2022-12-31-accounts

fft@tLft t)ffi]d Hffle]ffldt]U ending December ACCFIXYA 2010912023 CCWANIES HOUSE Company ke9lStration Number Jts jOi92C Charity Ntsmber 1":62030 Phlhrfhr

Contents Legal and Administrative Information Trustees. Report 1.1 Letter from the President and Chair 1.2 Report from the CEO 1.3 Trustees, Report Independent Auditor's Report to the Members of Big Win Philanthropy 35 Financial Statements 38 Big Win Philanthropy l Annual Roport and Financial Statement$

Legal and Administrative Information Registered office 10 Queen Street Place London EC4R 18E Company number 09595920 (incorporated in England and Wales) Registered charity number 1162036 Tru$tees Jamie Cooper (Chair) Suprotik Basu Malik Dechambenoit Luisa Diogo Mark Dybul Michelle Harrison Nikos Makris Dzingai Mutumbuka (on leave of absence) Aloysius Ordu Rosine Sori-coulibaly President (pro bono) Chlef Executive Offl¢er Chief Operating Officer Jamie Cooper Dr. Kesete Admasu Christopher J. Klatell Bankers HSBC Bank plc 8 Canada Square London E14 5HQ Solicitors Bates Wells Braithvmite London LLP 10 Oueen Street Place London EC4R IBE Independent auditor UHY Hacker Young LLP 4 Thomas More Square London EIW 1YW 819 Win Philanthropy l Annual Report and Fin¥n¢i•l St•i*meftt$

ru,st.ees' Report Let,ter President Report rust,ees Report

Letter from the President and Chair President Shimelis Abdisa of Oromia, Ethiopia's most populous region. recently told me: We are responsible to our people to deliver outcomes at .quantity, with quality and speed. Any organisation that wants to m88t that high standard needs to be Clear-eyed about its purpo$e and about its for achieving it. That's why tleèrly artieulated tran$lorm8tion goals have 8lways b88n at the cL¥e of Big Win Philanthropy's approach to partnerships. we are not countirvJ livos indir￿llY toy¢heJ by our work, su¢h as tho family M￿)¢1$ of a newly-employed young person. We acknowledge the 5Ut¥'ectsvity ol attributitsn in ¢reditin9 Bi9 Win with having played an e$$ential role in an outcome, esptcially as we rely on our partners uttirnately to determine and drive 811 key aspecis of progress towards their transformaiional goals. However. a5 an operatin9 foundation. we would hope that in any case where we count our contributK)n tow¥rd$ the 23.5 mllion iar9et our pariner$ would affi.rm that we Consistent￿ responded ￿th high q￿lItY and speed to advance their initiative and to help surmouni Crit￿al implementation bottlenecks (either dsrectly or through our networks). Most commonly. these ￿terventionS inclyde.. commissioning baseline studies to guide programme design and against which ro measure progress. Big Win's newly adopted strategy halds oui team to the publiely eommitted, exacting Standard. BKJ Win's board has endorsed a goal for the foundation of having an iniesral role in substantially and tangibly improving the lives of 235 nMllh)n children and young peoF4e over the next fNe year The 23.5 million rnark represent5 an a09re9éte ol the impa 90als set bythe respeetive national. regional, and city leaders with whom we collaboraie th8 most closely. The areas of impact span the four arenas in which we have pred0rninant￿ b8en asked to contribute to date.. stunting reduction. edvcatirywl achievernent. early thild development. and j¢)b ¢r¢¥tion. Or9aning eontextually aPpr￿nale $tudy Wur$ and planning workshops for polilical leaders. We we going to hold ourselves to an ex¢eptiOh8lly h.gh bar as to what ¢ounts tOW8rds the 23.5 million mark and 819 Win. eontribution. In calculating lives impacted. it is not sufficient in our books for a recipient to have received access to an array of services. Instead. ifftpact is defined as an stunring averted". a full-tirne lob that provides a liveable wagw. darnonstrative gains in learning attnrnent.' or reaching age- appropriate milestones across key developmental spheres. Kloreover, lh8 impact must relate direcily to lh8 beneficbary. Supporting development of ¢ohe$ive mukisg¢toral plans and budgets. ProvK"ng Stre55 test5 to validate impact projection5. Secunng technical expertise. Develop￿9 monitorin9 Systems and d¥shboafd$. Orchestratirrfj kYcte55esto uthd( public and private investment. Big Win Philanthropy l Annual Ropori and Fittaneial Statements

Providiry brwding suppcrt. AMALI (the Afr￿an Klayoral Leadership Initiative)- a programme for ihe lop polli￿al leaders ol African cities. A complement to the Harvard Ministerial Leadership Program, AMALI responds to comp811iThg evidence that the trajectories of countries and coniinents tighrly correlate with the quality of planning and Irwestment in cities.. the unprecedented migration of people into African cities and a trend towards devolution the continent Assist￿g with recwitm8Dt ar￿ delivery ca￿ltY. Accessing Big Wins coaching nettmork of former ffliThster& mayors. and other experts. Our CEO, Dr Kesete Adrna$u. speaks more io the sp¢olic partnerships we engaged in during 2022 and thecontent of Big Wins support in his Ittter. As Big Win eontinues to grow. we do sowith a clear Strategic in hand. a dwiv• ics hoJLI ¢yiselv¢s a¢countable for results. and an ongoing det¥mination to defiver ot quaniiiy, wth qualr(y and speed. Beyofid our direct support to governrnents. &'g Win continues tts develtsp leadership initiatives that encourage greater 8mbition,' provide the space and frarneworks to prH)rilise and crysta115e human d¢v¢loprneni ¥gendas', assist in tho developrnent of delivtry ro•dmaps; all¢)w leaders togl¢an practieal insights from exemplars wfv) haye walked in their shoes.. and trAJild communities ol practice among peers across the corttinent. We are particularly excited to share that in 2022 Bi9 Win forrnalised a partnership with the Afr¢an Centre for Cities at the University of Cape Ttswn to de￿9￿ and launch Jamie Cooper Presideni and Chair Big W4n Philaothropy l Annual Report and Fiftan¢iJl Statements

Report from the CEO 2022 was an extraordinary year for Big Win Philanthropy. We started new partnerships with the governments of Cote d'lvoire. Rwanda, and Lagos State in Nigeria, and continued to grow our portfolio and our team. Our programmes are described in detail in the annual report, but a few highlights of the year include: In January 2023. a great deal of effort culrninated in the su¢¢essful18unch of AMALI, a city leadership programme for mayors hosted by the African Centre for Cities at the University of Cape Town. Fifteen mayors from major cities across the continent spent four days honing their transforrnational action plan5 for their cities. returning htsme determined to lace their biggest ehallenges and opportunitses wth a heightened sirategic outlook. The Fuiure Hope of Addis Ababa Early Childhood Development Program had its watershed rnornent in 2022. amKlst huge momenturn and broad and steadfo$t polits¢Jl support. The rity admini5trJtioTr made a bdd ¢ommitmeftt to train and deploy 5.000 salaried early ehildhood development workers to ovide quality parental coaching at the household level. At the same time. the ctty passed le9i51ation to estaNish a centre l¢r rK)vatiw •rbd learning. and be9an efforts tts expand dtyeare Services. playgrounds, and access to pre-primary edueaiK¢n. We are dek9hted to see the city making significant strides iowards creating a model early childhood developrnent ogramme thèt ¢•fi influence similar efforis across Ethiopl• and sub-Sahar• AfrKa. We a150 support8d Dr Akinwumi A. Aden•. the President of the Affi¢an Dev¢lopment Bank. to launeh a new initiative. the Pre$idential Oialogue Group on Nutrition. The Group kicked gff on the sidelines of the United Nations General AssemNy in September 2022. where Heads of State syned a declaration io accelerate Stunting reduction in theiT tountries. Going forward. Big WIN, in dose ullaboratien Tmth the Bank will wt¥k directly with p￿SIdentIal offices in the six PreS￿entIal Dialogue Group coijntries. W? hope to coordinate cabinet ministers to facilitate the de￿gn and execution of garntrchanging. effective stuntin9 reduction programrnes in high burden regKJns Mthin each country over the next three years. tn Rwanda. our investm8Tht aims to supkhjit th8 governrnents digital skills training programme. The headline ri9ure5 for the first year of this partnership are to have 80,0 student5 certrfied in ￿￿tt￿l liteia¢y and 10,000 teachers trained bn di9ital ¢ompeten¢y, with the goal of producing half rnillion youth with digital $kills aThJ improved lob prospects ift five year Tho Presidential Dialogue Group is • deliberate expansion of the $u¢¢essfvl partnership wt supported between Ethiopia and the Afri¢¥n D¢v¢lopment 9ank on the Seqota Declaration. The Sèqota Declaration is the government of Ethh)F4a-s ¢ommitmènt to end stunting in the country by 2030. initkally working in the region with the hvjhest prevalence. chaMp￿nd directly by President Adesina. the African Development Bank backed Ethiopia's multisectoral approach with Substanti funding. An independent impa¢t assessment frorn Johns Hopkins University ultimately determined that Ethiopw'5 approach led to the 14stest documented decline in stunting compared to global hi5tori¢al trends. The 9o¥ernment of Ethiopia ha5 now ¢xpand¢d the Se9Qta Declaration's covwa9e from 40 to 240 di5tri¢ts or wored04 and in 2022 we renewed our comrnitrnent to supwrt the expansion phase of Seqota with the goal of averting stunting in nearfy 430.000 ch"Idren under 5 years of age by 2025. In November 2021 ¥Ae oiflcially lawiched a partnership with the government of Cote d'lvoir8 to help accelerale efforts to create 3.4 million jobs for youth by 2025. The partnership 1$ spearheaded by the Minister of Youth Promotion. klarnad¢u Tour8. working in collaboration with the Minister GovernDrs ol A￿dIan. District de5 Lacs. and Yamou550ukro. The fiist interyention i% to help reform the Youth Employment Agency (A9eft¢e Emploi je￿ne￿- the main implementsng arm of the governrnent ènd a ¢n¢-$top-shop for youth eM￿0¥m8n1 in Cote d.￿l01[*- by reviewing the delNery chain from top to botiom to make the agency mcve efficient and impactful. IA Ghana. we have continued Qui partnership with the Minister of EiJuutK)n. Yaw Adutwum. WIM) 1$ pvrsuing a three-pronged approach lo improvin9 leaining ovtcornBS. The first $trategY isto have a robust educathjn inlorrnation systern that provide$ rtal-tirne information and ￿rmonI$eS the primary school data Bi9 Win Philanthropv,'l Annual Repoit and Financial Statèments

¢olle¢tiofi platforrn$ Ir¢ady in use. The se£oThJ strategy a*Trs io provide targeted interventions that support ￿arnIng outcomes through the Communitses of Excellence initkati¥e. This initsative seeks to lead to ￿der. long-term educath?nal. social. and economic benefits for youn9 people by ensuring that at least 90% of Primary 4 pupils wihin Cornrnuniries of E¥cellence schools are read￿g and writiThJ at grade-levol proficiency. It a150 enable5 comrnuThties to actively participatfj in education service delivery and to support the sthools ITr their area to improve thwr perftyrman¢e and edu¢atKJn¥l attaInM￿t levels. The third strategy is the establishment of a National E¢Sucation Leadership Institute (NELI) in Ghana. These thre8 interventions are envisioned to create a virtuous cyde of irnproving learnin9 Outcomes. Firolly. as Jarnie described. we olso developed and adopted our rw strategy. In doing $0. we m•de a deliberate decision to focus on impact and on our ¢tynmitment to hohling ourselv¢s attountable for achteving qutyntifiable 18rgets. We have set a bdd ambition for the number of live$ that we are seeking to inpact directly ond consequemtially ihrots9h our investments. and w¢ ￿11 develop * rtsbust monitoring framework to track our progress- and to identify any areas whefe course correction may be required alorKJ ihe wav. In surnmary. in the spirit of c￿r new strategy. we want to make 20TJ the year of purp05e_ Our teaffl is risin9 tothe •¢¢asion. Dr Kesete Admasu CEO Big Win Philanthiopy l Annual Report and Financial Statements

Trustees, Report The Trustees present their report and the financial statements of Big Win Philanthropy (also referred to as the 'Charity' in this report) for the year ending 31 December 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Companies Act 2006. the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP FRS 102) and applicable UK Accounting Standards (UK GAAP). Mission and objects Jarnie Cooper Ith8'Founder') lorrned the Charity in May 2015 for the put4ic benefit. and specifically to improve th¢ live5 of children and young people in dtrveloping. low-incom¢ ¢ountrie$. In order to achievè this goal. the Charity prirnari Partners with governments and mulii5ateral instrtutions to plan and coordinate interventions that can improve the lives of young people in sub-saharan AfTica at scale. particularly in the brain developmenL educa1￿rn. and youth emplOyff￿nI saciors. with a focus C￿ capital devdow8nt Oui goal over the ngxt years is tts p￿ly4 ¢onse4uential [0￿- throu9h these partnerships- in directly transforming the prospects of23.$ malth) children and young paople. Charye at the scale that we crave 15 onty achievable through the active Supp￿ of puWi¢ institutlofi$ ahd18aders. Thty have the legitimacy aThJ mandate to drive their societies, devebpmenr agendas. and they understand what their populations care about and what can be leveraged from 90v¢rnm¢fit initiative$ already underway. The Tru$to¢$ have adopted th? follo￿"n9 rnission siaiernenL- EVer￿hing we do 1$ underpinned by purpose and the desire to change million5 of lives ftsr the better_ We work in 5ub- Sahaiafv Afri¢a be¢¥vse the ¢ontsnent ts going through the demographic transition.. a potentially garne-changing. one%>ff opportunity f￿ accelerated growth that can transform huge nurnb8rs of lives. The ¢Semographic transition occur5 when falling mortality followed by falliry fertility result5 Ill a'youth Iwlge. that Croates a wind¢)w of ¢pportunity, for a few preciou$ decades irb a ¢ountry$ develtspm¢nL wh¢n the rotio of workers to dependants is unusually high. Big Win Philanthropy partners with driven and eomrNtted African leader5 to ddiver on their transforrnotional visi￿ for hildren and young petsple. We seek to imwove lives direct and to build demographie dividends for eqUIta￿t economic growth, peace and security. In all of it8 activities. the Charity aims to support its partners. 'big wins.. Given the xope of the challenges laced by childr¢n and young people across Africa. su¢¢es$fvl'projectS' 8rè insufficient to move the needle on the hfftian captal age[￿. We therefore look for interventions that show a path to creating change and delivering results far beyond the scale of the resourees that we can invest. either through chan9in9 norm$, creating scalable rnod?Is. influencing far krger budgets. or impacting existing system5. This transition provides an opportunity to benefit from an economic pheromenon colle<S the demographic di¥idÈnd.. demogiaphically facilitated ￿1)r￿arnIC upstde that can nificantly increase irtom¢s, living standards, and investment for the futur¢- wentially multiplying a country's natthal many times over. What we do Hovmef, thedNvJend is Trot automatic. It is dependent on investments rn•Je in children and ywThg people decade5 in ￿VanCe, in areas such as health. educat￿n. and ernploym8nt. sothatt1wde￿0p into heathy. productive adults We seek out yisionary Afrtcan lead¢f51Jriven to trarn5fo their people's live5. and we pwtner with them to achievetheir visionsfor the development of th￿r ¢ountrie& regions or cstse l. Th•CharitWs ArtklesofOryani5arionli%l thefokniwobjectkt0we￿ andreliv￿pu?rtW. told￿￿￿J￿erIr￿.$K￿e5S.a￿dd￿treSs."to ad¥8rtce educaiKin'.and to kyonoteanyotherwrpjse reco9rrised ascharrtable in arcvrdancewrth the ￿01 England and Wa 819 Win Philanthropy l Annu•l Report and Fin•n¢ial Statement$

