Dtscuslgn Envelope ID.. 783D3747-5sB8F1.82c3-O1lo6B7oA2A5 Charlty Registration No. 1160524 ELEVA FOUNDATION LTD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 BUSINESS ADVISORS & ACCOUNYANYS One Bell Lane Lewes East Sussex BN7 IJU
Docusign Envelope ID.. 78303747_55B&48F1_92C34)1106B70A2A5 ELEVA FOUNDATION LTD CONTENTS Page Company information Trustees, report 2-11 Statement of trustees, responsibilities 12 Independent auditor's report 13-17 Statement of financial activities 18 Balance sheet 19 Statement of cash flows 20 Notes to the financial statements 21-26
Oocusign Envelope10.. 783D3747-5s88F1-92C&OllQ6B7OA2A5 ELEVA FOUNDATION LTD COMPANY INFORMATION Trustees Mrs Kirsty Bendahan Mrs Andrea Morrall Charlty number 1160524 Prlncipal address c/0 Eleva Capital Partners (UK} Ltd 4th Floor {East} 62-64 Baker Street London WIU 7DF Auditor TC Group One Bell Lane Lewes East Sussex BN7 IJU
Do¢usign Envelope ID." 78303747~558348F1_92C3.01106B70A2A5 ELEVA FOUNDATION LTD TRusfEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their annual report and financial statements for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out in note I to the financial statements and comply with the charity's constitution, the Charities Act 2011 and 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 IFRS 1021" leffective l January 20191. Objertives and activities The charity's objects are to relieve the needs of children worldwide who are living in poverty, do not have acces5 to education, or have experienced a manmade or natural disaster or other humanitarian crises by the provision of grants to charities and/or other organisations working to relieve such needs. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. We have a collaboration with UNICEF. We are impressed with their reach, transparency, and experience in eliciting long term sustainable change. We aim to help them to achieve even more for the hardest to reach children by providing support for.. long term, SLtstainable development of emerging natt"ons- ensuring that children are at the forefront of policy and planning,. and their rapid, impactful emergency relief. Achievements and performance UNICEF and The ELEVA Foundation share the vision that all children, especially those who are hardest to reach, have the right to grow up healthy and strong in a safe, clean and nurturing environment. Over the past 10 years, The ELEVA Foundation and UNICEF have developed a unique portfolio approach to help maximise our impact for children. By supporting programmes in each of UNICEF'S goal areas of work including a mixture of bespoke projects and flexible funding initiatives the foundation is helping to deliver holists"c impact for children in countries and communities across the world. Last year marked the halfway point to the Sustainable Development Goals {SDGs}, the world's 17-point 'to-do' list to radically improve the lives of people and the planet by 2030. With just six years to go, there 15 an urgent need to accelerate progres5 in order to achieve these goals and address the challenges facing millions of children around the world. Climate change, poverty, deepening inequalities and intensifying conflict are cutknng children off from their chance to thrive. If we don't act now, we risk losing millions of lives to easily preventable causes like disease, poor nutrition and unsafe environments. Our partnership, its impact and legacy continue to grow, helping to reach more children, families and their communities each year. Ongoing projerts: A Centre of Excellence in the Central African Republic: £ I million The Central African Republic is the most dangerous place to be born, with the highest stillbirth rdte and the second highest number of newborn deaths in the world. The ELEVA Foundation is helping to tackle this by turning Bangui Hospital's paediatric facility into the h'rst ever Centre of Excellence. Construction of the centre was completed in December 2023 and construction of the maternity waiting room in Bossangoa district continued in 2024. The centre is now fully operational, thanks to investment inlD Cutting edge training equipment and solar powered electricity.
