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← The Power Of Nutrition

2024-12-31-accounts

The Power of Nutrition

Annual Report and Financial Statements for the year ended 31 December 2024

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

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

Trustees’ Annual Report

Reference & Administrative Details ............................................................................................ 2
Message from the Chair and CEO............................................................................................... 3
Strategic Report .......................................................................................................................... 5
1.
Objectives & activities ....................................................................................................................... 5
1.1.
Background .............................................................................................................................. 5
1.2.
Purposes & aims ....................................................................................................................... 5
2.
Achievements & performance .......................................................................................................... 6
2.1.
Supporting quality, high-impact nutrition programmes ....................................................... 6
3.
Looking ahead ................................................................................................................................... 7
4.
Financial review ................................................................................................................................ 7
4.1.
Income ...................................................................................................................................... 7
4.2.
Expenditure .............................................................................................................................. 8
4.3.
Cashflow………………………………………………………………………………………….... 8
4.4.
Foreign exchange movement ................................................................................................ 8
4.5.
Reserves and going concern .................................................................................................. 9
5.
Structure, governance & management .......................................................................................... 9
5.1.
Structure ................................................................................................................................... 9
5.2.
Governance & management ................................................................................................ 10
5.3.
Key policies & risk management .......................................................................................... 10
6.
Statement of responsibilities of Trustees ...................................................................................... 12
Independent Auditor’s Report.....................................................................................................................14
Opinion ....................................................................................................................................................14
Basis for opinion ......................................................................................................................................14
Emphasis of matter- in relation to going concern ................................................................................14
Other Information ....................................................................................................................................14
Opinions on other matters prescribed by the Companies Act 2006 ...................................................15
Matters on which we are required to report by exception ...................................................................15
Auditor’s responsibilities for the audit of the financial statements.........................................................15
Capability of the audit in detecting irregularities………………………………………………………..15
Use of our report .....................................................................................................................................16
Statement of financial activities ................................................................................................ 17
Balance sheet ........................................................................................................................... 18
Statement of cash flows................................................................................................................................19
Notes to the financial statements…...........................................................................................................20

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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 (resigned 5 February 2025) Caroline Kuhnert Pranav Lalit Trivedi Kul Chandra Gautam Elhadji Amadou Gueye Sy Anulika Nwamaka Ajufo Susana Edjang

Principal staff Jim Emerson Interim Chief Executive 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 (to 15 October 2024) Bankers Barclays PO Box 885 Mortlock House, Station Road, Histon CB24 9DE HSBC 133 Regent Street, London W1B 4HX Solicitors Broadfield Law UK LLP 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 2024

Message from the Chair and CEO

The Power of Nutrition was established in 2015 “to leverage more finance into the nutrition sector and deliver interventions at scale” . After nine years we have materially exceeded our funding and impact goals, reaching children, adolescents and women in our quest to put good nutrition in the hands of those that need it most. This year (as in previous years) we faced challenges, as did many organisations in the sector; finding 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.

By the end of the year, our reach and impact had multiplied; we are pleased to share that we have supported more than 180 million women and children with better nutrition; and as a result, over 429 thousand stunting years and 46 thousand child deaths have been averted.

Programme portfolio

In 2024, we were delighted to expand our portfolio with our first programme in Pakistan, and to begin a process of reflection on a decade of experience in preparation for our ten-year’ anniversary in 2025.

We have now invested in 26 programmes across 17 countries in Africa and Asia. At year end, our work had reached over 180 million people (104 million children under-five, 23 million adolescents and 54 million women) with critical nutrition services.

Fundraising

In 2024 we raised USD 3.7million , with the majority (USD 3.6 million) raised from Gavi for the programme in Pakistan. A further USD 0.1 million was raised from the PVH Corporation a repeat donor who is investing for the first time in a bolt-on programme in Maharashtra, India.

Communications and advocacy

In 2024, our communications efforts continued to focus on defragmenting and strengthening the sector and supporting partnership engagement and collaboration. This year we are building on our 2023 impact report with a 10-year anniversary report which will highlight our impact in the nutrition sector and share what we have learned.

Committed to being a sector champion and to highlighting the urgency of the poly-crises the world is experiencing, we continued to participate in and contribute to key sector groups and campaigns to place nutrition at the heart of conversations around delivering the Sustainable Development Goals and other key topics.

