as during the United Nations General Assembly week led to engagement with new prospects, and we undertook several trips to the Gulf countries to continue partnership development there, which are beginning to bear fruit.

2022 has seen some new staff members join the fundraising team, bringing new contacts and sector experience as we seek to continue growing the opportunities to collaborate. A new Director, plus a new Head of Corporate and Foundation Partnerships has added skills and experience to the team and embedded new processes and approaches to our partnership working, developing a model of engagement, with new product offerings that enable us to have broader conversations with a new range of potential funders. Our approach in the private sector is more focused on the multisectoral approach and alignment to Environment, Social and Governance (ESG) agendas, and we continue to develop our engagement tools. We also added two further team members to focus on developing our prospecting and convening approach, and to support our public funding appeal. These new additions and restructured ways of working build solid foundations for our future growth.

Communications, advocacy & research

We focused on delivering our strategy shift, to be ‘more of a public good and tenacious nutrition sector champion’, in the first half of the year with four big advocacy wins:

People

The Power of Nutrition’s biggest asset continues to be the #PowerTeam – a group of passionate and experienced people who are all committed to our vision of a world where every child has the right nutrition to achieve their full potential. In 2022 we continued to prioritise team wellbeing with a strong strategic objective being to ‘nurture the team and attract new top talent’.

Page 4 of 40

The Power of Nutrition

Trustees’ annual report

For the year ended 31 December 2022

Looking ahead

While we have laid the foundations for our new strategy, we are still to see its full potential realised as we continue to experience an extremely challenging external environment. The worst malnutrition crisis in 40 years is still receiving almost no global attention, while fundraising remains challenging due to aid cuts and diversions.

With a largely new fundraising team in place and with ambitions to bolster our capacity by hiring new talent in 2023, we are seeing 2023 as the year when we lay the strong new foundations that will enable us to fulfil our enormous potential in spite of the challenges facing the sector

By the end of 2025 we want to have contributed to the prevention of:

And with our excellent track record behind us, we believe we have the right team, right model and right strategy to deliver these important goals.

Mark Cutifani Chair, The Power of Nutrition

Page 5 of 40

The Power of Nutrition

Trustees’ annual report

For the year ended 31 December 2022

Strategic Report

The Board of Trustees of The Power of Nutrition, which is also its board of directors, hereby presents the information required by the Companies Act 2006 (the Strategic Report and Directors’ Report) together with the financial statements for the year ended 31 December 2022.

Reference and administrative information set out on page 2 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice – Accounting and Reporting by Charities (SORP 2015).

1. Objectives & activities

1.1. Background

The Power of Nutrition – a company limited by guarantee and a charity registered in the UK, and principally referred to as a “charitable foundation” – grew from a commitment by the Children’s Investment Fund Foundation (CIFF), the UK’s Department for International Development (DFID, now known as FCDO) and the UBS Optimus Foundation (UBSOF) to develop a catalytic financing facility that would bridge a financing gap in the nutrition sector to accelerate progress on child undernutrition. It was registered in February 2015 and formally launched in April 2015.

1.2. Purposes & aims

The Power of Nutrition was created to generate new resources to prevent undernutrition and to improve nutrition outcomes for children at scale. Our aim is to save lives and protect children from low birthweight, stunting and other forms of undernutrition. Nutrition is a fundamental building block for life. It is also recognised as a powerful multiplier for economic and social development: it saves lives and enables children and societies to grow to their full potential. Globally, there is also a $10.8billion annual gap in core nutrition financing.

To transform nutrition outcomes, save lives and protect children, we:

To achieve our goals, our current funding model comprises a range of co-financing agreements with more than 40 partners, including institutional funders (governments, foundations, corporates, highnet-worth individuals) and large-scale nutrition programme implementers, including the World Bank, UNICEF, Save the Children, Action Against Hunger and a range of other INGOs.

Page 6 of 40

The Power of Nutrition

Trustees’ annual report

For the year ended 31 December 2022

At the heart of our original model was financial leverage, with the aim of turning each $1 into $4, though we have actually achieved $6.4. This has been achieved through, for example, a smart useof-grant approach to incentivise others to multiply their commitments. For example, the Government of Madagascar was planning to take out a $40m IDA loan from the World Bank for nutrition programming. We committed $10m of grant, , but only if the government doubled their loan, which they agreed to do, leading to a $90m programme. In 6 of our 8 World Bank programmes, total portfolio $410m, we have evidenced that this smart use of grant has incentivised governments to borrow more for nutrition.

Our traditional model has since evolved and whist we can no longer commit to a 4x match guarantee in every case; convening partners and pooling funds to deliver sustainable results at scale, remains at the heart of our offer.

All financing is directed by our implementing partners to co-designed quality, high-impact, nutrition programmes that focus on improving child and maternal nutrition outcomes at scale.

Page 7 of 40

The Power of Nutrition Trustees’ annual report

For the year ended 31 December 2022

2. Achievements & performance

During the period covered in this report, the charitable foundation completed its seventh full year of independent operation and consolidated its position further as an operational entity. It has been a year of setting foundations as we start to bed down a new strategy, making modest progress towards our fundraising goals, booking net income totalling USD 3.9 million. Our Board approved three further programmatic investments during the year (Democratic Republic of CONGO (DRC), Zambia and our first Product Access Initiative (PAI) programme in Liberia). We now have 21 programmes and three completed programmes (Tanzania, Liberia Phase 1 and Ethiopia Phase 1). The total portfolio value was USD 549 million at end 2022.

2.1. Supporting quality, high-impact nutrition programmes

We invested USD 2.7 million in DRC to be disbursed over three years with GiveDirectly as implementing partner. This programme is designed to address malnutrition in children, adolescent girls and women in DRC through a multi-systems approach and a use of cash transfers.

An additional USD 0.4m million was invested in our Mobile Doctorni programme in Gujarat with Group M as the implementing partner. This programme has the ambition to reach 2.7 million women with hygiene and nutrition messaging utilising technology.

USD 0.7 million was invested in our Zambia programme to be disbursed over two years with World Vision as implementing partner. The programme is designed to pilot a transition from Iron and Folic Acid (IFA) supplementation to Multiple Micronutrient Supplementation (MMS) as part of a broader programme to improve nutrition and health in three provinces of Zambia.

USD 0.14 million was invested in our first Product Access Initiative (PAI) programme which bolted on to our existing Liberia programme. This innovative programme aims to enhance collaboration between academia and institutions with a common goal of improving nutrition outcomes with relation to maternal and child health.

We continued to oversee the implementation of our investments in Tanzania (USD 44 million), Ethiopia (USD 40 million), Madagascar (USD 90 million), Cote d’Ivoire (USD 60.4 million), Rwanda (USD 116 million), Nigeria (USD 3.9 million), Burkina Faso (USD 30 million) and Lesotho (USD 5 million) all with the World Bank; as well as our 2[nd ] investment in Liberia (USD 10 million), Benin (USD 10 million), Maharashtra (USD 10 million), Bangladesh (USD 15 million) and Ethiopia 2 (USD 29..8 million) all five of which are with our implementing partner UNICEF. Investments with other implementing partners included Gujarat (USD 6 million) with CARE and Action Against Hunger , our Indonesian investment (USD 7 million), which is being implemented by Save the Children and Nutrition International, Malawi (USD 11.4 million) being implemented by Save the Children and the Mobile Doctorni investment in Gujarat (USD 5.5 million) being implemented by Group M.

In the financial statements (see Note 13a) some of these programmes show a net negative position. A number of these negative balances largely arise from the accounting treatment prescribed by current accounting standards where, although these programmes are fully funded, we are subject to the agreement wording required to record the full anticipated expenditure at the start of the programme, even though activities on-the-ground may not start for several years; whereas our grant income recognition policy generally requires that promised grant income is recognized throughout

Page 8 of 40

The Power of Nutrition

Trustees’ annual report

For the year ended 31 December 2022

the life of the programme when due. These are Maharashtra (USD 0.7 million), Indonesia (USD 0.5 million), DRC (USD 1 million) and Bangladesh (USD 2.8 million). We are currently reviewing our income and expenditure approach, so they more closely reflect the project life cycle. There are a further four programmes Gujarat (USD 0.5 million), Indonesia (USD 0.1 million), Benin (USD 2.2 million) and Bangladesh (USD 0.95 million) which require further funding to be raised in their later operating years, but we are currently confident we can achieve this, alternatively responsibly scaling back the level of ambition in these programmes.