Docusign Envelope10.' 783D3747-55B348F1-92C3-01106B70A2A5 ELEVA FOUNDATION LTD TRusfEES' REPORT (cof+4TINUED} FOR THE YEAR ENDED 31 MARCH 2025 Training is being delivered to healthcare workers whilst the distribution of essential equipment to neonatal units and health facilities is also underway. Since April 2023, 2,050 babies have been delivered safely by 90 trained matrons (community health workersl. There has been a marked decrease in the rate of stillbirths in the targeted regions, decreasing from 4.9% in 2022 to 3.8% in 2024. As part of this programme. UNICEF are utilising a cascade approach to training, with staff from the Centre of Excellence delivering training to district hospitals. District hospital staff will then cascade this training to health facilities where it will then be passed on to community matrons. In this fin31 year of the programme and with constructton complete, ELEVA is helping to strengthen the overall health system of the country for gEnerations to come. Community-based Nutrition in Papua New Guinea: £ I milllon Funding from the ELEVA Foundation is supporting a programme to address the extremely high rates of malnutrition in Papua New Guinea by providing increased access to preventative support and life-saving treatment. Thanks to a change in approach from the original three-year proposal and the implementation of Nutrition Intervention Acceleration activities. we have already surpassed our original targets, rea(hing more than 2.6 million people to date (against a target of 1.55 million) with access to nutrition services and support. With ELEVA funding. UNICEF aims to ensure nutrition services are taken to scale and are provided routinely in health facilities, communities and schools in target provinces. UNICEF are working to improve coordination of systems and have developed a social and behavioural change campaign to help inform and influence communities to adopt appropriate nutrition behaviours and utilise available services. The project aims to contribute to reducing rates of stunting in the country by three per cent over three years. As part of the work to increase access to nutrition services UNICEF have so far established new nutrition service delivery points in health facilities. community centres and schools and implemented a new performance-based incentive strategy for Village Health Assistsnts. They have provided training to 331 health workers and 456 Village Health Assistants to help reach rural communities with essential nutrition services. They have also reached almost a million children with Vit3min A supplements and more than 133.000 adolescents with iron folate supplements. The success of the programme has acted as a catalyst, helping to attract additional funding whilst continued advocacy has contributed to the Government's decision to conduct a National Nutrition Survey in 202&2026. Investment from The ELEVA Foundation has been used as a proof of concept, demonstrating how Village Health Assistsnts can be leveraged to provide nutrition services and reach households within their communities. This support has helped to expand nutrition services beyond health facilities. whilst unlocking additional funding to ensure that the impact of our support will continue lon8 beyond the life of this project. More children, adolescents and mothers are now accessing and utilising nutrition services close to where they live or learn. In effect, the availability of nutrition services across multiple platforms has led to an increase in demand for nutrition services. This final year is about embedding this approach for long term, sustainable change. UNICEF are working to develop strategies with the National Department of Health to help reach more children with treatmentfor severe acute malnutrition and access to micronutrient supplements.
Docusi9n Envelope 10.. 783D3747.5583-48F1_92C3-01106870A2A5 ELEVA FOUNDATION LTD TRUSTEE5' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Global Education expansion of Accessible Digital Textbooks (ADT) The ELEVA Foundation is helping to break down barfiers to education and enable all children to reach their academic potential. Through the production and distribution of Accessible Digital Textbooks, ELEVA funding is helping to provide inclusive learning opportunities to almost 2 million children across Latin Americ3 and the Caribbean, significantly surpassing original targets. Building on the success of this programme, UNICEF have now expanded activitt.es into Bhutan and Nepal, as well as providing support at a global level through Innovation Hub la collection of initiatives and teams focused on accelerating positive change for children by Kjentifying. developing. and scaling innovative soluts.ons in various fields) At the same time, UNICEF are continuing to build on activitie5 in the original six countries. 23 of the 25 planned Accessible Digital Textbook5 have been completed and launched as part of ELEVA'S original nvestment in six countries acros5 Latin America and the Caribbean. Many of these textbooks have been included into national curricula. UNICEF continues to work with the Ministries of Education to highlight the importance of inclusive education. Communication materials have been created to promote the production and use of Accessible Digital Textbooks, in-person workshops have been delivered to teachers and technicians and these textbooks have been integrated into national education plans and other key education initiatives. In addition to this, UNICEF teams are working to promote the importance of inclusive learning to children, parents and caregivers through local news coverage and social media. Working with the Ministries of Education, steering committees and technical teams are established in Nepal and 8hvtan. Programme coordinators have been hired at both the regional And county level and inception rkshOpS have taken place. At a follow-up workshop in Bhut3n, two simple Accessible Digital Textbooks were ccxnpleted. UNICEF has also entered into a two year partnership with OpenAI to leverage the potentr.al of Generative Al to develop open source solutions that could signifi.cantly reduce the time and resources needed to create accessible digital content. A pilot study on new Al solutions in Uruguay has begun and progress is ongoing in automating multiple aspects of interactive digital content. It is estimated that Al could enable the production of textbooks in minutes and for less than Si a page. Currently, it takes approximately 6 -9 months to produce a single accessible textbook at a cost of up to $50,000 per textbook. Sudan-children in Amied Conflict Funding from The ELEVA Foundation is helping to improve the mechanisms to prevent and respond to the needs of children impacted by armed groups and other child protection issues, including survivors of sexua l and physical violence. Implementation began in June 2024. As part of this, UNICEF is working with local partners to scale up monitoring, analysis and reporting of grave violations against children, whilst providing increased access to child protection services and support. At the same time, UNICEF continues to advocate for the release of children associated with armed groups and prepare to support them on their release. During this inception phase of the progfamme. activities have included: Providing 256 children1157 boys and 99 girlsl with access to vital Services and support, including tracing and reunification support and psychological first aid. Delivering training to 53 social workers to enable them to support children in the current humanitsrian context. Referring 99 survivors of maiming from shelling into medical facilities. The establishment of four community care centres will begin once negotiations to release children associated with the parties to the conflict have concluded and a timeline for their release have been established. Whilst these negotiations are ongoing, UNICEF have focused our activities on unaccompanied children and those separated from their families in the programme areas.