By 2050. as the dernographi¢ tr¥n$Tti¢M progresses. the African continent'5 population will more than double. It will remain the world'5 yovnge5t region. viith a rnedian age under 25 years okl. Everything we do 1$ underpinned by the purpose to improve th8 liv¢s Of these ¢riti¢al generations and io help them reap the possible benefits of a demographic dividend. ènd planning ministers- fw In intensive week of envisioning 'bi9 wins. and exploring ihe political navigariory effective nplernentstion. multi-settor ttsllaboration th8t would be required to achieve them. More than 200 federal ministefs have now completed the programme, ond many h4ve vouched for it$ importance in helping them ¢faft their lasting leg•¢y initiatives. We supported the Ellen Johnson Sirle•f Presidentsal Center for Women Devel(Fpment to finé-tun& and execute their flagship Amui•e lrtitiative. wh￿h aims to spur and prepare 8 •ve- of lem•le leaders in Africa to aim for the highest public offices. And through AklALI- our new Mayoral Leadership Initiative co-devebped with the African Centr8 lor Cities at the University of Cape Town- we are culiivatins strategic leadership for the African cities where vast numbers of children and young people ￿11 coryjregate over the next fifty y&ar& We bdieve that qualr(y leadersfv'pis the ly￿bpl1 to achEe￿r￿j these transfcrmath)nal advarKe& For this reason.we invest not just in ￿ltIativeS bjt in leadership itself. and in 5ur4)tyling visiwy leaders to hone and execute th•[tran5f￿rnakn￿ agerxla$. Our approach Big Win Philanthropy partrws wtth w$K)hary Afriun Itaders to achieve tran$forma¢iM81 change f¢t their countries by investing in three key are8s essential io achieviThJ econom￿ growih and the demographic dividend.. In addition toourexi5ting leadership initiatives, we believe caso studies. ccThmunityes tsf pra¢ti¢e. and letydersl4p exchanges improve thequ81ity of ￿adershIp8¢r0ssth& continent and t ￿nbit￿$ feaders in a better postion to deliver on thwr tiartsftrfrnational human ca￿tal 9oals their people. We cele￿are rhe successes of leadw5 we work with. help them Share ￿lass0nS they have learned. and bring them 10 VlSIt other tx¢￿￿9 exaM￿e$ of leaders pushing their countries forward. Brain develrjprnenl Fo¢u$in9 on oarly ¢hiklhood pl￿ d4vidtnds.Th¢ development of a Child's brain provKles the fouThYation for their success la￿r in life. An unacceptably large wowtion of children across sub- Saharan Africa do not get the opportunity to reach their full potential because olfaclors such as undernutrition. insuffici￿1 stirnulation from ¢are-givefS. lack of nurturing ts￿. •nd the experi&ncin9 or wtnessing ol vid8nce. We support leaders to address thes8 factors and help ensure that chddren can realise their potential. How w• wl8¢t partner8 and prloriti8• In¥￿tm¢n￿. WÈ work wrth public settor leaders swth credible. robust, evidenetrsound. couniry-led agendas for developing human capital within th81'r countr& Edu¢ati¢)h for productivity Big Win is committed to supporiing youth to become productive and fvllilled mernbers of society by investsn9 in education. Millitsns of African yovth ¢nter the workfwce every vear, Many without the skills they need to find meaningful employment. Better education is essential for developing the qualities and skills young peO￿e need to become more productive- both in terms of their own quality of life and their contrib￿10￿ to natsonal KonornK growth. We support leader5 to irnprove the quality of education and io make it mor relevant tothe reah"tie5 of a c+Lanying vi¢)rkforce. We pr￿nI•s8 investments based on ali9nment with our mi500. potentyal to'move the needle., and an as$e$5rnent of our alx"h"ty to add varu& We only work in tountries where our support has been directly requested by the government. We ba¢k wbli¢ $e¢tor1gadgrship driwng roForm$ in afea$ tritiC81 to thÈ demograph￿ transition 8nd where leaders align wilh our organisational values. We give preference to cross-seetoral interventions that are suited to the cornplexity of the challenge or to iniriatives that ddiver'double wins.. such as agricultural self- 5uffi'oency and job creatiorn Youth trmployment Africa's youth population is expected io dwble by 2050 and is quickly urbanising. Now is the time for strategic investments to create quality employrnent opportunities on a massive scale for this ernerging new genefatw)n. We support leaders lo create rneaninglul ernployrnent opportunities that prwde liveable wage5. are 5uslainable. and tan abseib a tange tsf skills. as well as to make investments to ensure that young people are employmeni-ready. We aim to clustw investments that can collectively reposirioTr a country's human capital development status. and that havethe potential to produce a dem¢9roth" dividend. How w• supportour partners: We make catatytic investments- often in th8 form ol direct budgei Sup￿t- to enaNe leaders to build th& capacity and systerns r￿eded to deliver on their vis￿nS. Tran$lormative leadefship In addition to these tfvee areas. we strive to foster the transformative leadership rnindset and skills needed for governments to make progress. Through the H¥rvard Ministerial Leadership Prograrn. wr sister fOundat￿n Big Win Philanthropy US convenes federal ministers focused hurnon Capital dwelopment- including health. educati￿. fin)¢•. We provide technital support. assisting leaders in ¢oncÈptualising. ￿anning. lunding. implementing, and evaluétsng innovotsve •nd traft$form4tional politi*> 10 Big Win Philanthropy l Annual Report and Financial Statements

We f¢stei an envirOnr￿nI where like-minded funders are able to support govemmentS to achieve their priorities more effectively and supwsrt resource mobilisation for strategic initiative5. Cross-ministsrial eollaboratlon. Mosi major s￿181 ¢hallenge$ require cross-sector81 sdutions to optimise efficiency and impact. We supprrtcollaboration between diffe￿nI government ministries, and we seek to forge partwships between governmenL t￿SineSS, and civil society. We support Smart allocation of reswrces and implementation management through independent baseline asstssrnents and au¢lits. Supwt lor Implefflentation. We believe that execution and deli￿rY arejust as importaTrt as policy or programme desKJn and that they deserve equal ottenlon and prestvje. We yjpport leaders to see their progiamrnes through to quality irnpl¢Nn¢htation. We assist ￿rtnerS with ¢hoosing indicators establishing monitoring framev•orks. as wen as with ih? data ¢olle¢tion. analysis. synthesis. and visualisation necessgry for effective decision￿￿akirvj. We help leaders think thr￿jgh the communications and framing Strategies that enable successful and sustainable reform$. Lon9-term vlsloN Major social shilis and demogr8phl¢ trends are often neglecied n the context of 5hort-term politlC81 eycles. We Support leaders the integrity to care moreabout societsl progre55 than political 9ains. We produ¢e case studie5. org￿lSe leadership exchanqe& and develop prografflme5 thal help leaders develop the mindset. skill$, and fietw¢Yk$ necessaryto bend the trajeetories of their people. Ambltitius and Scalab￿ solutiorts. We seize opwrtuniti&$ th8t are strategic scalable. and have ihe potential to be relevant and gary￿hangIng beyond o spe¢bli¢ project. We recognise that'managing the politics. is central to execution. and we support leaders to work coThstrucrivdy wrth the full ran9e of 5takeholder5 needed for $v¢¢e$> EvideTrce.led apwoxhes. We support leaders to Use dala io inform iheir priorr(ies. refine programme design, monitor" tcorT. irnprove ¢ost-effectivenes& mea$ure irnpact, aTrJ We facilitate ¢omrnunitt¢S of support for1o•d¢r$ ¥$ thty pursue their initiatives. w0￿dIng attessio those who have'walked in their shoes.. K•eplng ehSklren s•fe. As hurnaTr ca￿ts1 development c¥rarnmes expand. contextually appropriate policies and I￿￿eduleS must be embedded to keep children oTrd ywn9 people safe. to ensur8 the privacy of sensitive personal data, and to prevent discrimination. exploitation. and abuse. What we donydo: We donl rnake one-off programrnatr¢ ifNestrrwits that ¥e not part of a larger human capiial development agenda. We don't dictat8 taclics. Instead. we support government- led appioa¢hes that ¢1oarfy articulate thB ifflPKt Ihey w have lor ehilL1ren and youn9 peopl¢. Countries where Big Win had active programmes in 2022 We don'i stspport prograrnrnes that tif¢LVllV governments or work eontrary to their obJ"eeiives. We rarely provid8 trick and mortar. SUPPWL fOcU￿￿j instead on building delivery capacrtv. Our work is guided by 4 number ol prirtipl4 thÈme$. and values.. Nlgerf• Commltment to hurnan development. We see c￿"ldren and young peop18 as proTrriding the undertying potential for su5tsinable economic growth. We support leaders io make smart. IDng-t8rm investrnents to realise this potentyal. raiher th4n focusing on 5hort-terrn fi¥e5. Eihl•plK• Gh•n• Rw•nda Respect for 9ov•rnmtst bad•rship. While a rwvje of actors have irnwrtant tole$ to play in human CaPFtal d8veJopment. govtmments are ultimatÈJy ihe 51ewards ol a nation's people. We SUPPOfi the TrriSi<Xk and am￿￿¢?￿ of political leaders in developing countries. and ali9ft our support wilh their development Pfiorities. indudin9 support for Itad8rship capacity-buildirg. SouthAlrica 819 Win Philanthropy l Annual Report •nd Financiol Statefflents

glance cont,inued growt,h endowment. launched leadership programme anchor city-cent,ric st,rateg ic wit,nessed t,remendous t,ract,ion Et,hiopian programmes despite ongoing politiical issues countiry", commenced part,nerships number count,ries regions. President,ial Dialogue Nut,rit,ion promises pipeline multiisectoral ant,i-stiuntiing int,ervent,ions pioneered Seqot,a Declarat,ion, Ababa's holist,ic, universal childhood development initiiat,ive st,ands poised benchmark,s citiies countiries t,hroughout contiinent. port,folio, 12

Review of charitable activities Leadership can ea Itiati Inauguial cohort ollhèAMALI CltyL•ad•rsh6pPrn9rammeafongsJde di8tingui$hed t•8¢h¢ts, nd Big Win CEO. Kesete Adm•s L.1Th3 hails Jamie Cooppepnd d9ar P2érpr African cities are expected to grow by alrnost 9LX) million peO￿e over the next century- iepresentirJ rnost ol the woAd'5 population growth. Strong municipal 18adersfvp today will. therefore, be absolutely ¢ritical to pr¥¥iding predominantly young people with Ihe best ¢hances in life. funded through a partn8rslip with Bk)omberg Philanthropres. Thecity leadership wogramme is anchored around the annual four4ay fwum ￿ Cape TOW￿ wher8 the partKipating mayors develop and hme tran5foTmational action plans for ir ¢itbÈs ￿th the help ol adv750rs. trientors. and their fellow mèyors. A year of posi-forum supFx)rt ensues, culminating in a reunson and learning exchange, which for the first cohort will be co-hosted by the Klayor5 ¢)f Aédis Ababa Adama. The wban governance reseaTch lats generate5 data and research 10 support the csty leadership prograrnrne aTrd to help mayors address the ehallenges ihey fa¢e in implementing their action plans. whlle the data track provides direct supE￿t in the establishment and uackbn9 of key indicators. In late 2021. Big Win entered into a threeryear partnership the African Centre for Cities (ACC) at the University of Cape Town in South Africa to develop a leaderslwp proyramme for the mayors ol these r3pKlly growing aties. Throughout 2022. our programrne tearn and rnanagemeni wothed cbsely ith the ACC to structure and design AK4ALI (the Afr￿an Mawal Leadership Initiativel whtch held its first forurn in Cape Twi in Janua¥y 2023. Fifteen m¥yor$ rewesenting e¥ht countriex includirvj rna1￿ eities such as Addis Ababa. Dar e5 Sakiam. Dou8la, and Lusaka Pari￿1pated in the inaugural AMALI ¢ohort. ts Akinwumi A. Adesina. the Pre>dent ofthe African Dgvelcpm8nt Bank, gave a rougng keynote addfess to the mayors and invited 9uests in which he committed to working with government leader5to find financing solutions for Cit￿5. human capital and developrrent reds. As an implementing partner in AMALI. the Charity rbot only funds the programrne kyjt works closely on it5 rnan4gement •nLI irnplefflwbtation. Thrtyjgh this eng•9em¢ftt. it viill ¢ontinu¢ io develop partnerships with a ¢adio of mty(s whose bold wnbitions for their cities thecharity can direetly support, much as it is working with the Mayorof Addis Ababa to support her ooal of making Addis the best eityon the continent to raise children. Wilh Africa tookin9 ahead to an urban future. AMAU and the initiatives thai emerge from it will becom¢ increasingly core component of Big Win$ work in the ¥￿sahe8 AMALI airns to catalyse the transforrnation of cities in Africa by providin9 mayors with exclusive. tadored support through three key platlorms the city leadership prograrnme. the urban 91)vernènce research lab. and the data programme- the latter 13 Big Win Philanthropy l Annual Report and Financial Siatements

Case studies on leadershlp rhe Charity has a grant partnership with the 8lavatnik School of Government at the University of Oxford tts devek)p teachable cax studies on uitical decision-rnaking bv public sector leader$. The 81avatnik School sele¢ted two initial challenges to ex￿Ore.. how to secure cross-cabinet collaboration in an area where success depends on li bLrt V4here each sector has it$ OV4n prioriti¢s ortd tommitments (using the Seqota Declaration os a ¢ase study)., and how io manage InternatK>nal dmors with conflicting agendas who have enofmus finon¢ial leverage ovef a programme (uyng education reform in Ghana under forrner Minister of Education. the Hon. bAatlhew Prempeh. as a case study)_ In addition to teaching the first two Case 5tvdte5. thE Blavatnik School %Yill develop three more over the comiThJ years. Identifying tFw)roughly researched. teachable case studies on public dècision-making in ihe Global Souih has been a noticeable bOtt￿n￿k in the Charity's leadersl¥p work- a gap that the 8lavatnik9rant aims to fill The Harvard Ministerial Leadership Program and the Amujae Initiative The Charity's Slster foundation in the Uniied States. 8ig Win Philanihropy US. ha5 been an anchor fvnder and thought partner for two lon9-Standing leaders>Mp prograrnm8S.' the Harvard Mini5twial Le￿lerShIp Program and the Ellen Johnson &'rleaf Presidential Center for Women and Development's Amuj•e Initi•tive. wtm.le these programmes are funded by Big Win Phtl•nthropy US. Ihey play an important role in the Charity's thinking and operations. Many leader5 Wlth whorn the Charity partners have wticipated in the programme5. aThJ the forums continue to serve as a platform for Bi9 Win lo identify some of the br￿hle$t, most ambitiou$ leaders on the continent early in their rms- for instance. our new partnership the Lagos Stst• Em ￿0yrnent Trust Fund was intiated wilh an Amujae L¢ad¢i. The experience the Charity has gained thrtyjgh attending the ograrnrnes also carries over into how it eonc8ptualises 8nd nplernent$ all of its investmen Leadershlp ex¢hanges Ouring our strategic review. we in¢re•wngly ¢•me tts re•lise the power and value of learnin9 exchanges and study tour$. We are now cornrnitted to ramwng these up as a core component of our leadership work. We have lound th858 trips to be among the best way$ to build a shared vi511)n omong leaders about h¢M¥ to build and contextualise m•or initiatives, whil¢ also fostering a cornrnuniiy of practice and sense of solidarity amon9 leaders across countries. For instance. in the youth ￿M￿0VmeNt $pa¢e. we invited the director of our partner in Lagos State. the Lagos Ste Employment Trust Fund. to wsit Oromia National Regional State in Ethiopia to shale Lagg5's exper￿￿¢¢ ￿ spurrin9 job growth through support for small and mediuffl-￿2ed enterprise$. In turn. we brtyjght teams of federal ministers from Burkina Faso. Zambia. Cote d'lvc¥re. and Tanzania to Orornia to learn from the regK)n'$ experien¢e with agricultural value chain transforrnation. These learning ex¢hanges not only di55eminate best practiee they also demonstrate ihat progress is achievable and giv? pariicipanrs rhe lime and $pace to develop similar plans that afo tailored to their own contex In 2022. BVJ Philanthropy US extended its support for th¢ Harvard MinÈsr8rial Leadership Pro9rarn for an addition81 three years as s<Ae luThJer. The Programb tfficacy and long historv hav made it extremely popular with ministers and their head$ of governmenL and li continues to draw robust parti¢ipation from across the African contirEnt. Before entering into è new federal partnership. we almost always encourage the ministers Ydved to pa¢tieipate the Harvard prograrnrne. bringing iogether the leadership and human development strands of ￿r tmork. Countries represented by participants in leadership programmes in 2022 E8yPi Nl9•r NigwI• d.￿r• Y9￿d4 S•y¢hll¢s T•M•r4a Mtrt4mbi4utr IIMbi Zhnbatywè L•solhr S•uth Afrt¢a 14 Big Win Phi1oAthropy l Artnual Report and Financial Statom¢nt$

Human development Ethiopia Sinee its inception. Big Win Philanthropy has been deepty invested in Ethiopia. Africa's second largest country by population. Thiough partnerships with heads OF gt)vernmenL federal ministers region•1 p￿sIden￿ and mayors. we supwt multisectoral initiatives aimed at sirategically bolstering the country's human capiial development agenda and addressirJ some tsf it$ rn05t complex challenges. $u$pertded tlir actr¥ities arvj economic assistance. we •djusted our programmes and contintsed as best we could throughoui 2022. eonvineed thai human development remained Ihe country s only bng-term soluiion. We also supplemented our rnrrnal work wth a substantial grani from 8ig Win Philanthropy US to the Ministry of Health to wovide vital health se1￿ceS to internally displo¢ed persons in Tigray. Amhar¥. Afar, Oromia. and Benishahgul. A $eparate De¢ember 2021 grant frorn Big WIN Phi18nthfopy US en8￿ed PATH and the Amhafa re910T￿l government to w¢)vide nwturin9 eare to over 100.000 children under the age of five in conflict affected woredas during the ensuing y8ar. Our CEO and prograrnffle directors knvrk cl¢)sely directly with their Ethiopiafi governrnent ¢ounterpaft5 to ¢W￿¢1￿¢. structure, monitoi, and course correci iniliatives that range from nurriiion to job creath)n and earty childhood development. These initiatlV8s receive funding from the Ethiopian treasury. re9ional and municipal budgets. Big Win Philanthropy US. the African Devdopment Bank aThY other rrFultilateral financial tn5titution5. and likeminded private foundations. Highlights of the various programme$ are described below. but the hope isihat they reinlorce each other and will eventually lead to a dernographic dividend for the country as a whole. Ethiopia has faced rnultiple challenges over the past few years. A devastating conflict in the northern part ofthe Country finally ended with a November 2022 peace treaty between the Tigray People's Liberation Front and the federal government. Together with COVID. inflarionary pressures. and hard currency shortag9& the conflict severe pre55ure on the country's prosperity agenda Cin addition to being tragedy lor much of the populationx While othw partners 15 Big Win Ph¢lanthropy l Annual Reptsrt and Financial Statements

