Docusign Envelope ID.. oABABE61-A[A748CE-B9F99BBs7soAOBO Globa1Innov2tt0 Fund Report adadledf Jfri Deccmbei2024 GLOBAL INNOVATION FUND Report and Audited Financial Statements for the year ended 31" December 2024
Docusign Envelope ID.. oABABE61-A[A748CE-B9F99BBs7soAOBO Globa1Innov2tt0 Fund Report adadledf Jfri Deccmbei2024 DEAR FRIENDS Cclllknw io to •rw•o rys(Jui¢ t¢Jtdyl bqrniits io (SJt•. &MsrmMts Iw onract•d $8 40 tyxtal •y h In knTh)¥Olh ftyrnsol ewal r•0•d to scal• to 21 P4it
Docusign Envelope ID.. oABABE61-A[A748CE-B9F99BBs7soAOBO Globa1Innov2tt0 Fund Report adadledf Jfri Deccmbei2024 OUR GLOBAL PRESENCE 4 • •• ••••••••• ** m?LW5 $12 71 37 31 P4it
Docusign Envelope ID.. oABABE61-A[A748CE-B9F99BBs7soAOBO Globa1Innov2tt0 Fund Report adadledf 3fr1 Decembei2024 INVESTMENT SUMMARY $123M • si?JMs $43.5M
Docusign Envelope ID.. oABABE61-A[A748CE-B9F99BBs7soAOBO Globa1Innov2tt0 Fund Report adadledf 3fr1 Decembei2024 2024 IMPACT SUMMARY 157 MILLION EAIX IKiiAR IMIESTEiI HI ALREADY A[1& Si $9. 6 111NlATI1s DUATED FRNI IiIIIIIRTFtui IN 2024 $8.40 $1.15 BILUON TO OATE, INVESTlIEKts HAVE IKIBIUSED $8.4011 cigtTAL FOR EVERY DOLLAR INVESTED IMGIF IE1Drn111 ElIvl[l6 MARKETS
Docusign Envelope ID.. oABABE61-A[A748CE-B9F99BBs7soAOBO Globa1Innov2tt0 Fund Report adadledf Jfri Deccmbei2024 Trustees, Officers and Advisets Trnstees "I'he directors who held ()lfic¢ durin% the Trear a% Ivllc)w- Ilthosh IKt2thew JaTnL'S c.lark JaTnLS I labi'arirnana Karhn'ii K41ulman .Sereni}' 11 tin%tein I ILlc'n lapp()int¢d 1st JanuaTh. ?0?4) 'atu I1,ale (appointed 19 .lugii4t ?0?4) Simon L12rke lappoinred l? December ?0?4) Key managcmcnt personncl Chief F.xeciitive Officer ,.Ictiiix (-liitE I'.xecurii'e C)tficer Chilf lni'LtLntr OEficLr .%Lninr INIn4n Dirtctnr. Imp2Ct -Ihx 7.Tre (resiled 31. Tr121ch gJJ?4) Joseph S%ciitoiigo P)in[Ca l. ..Ipnl ?0?41 Sh2i12j2 _Inn2mr2ju (2ppninttd 1 nctc)bLr ?024) C?entr&il (.ounsel C-i]li2n Iloi'nihan lappoit)ted l., .Ipril ?0231 NJdia .KdjLYJLf {app()inrLd 1 Oth JunL ?0?4) C7ri)up I,inancL I)irLCtvr Profes8ional advisors ,luditor Ilanker ()licitor C.Iowe L'.K. LLP Sr_I14 I louqe, sr meq sq[c, ("hcltenhaffl Gl.iO 3PK I Chi)rchdl l)lacc, Ixhndon 1..14 5111) 10 Qiiccn %rrcer l)lacc. IL)Adon LL4K IBE Bate£ W'ells Br14 Irhwaite LLP Address of principal office Global Innovation Fund's ptincipal and reS(cr£d officc h2s the same add$$. 8 Dci'()n%hirt %qua JA)ndnn 1.:1-2114PT. 61 P4it
Docusign Envelope ID.. oABABE61-A[A748CE-B9F99BBs7soAOBO Globa1Innov2tt0 Fund Report adadledf Jfri Deccmbei2024 Trustees, Report Tht Trusttts prtstnt their rcport, the directors, repor( 2nd consoh"datcd F2Cl statcmtnts Eor thc }t2r ended 31 ' DcctmbLr 2024. Llnder the Chariries,Ict ?011 and rhe CompaALes.Ict ?tK)6 the Djrecrors, Report and %trateyc Reporr are included rythIn the'l rustttq Report. Business rcvicw and furnre devclopments 'I'liiq been discuqqed in the StrarcgLC Ktporr qection_ The Bt)ard h2s delegaied rcsponsibility for CTJFS ini-tSTmcni selecrion li.e.. rhe stlecrion of innniTatii"t ini7csrmtnts ro furdL'r GIF s mission) 10 thL CE() and stafE tLan4 oudinLd in GIF'S. BI"Lkn"S 2nd saiLmL of dLILgalLd auLhotiULS. Directors Report Appointmtni of Trustees C"IF'5 ,lrticles oE.Issocii< non and BFelaws ser out guidance OA the composirion of rhe Board OE TruteeS who are rhe Director% as dtfintd undLr rhL (.omtnnieK Ict. 