Oocusign Envelope ID". 783D3747.55B348F1-92C&01106B70A2A5 ELEVA FOUNDATION LTD TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Children's Emergency Fund . £1.2 million By supporting UNICEF UK'S Children's Emergency Fund, The ELEVA FOundaon is helping to SUPPOrt communities and families around the world as they respond to the impacts of Crises and sudden onset emergencies. From providing access to essential supplies and support in the immediate aftermath of a disaster, to working with communities to help build resilience to future crises, our support of this unique fund is helping to make a difference to thousands of children and their families. And as global humanitarian needs continue to grow. this funding is more important than ever before. The number of countries in active armed conflict IS at its highest in 30 years. More than 43 million children have been displaced by conflict with millions more affected by the impacts of natural disasters and climate change. In order to match the scale of the situation, UNICEF'S goal for 2024 wa5 to reach 93.8 million crsis-affected children with acce55 to essential services and support. This includes- helping more than 52 million people access reliable sources of safe drinking water; providing 7.6 million children with severe wasting with access to life-saving treatment, and helping over 19 million children access formal and non-formal education. In the first half of 2024 alone. UNICEF supported emergency-affected communities in 69 countries - from Lebanon and Bangladesh to Mali and Ecuador. UNICEF respond5 to more than 300 emergencies every year. international and local in scale. Many (Athese crises won't make the news - or will be quickly forgotten by the international media. But thanks to suppor12rs like The ELEVA Foundation, UNICEF teams are there as soon as disaster strikes, helping to meet the needs of children and their families. and can remain there as long as we are needed. Closing Projects: Afghanistan Emergency Response: £ 0.5 million Funding from The ELEVA Foundation has contributed to UNICEF'S integrated and crosscutting emergency response in Afghanistan. where decades of conflict, economic collapse, climate disasters and human right5 vidations have left over half the entire population in need of humanitarian assistance. Working together with other partners, UNICEF has supported communities as they respond to the immediate needs of crisis affected children and their families. UNICEF teams are providing increased access to essential health. nutrition and protectton services as well as clean Water and other vital supplies. At the same time, they work with local partners to help better prepare these communities for future crises. This includes strengthening community based education and investing n climate resilient water technologies and systems.
Docusign Envelope ID". 783D3747-55B348F1-92C3-01106B70A2A5 ELEVA FOUNDATION LTD TRusfEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 By supporting our overall emergency response in Afghanistan, ELEVA Foundation funds contributed to multiple areas of UNICEF'5 work. Examples of this impact include.. Reaching 19.2 million people with primary health care through UNICEF supported facilities Sin the start of 2024. This includes 2,389 static health facilities as well as 16 mobile health and nutrition teams that provide services to remote areas of the country. Almost 3.5 million children across the country have been supported to continue their learning through access to textbooks, teaching and learning materials. Supporting 3.300 service delivery points to provide treatment to children under 5 who are suffering from severe acute malnutrition. More than 3.4 million children and caregivers have been supported with mental health and psychosocial support services. including information about wellbeing. More than 575,000 people have been reached with access to safe water for drinking. cooking and personal hIene. ELEVA Foundation5 donat.on of £500,000 was enough to provide 13,192 families with WASH kits. These kits help families to maintain good hygienè practices and reduce the risk of diseases like cholera and diarrhoea in the aftermath of crises such as the flash floods that hit northern Afghanistan in May 2024. Turning Waste into Plastic Bricks to build schools in Cote D'lvoire By supporhng the innovative 'Plastic Bricks, initiats"ve, The ELEVA Foundatt"on has helped provide thousands more children with access to education. By converting plastic waste into bricks to build classrooms, our funding has helped to construrt new classrooms whilst also tackling the high level of waste pollution in the country. This programme has experienced significant external challenges including frequent and sustained severe weather limiting access to the sites, power outages and a Shortage of construth.on companies meaning that classroom construction has been delayed. As a response to the increasing frequency and intensity of severe weather, the design of the classrooms ha5 been adapted to ensure they are more resilient to the impacts of climate change. De5Plte the challenges to classroom construction, funding from The ELEVA Foundation 15 having a bigger impact than originally planned for children in Cote d'lvoire. By adapb.ng programme activities to ensure th at children in all schools across San Pedro and Tchologo beneh-t from improved teaching and access to learning materials, UNICEF are helping to tackle education inequalitie5 and ensure that they are maximising their impart for the entire community. Because of this, UNICEF have still been able to surpass their goal of reaching 7,200 children to improve access to. and quality of education for more than 200,000 learners. They have also distributed learning materials to 13,820 children, including 1,405 educational picture boxes. While no further funds are due, UNICEF has extended programme timelines in order to complete construction of the remaining classrooms in San Pedro and the 27 phase two classrooms in Tchologo. They will also distribute school furniture, school kits and learning materials to these classrooms.