Page 9 of 40

The Power of Nutrition Trustees’ annual report

For the year ended 31 December 2022

3. Looking ahead

The Power of Nutrition is working to fulfil its mandate to drive transformative nutrition outcomes at scale. We want to see the $10.8 billion gap in core nutrition funding, and $39-50 billion gap in funding to achieve Global Goal 2: Zero Hunger by 2030, closed. We have built strong foundations and have launched a new, bold and ambitious 2022-5 strategy; this will enable us to bring in new funding, make additional programme investments and ultimately improve the lives of children and women across Africa and Asia.

Given the challenging external environment, , we are focused on further enhancing our fundraising team and capacity for the future. Whilst investing in our relationships with existing partners we are also focused on identifying new models, building new relationships and brokering new partnerships across sectors that will leverage critically needed additional resources into the nutrition sector.

We are proud to date to have introduced new private sector funders into the nutrition space and we continue to seek to engage this sector especially – building the correlation between ESG agendas and the global nutrition financing gap.

This includes looking to replicate our successful World Bank model with the Islamic and African Development banks, and to develop new strategic partnerships, especially in the Gulf region.

In January 2023 we announced a ground-breaking partnership with the Vaccines Alliance (GAVI) and Unilever to deliver an integrated immunisations, water & sanitation, and nutrition programme in Indonesia, the first time GAVI have included nutrition in their programming, and we aim to expand this partnership to several countries. This is a great example of our new strategy in action, in particular our shift from predominantly health systems to become multisectoral. We aim to replicate this type of partnership with partners from other nutrition-relevant sectors, through our ‘Nutrition Links’ initiative, which prioritises education, climate change (including food systems) and gender.

We’ll further develop our programmatic investments, including working with existing implementation partners to build a pipeline of new investments, as well as identifying new potential implementing partners. These will include more programmes like the one in Zambia, which is helping illustrate to the world that it is right to shift from the use of iron and folic acid (IFA), with its two minerals and vitamins for pregnant women, to multiple micronutrient supplements (MMS) that provide 15 nutrients. In all our programmes, ensuring government engagement at the highest level, through to community engagement at the grassroots level is a key component.

Crucially, we continue to recognise the #PowerTeam is the organisation’s #1 asset and we will continue to work to develop and support a first-class team and organisation, with a diverse, equitable, inclusive, empowering, creative and entrepreneurial culture, that everyday live the new set of values we agreed in 2022.

Page 10 of 40

The Power of Nutrition

Trustees’ annual report

For the year ended 31 December 2022

4. Financial review

4.1. Income

During the period covered in this report, The Power of Nutrition recorded income totalling USD 3.9 million (2021: USD 13.4 million). This income was received from one founding partner, four 3[rd ] party donors, the Global Malnutrition Appeal and two bi-lateral donors:

4.2. Expenditure

A total of USD 5.7 million (2021: USD 33.9 million) was recognised as expenditure during the year. This can be analysed across two key expenditure groupings, namely Programmatic and Operational expenditure. Programmatic expenditure is defined as the expenditure the Foundation directly books to programmes that are designed and run by our implementing partners in our target countries. Operational expenditure is defined as the expenses incurred through the day to day running of the Foundation, including the costs of its staff and operations.

4.2.1. Programmatic Expenditure

Total charitable grants expensed during the course of the year amounted to a net USD 2.5 million (2021: USD 30.3 million):

Page 11 of 40

The Power of Nutrition

Trustees’ annual report

For the year ended 31 December 2022

4.2.2. Operational Expenditure

Operating expenses totalling USD 3.2 million (2021: USD 3.6 million) were incurred during the period:

4.3. Cashflow

The net cash outflow from operating activities was USD 1.6 million (2021:USD 1 million).

Our main programmatic cash inflows consisted of funding from donors totalling USD 7.3 million (2021:USD 14.2 million) and cash outflows to programmes totalling USD 10.4 million (2021: USD 12.8 million) during the year.

4.4. Foreign exchange movement

Our policy is to convert any currency funds received to USD at the time of receipt. This has better aligned currency funds held with underlying disbursements which are predominantly in USD.

A loss of USD 0.1 million (2021: loss of USD 0.1 million) was realised in respect of the movement on the USD / GBP currency rate impacting on funds received in GBP and converted to USD.

4.5. Reserves and going concern

The Trustees have established a Reserves Policy with reference to Charity Commission guidance (CC19) and applicable accounting standards. The Trustees review the level of unrestricted reserves annually having regard to the financial model of the charity, core expenditure and current/forecast income. The Trustees have agreed that it would be desirable for the charity to target unrestricted reserves which are sufficient to cover 12 months average operating expenditure; this equates to $3.2m. However, the Trustees acknowledge that reaching this target will be challenging in the current economic environment. As a minimum the charity aims to hold unrestricted reserves of $ 1.3 million which is sufficient to cover five months average operating expenditure and which is regarded by the Trustees to provide an adequate minimum contingency to enable the organisation to cover on-going governance, operational and support costs necessary to close-down in an orderly fashion should this be required. The Trustees will consider increasing the level of unrestricted reserves when possible.

The level of unrestricted reserves is closely monitored by the Finance, Audit and Risk Committee (FAR) to ensure that they remain at an adequate level to provide financial flexibility and as a buffer against operational risk. The Trustees review the appropriateness of the reserves policy annually as proposed by the FAR.

Page 12 of 40

The Power of Nutrition

Trustees’ annual report

For the year ended 31 December 2022

Net negative funds totalling USD 7.5 million (2021: USD 6.2 million) of the charitable foundation are considered to be restricted, to be used to fund maternal and child nutrition programmes aimed at reducing child undernutrition and malnutrition worldwide, the current expectation is that funds will be able to be raised ahead of related disbursements becoming due. Funds totalling USD 2.6 million (2021: USD 3.3 million) are considered to be unrestricted. As noted above, to date, operational expenses have substantially been met under an arrangement with one of the funding partners. However, we have begun to diversify our OpEx funding base and have booked USD 2.2 million to date (2021: USD 2.1 million to date) in respect of OpEx funding from other 3[rd ] party donors.

The Board considers that The Power of Nutrition has adequate financial resources to fund its operational expenditure for at least 12 months following the date of this report and a reasonable expectation that it will have adequate resources to continue beyond that point. The accounts have therefore been prepared on the basis that the charitable foundation is a going concern.

Page 13 of 40

The Power of Nutrition

Trustees’ annual report

For the year ended 31 December 2022

5. Structure, governance & management

5.1. Structure

The Power of Nutrition is a charitable company limited by guarantee. It was incorporated as a company on 30 October 2014 under the name Catalytic Financing Facility for Nutrition and registered as a charity under the same name on 6 February 2015. The company was established under a Memorandum of Association and is governed under its Articles of Association, which sets out its objects and powers.

The name was formally changed to The Power of Nutrition on 19 April 2015 pursuant to a Board resolution of 10 March 2015.

The objectives of The Power of Nutrition as stated in the Articles of Association are to support the advancement of health and the prevention or relief of poverty by providing, or assisting in the provision of, financial support to maternal and child nutrition programmes worldwide.

The Board of Trustees have a duty to report in the Trustees’ Annual Report on the charitable foundation’s public benefit. They should demonstrate that:

The accounts of the charitable foundation are filed with Companies House and the Charity Commission.

5.2. Governance & management

The governing body of the charitable foundation is the Board of Trustees. The Trustees are appointed in their capacity as individuals and are also Directors for the purposes of company law. The Trustees are responsible for reviewing and approving the strategy and operational policies of the charitable foundation (including such areas as risk management and legal and regulatory compliance), reviewing reports on the charitable foundation’s financial activities and monitoring investment and fundraising activities.

Board of Trustees

During the year ended 31 December 2022, one trustee resigned namely Michael Rann on 12 July 2022.

During the year ended 31 December 2022, two trustees were appointed; Pranav Lalit Trivedi and Kul Chandra Gautam (both on 18 November 2022). A further three trustees had been appointed in 2023, ahead of the signing of this report; Elhadji Amadou Gueye Sy (6 February 2023), Anulika Nwamaka Ajufo (14 February 2023) and Susana Edjang (1 June 2023).