'lkne Hi)l& rd j cntireli. non-txecutivc 41iid coniprLses a inajoEiTh' of 'l'rusttt Ihat are indtptndtnt OF an)- GIF tunder ¢'.I" Tn]stees}- '_1" Ts[te$ are recLUited from the fOllog fidds.. prii-.2te ccti)r, civ1] s1)cict%', thc public >ecti)r 2nd cademia. -Ihci are ti)rmall1- 2PFX)iiired b). thc Ik)2rd following 2ppr()V2] b} tht L cmbers. '{" TSte£S scn'e for three-iear tLrm4 iiirl) po4biblt reapp()ititn]eiit. The Board also iniludes seats lor Truste£S that are elected br GIF'S EuAder5 ('S" Trusttt5)- 'S" Tru5rees are elected at thc st14 rt uf ch three-)-e41r fiiAd]ng ci'cle ot the chaut)-. Tht -I'ru%ttt% mttt fnrnulli each quartcr. "I'hL -] rustLL4 hai-L Lk.]LtlLI da!-_ti)-<la!- mana%Lfflent ot C"Jl.- tu ir% C.hiLt r..YLCUriI-L ()EficLr and thLIT %Lni()r tnana%LrnLnt turn. -I'hL. 51IMTd has also d£lLtL.d 2Uth()rin- t() ¢hL ludir & I,-in41lJCL (-()mmirtLL and thc I luman RLS(iufcLS ('()JnmitrLL Ind constitLlted at3 Development l.ommittee. F_ach OE these comminces iq)orts bick to the 14oard qU&irtcrl!' and m2kts rtcnmmtnd2tsnnN t tht Bn2rd fnr appriTri'21 a% ntct%%2n'. -rht -frusttt% 2nd 2PPt()ve 2ppIic2blc o)n 2n nnUal ba%LS= the annual bu(l¥et and )-rating plan Fc)r th¥ chatin-: the LharitV'5 kei- performgnce indicator5- the ch2titi"'s in'tStmtnt 2nd gtant portfolio 2nd ani. major xisLs associated the projects. The TttL4ree8 regul2rlTr reNieu- the charit%"% ri%k eter. The _4thlir & finance f.nmmirtee nE the Bnard receive% quartLrli' updates Ft()m s1.nivr rnan8¥LTrllt and ¢n%urr4 that apprvpriatL cvntic)1s are In placL tc) rnitixatv thi)s¢ Induction and tra]ng of new Trusttts r.ach GIF Tnjstee ib britled vn the role ol a Trustee and a Directvr under CharitJL% Tjaw and tlie C.c)mpRnies .Ict. 'I'heF are proiided 1th copies OE relevant Lh14 nn- Comffli5510n £uidance and the charitF'S ofRaAisational docuYnent5. 'Ihe 'I'rustLt% ai%0 rective training on-lrusttt and Director duuti 2nd resp)nsibikntiets, 2nti-bribeTh and cottupuon and conth'ct ot inrere%t. 71 P4it
Docusign Envelope ID.. oABABE61-A[A748CE-B9F99BBs7soAOBO Globa1Innov2tt0 Fund Report adadledf Jfri Deccmbei2024 Pay and remuneraiion. -I'hL I IuTnan RL()ufcL% C.(xnmittLL (app()tntLd bi- thc B()Jr(g i% rL'%Pf)Ti%iblL Ei)r SLttink."tratL&yiLS fLlatink t() huTn3n fLSI)urcL need5 Eor th¢ charits- and oA-£rsees tht chariTh'< compensation phi1050phr_ The HRC makes a recommendation to the Board rewding the CE()'.s annual compcft%ation_ The Ll.'() Lq fc%FX)nsible for setting the terms oEremuncration for qenior management. '.i'crv s'tar all st26f thts)ubJh an annu21 review lo()kn"nbi at thtjr ptrfom)anct against thtir objcctii't% set at thc st2rt nf tht )'Lar. Pai increa4¢i arL' thLn dLP-ndablL on the rI[Ma(¢ latinx ()E each stoFf rnefflEK"r. Related Party N(Ine (Jf thc Trusree% reccivc rcmuncrntic)A c)r (Trther Itfit Er()m their '(r th thL chatiry.. alth(Trugh c.xpcn%es xrc p2id. ..In!' ii)nnL¢ti()n c)Ea'l ru%tc't Trwth a n'4ULSt E()1 financiol JN%l%tancL undl'r dicu%%j()n 111 bc Ji4dv.4Ld at a B¢)ard i)t'l TUStL'L' TnLLtingp ITI thL 4arnL ani. uthLr c()ntractuo1 rLIgri()ll%hip 1rh a rLlJtL.J partl. thL currLnt !-Lar. nL) *uch rLlatLd parn- tran541Ctions 'tre reporred. Dtrai]% of -L'rnstee txpen%e% art diiclo%ed in Note 16 10 tht iccounts.-Iliere tre S9.3k iii 20?4. Auditor (.rowe U.K. lJ.P, having eKpressed their .lIngtS to continue in ottice. wjll be decmed reappoiiitcd tor tht next fii)anci&il I'tl& r in accordai)ce witli %cctiot) 487(2) ot the (.omtYanits .Ict 2(K)6 unie%s tl)e compaiii. rectii't% notice usidtr ectii)ti 48811) of Il)e (.c)mp%nie% .Ici ?(Kl6. 81 P4it
Docusign Envelope ID.. oABABE61-A[A748CE-B9F99BBs7soAOBO
Globa1Innov2tt0 Fund
Report adadledf
Jfri Deccmbei2024
Strategic Report
?024 tn 31"
This strattyL ttport for tht GIF s tenth fdl 1.car cokcrs the fdi penod from I" lanu2ry -
Dcccmbtr ?094 2nd indudcs inEom)2ti0n in thc %"t2r in t.le" 2nd 'naSlIng impace stcttons of thcst 2ccnuttt%.