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The Power of Nutrition Trustees’ annual report For the year ended 31 December 2024

People

In response to a challenging funding environment and the need to restructure and scale back, 2024 required us to make some difficult decisions, including a significant reduction in the size of the team. A redundancy process was initiated in September 2024. More than half of our staff, primarily the fundraising team, took up the option of voluntary redundancy. Most of these left the organisation in October 2024 and one left in January 2025. Throughout this process, we prioritised open and transparent communication, consulting with and actively listening to our staff to ensure that all those affected were treated with care and respect. We were able to offer staff a support package to help them through this difficult transition; and we are pleased that the majority of staff taking voluntary redundancy had secured new jobs by the end of March 2025. At the same time, we enhanced support to the team who remained, focusing on keeping them motivated and engaged in the organisation’s purpose and mission.

Looking ahead

Despite an excellent track record, it has become clear that The Power of Nutrition is not sustainable in its current form. Financial pressures, climate shocks, and competing priorities and other crises continue to test the sector. We, along with the rest of the sector, face all these challenges, in addition we have had to adjust to the loss in 2021 of the critical financial support of our original founding partners (CIFF and FCDO). Whilst significant efforts have been made to adapt our business model over recent years, this has not been sufficient.

We continue to double down on innovation and collaboration, mobilise investment, advance blended finance solutions, and maintain our focus on the people and communities who need support the most. Our experience shows that we can drive sustainable, large-scale impact in nutrition through a collaborative, integrated approach to programming with partners. Nutrition continues to offer one of the highest returns on investment in global development, up to US$23 for every dollar spent; as resources become increasingly scarce, we must explore smarter ways of working. But the value of investing in nutrition goes far beyond economics; improving nutrition is an effective way to address interconnected challenges such as education, productivity, climate resilience, and gender equality. It is a foundational investment in people and future generations.

Despite persistent challenges, we remain confident that achieving the SDGs and the global nutrition targets is still within reach by 2030. But doing so will require mobilising sustained funding, bold action, stronger coordination, and smarter use of the tools we already have.

Thanks to our dedicated staff, board members, generous donors and committed partners we have been able to build a healthier and more equitable future for many women, children and adolescents over the last 9 years, contributing to our vision 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

Jim Emerson CEO, The Power of Nutrition

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The Power of Nutrition Trustees’ annual report For the year ended 31 December 2024

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 2024.

Reference and administrative information set out on page two 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

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:

In our 2022-25 strategy we added a further goal:

To achieve our goals, our current funding model comprises a range of co-financing agreements with more than 50 partners, including institutional funders (governments, foundations, corporates, high-net-worth individuals) and large-scale nutrition programme implementers, such as the World Bank, UNICEF, Save the Children, Action Against Hunger and a range of other INGOs.

At the heart of our original model was financial leverage, with the aim of turning each USD 1 into USD 4. Over the past 10 years the actual average leverage rate achieved was 1 to 8.2, more than twice the original aim. This has been achieved through a smart use-of-grants to incentivise others to multiply their commitments. For example, the Government of Madagascar planned to take a USD 40 million IDA loan from the World Bank for nutrition programming. We committed to give USD 10 million as a grant, if the government doubled their loan. They agreed to do this leading to a USD 90 million programme. In six of

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The Power of Nutrition Trustees’ annual report For the year ended 31 December 2024

our eight World Bank programmes, with a total portfolio of USD 410 million, we have shown that this smart use of grants has incentivised governments to borrow more for nutrition and deliver programmes at scale.

This model has evolved over recent years. Whilst we can no longer guarantee a 4-times match in every case, bringing partners together and pooling funds to deliver sustainable results at scale, remains at the heart of our offer and approach.

All funds are directed to programmes that are co-designed with our implementing partners to ensure, quality, high-impact, nutrition programmes that focus on improving child and maternal nutrition at scale.

2. Achievements & performance

During the period covered in this report, the charitable foundation completed its ninth full year of independent operation. We booked net income totalling USD 8.3 million during the year. Our Board approved one new programmatic investment, our first programme in Pakistan.