The Trustees have no beneficial interest in the charitable foundation. All Trustees sit on the Board of The Power of Nutrition in their own individual capacity and execute their duties in the best interests of the Foundation. There are no Corporate Trustees. All Trustees give their time freely and no Trustee remuneration was paid in the year. Trustees are mindful of identifying and managing conflicts

Page 14 of 40

The Power of Nutrition

Trustees’ annual report

For the year ended 31 December 2022

of interest and manage their proceedings in accordance with the detailed conflict of interest procedure set out in the charitable foundation’s Articles of Association. Please also see the related party note 17 to the Annual Financial Statements.

The Board met three times during 2022 (2021: three times).

The Executive

Day-to-day responsibility is delegated to the Executive under the leadership of the Chief Executive who reports to the Board and works closely with the Chair.

The Executive is responsible for raising new financing, working with the implementing partners to channel the financing to evidence-based investments in nutrition, and reporting to the Board and other key stakeholders.

The team has structured its operational functions across two key pillars: partnerships & brands (fundraising) and programmes & investments.

Partners

The Power of Nutrition is a growing partnership of funding and implementing partners committed to helping children grow to their full potential. During the year ended 31 December 2022:

5.3. Key policies & risk management

The Board is responsible for ensuring that the charitable foundation has an appropriate system of controls, financial and otherwise. It is also responsible for safeguarding the assets of the charitable foundation and, therefore, for taking reasonable steps for the prevention of fraud and other irregularities.

A set of core operating policies guide the day-to-day work of The Power of Nutrition. These include:

Page 15 of 40

The Power of Nutrition

Trustees’ annual report

For the year ended 31 December 2022

The Power of Nutrition is committed to ensuring that it provides a safe and trusted environment which safeguards and promotes the welfare and wellbeing of beneficiaries, our staff and partners. The Power of Nutrition enforces safeguarding practices through its procedures and policies including:

Our safeguarding policy is reviewed, approved and endorsed by the Board of Trustees annually or when updated after relevant legislation changes.

The Power of Nutrition requires all partners, agencies and grantees to:

Assisted by the Executive and the Finance, Audit and Risk Committee, the Board reviews and assesses the major risks to which The Power of Nutrition is exposed. Risks are assigned a ‘Gross Risk Score’ based on likelihood of occurrence and potential impact , and a ‘Net Risk Score’ that takes in to account the strength of mitigation measures in place. Taking into account the controls and safeguards currently in place, the key risks and uncertainties identified by the Board are as follows:

Key risks summary

The Power of Nutrition has in place a risk matrix that is reviewed monthly by the Executive team, before every Board meeting by the Finance and Audit Committee, and by the Board of Trustees at every Board meeting.

Page 16 of 40

The Power of Nutrition

Trustees’ annual report

For the year ended 31 December 2022

The organisation has identified the following key risks:

1. Operational expenditure

The organisation needs to continue to raise sufficient additional funding to cover its on-going operating expenditure (OpEx). The organisation is in a process of transition to broaden its OpEx base away from its historical funder, CIFF, and introduce new funders, as well as implementing standard cost recovery from all funders. The organisation currently has OpEx funding commitments to support it for at least the next 12 months. In addition, we constantly review our expenditure to ensure we are a cost-efficient organisation.

2. FCDO budget cuts and implications for match Model

One of our founding funders, FCDO, has been subject to significant budget cuts which has in turn impacted a core element of our offering - match funding from FCDO for every $1 we raise.

Our response to this has been to launch a new strategy to diversify the funding base of the organisation, to invest in our fundraising team and to develop a range of new products which are not reliant on the match.

3. Future Programme Funding

As explained under paragraph 2.1, there are currently four programmes (Gujarat, Indonesia, Benin and Bangladesh) that are not yet fully funded but where we expect to raise the additional USD 3.8 million required to implement the planned programmes This is a small amount in the context of the USD 549 million which will be utilised by our 21 programmes. In addition to raising future funding, we are currently actively exploring other solutions, including discussions with donors, reducing the scale of some programmes and/or allocating unrestricted funds generated.

Raising unrestricted funding remains a challenge. This is in part because most donors wish to commit funds to front-line programmes, rather than cover central costs. More unrestricted funding would speed-up partnerships and most importantly get programmes going more quickly.

The fundraising team continues to actively seek out unrestricted financing, while the finance and audit committee regularly monitors this situation. In addition, to assist with our fundraising efforts, we have strengthened our fundraising team by adding a member based in the Middle East who specialises in fundraising in this geography where we have not previously had a strong presence.

4. Staff retention

Not being able to retain staff is a very high risk in an organisation such as The Power of Nutrition. In a smaller organisation the impact of valued employees leaving can be much greater.

To mitigate this risk, The Power of Nutrition has been taking a proactive approach by implementing competitive and fair remuneration packages, ensuring that robust human resources policies are in place, developing a clear performance management system, giving employees a voice, and ensuring that they feel listened to, respected and able to contribute to their fullest extent. A new Benefits and Remuneration Policy was approved by the Board in June 2021, after consultation with

Page 17 of 40

The Power of Nutrition

Trustees’ annual report

For the year ended 31 December 2022

all members of the team. Additionally, staff have been fully engaged in the creation of our new Strategy.

Fundraising statement

The Power of Nutrition has for the first time via its Global Malnutrition Crisis Appeal in 2022 engaged in public fundraising and also occasionally uses professional fundraisers. We are a member of the Charity Fundraising Regulator and monitor the relevant fundraising regulations (including the Institute of Fundraising guidelines (UK)) and codes to ensure compliance where relevant. During the year there was compliance with these regulations and codes. The charitable foundation did not receive any complaints relating to its fundraising practise during the year.

Remuneration statement

Salaries for permanent staff across all functions have been set in line with a range of market rate indicators and internal parity. Any salary adjustments made in the year were in line with our Remuneration and Benefits Policy.

Public benefit

The Trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2006 to have due regard to the Charity Commission’s general guidance on public benefit, ‘Charities and Public Benefit.’ That guidance addresses the need for all charities’ aims to be, demonstrably, for the public benefit. The trustees consider the facilitation and provision of nutrition services to be wholly for the public’s benefit.

Page 18 of 40

The Power of Nutrition

Trustees’ annual report

For the year ended 31 December 2022

6. Statement of responsibilities of Trustees

The Trustees (who are also Directors for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and accounting standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The membership of The Power of Nutrition comprises the Trustees, the Children’s Investment Fund Foundation and the UBS Optimus Foundation and entitles the members to voting rights only. Neither the Trustees nor the Members have any beneficial interest in The Power of Nutrition.

The Trustees’ Annual Report, incorporating the strategic report and directors’ report, has been approved by the Trustees on 22 September2023 and signed on their behalf by

………………………………………………

Mark Cutifani, Chairman

Page 19 of 40

Independent Auditor’s Report to the Members

The Power of Nutrition

For the year ended 31 December 2022

Opinion

We have audited the financial statements of The Power of Nutrition (the ‘charitable company’) for the year ended 31 December 2022 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on The Power of Nutrition's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Page 20 of 40

Independent Auditor’s Report to the Members

The Power of Nutrition

For the year ended 31 December 2022

Other Information

The other information comprises the information included in the trustees’ annual report, including the strategic report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report including the strategic report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the

Page 21 of 40

Independent Auditor’s Report to the Members

The Power of Nutrition

For the year ended 31 December 2022

aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Page 22 of 40

Independent Auditor’s Report to the Members

The Power of Nutrition

For the year ended 31 December 2022

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Noelia Serrano (Senior statutory auditor)