Seqota Declaration 8nding stunting Ethiopia An Ethiopian her.4nd her (hil ouf¢e. MinL%tiy oTHeali Our long partnership with the Eihiopian government on the Seqota Declaration- the government's cc4mrnitment to end stvntlng in children under 2 years old by 2030- hit an Inflection point in 2021 as the su¢cesse$ of the Innovati¢xi Phase (2016-21) grew into a nationwide Expansion Phase aimed at 240 woredasacross the country (we are Wofking in 191 of these woreda. The transformational goal of the ExPan￿n Phase 15 to avert stunbng in an •dditional 427.609 children by 2025. the uuse$ of stuniK4J in ihe Saqota cegKsn,. feder•l and regional ogramme delivery units that guided the governmeni's mulrisecroral response to those cause5." cornmunity lab5 that helped identify1rf81 solutions and technical as5i5tan¢e on twcs suth as irrigation and access to water. We also collaborated with the government as it developed an innovatlV8 one plan. one bud9¢L one report approach. with various kne rninistries workin9 tf)sether to allocate a common pool of i¢sour¢es to the interventions that could have th¢ highe$t inpact ￿ stunting reduction. Al the end of th8 Innovati¢fi Phase. 8 Lives saved Tool (LISTI analysi5 conducted by Johns Hopkins University showed annual 3% reductions in stunting rates ￿ the Seqota woredosliom 2018 to 2020. som8 ol th8 fast￿¢ reductions on recud. From 2000 to 2016. the rate of stunting in children under S declined steèdily in Ethiopia from a staggeriry 52% to 38%. This nearly one-percenta9e-point per annum decrease was irnpressive, but the country nmded even faster proyress to meet its ambitiou$ goal ¢f ending stunting Èntirely. In response. the goverr4nent of Ethlts￿a issued ihe Seqots Doclaratlon, its pledge to eliminate stunting in £thi￿a by 2030. Big Win Philanthropy was asked to support multisectoral int8rventKJn al national and sub-national level5. with an initial focus on the Seqota re9ion. encompasses parts of Arnhar4 and Tigrav (along the Tekeie River basin) and ho$ts a population tsf approximately 5 milli*)rt people living in an ¢x¢eptionally challengin9 terrain. At thetim¢. stuntin9 rates in the basin were as h¥h a5 60-80%. To on the successes of tha In￿VatiOn Phaso, wg worked with the government and the Afiican Developrnent Bènk to mobrlise addirithul ¥e50urces for Seqota. The African Development Bank approved $48 million in funding for the "Multi-sertoral Approach for Stunting Rèduct￿n Project (KIASReP).- which oirns to address some of the structural drivers of $tunling- fty inst¥n¢e by fin?n¢ing multi-purp05e. multy-vtllage water s¢heme developments- enormously irtcreasin9 the resources available. The 9¢>vefnment also renewed and increased its tyrfn ¢ommi¢rnent of tund$to the Seqola Declarat￿n. During the Innovation Phase. Big Win Philanthropy and Bi9 Win Philanthropy US stjpported an initi41 baseline analysis of 16 Big Win Philanthropv l Annual Report and Financial Statements

The government asked that we continue supporting its efforts in the Expansion Phase by IrKusing on growth monitoring ond prornotion. Growth rnonitoring has been ad¢Jpted by the governrnent as a litrnU5 test to a5s855 the irnpact of cros5- sectoral ifiterventions at hovsfjhold level_ Broad-based. regular growth monitoring that tro¢ks individval children5 growth curves is both the be$t te$t of whether intervention$ are rnoving the needle. and the best tool for Tedi¥ecting sourtes to households and cornmunities that are off track. At the 9overnment's request we helped design. and Big Win Philanthropy US funded. large-5cale 9rowth moniirffing and promotion trainings for workers and offli315 in Ethiopias extensive eommunity health $y$tem. with the goal of using that system to reach substaniially all ¢hildrort in the Expansion Phase woredas time a irained health worker wepjhs a child. they have an opportunity to enga9e wth that fambly about the drivers of stunting reduction. such 05 improved nutrition and the treatment of diarrhoea. With the ¢ommen¢em0nt of the Expan$ion Phase and the influx of African Developmenl Bank funds into the oiiginal Seqota wored8s the government also ￿qUe$ted that we begin working on the rollout of high-impact interventions in a hew rÈ9i)h, ama. where stunting rates approach 50%. Througho 2022 wt ￿rked closely with the programrn8 delivery unit e5ponwble for drivin9 these interventv)ns. wlich is fuThJed by "9 Win Philanthropy US. The possJility of v•idespread undernvtrition in Tigray stands in stath contrast to the other success&s of the Seqota Declarat￿n. FoHcMing the peaee agreement between the federal 9overnment and the Tigray People's Liberation Front. the federal gov8rnrnent be9an the process of reengaging viith Tigr•y5 regional Seqots Declaration progiarnme deliveiy unit. At Big Win. we rernain ¢ornrnitted io $upI)orting the redUcts￿ of stuntin9 and malnutrition in Tigray as opportunities become wai￿￿e. Because of its critical importanc8. the federal minist￿$ working on Seqota selected regukr grrre4th moniioring and prornotion as o disbursement-liTrked indicator for new lundi frotn the World Bank International Devdopment Association (IDA). By the end of 2022, monthly growth monitorin9 artd prornotion reporting reached 73% in the Expan*on Phase bvoredas- still a long way from the 85% goal. but a remarkable $tep forward from a baseline of 53% in the Innovation Phase wored6sthat were sampled. and sufficient to tri99er the disbursement of $75 million of IDA Te$our¢e> In additK)n to Va￿￿$ prrtess indi¢ators. we have commissioned Johns Hopkins University to perform è new Lives Saved Tool (LIST) analyss in 2023. The results will help g Win and the govemrnent Show if they are on track towards meeting their bold and ambitiOU5 goal of elirninating stunting in Ethioima by 2030. If Ethiopia can continue to identify at-risk children. househdds. and tornrnunitie5 throughout the country Vio growth monitoring. it will be able to design and depk)y re50urce5 more effiuentty to eliminate 51unting. And every Growth monitoring and promotion (GMP) coverage across five regions In 2022 ioo O Amhara 70 O Sidama Southern Nations and Natvjnalities O Southwest National Ju Ay9 Month 17 Brg Win Philanthropy l Anhu41 Repori and Firtart¢ial Slèt¢mont$

Holistic childhood development services hlldr•fft p•rtiP4ting in a lÈarning.through.p1￿ •¢tivbtv I￿estIng in the early years of life ts proven to be the sing most effective way for societies to break the cycle of I￿￿ertY and vulnera￿111¥. For Adan¢¢h Ableb￿. the first fernale may ol Addis Ababa. Eihiopia. the imperative to inve$t in early childhood dev¢l¢prnent is both clear and pressing. By 2026. the city 1$ expected to exceed 65 rnillN)n resident& of vknom approxirnately 20% (-1.3 million)will ￿ ¢hildren under the age of six. supportty the inception and design ofan impactfd, efficient system that meets these criteria. In 2022. Ihe pr¢grarnme hit a inflection potyrt and achved several major milestones. In February 2022. the Cr(y Administration released the riTrJings of a baseline report funded by Big Wifi PhilaNthropy US and cwrdinated by team. The report showed that approxirnately 1 in 8 children under three in Adéis Ababa 03.5%) were ofl-tra¢k lor rea¢hirng key devek>pmental fflilestones- mDre than double the number in an international sarnple of same-age ehildren receiving high IEvels of rnaternal education and household stimulation (5%>. Conr¢rningly. rnoro than two-thirds of children dld not have access to any storv or picture books ai home. and less than 20% of children had caregivers who had enga9ed in stirnulating aCtivits with them during the past three days_ The baseline report also found that thildren from vulfterable households wtre falling behind their novmiulnerable peers in school readiness. The mayorfs 519nature Futuro Hop• of Addis Ababa Early Childhood Development Pro9ram aims to ensure that all Young ehildren in Addis are developmentally on track in health, learning, p$ychosocial wellbeing by 2030. To achieve this goal, the Addi5 Ababa City Admini5tratign is irnplernenting a comprehensive. integraied. muttiseetoial programrne to ensure th8t every child survives aThJ thrNes to fvlfil their full potential. while provtsling intensified supwrt to children in 380￿00 VUIr￿able households. The oty r¢¢oyni$45 that deliveiing on these objectives requires the establishment of an effective tarly chil¢Athd dev¢lopment systern that leverage5 the primary role of families in the live$ of young ¢hildren- has 5tron9 le8dership' coordinates %Jire¢tion throughout the crty Administration.. and use5 tollaborative and Ir￿lUsIve approaches to for9e st¥ong links within and across sectors. We have partnered with the Cr¢y Admini$ir¥tion $in¢e 2019. The baseline Study h•3hli9hied key issues that need tc bv addressed to support the development of young childrén in Addis Ababa. Hence.Ihe City Administration devek)ped 8 multi-year costed implementation plan focused on the mo$1 cost*fficienL high-impa¢t interventions. The costing analysis was supported by a South African firm. Cornerstone E¢onorni¢ Research. also funded by Big Win Philanthropy VS. 18 Bsg Win Philanthropy l AnnualReport and Financial Staternents

This implementation ￿aTr, eompleied in late 2021 ￿tlIned Six key strategic initiatives that will fomi the irytial bays of the Future Hope of Addis wogramme.. the provisi￿ of parental coaching. health. and social support services". the establishment of community-rvn early childh¢JtrJ devek•prnent ¢entres". the establishment of daycare centres." the expansion of &9U1tablo ac¢e55 to qualtty preschwls the prornotion of learning through play in a child-frienthy envifonrnenL and t establishment of a Centre of Innovation and Learning to ￿lId 8 SUStainatrAe early childhood dwel0￿ent se¢tor in Ethiopxa. assistance from Big Win Philanthropy US and technical 5UPPOrt from the Charity. the tyty esta￿l$hed a Strategic Program lanagement Offte (SPK40). which lead5 the coordinati¢)Th and mana9ernent of earfy childhood dévelopment implementation r05$ sectors and levels of government. The SPK40 has already succeeded in re51ructuring the governance of the programme to onsur¢ sut+-¢itie$ ond woredas (districts) re wKlvded and held a¢¢¢untaNe for Meeting the city's arnbitious earty chiklh¢)od development target5. The SPMO has also eftabled informed deci$ion-makirk9 by City leaders and facilitated prompt problem solving and ¢ourse ¢t>Tre¢tion. when required. including by devebping standards and quality measures EO stspport the iffyrovement of service delivery. The Mayor of Addis Ababa has renewed her ded￿at10Th to improving early childhood dEveloprnent services across the ity as one of her legacy goals and she made several bdd ¢¢)mmitments in fvrtherance of thai promise in 2022. These in¢lvded ¢ornmitments to recruit and deploy 5.000 nw¥ $alaried early ¢hildho&l development workers to conduct re9ular househohl visiis and prov￿e parental coaching for caregivers- to create pkygr¢JJnd5 on every blo¢k xros$ the city (nearly 12.000 playgrounds),. and to implement plav- based learning in all existing pre-primary sehools. Over the course of the year. the programme rnade significant progress tI￿ardS its goal of promoting nurturin9 care and earfy Stimulation ol children by caregivers. as recomrnended by the baseline stvtjy tynd the ¢o$timy report. By the end of 2021 SO% of health centres In Addis Ababa su¢¢e$$fulty integrated e8dy ehildh)od devdoprnent interventions atross all tou¢h nts in their service Provision." over $67,000 ehildren were assessed lor developrnental milestones in health centre% and fimity he4￿h teams vi51ted 98.000 hwseholds and kYovid8d parental ¢oaehing. As the programme has grown. the City Adrninistration has taken signifieant steps to enhance ¢ross-5ectoral program￿* managernent and coordinatw)n. With fundiNJ and trfhni¢41 Number of children under five years of age monitored for developmental milestones in Addis Ababa in 2022 140.000 120.CK 111156 1CI).000 96.697 81957 61.926 61.169 64412 512$$ 47.088 40nts) Feb 14Lw Month . 19 819 Win Philanthropy l Annual RekKJrt and Financial Staternents

The city also made the game-changmg deciwn to art recruiting. training. and deploying 5.000 salaried full-time early childhood ￿VelOpMent workers to prowdequality parental coaching through regular household vislt> The58 worker5 will complement the work of family health team5 and so¢ial worker5. With support frorn Big Win Philanthropy US and Bernard van Leer Foundation. ￿ dire¢t ¢oordinati¢)n by the Charity, the City Admini$trètion'$ Health Bureau and Technical and Vocational Educat￿￿ and TfainiThJ Commission co-created a curriculum and training programme for these workers that is b8ing rolled out at scale. By Decernber 2022. 1,497 01 the targeted 5.000 workers had b8en recruited identified for training. cabinet developed and passed & regulation establishirKJ 8 new Centre for Innoval￿n and LearNiN9 in October. 2022. The city olso earrnmknd a site to host the Centre. identified a suitable Jilding, and has Com￿tted the process of transferring that buildlng to thtCentr¢. With the support of the Charity's team d fUnd1￿j from 819 Win Philanthropy US, in November 2022 the city began work on a straiegy to guide ihe core functions d operations of the Centre. The Charity has cornrnitted to be¥YJ the Centre's inaugural co-funder. Tr fvtwe H¢)pe of Addis 1$ the IiT$t large-seale programme fftitiated by any governrnent in $ub.Saharan Africa that adopts 4 ¢omwehensive, muliisecioral approach io delivering earlv thildhood developrnent services for children and caregivers. Over ihe course of 2022. the programme set 5trorg fovndatson$ for success. which- with the Charity's full baeking and support - be built Up￿ overthe corn￿9 year. In addition. thé city made progress towards rt$ goal of integrating age-8ppropriate. play-b8s8d le8¥ning in all existing pre-primary schods. By the end of 2022. the Education Bureau had trained 5.008 pre-primary teacher5 nd 600 supervisofs in puwic Schools to depk)y the new $tand¥rds. The Bureau also began to implem¢nt ¢rairtiNJ for pre-prbmary teachers in private schools. Addis Ababa's leadership realise5 that institutvjns be necessary to promote and sustain the city'5 arntAtiOU5 earfy ¢hildhood devek)pmeTht 9tsal$ •nd to share the leainin9$ from the progiarnme throughout EthKpia. the re9ion, and th8 continent. In that regard. City Administraiion's 20 Big Win Philanthropv l Annual Report and Financial Statements

Creating 20 million quality people . rf£ A young farmer har￿e$l$ ¥vo¢•dos in Qromia N3tional Re9ional State In 2018, H.E. Prime klinister A￿'Y Ahrned sought the rerwal of Big Win Philanthrgpy's partnership with the 9overll￿t of Ethiopia to spur youth empbyment. With a rapid￿ growing number of yourt9 people entering the Wc￿k10rCe. the country had an urgent need to efisure th•1 they could fifid meaningful and fulfilling work. Ethiopia's national roadmap therefore airned to treate 20 rnillion quality jobs between 20218nd 2030. The Prime Minister pri¢rib5ed the r¢)untry's two laigest regions- Orornia and Amhara National Regional Staie$- as the focus of 819 Win's renewed efforts. To further the re9ion5' arnbitions. Big Win Philanthropy US fund5. and the Charity coordinates, programme delivery units In the Amhara and Oromia regional president5. offices ihat are charged with deliverin9 these key l&ver5 and wioritie Qromia has seen perhaps the most remarkable results, reportirvJ over one million jobs created. primarily through a9ricultural valve chain transforrnation. Avocados are nov4 o major export crop in a region thai d¢d rKst grow them five years ago. and enormous increases in wheat production meant Eth1o￿a did not need to imFM)rt wheat in 2022- a hugely importani delopment given the food crisis set off by the wor in Ukraine. The Charity has brought team$ of minister$ from 8urkina Faso. Cote d'lvtyre. Niger. Tanzania and Zambia to witness and learn from tho trern¢ndc¥US progr¢$s in Oromia. In 2019. 8ig WITh commissyoned PEMAN(XJ Associaies to svpp¢rt the two re9ions to Ideniify game<hanging sectL 5ub-se¢tors arbj investments forjob creation. As an entry nt, the governments of Arnhara and Orornia de¢id¢d to revitalise stalled projects and remove b•fflers to the private sector's efforts to expand tyM"nesses and createjobs. PEMANOU's engagements ineluded synthesising available evidence, or9anising cabinet workshop5. and éefining crttical cross-sectoral p¥thw¥¥$ that ¢ould lead to impatt. WhTle develokynents have been More uneven in Amhara. 8 coniract farming initiative or9anised by the programrne deliverv unit led to a 40% increase in the productK)n of ediW8 oil seed5. The Charity and Big Win US have commissioned te¢hni¢al supptsrt in both the edI￿e OA seeds and pouliry sécttsrs thai 1$ helpng the regional government build on these wccesses. With the transformative goal of creatsng 5 milK•n jobs between 2021 and 202& the two regions ￿entifIed the followihg key ￿ver5 through the PEMANDU engogemtnt Translorming the agricultural value chains of pouftry. Iseeds. wheat, colFee, avocado. and other kry trop$. Revamping ar￿ irnplernentsng rnega-tauri$m development proie¢ts. Improvlng the investment climate and ease of doinqof business by removing roadtrAocks. 4. Establishin9 Strong performance management systems eluding a Job Enoblement and Data Interoperability (JEDI) platForrn at th¢ federal lovel. and programme delivery units and j¢)b ¢re•tion labs at the re9ioftal levd. Finally. thrwgh¢wt 2022, we continued to support the Job Enabkment and Data Interoperability platfefm IJEOI) fund¢d by Bi9 Win Phlanihropy US. wh¢ch digitally integrates 21 datasets io monitor job Creation and the labour market. The JEDI platlorm ag9regate5 and distils labour market data.. generates insights." and validates éato accuracy by iriangulating daia sources to inform ewdence-based poticy decisions at the K4inistry of Laiw)ur and SkilLs. Cornpiling visualising thi5 laboui market data allow5 the91)vernrnemt to monitor employrnent rates in real time and to sel policy accordinglv- a necessary step if Ethiopia is lo meet its arnbitious job creation 9oals. 21 Big Win Philanthiopy l Annual Reporl ond Financial Staternents