C:11,' V47 ITiC()TP()ratLd (In l?Ili.%L'PtLfflbLr 2014 a ci)fflpani. lJmitLd bi" ¥varantLL. C"Il-, lias a l O(P/o oii'nLd sub4idiary, al4(1
called tlic ("lobal liinosTrrion I'und, iiicorporatcd iii the l)i%tncr ot Lolutnbia, Lliiited SLqtes oC.Imerica, 011 9th ,Iprd 201).
'I'l]is subsidiaTh- began opcrationb on 13th_.Ipri] ?Oli.
(;11,' ha% & %tcnnd l(K)°/o r)wntd .- b%diari.. CJIF (jrfith Limitcd. 2 comp2n!. hmi.ttd bi Nharts. Thc %ub%idi2r)' btg2n
()p£'ratii)n in ?0?4.
"I'lie cliariti. h
Docusign Envelope ID.. oABABE61-A[A748CE-B9F99BBs7soAOBO
Globa1Innov2tt0 Fund
Report adadledf
Jfri Deccmbei2024
Invesimeni Policy
upp()rt% jTiTiUI'ari()lls that binLfit PL()pIL than the LquivalLnt i)f I'.SSi per dal- in Llu-elopin&p countriLS
and Is LpLcialli' inr<rL'tLd in inn()i-ati(Jll that im1(1 PLI)pIL li11 ()n than I SS2 pLr dai.
GIF defines "Ir)no"2tion" 25 anv solurion that has potenti21 to improi-e the lii-es of the poor in deAtloping countries mort
tl'ftctii'tli thin cxi%ung apprc)acht%.-Ihi% includt% ntii" pr(Auct {)r er%"ict, P()lici" ptactiCL.%. buinL% m<)dcls. c)pcrati(Jnal
or pr(K4uction proce%%eb, bLh41N'iouIal insights, or .1"% ol dehi'criiig pr(xiucts and %eTh'ice% rhit beiiefit rhe poor, acro%% ail
tclcv2nt stctc)t%. -l-ht%t innc)I'2ti()ft> CC)dd ci)mt ft(Mn %nci21 LntLtPtJqLS. fi)r-prnfit fimis. n)n-prc)fit ¢)r&Tani%&tii)ns,
rc%earchcrs, ciden]ic%, £overnment agencie% or 2ni' other relei-ant in
Docusign Envelope ID.. oABABE61-A[A748CE-B9F99BBs7soAOBO
Globa1Innov2tt0 Fund
Report adadledf
Jfri Deccmbei2024
Financial Review
C.TF,'5 Income Erotn it5 fiLnders increased from 56.4i8k in 10 $19.Al k in ?0?4. Ini'LstfflLnt ?0•4 atnountLd
t(} S479k S5i9Ti in 20?3.
Dllriiix Il)c l'ear S?.4m of ntw ri%k capital invc%tmcnts IDcbt, l-'quiry' ot (.otii'ertible Debt} ii'trc madc. ..Ir tl)e et]d of rht
}'ti& r in-dLPtli rei'iei¥' c)f our ini'itmLnt% undcrtakLn. It decidtd that "tite-d)Wn% ti)tsllJnbJ Sl,966k l?023..
51.051k) WLrt ntcC%%) dut tn unccrtainuL% 2rnund 2%Ptcts Df the fin2nci21 pr)%jti()n ind pcrfntm2nCt nEinwt%tccs
includinx thLir abilitt. t() c()ntinuL a gvin¥ cvncern. -lkn¢ iml[lne[ are included within (-hantablL 8CtiNitiL.4 in
the %tatcment ot I'jnaniial .Ictii-.illts.
J'otal Eunds 41q at the end of rhe l'ear S33.(180k (?023: S?i,391k) 0(.h[Ch S9,120k (?0?3.. $4,6j?kl rtqrricted.
Going Cottcetn
"I'he truqtet% are ionfident that. the current inlormation. cstifnatcq and coii%ider%tion of the b"kelthood of addiri01121
fiii)ding beiiig realised, rhL charin. wdl IiaNe sutficient tunds to continue its operations for the toresecable tuture. 'I'lie
tni%tLL% are ailart of tlit inherejit utlCLrtaiiiry' ii) the gener2] fui)ditig12ndscapt
Review of the group's opetations
(lur gi(121 &t C"Tl,- 1% t() find. funa, and %c2]L-UP Cn%t-efftcriNe. tiidencL-based inniii'ati(In% that havt thc pnttntial t()
mtrdburabli improi'e the lives ot MI.0n5 of people iii the d"eloPIng wodd.
'e beheye that the best ideas tor SolFg sorne of the -Orld'S most cnticai problems can con]e trom anrone, anrwhere.
'I'hr()iigh i)ur grants. and ri%k capital. we help brcakrhri)ugh tsolutii)114 ti) gii)bal dci-clopmciit ch14 lIcn% fr()In s1)cial
LntLtPriLS, fi)i-pr()fit firms. n()n-prufi¢ fiisation). rL'%LarchLfN. and gvi"LmrnL'nt ogLYICjL to maxJtnisL tIILJf itnpact and
I'ttct mc&ningyl'ul ch2ftgYt.
