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← The Power Of Nutrition

2023-12-31-accounts

The Power of Nutrition

Annual Report and Financial Statements for the year ended 31 December 2023

+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

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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 The 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 Mark Cutifani CBE Alasdair Cook Caroline Kuhnert Pranav Lalit Trivedi Kul Chandra Gautam 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) Alok Ranjan (Director of Programmes & Investments) Chris Skeet (Director of Finance) Carla Martins (Director of Human Resources and Operations) Shelley Pigott (Director of Strategic Engagement, appointed 2 February 2024) 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 110 Golden Lane, London, EC1Y 0TG

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The Power of Nutrition

Trustees’ annual report

For the year ended 31 December 2023

Message from the Chair

The Power of Nutrition was established in 2015 “to leverage more finance into the nutrition sector and deliver interventions at scale” . After 8 years we have materially exceeded our funding and impact goals, reaching children, adolescents and women in our quest to put nutrition in the hands of those that need it most. In 2022, no longer a ‘start-up’, we concentrated on rolling out the strategy continuing to make major strides in delivering our mission. The year however brought challenges; as was the case with many organisations in our sector, the external context is making it increasingly difficult to raise new funding. Despite this challenging macro-economic environment, we are proud to have continued to create new partnerships to tackle global malnutrition, to give children a better start to life and the future.

In 2023 we were delighted to launch four new programmes, including our first humanitarian initiative, because of a new public fundraising appeal. By the end of the year, our reach and impact had multiplied – we are pleased to share that we have now supported more than 157 million women and children with better nutrition; and as a result, over 870 thousand cases of stunting and 24 thousand child deaths have been averted.

Programme portfolio

The Power of Nutrition’s portfolio expanded in 2023 with the addition of four new programmes, exceeding our annual target:

  1. Indonesia II – this new partnership with Gavi (also working with Unilever), will make strides in integrating nutrition and immunisation. The two interventions generally target the same populations, by integrating the two, we can increase efficiency and impact.

  2. Rwanda II – we extended our successful partnership with the World Bank, supporting the government in its ambitious aim to eradicate stunting. The programme includes a blend of social protection, food fortification, early childhood development and nutrition interventions.

  3. Ethiopia with International Medical Corps (IMC) – in 2022 we launched our first ever public appeal, in response to the growing global malnutrition crisis. We were delighted to use funds raised from this appeal and develop a new partnership with IMC, who specialise in humanitarian work. This programme is providing goats to families in the drought-affected Oromia region in Ethiopia.

  4. DRC II – at the end of 2023 we launched the second phase of our partnership with SIDA, supporting mothers and children in the DRC. This phase is implemented by UNICEF and takes a multisectoral approach to complement the work focused on social protection in the first phase.

We have now invested in 25 programmes across 16 countries in Africa and Asia and at year end, our work had reached over 157 million people (90 million children under-five, 24 million adolescents and 43 million women) with critical nutrition services.

Fundraising

In 2023 we have been proud to leverage more funding in one of the places where it is needed most, enabling us to scale our humanitarian programme with International Medical Corps in Ethiopia with a further injection of resources. Thanks to pooled funding into this programme, families affected by terrible drought across the country are receiving goats and livestock so they can feed their families a diverse diet and can sell their reproducing livestock for an income.

Our focus was both on building our networks, particularly in the United States and the Gulf Countries of Cooperation and collaborating closely with our existing partners to explore further opportunities to work together. Despite this focus, it did not lead to the level of engagement and donor funding that we had initially anticipated. We attended and engaged with a number of organisations while in the U.S. for United Nations General Assembly Week, and in Dubai for COP28. Exploring the nexus

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The Power of Nutrition

Trustees’ annual report

For the year ended 31 December 2023

between climate change and malnutrition has become an increasing priority for us, and with the first ever day at COP dedicated to Food and Agriculture it is encouraging to see the growing awareness and opportunities to tap into climate-related finance.

In 2023, we produced our report on Innovative Financing – a culmination of work with Palladium Capital to look at new ways to bring new financing into the sector. As The Power of Nutrition was set up to do, we continue to advocate for new opportunities for tackling the escalating challenges of malnutrition. Our report into ‘Nutrition Ventures’ is available on our website, and we continue to seek innovative investors to partner in our programmes.

Communications and advocacy

In 2023, our communications efforts focused on strengthening our brand, supporting partnership engagement and building our profile. We organised an asset gathering trip to our programme in Rwanda, and using the assets, we launched our first ever Impact Report. The report brought to life the stories of the communities we work with and the impact our programmes are having on the ground. A new member of staff in our communications team has enabled us to develop a new social media strategy and do more to effectively champion nutrition.

Committed to being a sector champion and elevating the urgency of the impact of the poly-crises our world is experiencing on food and nutrition, we continued to participate and contribute to key sector groups and campaigns, including Hungry for Action, ICAN UK and the SDG2 Advocacy Hub. At both UNGA and COP28, among other key events in the calendar, our team members spoke on panels and shared their expertise and experience to bring nutrition into the heart of conversations around delivering the Sustainable Development Goals and other key topics.

People

Our commitment to fostering a supportive and nurturing work environment remained a priority in 2023. However, the year brought a significant change with the departure of our CEO, Simon Bishop. Following his departure, Jim Emerson assumed the role of interim CEO in June. Despite this transition, our focus on team wellbeing and attracting high calibre staff persisted.

Looking ahead

Throughout the last year our team has had to work harder than ever before to innovate, find new funding opportunities and advocate for the nutrition sector. Despite the challenges, recruiting talented staff members in 2023 boosted our efforts and the team continued to drive forward with positive energy, motivated by our important mission and increasing global need.

Despite our excellent track record, it has, however, become clear during 2024 that the organisation is no longer sustainable in its current form without new platform funding or the financial support of its original founding funders, namely CIFF who had provided OpEx funding and FCDO who provided match funds. Whilst significant efforts have been made by the organisation to adapt its business model over the last two years, this has not been sufficient to maintain the organisation in its current form.

The Board of Trustees therefore decided in September 2024 that the organisation would be scaled back and the focus would be on: a) ensuring that our programme commitments are delivered on time and to budget, and have a positive impact for our beneficiaries; b) managing our relationships and fulfilling our commitments to partners and other stakeholders; c) documenting and disseminating our experience and learning in anticipation of our 10th anniversary and the Nutrition for Growth Summit (N4G) in 2025.

This will require some restructuring of the organisation for which detailed and fully costed plans have been developed. A redundancy process was initiated in September 2024 with almost half of our staff taking up the option of voluntary redundancy and they will leave the organisation in October 2024.