We have now invested in 26 programmes 12 of which have been successfully closed by the end of 2024 (Tanzania, Liberia 1&2, Ethiopia 1, Madagascar, Rwanda I, Cote d’Ivoire, Burkina Faso, Benin, Indonesia 1, Ethiopia Humanitarian Appeal, and the Product Access Initiative (undertaken in Liberia and Ethiopia)).

The total portfolio value was USD 647 million at the end 2024.

2.1. Supporting quality, high-impact nutrition programmes

We established our first programme in Pakistan. This is a three-year programme with the Aga Khan Foundation as the implementing partner, and funding from Gavi. The programme aims to reduce infant and child mortality and morbidity due to vaccine-preventable diseases and undernutrition through equitable and sustained immunisation and nutrition coverage.

We increased our investment in the Mobile Doctorni programme in Gujarat with Group M as the implementing partner, this programme aims to reach 2.7 million women with hygiene and nutrition messaging utilising technology.

We allocated funding to develop an Impact and Learning Series to document and share our learning and insight from the past 10 years; we hope that this will inform future collaborations and investments across the sector in tackling nutrition.

Our innovative Product Access Initiative (PAI) in Liberia is being further tested in Ethiopia. This initiative aims to enhance collaboration between academia and institutions with a common goal of improving nutrition outcomes with relation to maternal and child health.

We expanded our humanitarian programme in Ethiopia working with IMC as the implementing partner. This programme is providing goats to families in the drought-affected Oromia region in Ethiopia.

We continue to oversee the implementation of our investments in:

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The Power of Nutrition Trustees’ annual report For the year ended 31 December 2024

2.7 million) being implemented by GiveDirectly, our Zambia investment (USD 0.7 million) being implemented by World Vision, our Product Access Initiative programmes in Liberia (USD 0.15 million) and Ethiopia (USD 0.21 million), our second Indonesia investment (USD 0.5 million) being implemented by GAVI, and our Pakistan investment (USD 4.35 million) being implemented by the Aga Khan Foundation.

In the financial statements (see Note 13a) some of these programmes show a net negative position. A number of these negative balances arise from the accounting treatment prescribed by current accounting standards where, although these programmes are fully funded, we are subject to the agreement wording required to record the full anticipated expenditure at the start of the programme, even though activities on-the-ground may not start for several years; whereas our grant income recognition policy generally requires that promised grant income is recognized throughout the life of the programme when due. These are Pakistan (USD 1.6 million), Learning Series initiative (USD 0.27 million) and DRC (USD 1.4 million).

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 39-50 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.

Despite an excellent track record, it has, however, become clear during 2024 that the organisation is not 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, 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 required a restructuring of the organisation for which detailed, and fully costed plans were developed. A redundancy process was initiated in September 2024 with more than half of our staff taking up the option of voluntary redundancy to leave the organisation at the end of October 2024, and one left in January 2025. Several of the remaining team will stay till the end of June 2025 to work on the Impact and Learning Series, and to manage programmes and relationships with partners and other stakeholders. From July 2025, a core group of staff will ensure that a managed wind-down will continue through to the middle 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.

4. Financial review

4.1. Income

During the period covered in this report, The Power of Nutrition recorded income totalling USD 8.3 million (2023: USD 13.4 million). This income was received from three third party donors, a return of investment income from our trust fund at the World Bank and two bi-lateral donors:

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The Power of Nutrition Trustees’ annual report For the year ended 31 December 2024

4.2. Expenditure

A total of USD 8.7 million (2023: USD 6.4 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, it also includes our internal programmatic team costs and 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.

Programmatic Expenditure

Total charitable grants expensed during the course of the year amounted to a net USD 5 million (2023: USD 3 million):

- Operational Expenditure (including non direct programme expenditure)

4.3. Cashflow

The net cash (outflow) / inflow from operating activities was (USD 8.8 million) (2023: inflow of USD 1 million).

Our main programmatic cash inflows consisted of funding from donors totalling USD 6.7 million (2023: USD 7.6 million) and funds returned from World Bank of USD 2.4 million (2023: USD 5.5 million). Cash outflows to programmes totalled USD 14.3 million (2023: USD 9.6 million) during the year.

4.4. Foreign exchange movement

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

A loss of USD 0.1 million (2023: gain 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.

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The Power of Nutrition Trustees’ annual report For the year ended 31 December 2024

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 1.8 million in 2025. The charity held unrestricted reserves of USD 2.3 million at the end of 2024.