I,()r tLn i'Lar4 havc suppvrtLd inn()i'atc)Tr at all 4ra¥L'% v1dL-£I()pLn1. 6ri)m q¢art-up and pil()t-tLKtin% rliri)ugh t() larxL'r
calL irnp1LTnLtratr()n
thL inn()i-ati(>Ti% 11-L Evnd can bL. Ic)catLd in gni- LYnLiwnx LC()n(>ffl!- ana can fucus an!. LCtI)r
rclLVXI)t t() ititcrtiati(Jt)ai dci'tlopmcnt, proi'idcd tliei. are c05nmittL-d to improi-ii]g tl)e I1c4 of tl)c pnor aiid clirnatL
Trdiierablt hving in Inw and midille income countries.
cn thinkin¥y ab()ut ivhtrt to) Ini'c%t. Ivc I()k f()r pr(imiJn¥¥ cntrtprtnturs and %tek tc) btc(Imt thtir t&rl!' p2rtntrq thc}'
ttst, dapt and improi'e thLir biisiness model, before thei. are bi% enough to work with dei'eli)pment fJnxAct institutii)ns.
'c can als1) %upprJrr cxperiment14 tion and ci-ldcnce therIng In dotnegric re
Docusign Envelope ID.. oABABE61-A[A748CE-B9F99BBs7soAOBO
Globa1Innov2tt0 Fund
Report adadledf
Jfri Deccmbei2024
(In this backdrr)p. over the past wt ha%'c 2chici'ed tht rc%ults=
We invested in evidence-based impacL. In
investment% all with climate adapiation and resilience outcomes. -lThis included innovative forms of
clitnatL-4tnaTt a¥nculturL. WLMthLI clafa analiiic% platF()rffl4 and micri)fiiiance soluts()n4 enabling ivi)mLn tu
m2kc thcit h()mt% m(Irc clim2tc Ic%diLXIt.
We coniinued to demonstraie that invesiitig in it)novation pal's." .Ifttr ttn nf invtsting.. C,IF h2
bullt a pi)rtfc)li(Tr of -. 4 iiit)i)i"auons ]ch rLacl)Id 8- mdlii)i) I%)ple iii 2024. 1'.acl) dollar invcqted b!, (Tll,- i
alreadi- returning S9 in net social bcnctrits_ -Ihe rotal net SlKial bciicfirs alread!- achici'cd b!-. jiiqt hi-c nutiire
ana scalLd up inni)i'ati()ll.% i4 S3_35 billi()n. ()ut i)f thi.-
sl.li billi()n can bc dirLCtlI' attributL.d t() C:Jl,'
EiurthLrmorL, ba%Ld nn Pt2cticd Impact (our lon¥-Itrm f(Tr[CC2%tiY mctl)c)di)lo¥J!'I, (;11,' eXPLCt% it% pnrtfnhn
of esidence-bdi%ed grantq and risk capital ini"c%tfncnt% to neIl li- Jnlllion pcoplL annualli, bi, ?034. '1'hoqL
bLnLfit% includL higyhLf inci)mL.%. bctttr htalth. 2nd impn)i'ed tduc2ti11n.
We effectiyeiv mobilised investment for developmenL. ()ui Inltlt lial. bL'L'n catalNtic." I,c>r LvLry. S1
(Jll.. ini-tsted, a further S8.40 lia.- bceji (r(>.ded iji to dic it)i-tNtmeiitq iii our portfnlio frnm other qnurccs,
includjng priimte sector CaPLtal, i-ltal to acliici'in% the L.'N .%iistainable l)evclopmcnt (yoxlg. I'or (Jll,. ()rO¢h
W£ bLCUTLd cc)TrirnitmLntN tvt3llin¥ Sl
rnillii)n frvrn prii".atL LCtI)r ini-L%turs and w)i-LrnfnLnt%. I,"Cl)()
rtnLWLd it4 P&irtnLr%kn"p .]lh ("11.'
i¥ming 2 tw(kI.ar rtplcnighmtnt contr&ct.
We launched GIF Growth: (JIP Eornulli lauiiched Irq returnxblc illvcstmeiir veliiclc, C'IF CJrowrlTr, to
adarL.i.s thL cntical Financin% xap facLa bi high-ifflpact bu%illLssL% in LrnLriIy fflarkLts. ,% launch Ll'LlIt wa4
hosted in IT'2shIngto DC, at thc IIK DtpuTh. ..knnb2ssador's residence, .htre GlI,- annc)unctd c
Docusign Envelope ID.. oABABE61-A[A748CE-B9F99BBs7soAOBO
Globa1Innov2tt0 Fund
Report adadledf
Jfri Deccmbei2024
Principal rAsks lacAng the group
The table below ouilir)e5 ker organi5ational risks laced bF GIF in achieving its mission, and whar e're doir]g to mitigare
thr)%t ri%Ls.
Risk
Explanatson/example
Man4yment and mitigation
unth.ng .k Economic and pnlic!- hctorq or intcrna] dclai"s in kc!- Euiiding -f_ofitliiL]ing ro make the pnlici,
cvuntriL4 and LlitrhcultiLs gttracrink? di)no[
rLNu]t.4 in a
casL fur thL Gll,. TniK]Ll includin¥
ne2atii"c fJn&incial ]mFYaCf on (Jll.. I lowei-er. CJI P lia% agreed a
itq nder and climatc ivork.
rlnL.Ld trundtng a-clL 1th it% principal fundLr% alxi%e and
-IncrLa%L in tundr3i%inx 3Ctiiitv
under 20ing conccm Jn the accounllng policic% _
ith puruir of govcnimcnt
nd cc)tpnr&tt partntrs IcNtrd¥Jing
tting donoI siipport where
-Dii'LfsJfiin¥ SL)urces utr capital
th ()11,' C)r(Trwth 2nd Thtii'c
Imp£lCt ribk
Lnvebting In Er1gJ]c Lrker5 Jncreases rhe risk of backing "s0[0U
itin0tionS that fad.