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The Power of Nutrition

Trustees’ annual report

For the year ended 31 December 2023

The balance of the team will remain in place through to end June 2025 to deliver on our learning and growth agenda as well as delivering on business per usual in managing our programme commitments as well as managing our relationships with partners and other stakeholders. From July 2025, a core group of approximately 5 staff will ensure that a managed wind-down will continue through to the first half of 2027 to ensure that all programme and contractual commitments are fulfilled. Should there be no material beneficial change of circumstances, the organisation will close in 2027.

It’s with thanks to our dedicated staff, board members, generous donors and committed partners that we have been able to build a healthier, more equitable future for many over the last 8 years, where every child has the right nutrition to fulfil their potential. Thank you for having been part of this journey.

Mark Cutifani Chair, The Power of Nutrition

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The Power of Nutrition

Trustees’ annual report

For the year ended 31 December 2023

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 2023.

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 USD 10.8 billion 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.

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The Power of Nutrition

Trustees’ annual report

For the year ended 31 December 2023

At the heart of our original model was financial leverage, with the aim of turning each USD 1 into USD 4, though we have achieved USD 8.1. This has been achieved through, for example, a smart use-of-grant approach to incentivise others to multiply their commitments. For example, the Government of Madagascar was planning to take out a USD 40 million IDA loan from the World Bank for nutrition programming. We committed USD 10 million of grant, but only if the government doubled their loan, which they agreed to do, leading to a USD 90 million programme. In 6 of our 8 World Bank programmes, total portfolio USD 410 million, 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.

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The Power of Nutrition Trustees’ annual report

For the year ended 31 December 2023

2. Achievements & performance

During the period covered in this report, the charitable foundation completed its eighth full year of independent operation and consolidated its position further as an operational entity. We made modest progress towards our fundraising goals, booking net income totalling USD 13.4 million during the year. Our Board approved four further programmatic investments during the year (Democratic Republic of CONGO (DRC) II, Indonesia II, IMC-Ethiopia and Rwanda II). We have now invested in 25 programmes of which five had successfully closed by end 2023 (Tanzania, Liberia Phase 1 and Ethiopia Phase 1, Madagascar and Rwanda I).

The total portfolio value was USD 647 million at end 2023.

2.1. Supporting quality, high-impact nutrition programmes

We invested USD 4 million in DRC II to be disbursed over three years with UNICEF as implementing partner. This programme takes a multisectoral approach to complement the work focused on social protection in the DRC-I programme.

An additional USD 0.34 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. A further USD 0.83 million was invested with Group M for a further Mobile Doctorni programme in Uttar Pradesh.

USD 0.5 million was invested in our Indonesia II programme to be disbursed over two years with GAVI as implementing partner, this programme is focusing on integrating nutrition and immunisation.

USD 0.21 million was invested in our second Product Access Initiative (PAI) programme in Ethiopia and a further USD 0.017million was invested in the initial PAI programme in Liberia. These innovative programmes aim to enhance collaboration between academia and institutions with a common goal of improving nutrition outcomes with relation to maternal and child health.

USD 0.05 million was invested in Ethiopia with IMC implementing. This programme is providing goats to families in the drought-affected Oromia region in Ethiopia.

We continued to oversee the implementation of our investments in Cote d’Ivoire (USD 60.4 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, our Mobile Doctorni investment in Gujarat (USD 5.9 million) being implemented by Group M, our DRC-I investment (USD 2.7 million) being implemented by GiveDirectly, Zambia (USD 0.7 million) being implemented by World Vision and our Product Access Initiative programme in Liberia (USD 0.14 million)

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

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The Power of Nutrition

Trustees’ annual report

For the year ended 31 December 2023

income recognition policy generally requires that promised grant income is recognized throughout the life of the programme when due. These are Benin (USD 0.3 million), Indonesia (USD 0.25 million), DRC (USD 4 million) and Bangladesh (USD 0.3 million).

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The Power of Nutrition Trustees’ annual report

For the year ended 31 December 2023

3. Looking ahead

The Power of Nutrition has been working to fulfil its mandate to drive transformative nutrition outcomes at scale. We want to see the USD 10.8 billion gap in core nutrition funding, and USD 3950 billion gap in funding to achieve Global Goal 2: Zero Hunger by 2030, closed.

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 by building the connections 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.

Despite our excellent track record, it has, however, become clear during 2024 that the organisation is no longer sustainable in its current form without new platform funding or the financial support of its original founding funders. Whilst significant efforts have been made by the organisation to adapt its business model over the last two years, this has not been sufficient to maintain the organisation in its current form.

The Board of Trustees therefore decided in September 2024 that the organisation would be scaled back and the focus would be on: a) ensuring that our programme commitments are delivered on time and to budget, and have a positive impact for our beneficiaries; b) managing our relationships and fulfilling our commitments to partners and other stakeholders; c) documenting and disseminating our experience and learning in anticipation of our 10th anniversary and the Nutrition for Growth Summit (N4G) in 2025.

This will require some restructuring of the organisation for which detailed and fully costed plans have been developed. A redundancy process was initiated in September 2024 with almost half of our staff taking up the option of voluntary redundancy and will leave the organisation in October 2024. The balance of the team will remain in place through to end June 2025 to deliver on our learning and growth agenda as well as delivering on business per usual in managing our programme commitments as well as managing our relationships with partners and other stakeholders. From July 2025, a core group of approximately 5 staff will ensure that a managed wind-down will continue through to the first half of 2027 to ensure that all programme and contractual commitments are fulfilled. Should there be no material beneficial change of circumstances, the organisation will close in 2027.

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The Power of Nutrition

Trustees’ annual report

For the year ended 31 December 2023

4. Financial review

4.1. Income

During the period covered in this report, The Power of Nutrition recorded income totalling USD 13.4 million (2022: USD 3.9 million). This income was received from one founding partner, four 3[rd ] party donors, a return of investment income from our trust fund at the World Bank, the Global Malnutrition Appeal and two bi-lateral donors:

4.2. Expenditure

A total of USD 6.2 million (2022: USD 5.7 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 and also includes our internal programmatic team costs including associated overheads. Operational expenditure is defined as the expenses incurred through the day to day running of the Foundation, excluding the direct programmatic team costs and associated overhead.

4.2.1. Programmatic Expenditure

Total charitable grants expensed during the course of the year amounted to a net USD 3 million (2022: USD 2.5 million):

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The Power of Nutrition Trustees’ annual report

For the year ended 31 December 2023

4.2.2. Operational Expenditure (including non-direct programme expenditure)

Operating expenses totalling USD 3.1 million (2022: USD 3.2 million) were incurred during the period:

4.3. Cashflow

The net cash inflow / (outflow) from operating activities was USD 1 million (2022: (outflow of USD 1.6 million)).