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 0.6 million (2023: USD 1.3 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 in Africa and Asia, the current expectation is that funds will be received ahead of related disbursements becoming due. Funds totalling USD 2.3 million (2023: USD 3.5 million) are considered to be unrestricted. We have continued to diversify our OpEx funding base and have booked USD 3.4 million to date (2023: USD 3.2 million to date) in respect of OpEx funding from other third-party donors.

Whilst the Board considers that The Power of Nutrition has adequate financial resources to fund its operational expenditure at least until the end of 2027, based on the restructuring plans that were discussed earlier in the report, 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, although no adjustments were required as a result.

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:

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The Power of Nutrition Trustees’ annual report For the year ended 31 December 2024

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 2024, there were no changes to the Board of Trustees. On 5 February 2025, Alasdair Cook resigned as a trustee.

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 2024 (2023: four times).

The Executive

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

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

The team has structured its operational functions across two key pillars: partnerships & brand (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 2024 we continued to work with our two principal implementing partners: the World Bank and UNICEF. We also worked with seven other implementing partners (Save the Children, Nutrition International, Action Against Hunger, Aga Khan Foundation, World Vision, GroupM and GiveDirectly), all of whom have been approved by our Board.

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 2024

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:

The Power of Nutrition has in place a process that ensures risks are reviewed regularly by the Executive team, by the Finance, Audit and Risk Committee before every Board meeting, and by the Board of Trustees at every Board meeting.

The organisation has identified the following key risks:

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The Power of Nutrition Trustees’ annual report For the year ended 31 December 2024

in respect of four donors' incoming funds for onward submission to respective implementing partners. Of this, USD 1 million from two donors (Rotary and END Fund) is reflected as debtors in our accounts. The remaining USD 2.9 million (Sida USD 1.3m, and Gavi USD 1.6m) 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. 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

Fundraising statement

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 public benefit.

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:

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The Power of Nutrition Trustees’ annual report For the year ended 31 December 2024

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 20 June 2025 and signed on their behalf by

……………………………………………… Mark Cutifani, Chairman

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Independent Auditor’s Report To the Members of The Power of Nutrition

1. Opinion

We have audited the financial statements of The Power of Nutrition (the ‘charitable company’) for the year ended 31 December 2024 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:

2. 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.

3. 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.

4. Other Information

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

We have nothing to report in this regard.

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Independent Auditor’s Report To the Members of The Power of Nutrition

5. Opinions on other matters prescribed by the Companies Act 2006

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

6. 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:

7. 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.

7.1. 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:

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Independent Auditor’s Report To the Members of The Power of Nutrition

focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience.

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.

8. 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)

DATE 21 July 2025

for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

Page 16 of 32

The Power of Nutrition

Statement of financial activities

For the year ended 31 December 2024

2024 2023
Unrestricted Restricted Total Unrestricted Restricted Total
Note $ $ $'000 $ $ $'000
Income from:
Grants 2 51 7,462 7,513 661 11,948 12,609
Bank interest 80 754 834 84 701 785
Total income 131 8,216 8,347 745 12,649 13,394
Expenditure on:
Raising funds 3 1,675 - 1,675 1,385 - 1,385
Charitable activities 3 - 7,050 7,050 215 4,774 4,989
Total expenditure 1,675 7,050 8,725 1,600 4,774 6,374
Net (expenditure) / income before other recognised
gains and losses (1,544) 1,166 (378) (855) 7,875 7,020
(Loss)/Gain on foreign exchange movements (117) - (117) 91 - 91
Net (expenditure) / income for the year before
transfers (1,661) 1,166 (495) (764) 7,875 7,111
Transfers between funds 482 (482) - 1,613 (1,613) -
Net (expenditure) / income for the year (1,179) 684 (495) 849 6,262 7,111
Net movement in funds (1,179) 684 (495) 849 6,262 7,111
Reconciliation of funds:
Total funds brought forward 13b 3,489 (1,284) 2,205 2,640 (7,546) (4,906)
Total funds carried forward 13a 2,310 (600) 1,710 3,489 (1,284) 2,205