Cote d'lvoire Creating million quality amadDU Toure, Minister for the Promotion of Yovth. Prolessional Inte9rat4fin •nd CivK Seryice.•nd Kt5¢t¢ Adrnw5v, CEO of ei9Win Cote d'lvoire has a yO￿h ernployrnent and t￿￿1¢ strategy that seeks to create 3.4 million quality jobs for ￿n0 people by 2025. This sirategy is anchored by the 9¢y¥ernment's territorialisation agenda. which aims todistribute ec(Nwiic opportunities to regions *ross ¢ountry- It also totyks to harness the poteniial of the country's 9rowing youth p¢)pulation to transform the fvcrfian economy. In 2021 we a150 be9an workiny wrth thegovernment to cbse ctitical techn￿al capaeitygaps within the Min15try of Youth and io wovid8 ihe minister with the support he needs to translate his vision into acttonable t4sks and deliverables. Recruitment b¢gèn for two BKJ Win-funded expert5 who will sit ￿thin the mint5ter's office and work across the government to help drive the cross-sectoral implementation of the territ￿lalIsatyM 5trate9y. One ol Minister Touré's key priorities isio reform the Youth Ernpk)yment Agency. which is one of the ministrys pr4mary veh￿18$ for hnding jobs foryoung people. Big Win began the process of engaging and contracting a technical consultant selerted bythe ministry to overhaul the Y¢xJth Employment Agency's strateg￿ ￿an. irnplernentation and delivery. In 2022. the Charity rnade a major three-YearC￿rr￿trne to support the government's efforts. The go81 is to hdp the goveinment accelerate its implemeni8tKJn of ils territorialisatien agenda in order to create I million qualityiobs in three tafgeted district$- Abidjan. District d05 and Yamoussoukro- whth ¢olle¢tively make up 30 to 40% of Ihe country's total population. As &"g Vfin's suppcwt for the pro9ramme continues. additional areasof focus will include revamping the 9overnment's existing. fragmented fflonitorrng and evaluation systems to bmg them under one roof- closing cixjrdination gops between diverse 5takeholder5 active in the youth employment space.. optimising the pathways ffof inte9rating yothig people intot¢¢hni¢al ènd ¥ctational training and pU￿1C works programme$ as o vNibl• parhway for employment". and supporting the government to engagedirectly wth young people and cdleet unfikered feedback a￿ut their needs and priorities. Enormous resourees have been rnade ov•lable to Cote é'lvoirethrough rnultilaiwal financing agencies and frorn the Treasury. and if the Charity's Support can help ensure these fvn¢J$ are ¢Jeployed in a eoher¢nt and conystent marner. there is truly the possibiliiy of a big win. To lay the 9roundwork for th8 l•Jnch of the initiative in November 2022. Big Win engaged 8xtensi¥ely with ke¥ 90verAment leaders at the regional and natvjnal levels throughout the year. At the regional lev81. &g Win es¢ablt5hed relationships wilh th¢ regional 9ov¢mm¢niS of A￿"dian. Oistrici des Lacs. and Yamoussoukro. At th¢ national le¥el, the initiatlV8 is championed by H.E. Prime Minister Patrick Acfv. and led by the Hon. Mamadou Touré.the Mini￿er for the Premotion of Youth. Professional Integration and Qvic Service. In the prO￿$S ol developing the In¥￿tmenL Btg Win engaged with key ministers from the Ministry ol National Education a￿$ Literacy. the Ministry of Twrism. the Mini5trv ol Employrnent and Social Protection. and the Ilinistsy of Solidarity and Fightiry Poverty. This hdped to identify the value-add our ihvestment will bring. 8stablsshed cross- sectoral ¢cAlaboration. and strengthened high-levd commitment to the pmgramme. 22 Big Win Philanthropy l Annual Report and Financial Statements

Lagos State Creating million sector nfJL46 La995 St4ttQio,v.vrNoy..+S.bAjid Sa Bi9 Win CEO..Ke5ete A6rnasu, an cabinet rnembers -Oly LSETF Exeewivesecreiary. Tejurnola Abisoye. Bigwin Psidentand 4hair, Jaffli#Coop•t. Aliko Daf9oièkound•tlon ProJe(t5 D1￿Ct￿OI kArkAiornodu, Ilrysldgthe Lagvs gt•te 0gv¢rnfflent In 2022. our TrusteÉs apwoved our first Kogfamme in Nigeria. which is focused on youth ern￿OYmen1 in Lagos. the countrfs larue$t ¢ily. Nigeria is the ThKJst POPLdous country in Africa arwJ has 8 médian age of just 17.2. Ensuring that Ntyeria's ytyjng pe¢)ple have meaningful employment prospects will be critical to the couniry's growth and stability over the ¢wun9 year the existing tech wem platform ¥￿thin L5EfF to identify gaps and entry pointsto expand the scope gf inforrna￿n captured. Second. based on the findings of the diagnostlc study and an a$se$5ff￿nto1Ihe LSETF ¢perating m¢xlel, ¥Y¢ will be supporting LSETF to irnPTove d¢liv¢ry of skills trainin9 and to facilitate voung ialent's aecess to training kvogrammes. This includ8$ her￿n9 LSETF to identify existing. high4mpact tech talent training centres and to map and close their ¢apaeity gaps. Big Win wa5 apwoached by the Govemor of Lagos Stat8. which 1$ the countr5 trHJsness hub and home to a 9roww tech sector. Governor 8abajide SarMo-Olu set an amtAIious goal of m8k(ng the state the Srlicon Vatley oFAfrica,doublin9 down on Lagos's c¢mpetitive advanta9e in the tech sector to create qualityiobs for Y￿n9 people. Third.we are wotkirvJ Mth LSÉTF to supplement and str¢ngth¢n the'Digital Cabin81' platform. an accountsbiliiv dashboard put In Flace by the governor io track and monitor the progress of kev govemment inibatives. We have com1r￿tted to fund the de￿n of a tech-sector e￿￿Oyment rnOdy￿ for the plattorm with aEtionable inditatorsand a dynamic. customised da5hboérd thot t) be used for t¥)th programming and dectsion4n¥king. The governor requested supFort from By Win to put the state'$ youth-employment plan into Ktim-afvd to lever•ge tech-sector growth to help ach￿Ve his bTeader goal of reducing the un¢m ￿trYMent rate from 31.￿ th a Sing￿ dyit. Over the initial grant period. interventions supwted by 8 Win are airned at creating mwe than 50.000 Quality iobsf voung people in the tech sector-while pavin9 the wayilo creating over 1 million jobs in five years. Finalty. Big Win isworkirrfj with the govemrnent to enhance its In￿eMents110n capaoty. Since the launch of the programme Juty 2021 we have prwded key teehni¢al support to the oifi¢e of the Exe¢utiveSecretary of the LSETF, Tejvmol Abi5gye.to hdp the LSETF achieve tt5 8m&"tion to become • key player in drmng thegrowth of m￿r0, small, and medium- sized enterprise OLtr support ts geared towards buikling capacity wiihin the LSETF and amongst the team supportsng the Commissmmer for Economic Planning and Budget. We are helpw them to track progress against their targets to cc41ect and analyse data to suppofE course corr¢¢tion. acwJntabililY.and resource rnobilisauon. The programme14un¢hed in July 2022 aThS focuseson four areas central to a¢hieving the state governmentsjc creation goal. First. Big Win i8 working wth the Lagos Stale Employrnent Trust Fund (LSETF)-%¥hich is responsiNe for creating an enabling environment forjob and wealth creation ID the state to close critical informatwjn 9aps within the tech sector and to support evidence-dfiven decisi￿-ma￿ry. In 2022. wo scoped out the locus areas for a r¥d diagrnstic è55essrnent ol the Lagos tech ecosystem. We also r￿l￿d 23 Big Win Philanthropv l Annual Report and Financial Siatements

Rwanda Bullding digital literacy for teachers and students In 2022, the Charity and Big Win US entered into a new partnership wilh th8 govemment of Rwanda. The Rwanda Digital Literacy Programme airns to enatAe half a million youry people to xquire digital skills for tech-enabled education and improved job prospects over a five-year per￿. The partnership is anchored on the government of Rwandas vision to e5tabli5h the country as a globly competitive knO￿edge-ba5ed economy_ Driven by this Visi¢￿. the Mini$tiy of ICT and Innovati￿ (KIINICT). in collaboration wtth th Ministry of Educatton (KIINEDUC)- Under the leadership of the Hon. klini5tef Paula In9abire and the Hon. k4inisier Gaspard Tvia9irayezu, respeetively- partnefed with ￿ Win Philanthropy in May 2022 to Implement a digital thills training programme for students and teacher Wrthin 3 weeks ofthe prograM8's commencement. 200 'IAaster Trainers, had been trained and teacher inducti¢)ns led by Klaster Trainers had cOmff￿nCed. At end of the year. approxirnately l.¢XIO teachers had alrea¢Jy beon enr¢lled, with the remainder enr￿knJ in 2023_ lmpressively.the dashtM)ard on the t"gital Skills Foundation tfaining ￿atfOrrn tracks programme implementation and inftsrms mo#tiorin9 SUPPOrt, giving the mirtistries the a￿lItY to thart progress in real time and course Corrett as necessary. The Pf￿raMmeWas initially deswJned to b8 conducted within schools that have Internet connectivity. which meant that teachers and student5 who 4c¢e55ed the training platform tsi¢Je t>f th¢ s¢hool wernises incurred data Costs. This situation limited teachers. participation and risked ¢"stracting them from their assigned tasks during the school day. To ensur8 the digital skills iraining programme did not have a negative èffect on teather5'tiffle on tasl and to give tea¢hers and studentsthe ftexibiltty tts vse the platform txjtsmle of the school eA￿T0￿ment ￿9r(al Skills FtyJnda1￿n, with support from the MINICT. successfully negotiated an agreement with two major telecorn providers (•JTN and Airtel) to'zero rate. the kaming atform. The zero rating ensure5 teachers and students ¢an ￿￿ertake the courses on their own schedule and from kation ￿th£￿rt incwring d8t8 charg8$. We initially rn￿e a ￿9-year comrnilfflent tothe progfamme, Wbth the pos&bility tsf exténding it to three years. Ylithin the h.rst year of implement8th)n.the programme aims to 1rnpa￿ a total of 90.000 people. by enabling 80.000 students to attain certilication in digital lrteracy and ensur¥vJ 10.000 teachers re trained in digital skills and 215t century learnifig. These rnterventions are expetted to strengthen the education workforce vjith improved skills for tech-eThabled teaching and to support Students to attain competerKy in di9ital skills fot better leaming and job prospect& At the request of the ftwandan ministries, Digit￿ Skills Foundation was contracted in D8cember 2022 as a technical partner to provide implernentat*)n support to the govefnment in the training of both teachers and 5tudent& working tl Rwanda Basic Education Board (REB) and the R¥wdnda TVET Board (RTB) to ddiver the key programme activities. The Char¢t(s tearn has worked closely with the participating agencies and Digltal Ski115 Foundation a5 the trainings have been rdled out thfQU9hout 2022-23, setting the stage fof the rnxt phasfr ol the Par￿f$hiP. 24 819 Wifi Philanthropy l Annual Report and Financial Statements

Ghana Reforming primary education A teache¥ insiTUCts students itr Ghan Ghana has a population of 30B million people. noarly 40% of whorn are under IS years dd. Investments in ¢ducatw)n are crucial to equip Ghanas youth with the skills they need to gu¢¢ee41 in tho workforce and to deliver a demographic dividend for the ¢ovntry. To address these 98p$, in 2022 the Ministry of Edu¢ati¢)n ernbarked on a national inittative to enable three rnillion children (75% of students) to attain profKiency in foundational learning through imptoved edutatitrn sÈrvite delivery and rntynagement by 2024. This will be achieved through sire8mlining and dlgifising data collection to promote learning accountabilitv., targeting Inter￿ntionS to address learning loss.. and leveragirKJ school leadership to drive transformational learning in schools. The Ministry approach•d BWJ Win to support these efforts, and March 2022 the Chartty and Big Win Philanthropy US agreed to ¥ fv¢¢-ye•t xt¢nsion of out 9r•rtt. The government of Ghan8 and Win PFwlahthr¢pv partnered in 2019 to suppori the Ministry of Educati￿).$ education referrn agenda. which via$ gea¢ed toviards irnprovin9 learning outcomes. Prior to the reform. an Ety Glade Reading A55855ment Conducted in 2015 revealed thai only 2% or less of student$ assessed were able to read with fluency and ¢ornprehension. Big Win and Big Win Philanthropy US supported a baseline study at th¢ outset of the Ministrys curriculum reform in 2019 and esiablished benchmarks to assess the reforni's impact going forward. The baseline study showed that 16.1% and 38.5% of pupils in Primwy Four (aged ten) met the mir*mum comp8ttney in Maihs and English. respectively. As in mafty develowng eourtiie& the p8ndem and its associated schod shutdowns further stymied learnrng. compounded disparilies and widened aehievement gaps. The first National Standardised Tesi (NST) eondueted for ￿lmarY Four pupils post-pandernic in December 20X showed that only 24% were conydered profI￿ent in English. The new grant will be used for th￿¢ primary purpoge$. First, we are workir￿ ￿Eh the ministry to revolutionise its edueation data systems to drive better learning ￿tComes. Seeond, we are 5upporbng ihe rninistry to establish Communities of Exeellenct to mo￿.11$e stakehohlers and community leaders around terventKJns to drive better learning outcomes and address performance gaps. And third. we are hdping thagovernment toeslablish a Natior¢al Educat￿ Leadership Institute (NELI) to build a cadre of education leaders with the skill$ to lead. manage. and transform oducational institutions in Ghana. 25 Big Win Philanthropy l Annual Report and Financial Statements

Key pillars for phase three Investment We also Corn￿eted Ihe developrnent of a perforrnance ￿￿39eme￿I dashl)oard. which briAg5 together the data collected by all agencies involved in pre-tertiary education. The dashboard incJude5 dato ¥75uaJisatiory enabling leaders Ythin the Klinistry of EdUcatiC￿ to easily assess progress towards key targets and identify area5 wheTe course ¢WreCt￿ is r8quir¢d. N•t10￿1 Educatlon Institute Alongside this worl we sUPP(rted thè Ghana EduCat￿Tr SerV￿e to tTeate a digital platform to support the rollout of Profe$onal L¢aming Communiti8S across all primary sch￿1$. These communities will help ensure thai tÈathÈrs can effectively irnplement the new curriculum thai was created as part of the ministry's recent educaiion r¢fom)s. The aim is to deploy this platforrn in all primary sckDI$, reaching more than 200.000 teachers. Separately from the data wryk. we partAered with the ministry to develop a strategy to operationalise the rnini5ter' ComM￿rtieS of Exeellence programme. which seek$ to build a network of highly literate communities across Ghafv• where ￿erY citizen is empo¥Yered to rnake a meaningful contrib￿￿Tr to Ghanas socio-economic transformation agenda. The strategy. which focuses on educational equity. was developed through a Collaborative proces$. fostering bjy-in and alignment across all pre-tartiary 39en¢ies within the ministry. The aim is to implement the programm8 in 37$ (Thmufmties ￿th 1.500 5ch¢y)Is to help 460.000 students imwove their foundatK¢n81 l&aTnin9 proficiency in literacy and numeracy. Communtties of Ex¢ell¢n Education Data Systems Over the courst of 2022. we athieved 5everol key fflilesto we helped the ministry to develop the strategy lor its new National EdutatiC*n Lèadership lfistitute and to create curriculum for the edtscators it will train. After consultation5 wilh ihe ca￿r￿t and the ￿￿nIstrY. Big Win US eontracted a rirrn. Ghana ASCD. to carry Out a prool-of-concepi for the instituto. The goal is ftsr an initial 500 edu¢)ti¢)n leaders to be trained through NELI. positi￿lY impa¢ting education ddivery frK 0¥￿ 100.000 stud¢nt$ in the s¢hoots they serve. We supported th? government ￿th its nationYMde se￿&￿P of a system to improve the accuracy. effKiency. and timeliness of data collection from the 27.000 primary schools across the ¢ountry. In a 5¢¢tor wh¢ie data management is largely paper-based. siloed, ¢hara¢terisod by poor quality and unreliable dat8,this has the wential to be trulytrénsformative. 26 Big Win Philanthropy l Annual Report and Financial Statements

The African Development Bank Banking on Nutrition Presidential Dialogue on Nutrition Dlal¢Jgu Grfjup on Dr.AkiThwuml A. A 9.oD Nutiiti 'sidÈlifies of Lhe 2922￿nited Natlohs tseneTiI Assembly 41ongside heèds of statt4nd their repiesentatiwes, Biy.Wits PrES on the cnt an Since 2016, Big Win Philanthropy has been working in partnership with the African Dèvelopment Bank and the Aliko Dafvgote Foundation as part of the 88nking on Nvtrition partnershw to stunting reduciir) acrossAfrica. The partnership has gone through sevofal distinct phases with significant succe55 in embedding nutritv)n intothe 8ank operations and allocating inve5tmenis to n￿rItI1)n-$Mart projects. The overall goal of the pro9ramme is to support the 8ank to contribute to the reduttion of the sluntlng burden in Africa by 40% by 2025. In 2022. Big Win US tommi5woned a mid-term review of the Bank's wmjltisecioral nutrition action plan for achieving that goal. The mid-terni review aimed to evaluate the Bank'5 progress on it5 nutrition agenda and to outline key eourse ¢orre¢tKJn needed io meet the 2025 t•r9et. The review highlighted a dramatic inciease in the approval of nutrition-srnart proiptts by the Bank. slwng an increase frt>m a baseline of $0.49 bllioTr ift2015 to $2.88 ￿'1110n ￿ 2022. the wogress being made by Ethiopia's multisectoral Seqota Detlaration initiative. six countries- the Democratic Republic of Congo. Madagascar. Malawi. Mozarnbique. N￿er, and Tanzania commilted io a¢c¢lerating stuntin9 reduction under thr esidenis. leadership. Including by $Èletting high-burden region$ for rnultisectoral nLrtrition responses based on the Seqots Decl8ratiDn mtsdtl. In 8dditK)n to ¢tsotinutng to wNk vlith the Bank Banking on Nurribon. have comrnttted io working with ihe Presidential Dialogue Group countries Indwidually. After following up with the respe¢ti¥e pre￿deTrts at the US-Africa Leaders Surnmit in Washington. OC. we began engaging with the designaied country focal wnt5 and have already begun substantive work in Tanzania. While these results are impressive, b)th the PresK1ont of the African Oevelopment Bank. Dr Akinwumi A. Adesina. arwj Big Win believe that rnore needs to be done on the demand side to reduce stunting fa$t?r. In that vein. at the 2022 United Nat¢ons General Assembly, Or Adesin4. with support from Big Win. convened the inaugulal Presidential Dialogue Group on Nutrition. After hearin9 8 presentation frorn the EthiopiaA Deputy Prime Minister and Mwwster of Health on 27 Big Win Phtlanthtopy l Annual Report and Fin&n¢ial StatemeThts