Our main programmatic cash inflows consisted of funding from donors totalling USD 7.6 million (2022: USD 7.3 million) and funds returned from World Bank of USD 5.5 million. Cash outflows to programmes totalling USD 9.6 million (2022: USD 10.4 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 gain of USD 0.1 million (2022: 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 USD 3.4 million. 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 USD 1.7 million which is sufficient to cover six months average operating expenditure and which is regarded by the Trustees to provide an adequate minimum contingency to enable the organisation to cover ongoing governance, operational and support costs necessary to close-down in an orderly fashion

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The Power of Nutrition

Trustees’ annual report

For the year ended 31 December 2023

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.

Net negative funds totalling USD 1.3 million (2022: USD 7.5 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 received ahead of related disbursements becoming due. Funds totalling USD 3.7 million (2022: USD 2.6 million) are considered to be unrestricted. As noted above our operational expenses have substantially been met by 3 funders during 2023. We have continued to diversify our OpEx funding base and have booked USD 3.2 million to date (2022: USD 2.2 million to date) in respect of OpEx funding from other 3[rd ] party donors.

Whilst the Board considers that The Power of Nutrition has adequate financial resources to fund its operational expenditure at least until end 2027 based on the restructuring plans that were discussed earlier in the report (refer to the Looking Ahead paragraph in the Message from the Chair section) and subject to the organisation being unable to raise additional funding over this time period, the accounts have been prepared on a basis other than as a going concern.

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The Power of Nutrition Trustees’ annual report

For the year ended 31 December 2023

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 2023, three trustees were appointed; 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 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 four times during 2023 (2022: three times).

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The Power of Nutrition

Trustees’ annual report

For the year ended 31 December 2023

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 partnership of funding and implementing partners committed to helping children grow to their full potential. During the year ended 31 December 2023:

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:

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The Power of Nutrition

Trustees’ annual report

For the year ended 31 December 2023

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. 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 schedule that is reviewed monthly by the Executive team, before every Board meeting by the Finance, Audit and Risk Committee, and by the Board of Trustees at every Board meeting.

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The Power of Nutrition

Trustees’ annual report

For the year ended 31 December 2023

The organisation has identified the following key risks:

1. Operational expenditure

The organisation would need to raise additional funding to cover its operating expenditure (OpEx) should it wish to continue to operate beyond the 2027 timeline outlined in the restructuring process currently underway. This risk has been mitigated by the Board decision in September 2024 that if the organisation is unable to secure further long-term funding during the planned restructuring, the planned restructuring process will continue to be followed to eventual close-down which will negate the need to raise additional OpEx funding.

2. Staff retention

In the current restructuring scenario we have ensured all staff are treated fairly and with respect. In addition to fair redundancy packages, all staff have access to funded outplacement services to assist in their respective job searches. Staff required for the other phases during the restructuring process have been fairly incentivised to ensure that future deliverables are met and we are able to retain the necessary staff to do this.

3. Credit risk exposure

At end 2023, there was USD 7 million due to The Power of Nutrition in respect of three donors' incoming funds due to The Power of Nutrition for onward submission to respective implementing partners. Of this USD 3 million from 2 donors (Rotary and END Fund) is reflected as debtors in our accounts, the remaining USD 4 million (SIDA) is contractually due but due to income recognition criteria monies are booked on receipt of funds and thus a debtor is not currently raised in the books of account.

Up to 31 August 2024, USD 1.5 million has been received from Rotary and END Fund in respect of the debtors balance in our 2023 financial statements and USD 0.6 million was received from SIDA. Whilst these funds are being paid down against contracted payment schedules there is always a risk of default by these donors which could result in a material impact on the respective programmes not receiving their full funding as well as funding demands from the implementing partner should they have disbursed more funding than they have received at the point of default (if this was to occur).

The USD 4 million due in from SIDA (of which we have received USD 0.6 million during 2024) also has other implications in that these are the match funds that make-up in total USD 4 million of the USD 5 million UNICEF Socceraid match commitment.

At 31 August 2024, we have no reason to believe that these funds will not be paid in line with contractual obligations; based on current disbursement schedules we should receive USD 2.4 million in the financial period 1 September to 31 December 2024 in respect of the USD 4.9 million currently outstanding, with the balance in 2025 and 2026.

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The Power of Nutrition

Trustees’ annual report

For the year ended 31 December 2023

Fundraising statement

The Power of Nutrition has for the first time via its Global Malnutrition Crisis Appeal 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.

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The Power of Nutrition

Trustees’ annual report

For the year ended 31 December 2023

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 21 October 2024 and signed on their behalf by

………………………………………………

Mark Cutifani, Chairman

Page 19 of 40

Independent Auditor’s Report of

The Power of Nutrition

to the Members

Opinion

We have audited the financial statements of The Power of Nutrition (the ‘charitable company’) for the year ended 31 December 2023 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.

Emphasis of matter – in relation to going concern

Without qualifying our opinion, we draw attention to the disclosures in the trustees’ annual report and note 1 of the financial statements. The trustees have decided to wind down The Power of Nutrition in 2027 in the event that the organisation is unable to secure future long term funding after the current programme and contractual commitments are met. As a consequence, the financial statements have been prepared on a basis other than as a going concern although no adjustments were required as a result.

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

Page 20 of 40

Independent Auditor’s Report of

The Power of Nutrition

to the Members

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 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.

Page 21 of 40

Independent Auditor’s Report of

to the Members

The Power of Nutrition

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) 25 October 2024

for and on behalf of Sayer Vincent LLP, Statutory Auditor

110 Golden Lane, LONDON, EC1Y 0TG

Page 23 of 40

The Power of Nutrition

Statement of financial activities

For the year ended 31 December 2023

For theyear ended 31 December 2023
2023 2022
Unrestricted Restricted Total Unrestricted Restricted Total
Note $ $ $'000 $ $ $'000
Income from:
Grants 2 661 11,948 12,609 1,332 2,344 3,676
Bank interest 84 701 785 14 190 204
Total income 745 12,649 13,394 1,346 2,534 3,880
Expenditure on:
Raising funds 3 1,385 - 1,385 1,632 - 1,632
Charitable activities 3 215 4,774 4,989 1,584 2,470 4,054
Total expenditure 1,600 4,774 6,374 3,216 2,470 5,686
Net income / (expenditure) before other recognised
gains and losses (855) 7,875 7,020 (1,870) 64 (1,806)
Gain/(Loss) on foreign exchange movements 91 - 91 (132) - (132)
Net income / (expenditure) for the year before
transfers (764) 7,875 7,111 (2,002) 64 (1,938)
Transfers between funds 1,613 (1,613) - 1,381 (1,381) -
Net income / (expenditure) for the year 849 6,262 7,111 (621) (1,317) (1,938)
Net movement in funds 849 6,262 7,111 (621) (1,317) (1,938)
Reconciliation of funds:
Total funds brought forward 13b 2,640 (7,546) (4,906) 3,261 (6,229) (2,968)
Total funds carried forward 13a 3,489 (1,284) 2,205 2,640 (7,546) (4,906)

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 13 to the financial statements.