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 17 of 32

The Power of Nutrition

Company number: 09288843

Balance sheet

As at 31 December 2024

Note
$'000
Fixed assets:
9a
9b
Current assets:
10
1,098
-
11,536
12,634
Liabilities:
11a
9,049
11b
12
Total charity funds
Cash at bank and in hand
Short term deposits
Tangible assets
Intangible assets
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
Total assets less current liabilities
Restricted income funds
Unrestricted income funds		 Note
$'000
Fixed assets:
9a
9b
Current assets:
10
1,098
-
11,536
12,634
Liabilities:
11a
9,049
11b
12
Total charity funds
Cash at bank and in hand
Short term deposits
Tangible assets
Intangible assets
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
Total assets less current liabilities
Restricted income funds
Unrestricted income funds		 2024
$'000
$'000
4
-
3,092
318
19,289
22,699
14,462
3,585
3,589
1,879
1,710
(600)
2,310
1,710		 2023
$'000
14
-
8,237
12,634
9,049
8,251
6,046
2,205
(1,284)
3,489
2,205

Approved by the trustees on 20 June 2025 and signed on their behalf by

Mark Cutifani Chairman

Page 18 of 32

The Power of Nutrition

Statement of cash flows

For the year ended 31 December 2024

Note
14
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
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		 $'000
$'000
(8,783)
834
(5)
829
(7,954)
19,607
(117)
11,536
2024		 $'000
$'000
(8,783)
834
(5)
829
(7,954)
19,607
(117)
11,536
2024		 $'000
$'000
1,004
785
(16)
769
1,773
17,743
91
19,607
2023		 $'000
$'000
1,004
785
(16)
769
1,773
17,743
91
19,607
2023
(7,954)
19,607
(117)		 1,773
17,743
91
11,536 19,607

Page 19 of 32

The Power of Nutrition

Notes to the financial statements

For the year ended 31 December 2024

1 Accounting policies

a) Statutory information

The 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 1.25 (Prior year £1: USD 1.27) 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 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 Platform funding which is 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

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.

Page 20 of 32

The Power of Nutrition

Notes to the financial statements

For the year ended 31 December 2024

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
PVH Corporation
Unilever
Cargill Corporate
DFAT - Australian Government
GAVI
SIDA
World Bank
Others		 Unrestricted
$'000
-
-
15
-
-
-
-
-
36		 Restricted
$'000
-
-
85
352
-
-
2,000
2,573
2,441
11		 2024
Total
$'000
-
-
100
352
-
-
2,000
2,573
2,441
47		 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
51 7,462 7,513 661 11,948 12,609

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 21 of 32

The Power of Nutrition

Notes to the financial statements

For the year ended 31 December 2024

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 2024
Total expenditure 2023		 Cost of raising
funds
$'000
894
26
-
-
48
3
-
-
102
-
-		 Grant-making
$'000
1,072
13
4,995
-
64
-
39
15
39
-
-		 Governance
costs
$'000
-
-
-
-
-
16
-
37
-
-
-		 Support costs
$'000
791
75
-
96
7
106
-
-
146
126
15		 2024
Total
$'000
2,757
114
4,995
96
119
125
39
52
287
126
15		 2023
Total
$'000
1,996
109
3,032
88
129
138
38
32
409
156
247
1,073
580
22		 6,237
782
31		 53
-
(53)		 1,362
(1,362)
-		 8,725
-
-		 6,374
-
-
1,675 7,050 - - 8,725 6,374
1,385 4,989 - - 6,374

Page 22 of 32

The Power of Nutrition

Notes to the financial statements

For the year ended 31 December 2024

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 and amortisation
Support costs
Governance costs
Total expenditure 2023		 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
695
668
22		 4,278
688
23		 45
-
(45)		 1,356
(1,356)
-		 6,374
-
-
1,385 4,989 - - 6,374