Investment, financial, and governance matters Costs In 2022 were below borh the Charitys spending policy below budgeL lar9ely because of the long lead time in deve￿￿￿4 new grants with governments pursuant to the Charity's unique model, which was particularly irnpacted by the spension of travel and certain programm8 actiwties due to Covid-19 in 2020 and 2021. The Chariiy was also intentionallv conservatsve In its spending. given the challeThJes in financial markets and the poteniial for deferred payrnent$ on the CIFF Grant that would occw if certain market indices decreased by more than 20% year over year. In 2022. the Charity began significant new partnerships in Lag05 State, Cote d'lvoire, and Rwanda. as well as with the Afr¢an Develt>pment Bank'$ PresKJential Dialo9ve Group ¢)n NutritK+n, which ￿11 entail $i2eable grant ¢ornmitments gobng forward. Full details of the work supported by the Charitys expenditure and the new partnerships are contained in the relevant sections of Ihis report. Because of )vestment performance. expenditur8 gnificantly exceeded incorne in 2022. For the year. the Charity's loss was $35.501.045. including the revaluation of the CIFF GranL but the Charitys oxp¢tyJituro$ r¢main•d reasonable in r¢latson to its assets. Finathel41 rev1¢ At the end of linan¢ial year the Chariiy had incorne of $769,343 (2021.. $402,133,401). The 2021 figure included $40.000.000 donèiion Irom the Founder. gilt aid. and the full discounted value of a $360.000.000 9rant (the TIFF Grant frorn the Children's Investment Fund Fourndatl￿ UK fciFF UK"). which is being received in quarterly tranche5 over five-year period. $72,000.OOQ in ¢ash. representing four tranches. was received ¢IFF UK in 2022. As additional CIFF Crant funds were received and transferred to the expendable endowrnenL total unrestricted funds (including $72.000.000 in CIFF Grant paymerts due wrthin one year) decreased frorn $289.180.492 to $203.462.100. the expendable endowrnent increased frorn $16¢.030.085 to $214.221.147. Iby unrestricted cash at the bank and in hand increased lo $1,879,273. Be¢ause interest r¥¢¢s have in¢reas¢é. the Charily has increased the dis¢ount rate on the balan¢èof the CIFF Grant in preparing r(s accounts. whTrch results in an aecrmfftting expenditure of $13.438.244. The Charity does not engage in fundraising and. otherthan the CIFF Grant. doe5 r￿t have addit￿01 pled9e5 or Promises of future external funding. The Ch•¥ity expe¢ts to rely on the investment performance of its expendable endowment to fund its activities. As of the date of this report. investment performance in 2023 ha5 Sl9nificantly recovered exceeds the los$e5 in¢urred in 2022. Financially. the Charitys period of operatiry wa5 defined by turmoil in the finartial rnarkets. whieh seriously impatted the performance of the Charity's expendable end¢)wment. The Charity's losses dUT￿n9 the year consisied ￿mOst entirdy of unrealised Ioss05 on the Charity's investments. At the same time. the Charity ¢ontinued to r¢¢¢ive ¢osh paymen1$ fr¢N the CIFF Grant and to deploy those resources. As a resuli. the Charity's a5set5 in hand. and the sze of its expeTrJatle endowment, intreased $¢gNrf￿an1IY over the ¢ourse of the year d8$Plte these invastment k)sses. Ai 31 December 2022. cash on hand amounted to $1.879.273 and the expendable endowrnent arnounted to $214.221.147. As of the date of this rerrtyt. the Charity had ￿te1Ved an additi¢Aal $54.000,CX)O in grant payments from CIFF UK during 2023. The Charity's spending pdicy is based on 12 trailiThJ quartets ol net assets. which provides the Chartty with the opportvnity to earefulty intrease its spending to ensure strategic impatL Spending will continue to increase as the Charity's expendable endowrnent increases. Because of the uncertainly in the financial rnark8ts- which for much of the year meant that one or more tranches of the CIFF Grant might be deferred- the Charitv V4as intentionally prudent about the pace at which it undertook new grant ¢omrnitmerfs during the year. The Tiustees have ￿anThe0 activity levels in anticipation ol the continved rec•pt of the CIFF Grant. and the long-terrn financi41 positK)n of the Charity is dependent upon the ¢ontinyed receipt of those funds, as well as the performarKe of the Charitys investhients. Th? Charity's 0￿ratIonal and grant budget is funded by investrnent gain and incom8 from the Charity's expendable endowment. RevivAT of investment aetivit In 2022. the Charity's investments were managed by two ouiside investment managers (eaeh an-OCIO"). Cambfidge Associates and Truvvo Partners (which was acquired by Lazard Ass81 Klanagernent as of 1 January 2023). Cambridge Associates manage the iTrvestm8Trts in th8 Charity's exp8ndable end￿rnent that were received from TCI Fund Management Lirnited ¢n Decernber 2016. The funds received from the Ftyjnder and CIFF UK during 2021 and 2022 were placed under the mana9ement of Truvvo Paitner5. In 2022, costs of $17,034,816, including $13,438,244 atiributable to the higher discount raie on the CIFF Grant balance and $3,596.572 in activities undertaken directly ar¥J support costs. were incurred relating to rhe Chariiy-s actiwtN?s (2021.. $3.013.199X These costs include grants to the Ur4versitv of Cape Town. a5 well as the compensation of prograrnme staff and leasing ol offite spate. The Charitys wogiarnrne staff directly support the ¢haritaNe tndeavours of the Ch¥rity$ partner$ in oddition to managiny grani$ rnwle by the Charity. often in parallel with grant support provided by Big Win Philanthropy US. The Charity also malle several important ew 9rJnt ¢ommitsnnts. the first k>¥ymeiit5 fcr whh were malle in 2023. The C£105 invest the CharitysasSet$ pursuant to an Investmeni Policy Statement crafted by the Charity's Investrnent Commrtree. and according to Investment 28 8ig Win Philanthrc+PV l Annual R¢port and Financial Staternents

Management A9reemtnt$ wth each OCIO. The CharitV5 investment assets are held in custodi81 accounts at N¢ythem Trust. The Charity had f(￿r separaie custodial 5vb-accounts at N¢rthern Trust.. one for ihe luThJs received from TCI Fund Management, one for certain securities received from the Founder thai will be sold over tiffte (and that have been ¢Jisposed of in full as of ihe dat? ol this report). one for the remaining funds received frorn the Founder. and tme for the fuhds reeeived from CIFF UK. managed by Truvvo Partners are in the eorly stages ol construction. they ale rot yet benchmarked.) The Truvvo Partners portfolio benefited significanlly from a tactical commitrnent to illiquid ciedit and from being overwei9ht in hedge fvryJ5 during a difficult year for public eqvities. Truvvo Partners h05 cmtinued lo deploy new funds received a5 Part of the CIFF Gtant. The portfolio managed by Truvvo Partners has a150 re¢overed significantly in 2023 and the marketable ¢+ynponeftts ¢ontirwe to beat their beA¢hmorks. The OCIO$ generally rnett with the Charit￿$ Investment Committee four times a year (by telephone or tn person) and submit monthly wfomiance reports. The OCIOS piovrde rnonthly reporis and Co￿0$ of the investment memos they prepare for new inv8Stmenis and speak interstitially ￿th rnanagement and Investment Comrniitee members about select topics. Asof 37 December 2021 the Charitys Investsment Pdity Statement does not include making $ocial or programme- related investments, but it does restrict InvesEment$ in tobacco and petroleurn extraction. The Charity's Investment Commitiee reviews this component of the Investment Policy Statement anThualty. Key risk¥ and uncertaint•e$ Forthe first five years of its existMce. litlgation re9arding the CIFF Crant presented the largest risk and urtertainiv fof the Charity. The Charity's risks and uncertainties are now $19nifKantly reduced. but if som? or all of the CIFF Grant funds are not received. or if their receipt is delayed. it yll mat¢rt•lly irnpa¢t the Ch)rity'5 ability to deliver on it5 miSs￿n and prog¢•mmes. CIFF VK ¢an def¢r quarterly tran¢he payments if the MSCI World index is down by 20% over the trailing 12-mnth perithy. and for gnificant parts of 2022 the index breached that level. As of the date ol this report. the Chtyrity h•$ received 11 of the 20 tran¢hes of the CIFF Grafit. As Set forth in the CharitV'5 Investment Pc4icy Staternent. the principal goal of the Charity's investment portfolio is to provide continued funding io support the Charity's chariiable ctivities assuming spending by the Charity ai aTr average )nnual rat8 of 5% of its assets. The Investment Policv Statement. and tho Inv¢stsn¢nt klanageffl¢nl Ayr¢•m•Ats wth each O¢lQ, ￿$¢ ¢ontain r¢stri¢tion$ related to ¢0￿entra￿￿ liouidity, asset class allocation. rebalanang. Cambrid9e As50ciate5 began to invest the Charity's nvestrnent ¥$sets in Augu$1 2017. bvt the OCIO$ perf+ym•n¢e against the agreed benehrnarks began on l April 2018. Truv¥o Partners began to invest the funds the Chanty received fr( Childrens Investrnent Fund Foundation and from the Founder in January 2021. The Charity is managing risk by undertaking activities that fall within it5 current budget." adopting a spending policy based on 12 trailing quaiters worth of 055ets'. devoting it5 $￿ff th aciNities where addibonal funds can be leveraged frorn oihers.. and avoiding extremely long-terrn commitrnents. For 2022, the Chariiv realised a net gain on its in¥estments of $644.290 and received $683.406 in interest and $2.640 in ¢Jividend$. Unrealised bsses were $18.70&043. The Chwityl expendable endowment is invested by outside investment manager& Cambridge A550ciates and Truvvo Partnets. pursuant to an Investment P¢li¢y St¥temeNt 8dopted by the Trustees. There 1$ & risk that the Ch8rity'$ investments ￿11 not meet the benchmarks estèblished by the Trustees or will prodLsce negative returns. as was the case in 2022. The Charity has attempted to set its reserves policy and Investment Pdicy Statement to reasonably mitlgate these risks. Th¢ Charity ¥l$o en9ag¢d TTVVVO Partner$ in 2021 •$ se¢ond inv¢$trnent manager io diversify its inYe$tment management and to mitigate risk a¢¢ordingly, and In 2022 the Charity engaged a new OCIO team within Cambridge Associates after ￿ exhaustive search and interview wocess in order to obtain better perforniance. The Charity monitors liquidity within the expendable endowment across asset classes. and with referenc? to active risk. to ensure Ehat lis investment managers can rnake transfers Irorn the expendable endowment ro unrestricted funds on 8 quarterly basis in an amount sufficient to fund the Charity'5 budgeted charitable activitie& even during subst8Thtial market declines. For the year ending 31 December 2022. C¥mbridge As$o¢iates reported a return for the year. net of fees, of -14.7%. versLrs the policy benchmark of -10.6%. Cambridge Associates repoited annualised returns since inception. r￿t of fees. of 5.4%. versus 6.4% lor the policy benchmark. Midway through 2022. the Charity engaged a new OCIO tearn at Cambridge A5$0ciate5 •nd be9an workin9 With that team 10 repg5i¢vJn the wtfdio. Th¢ Charity also workeJ with the new OCIO team to develop Change$ to the liquidity. benchmarking. and asset anocation pr¢)visions of the appI￿atr￿e Investment Policy Statemeni n ord&r to better align the portfdio's management W￿<h the Charity's goals. The portfolio managed by CambrHlge Associates has recovered Signific￿tlY in 2023 as ol the dale of this report. For the year endiw 31 December 2022. Truvvo Partners reported 8 reiurn for the year. net of fees. of -9.1%. bearing Ots benchmark in all benchmarked asset Classes. (Because the prw8te equity and real asset Comp0n￿tS of the a¢¢ount$ 29 Big Win Philanthropy l Attnual Report and Fifjancial Statement5

In addition to funding risks. the Charity work$ sigThficantly th govwnments and rnulidatefal and interrtatKJn organisations in sub-saharan Africa. Pditital tonditions, changes of administration or policy. epidemics. US ot UK sanctions regimes targeting governments. ¥nd geopolitscal ¢on¢ern5 could have a material adverse impa¢t on the Charity's operations. The Co¥id-19 pandemi¢ disrupted operations around Ihe world. and while the Charity was les$ impactèd than other organisatitsns. many of sts partners. inrtiatwes were suspended or altered, especially in the education seet¢f. and the risk of epidemics or pandemics remains present. The Charity works very significantly in Ethiopia. which recently faced an armed conflict in Ti9ray (where the Seqota Declaration team pariially Works). and which has endured other incidents of regioThal insecurity where Big Win has partnerships. notabty in Oromia and Arnhara. Countries such a5 Niger and Burkina Faso. where Ihe Charity has Spent considerable tirne developiw initiaiives. htyve experienced coups or •tternpted ¢oups that have paused the Charity's potential activities. Eleciions present the risk of diverting governments. focus and. dependsng on the results. of chan9ing priorittes. Inflation and rnacroeconomic factors wesent a persistent risk to the Charityb job ¢reatiort effort$. The war in Ukraine. thgeth th prolonged diought, threatens to cause food insecurity and other disruptions throughout Eastern Afr￿8. which could impact all regional countries. As the Chariiy begins workin9 in countries that are part of the Presidential Dialogue Group on Nutrition. insecure ¢rwironffl¢nt5 weak rise￿ tontrol$ are risks that must be addressed and mitigated squardv. These risks are endemic to ihe Charity's field of endeavour. although the Charity is ccffjcerned that cNil strife and arrned ¢onfli¢t are on Ihe increase a¢ross the ¢ontinenL whi¢h k also 9rappling with Ihe impa¢t$ Of dimate ¢hange. Because the Charity believes that the human caprtal agenda and attaining the demographic dividend are the only realistic lon9-term solutions to these risks. including in unstable countries and regions. the Charity ¢onslStenUy reviews its pdiues and activities in afi atternpt to rnitlgate the enderni¢ risks but does not seek to avoid Ihem eniirely. The Charity has uTrJertaken additional trainings regarding ¢wruptKn. t¥ibery. Iraud. and related matters to mit*gate the risk that the Conduct of personnel OT partners abroad could imperil the Charity's activr(￿S or reputation. Nonetheless. the Charity's operations and personnel remain ai risk of disruption from accidenis. disease. and security concerns encountered hen its persomel ara traveltiTrJ abroad. and the Charity remains at risk thar corruption or intentional misconduct by rts partners VAII impact its operations. Although the Charrty and its st•fl rale￿ direct￿ with chiklreD or vulnerable POPLtlation5. the Charity s partner$ often do. The Charity cor1515tently reviews (ts safeguarding pdici85 and practice5 to ensure thai ihe activit￿$ it funds and undertakes have robust safeguards against abuse and negle¢t. but the Charity nevertheless laces an ongoing safe9￿4rdIng risk. fftcluding r￿k ihat a governmental or othÈr paftner will experience a safeguarding incident. The Charity has put safeguarding at the centre of its work with government partners and in 2022 IThr￿d Ihe Funders. Safe9uarding Collaborative. Fraud. torrupti¢)n. and data sectsrity pose a risk to all organisations. and especially to organisatioThs that work intwnationally like the Charr(v. Data and network security risks have increased significantty around the world. The Charity erya9es in $trors in-perstn due diligen¢¢ to avthid frautl artd ¢wuption and has mukiple safeguards against data $ecurr(y breaches. bui it remains at r¢sk from losses and damages in both areas. Finalty. the Ch¥ity 1$ growing qui¢kly as its asset$ and th¢ demand for ils $eMces increase. There is a risk that th8 Charity wll r￿•1 be &￿e io find the right personnel to support th￿ growth. or that the Charity will not be able to locate the appropriate sources of technicol advice for the i$sues about which its governfflental partners seek assistance. The Chaflty does not curren￿V have any funds in deficit and. given its expendabl8 endowrnent and incoming grant payments does not Presently face any material threat to its status as a 90ing concern. Nonetheless. as slated above. failure to recewe 8nticipated funds or continued ur￿erperformtyfiCe of th& expenda￿? endowment would requife the Trustees to materially rethink the organisation's Structure and ￿anned activities. The ChariEV is highly dependent the 8xpefience and ski1158ts of certain key personnel. including the Trustee& the Founder. the CEO. and the COO. If ary ol them were unable or unwilliry to work on behalf of the Charity arKI could not be effectively re￿a¢ed. it wwld have 8 $erioiis pact on the Charity's operatK)ns. The Charity has miti9ated thi5 risk to sorne degree by increasing it$ cadie ol senior pro9t•mrne dir¢¢tors. Plans ft+rfutur• p8ri•ds In 2022. the Charity engaged two new Staff. and a5 of the date of this iepoTt in 2023 it has ongaged a Communi¢ation$ Director. a Research Fdlow. a now Executive As$i5tant. and a Francophone Pfogramrne Director. and ha5 recruited a new General Counsel l Deputy COO. The Charity intend5 to further recrult an additional Programme Director. a Senior Programrne Director for Citi￿. a Data Lead. and an additional R￿arch The Charitys staff n¢yrnally travel extensively. including to unstable areas of the world and location5 where staff could be exposed to tommunie8ble disease& accidents. insurrections. and other risks. The Charity has attempted to adopt poI￿leS nd protedures to mitwJate these risks. includin9 by engagir¥J in substantial pre-tr8vel due diligence. or to address incidents if they o¢¢ur. It also has insured iisell against such risks. 30 Big Win Philanthropy l Annual Report and Finart¢ial Staiem&nt$