iIIITCStmcnt
procL%S,
porrtoho
managcment,
Ad
undtrqtandii)g tl)c markct c()ntcxt
in which portfolio urxani4au()ns
opernte.
due
activi
l aiiiatii)n & 'Ikne nanire and conte.xt OE GIF xisk c2pitsI itii-tstnia)ts, Me]5 Rw)ri)u.'
lfflpairrnLnt
th£ risk (itr iffltyairrnLnt i)tr ini-L%trncnt4 TnadL 1% hi&Trh
due
and
IncrcaNed impairn]csit 1% cxpcctcd
VLY) thL marunui pi)rtE()lii) and
the current cniryroninciir wirhin
prii-atL capit3].
Social iinsyAct rcm41ins rhc kci,
fflLtric axain.%t which ini'LStTnLY]t
ucccqq iq me42
Docusign Envelope ID.. oABABE61-A[A748CE-B9F99BBs7soAOBO Globa1Innov2tt0 Fund Report adadledf Jfri Decernbei2024 Enhancing thc Agency of Women and Girb: 11 ith it% b¥tnder %ub-6und. ()11.' .]ll cnntinuc tl) Pl)l!., and ifflpr()vL ()n, thL' gL'nJLr that it ti) all it% ini'L%rfflLnr%. fflainNtrLarnin¥gLndL T anali."tic4 int() dLal 4L.ILcti()n, dillnce, and I,enne %upport. Il'e .]ll continue 10 wartner Orld-le2dlng gender eNperis to grow our LXPLrti4L nd build rK)rtCc)li() that pri()ritjNL% itJidLr LqualJN' utcnmL<. Invesung in Innovation Focused on Climate Adaplaiion and Resilience: Hii'ing launched the qnn()N'2ting Eor clilIe Re511ience Fund, at C()P96. 1¢h seed Eundin£ (roin rlie L'.K Foreign. Commonwe31th and I)l'tIpmtnt ()fficL. 't %c(ua 2dth"tion31 fundmg cnmmitmLnt frc)m tht %wcdi%h Inttmatinnal I)Ce10PMent (-(xJpLrati()n .IgLng-. C.11.' ha% c()nrinuLd t() fflakL ITiVL%tfflLn¢% in its cliTnaiL sub-truiid. hamL44iiig it% inni)vative mndcl to in %c2lable tratl%'_>t2bYC.olutinn to hLlp ptc)plt adapt 2nd build *1]iCAct tn c]im2tt chanb. GIF will invest where the Thorld'5 poor lii-e and in ixmovaiions that tte to them: IK.c 1]ltrategiCal[l. cutnplLmL'nt c)ur c()ffttnitttiLTit rc) ¢)pL'n innui"qri()n l)!- dLLPLning uur LXPLrtisL in rnaTkLt.s u"hLfL WL h3NL Ir3Ctivn nd wheri (>ur capit21 can carall'se adth'tiotTral ini'cstmtnr. 141 P4Pt
Docusign Envelope ID.. oABABE61-A[A748CE-B9F99BBs7soAOBO
Globa1Innov2tt0 Fund
Report adadledf
Jfri Deccmbei2024
Statement of Trnstees) Responsibilities
-I'he -1 ru5reekl,ho arc alKO Directors OE C'lob2] Innoi'2tion F'und for tlie putEM)%LS of l.onii)an!' 1.211,1 are rc%pon%iblL E(Jr
prLparin¥ thL ,%tratLWC Repi)rt. the Directt)[
RLV()rt and thL tinancial %tatefflLllt% in acco)rdancL tith applicable law and
regulations.
(.i)mpini' li. rcciuires tl)e -fru%tcc% tc) prcwc financial qtatemcnts Ei)r each fin2nci21 ic2r. Llndct that la. the -fru%tcc%
havL LILCtLa t(1 prLparL thL Financial %t3tLtnLn¢s in acc(IrdancL 1th LnitLd Kingdo)ffl CTLnLrall} .IccLptLd .Icci)untinx
PracticL (L,nittd Kin¥idnm ..Icc)Untin¥J.%tindd5) 1nd applic2ble hw.
lJndcr companw liw thL TrutCL% must 2PPtOl"L thc financial statcmtnt% untess thc!" Arc %2tisfitd that tl)Li ¥)iiiC & rruc
and fair iiL'W ()f thL' %tatL' (>f aEtaiTr c)f rhL ch3ritablL ci)fflpani i)f rhL gniup and i)f rhL incc)ffling rL4(iurcLs and
PphCtin of %()ur(c. incluth.nby the incnmt and ciptndJ"turt. of thL group fi)r th2t PLtiod. In prtpating thcst financiAI
statL'rnLTit%, th¢"I'ru%teLb are requiitd to..
elcct suitable acc()unting p(?Ijci¢% and then appl)" thetn c()n%jStLntl!'-
bbLfVL thL TriLthods and principlLs in the CharitiLS.Y)RP.