Page 24 of 40

The Power of Nutrition

Company number: 09288843

Balance sheet

As at 31 December 2023

Note
$'000
Fixed assets:
9a
9b
Current assets:
10
3,092
318
19,289
22,699
Liabilities:
11a
14,462
11b
12
Total assets less current liabilities
Restricted income funds
Unrestricted income funds
The funds of the charity:
Creditors: amounts falling due within one year
Net current assets
Total net assets
Creditors: amounts falling due after one year
Debtors
Cash at bank and in hand
Short term deposits
Tangible assets
Intangible assets
Total charity funds		 Note
$'000
Fixed assets:
9a
9b
Current assets:
10
3,092
318
19,289
22,699
Liabilities:
11a
14,462
11b
12
Total assets less current liabilities
Restricted income funds
Unrestricted income funds
The funds of the charity:
Creditors: amounts falling due within one year
Net current assets
Total net assets
Creditors: amounts falling due after one year
Debtors
Cash at bank and in hand
Short term deposits
Tangible assets
Intangible assets
Total charity funds		 2023
$'000
14		 $'000
4,427
605
17,138		 2022
$'000
9
236
9,659
-
8,237
22,699
14,462		 22,170
12,511
8,251
6,046		 9,904
14,810
2,205 (4,906)
(1,284)
3,489		 (7,546)
2,640
2,205 (4,906)

Approved by the trustees on 21 October 2024 and signed on their behalf by

Mark Cutifani Chairman

Page 25 of 40

The Power of Nutrition

Statement of cash flows

For the year ended 31 December 2023

For theyear ended 31 December 2023
Note
14
Cash flows from operating activities
Net cash provided by investing activities
Net cash used in operating activities
Cash flows from investing activities:
Interest income
Purchase of fixed assets
Cash and cash equivalents at the beginning of the
year
Cash and cash equivalents at the end of the
year
Change in cash and cash equivalents in the
year
Change in cash and cash equivalents due to
exchange rate movements		 $'000
$'000
1,004
785
(16)
769
1,773
17,743
91
19,607
2023		 $'000
$'000
(1,550)
204
(56)
147
(1,403)
19,278
(132)
17,743
2022
1,773
17,743
91		 (1,403)
19,278
(132)
19,607 17,743

Page 26 of 40

The Power of Nutrition

Notes to the financial statements

For the year ended 31 December 2023

1 Accounting policies

a) Statutory information

Power of Nutrition is a charitable company limited by guarantee and is incorporated in England & Wales. The registered office address is: One Bartholomew Close, London, EC1A 7BL

b) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

c) Public benefit entity

The charitable company meets the definition of a public benefit entity under FRS 102.

d) Going concern

Whilst the Board considers that The Power of Nutrition has adequate financial resources to fund its operational expenditure at least until end 2027 based on the restructuring plans that were discussed in the Trustees' report (refer to the Looking Ahead paragraph in the Message from the Chair) and subject to the organisation being unable to raise additional funding over this time period, the accounts have been prepared on a basis other than Going Concern.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

e) Presentational currency and foreign exchange

The presentational and functional currency of the charitable foundation is United States Dollars (USD). At the year end the exchange rate adopted was £1: USD 1.27 (Prior year £1: USD 1.20) Assets and liabilities in foreign currencies are translated into USD at the rate of exchange for the month in which the transaction was incurred. Exchange differences are shown on the statement of financial activities.

f) Income Income is recognised when the charitable foundation has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

g) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. In the case of FCDO match funding, NORAD and Platform funding which are classified as restricted, these type of funds are broadly restricted meaning they are not specific to a programme on booking and could be used across different programmes and geographies. Unrestricted funding can be utilised as required by the organisation, The Power of Nutrition's OPEX funding is classified as unrestricted.

h) Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

i) Expenditure and irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

j) Grants payable

Grants payable are charged to the Statement of Financial Activities in the year in which the offer is conveyed to the recipient. The balance of grants payable due at the end of each reporting period are shown as creditors on the balance sheet.

k) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. Support and governance costs are reallocated to each of the activities on the following basis which is based on average head count within the 2 main organisation functions of Programmes & Investments and Fundraising, of the amount attributable to each activity.

Cost of raising funds 49%
Grant making 50%
Governance costs 1%

Governance costs are the costs associated with the governance arrangements of the charitable foundation. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charitable foundation's activities.

Page 27 of 40

The Power of Nutrition

Notes to the financial statements

For the year ended 31 December 2023

1 Accounting policies (continued)

l) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

m) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds $635 (£500). Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Where fixed assets have been revalued, any excess between the revalued amount and the historic cost of the asset will be shown as a revaluation reserve in the balance sheet.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

 Leasehold improvements (over the life of the lease) 3 years

 Computer equipment 3 years

 Intangible asset (GMS System) 10 years Fully written down in 2023

n) Intangible fixed assets

Intangible fixed assets acquired separately from the charity are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. The intangible asset is an Investment Management System. At the end of 2023 it was decided that we would no longer use the Investment Management System, it has been written down to a Nil value after booking an impairment cost via the amortisation line of $240k for the year.

o) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

p) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

q) Creditors and provisions

Creditors and provisions are recognised where the charitable foundation has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

The charitable foundation only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

r) Pensions

The charitable foundation operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charitable foundation in an independently administered fund. The pension cost charge represents contributions payable under the scheme by the charitable foundation to the fund. The charitable foundation has no liability under the scheme other than for the payment of those contributions. All such contributions form part of unrestricted expenditure.

2 Income from grants

Children's Investment Fund Foundation (CIFF)
Herbalife
Medicor
Unilever
Cargill Corporate
DFAT - Australian Government
SIDA
World Bank
Others		 Unrestricted
$'000
616
-
-
-
-
-
-
-
45		 Restricted
$'000
3,524
150
-
295
500
500
1,442
5,492
44		 2023
Total
$'000
4,140
150
-
295
500
500
1,442
5,492
89		 Unrestricted
$'000
1,284
-
-
-
-
-
-
-
48		 Restricted
$'000
750
-
150
390
-
500
388
-
166		 2022
Total
$'000
2,034
-
150
390
-
500
388
-
214
661 11,948 12,609 1,332 2,344 3,676

The World Bank funds are funds we identified as being unallocated within our World Bank trust fund, these funds substantially comprised investment returns generated by The World Bank from funds they hold on account prior to disbursement to programmes.