Docusign Erwelope10.' 78303747-558348F1-92C3-01106B70A2A5 ELEVA FOUNDATION LTD TRusfEES' REPORT (CONfiNUED) FOR THE YEAR ENDED 31 MARCH 2025 Madagascar- Developing Climate Smart Eco villages Funding from The ELEVA Foundation has helped to estsblish sustainable eco-villages in the Androy region of southern Madagascar, where children and their families are particularly vulnerable to the impacts of climate change. Our funding covered a package of interventions to address the water, Sanitation, electricity, connectivity, education and health needs of entire villages. This included both construction work and environmentally smart, income-generating activities. Construction activities have been completed in the three eccpvillages being directly supported by The ELEVA Foundation Imanakoliva, Ankaranabo and Ambatosolal, whilst cost efficiencies in the project have enabled UNICEF to extend the impact of our funding to an additional two villages ITerabovo and Ehavo}. To establish the eceTrvillages, UNICEF have constructed water supply systems and connected health centres and primary schools in the three main villages to reliable electricity. They have 3150 engaged the private sertor to help promote and support income-generating activities within the villages. An example of this is training local seamstresses to create cloth sanitary towels, giving girls and women in the village access to reusable sanitary pads. The seamstre55es were also provided with additional training on financial literacy, helping them to transform this initiative into a sustainable income-generating opportunity. 157 women in the Androy region are now using re-usable sanitary pads Produced and sold by local women. Community members have also been trained the production and sale of eco-friendly charcoal, made from organic waste. To date. 40 households have begun using this charcoal alternative. Continued support from The ELEVA Foundation has enabled the eco-village pilot project to adapt and evolve over time. Whilst the installation of solar-powered water systems, along with other infrastructure has remained a constant focus of the project. the introduction of additional income-generating, behavioral change and community sensitssation activities has helped to improve the long-term sustainability of the project. At the same time, UNICEF have adopted a new 'collective approach, for some programme activities. This approach involves contracting and implementing work in ELEVA-supported villages concurrently with other ecCvillage5 in the region. thereby creating efficiencies and increasing the impact of our funding. The success of this programme has helped to attract additional funding, further helping to secure the lonE-term impart of ELEVA'$ 5UPPOrt. Nigeria, inclusion In Society: Funding from The ELEVA Foundation has helped UNICEF and its partners to make great progress for children in the Alm3jiri system and out-of-school adolescent girls in Nigeria. The Almajiri system is a religious and Islamic educational system in which children leave their homes to study the Qu'ran and 151am under the guidance of a Mallam (Qur'anic scholarl. Although the integration of Almajiri children into their families and communities has been challenging, in 2022 UNICEF were able to expand the scope of its attivities to include out-of-school adolescent girls. Through this adaptation, they have reached more than 60,000 children and adolescents with access to essential services and support. At the Same time, they have helped to strengthen these Systems for future generations, delivering training and increasing awareness and community engagement. As ELEVA Foundation's support of the programme draws to a close, below are a few key highlights made possible by our funding.. The needs of more than 80,000 Almajiri children and out-of-school adolescent girls across the five states have been assessed by trained social workers. 63.682 of these young people have been provided with access to support, including education, lifeskills training and child protection services. 15.300 households and 818 Mallams have been engaged to better understand the drivers of the Almajiri system, gender norms and alternative care programme5.
Docusign Envelope10." 783D3747-5SB348F1-92C3-01106870A2A5 ELEVA FOUNDATION LTD TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Efforts also continue to sensitise religious leaders, Islamic scholars and institutions responsible for the regulation of Islamic schools to understand the value of family-based care in enhancing the wellbeing of children, as well as children's right to be raised within a family environment. The resurgence of abdvction of school children and the expansion of banditry and terrorism by non-government armed groups pose significant challenges to the programme's implementation. In response, UNICEF has refocused its efforts on the reintegr3tion and rehabilitation of abducted children, prioritising community ba*d psychosocial support to help address the trauma experienced. As well as reaching almost three times the number of beneficiaries as originally planned. our support has helped to strengthen state 5y5tems and initiate reforms to the Almajiri system that will benefit many more children for generations to come. The success of this programme has also arted as a catalyst, attracting additional funding and providing opportunities to build on UNICEF'S work to date and take proEramme activitie5 to scale. While no further fund5 are due. UNICEF will use thi5 extra time to accelerate media and community sensitisation activities of parents and caregivers. Additional capacity building activities. including training of women's association5 to advocate for the reintegration of children will also take place. New projerts for 2025: Social Protection in Ghana In Ghana, many adolescent girls are forced to drop out of education after primary school as a result of poverty, pregnancy and child marriage. More than 100,000 girls aged between 15 - 19 give birth each year in Ghana, with the majority occurring in rural communities. To avoid shame and stigmatisation, pregnant adolescent girls are often pushed into marriage and further from education. One in five women aged 21P24 today was married before the aEe of 18. Being forced to drop out of school not only leads to a loss of education but ultimately also limits these girls, ability to fulfil their potential. Without education. adolescent girls are prevented from developing financial literacy and essential employability skills, key elements needed to succeed in work and life. Funding from The ELEVA Foundation will be used to increase adolescent girls, access to social services whilst helping to build their fi.nancial resilience and economic empowerment. We aim to reach 5.000 adOlesct girls with a package of services and support to help reduce and prevent adolescent pregnancy and child marriage, whilst enhancing the welfare of adolescent mothers and their children. This is the first year in a three-year project with planned activities including providing out-of-school adolescent girls with life skills and micro-enterprise skills training, including financial liter3cy. Income generating livelihood support will also be provided, including access to start-up enterprise grants. UNICEF will connect out-of-school adolescent girls with safe spaces, mentoring and social services, including access to sexual and reproductive health services. We will connect out-of-school adolescent mothers with care-giving and positive parenting training, along with other 5UPPOrt for new mothers. By leveraging existing government programmes to support out-of-school girls, we can achieve more sustainable impacts whilst helping to accelerate the scale-up and adoption of activities by the government.