makc iiidRments and cbun11tcb rhar ale reasonable and prudcnr:
tate whethLf 41pplicablt LIK Icci)unting Standar(L% haNe been (ollota,
Docusign Envelope ID.. oABABE61-A[A748CE-B9F99BBs7soAOBO Globa1Innov2tt0 Fund Report adadledf Jfri Deccmbei2024 Independent Auditoes Report to the Members of Global Innovation Fund Opinion I'e hai'e au(h'ied the financ1 statements of Glob2] Innoi-arion Fund rthe charitable compan!-'l and its subsidiaries {'the £roiup) for the l-ear end£d 31 Decetnber 2024 iykn.ch cofflprL%C 'llie (-oAsohd41ted %t2temcnt OE I'inanci21 l .Ictii'itic4, 'I'he (.i)1)41)lidatLd xtid (-harin. BaiatlCL %hLet -l-l)e (.ni)s1)lid2ted (.a41) l.-Ifj- btatement ajid J)i)tt4 to thL fit]21)cial statemci)t%, includinxp 4iwihiant acc()untin¥ p()IjcjL ThL financial rcp()rting flamLio[k that ha% bll appliLa in thLJf PTLT8ratr()n j pplicable la, and LTnited Kiiigdorn .Iccounrin2 Srandards, ijicludiiig I'iiuocjal Reporting %taiidard 10? 'Ihc I'inancial RLP()rtin¥ StandaTd appliiablL in thL LIK and Rcpublic JrL.lanJ Q'nirLd kingdt)ni C7LnLralli- ,KccLPtLd ,Icci)untinx l)rncuct IA our opinion the fiAancJa] statemeJir%: vc a truc and of the state o( thc group's 2nd thc chatiublt company's affairs as ar 31 Dccember 2024 2nd of the group's income and expenthture, for the rr then ended. hil't bLLn pr(Iptrli' prLp2rtd in 2CC()nhnct with Llnittd Ki[M CJtnLr21l}" .IccLPttd _Iccnuntin¥y Prnctict; 2nd hai'e been prepared in accordance wirli the requirements of the Lompanies ..4ct ?(M)6. Basis for opinion 'c conducttd ()ur audir m accordance M-lth Inrcrnarional %t2ndards on .luth"tin% (LK) {I.%.I.- IL'K)) 2nd applicable law. l)ut rcsponsibilitics undcr thost S(alS lurthcr dtscribtd in the .luth"ior's ttsponsibih.tits tor tht 2udit ol tht hnanci7 l %tatLrnLnt% %LCtii)n ()f oui rLp()rr. IX.i arL incILPLaC'r i)E IliL V()up in 14 CC()rdancc iiirli thL Lrliical rLquifLrnLnt% th2t arc rcLtvant to tsur audLt of the fin2nci21 staicmcnts in thc L'K including thc FRC'S Ed)ic21 %tsnd2rd, 2nd we h&%'e FulfillLJ i)ur c)thLf Lthicffjil rc'sp(>n%jl}jl jtii'% in aLL()rdqncL tilh thL%L ILquifL'inLYit%. li'e belie%'e that the audit ¢vidLncL we VC i)bNinLd %uEliciet)t 2nd appri)priatc ti) prc)I'ide a b241% tnr our i)pinioii. Conclusions relating to going CODcern In 14 uditing tht nci21 qtatement%, we ILive concluded djat rhe tru%tee's use OE the Wllig conceIn qis of &2ccounting in thL PTLFYaratii)n i)tr tht financ131 btatLfflLnts Is apprc)priatL. Ba%cd on the wnrk "C havt pcrfnrmtd. "C hal't not idtntifitd 2n! m2ttti21 uncertaintic% rdattng ti) tvtnt% nr cnnditi(In that, indisiduall}- ()r c()IILctli"LlTr. ma!- ca4t l1can[ dcjubt i)n thL chant41blL c()mpaii!- % ability-. t() c(Intinu¢ a% a %o)inx cnncttn tor a ptttcjd c)f at It2%t twtlkc mc)nth% fr(mi ihtn tht financial %t2tLxntnt% art authoti%cd tnr i%iUC. (liir rc%ponsibJh'ucb and d]c xesponsibjh'tics OE the truitees with SPect to going conccrn arc dc%cribcd in the rdciant stctinn4 (If this rLP()tt. Othcr information Tht ttu%tcc% arc rc%n1blc fDr the nthtr infnrm2tinn cnntaincd within thc annu21 rLTJort. Tht nthtr infnrmatinn cc)fflprises the inEorfflAtion included in the Annu81 reporr. other rhan the finRrictal statefflenr5 and our audito¢s report thLreon. l)ur opii]ioi) on Il)c hnaiiciai %taiements docs not coi-er the other ii)fortnatioii 2nd, cxcept to the extcnt otherwisc Lxplicitly statLd in (iur rLp()rr. WL di) n()r an!- tc)ryn ot aKsurancL c()ucluNlI)n tIiLfLI)ll. Our TL.4P(Insibiliti- 1% ti) read th¢ uthLr inf()rTnarii)n and. in do)ing %(). c()nNid¢r hl¢her tlie lither inEI)rmation 1% fnatLriall!' inc()nsl%tcnt with the t-jnanaal statement% or oui knoledge i)brauicd in the audir or or11eThse appears to bc matctiall!, mi%%t2tLd. If IVL idLntif!' 4uch m2tLriil incnn%L4tencit% nr app[L)t marLrial mi<%tatLintnt4 iN'L xrt rLquirtd t(} dLtLrmillL vhcther this giN"e% rise to a rnatenal rtU%%t41tcmcnt In the financial %taccincnrs rhcmsclNcs. It. ba%cd ()ii rhc work ILive p¢.rf¢)rtn¢d. iv¢ conclude thffjlt thLrL is a fflaterial fflis4tatLYn¢nt vf thi% (>thLr inf()rtnativn. we are requin.d tv rLpL>rt that Eact. 'L h2vt n<)thin&y tc) rLP(lrt in tkn"% rLgY2rd. Opinions on other matters prescribed by the Companies Act 21)06 In our opinion based on the work undcrtaken during oiiI audit the inFormation in the Iw5tces' reporr, 1]Ich includes the ditector5' fLPOrt. and thL *tratLWC fLyurt prepared for the purposes of comp2& ni- laiv, tor die financul l'ear Eor wknch the fjnancial %tatexneiits art prepared 161 P4Pt
