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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

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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

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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.

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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.

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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.

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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 FOunda￿on 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.

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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 h￿Iene.
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.

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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 ecC￿village5 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.

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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 adOlesc￿t 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.

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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.

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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. Wh￿e 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

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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 aCcOrda￿e 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-SsB￿8F1-92c￿ol106B7o￿2A5
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 M￿ttL￿ 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)DouS￿n￿￿'.
s￿n•d￿y.'
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.. 783O3747-55B￿8F1-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 a￿O￿nting
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-