Docusign Envelope ID.. 783D3747.55B348F1-92C&OI106870A2AS EIEVA FOUNDATION LTD TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Improved Access to Water, Sanltation and Healthcare (WASH) in Mongolla Due to its vast territory, dispersed population and extreme weather conditions, Mongolia faces unique challenges in ensuring equitable access to watef, sanitation and hygiene facilities. As a result of this. only 30% of families have access to Safely managed drinking water, and 560A of families have access to saftly managed sanitation facilities. Substandard water treatment facilities and water systems that are vulnerable to contamination are ey3cerbating tho situation: 16% of water sources and water in 20% of households were found to be contaminated with E. coli, a major cause of diarrhea. Additionally, in arid and semi-arid regions, drinking water quality is often below national standards, therefore requiring costly water filters and water softening equipment before consumption. With funding from the ELEVA Foundation, UNICEF expects to achieve the following results.. Improved access to equitable and safely managed water, sanitation and hygiene facilities for I million people, including 400.000 children in 18 provinces across Mongolia. Increased community resilience through the development of innovative WASH facilities and operation and maintenance activities. Demonstrate the success of innovative WASH models, accelerating government SUPPOrt and buy-in while increasing the potential for scaling up the initiative. Emergency Response In Halti Children and families in Haiti are currently facing some of the worst human rights violations in the country's recent history. Throughout 2024. UNICEF has been working with the Government to scale up its emergency resixjnse, providing water, sanitation and hygiene, education. health, nutrition, child protectÈon and social protection services. UNICEF'S emergency appeal for Haiti is 5ti1175% unfunded. As a result. despite the tireless work of our teams and local partners on the giound, there are still critic31 gaps in our response. With ELEVAS critical support, UNICEF will continue to scale up this response in 2025 and contribute to its aim of reaching over 3 million people, including 1.1 million children in need of humanitarian assistance. Child Nutrition Fund {CNF)- global matched fund: £1.7 million The Child Nutrition Fund ICNF) is a UNICEF-led coordination and funding mechanism designed to accelerate the scale-up of sustainable policies, programs and supplies to end child undernutrition in high-need countries. The CNF mobilizes resources to accelerate the implementation of evidence-based, high-impact actions designed to tackle key nutrition challenges, including stunting, wasting and anaemia in children and women. The CNF empowers countries to accelerate progress in achieving their nation31 commitments to the nutrition of children and women and the Sustainable Development Goals ISDGS). including ending undernutrition and reducing mortality among children under fi've years of age and women by 2030. To do so, the CNF supports govemment-led actbons in five areas of maternal nutrition. breastfeeding promotion. complementary feeding. micronutrient supplementation and treatment of child wasting.