Fellow to suFyort its fapié gr)wth. The Charity does envision ad¢Jitional short-term hiring beyond these positions and intends to glow Its staff slowty and to rnaintain a lean organisati¢nal structure that ihe Trustees maTha9￿ent believe will best serve the Charitys charitable 9￿$. The Charity took new, larger oftice5 in January 2023 to accommodate lis growth. StnKture ond governance The Charity is a ¢ompaAy limited by guaraniee and not havlng share Ca￿tal. governed by its Memorandum and Aftides of Asswation dated 18 May 2015. K Is registered as a eharity with the Charity Cornmi$$ioh. Jamie Cooper (th¢-Founder-) 15 currently thE sole member of the Charity. TrvstÈès In April 2023. Ms. Cth)per nominared. and the other Trustees voted to appoint. the HOn￿rable Rosine Coulibaly-sori as an additional Trustee. In April 2022. the Honourable Dzingai Mutvmbuka be9an a leave of abserte Irom thè Board of Trustees. Otherwise. the Trustee$ of Charity have remained th¢ same. In April 2022. the Tru5tee5 approved the Charity$ Straie9Y 2.0 and its five-year target of directly ¥nd $ub$tant4ally contributing to irnprtsving 23.5 million lives. The Charity is currently working through the design of a monitoring Iramework to track its progress towards that 9oal and io hold itself accountable. as w811 as a spending policy tailored to the achievement of the strategic goal. Curritul8 Vrtaefor potentsal Trustees are circulated in advance. and t8￿J1d8teS are invited to attend at least one meeting as advisors before their candidacies are considered. New Trustees complete a De¢laralion tsf Eligibility and D¢¢l4ration of Interests,. review HMRC and Charity Commission guidance.. and are iniroduced to the polKies and procedures of th? Charity. including it5 conflict of interest aTrJ safeguarding polKy. Trustee code of conduct and policv on the role tsf Trustees. Ongtyng training and guidance related to charttable govermance and related matters are provided ai meetws of Ihe Trust8es and at comrnittee meeting5. In addition to the new initiatives in Lag05 State. Cote d'l¥tyr¢. and Rwanda that began irn 2022. the ChaTfty has a large numbei of new wograrnmes in development. Many olthese build on the Charits eady chtldhood development in Addi$ Ababa (regional earty childhood development initsatsv¢$ In Oromia. Arnhara, and Oire Dawa in Ethiopia. as well a$ signifie8nt interest from eities and countries across the continent) and the Presidential Dialogue Group on Nutrit￿Tr (programm8s in Tanzania Ix9wb in 20231 Rèsèr¥¢s polittv The Trusiees ar8 cornirutied io applying the Charity's resources in a respOnsi￿e manner that rnaxirni5eS charitable out¢ome$. Trustees fvther th•n the Founder) normally serve 1onewabl8 three-year terms and do ftoi serve more than three conseojiive term& Upon receipt of the Foundersdonation and thefir5t trwKhe of the CIFF Grant. the Trustees adopted an interim reserves pDltcy gf holding $1,000,000 in eash rese¥ves. with periodic Increases Sufficient to cover six Months of the CharitV'5 OP8rating (non-grantl costs. Those reserve funds are held in separate account at HS8C. In addition to these fvnds and the Charity's c•$h on hand, the Charity'$ reservts policy takes into a¢¢ount the liquidity and cash held at Northern Trust bn the accounts managed by the Charily's OCIOS. Trustee$ 9erwally meet tviic6 annually in person 8Thd at additional limes by teleconference. The Trustees met in person in Cambridge. Massachuxtts. on 27-28 April 2022. and In London. England. on 2-3 Decernber 2022, and met by teleconfererte in March 2022 and October 2022. The Tcustee$ also have the ability to review and approve certain actions and iriiiati¥es by written consent. Pre5idtnt In ￿ditIOn to serving as Chair, Jamie Cooper serves as President of the Charity. All of Ms. Cooper's services are prowded on a pro bo￿ basis. At the end of the repNtin9 Ptriod. the Charily held $1.879.m in unrestricted cash operating ￿serveS in th¢ bank and $214,221.147 in an expendable endowment fund. The Charity¥ OCIO$ maintain sufficient short-term Iiquhl asset5 in the expendable endowment to replenish cash reserves on quarterly basis. Chid Exec￿1¥ Ollittr Dr Kesete Admasu 1$ the Chief ExecutNe Officer (CÉO) of the Charity. Dr Kesetes temi began on l January 2019. The Trustees review tho Charity'$ reserves poli¢y annually. They will continue to do $0 alon9dÈ their review of the spending pdicy afvd also in light of the onwng influx of cash from the CIFF Grant. As CEO. Dr Keset? rewts to ihe Board and works c1058ly with the Pregdent to overseethe strategic direction. prtyJrammin9. and management of the Charity. The 8oard sets performan¢e goals for the CEO that are rwewed on a serni-¥finual ba$i$. Big Win Philanthropy l Annual Report and Financial Staiernents

Managemtnt The day-to-day managernent of the Charity is Carried out by the CEO and overseen by the President. The ChEf Operating Officer (COO) reports directty to the CEO on oper•tional matters and to the President and Chair on investment and governance matters. The rest of the Staff repotis to a management team comprised ofthe PresidenL CEO. and COO. Programme teams typically repoft to a Prograrnme DirKtor. who reports to the CEO. Financial matter5 are overseen by the Finance Oirector. operations ère overseen by an Operations Manager, and in 2022 legal ¥nd ¢ornpli8n¢e matters were overseen by the Legal Oirecior. all three of whom report to the COO (a new tsener￿ Counsel will iotsi the organisation in 2023). Relationship to other eh•ritie$ The Chanty has a dose WOTking rel8tion$hip with 8 United Stales ¢haritable trusL thÈ Children$ InvÈstrnent Fund FoundotM)n operating as Big Win Philanthropy, which in September 2022 transitiorTred to corporate lorm under the name Bi9 Win Phil￿thropy, In¢. Oreinafter referred to as 'Big Win Philanthropy US?. fh¥e is no ¢ontrol relationship between the organisations, and they afe legally ind¢pendent of onÈ anothÈr. While the two charities are not formally affiliared, Jamie Cooper has the power of appointment at both ent￿e$, they share certain Trustees and officers. and they cooperate on charitable endeavours. The Charitvs operating policies and strategi85 are designed to make efficient use of the charities. corn￿ned r850urces for maxirnum charitable impact. Grants. charitable disbursernents and initiatives. and the accornpanying act¢vitie5 to be undertaken by the Charity's Staff. are presented to the Trustee5 lor cornsideratson in a written investment mernorandum. which must be approved by the Trustees. The Charity increasingly works with it$ partners to w&pare a written concept note $ubmi$sion to the Trustees prior to the weparation of a full investment mel￿randUrn. From tirne to time. the Trustees may elegète authorityto Ihe Chair and the staff to Make smal discretionary grants or programmatic expenditure& or to direetly undertake tertain lirnited charitatAe activities. YArythin budgeied amounts. The Exeeutive Team ha$ distretionary authority to undertake programmatic activities off less than $250.000 within the overall budget. including in anticipation C¥f • ¢on¢ept ntsi¢or ¥iv¢stmen¢ memor¥ndvm. An English charity. the Chikjren's Investrnent Fund Fc•undation UK CCIFF UK-X has made a 5izeable exponiJ•b10 enOowm0nt grant to the Charity and began pawng tsan¢hes of that ex￿ndable endowmenr grant in early 2021. Eleven of the tweniy expected tranches have been paid as of the date of Ihis report. wth the remaining tranches to be paid over an additional 9 quarter5. The Charitys Chair. Jamie Cooper. o-founded CIFF UK and rernained a mernber •nd trustee of that charity uthtil 2020, but sifvce July 201S she reeused herself from its activitie$. Ms Cooper has resyned as mernber and trustee of CIFF VK and its affiliate5 and subsidiaries. The relatKnship wth CIFF UK does not impact the Charity'5 ¢)per•tiny pd￿leS.¢X(ept to the extent that th¢ 9r¥nt agreemeni between the Charity and CIFF UK restricts the use of funds received pursuant to that agr88rnent to the improvement of the lives of children. yourvj people. families in need in develwng countrie5 or c¢)untrie$ in crisi5 as Set fwth ill the agreement. Pay and rernuneration for the Charitvs staff are set usng benchmark5 from other Similarly situated chafitie$ and the ernployees. compensation history. and by applwng criteria such as experien¢e and $kill level. The Charity ha$ a goal- sèttin9 and review pro¢ess for employee$ that ent￿rage$ thtm to st¥iv& for success in all their endeaV(￿r$ and 8 milestone-oriented performance management system that holds them accountable for thew performance using "balanced scorecard" approach. Risk maM9ement and Intern•1 Control Thecharity maintains a risk register at an Cf9aniSath￿al kvel to identify risks and proposed rniti9ation xtions. The Trustee5 review the risk register annuallyand propose additi￿al areas about *￿ch theywouw like to r￿e1ve risk reportiry. CornmitteÈs The ¢h8rity has ¥¢tiv¢ board. ￿ all Trusthes areexpected to participate in all elements of the Charitys governanc& To date. the committees other than the Invesimeni and Finance Commitiee have met as committees of the whole during meetings of the Trustees. with the Investment and Finance Committee also meeting on a regular basi5 throughout the year. The Trustee5 also forrn ad hoc advi50ry committees on specific programmatic i5$ue5 when and as needed. and Trustees re9ularly volunteer to advise on or supervise areas in which they have particular expert15e. The Trusrees continue to rnon1t￿ whether addition•1 committees will be necessary and appropriote given the Charitys incr8as8d resource5 and pro9ramrne pwtfolio. Éach wogramme 81s0 yepares a thst of key risks that is tracked 8rtedy and revieW￿d with senior management. These risk vsesarec0m￿Ied seffli4nnually fcf the Trtsstees. The CEO reviews each programme weekly with programrne Staff. antl the COO. Finance. Legal. and Operatw)ns teams meet regvlarfy with the programrne teams. Each new ortner or 9fantee 9oes through J formal. written due di119ertee ieview. The Charrty m•intain$ a ¢ourse of m•nd4tory ¢ontinuou$ trarnin9 lor am siall on to￿t$ such as safeguarding, data privaey, and the preVent￿}n of brdjery. corruplion, and fraud. Poytnenis from ih¢ Charity must re¢eive dual authori$ation and mana9¢meAt a¢¢ount$ are r¢¢on¢iled rnonthly. Banking account5 are orally conlirrned with known persons prior to disbJrsements bwng m&Je. 32 Bi9 Win Philanihropy l Annual Report and Financial Statements

Public benefit The Tiustees confirrn that they have given due consderation to the Charity Comrni5sion's pU￿1C gUK1￿Ce on the Public Benefit requirement under the Charities Act 2011. We believe that supporbng the ambitions of national leaders lo improvethe live5 of their people is the only pathway to sustainable. lon9-term ¢hanye. BeyDrnd ju$t engaging these stakeholders. we fofbw thwr le•ds. a$ they khow their contexts best and are the mo$t dedi¢8ted tr> improving the "ves of young people in I￿1r countries. Rather than SIMI￿Y deferring w wogramfflatic matters, however, we work as 8 true parinei, collaboratively challewing government partners to inagine the best Solutions for their peop￿. Streamlined energy •nd urknn reporting The Charity's emissions ére bel¢w 40.OQOkWh per annvrn. and as such Considered to b¢ a low energy user and ih¢refw¢ no disclosure Is requlred. Stakeholder •n9agement-8.172 statement The Trust885. in line with their duties under section 172 of ihe Companies Act 2006. act in a way they consider. in good faith. ould be most likely to promote the success of the Charity. Becaus8 of the scope of the challenges childien aTrJ young people face. we work diligently to rnaintain p)5itive rekiiionships with thrlunder5 who can contribute. These hJTrler5 also bling their own substantNe expertise tothe ltyb￿. The 5ucce55 of the Charitv 15 éependent on tMJilding and maintaining p051tive relationships With stakeholders that share it5 value5. Working together towards shared goals IS the ¢aly path tow4rds achieving lon9-terrn. sustainable succes$. We have used our experien¢e ￿rkIng Wrth g¢Mrnment leaders to bring fuAders such as the Aliko D8ngote Foundation. the Bernard van Leer Foundat￿On. Bloomberg Philanthropies, and ELMA into productive coalitions. The African Developmeni Bank has been a key partner in taking initiatives to scale. and natonal treasuries alrnost alw4y$ contrib￿e to a 9iv¢n initsative than any outs¥Je fundei. The Charitys rnission- to improve the lives of children 7 voung people directly and to drive derrograpl¥c divideTrJs for equitatAe econornic gr0¥4th. peace security- recognise$ the irnportance of c¢)rnbining 5hort-term impact with long-term thinking. Oui in¥estmeThts in human c4Pit81 are necessarily investments for the long-term. t)ur ¢mploye¢s and consultanis are criticaf to the Charity's success. We have intentionally maintained a relatively small team to ensure thai each team member is c105ely involved in all our activitie5. The entire team meet$ ortce a week as a 9roup to share their work ahd feedback on the Chanty'$ a¢tiwtJes. in addition to weekly i￿j1vIdUal or smèll-group check-inswith either the CEO or the COO. The Charity also deeply believes that developrnent must be vntry and c¢rnmunily led. The Ch•¥ity •ttempt$ to"w•lk the talk" by truly standing t)ehind Tts partners in govemmeni as they leach to dd)¥er on aspirions for their people. The Chaw of the Trustees en9ages dirtttly with every tearn member. and Trustees frequently work directly wth staff on areas wtthin their spheres of substantiv? expertise. The Tru$te85' long-term vision ha5 led the Charity not to rush to spend the new resources It began to receive in 2021, but rother to maintain a diseiplined, strategic focus towards building up its portfolio of charitable intiiatives. wr(h all of the careful due diliger￿e. evidentiary review. and relationship building that entail& Similarly. when many other charitable partners suspended operations in Ethiowa at the apex of the eonllict there. the Tru5tee5 deterrnined largety to Stsy the ¢our5e (while undertakin9 risk rntbg•iing a¢tion$). ih the belief that investments In children youThJ people in Africa's $8cond-largest ctyjntry were more important than ever. The Charity ￿11 continu8 to engage in potentially risky contexts in the ￿lief ihat doing so is necessary to improve the lives of n￿lI￿nS of people. The Charity's investment mana9ers are vital ￿ ensuring the long-terrn income and resourcing of tho Charity. In 2021. the Charity engaged an ontyroly woman-le%J inve$tment team at Tru¥vo Partner$tC+ manag¢ the big9est part gf Its end0￿￿nI, and ifi 2022. the Chartly brought on a new OCIQ team at Cambr￿ge Associates that the Charity feels is bett8r ali9ned with lis organisat￿nal goals and values. Trustees. statement dre5pon5ibililie5 The Trusteeslwho are also directors of the Charity f+y the purpose5 of company law) are respontAe for preparing the Tru5tee5' Annual Report and the financial 5tatementS in 4¢cordan¢¢ with applicable law and Uniied Kingdom AtcountiNJ Standards (United ￿ngdoM Generally Accepted Accounting PracrKe). Stakeholder en9a9emont We censtder our ultimate stake￿IderS to be the ¢hi1dr¢n •xl young people in the countrieswhere we work.and ¢MJr key consideration 15 akvay5 to irnpr¢we ttir fvesathl pr()spedsby maximising the imo¢t of work. As described thr<xJg this report. we ftscus ¢m eviden¢e.b•$ed dea$￿akINg and investyng in systems that Impr<)vÈ datè used by go￿rnmentS in order to en5urethat our wogrammÈs attualy. demonstrably deliver results for chiklren and young peopte. newly adopted strategy focuse$ squardy on the of children and young peO￿e our work dIre￿Y inpacts. Company law requires tho Trustee$ to prepare finan¢ial 51aternent5 for each finantial yeaf that give a true and fair vw of the state ol aftairsof the charitable company ond of the incoming resour¢es and applicatioft of resources. includiry the income and expenditure of the charttable company lor that period. In preparing these financial stalements. the Trustees ar8 required to.. 33 Big Win Philanthropy l Annual Report and Financial Statements

Select 5Ultable a¢¢•urtliny practice5 and aFyly them on51Stentlv'. Dis¢ltssw of Inforni•tion to auditors E•¢h of the Tru$tee$, who are also directors. at the time thi5 Trustees. Report is approved has confirmed that.. Observe the methods artd principles in ihe Charity SORP., K4ake judgfflents and estimates that are reasonable and prudent,. State whether applicable UK Accouhting Standds have been followed. Subject 10 any mteri81 departures disclos￿ and explained in tht finartial statements.. and Prepare th8 finaThcki1 statements on the going con¢ern ba515 vnle55 it is InapprOpr￿le to presufflÈ that the ¢haritable ¢ompJny will ¢Mtinue its acti￿tieS. Sof¥asthat Trust88 is awar¢therei5 no rdevant audit inf¢ymatx ofwhith the Chority54udilorsarÈ unawa￿and The Trustee has taken all the step5 that ought to have been taken as a Trustee in order to be aware ol any relevant audit information and to e5tabli5h that the CharitV'5 au¢Jitors are aware of thot Inf0rrr￿ts0n. Auditors The auditors UHY Hatkor Young LLP, have expressed thelr ¥￿Iling1￿e$S to remain in office for a hjrther year. and a prop0$81 for theii reapwntment will be made in accordance with section 465 of the Companies Act 2006. The Trustees are responsible for keeping adequate accounting records that disclose. wth reasonabl8 accuracv. the financial position of charitat4e cornpany at any time and enable thern to ensure that the financial statement$ cornply with the c￿panieS Act 2006. They are a150 responsible for safeguarding the a$5ets Of the tharitable Cornpany Jnd hence for taking reasonable steps for the prevention and detection of fraud 8Thd other irregularitie. The Trustees are responsible for the maintenance and iniegriiy ol the corporate and financial information included on the charitable ¢ornpany'5 website. Legislation in the United Kin9dom goverThng the preparation and dissemination of financial statements may differ frL4m legislation in otherjurisdiction& The Trustees. Report was approved by Ihe Trustees orl 17 Septefflber 2023 and is si9ned on their behalf by.. Jamie Coop¢r Tru$tee. PresKlwt and Chair Date..17 September 2023 34 Bi9 Win Philanthropy l Anhu¥I Repopi and Financial St¥tem¢nt$