Page 28 of 40

The Power of Nutrition

Notes to the financial statements

For the year ended 31 December 2023

3a Analysis of expenditure - current year

Analysis of expenditure - current year
Staff costs (Note 6)
Other staff costs
Grant commitments (Note 4)
Premises
Travel
Office, IT and insurance
Communications and business development
Audit
Consultancy
Legal and professional fees
Depreciation and amortisation
Support costs
Governance costs
Total expenditure 2023
Total expenditure 2022		 Cost of raising
funds
$'000
321
50
-
-
34
5
-
-
285
-
-		 Grant-making
$'000
821
21
3,032
-
82
28
-
-
54
-
240		 Governance
costs
$'000
-
-
-
-
3
10
-
32
-
-
-		 Support costs
$'000
854
38
-
88
10
95
38
-
70
156
7		 2023
Total
$'000
1,996
109
3,032
88
129
138
38
32
409
156
247		 2022
Total
$'000
2,247
128
2,470
110
135
176
37
25
235
95
28
695
668
22		 4,278
688
23		 45
-
(45)		 1,356
(1,356)
-		 6,374
-
-		 5,686
-
-
1,385 4,989 - - 6,374
1,632 4,054 - - 5,686

Page 29 of 40

The Power of Nutrition

Notes to the financial statements

For the year ended 31 December 2023

3b Analysis of expenditure - prior year

Analysis of expenditure - prior year
Staff costs (Note 6)
Other staff costs
Grant commitments (Note 4)
Premises
Travel
Office, IT and insurance
Communications and business development
Audit
Consultancy
Legal and professional fees
Depreciation
Support costs
Governance costs
Total expenditure 2022		 Cost of raising
funds
$'000
625
29
-
-
28
4
11
-
61
4
-		 Grant-making
$'000
904
39
2,470
-
61
46
-
-
47
-
12		 Governance
costs
$'000
44
-
-
-
-
10
-
25
13
-
-		 Support costs
$'000
674
60
-
110
46
116
26
-
114
91
16		 2022
Total
$'000
2,247
128
2,470
110
135
176
37
25
235
95
28
762
689
181		 3,579
376
99		 92
188
(280)		 1,253
(1,253)
-		 5,686
-
-
1,632 4,054 - - 5,686

Page 30 of 40

The Power of Nutrition

Notes to the financial statements

For the year ended 31 December 2023 4a Grant making - current year

Grant making - current year
PAI programmes (Liberia and Ethiopia)
Mobile Doctorni India (Group M)
International Medical Corps (Ethiopia)
Total
DRC-2 programme (UNICEF)
Bangladesh programme (UNICEF)
Benin programme (UNICEF)
Indonesian programme (GAVI)
Mobile Doctorni Odisha (Cargill Corp.)
Gujarat programme (CARE/AAH)		 Grants to institutions
$'000
341
830
500
227
50
4,000
(1,000)
(950)
(966)		 Direct costs of
grant-making
$'000
59
144
87
39
9
693
-
-
-		 Support and
governance
costs
$'000
41
99
60
27
6
478
-
-
-		 2023
$'000
441
1,073
646
293
65
5,171
(1,000)
(950)
(966)
3,032 1,246 711 4,989

4b Grant making - prior year

Grant making - prior year
Mobile Doctorni India (Group M)
Total
DRC programme (GiveDirectly)
Liberia programme (PAI)
Zambia programme (World Vision)
Indonesian programme (Save the Children)		 Grants to institutions
$'000
437
2,700
141
692
(1,500)		 Direct costs of
grant-making
$'000
122
754
39
193
-		 Support and
governance
costs
$'000
52
323
17
83
-		 2022
$'000
611
3,777
197
968
(1,500)
2,470 1,109 475 4,054

The Power of Nutrition makes charitable grants to its implementing partners to scale up quality, high-impact child and maternal nutrition programmes. An amount totalling $2.916m was written back against grant expenditure which reflects the reduction in funding for the Benin programme ($1m), the Bangladesh programme ($0.95m) where in both cases it was necessary to reduce the size of the respective programmes and the Gujarat programme ($0.966m) where CARE (UK) were unable to continue with their funding for the programme. In 2022 an amount of $1.5m was written back against grant expenditure which reflects the reduction in funding for the Indonesian programme where we were unable to find a replacement funder for the withdrawal of APC funding designated for this programme.

5 Net income / (expenditure) for the year

This is stated after charging / (crediting):

This is stated after charging / (crediting):
2023 2022
$'000 $'000
Depreciation and amortisation 247 27
Operating lease rentals:
Property 88 58
Auditor remuneration (excluding VAT):
Audit 22 25
Other services 4 -
Foreign exchange (Gain)/loss (91) 132

Page 31 of 40

The Power of Nutrition

Notes to the financial statements

For the year ended 31 December 2023

6 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:

Staff costs were as follows:
Other forms of employee benefits
Social security costs
Redundancy and termination costs
Employer’s contribution to defined contribution pension schemes
Salaries and wages		 2023
$'000
1,677
-
187
107
25		 2022
$'000
1,768
124
212
115
28
1,996 2,247

The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:

2023 2022
No. No.
$250,000 - $262,499 (£200,000 - £210,000) - 2
$237,500 - $249,999 (£190,000 - £200,000) - -
$225,000 - $237,499 (£180,000 - £190,000) - 1
$212,500 - $224,999 (£170,000 - £180,000) 1 -
$200,000 - $212,499 (£160,000 - £170,000) - -
$187,500 - $199,999 (£150,000 - £160,000) - -
$175,000 - $187,499 (£140,000 - £150,000) - -
$162,500 - $174,999 (£130,000 - £140,000) 2 -
$150,000 - $162,499 (£120,000 - £130,000) - 2
$137,500 - $149,999 (£110,000 - £120,000) - -
$125,000 - $137,499 (£100,000 - £110,000) - -
$112,500 - $124,999 (£90,000 - £100,000) 1 -
$100,000 - $112,499 (£80,000 - £90,000) 1 3
$87,500 - $99,999 (£70,000 - £80,000) 3 1
$75,000 - $87,499 (£60,000 - £70,000) 1 -

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were $902,853 (2022: $1,217,942 ).

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2022: $Nil). No charity trustee received payment for professional or other services supplied to the charity (2022: $Nil).

Travel expenses relating to trustees totalled $Nil (2022: $Nil).

Related party transactions are disclosed in note 17.

7 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 17.8 (2022: 15.7).