Docusign Envelope ID.. 783D3747_55B3.48F1_92C>01106870A2A5 ELEVA FOUNDATION LTD TRUSTEES, REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 Financial review The year ended 31 March 2025 represents the Eleva Group's most successful full-year trading period to date. During the financial year, Eleva Foundation Ltd. received total cash donations of £11,647,661 from Eleva Ithe Groupl 12024: £706,263). These amounts represent cash receipts during the year rather than accruals in the charity's accounts. Donations were received from the following group entities= £10,588,465 from Eleva Capital Partners (2024: £0}. Eleva Capital Partners is a fi'nancial services company domiciled in the United Kingdom. It operates as both a holding entity and an asset management tirm. overseeing a diversified portfolio of investments. £1,040,099 from Eleva Capital SAS12024'. £683,878). Eleva Capital SAS is a French Societe par Actions Simplifiee domiciled in France, authorised by the AMF (Autorite des Marches Finonciersl an asset management company under ArtÉcle L. 532-9 of the French Monetary and Financial Code. £19,096 from ELEVA Solutions SAS12024= £22,384). ELEVA Solutrons SAS is a French Société par Actions Simplifiee domiciled in France. It is a SLsbsidiary of ELEVA Capital SAS and specialised in the distribution of fi'nancial Instruments. In addition the The Eleva Foundation Ltd is entitled receive a further donation from Eleva Capital Partners IUKI Ltd, based on Eleva Group's net profi't. This donation will be received in the next reporting period. As at 31 March 2025, the charity allocated £12,353,899 to UNICEF under its collaboration agreement 12024= £706,263), distributing substantially all donations received during the period. The Foundation's policy is to minimise administrative expenditure and to apply the majority of income received each year to UNICEF project5 and emergency funding. The charity doe5 not maintain cash reserves. Whe there are signifi'cant year-on year variations in income, the level of charitable distributions will be adjusted accordingly Structure, governante and management The charity is a Charitsble Incorporated Organisation established by its constitution on 17 February 2015. The trustees who served during the year and up to the date of signature ot the fi'nancial statements were: Mrs Kirsty Bendahan Mrs Andre3 Morrall Day to day administration of the charity and all decision making, including decisions on those projects to fund, are dealt with by the trustees. 10-
Docusign Envelope ID.. 783D3747-558348F1-92C34)1106B70A2A5 ELEVA FOUNDATION LTD TRUSTEES, REPORT (CONfiNUED) FOR THE YEAR ENDED 31 MARCH 2025 Auditor In accordance with the company's artFclÈs, a resolution proposing that TC Group be reappointed as auditor of the CIO will be put at a General Meeting. Disclosure of Information to auditor Each of the trustees has confirmed that there is no information of which they are aware which is levant to the audit. but of which the auditor is unaware. They have further confi'rmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information. The trustees, report was approved by the Board of Trustees. DoEuSltrrt*d bf. Mrs Kirsty Bendahan Trustee Mrs Andrea Morrall Trustee 14-10-2025 | 5..32 PM CEST 15-10-2025 | 7.01 AM EDT 11
Docusign Envelope ID.. 783D3747_55B348F1.92C3_01106B70A2A5 ELEVA FOUNDATION LTD srATEMENT OFTRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare financial ststements for each financial year which give a true and fair view of the state of affairs of the charity and of the in)ming resources and application of resources of the charity for that year. In preparing these financial statements, the trustees are required to.. select suitsble accounts.ng policies and then apply them consistently,. observe the methods and principles in the Charities SORP- make judgements and estimates that are reasonable and prudent- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the linancial statements,. and prepare the fi.nancial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees hre respoflsible for koeping sufficient accounting records that disclose with reasonakje accuracy at any time the h"nancial position of the charity and enable them to en5uie that the h"nancial statements comply with the Charities Art 2011, the Charity IAccounts and Reports1 Regulatr"ons 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking feasonable steps for the prevention and detection of fraud and other irregulaf ities. 12-
Docusign Envelope ID.. 783D3747-55B348F1-92C3-01106870A2AS ELEVA FOUNDATION LTD INDEPENDEf+lT AUDITOR'S REPORT TO THE TRusfEES OF ELEVA FOUNDATION LTD Oplnlon We have audited the financial statements of Eleva Foundation Ltd (the 'charity'l for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 rhe Financiol Reporting Standord upplicoble in the UK ond Republic of Irelond Iunited Kingdom Generally Accepted Accounting Practice). In our opinion. the financial staternents-. give a true and fair view of the state of the charity's affairs as at 31 March 2025 and of its incoming resources and application of resources, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi,. and have been prepared in accordance with the requirements of the Charitie5 Act 2011. Basis for opinlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilitiesfor the audit of the financiol statements settion of our report. We are independent of the charity in aCcOrdae with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'5 Ethical Standard, and we have fLtlfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 13-
Docusign Envelope ID.. 78303747_55B348FI_92C&01106870A2A5 ELEVA FOUNDATION LTD INDEPENDENT AUDITOR'S REPORT (copifiNUED) TO THE TRUSTEES OF ELEVA FOUNDATION LTD Other information The trustees are responsible for the other information. The other information comprises the information included in the trustees, annual report, other than the financial statements and our auditor's report thereon. Our opinion on the linancial 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. In connection with our audit of the linancial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material incon51Stencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other infiymation, we are required to report that fart. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulatr"ons 2008 requires us to report to you if, in our opinion= adequate accounting records have not been kept, or return5 adequate for our audit have not been received from branches not visited by us- or the financial statements are not in agreement with the accounting records and returns- or we have not received all the informatr.on and explanations we require for our audit. Responsibilities of trustees As explained more fully in the statement of trustees, responsibilities, the trustees are responsible for the preparation of the fi'nancial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to contr.nue as a going concern, disclosing, as applicable, matter5 related to going concern and using the going corKern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so. 14-