Page 23 of 32

The Power of Nutrition

Notes to the financial statements

For the year ended 31 December 2024 4a Grant making - current year

PAI programmes (Liberia and Ethiopia)
Pakistan Programme
PAI programmes (Liberia and Ethiopia)
Benin programme (UNICEF)
Mobile Doctorni Odisha (Cargill Corp.)
Indonesian programme (GAVI)
Bangladesh programme (UNICEF)
International Medical Corps (Ethiopia)
DRC-2 programme (UNICEF)
Mobile Doctorni India (Group M)
International Medical Corps (Ethiopia)
Total
Learning Series Programme (Various)
Gujarat programme (CARE/AAH)
Gujarat programme (CARE/AAH)
Total
Mobile Doctorni India (Group M)
Grant making - prior year		 Grants to institutions
$'000
250
10
51
360
(26)
4,350		 Direct costs of
grant-making
$'000
62
2
13
89
-
1,076		 Support and
governance
costs
$'000
40
2
8
58
-
705		 2024
$'000
352
14
72
507
(26)
6,131
4,995 1,242 813 7,050
Grants to institutions
$'000
341
830
500
227
50
4,000
(1,000)
(950)
(966)		 Direct costs of
grant-making
$'000
71
174
105
48
10
838
-
-
-		 Support and
governance
costs
$'000
41
99
60
27
6
478
-
-
-		 2023
$'000
453
1,103
665
302
66
5,316
(1,000)
(950)
(966)
3,032 1,246 711 4,989

4b Grant making - prior year

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 $0.128m was written back against grant expenditure which reflects a reduction in the grant expense accrual for the Mobile Doctorni India programme ($0.102m) and the AAH Gujarat programme ($0.026m). In 2023 an amount totalling $2.916m was written back against grant expenditure which reflected 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.

5 Net (expenditure) / income for the year

This is stated after charging / (crediting):

This is stated after charging / (crediting):
2024 2023
$'000 $'000
Depreciation and amortisation 15 247
Operating lease rentals:
Property 95 88
Auditor remuneration (excluding VAT):
Statutory audit 25 28
Grant audit 13 -
Other services - 4
Foreign exchange Loss/(Gain) 117 (91)

Page 24 of 32

The Power of Nutrition

Notes to the financial statements

For the year ended 31 December 2024

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:
Redundancy costs (paid and accrued)
Employer’s contribution to defined contribution pension schemes
Salaries and wages
Other forms of employee benefits
Social security costs		 2024
$'000
1,922
445
240
119
31		 2023
$'000
1,677
-
187
107
25
2,757 1,996

$152k of the redundancy costs will only be paid over in year 2025

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

2024 2023
No. No.
$275,000 - $287,499 (£220,000 - £230,000) 1 -
$237,500 - $249,999 (£190,000 - £200,000) 1 -
$212,500 - $224,999 (£170,000 - £180,000) - 1
$200,000 - $212,499 (£160,000 - £170,000) 1 -
$175,000 - $187,499 (£140,000 - £150,000) 2 -
$162,500 - $174,999 (£130,000 - £140,000) - 2
$137,500 - $149,999 (£110,000 - £120,000) 1 -
$112,500 - $124,999 (£90,000 - £100,000) 1 1
$100,000 - $112,499 (£80,000 - £90,000) 1 1
$87,500 - $99,999 (£70,000 - £80,000) 2 3
$75,000 - $87,499 (£60,000 - £70,000) 3 1

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were $1,251,402 (2023: $902,853 ).

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2023: $Nil). No charity trustee received payment for professional or other services supplied to the charity (2023: $Nil).

Travel and accommodation expenses relating to trustees totalled $751 (2023: $596).

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 20.3 (2023: 17.8).

Governance
Raising funds
Support
Grantmaking		 2024
No.
9.3
7.0
3.9
0.1		 2023
No.
6.0
7.4
4.3
0.1
20.3 17.8

8 Taxation

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

Page 25 of 32

The Power of Nutrition

Notes to the financial statements

For the year ended 31 December 2024

9a Tangible fixed assets

9b
At the end of the year
Disposals in year
Depreciation
At the start of the year
At the start of the year
At the end of the year
Cost or valuation
At the end of the year
At the start of the year
Net book value
Eliminated on disposal
Charge for the year
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		 Computer
equipment
$'000
98
5
-		 Leasehold
Improvements
$'000
83
-
-		 Total
$'000
181
5
-
103 83 186
84
15
-		 83
-
-		 167
15
-
99 83 182
4 - 4
14 - 14
IM system
$'000
2024
-
-
-
-		 IM system
$'000
2023
236
4
-
(240)
- -

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
Grant income receivable
Prepayments
Other debtors		 2024
$'000
1,032
13
53		 2023
$'000
3,006
23
63
1,098 3,092

$1.1m (2023: $2.1m) is classified as short-term debtors with the expectation of receiving these funds within 12 months of the year end date. $0m (2023: $1m) is classified being due for collection between 13 and 24 months post year end date.