ndependent Aud"It,or' Report Members ropy

Independent Auditor's Report to the Members of Big Win Philanthropy Oprni¢n We have aUd￿￿ed the financkql statements of Big Philanthropv tthe eharitat4e CoMpan￿fOr the year wded 31 December 2022 4YhKh comprise th8 Statement of Finartial Activities Cincludiry income and expenditure acCO￿t). the BaLl￿O Sheet the ststement ofcash FIw5 and notes to the f￿a￿la1 statements, including a summary of significant Kcounting policies. The rinancial re￿￿ting frnework that has been 8Oied in t￿"1 preparation 1$ applicabl• law United Kingdom AcwJntNyJ Standards. including FRS 102-The Financ41 Reporting applicatAe in the UK and Republic of Ireland"(Unrted Kin9dtyn Gererally Accepted Acwunting Prjcticel ln our opinion the financial 5tatement indNiduaNy or collectivety. mty ¢ast siJnrfi¢ant dt>ubt on the entity's ability to continue a$ • 90ing corncern for a period of t least twelve rnoftths from the linan¢i81 statements re éuthorised for issue. r respon51￿.1￿t￿es and the reSpo￿lbil[tle$ of the directors with re5pert to gthng concem are described in ihe relevant sections . - of thi$ report. Ottrthr irrformation The trustees are responsle forthe other infom)ation. The other inf0mlat￿on ¢i%npfises the informatKffi included in the annual report othér ihan the financial statements and our auditor's report thereon. Our opinion on the financial statements does Il¢t coverthe other information antf. exceptto the extent othèrwise eX￿1¢[tIY stated in our report, we do not éxpress any fomi of •ssuranceeonc1usic￿ thereon. give a true and fair view of the State of the ch¥itabl¢ company'$ attairs 8s at 31 December 2022 aThJ ol its incemin9 resources and a￿lea11¢￿) of resources. includi its income and expenditure. for the year then ended.. hav¢ b¢¢n properly wep¥ed in aceordanee with Unrted Kingdom Generally Accepted Aceounting PracEice.' have been prepare¢J in o¢¢ordan¢e with the requirements ofth¢ Companie$ A¢t 2006. In connection with our •Jdit of the linaThcl $tatement&our responsilylity 15 to read the other Informati¢n amd, in doing $0, ccwder whetherthe other infrjrmation is materi811y incOn￿Stent th the fiAantial staiements or our knowledge obtained in the audit or otherwiseappears to b8 rnaterially misstated. If we identify such matersal inconsistencies ¢x apparent rnoteriol mIsstateff￿nt5. we are required lo deterrninewhether there is material misstatement in the finan¢ial siatements or a fflaterial misstatement ¢)f the other information. If. based on the we have perfom)ed. we conclude that there is a m¥teri)I misslatem￿t of other infomiation. we are required to re￿rt that fact. W8 have nothing to report in this regard. 888is for •p￿1￿n We C￿d￿cted our audit in a¢cordan¢e with Iniernaiioftal Standards on A1￿lting (UK) ed by thtCompanie5 Art 2006 In our opinion. basd on the wk in the etyjrst of the audil the Int￿rnation given in t1￿ Trustee$, Report, which ludes the Strategic Report prepared for the purp0$0$ of company law. lor the financial year for whith the financial staternent5 are prepared is ¢onsistent y￿th the financial staternent5.' and the sirategic Report included within the Trustees. Report h¥$ been prepared in 8ceordanc¢ With applicable legal wuirennt Con¢lu*•th$ ralatlng to golng con￿rA In auditing the financial staternents. we haye CO￿ll￿d that the éire¢ior's use of the going concern basis of aCcountU￿ in the preparatK)n of the financial statements is appropriate. Based on the work vie have performed. we have not identified •ny material unceitainties relating to events or cond1th￿ that, 36 Big Win Philanthropy l Annual Report and Financial Statements

Matters on which we are requIr￿t0 rewt by exeeption In the light ol th8 knowledge and understanding of ihe chafiiablo ¢ornwny and its envonment obtained in the wJrse of the audit. %Ye have not identified material misstatements in the Strategic Report included vrithin the Trustees- Report. Based on our understand￿4 of the ￿N￿nYand the Industry in which it operates. we KIentIf￿ that the principal risks of nM£(￿pl￿?Th¢e with iws and regulatlW5 related tothe act5 the compory. which were contrary to ¥ppfi¢able law$ and regulation5 indLJing fraud. and we ¢on$idered the extent to vknith non-com￿lance mi9ht have a material effecr the financial 5tstemenls. We also ¢Mdered those l¥w$ and regul8tyNts that have a direet irn￿t on thÈ weparati(Jn of the financial statèments Jch as the Companies Att 2LK16.We evaluated management's irtentives OFportunities for frauduleni manipulation of the fin8rtial statements (including the risk of override of ceffjtro151. and determined thai the prirKipal risks were related to In￿ated venue ￿p1￿$. We have nothin9 to report in re$pe¢t of the foll¢>wing matiers where the Companies Act X106 requires us to report to you tf. in our O￿nIon.. Adequate arcounting records have not been kept, or returns adequate for our audit have not been received from branches not Vi$fted by us or the final￿la1 statements are not in agreernent with the accounting re¢ord5 and retuins.. or certain th"$closures Cf tru$tees' remuneration speofd by law 8r8 not mède. or Audrt procedures perf01Th￿d induded". rewwof the finarKial staiement discbsu￿sto undedyiTrJ 5UP[￿ling documentJtio review ofcOrresp￿dence ￿th and reports tothe wulator revwofcorre5pmdence with legal advisor$. enquiriesof management and revvrfrf of internal audit Teport$ in ￿ far as thty related io the financbal st&ements. and testing ofjoumals and evaluating whetherthere was e¥￿er￿e of bias by Directors that reweswted a risk of materbal misstatemwit duo tofravd. we have not received all the Informatic￿ ar￿ ¢xplanatKTrns w¢ r¢quir¢ for ¢ur audit. R￿POnsibl1111¢$ ol trust• As explained rnore fully in the Statement of Trustees. res￿h$ibIlitles $et out on pages 33 & 34, the trustees (who we 81$0 the directors of the charitable company for the purp) of company law) are responsible for the preparation olthe financial staternents and for tstyng satisfied Ihat they give a true and lair view, and fof suth internal control as the trustees determine is n￿eSsarY to enable the preparation of fffian¢ial Statements that are free from rnaterial rn1551atemenL wheth•r duo to frauit or error. Thereare inherent Iwnitakn5 the audit pr¢¢edures des¢rib¢d 4ix)ve and thpfurther temtNed nDn-tompliance Mth laws aTh regulatths is frrjm the event$ aThJ transactb)ns reff ected in the financial statements. the less like￿ wewould become aware of it. sa the risk of r￿t detectiry a moterial misslatement to fravd is h￿jherthJn the risk of not delecting one resuking from error.as fraud ￿8V ￿v￿Ve deliberate concealment by, for exam￿8, f¢r98ry or intentwl misrweseniatkins. orthrough Collu￿ In preparing the finaneial statements. the trusiees are responsible for assessing th8 Char$rab￿ c(¥Trpany's atslity to continue as a going concern. disc105ing. a5 applicable. matters related to goin9 ¢on¢ern and the going ¢on¢ern bos of a¢counting unle$$ theirustees ¢tther intend to liquidate the charitable company or to Cease operations. or have no realistic aliernativ? bui to do so. A fwth8rdoscriptioTrof our respon%knlitie5 forthe oudit Df the finarKial statements 15 lor4ted on the Finartial Reporting Countli $ website aL. htwllwww.frtorg.uklauditorsresponsibilities. This description forms of our auditors r8P)rt. Us• of •ur report Thi% repcrt is made soldy to the tharitable companys rnernbers.35 bth. in xcudance wrth c￿ter30f Part 16 ofthe Cimpan$ Act 21JO6 I￿r audrt wryk has been undertaken soih8twe might state tothÈ tIwitat￿e ctsmpany's members those matters we we equifed tostate to in an audr(or's report and lor noother purFQ%. To the fulest exient permitted by law. we éo not accept or assume respM$iblitytoanyone other thaThth&¢haritaNe ¢ornpany d the chaiitsbte company's rnerrbber$ as ¥ l)ody. for our aud wr¥%Mswp have fomied. Auditor'5 r•sponsI￿litI¥sIOr th audit tsf the fin¥n¢i•l $t41gm¢nt$ Our obje¢tive5 ale to obtain reasonablè assuranceabout whetherthe finanual statements as a whole are free from materrdl misstatement, whetherdue to fraud or errL¥. and to issue an auditors report that irtl¢Jdes tyJroFinttyi. Reasonable assurance is a high level ol a55urance. but is not a guarantee that an audit conducted in accordarKe with ISAS (UK) will alway5 detect a material rru5Stateffl¢nl whw it exi$ Misstatements tan arise from fraud or errcrf and are conshlerad material if. individually or the aggregate. tfv reasonab be expeeted to influenc8ihe8co￿rniC decigons of users iaken on the basis of these financial statement& Subam• Bar￿Je(Se￿IOr tatutory Auditor) For and on behalf of UHY Hacker Young LLP Statutory Auditor Chartered Accountants 4 Thomas Mwe Square London EIW IYW IrTegularities. induding fraud, are insiartesof n0rtrcom￿iarte with léw5 afKI regulati¢ns. We desKJn procedures in line th our respwgbilitie¥ oudined above, todeteci material rnisstatements in respeci of irregul8ri1ies. irtludiThJ fraud. The extent iowhich our wot￿vre$ a￿ capable ofdetethng irre9ularitie$, in¢luding fraud ts detailed below.. Date.. 19 Sept.￿ber 2023 37 Big Win Philanthropy l Annual Report and Financial Statements

tat,ements

Financial Statements Statement of Financial Activities (including income and experKliture accourrt) For the year ended 31 December 2022 Unrestr•¢td funds En¢Jowment fund Total 2022 Total 2021 Note Income trom.. Donations and legacies 83.297 83.297 42.717.488 Grant income 359.349.495 Investment$ & dividend$ 686.046 686.046 66,418 Total lficoffle 769.343 769.343 402,733,401 Expénditure t￿.. Chantable activities <17,034.816) (17.034.816) (3.013.199) Inv8stm8nt management .174.81ty) 0.174.819) 0,106,267) Total expenditwt 07P34.816) 0.174.81Y) (18209.635) (4.119.466) Net 0¢$$) I gain on investments 13 08.060.753) (18.060.753) 12.051.807 Net (expenditure) I lrtcon 06.265.473) 9.235.572) 135.501.045) 410,065.742 Transfefs between funds 18 (6a42&634) 69.426.634 Other retognised losse$ (26286) (26.286) 178B27) Nèt mov¢rnent in tunds (8&718.393) so.191￿62 (35.527.331> 409.986.915 Re¢on¢iliation ol lunds.. Tot81 funds brought forward 289.180.493 164.030,085 453,210,$78 43,223,663 Total lund$ uttiod lorward 18 203.462.100 214221,147 417.683247 453.210.578 39 Big W¥n Philanthrtspy l Annual Report and Finan¢ial Stat?rnenis

Balance Sheet As at 31 December 2022 2022 Z021 Note Fixed assets: Tangible a55ets 12 28.037 . 68.894. InVe￿MentS 214.221.147 164.030.085 214.247,184 164.096379 Ctsrréftt assets- Dablors.. due wthin one year 14 71175.461 72,193.339 Debtors.. due after more than a year Is 129911.2SI 21S.349,49S. Cash at bank and in hand 1.879.273 1.963.776 203.965.￿5 289.506,610 Creditors.- arnounts falling due within one year 16 529.922 393.011 N•t ¢urr•ftt ass•t5 201436.083 289.111599 T)tsl net ass￿ 417.683,247 453.210.578 The lunds of the Charitv-. Unrestricted funds 18 203.462.100 289.180.&93 Expendable endowment funds 18 214.221.747 164,030,085 Ttrtal Ch•rity fund$ 417.683.247 453.210.578 The financial statements on pages 39to 51 wereappro¥ed by the Board of Trustees on 17 September 2023 and authorised for issue. o-. J Qv- Jamh Cooper Chaw of Trustees Big Win Philanthropv Compafty Registration Number 09595920 Charity Number 1182036 40 Bi9 Win Philanthropy l Annual Report and Financial Statements

Statement of Cash Flows For the year ended 31 December 2022 2022 2021 Note Cash generated Irorn ¢)perating activities 67.516.124 110,667,812 Cash flows from investlll9 a¢tivities: Pvrcha5e of fixed 8Ssets 12 (8,572) (16.641) Purchase of fixed asset investmeThis 13 (SS,SSO.460) 24.831202) Sale of fixed a55et investments 13 .6.853.6n 26.&25,466 Transfer of cash Ito) lfrom investments 13 09.555,026) 00.716.377) Dividend from investment 3fj40 65.726 Int•r•$t r¢¢ivod 692 Interest paid (&,086) Net cash (used in) I generated frorn inv8Stin9 (6757424D 109,104,422 (Decrease) l increase in cash 8nd cash •quSval8nts In tho year (s&￿￿ Total ¢a¥h and cash equivalents at the bogihning ofthè ￿r. 1*1776 479.213 Effect of forei￿ exchange rate ehanges (26286) 178.827) Total ea8h and eash eqyival¢nts at th¢ end ot thp year 19 1079.273 7￿1776 41 Big Win Philanthropy l Annual Report and Financial Statements

Legal and Administrative Information 1. A¢¢ounting policies Legal status ol the Charilv The Charity is a private ¢tympany limiied by 9uarant¢¢ and has no share capital. The ¢ompany is incorporated in England and Wales registration number 09595920. The lia￿l￿V of each mernber in the event of windin9 up is limited to $1.351£D. Irorn the use by the Charity of the itern is probable ¥nd that ¢£OnOff￿C b¥frt can be m&a$ured reliabty. On receipL donated gifts, professKJnal semces, and donated facilitiesare recognised oh the basrs of ihe value of the gift to the Charity. which is ihe amount the Charity would have been willing to pay io obtain services or facilities of equivalent ¢conornic berEfit on the open markeL a corresponding arn{￿nI is then re¢wis¢d ￿ expenditure in the period of re¢oipL The reglstered office of ihe Company 1$ 10 Oueen Street Hace. London, United Kingdo￿ EC4R IBE. Th¢ charitable companv. objectives and aims are disclosed in the Trustees. R¢pott. Bas1$ of preparatlon The financial slaternents have been prepared in accordar￿e with Accounting and Rep(Kting by Charities." Statement of Recomrnertded Prattice (SORP) aPplica￿e to chanties preparing their accounis in aect¥dance with tht Fin•n¢ial Reporting Standard aFylicable in the UK and Republie of Irefand CFRS 102)- (Chaiities SORP FRS 102). the Financial Reporting Standard applicable in the UK and RepUt￿1r of Ireland (FRS 102) and the Companies Att 2006. Fthid ac¢ountlng Unrestricted funds are donations and other incoming resources rewved ¢x generaied lor the charitable purposes. The expendable endowrnent May be expgnded ort kn)th ¢apital and revenue items in fvithef¥n¢e of the Charitys ¢haritable purposes as ¢i8t8rMlr￿ by the Trustees. There •re no restricted general funds in the current yeav or the Assets and li8￿.[111&S are initially recty3ntsed at hi5tori¢al ¢ost or transaction value unless otherwise stated in the rettvant accounting policy or note. Expenditwe and Irr•co¥er•bl• VAT Expenditure is r¢¢ognised once there is a legal OT Constr￿ctive obligation its make a payment to a third party. il 1$ pro￿￿1@ ihat setilerrnt will be required. and the amount of the obligatioTh can be measured reliably. Expenditure is classified under the activity headsn9& ExpendTlure on charitable activitie5'. this relates to the cosis of deliveiiThJ seTvices. intluding the research and d8Sign work required in order to plan for the nplementali¢n of the charitable investment programme 4m¢d at imp¢o¥iog the lives of children and youth ￿ sub- Saharan Africa. and their a550ciated 5UPFK)rt ¢osts. The fun¢tional currency is United States Oollars (S). Monetary amounts in these financi81 stètements are rounded to the n88rest S. Publi¢ b¢n¢fii ¢ntity Th¢ charitable company rneets the defiThth)n ofa publi¢ b?￿fft entity under FRS 102. Going ￿nC•M The Trustees c¢)n$id¢r that ther¢ are no material uncertainlie5 bout the charitable company's ability to continue as a geing COThC8rTh for a period of at least 12 months from the date of account approval. The Trustee5 do not consider that thefe are any sources of e5tirnation uncertainty at tho rewting date that have a significant risk of causing a material adiustrnent t the ¢afrying amounts of assets and lobilities within ihe next reporting period. As such the financial state￿￿t$ have been prepared on a gtyThg corKem basis. Investmeni c05t5 are recognised on a quarterly basis as wwoiced by ￿ v¥rws investment funds. Iriecoverable VAT 15 charged a5 3 cost again$t th8 a¢tivity for which the expenditure was incurred. Supwl costs Governance costs. one of ihe support costs. are the cost associated the 9overnance arrangements of the Chavitv. These costs relate to constitutional and statutory requirements and include any costs associated with the strategic management of the Charitys actiwti?$ as well as professional fees such as auth't fee Incom• Income is recognised whon the Charity has entiUement to the furtds. arty performance c¢)ndit￿n$ attached to the in¢orne have been ￿1, it 1$ probable that the income viill be re¢eived and that tht amount ean be measured Fella￿v. Donation$ of glfts, 8ervk•s and lacilitl•g Donated Wofession￿ services and donated facil￿e$ are recognised as income when ihe Charsry has control over the item ot reeeiv&d the service. any conditions associated wilh the donation have been met. the reeeipt of economic ber*fil Tangibl¢fixed •ss•t$ Item5 of cornputer eguipment over $200 are capitalised at cost. Assets ale revbBwed for irnpairment if circumstances indicate their carrytng value may exceed their nei realtsable value 8nd value in use. 42 Big Win Philanthtopy l Annual Repoft and Finan¢i•l Statements