26 September 2023 for and on behalf of Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y

Page 23 of 40

The Power ol Nuirltlon SiatÈment ol financial aciivilies For the Èar ended 31 December 2022 2022 Total Unre8iricted $'ooo 2021 Total $'ooo Unreslricied Resiricted Flestricied Noie Income from= Grants Bank Interest 1,332 14 2,344 3,676 204 12,619 31 13,405 33 Total Income 1,346 2,534 3,880 12,650 13,438 Income wrlle-backs.. Grants wriiiÈn back 2a Income after wrlte-backs.. 1,346 2,534 3,880 12,302 Expendllure on.. Flaising funds ¢harrtable adivitiÈs 1,632 1,584 1,632 4,054 1,932 1,657 1,932 31,977 2,470 30,320 Total expendlture 3,216 2,470 5,686 3,589 30,320 33,909 Net deflclt before other recognlsed galns and losse$ 11,8701 11.8061 12,8011 118,8061 121,60n Loss on forÈlgn exchange movemÈnls 11321 11041 11041 Net expendlture for the year before transfers 12,0021 11.9381 12,90SI 118,8061 Transfers between funds 1,381 Net expendlture for the year 16211 11.9381 12,90SI 118,8061 t movement In funds 16211 11.9381 12,90SI 118,8061 Reconclllatlon ot funds.. Total funds brought forward 13b 3,261 16,2291 12.9681 6,166 12,577 18,743 Total funds carrled foThvard 13a 2,640 17,5461 14.9061 3,261 16,2291 12,9681 All DI Ihe gbove resuhs are derived from continuing acliviiies. There were w olher recogniS￿ gains or losses other than those staled above Movemenis in funds are disclosed In NDle 12 10 Ihe financial siatemenls. Page 24 0140

The Power of Nutrition Balance sheet Company number.. 09288843 As al 31 December 2022 2022 $'ooo 2021 $'ooo Note $'ooo $'ooo Flxed assets: Tangible assets Intangible assets 18 198 9b 236 Current a$$et$: Debtors Short term deposits Cash at bank and in hand 10 4,427 605 17,138 13,092 674 18,604 22,170 32,370 Liabilities: Creditors.. amounts falling due within one year 11a 12,511 14,701 Net ¢urrent asset$ 9,659 17,669 Total assets less current Ilabllltles 9,904 17,885 Creditors.. amounts falling due after one year 11b 14,810 20,853 Total net a$set$ 14,9061 12,9681 The funds of the charity: Restricted income funds Unreslricled income funds 12 (7,546) 2,640 16,2291 3,261 Total charity fund$ 14,9061 12,9681 Approved by the Iruslees on 22 September 2023 and signed on their behalf by Mark Culifani Chairman Page 25 0140

The Power of Nutrition Statement ol cash flows For the ear ended 31 December 2022 2022 $'ooo 2021 $'ooo $'ooo $'ooo Ca$h flow$ from operatlng a¢tlvltle$ Note Net ea$h used In operatlng a¢tlvltles 14 11,5501 11,0381 Cash flows from Investlng a¢tlvltle$: Interest income Purchase ol fixed assets 204 (56) 33 11691 Net eash provlded by l (u$ed Inl Inve$tlng activities 147 11361 Change In ¢a$h and ¢ash equlvalents In the year 11,4031 11.1741 Cash and cash equivalents at the beginning of the year Change in cash and cash equivalents due lo exchange rale movements 19,278 20,556 (1321 11041 Ca$h and ea$h equlvalents at the end of the year 17,743 19,278 Page 26 0140

The Power ol NLttrilion Notes to the financial slalements Forlhe ar ended 31 De￿mber 2022 Accounting policies Bl Statutory information Power ot Nutrition is a charitable company limited by guarantee and is inc0￿rated in England & Wales. The r￿IStered office address is.. One Bartholomew Close, London. EC1A 7BL bl Basis of preparation The tinancial statements have been prepared in accordancewith Accounting and Reporting by Charities.. Slalement ol Recommended Practice applicable lo charities preparing their accounts in accordance with Ihe Financial Rewrling Standard applicable in the UK and ReputAic ol Ireland IFRS 1021 (Charities SORP FRS 1021, the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 and the Companies Act 2006. Assets and liabilities are initially recognised al historicd cost ortransaction value unless 01he￿iSe slated in Ihe r￿￿an1 accounting tM)licy or note. The charitsNe company meets Ihedelinilion of a public benefit enlily under FRS 102. dl Going concern The trustees consKler that there are no material uncertainties about the charitable loundalion's abililylo continue as a going concern and its ability lo deliver on its ￿an5 through lo end September 2024. they also have a reasonatAe expectation that the organisalion will have adequate resources to continue in 0[￿rational existence beyond end September 2024. The trusleesdo not consKlerthal there are any Sour￿ of estimation un￿rtaInty at the reporting dale that have a signiticanl risk ol causing a material adjuslmenl lo the carrwng amounts ol assets and liabilities within the next rewrting peri(xl. el Presentational currency and foreign exchange The presentational and functional currency ol Ihe charitable foundation is United Slates Dollars IUSDI. At the year end the exchange rale adopted was 21.. USD 1.20 (Prior year21.' USD 1.351 Assets and liatxlilies in for￿gn currencies aretranslaled into USD al the rale ol exchange l(K the month in which the transaction was incurred. Exchange d1fteren￿S are shown on the slalemenl ot linancid aclivilies. fl Ineome Income is re￿nised when the charitable foundation has enlillemenl lo the funds, any t￿rtOrManCe conditions attached lo the income have been mel, il is tKobable that the income wll be reC￿ved and that the amount can be measured rdiably. Income from govemmentand other grants. whelher'capital. grants or'revenue. grants. is recognised vthen the charity has entillementto Ihe funds, any t￿rtOrManCe conditions attached lo Ihe grants have been mel, il is probaNethal Ihe incomewill be received and the amount can be measured reliably and is ol deferred. gl Fund aeeounting Reslricled lund5 are lo be used for specific purfM)ses as l￿d down by the (k)nor. In the case ol FCDO match funding, NORAD and Platrorm funding which are classified as restricted. these type ol funds are broadly reslricled meaning they are not specific lo a programme on tKM)king and could be used across difterenl tKogrammes and geographies. Unrestricted funding can be ulilised as required by the organisalion, The Power ol Nulrilion's OPEX funding is classified as unrestricted. h) Interest receivable Interest on funds held on defM)sil is included when recewable and the amount can be measured reliablyby the charity., this is normally utM)n nolificalion ol the interest paid or payable by the bank. il Expenditure and irrecoverable VAT Expenditure is re￿nised On￿ there is al￿al orconslructwe obligation lo make a payment lo a third party. it is probable that settlement will be required and the amount ot the otAigalion can be measured rdiatAy. Expenditure is classified underlhetollowing activity headings.. Costs ol rasing funds relaleto the costs incurred by the charitable company in inducing third parties lo make voluntaryconlribulions to it, as well as the cost ot any actwilies with a fundraising purwse Expenditure on charitable activities includes the costs ot granl-making undertaken lo further the purposes of the charity and associated support costs Irrecoverable VAT is charged as a cost against the activity lorwhich Ihe ex￿ndItUre was Incurr￿1. Il Grants payable Grants payable are charged lo the Statement ol Financial Actwilies in the year in which the oller is conveyed tothe recipient. The balance of grants payable due al the end ol each reporting period are shown as creditors on Ihe balance sheet. kl ￿loCation of support costs Resources expended are allocated lo the particular activilywhere the cost rdales direclyto that aclivily. Supwrt and governan￿ costs are r&all(Kaled lo each ol Ihe activities on the tollowing basis which is an estimate. based on staff time, ol the amount attributsNeto each activity. 55Y. Grant making Governance costs 15Y. Govemance costs are the costs associated with the governan￿ arrangements ol the charitable loundalion. These costs are associated with consliluliorHI and slalulory requirements and include any costs associated with the strategic management ol the charilaNetoundalion's activities. Page 27 0140