Page 26 of 32

The Power of Nutrition

Notes to the financial statements

For the year ended 31 December 2024

11a Creditors: amounts falling due within one year

Grants payable - Learning Series
Grants payable to Give Directly
Grants payable to Give Directly
Grants payable to World Vision
Creditors: amounts falling due between one and three years
Grants payable to Save The Children
Other creditors
Grants payable to UNICEF
Trade creditors
Grants payable to Group M
Grants payable to World Vision
Grants payable to Action Against Hunger
Grants payable to Save The Children
Grants payable to Group M
Grants payable to AKF
Grants payable to AKF
Accruals
Grants payable to UNICEF
Grants payable to GAVI		 2024
$'000
22
3,421
29
900
-
277
879
-
3,000
265
214
42		 2023
$'000
43
7,822
268
2,037
2,140
277
1,466
250
-
-
37
122
9,049 14,462
2024
$'000
-
900
-
129
-
850		 2023
$'000
3,808
1,800
146
129
163
-
1,879 6,046

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)
Analysis of net assets between funds (prior year)
Net assets at 31 December 2023
Net assets at 31 December 2024
Tangible fixed assets
Net assets
Long term liabilities
Tangible fixed assets
Net assets
Long term liabilities		 Unrestricted
$'000
4
2,306
-		 Restricted
$'000
-
1,279
(1,879)		 Total funds
$'000
4
3,585
(1,879)
2,310 (600) 1,710
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)

Page 27 of 32

The Power of Nutrition

Notes to the financial statements

For the year ended 31 December 2024

13a Movement in funds (year 2024)

By Programme/Funder

OPEX funding
(a) Platform Funding
(b) Benin programme
(c) Bangladesh programme
(d) Mobile Doctorni programme
(e) SIDA funder - DRC1&2
(f) Irish Aid funder
(g) Global Malnutrition Appeal
(h) GAVI (Indonesia)
(i) IMC-Ethiopia
(j) GAVI - Pakistan Programme
(k) Learning series programme
(l) PVH Maharashtra programme
(m) AAH Gujarat programme
(n) Other
Total restricted
Total Funds
Unrestricted
Restricted		 Total
Bal 1 Jan 2024
Incoming Resources
including gains
$'000
$'000
3,489
131
3,414
3,194
(342)
-
(296)
-
-
352
(3,969)
2,573
60
-
-
12
(250)
-
-
-
-
2,000
-
-
-
85
-
-
99
-		 Total
Resources
Expended
including losses
$'000
(1,792)
(2,055)
-
-
(250)
-
-
-
-
(51)
(4,350)
(360)
-
26
(10)		 Transfers
$'000
482
(2,104)
342
296
(102)
-
(22)
(12)
250
51
750
95
-
(26)
-		 Bal 31 Dec
2024
$'000
2,310
2,449
-
-
-
(1,396)
38
-
-
-
(1,600)
(265)
85
-
89
(1,284)
8,216		 (7,050) (482) (600)
2,205
8,347		 (8,842) - 1,710

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) 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 $0.6m at the end of December 2024, 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.

Restricted Funds description

(a) Platform Funding

Platform Funding is aimed to be used for programmatic purposes, as required. At end December 2024, $200k was transferred from Platform funds in respect of Ethiopia 2 as per Rotary and END agreement to be utilised for OPEX purposes. $750k was transferred to cover funds due to the GAVI-Pakistan progamme. A further $11k was reallocated for OPEX purposes being SIDA DRC1 reimbursable costs. $250k was moved to the OPEX funds line in respect to the GAVIPakistan programme as per contract. $95k went out to fund the Modern Scientist Learning project and $39k went out to the IMC-Ethiopia programme. $296k was transferred to the Bangladesh line to cover the remaining funds due out. At end December $754k interest had been received for programmatic funds held on account. $342k was utilised for the Benin programme (this is the final payment for this programme). $2,055k of Programmatic expenditure was also expensed against Platform funds. $2,441k was booked from the World Bank in respect to investment returns earned on TPON funds held by The World Bank and returned on request to The Power of Nutrition. $250k of funds were transferred to the GAVI line to cover the final tranche disbursement for the Indonesia programme. A net $102k of funds were not required for the Mobile Doctorni programme and these were written back to Platform Funds along with $26k written back on the AAH Gujarat programme which are no longer required for that programme.