Docusign Envelope ID. 783D3747-558348F1-92C3-01106870A2A5 ELEVA FOUNDATION LTD INDEPENDETr AUDrroR'S REPORT (CONTINUED) TO THE TRusfEES OF ELEVA FOUNDATION LTD Auditor's responslblllties for the audlt of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole 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 IUKI will alway5 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 reasollably 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. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. Extent to which the audit vrds considered capable of detecting irregularities. including fraud The objectives of our audit, in respect to fraud. are.. to identify and assess the risks of materia misstatement of the financial statements due to fraud,. to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses- and to respond appropriately to fraud or suspected fraud identified during the audit. However. the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management. 15-
Docusign Envelope ID.. 78303747_55B348F1.92C3_01106B70A2A5 ELEVA FOUNDATION LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ELEVA FOUNDATION LTD Our approach was as follows.. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management las required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations- We identifi'ed the following areas as those most likely to have such an effect- General Data Protection Regulation IGDPRI- fraud and bribery and corruption. Auditing standards limit the reqLSired audit procedures to identify non-compliance with these laws and regulations to enquiry of the trustees and other management and inspection of regulatory and legal correspondence, if any. We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework IFRS 102 and the Charities Act 20111 and the relevant tax compliance regulations in the UK- We considered the nature of the company's operations, the control environment and business performance. including the key drivers for management's remLtneration,' We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit,. We considered the procedures and controls that the group has established to address risks identifEd, or that otherwise prevent, deter and detect fraud,. and how senior management monitors those programmes and controls. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identifi.ed fraud risk. l-hese procedures included.. tesb.ng manual journals- reviewing the fi'nancial statement disclosures and testing to supporting documentation- performing analytical procedures- and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standard5. For example, the further removed non-compliance with laws and regulations {irregularitiesl is from the events and transaction5 reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment. forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. A further description of our responsibilities for the audit of the fi.nancial statements is located on the Financial Reporkn"ng Council's website at: http=//www.frc.org.uk/auditor5responsibilities. This description forms part of our auditor's report. 16-
Docusign Envelope ID.. 783D3747-SsB8F1-92col106B7o2A5 ELEVA FOUNDATION LTD INDEPENDENT AUDITOR'S REPORT {cof4TINUED) TO THE TRUSTEES OF ELEVA FOUNDATION LTD Use of our report This report is made solely to the charity's members, as a body, in accordance with the Charities kt 2011. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to State to him in an auditor's report and for no other PLsrpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members. as a body. for our audit work, for this report, or for the opinions we have formed. vid MttL FCA (Sen. SEo4uloi ior Audi+o(I for (Md b£htLlf Of TC Group Statutory Auditor Office.. Lewes Date-. 17
Doeusign Envelope ID.. 783D3747.SSB3J8FI_92C3_01106870A2AS ELEVA FOUNDATION LTD STATEMENT OF FINANCIALAcfiviTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestrirted funds 2025 Unrestricted funds 2024 Notes Income from: Donations 8,889,477 4.995.803 Total income 8.889,477 4.995,803 Expenditure on: Charitable activities 12,354,013 1,288,191 Total expenditure 12,354,013 1.288,191 Net incomellexpenditure) and movement in funds 13,464,536) 3,707,612 Reconciliation of funds: Fund balances at l April 2024 4,985,932 1,278,320 Fund balances at 31 March 2025 1,521,396 4.985,932 The statement of h"nancial activities includes all gains and losses recognised in the year. All income and expenditure derive from conb"nuing activities. 18-
Docusign Envelope ID," 783D3747-55B348F1-92C>01 IC6B70A2A5 ELEVA FOUNDATION LTD BALANCE SHE AS AT31 MARCH 2025 2025 2024 Notes Current assets Debtors Cash at bank and in hand 1,520,839 557 4,289,542 706,909 1,521,396 4,996,451 Creditors: amounts falling due wlthln one year 110,5191 Net current assets 1,521,396 4,985,932 The funds of the charity Unrestricted funds io 1,521,396 4,985.932 1.521.396 4.985,932 The financial statements were approved by the trustees on . 1&1(k202517.'01 AM EDT I)DouSn'. sn•dy.' 4èAéI}o?A&34AA. Mrs Andrea Morrall Trustee Mrs Kirsty Bendahan Trustee 19-
OocLJsign Envelope10'. 783D3747_558&48F1_92C3_01106B70A2A5 ELEVA FOUNDATION LTD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash flows from operating artivities Cash (absorbed byl/generated from operations 12 1706,3521 706,258 Net cash used in investing activities Net cash used in financing activities Net (decrease)lincrease in cash and cash equivalent5 1706,3521 706,258 Cash and cash equivalents at beginning of year 706,909 651 Cash and cash equivalents at end of year 557 706,909 -20-