Docusign Envelope ID.. oABABE61-A[A748CE-B9F99BBs7soAOBO Globa1Innov2tt0 Fund Report adadledf Jfri Deccmbei2024 LS CnnSl%tcnt with the fll)2ncid %tstcment%" 2nd the str14 te8ic report and the deCtOrS, repor1ClUded Vidlln the trustees, report hai"e be£n prepared iii accordaAC virli xpplic2blt le¥al re4uirLmet)1s. Matters on Ththich we are required to report by exception IA light of the knowledge and undcrstsndlng OE the group and charitable compani and their en}Onment obtained in rhc cr)ur£e af the audit. 'e have nDt identified m2teria] mi%%taremenrs in the str2tegJc rep(Jrt Dr the direct()r%' rep()rt included vithin the tru5rees' rep)rr. 'e hai-e notlu.ng to report in respect of the lollowing fflattcrs in re]ation to hIch the Companies..Ict ?(XM requires to rLP()rt t(1 )'i>u if, In ¢)ur (Jpininn-. dequate 41nd proper accounting iecoids h14 ve not been kept or retUrnN 41dequate Eor our udit hi2ve not bee rLCLiI'Ld frc)m branchL% nnt vi%itLd bi. u%" i)r the f]ni£ ncL11mtefflent re not in agreemenr with the acci)unting recordq 14 nd returnq: or Lrtain al(]()Ure ¢)f trustee) rL'ffluneration 4Ctfied bw law ale n()t TnaJe" o)r t hai'c not rcccivcd all tlic intormation 2nd exp12nations wc requirc tor our auth't: or the trustee% were nut LntitlLd to prepare rh£ finaiicial s¢atem¢nrq in acct)IdallCL INlth the %rnall cotnpanies, reyrnL nd takt adNant4e of the small companies, eEemptions in pttpanng the trnstees. directors. report and from the rLquifL'mLnt t(1 prLpar¢ a strategic r¢pc)rr. Responsibilities of trustees .Is explntd motc fdl!- in thc ttustces, ttsponsAbilt"tics statcmcnt, the trustccs (0 are also the directors ofthe Ch1tble ompc?ni- fur the puyuses ol comtmni 1111.) Irc rcqponsible tor rhc ple[lnOn tjf tlic fin41nii141 stc?terr)cAr% nd for bein atisfitd that thtj gil't a truc and t2it 'it". 2nd f()r uch intctn2] cnntn)l a the tiu%tCL dcttrminL l ncccs%ari' ti) tnablc the preFnfi2tion ot fin&incial sL1tcmeAt% that arc free from lIeil rnLN%tatcment, hether due to trnud or error. In preparing the fin&nciil statements. the trustees are re%p()nsil)le Eor issessing rhe charirable c(Impani s l)Iliti- to continut a g()ing conccrti, thscl()sing, 2pphc2ble, matter4 related to g()ing coiiceni alid U>ing tl)e gi)ing c()ncerii ba%is 1)f accuuntin¥ thL tru%tLLN c'ithLr intiY]d t() li4uidot¢ thL cliaritablL c()fnpanN CLa%L UPLratiun, ur liai'L rLalitic alttrnauve but to do 40. Auditoes responsibilities for the audit of the fil1claI statements ( )ur i)bjcctiTre% 41re to ubr14 in reasonable 25sunce about het]it[ rlic hn41naal starcmcnt% as a whole arc free from m1tcrLI1 misstattment, ii,herher due to &2ud or error, and to issue an auditor's rq)ort thxr includes our opinion. Reasonable assiir14 ACC 1% high Ici-el OE asburancc bLIt 1% not a guarantec thar an aLidit conducted in accoid1llCC Ilqth 1S.Is ILIK) IwaTrb detecr niatLnal niissrarcmejir Thhen it exi%t%_ l[I%Ktatenientq can anqc trom traL]d or error aiid are coiiqidcrtd TnatLrial it. indiTr1duall)- or in thL I[Ltt. thLI" cou]d rLaonabli" I. LXPLCtLd intauLncL rhL LCt)ni)fflic dLCJ%ion of usLI taken on the basis ot thcsc fJn&2ncid sntemcnts. l)ttadq ol the cxtetlt to which rhe aiith"t waq considered cawJble ol derectiiw irregularities, llicluth"ii£ fraud and non- c()fflpliancL th laws and re¥ul8tivns ale out belou.. ..[ ELlrthct dt%ctiptinn r)f our rc%tK)nsJbilJtics thc 2uth"t nf thc financi21 %tatemcnr% is locatLd cin tlie E,in2ncial Repnrtin¥ Council's websit¢ 1t'. liw.Fr . Thi5 descnprion torms pRrr of our auditor's report. Exient to which the audii Vgas Consided capable of de¢ting itreguiarities, ittcluding fraud IrtL&pu13ritj¢s includinx Frqud. qrL in.