Page 28 of 32

The Power of Nutrition

Notes to the financial statements

For the year ended 31 December 2024

(b) 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. During year 2024, $342k was transferred in from Platform funds and used to make the final disbursement of funding to the programme.

(c) 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 opening negative balance of $296k at 1 January 2024, has been covered by an equal transfer of funds from Platform Funds.

(d) 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 2024 period a further $45k has been expensed in terms of related consultancy costs, this will be covered by a transfer of funds from our Platform funds. $147k was also written back to Platform funds as had been over accrued in prior years. In addition $352k will be booked to incoming resources and outgoing resources to reflect the value of services in kind provided.

(e) 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 implementing partner UNICEF. The negative balance of $3,969k at the 1st January 2024 will be covered in full from the balance of contributions due by SIDA over 2024-2025. During July 2024, $566k was received from SIDA. A further $2,007k was received from SIDA in December 2024.

(f) Irish Aid Funder

These funds will be used in Ethiopia and Liberia for an innovative Product Access Initiative. In total $22k was transferred during the year in respect OPEX funding as per contract.

(g) Global Malnutrition Appeal

The $12k funds received represent funding raised during year 2024 for the Global Malnutrition Appeal which is targeting funds to help alleviate the Global Malnutrition Crisis. $12k was disbursed to a follow-on IMC Programme in Ethiopia which this appeal supported.

(h) GAVI (Indonesia) Programme

This programme is being implemented by GAVI in Indonesia. $250k of funding was transferred in from Platform Funds during November 2024 and the same amount disbursed to the programme in the period.

(i) IMC (Ethiopia) Programme

This is the second programme being implemented by IMC in Ethiopia. $51k of funding was transferred to the second IMC-Ethiopia programme, made up of funds transferred from the Global Malnutrition Appeal ($12k) and from Platform Funds ($39k).

(j) GAVI-Pakistan Programme

Funds expensed totalling $4,350k to be used in the AKF Pakistan programme, $750k was transferred from Platform funds as TPON's contribution. $1,000k was received from GAVI in July and a further $1,000k in December, the remaining $1,600k negative balance will be covered by funds received from GAVI over the 2025-2026 period

(k) Learning Series Programme

This is a project focussing on the learnings of The Power of Nutrition over the past 10 years, in total $360k has been expensed in respect to this project and $95k was transferred from Platform funds to cover the outgoing funding paid to Modern Scientist.

(l) PVH Maharashtra Programme

$85k of funding was received from the PVH Corporation in respect to an add-on programme to our existing Maharashtra programme with UNICEF. This will go live in 2025.

(m) AAH Gujarat Programme

Reflects the $26k no longer required for this programme and the write back of these funds to the Platform Funds

(n) Other

The opening balance of $99k is made up of a number of small donor amounts. During 2024, $10k was utilised for additional expenditure within our PAI Liberia programme.

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 n) above;

Page 29 of 32

The Power of Nutrition

Notes to the financial statements

For the year ended 31 December 2024

13b Movement in funds (year 2023)

Movement in funds (year 2023)
(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
OPEX funding
By Programme/Funder
Restricted
Total Restricted
Total Funds
Unrestricted		 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
Expensed
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.

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The Power of Nutrition

Notes to the financial statements

For the year ended 31 December 2024

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 to 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 licence 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) 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.

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The Power of Nutrition

Notes to the financial statements

For the year ended 31 December 2024

(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 20242025.

(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.

(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;

14 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 (used in) / provided by operating activities		 2024
$'000
(378)
15
(834)
1,994
(9,580)		 2023
$'000
7,020
247
(785)
1,335
(6,813)
(8,783) 1,004

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		 2024
$'000
38
-		 2023
$'000
30
-
38 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 $1.25 ($1.27).

17 Related party transactions

One trustee of the charitable foundation is a partner of the legal firm Broadfield Law UK LLP. The Power of Nutrition paid $60,912 (2023: $66,500) in legal fees to Broadfield Law UK LLP in the year. All transactions were at an arm's length basis.

Total unrestricted donations received from trustees during the year were $12,409 (2023: $6,082).

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