Depreciaiion is provided ai rates calculated to wrile down tha cost of eaeh asset to its esrirnated residual vue over its expected useful lrfe. The depreciatw)n rates in use are as folbws.- probably resu￿ in the transfer of funds to a third pa¥ty aTrJ the amount due io settle the obligation can be measured or estimated reliably. Creditors and provisions ar8 nornially re¢ognised at their Seltlerr￿nt amount after allowing for anv trade dis¢ounts due. Fixtvres and fittyngs Comput¢r ¢quipm¢nt 20.OOX strawJht lifiè 33.33% ￿￿8￿h¢ line Pefi$iMs For delir￿d contritrwrtion sch8mes the arnount is charged to the Staternent of Financial Acuvities a5 contribution5 payabl• in the year. Drfferen￿$ between contributions payable in the year contributions actually paid are $hown a$ eithe ruols or prepayments. Fixed 8S8•t 5nvostments Investments are a form of basic financial instrurnent and are initially recognised at their transaction value and subsequently mÈasured at their fair value as at the balar￿e sheet date using the closing quoted rnarket price. staternent of finan¢ial a¢tiMties in¢ludes the ntrt 9ains artd losses atising on revaluation and dk8posals throughoutth¢ y¢ar. Hn•ndl Instruménts The Charity has applied the provisions of Section 11 'Basic Financial Instruments. a￿j Section 12'0ther Financial IThstru￿￿nts Issues. of FRS 102 to all its fih•n¢stil instrument$. Realised gains and losses All 9ains and losses are taken to the Statement of FiTrarKrdl Activities a5 they arise. Realised gains and losses invesitnent$ are ¢alculated a$ the tliffwence beiween $ales proceeds and their oper4ng carryirng valu8 or th•r purchase value if acquired Subsequent to the first day of the financial year. Unrealised gains and 1055es are calculated as the difference between the fair value at ihe year erKJ and their carrying value. Realised and unrealised investment gains and losses are combined in the Siaiement ol Financial Activitie FwrKial instrurnents recognised in the Charitys balance sheet when the Charity becom85 party to the contractual ovisions of ihe instrurnent_ Financial assets and lh8￿.11￿eS are offseL Wlth the net amounts p￿sented ￿ the financial statements when thefe Is a legally enforceable f[￿t to set off the recognised arnounts and there is an intention to settle on a net basi5 or to reali5e the a95et and seltle the Ikitmlity simultaneously. Grant ¢ommitm¢nts Grants are accounted for when ihe cthmmliment ari Commitrnents at ihe year end are therefore recorsjed a5 grant ¢reditors. Grant creditors are ¢la$sifie£l as either amtsunt5 fallin9 due within one year or over a ye8¥ based the payment dates to be made. Baslcfinancial 88s•ts Basic financial as5et$. whi¢h in¢lyd¢ dobt¢¥$ and ¢ash and l>ank balances arè inrtially measured ai transaction price cluding tfansaciiLw cosis and are subsequently carried t arrJrtised cost vsing ihe effective interest method unless the arrangement constitutes a financing trarnsaction. where the transaction is measu¢ed at the present value of the fulure receipts discounred at a market rate of interest. Financial assets classbfied a5 receivable within one year are not amortised. Debtors Trade and othei debtofs are recognised at the settlement amount due alter any trade discount offered. Prepayment5 are valued at the arntyjnt prepa¢d net of any trade discounts due. Other debtor5 cornpri5e some grants awarded are ¢la$5ified a5 either due within ore year or dve over • year depending on the receipt dates. Grants award￿ due after mofe than one year have been discounted io refleci ihe present value of the comrnitrnent ar the balance sheet date_ Tho discount rate represent5 the opportunity cost of the average interest which would be receNed by the Charity if the funds weie io be inve$ted in the ChariW$ deposit èc¢ounts. astcfinèn¢ial liabilitles Basic financia1 liabih-ties. including creditors. are Init￿allY recognised at tran5Ktion price. The Charity has not entered to any financin9 Iran$4¢tion Trade ¢reditors are obligaiions to pay for goods or serwces that havt been 8equired in the ordinary course ol operations from SU￿r8. Amounts payable are classified as current liat#lities il payment is due ￿thIn one year or les> If not. they ate presented a5 rnn-current liabilitie5. Trade creditors are re¢ognise(l initk¥lty at tran$•¢titsn price NJ 5ubseqvently measurod at amorbsod ¢o$t using t effethive inwest method. Cash at bank and rn hand Cash at bank and cash in hand includes cash and shori ierm highly liquid investrnents with a short maturity of three mnths or less from the date of acquisition crf openiry of the depowt or smilar account. They are held to meet 5hwl-term cash commitments as they fall due. Cr•tical accounting estimates and judgements lrt the appliration of the ¢harit4ble c¢)rnp4ny's acetyjnting poli¢ies. tl* Trustees are ￿quired ¢0 mako jvdgements. estimate$ and assumptiorts about the ¢4rryifig amount of Creditor5 and prgvisions Creditors and PTOViSiOllS aro recogni5ed where the Chatity ha5 a pre$ent obli9ation resultsng from a past eveht that wll 43 Big WITh Philanthropy l Annual R•pott and Financial Statements

as$et$ and liabililies that a￿ not readity apparent fiom other sources. The estrmates and 8SSOC1ated assurnptitsTrs are based on historical experience 8nd other factor5 that are eonsidered to be relevant. Actual resuhs rnay differ frorn these estimates. 5. Analysis of expenditure on charitable activities The estimates and underlying a$sumptw)ns are reviewad on an ongorng basi5. R8ViStons io 8ecountiTrJ estimates are reeognised in the period in which the estimate is rewsed where the revision affec1$ only thai period. or in the period of t revision and future periods where the r￿&s￿Tr o(frft$ both current and fuiure periods. Total 2022 Total 2021 A¢tiviti¢s vndertaken direclly Staf[￿9 1,499,671 1,398,589 Other direct costs 1%36,496 1,21171)0 Critk41 judg￿19nt$- valuation ￿d￿nt￿ Mr¥icés The charitable company makes an estimate of the value of rnana9ement services provided by the Childrens Investment Fund Foundatson tradin9 as Big Win Philanthropy. a charitatAe trust formed urhyer the la￿ of New York. USA. and its sutcessor. Big Win Philanthropy. Inc.. a Delaware not-forrofit t￿pOratiOn. This is aeeounted for as inc¢)rne in kind. The estimate is bas8d on informatson Pfowded by the donor. Interest on diswjnted long-terrn grant irKorne 11438.244 474,411 2fi11,289 Support costs t•l 2022 ' are Made up•fr. 20211 IFF Giant 359.349.495 359.349.495 Audit fee Cincluding VAT) CorÈ5vltancy fee 32,455 30,¢)40 4. Investments Legal and profess)naJ fees 76.134 Cost of $er¥ices provlded by Big Win Phtlanthropy US Total Toial 2021 41N8 39.788 2022 Other gOVerna￿e costs 16.964 29.640 DivJends ' 65,726 92.237 175.602 interest 683.406 692 686.¢)46 66.418 44 Big Win Philanthropy l Annual Repori and Financial Statements

1. Net income tor the period The C()0 did not receive any benefit$ from ihe Chariiy during the y¢ar ended 31 O¢¢ember 2022 (2021.. SNII). The value of the COO'$ costs donated by Children's Investment Fund Foundation trading as Big Win Philanthropy US and rts successor Big Win Philanthropy. Inc. was $83.297 (2021.. $79,576) as disclosed in note 2. Total 2022 Total 2021 This is stated after ¢har9ln9 1 (erediting).. Depre¢iatiofi (note 12) The Charitys TrueeslindudiTha the President and Chair) were not paKI and did not receive any benefits from employment th the ChJrity ￿ the year 12021.. Nil). The Trustee$ were rimbursÈd for expenxs during the year amounting to $72 (2021.. SNil) for travel •ccornrnDdation to Board meeiings. Otr*r costs associated ¥Yith Board meetings were paid directlv by the Charity. No Tru$tee received paymeni for profess￿nal or other servKes sw)Flied to the Charity (2021.. Nil). 49,035 Auditor's remuneration (including VAT) Interest on discounted long-term grant irKome

   2.45S 3Q040 11438244 Foreign 8xchange Ioss8S 26.286

2. Staff numbers
3. Analysls of staff costs. trustee remuneration and expenses, and the ¢ost of key management personnel There wwe 88m￿0Ve¢S at the year end (20M.. n The average number of ernployees (head count based on number of staff employed) during the accounting period was a5 follo Total 2022 Total 2021 2022 2021 No. No. Staff Costs were as follL>WS'. AU acii¥ilies Salariès and w&9éS 1.536.386 1201.724 Social security cost5 204.858 156M3

4. Related party transactions Pension ¢ost$ 39123 The rdatitinship bet**en the thority and Big Win Philanthropv US is that of a close wuking reIatKw￿hlp. Thère is no controt rdationship be1w8￿ the organisations, and they are legallv Yependent of one a￿ther. While the two charit￿5 are not fonnally aifiliated. they sharecertain Trustees and officers and cooperate on tharitable eTrdeavours. and Jamie Cooper in her IMdualcap8City ha5 certain authtyity over each th8rity8S articu￿ed in itsorganisational documents. There are no donation5 frc¢n r8laied partieswhieh are outside the normal course of I￿5￿8$Sa￿l rK) resknthed donations from related p¥tie Other staff costs 23M78 1.804.245 1.4￿.379 Hi9her paid employees were paid fjn thé following bands.. 2022 No. 2021 $80.007 - $100.000 $140.001- $150.¢)00 The related party tran5action$ fty 2022 and the prior year are as follrMfS'. $150.001- $160,000 $180.001- $190.000 klanogement services covering activit￿$ of tho COO valued at $83.297 (2021.. $79.576) was provided by Big Win Philanthropv VS. • ¢hJrit¥ble trust form&d under the18w$ of New Yorl USA and it$ suceessor Big Win Philanthropy, Inc.. tlelaware Trot-for-profit CorP￿atIon. This is accounted for a5 income in k￿d. $190,001- $200,000 $480,001- $490.000 Key rnanagement P8¥sonnel are Trustees.Chief Executive Officer (CEO). and Chief Operating Officer (COO). Kev managern8nt personnel received total rernunerat￿n 01 s618.￿1 during the year ended 31 December 2022 (2021.. $646.628X Th8 total remuneration irKludes salaries. employer perbsi contribution and eniployer social s8curity. 45 819 Win Philanihropy l Annual Report and Financial Statements

5. Taxation Big Win Philanihmpy isa registerad UK charrty and as such its income and gains falling within Sections 466 to 493 01 the Corporation Tax Act 2010 or Section 256 of the Taxation ol Ch•rgeable Gains Act 1992 are exempt from corporation tax to the extent that they are applied to its charitable objectives

6. Tangible fixed assets Fixtures S frttinys Computer •quipment Tgtal Cost At l January 2022 170.712. 44,944 215.656 Additions during th8 year 8.572 Disposals (146.683) (25.730) <171413) At J1 Dec¢rnber 2022 24.029 27.786 51.815 Deweciati At l January 2022 116.529 32.233 148,762 Charge for the year 43.￿2 5,403 49.035 Eliminated on disposal U46,683) (25.336) n72,019) At 31 Decefflber 2022 13.478 12.300 25.778 Net book valuo At 31 December 2022 ,551 1&486 26,037 At 1 January 2022 $4,183 12,711 66.894 46 Big Win Philanthropy l Annual Report and Financial Statements

7. Fixed asset investments 2022 2021 Movemeni in lixed assèt inve$tmeftts Market value brought forward at l January 164.030.085 42,856.165 Addition$ to investment$ Jt ¢ost S5￿50,4$0 124.831.202 Disposals and paydowns 16,8S3,671) (26.425.466> Cbsh movernent 19,466.209 (626,867) (Losses) I gain$ on investment$ 08.060.753> 12.051.807 Oth8r movements 88.817 11.353.244 Market value a$ at 31 De¢ernber 214,221,147 164,030,085 Historic cost 213.618.468 144,722,364" Invcstments at fair value cornpri5ed.. Listed and non-listed investments 214.221.147 164.030.085 Fixed Asset Investment5 reptesent5 th¢ Ch•rity's Expendable Endowment Fuhd (se¢ Note 18).

8. Debtors: due within one year

9. Debtors: due after more than one year 2022 2021 2022 2021 Prepbymenis 55.602 63.859 Other debtors 129.911.251 215.349.495 Oiher debtors T2.119.859 71129.480 129.911.251 215,349,495 72.175.461 T2.193.339 Included in oth¢t debtors 1$ $71000.¢JJO due frtsrn CIFF UK. Asat 31 December 2021 $144,000,000 (2021.. $216,¢J)O,000) was due frorn CIFF UK undiseounted larms in more than a yÈar. bur when discounted to weseni value at 3.85% (2021.. 0.IXX the value of the debt is $129.911.251 (2021. $215.349.495). 47 819 Win Phil¥nthropy l Annual R•porl •rtd Financi41 Stat?rnentS

10. Creditors: amounts falling due within one year 2022 2021 Tr8de ¢rediiors 38.181 9.693 Other taXat￿)n and so¢ial security 54.083 Accruals 419,176 236,662 other crèditors 92.573 529.922 393.oll Ineluded in tsther ¢reditws are grant comw*tments of SNil (2021-. W557)

11. Financial instruments 2022 2021 Carrying amount of tinan¢ial a5Wts Debt instruments measured at amortiS8d cost 72.179.￿9 72.129,480 Instruments measured •¢ f•irvalue through net income 214221,147 164.030.085 Carrying amount ol linancial liabTrlit¢es Measured at amoritsed cost 457,357 338.928 48 Big Win Philanthropy l Annual Report and Financial Siatemen15

12. Movements in fvnds At the start of the year Incorning resour¢e8 Outgoing rtsourees Transfers Gains and <losses) At the end of the year Current year Total ufirestricted funds 289.180.493 769,343 07.034.816) (69,426,634) (26286) 203,46IIOO Exp8ndabl8 Endowment FUTr 164.030.085 0.174.819) 69.426.634 8.(￿.753) 214.221.147 Total lund$ 453.210.578 769.343 08.209.635) 08.087m9) 417.683.247 Prior year Total unrestricted funds 367.498 401133.401 (3.013,199) 010,228,380) (78M2T) 289,180,493 Expendable Endowmmt Fund 42.85&165 .106.26T) .110.228380. 12P51M07 164.030D85 Total funds 43.223.663 401133.401 (4.119.466) 11.972.980 453210.578 rhe Expeftdable Endowmenl Fund wa5 created on 20 De¢¢mbw 2016 follow￿g the ieceyt of $40.000.000 fiom TCI Fund Managemènt Limitsd. The Trust8e$ may •xpend both cwial and revenue items in furtherance of the Charitys charitable purpose$. rran$fer$ are rnade quarterly from the expendable endowmenl ttsco¥er operational expen5e5 in wpport of pro9ratyne delivery. 49 Big Win Philanthropy l Annual Report and Financial Statements

13. Analysis of net assets between funds Unrestricted Funds Expertdable EhdowmÈht Total Funds At 31st December 2022 Tangible fixed assets 26.037 26,037 Fixed asset imiestrnents 214.221.147 214,221,147 Cash at bank and in hand 1.879.273 1079.273 Other w Current asset$ 201.556.790 201.556.790 203.462,1¢)0 214.221.147 417.683,247 ljnrestricted Fynds Expendable End¢)wment Total Funds At 31st December 2021 T8n9ible lixed a55et5 66,894 Fixed a$set irwestment$ 164.030.085 164,030.08S Cash #t bank and in hand 1.963.776 1,963,776 Other net Eurrent •s¥t5 287.149.823 287.149.823 289.180.493 164,030.085 453,210,578

14. Reeonciliation of net (expenditure) l income to net cash flow from operating activities 2022 2021 Net (expenditure) l ir￿orne for the reportin9 poriod (35XII,045) 410,065,74Z Depr•¢iation charges 49.035 Inv¢5trnent incorne (683.406) (692) Dividend incarnè (2.640> (65.726) Interest ¢xp¢nse 11438,244 32.086 Lo$$ ort asset disposal 394 1.176 Losse51 (gain$) investments 18.¢)60,753 (12.051,807) D8crea8e l (i￿rease) in debtors n.017.878 1287293,254) Increase in crediiors 136.911 41,416 Net eash generaied frorn operating acti￿tieS 67.516,124 110.667.812 50 819 Win Philanihropy l Annual Report and Financial Statement5

15. Analysis of net funds

16. Anatysis of grants At31 D•¢•mb•r 2021 C•sh At37 Ilgws O•¢•mb•r 2022 Grant fvndln9 of .aetivtti0s Analy515 Cash and eash equivalent UnNersity tsf Cape Town Lag0$ State Employment Trust Fund 578,120 71.141 Cash 1.963.716 (84.503) 1.879.273
17. Pension costs
18. Events after the reporting period The Charity operates a defin￿ contribution scheme. The ass8t$ of the seherne are held separately frorn those of the Charity in an independently adminisi¢r¢d fund. The pension C05t charge represents contributions paYa￿e by the Charitv. Subsequent to the cessation of h05tilities agreement between the Tigray Peo￿e'S LibErJtion FrDnl and the Federal Govetnment ol Ethiopia. the Charily's activities have resumod in all regions of Ethiopia e¥cept Ttgray. A July 2023 coup in Niger pur on hold for the tirne being the extensive preparatorv work the Ch•rtty w¥$ dtiing with the President of Niger ènd 5 gtyernment oft &gr￿Ul1￿ra1 v•lue ¢hain tr8ft$fom)aiion and nutrition (as part of the Presidential Dialogue Group on N￿rI￿. 2022 2021 Con¢iibutions payable by the Charitv 39.123 30.482 39.123 30.482 January 2023. the ChariEy ￿tered into a five-year lease for new. larger oifices Cwendish Place in L￿10n. which will increase the Charitys office Costs going forwarL1. As of the date ol this report.the Charily has received an additional three tranche$ ($54 rndlIc￿) of payments under the CIFF Grant in 2023.
19. Operating lease The company ha5 taken out a fNeyear lease for its office space Starting 23 February 2018. At 31 Deeembef 2022 the toial of the ¢ornpany's future rninirnurn lease payrnents under non- Cancellable operating leases was.. 2022 2021 Arnounis due wiih.n one year 23,459 165.343 Amounts due in two and live yèars 1,245 24.704 193.&2 Lease payfflÈnts teeognised asexpen5es total $166.664 (20ZI: $165.467). 51 Big Win Philanthropy l Annual Report and FirtarKial Statomonts

Philanthropy St London bigwin.org Company Re9lStration Number J959i920 Charity Number 11620i6 PhilahthrDPV