Support
Grantmaking
Raising funds
Governance		 2023
No.
6.0
7.4
4.3
0.1		 2022
No.
4.3
6.6
4.6
0.2
17.8 15.7

8 Taxation

The charitable foundation is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

Page 32 of 40

The Power of Nutrition

Notes to the financial statements

For the year ended 31 December 2023

9a Tangible fixed assets

9b
Intangible fixed assets
Cost or valuation
At the start of the year
Additions in year
Disposals in year
Amortisation in year
At the end of the year
Additions in year
At the start of the year
Net book value
Eliminated on disposal
Charge for the year
At the end of the year
At the end of the year
Cost or valuation
At the end of the year
Disposals in year
Depreciation
At the start of the year
At the start of the year		 Computer
equipment
$'000
86
12
-		 Leasehold
Improvements
$'000
83
-
-		 Total
$'000
169
12
-
98 83 181
77
7
-		 83
-
-		 160
7
-
84 83 167
14 - 14
9 - 9
IM system
$'000
2023
236
4
-
(240)		 IM system
$'000
2022
198
50
-
(12)
- 236

The Investment Management System went live in July 2022, it was being amortised over a 10 year period. As the system is no longer being used it was decided to write down the value in full during 2023. All of the above assets are used for charitable purposes.

10 Debtors

Debtors
Other debtors
Prepayments
Grant income receivable		 2023
$'000
3,006
23
63		 2022
$'000
4,376
6
45
3,092 4,427

$2.1m (2022: $2m) is classified as short-term debtors with the expectation of receiving these funds within 12 months of the year end date. $1m (2022: $2.4m) is classified being due for collection between 13 and 24 months post year end date.

Page 33 of 40

The Power of Nutrition

Notes to the financial statements

For the year ended 31 December 2023

11a Creditors: amounts falling due within one year

Grants payable to UNICEF
Grants payable to World Vision
Grants payable to Action Against Hunger
Accruals
Grants payable to Action Against Hunger
Grants payable to Save The Children
Grants payable to Group M
Grants payable to UNICEF
Trade creditors
Grants payable to World Bank
Grants payable to GAVI
Grants payable to Group M
Creditors: amounts falling due between one and three years
Grants payable to Save The Children
Other creditors
Grants payable to Give Directly
Grants payable to Give Directly
Grants payable to World Vision		 2023
$'000
43
7,822
-
268
2,037
2,140
277
1,466
250
37
122		 2022
$'000
32
6,927
250
182
2,200
1,456
286
986
-
66
126
14,462 12,511
2023
$'000
3,808
-
1,800
146
129
163		 2022
$'000
8,945
1,234
3,582
-
406
643
6,046 14,810

11b Creditors: amounts falling due between one and three years

12a Analysis of net assets between funds (current year)

Analysis of net assets between funds (current year)
Intangible fixed assets
Long term liabilities
Net assets
Net assets at 31 December 2023
Tangible fixed assets		 Unrestricted
$'000
14
-
3,475
-		 Restricted
$'000
-
-
4,762
(6,046)		 Total funds
$'000
14
-
8,237
(6,046)
3,489 (1,284) 2,205

12b Analysis of net assets between funds (prior year)

Analysis of net assets between funds (prior year)
Unrestricted Restricted Total funds
$'000 $'000 $'000
Tangible fixed assets 9 - 9
Intangible fixed assets 236 - 236
Net assets 2,395 7,264 9,659
Long term liabilities - (14,810) (14,810)
Net assets at 31 December 2022 2,640 (7,546) (4,906)

Page 34 of 40

The Power of Nutrition

Notes to the financial statements

For the year ended 31 December 2023

13a Movement in funds (year 2023)

By Programme/Funder

OPEX funding
(a) NORAD funding
(b) Platform Funding
(c) Maharashtra programme
(d) Indonesia programme
(e) Gujarat programme
(f) Benin programme
(g) Bangladesh programme
(h) Mobile Doctorni programme
(i) Cargill Corporate funder
(j) SIDA funder - DRC1&2
(k) Irish Aid funder
(l) Herbalife - Rwanda
(m) Global Malnutrition Appeal
(n) GAVI (Indonesia)
(o) IMC-Ethiopia
Other
Total restricted
Total Funds
Unrestricted
Restricted		 Bal 1 Jan 2023
$'000
2,640
1,037
567
(727)
(582)
(500)
(2,168)
(5,081)
-
330
(1,011)
350
135
30
-
-
74		 Total
Incoming Resources
including gains
$'000
836
-
6,193
727
500
-
-
2,798
295
500
1,442
-
150
19
-
-
25		 Total
Resources
Expended
including losses
$'000
(1,600)
-
(1,742)
-
-
966
1,000
950
(341)
(830)
(4,000)
(227)
-
-
(500)
(50)
-		 Transfers
$'000
1,613
(1,037)
(1,604)
-
82
(466)
826
1,037
46
-
(400)
(63)
(285)
(49)
250
50
-		 Bal 31 Dec
2023
$'000
3,489
-
3,414
-
-
-
(342)
(296)
-
-
(3,969)
60
-
-
(250)
-
99
(7,546) 12,649 (4,774) (1,613) (1,284)
(4,906) 13,485 (6,374) - 2,205

Purposes of unrestricted funds

These funds are not restricted for a specific purpose and can be utilised as required by the organisation. In practise these funds are used to fund the operating expenses of The Power of Nutrition.

Purposes of restricted funds

Restricted funds are to be used for specific purposes as advised by the donor (i.e in a specific programme or geography), some of these restricted funds above are classified as broadly restricted funds (see a-b) which means these funds can be used across different programmes and geographies including transfers to other funds that may be in deficit if required.

Total restricted funds are a negative $1.284m at the end of December 2023, this is principally due to income recognition criteria which have precluded the full booking of related income whilst the related programme expenditure has been booked in full.

Page 35 of 40

The Power of Nutrition

Notes to the financial statements

For the year ended 31 December 2023

Restricted Funds description

(a) NORAD funding

Norad funding can be used across The Power of Nutrition approved programmes, this funding of $1,037k was used for our Bangladesh programme.

(b) Platform Funding

Platform Funding is aimed to be used for programmatic purposes, as required. At end December 2023, $701k had been earned through interest on programmatic funds and $5,492k booked from the World Bank in respect investment returns earned on TPON funds held by The World Bank and returned on request to The Power of Nutrition, $250k was transferred out to fund the 1st phase of the GAVI Indonesia programme, $1k towards the IMC Ethiopia programme, $182k towards the CARE Gujarat programme, $826k to the Benin programme, $650k to OPEX funds which is a part transfer from the CIFF allocation of WB funds returned, $82k final transfer to the Indonesian programme, $46k to the Mobile Doctorni programme, and finally inward transfers of $285k from Herbalife and a net $416k from the Gujarat programme to reflect funding no longer required for these programmes. $1,741k of Programmatic expenditure was also expensed against Platform funds.

(c) Maharashtra programme

Funding for the Maharashtra programme supports the strengthening of the implementation capacity and delivery of essential nutrition services in Maharashtra at both State and District levels for the benefit of children and mothers. $727k was received during the 2023 year from CIFF.