Docusign Envelope ID.. 783O3747-55B8F1-y2c&o1lO6B7OA2A5 ELEVA FOUNDATION LTD NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting pollcles Charlty Information Eleva Foundation Ltd is a Charitable Incorporated Organisation in England and Wales established by its constitution on 17 February 2015. The address of the registered office is given in the legal and administrative information page of these financial statements. The registered charity number is 1160524. The CIO registration number is CE002680. 1.1 Accounting convention These accounts have boen prepared in accordance with Accounting and Reporting by Charities.. Staten*nt of Recommended Pfactice applicable to charities preparing their accounts in accordance with the Financkil Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021, the Charities Act 2011 nd UK Generally Accepted Accounting Practice as it applies from l January 2019. The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currenc¥ of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal aOnting policies adopted are set out below. 1.2 Going concern The trustees have assessed whether the going concern basis of preparation continues to be appropriate. based on whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. At the time of approving the financial statements the trustees believe that all appropriate measures have been or will be taken to ensure that the company will be able to continue its operations for at least the next 12 months and thus conclude that the going concern basis remain5 appropriate. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restrirted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions hwe been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised when the charity is entitled to the donation, when receipt is probably and the amount can be measured reliably, subjett to any terms or conditions being attached to the donation that need to be satisfied before the charity is entitlted to the donation. on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. 21
Do¢usign Envelope ID.. 783D3747-55B348F1_92C3_01106870A2A5 EIEVA FOUNDATION LTD NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Accounting policiés (Continued) 1.5 Expenditure Expenditure is included on an accruals basis. Charitable activities - Charitable activities include expenditure associated with the objectives of the charity and also include support costs relating to these acts"vits"es. 1.6 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less. 1.7 Financial instruments The charity has elected to apply the provisions of Section 11 'Ba5ic Financial Instruments, and Section 12 'Other Financial Instruments15sue5' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statement5, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneouslv. Bosicfinancial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Busicfinancial liobilities Basic fi.nancial liabilities. including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a linancing transaction. where the debt instrument is measured at the ptesent value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. -22-
Do¢usfgn Envelope ID.. 783D3747-55B348F1-92C3-01 tO8870A2AS ELEVA FOUNDATION LTD NOTESTO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income from donations Unrestricted funds 2025 Unrestrlcted funds 2024 Donations and gifts 8.889.477 4,995,803 Income from donations amounted to £8,889,477. This includes £11,647,660 received during the year from three group entities. The payment of the prior year pledge of £14,289,542) from Eleva Capital Partnffs {UKI Ltd resulted in a reversal, partly offset by the new pledge of £1,520,839 from Eleva Capital Partne {UKI Ltd made during the year. Donations also include £10,519 of old creditors that have been reversed, as they relate to over-distributed profit due to Eleva Capital LLP, which has since been liquidated. Expenditure on charitable artivities 2025 2024 Direct costs Charitable donations Bad debts 12,349,643 1.288,188 12,349,643 1,288,188 Share of support and governance costs (see note 4) Support Governance 113 4,257 12,354,013 1.288.191 Analysls by fund Unrestricted funds 12,354,013 1,288,191 -23-
Docusign Erwelope10.' 783D3747_55B348F1.92C3_01106870A2A5 ELEVA FOUNDATION LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Support Costs allocated to activities 2025 2024 Bank charges Audit fees 113 4,257 4.370 Analysed between: Unrestricted funds 4,370 The audit fee of £6,00012024= £5,676) will be partially met by Eleva Capital Partners. Trustee5 None of the trustees lor any persons connected with them) received any remuneration or benefi'ts fr(xn the charity during the year. Employee5 There were no employees during the year. There were no employees whose annual remuneration was more than £60,000. Taxation The charity is exempt from taxation on its artivities because all its income is applied for charitable purposes. Debtors 2025 2024 Amounts falling due within one year: Other debtors 1,520,839 4,289,542 Creditors: amounts falling due within one year 2025 2024 Other creditors 10,519 -24-
Docusign Envelope 10.. 783D3747-55B348F1-92C&011 B70A2AS ELEVA FOUNDATION LTD NOTES TO THE FINANCIAL sfATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 10 Unrestrlcted funds The unrestritted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestritted funds by the trustees for specific purposes. At l April 2024 Incomlng resources Resources At 31 March expended 2025 General funds 4,985,932 8,889,477 112,354,013) 1,521,396 Previous year: At l April 2023 Incoming re50urces Resources At 31 March expended 2024 General funds 1,278,320 4,995,803 11,288,191) 4,985,932 11 Related party transartions The Foundation received cash donations of £1,040,09912024- £683,878) from Eleva Capital SAS, a group company. At the year end there was no outstanding amount due from the company. The Foundation received cash donations of £19,096 (2024.. £22.3841 from Eleva Solutions SAS, a group company. At the year end there was no outstanding amount due from the company. The Foundation received cash donations of £10,588,46512024'. £0) from Eleva Capital Partners (UK) Limited. 3 group company. At the year end the amount due from Eleva Capital Partners is shown in debtors. 12 Cash generated from operations 2025 2024 IDeficitl/surpus for the year 13.464.536) 3,707.612 Movements in working capital- Decrease/lincreasel in debtors (Decrease} in creditors 2,768,703 (10,519) 13,001,354) Cash {absorbed byl18enerated from operations 1706,3521 706,258 -25-
Docusign Envelope ID.. 783D3747-558348F1-92C3-01106B70A2A5 ELEVA FOUNDATION LTD NOTES TO THE FINANCIAL sfATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 13 Analysls of changes in net fund5 The charity had no material debt during the year. -26-