The Power ol NLttrilion Notes to the financial slalements Forlhe ar ended 31 De￿mber 2022 Accounting policies Icontinuedl 11 Operating leases Rentd charges are charged on a slraighl line basis over the lemi of the lease. ml Tangible fixed assets Items ol equipment are capilalised where the wrchase price exceeds $6￿)(£5001. Depreciation costs are all(Kaled lo activities on the basis ot the use ol Ihe related assets in those aclivilies. Assets are reviewed tor impairment il ￿rcuMstan￿S indicate Iheircarrwng vdue may exceed their nel redisable value and value in use. Where fixed assets have been revalued, any excess between the revdued amount and the historic cost of the asset ￿ThI1 be shown as a revaluation reserve in the balance sheet. Depreciation is provided al rates calculated to write down the cost ol each asset lo its eslimaled residual value over its expected useful life. The depreciatio rates in use are as follows.. Leasehokl imtKovemenls loverthe life ol the lease) Computer equipment InlangitAe asset IGMS System) 3 years 3 years 10 years n) lThtangible fixed assets Intangible fixed assets acquired separately from Ihe charty are recognised al cost and are subsequenly measured al cost less accumulated amortisalion and accumulated imparmenl losses. The intangible asset is an Investment Management System which went live in quarter 3 012022. ol Debtors Trade and olherdebtors are recognised al the settlement amount due aller any trade discount ollered. Prepayments are valued al the amount prepaid nel ol anytrade discounts due. pl Cash at bank and in hand Cash at bank and cash in hand includes cash and short lemi highly IKIUKI investments with a short maturity ol three months or less from the dale ol acquisition or opening ol the deposit or similar account. ql Creditors and pro￿S1onS Creditors and provisions are recognised vthere the charilatAetoundalion has a present obligation resulting from a past event Ihatwill probably result in Ihe Iranster ol tunds to a third partyand the amountdue lo settle the otAigalion can be measured or estimated reliaNy. Creditors and provisions are normally recognised al their settlement amount after dI0￿￿ng tor any Iradediscounts due. The charitsNetoundalion only has linancid assets and financial liabilities ol a kind that qudily as basic linancid inslrumenls. Basic financial instruments are initially recognised al transaction value and subsequently measured al lh￿r settlementvdue with the exception ol bank loans vthich are subsequenly measured at amortised cost using the ellective interest method. rl Pensions The charitsNefoundalion otwates a defined contribution ￿nSIOn scheme. The assets ol the scheme are hdd separately from those ol the charitable foundation in an independently administered fund. The pension cost charge represents contributions payable under the scheme bylhe charitable foundation lo the fund. The charitable foundation has no lithlily under the scheme olherthan lor the payment ol Ihose conlribulions. All such conlrimlions lomi part ol unrestricted expenditure. Page 28 0140

The Power ol NLttrilion Notes to the financial slalements Forlhe ar ended 31 De￿mber 2022 Ineome from grants 2022 Total Unreslricled $'ooo Unreslricled Restricted Restricted $000 $.￿)0 Children's Investment Fund Foundation ICIFFI The Foreign, Commonwealth and Develq)menl offi￿ IFCDOI UBS Optimus Foundatio Medicor END Fund PVH Corporation Unilever 1,284 750 2,034 832 2,353 79 350 2,500 83 964 3,000 500 500 1,646 573 25 2.353 79 35) 150 150 100 79 390 390 100 170 2.9Th) 330 5Th) .301 Cargill Corporate DFAT- Auslrdian Government SIDA 500 388 500 345 67 Others 48 166 214 1,332 1344 3,676 12.619 13,405 2B Write backs against booked grant income 2022 Total Unreslricled $'ooo 2021 Unrestricted Restricted Restricted $'ooo $'Th)o The Foreign, Commonwealth and Devel(pmenl offi￿ IFCDOI Comic Reliet IUSAI 16601 1476 476 For prior year 2021. the write back against grant income ot $1,136k is represented by $660k ol income accruals written back oncelhe final payment from FCDO under the second agreement was determined and $476k written back from a Comic Reliet IUSAI grant that was Vyilhdrawn due lo political inslatxlity in the programme geography. Page 29 0140

The Power of Nutrition Notes to the financial statements For the ear ended 31 December 2022 3a Analys1$ of expenditure - Current year Cost ol raising funds $'ooo Governance osls $'ooo 2022 Total $'ooo 2021 Total $'ooo Granl-making $'ooo Support costs $'ooo Staff costs INote 61 Other stall costs Grant commitments (Note 41 Premises Travel Ollice, IT and insurance Communications and business development Audit Consultancy Legal and professional lees Depreciation 625 29 904 39 2.470 44 674 60 2,247 128 2,470 110 135 176 37 25 235 95 28 2,479 60 30,320 186 110 46 116 26 28 61 46 10 177 20 36 347 247 26 25 13 61 47 114 91 16 12 762 3,579 92 1,253 5,686 33,909 Support costs 689 376 188 11,2531 Governance costs 181 99 12801 Total expendlture 2022 1,632 4,054 5,686 Total expenditure 2021 1,932 31,977 33,909 Page 30 of 40

The Power of Nutrition Notes to the financial statements For the ear ended 31 December 2022 3b Analys1$ of expenditure - prlor year Cost of raising funds $'ooo Governance costs Support costs $'ooo $'ooo 2021 Total $'ooo Grant-making $'ooo Staff Costs (Note 61 Other stall costs Grant commitments INote 41 Premises Travel Otti¢e, IT and insurance Communications and business development Audit Consultancy Legal and professional fees Depreciation 780 983 141 30,320 47 669 59 2,479 60 30,320 186 186 177 177 20 36 347 247 26 36 181 59 107 247 26 796 31,358 264 1,491 33,909 Support costs 820 447 224 11,4911 Governance costs 316 172 14881 Total expendlture 2021 1,932 31,977 33,909 Page 31 of 40

The Power of Nutrition Notes lo the financial slalemen15 For the ear ended 31 December 2022 4a Grant rnaking- current year Grants to inslilulions Direct costs of granl-making Support and governance costs 2022 $'ooo $'Mo $'ooo $'ooo Mobile Doctorni India IGroup Ml DRC programme (Giveoirecllyl Liberia programme IPAII Zambia programme (World Vision) Indonesian programrne (Save the Children) 437 2,700 122 754 39 193 52 323 611 3.777 197 968 11,SOOI 692 11,5001 83 Total 2.470 1,109 475 4,054 4b Granl making- prior year Grants to inslilulions Direct costs of granl-making Support and governance costs 2021 $'ooD $,[￿0 $'ooo $'ooo Bangladesh programrne (UNICEF) Ethiopia prograrnme IUNICEFI Rwanda programrne (World Bank) Malawi programme (Save the Children) Mobile Doctorni India IGroup Ml Nutrition research project Imodern Scientist Globall Gujarat programme (Carel Total 7,500 14,700 500 5,713 3,765 241 472 144 282 7,68S 1S,454 526 6,006 3.958 183 109 72 142 12,0001 30,320 149 12,0001 31,977 1,038 619 The Power of Nutrition makes charitable grants lo ils implementing partners lo scale up quality. high-impact Chi￿ and matemal nutrition programmes. A amount of $1.5m was ¥￿tten back against grant expenditure which rellecls the reduction in funding for the Indonesian programme ¥there we were unable lo lind a replacement lunder lor the ￿￿thdraWal of APC funding designated for this programme. In 2021 an amount ol $2m was written back against grant expenditure which reflects the reduction in funding for the Gujaral programme ￿there we were unable to lind an additional funderto cover the funding shortfall in this programme. Net loss for the year This is slated after charging I Icreditingl.. 2022 $'ooo 2021 $'ooo Depreciation Operating lease rentals.. 27 26 Property 58 109 Auditor remuneration lexcluding VATI.. Audit Other services 2S 30 Foreign exchange loss 192 104 Page 32 0140

The Power of Nutrition Notes lo the financial slalemen15 For the ear ended 31 December 2022 Analysis of staff eosts, trustee remuneration and expenses, and the cost of key management pprsonnel Staff cos15 were as follow5.. 2022 $'ooo 2021 $'ooo Salaries and wages Redundancy and lerminalion costs Social security costs EmployeVs contribution lo defined contribution pension schemes Other forms ol employee benelils 1.768 124 212 11S 28 2,047 247 122 63 2,247 2.479 The followng number of employees received employee benefits lexeluding employer pension costs and efflployer's national insurancel during the year between.. 2022 2021 $250.000- $262,4991¢200,OM- 2210.0001 $237.500- $249,9991¢190,000- 2200.0001 $225.000- $237,4991¢180,000- 21￿.000> $212.500- $224,9991¢170,000- 2180.0001 $200.000- $212,4991¢160,000- 2170.0001 $187.500- $199,9991¢150,000- 2160.0001 $175.000- $187,4991¢140,000- 2150.0001 $162.500- $174,9991¢130,000- 2140.0001 $150.000- $162,4991¢120,000- 2130.0001 $137.500- $149,9991¢110,000- 2120.0001 $125.000- $137,4991¢100,000- 2110.0001 $112.500- $124,9991¢9D.000- 2100.ODOI $100.000- $112,4991¢80.000- 290,OODI $87,500- $99.9991£70,000- ¢80.0001 $75,000- $87.4991260,000- t70.0001 The total employee benefits lincluding pension conlribulion5 and employer's national insurancel of the key management personnel were $1.217,942 12021.. $1,135.0981- The charity Iruslees were neither paid nor received any other benefits from employment with the charity in the year (2021.. $nill. No charity trustee received payment lor professional or other services Sup￿led lo the charity12021.. $nill. Travel expenses relating to Iruslees lolaled $Nil12021.. $Nill. Related party transaction5 are di￿lOSed in note 17. Stalf numbers The average number of employees (head count based on number o151aff ern￿OYed1 during the year wras 15.712021.. 19.71. 2022 2021 Raising funds Grantmaknng Support Governance 1S.7 19.7 Taxation The charitable foundation is exempl from corwralion tax as all ils income is charitable and is applied foreharilable purposes. Page 33 0140