(d) Indonesia programme

Funding for the BISA programme in Indonesia, this programme is assisting the Government of Indonesia in transforming the lives of women, adolescent girls and young children, enabling them to access better nutrition and helping children reach their full potential. $500k was received from DFAT in October 2023 which was their final grant towards the programme, in addition $82k was transferred from Platform funds to meet the final disbursement to the programme.

(e) Gujarat programme

Funding for the Gujarat nutrition programme which will support the State Government of Gujarat to deliver its stunting reduction programme. This programme has been impacted by the withdrawal of CARE (UK) as implementing partner due to their Indian foreign liscence being revoked and thus being unable to continue operating in this territory, the net effect was a reduction of $966k in funding that will no longer be paid over by The Power of Nutrition.$500k representing the unfunded component of the $966k was transferred back to unrestricted OPEX funds and a net $416k unused donor funds being booked back to Platform funds.

(f) Benin programme

Funding for the Benin programme is to support the Government of Benin's national nutrition programme which is expected to avert 9,000 cases of stunting amongst children; avert 85,400 cases of maternal anaemia and 1,000 child deaths. The negative balance at the end of December 2023 reflects funds committed to those activities and for which monies are expected to be confirmed in the period 2024. During year 2023, $826k was transferred in from Platform funds and used to disburse funding to the programme. The Power of Nutrition commitment to the programme was also reduced by $1,000k during the year.

(g) Bangladesh programme

Funding for the Bangladesh programme that went live in 2021 is to improve the quality of maternal nutrition services and care of low birth weight infants in Bangladesh. $2,798k was received from CIFF during year 2023. The remaining negative balance of $296k at the end of December 2023,will be covered by other donors in 2024. $1,037k was transferred from NORAD funding during the year for this programme The programme was reduced in size by $950k in 2023 as it was not possible to find another donor to meet this potential future funding shortfall.

(h) Mobile Doctorni programme

Funding for the Mobile Doctorni programme in Gujarat (India) programme that went live in 2021, this programme has the ambition to reach 2.7 million women with hygiene and nutrition messaging. In the 2023 period $46k has been expensed in terms of related consultancy costs, this is covered by a transfer of funds from our Platform funds. In addition $295k was booked to incoming resources and $341k to outgoing resources to reflect the value of services in kind provided.

(i) Cargill Corporation funder

Funding that is being used for a second Mobile Doctorni programme in Indian state of Odisha. $500k was received during the 2023 year. $830k has been expensed for this programme as it went live in 2023.

(j) SIDA funder

SIDA funding will be used for programming in DRC. The 1st DRC programme being implemented by Give Directly went live in January 2022 with the second and final DRC programme going live in November 2023 with inplementing partner UNICEF. Funds totalling $1,442k were received from SIDA during November 2023. $4,000k grant expenses in respect the DRC-2 programme were booked in full during the year. $400k was transferred as per agreement with SIDA to cover OPEX expenditure. The negative balance of $3,969k at the end of December 2023 will be covered in full from the balance of contributions due by SIDA over 2024-2025.

(k) Irish Aid funder

These funds are being used in Ethiopia and Liberia for an innovative Product Access Initiative. $210k was utilised during 2023 for the 2nd Product Access Initiative within Ethiopia and another $17k for the 1st Product Access Initiative within the Liberia programme. $63k was transferred to the OPEX funding line to cover OPEX related expenditure as per agreement with Irish Aid.

(l) Herbalife funder - Rwanda

These funds will be used in the existing Rwanda programme. $150k was received in February 2023. A transfer totalling $285k was made to our Platform funds to cover funding previously disbursed for the Rwanda programme.

(m) Global Malnutrition Appeal

The $19k funds received represent funding raised during year 2023 for the Global Malnutrition Appeal which is targeting funds to help alleviate the Global Malnutrition Crisis. $49k was disbursed to the IMC Programme in Ethiopia which this appeal supported.

(n) GAVI (Indonesia) Programme

This programme is being implemented by GAVI in Indonesia. $250k of funding was transferred in from Platform Funds during 2023 and the same was disbursed to the programme in the period. A further $250k was expensed in relation to the balance of the programme investment once the programme went live.

Page 36 of 40

The Power of Nutrition

Notes to the financial statements

For the year ended 31 December 2023

(o) IMC (Ethiopia) Programme

This programme is being implemented by IMC in Ethiopia. $50k of funding was transferred in total from the Global Malnutrition Appeal ($49k) and from Platform Funds ($1k) during 2023 and the same was disbursed to the programme in the period.

Transfers

Transfers represent funding reallocated from general and specific funder categories to underlying programmes which will utilise this funding. Where there is a movement within the funding line relating to transfers, these transfers are further explained in the detailed narratives presented in a) to o) above;

13b Movement in funds (year 2022)

Bal 1 Jan 2022
$'000
3,261
3,109
1,037
9,527
(1,227)
(2,582)
(500)
(2,500)
(1,643)
(250)
(3,287)
(5,081)
(2,230)
(2,813)
330
1,301
506
-
-
-
74		 Total
Incoming Resources
including gains
$'000
1,346
-
-
191
500
500
-
-
150
250
-
-
390
-
-
388
-
135
30
-
-		 Total
Resources
Expensed
including losses
$'000
(3,348)
-
-
-
-
1,500
-
-
-
-
-
-
(437)
-
-
(2,700)
(141)
-
-
(692)
-		 Transfers
$'000
1,381
(3,109)
-
(9,151)
-
-
-
332
1,493
-
3,287
-
2,277
2,813
-
-
(15)
-
-
692
-		 Bal 31 Dec
2022
$'000
2,640
-
1,037
567
(727)
(582)
(500)
(2,168)
-
-
-
(5,081)
-
-
330
(1,011)
350
135
30
-
74
(6,229) 2,534 (2,470) (1,381) (7,546)
3,880 (5,818) - (4,906)

Purposes of unrestricted funds

These funds are not restricted for a specific purpose and can be utilised as required by the organisation. In practise these funds are used to fund the operating expenses of The Power of Nutrition.

Purposes of restricted funds

Restricted funds are to be used for specific purposes as advised by the donor (i.e in a specific programme or geography), some of these restricted funds above are classified as broadly restricted funds (see a-c) which means these funds can be used across different programmes and geographies including transfers to other funds that may be in deficit if required.

Total restricted funds are a negative $7.5m at the end of 2022, this is principally due to income recognition criteria which have precluded the full booking of related income whilst the related programme expenditure has been booked in full. In total $5,038k of income (CIFF income of $3,527k, SIDA $1,011k and DFAT income of $0.5m) is yet to be booked against programmes which are reflecting fully booked expenditure. There is also expenditure raised against four programmes totalling $3.75m which represent current funding gaps which we are looking for new funders or will reduce the programme size which will reduce the negative funds restricted figure going forward. Off-set against this is $0.9m of income booked that we are not reflecting any associated grant expenditure.