The Power of Nutrition Notes lo the financial slalemen15 For the ear ended 31 December 2022 Ya Tangible fixed assets Computer equipment Leasehold Improvements Total $'ooo $'ooo $'ooo C051 or valuation Al the start of the year Additions in year Disposals in year BO 83 163 Al the end of the year B6 83 169 Depreciation Al the start of the year Charge lor the year Eliminated on dispos 67 14S Al the end of the year Net book value At the end of the year 77 83 160 Al the start of the year 1B 9b Irrtangible fixed assets IM system $'ooo Total $'ooo Cost or valuation Al the start of the year Additions in year Disposals in year Amortisalion in year Al the end of the year 198 50 12 236 fJ6 The Imieslmenl Management System went live in July 2022, il is being amortised over a 10 year tkriod. l ol the above assets are used lor charita￿e pu￿Se5. 10 Deblors 2022 $'ooo 2021 $'LN)O Grafit incoffle recewaNe Other debtors Prepayments 4.376 12,935 39 4,427 13,092 $2m12021.. $7.Sml is classified as short-lerm debtors wlh the expectation ol receiving these funds wlhin 12 months of the year end date. $2.4m12021.. $5.6ml is classilied being due lor collection between 13 and 24 months post year end dale. Page 34 0140

The Power of Nutrition Notes lo the financial slalemen15 For the ear ended 31 December 2022 11a Creditors.. arnounts falling due within one year 2022 $'ooo 2021 $'Mo Trade creditors Grants payable lo UNICEF Grants payable lo World Bank Grants payable lo CARE and Action Again51 Hunger Grants payable lo Save The Children Grants payable lo Group M Grants payable lo World Vision Grants payable lo Give Directly Accruals Other creditors 92 6,927 2SO 9,649 250 835 2,127 1,674 2,200 1,456 66 126 50 12,511 14,701 11b Credilors.. amounts lalling due between one and Ihree year5 2022 $'ooo 2021 $'Mo Grants payable lo UNICEF Grants payable lo CARE and Action Again51 Hunger Grants payable lo Save The Children Grants payable lo Group M Grants payable lo World Vision Grants payable lo Give Directly B,94S 1,294 3,582 13,647 669 5,882 655 406 649 14,B10 20,853 12a Analysis of net as5et5 beiween funds (current yearl Restricted $'ooo T¢)tal funds $'ooo Tangible lixed assets Intangible fixed assets Nel assets 236 2,395 236 9,659 114,B101 7,264 Net assets al 31 Decemb2r 2022 2.640 17,5461 14,9061 12b Analysis of net as5et5 beiween funds (prior yearl Restricted $'ooo T¢)tal funds $'ooo Tangible lixed assets Intangible fixed assets Nel assets 16 198 3,045 14,624 20.8531 17,669 120,BS91 Net assets al 31 Decemb2r 2021 9.261 16,2291 12,9681 Page 35 0140

The Power of Nutrition Notes lo the financial slalemen15 For the ear ended 31 December 2022 1Sa Movement in funds lyear 20221 By ProgrammelFunder Tol Total ReSoUr￿S Expensed $'ooo Bal 91 Dec 2022 Bal 1 Jan 2022 Incoming Resources $'ooo $'ooo Transfers $'ooo Unrestricted OPEX funding 3,261 1,346 13,3481 2,640 Restricted lal FCDO Match funding Ibl NORAD funding lel Platform Funding Idl Maharashtra programme lel Indonesia programme (fl Gujaral programme Igl Benin pr￿ramrne Ihl Liberia 2 programme lil Rwanda programme QI Ethiopia 2 programme Ikl Bangladesh programme 111 Mobile Doctomi programme Im) Malawi programme Inl Cargill Corporate lunder lol SIDA funder- DRC 3.109 1.037 9.527 11.22n 12.5821 1,037 $67 (7271 15821 15001 12,1681 500 500 1,5 12.5001 332 1,493 150 250 12501 13.28n 3,287 15,0811 12.2301 390 14371 2,277 2,813 330 330 11,0111 350 135 30 388 12,7001 506 Iql Hert)alife- Rwanda Irl Globa Mallutrition Appeal 151 Zambia programme Other 135 30 16921 692 74 74 Total restricted 6.229 2,534 2,470 1.381 S46 Total Funds 12.9681 3,880 14.9061 Purposes of unrestricled funds These funds are not restricted for a specilic purpose and can be ulilised a5 required by the organisalion. In praclise these funds are used lo fund the operating expenses ol The Power of Nutrition. Purpose5 of restricted funds Restricted funds are lo be used for specilic purposes as advised by the donor li.e in a S￿lI1C programme or ge￿raPhYl. some of these reslricled lund5 above are classified as broadly restricted funds (see a-cl thich means these funds can be used across different programmes and geographies including transfers lo other funds that may be in delicil il required. Total restricted funds are a negative $7.5m al the end 012022. this is principally due lo income recognition criteria which have precluded the full ￿Qking of felaled income thilsl lfre related Pr￿￿arnme expenditure has been booked in full. In total $5,038k ol income ICIFF income of $S.527k. SIDA $1,011k and DFAT income ol $0.5ml is yel to be booked against programmes which are reflecting lully booked expenditure. There is also expenditure raised against four programmes totalling $3.75m which repiesenl current funding gaps which we are looknllg lor new lunders or ryll reduce the pr￿ramrne size which ￿111 reduce the negative funds restricted ligure going forward. Ott-set against this is $0.9m of income booked that we are not reflecting any associated gralll expellditure. Restricled Funds description lal FCDO match funds FCDO match funds Kill be used to fund nutrition Pr￿rammeS across various geographies wlh the exeeplion ol India. Transfer5 lolalling $8.109k were made lo the tiberia 2 programme1$1,510kl and Ethiopia 2 programme1$1,599kl. Ibl NORAD funding Norad funding can be used across The Power of Nutrition atproved programmes bul this remaining funding is intended for our Bangladesh prografflffle. Icl Platform Funding Plallomi Funding is aimed lo be used wlhin nutrition programmes when required. $332k was transferred during the year lo fund the Benin programme, a further $692k was transferred during the year lo fund the Zambia programme, $1,688k towards the Ethiopia 2 programme, $2,813k towards the Mala pr￿￿arnme and $2.277k towards the Mobile Doctomi programffle. A further $1.366k was transfe￿ed lor OPEX PUTP05es ￿th a sfflall inward Iransler of $17k in respect surplus funds on the Liberia 2 pr￿ramrne. Page 36 0140