Page 37 of 40

The Power of Nutrition

Notes to the financial statements

For the year ended 31 December 2023

Restricted Funds description

(a) FCDO match funds FCDO match funds will be used to fund nutrition programmes across various geographies with the exception of India. Transfers totalling $3,109k were made to the Liberia 2 programme ($1,510k) and Ethiopia 2 programme ($1,599k). (b) NORAD funding Norad funding can be used across The Power of Nutrition approved programmes but this remaining funding is intended for our Bangladesh programme. (c) Platform Funding Platform Funding is aimed to be used within nutrition programmes when required. $332k was transferred during the year to fund the Benin programme, a further $692k was transferred during the year to fund the Zambia programme, $1,688k towards the Ethiopia 2 programme, $2,813k towards the Malawi programme and $2,277k towards the Mobile Doctorni programme. A further $1,366k was transferred for OPEX purposes with a small inward transfer of $17k in respect surplus funds on the Liberia 2 programme.

(d) Maharashtra programme Funding for the Maharashtra programme supports the strengthening of the implementation capacity and delivery of essential nutrition services in Maharashtra at both State and District levels for the benefit of children and mothers. The negative balance at the end of 2022 reflects funds committed to those activities, this money was received from Children's Investment Fund Foundation in April 2023. $500k was received from Children's Investment Fund Foundation during 2022. (e) Indonesia programme Funding for the BISA programme in Indonesia, this programme is assisting the Government of Indonesia in transforming the lives of women, adolescent girls and young children, enabling them to access better nutrition and helping children reach their full potential. The negative balance at the end of 2022 reflects funds committed to those activities and for which $500k is expected to be received in the 2023 year from DFAT. During 2022, $500k was received from DFAT and our programme commitment was reduced by $1,500k when it became clear that we would be unable to replace the funding commitment withdrawn by APC for this programme. To cover the remaining $82k negative, we are looking for a replacement funder in year 2023. (f) Gujarat programme Funding for the Gujarat nutrition programme which will support the State Government of Gujarat to deliver its stunting reduction programme. The negative balance at the end of December 2022 reflects funds committed to those activities and which monies or a reduction in programme size are expected to be confirmed in the period 2023 to 2024.

(g) Benin programme Funding for the Benin programme is to support the Government of Benin's national nutrition programme which is expected to avert 9,000 cases of stunting amongst children; avert 85,400 cases of maternal anaemia and 1,000 child deaths. The negative balance at the end of December 2022 reflects funds committed to those activities and for which monies or a reduction in programme size are expected to be confirmed in the period 2023-2024. (h) Liberia 2 programme Funding for our 2nd programme in Liberia, working to improve nutrition at scale in Liberia and supporting the implementation of the Liberian government's 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 to Platform funds was made as a result of a small surplus of funds not required for the programme. (i) Rwanda supplementary programme Funding from CIFF that is for an additional Nutrition evaluation with our Rwanda programme. Funding of $250k was received from CIFF in December 2022. (j) Ethiopia 2 programme Funding for the Ethiopia 2 programme that went live in 2021, addressing maternal nutrition, wasting and stunting in under-fives in Ethiopia. $1,599k of funds were transferred to this programme in the year from the final FCDO match funds. Funds totalling a further $1,688k were transferred in from Platform funds during the year.

(k) Bangladesh programme Funding for the Bangladesh programme that went live in 2021 is to improve the quality of maternal nutrition services and care of low birth weight infants in Bangladesh. The negative balance at the end of December 2022 reflects funds committed to those activities and which $4,131k is expected to be received in the period 2023 to 2025. To cover the remaining negative balance of $950k, we are currently looking for a new funder in the years 2023-2024. (l) Mobile Doctorni programme

Funding for the Mobile Doctorni programme in Gujarat (India) programme that went live in 2021, this programme has the ambition to reach 2.7 million women with hygiene and nutrition messaging. In the 2022 period to 31st December 2022 a further $47k has been expensed in terms of related consultancy costs. In addition $390k was booked to incoming resources and outgoing resources to reflect the value of services in kind provided. Funds totalling $2,277k were transferred in from Platform funds during the year.

Page 38 of 40

The Power of Nutrition

Notes to the financial statements

For the year ended 31 December 2023

(m) Malawi programme

Funding for the Malawi programme is to be used to empower communities in Malawi so children can thrive and succeed. Funds totalling $2,813k were transferred in from Platform funds during the year.

(n) Cargill Corporation funder

Funding that will be used for a second Mobile Doctorni programme in India.

(o) SIDA funder

SIDA funding will be used for a programme in DRC. The 1st phase of the DRC programme went live in January 2022. The negative balance of $1,011k at the end of December 2022 will be covered in full from the balance of contributions due by SIDA over 2023-2024.

(p) Irish Aid funder

These funds will be used in Ethiopia and Liberia for an innovative Product Access Initiative. $156k was utilised during 2022 for the 1st Product Access Initiative within the Liberia programme.

(q) Herbalife funder - Rwanda

These funds will be used in the existing Rwanda programme. $135k was received in February 2022.

(r) Global Malnutrition Appeal

These funds represent funding raised during year 2022 for the Global Malnutrition Appeal which is targeting funds to help alleviate the Global Malnutrition Crisis.

(s) Zambia Programme

This programme which is being implemented by World Vision in Zambia is looking to distribute multiple micronutrient supplements from Kirk Humanitarian who are donating 329,000 bottles of these supplements for beneficiaries. Platform funds of $692k were utilised to fund the contribution from The Power of Nutrition to World Vision.

Transfers

Transfers represent funding reallocated from general and specific funder categories to underlying programmes which will utilise this funding. Where there is a movement within the funding line relating to transfers, these transfers are further explained in the detailed narratives presented in a) to s) above;

14 Reconciliation of net loss to net cash flow from operating activities

Reconciliation of net loss to net cash flow from operating activities
Net gain (loss) for the reporting period
(as per the statement of financial activities)
Depreciation and amortisation charges
Interest income
Decrease in debtors
(Decrease) in creditors
Net cash provided by operating activities		 2023
$'000
7,020
247
(785)
1,335
(6,813)		 2022
$'000
(1,806)
27
(204)
8,665
(8,233)
1,004 (1,550)

15 Operating lease commitments

The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods. These leases relate to property.

Less than one year
Years two to five		 2023
$'000
30
-		 2022
$'000
-
-
30 -

16 Legal status of the charitable foundation

The charitable foundation is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to $1.27 ($1.20).

17 Related party transactions

One trustee of the charitable foundation is a partner of the legal firm BDB Pitmans. The Power of Nutrition paid $66,500 (2022 $59,804) in legal fees to BDB Pitmans in the year. All transactions were at an arm's length basis.

Page 39 of 40