The Power of Nutrition Notes lo the financial slalemen15 For the ear ended 31 December 2022 Idl Maharashtra programme Funding for the Maharashlra programme supports the slrenglhening of the implemenlalion capacity and delivery ol essential nutrition services in Maharashlra al both Slate and District levels lor the benelil ol children and mothers. The negative balan￿ al the end 012022 reflects funds comfflitted to those activities. this money was received froffl Children's Investment Fund Foundation in April 2023. $SOOk was received from Children's Investment Fund Foundation during 2022. lel Indonesia programme Funding lor the BISA programme in Indonesia. this programme is assisting the Government of Indonesia in transforming the lives of women. adoles￿￿1 girfs and young children, enabling them lo access bettef nutrition afid helpifig childrefi reach Iheif lull polenlial. The negative balance al the end of 2022 reflects funds commthed lo those activities and forwhich $50Dk is expected lo be received in the 2023 year from DFAT. During 2022, $500k was received from DFAT and oui programme commilmelll ¥Yas reduced by $1,500k ¥then il became clearthal we ￿￿Uld be unable lo le￿ace the lullding commitment wlhdra¥w by APC lor this programme. To cover the remaining $82k negative, we are looking for a replacement lunder in year 2023. Ifl Gujarat programme Funding for the Gujaral nutrition programme thich wll support the Slate Government of Gujarat lo deliver ils slunling reduction programme. The negative balance al the end of December 2022 reflects funds committed lo those aclwities and which monies or a reduction in programme size are expected lo be confirmed in the tkriod 2023 10 2024. Igl Benin prograrnme Funding for the Benin programme is lo supwrt the Government of Benin's national nutrition programme which is expected lo avert 9,000 &￿eS ol slunling amongst children., avert 85,400 cases ol maternal anaemia and 1.000 child deaths. The n￿alIve balance at the end ol December 2022 reflec15 funds commilled lo those activities and lor which monies or a reduction in programme size are expected lo be confirmed in the period 2023-2024. Ihl Liberia 2 prograrnme Funding lor our 2nd programme in Liberia, working lo improve nutrition at scale in Liberia and supporting the implementation ol the Liberian governmenfs national nutrition programme and 2018 nutrition policy. $1.510k was received from FCDO in March 2022. A further $150k was received from Medicor in June 2022. A transfer of $17k out lo Plallomi funds ¥Yas made as a result ol a small surplus ol funds not required lor the pr￿ramrne. lil Rwanda supplementary programrne Funding from CIFF that is for an additiona Nutrition evaluation with our Rwanda programme. Funding ol $25Ok was received from CIFF in De￿mber 2022. (il Ethiopia 2 prograrnme Funding for the Ethiopia 2 programme that went live in 2021. addressing maternal nutrition, wasting and slunling in under-fives in Ethiopia. $1.599k of funds were transferred lo this programme in the yearfrom the lina FCDD match funds. Funds totalling a further $1,688k were transferred in from Platform funds during the year. Ikl Bangladesh programme Funding lor the Bangladesh programme that went live in 2021 is lo improve the quality of fflalernal nutrition servi￿5 and care of low birth weight infan15 in Bangladesh. The negative balance al the end of December 2022 reflects funds committed lo those aclwities and which $4,131 k is expected lo be received in the period 2023 10 2025. To coverthe remaining negative balance ol $950k, we are currently looking lor a newfunder in the years 2023-2024. 111 Mobile Oectomi programme Funding lor the Mobile Doclorni programme in Gujaral Ilndial programme that went live in 2021, this programme has the ambition lo reach 2.7 million men ￿ryth hygiene and nutrition messaging. In the 2022 period lo 31st December 2022 a further $47k has been expensed in lemis of related consultancy costs. In addition $39Dk was booked to incoming resources and outgoing resources lo rellecl the value ol services in kind provided. Fund5 lolalling $2,277k were trallslerred ill from Platform lullds durill9 the year. Im) Malawi programme Funding lor the Mala￿1 programme is lo be used lo empower communities in Malaw so children can thrive and Succeed. Funds lolalling $2,813k were transferred in from Platfomi funds during the year. In) Cargill Corporation funder Funding that wll be used lor a second Moknle Doclorni programme in India. lol SIDA funder SIDA funding Kill be used for a programme in DRC. The 1st phase ol the DRC programme went live in January 2022. The negative balance ol $1,011k al the end of December 2022 *ryll be covered in full from the balance of contributions due by SIDA over 2023-2024. Ipl Irish Aid funder These funds Kill be used in Ethiopia and Liberia for an innovative Product Acces5 Inilialive. $156k was utilised during 2022 lor the 1st Product Access Initiative ￿rythIn the Liberia programme. Iql Herbalife funder- Rwanda These funds Kill be used in the existing Rwanda prografflme. $135k wa5 re￿iVed in February 2022. Irl Global Malnutrition Appeal These funds represent funding raised during year 2022 forthe Global Malnulrilion Appea which 15 largeling lund5 to help alleviate the Global Malnulrilion Crisis. Isl Zambia Programme This programme ￿leh is being implemented by Wodd Vision in Zambia is looking to distribute multiple micronutrient supplements from Kirk Humanitarian who are donating 329,000 bottles of these supplements lor beneficiaries. Platlorm funds ol $692k were ulilised lo fund the contribution from The Power of Nutrition to Worfd Vision. Page 37 0140

The Power of Nutrition Notes lo the financial slalemen15 For the ear ended 31 December 2022 Transfers Transfers represent funding reallocated from general and specifie lunder categories to undertying prwrammes thich wll ulilise this funding. Where there is a movefflenl wlhin the funding line relating lo Iranslers, these transfers are further explained in the detailed narratives presented in al lo sl thve,. 13b Movement in funds lyear 20211 By ProgrammelFunder Tol Total ReSoUr￿S Expensed $'ooo Bal 91 Dec 2021 Bal 1 Jan 2021 $'ooo Incoming Resources Transfers $'Mo $'ooo Unrestricted OPEX funding 6.166 788 13,6931 3,261 Restricted lal FCDO Match funding Ibl NORAD funding lel Platform Funding Idl Maharashtra programme lel Indonesia programme (fl Gujaral programme Igl Benin pr￿ramrne Ihl Research Pr￿rarnMes lil Comic Relief IUSAI Funder QI Rotary Foundation Funder Ikl Liberia 2 programme 111 Unilever programme Im) Rwanda programme Inl Ethiopia 2 pr￿ramrne lol Bangladesh programffle (pl Mobile Doclorni prografflffle Iql Mala￿￿ programme Irl Cargill Cowrale Funder 151 SIDA Funder Itl Irish Funder Other 9.030 16601 3,109 9.576 31 582 500 9,527 11,2271 12,5821 15001 12,5001 13.0821 12.5001 12.5001 2,0 23 14761 180 576 5,000 13.3331 15.0001 1,690 11.6431 (in 250 3,413 158 964 2,900 330 15001 114,7001 17,5001 12501 13,2871 15,0811 12,2301 12,B131 8,000 2,261 577 506 506 74 72 Total Restricled 12,577 130,3201 16,2291 Total Funds 18,743 12,302 IS4,0131 12.9681 PuTpose5 of unrestricted funds These funds are not restricted for a specilic purpose and can be ulilised a5 required by the organisalion. In praclise these funds are used lo fund the operating expenses ol The Power of Nutrition. Purpose5 of restricted funds Restr￿ted funds are lo be used for specilic purposes a5 advised by the donor li.e in a S￿lI1C programme or gewraphyl. soffle of these reslricled lund5 above are classified as broadly restricted funds (see a-cl thich means these funds can be used across different programmes and geographie5 including transfers lo other funds that may be in delicil il required. Total restrieled funds are a negative $6.2m al the end 012021, this is principally due to incoffle recognition criteria which have precluded the full knoking of related income whilst the related pr￿ramrne expenditure has been booked in full. In total $5,377k ol income ICIFF income of $4.227k. DFAT income of $1m and Medicor $150kl is yel lo be booked against programmes which are reflecting lully booked expenditure. There is also expenditure raised against four programmes totalling $5.6m which represent current funding gaps which we are looking lor newfunders or￿￿11 reduce the programme size which wll reduce the negative funds restricted figure going forward. Off-set against this is $2.1m of income booked that we are not reflecting any associated grant expenditure. Page 38 0140

The Power of Nutrition Notes lo the financial slalemen15 For the ear ended 31 December 2022 Restricted Funds deseription lal FCDO match funds FCDO match funds Kill be used to fund nutrition Pr￿raMmeS across various geographies wlh the exception ol India. During 2021, $660k was written back against grant income previously accrued. Further transfers ol funds lotalling $5,261k were made, wlh $3.OOOk going lo our Ethiopia 2 programme and $2.261k going lo our Bangladesh programme both of thich went Iwe in 2021. Ibl NORAD funding Norad funding can be used across The Power of Nutrition atproved programmes bul this remaining funding is intended for our Bangladesh prografflffle. $560k ¥Yas transferred lo fund the Mobile Doclorni programme in India which went live in December 2021. Icl Platform Funding Plallomi Funding is aimed lo be used wlhin nutrition programmes required. $180k was transferred during the year lo complete the funding of the research programme undertaken ￿ryth Modern Scientist Global. Funding of $100k was received from funding remaining from the Comic Relief IUSAI grant funding that ￿ryI1 no longer be utilised in the Burknna Faso programme. giving a nel transfer out ol funds totalling $80k. Idl Maharashlra programme Funding for the Maharashlra prografflffle supports the slrenglhening of the IM￿eMentall0￿ capacity and delivery ol essential nutrition services in Maharashlra al both Slate and District levels lor the benelil ol children and mothers. The negative balan￿ al the end 012021 reflects funds committed to those activities and for ¥thich monies are expected to be received in the 2022 10 2024 years from the Children's Imiestmenl Fund Foundation. In year 2021. $582k was recewed from the Children's Investment Fund Foundation towards the Maharashlra prwramme. lel Indonesia programme Fundifig for the BISA programffle ifi Indonesia. thi5 prografflffle is a5SlStifig the Government of Indonesia in translormifig the live5 of wofflen. adoles￿￿1 girfs and young children, enabling them lo aC￿sS beller nutrition and helping children reach their lull polenlial. The negative balance al the end of 2021 reflects funds commthed lo those activities and forwhich $1,OOOk is expected to be received in the 2022 10 2023 years from DFAT. To cover the remaining $1.582k negative. we are looking lor a replacement lunder (year 2022 to 2023) after the ￿ry1hdraW￿ by APC ol their funding commitment for this programme. In year 2021. $500k Wds receThied Irom DFAT towards the BISA programme in Indonesia. If) Gujarat programme Funding for the Gujaral nutrition prografflffle thich wll support the Slate Governfflent of Gujarat lo deliver ils slunling reduction prografflme. the course 012021 il was agreed that funding forthis programme would be reduced by $2m due to the diflicully in attracting a lunder lo cover this funding.The negative balance al the end of 2021 reflects funds committed lo those activities and thich monies are expected lo be re￿Wed in the period 2022 10 2024. Igl Benin prograrnme Funding for the Benin programme is lo supwrt the Government of Benin's national nutrition programme which is expected lo avert 9,000 &￿eS ol slunling amongst children., avert 85,400 cases ol maternal an￿rnIa and 1.000 child deaths. The n￿alIve baance at the end 012021 reflects funds commilled lo those activities and lor which monies are expected lo be receThied in the period 2022-2024. Ihl Researeh programmes Funding for supporting research primarily linking good nutrition with improved business retums and uplfft in a country's GDP. This research prografflffle has been completed and the results published in eady 2022. A transfer in ol $180k from Plallomi funds was made during the yearto complete the funding of this prografflffle. lil Comie Relief IUSAI lunder This funding was lo support the Burkina Faso programme. however Comic Relief IUSAI made the decision based on wlitica instability in BuTkina Faso to withdraw the lina grant due of $476k, the remaining funds lolalling $100k were transferred to Platform funds. (il Rotary Foundation tunder Funding trom the Rotary Foundation the full $5,OOOk W￿11 be ulilised in the Ethiopian 2 programme and the transfer reflects thi5 P0511ion. Ikl Liberia 2 programme Funding for our 2nd programme in Liberia, working lo improve nutrition at seale in Liberia and sutporting the implementation ol the Liberian governfflenfs national nutrition programme and 2018 nutrition policy. In year 2021, we received funding of $1.323k trom FCDO and $350k from Medicor. The negative balance al the end 012021 reflects funds committed lo those aclThiilies and for which $1,510 was received from FCDO in March 2022 the balance expected lo be received from Medicor in late 2022. 111 Unilever programrne Funding trom Unilever that will be used for the Mobile Doctorni programme in India, the transfer of funds 15 to the Mobile Doctomi programffle line. Im) Rwanda supplementary programme Funding trom CIFF that is for an additiona Nutrition evaluation with our Rwanda programme. The negalwe b￿ar￿ at the end 012021 reflects lund5 commilled lo those activities and thich monies are expected lo be received in 2022 from CIFF. Inl Ethiopia 2 programrne Funding for the Ethiopia 2 programme that went live in 2021. addressing maternal nutrition, wasting and slunling in under-fives in Ethiopia. $8m of funds ere transferred lo this programme in the year, being made up of $3m being allocated from FCDD match funds and a further $5m from The Rotary Foundation which Wds funding specifically allocated lo this programme. The negative balan￿ at the end 012021 rellecls funds committed to those activities and which monies Kill be received in the period 2022 10 2025. consisting of $3.287k trom a combination of FCDO match funds and Platforffl funds. Page 39 0140

The Power of Nutrition Notes lo the financial slalemen15 For the ear ended 31 December 2022 lol Bangladesh programme Funding lor the Bangladesh programme that went live in 2021 is lo improve the quality of maternal nutrition servi￿S and care of low birth weight infan15 in Bangladesh. Funds lolalling $2,261k were transferred in from FCDO match funds towards the funding ol this programme. The negalThie balance at the end 012021 reflects funds committed lo those activities and ￿thieh $4.131k is expected to be received in the period 2022 to 2024. The $4,131 k is made p ol commitments from NORAD $1.037k lo be transferred required (also see note bl. $2.8OOk committed trom CIFF and lo be dra￿ down over the period to 2024 N4ilh the balance ol $294k lo be transferred from Platrorm funds. To cover the remaining negative balan￿ ol $950k1$5,081 k les5 $4,131kl. we are currently looking lor a newfunder in the years 2022-2024. Ipl Mobile Doetorni programme Funding for the Mobile Doclorni programme in Gujaral Ilndial programme that went live in 2021, thi5 programme has the afflbilion to reach 2.7 million men ￿ryth hygiene and nutrition messaging. Transfers towards this programme KEre made from NORAD lunding1$560kl and Unilever1$17kl. The negative balance al the end of 2021 reflects funds commilled lo those activities and thich monies are expected lo be received from Unilever and the Lrtilisalion of ￿allorM funds in the period 2022 10 2023. Iql Malawi prograrnme Funding for the Malaw programme 15 to be used lo empower communities in Malaw so children can thrive and 5ucceed.The negative balance al the end of 2021 reflects funds commilled lo those activities and lor which fflonies are expected lo be received in the period 2022 10 2025 from the Hilton Foundation and utilisalion ol platform funds. Irl Cargill Corporation funder Funding that wll be used lor a second Moknle Doclorni programme in India. Isl SIDA funder SIDA funding Kill be used for a programme in DRC. The 1st phase ol the DRC prografflffle went live in January 2022. Itl Irish Aid funder These funds Kill be used in Ethiopia and Liberia for an innovative Product Acces5 Initiative TraThsfers Transfers represent funding reallocated from general and specific lunder categories to undedying pr￿rarnMes thich wll ulilise this funding. Where there is a movement wlhin the funding line relating lo Iranslers, these transfers are further explained in the detailed narratives presented in al lo 11 above. 14 Reconcilialion of nel105s lo net cash now Irom operating activities 2022 $'ooo 2021 $'ooo Net loss for the reporting period las per the slatement of financial activiliesl Depreciation and amortisalion charges Interest income Decrease in debtors (Decrease) l increase in creditors 11,8061 121,6071 27 12041 B,66S 18,2391 26 4,074 16,502 Net cash provided by operaling activitie5 11,5501 1S Opprating lease commilments The charity's lola lulure minimum lease payments under non-cancellable operating lea5e5 is a5 follows for each ol the follow￿ng tkriod5. These leases relate lo property. 2022 s'ooo 2021 $'ODO Les5 than one year 75 Years two lo live 75 16 Legal status of the charitable foundalion The charitable foundation is a company limited by guarantee and has no share eapilal. The liability of each member in the event ol winding up is limited to $1.201$1.351. 17 Related party Iran5action5 One Iruslee ol the charitable foundation is a partner ol the legal firm BDB Pilman5. The POv￿r of Nutrition paid $59,80412021.. $138,755) in legal fees to BDB Pitmans in the year. All transactions ￿ere al an ami's length basi5. Page 40 0140