%tallCL% VE n()n-c()fnpliancL 1[17 and r¢'¥ularic)n%_ IX L idLY)tifiLd #nd #44L4.4¢d tliL' riqks ()tr matcrial misstatcment ot rlie Iinancjal sraremcnr% Ir()fn Lrrcgularitics, u-hctlicr duc tTr fraud or crrnr, aiid di4cusscd thtt bttivttn our auth"t ttam mLmbtts. li c thLm dLNi¥mtd and ptrfnrmed auth"t pr()ctdurc% rt.qpnn%i%'t tn thn%c tisk lncliith.ng obtni]Ig aiith"r csidcnct sulficienr and appropnatc to proi'ide a basi< for our opinion. K'L ()btainLd an undLr%tandin¥ ()E thL ILgal and rLgulati)n- trarricTTrrk I11thin ]11(77 thL cliaritablL C(ITnpan!" and y()up opcr2tts, focu%ing on those11& I%.5 11 nd re2ui&ition% that hai-e a d]rect etEect on rhe dttern]iAation oc nLiterial atnounts ind di%cli)%urL% in thL financial *tatLYnLnt "IThL and [Clan[ri5 11-L Cl)nsidLrLd in rlii4 ci)ntLxt 'Lfl thL (-i)fflpaniL4 .Ict ?006, Ihe (.'harities .Ict ?01 I together with rhe Charitiei %()Rl) (P"ILS 10?). li e as%eibed the required compbance with these
Docusign Envelope ID.. oABABE61-A[A748CE-B9F99BBs7soAOBO Globa1Innov2tt0 Fund Report adadledf Jfri Deccmbei2024 hw% and rc¥?dxtion% 25 Part OE 1u(h"t pr()cedure% the ltea fin2ncial %tatemtnt ittm%. IA 41ddition. we considered provislOllS ol other laws and rwilatlons rhat do not have a direct ettcct on the financial sixtcmtnrs bur comph2ncc u.hich might bt fund2mtnr2110 Iht chati12ble compgni.'s and rht group's abiliry to c)pcrare or tn ai-nid a tnarcrial penaln-_ Il'c also conqldercd tlic oppomimtics aiid inccntIveq that mai cxiqt ltliA rlic charitable cnmpan! and tht bryoup for fraud. and rLgd2ti0n% WL cnn%iaed in tkn"s contcNt for the L'K c)pcr2tion Wtrc ,Inti-Fraud, bribLry- and corrupb()n ILgi%lari()n. cTL¢[al Dara Prc)tLCri()n RLxu141ri(>n jC"l)PR), taxari()n iiid L'mpl()ymLnr legts12uon. We aLso considtred compljance local legislation for the group's oi'erseas operatjng segments. ,luditinx standardb limii the required audit procedure% to identifi. non-conwliance '1th thtse and regulations to Lnquin. (If thL. -I'rutLL% and (IthL'r fflana¥LfflLnr and in4pLcri()n ()E rLxulat()r!- ana ILgal c()rrLsP(IndLncL, if anj- W'c idtntttitd tht ¥yttratc%t i)t matLnal imp2Ct iht finCI#l %t2ttmtntN frc)m itrL&Fularitic% including fr2ud. to bt within thc recognition and cl42 5sihc41noA ot income, i-alu14tion ot %OCL21]nNeKmicnts and the oieiridc ()[ contro)14 by mana¥ycmcnt. Qur audit pr()ctdurL% tc) rc%p()nd t(1 tht%t ri included tnquiritg <>f mana¥ytmLnt 2nd tht .ludit (-()mmittLC about thcir ()wn identification 41nd ot rhc ot irregularities, qamplc tcsting on the po%ting of j()uinals, reviLllUI)g accouiititig c%iimatt% for bia%eK reluc7118 rtgu]iton' corrtgEK)ndtllCL IltI) tl)e (-l)ariTh (.ommiq%ini) aiid riadis]g Tnjnutes OE ffleetin¥ vt thvse chaiged with ¥cn'eingnce. ()1¥ t() thc. inhLfLnr litnitari()nN {)f an audit, thLii i4 an unai-viJablL thlt ."¢. mai" nc)t hai'L dLt¢ctLa sc)InL fflatL'riR] tattsncnt4 iii the fJnai)cial statement%, even tliougl) li'e h2C i)ropcrl}' p12niicd ajid rf0nCd our 2udit in iccrjrdaiicc 'Ith 2uditin¥i %t&)ndard%. l.or txamplc. tht furthcr rcm(ii'td nc)n-c()mph2nct 1th 2nd regdatic)n% lirrcgdatitit%) i.- from tlit cN"ciitq iid tratl%dicrion£ rctlecrcd in the financial KfdltcnicllLS, thc Ic%% likcl). rlit inhcrtndi. ljmjted proctdure rcquircd bi auditmg standard4 .{)a idtntif!" it. In additii)IL 1th 2n1" 2uth"¢ thtrc rcm2intd a hjghcr ri%k (If n()n-dttCCtii)n ot irrewlitititb, Ihe£e Tr. involi-c collusion, lorgcn., inteiitional omifsioiis, xni%rcprc%eiitatioiiq, or the ovcrridc ot inrernxl ci)nrr(>l%. I.£ are i)ot respotisible for prei-ciiung non-compliance 2nd cannot be expected to detect t]on-can]pknanct 'Jth all laws anLI rLgularions. Use ofour trport This report 15 rnade solelr to the chArital)l¢ cotnPAAI-'5 fflernbers. as a bod!-. in aicordance ttth ChTrptet 3 oEP2rt 16 VE the con7paeS .Ict ?(H)6. ()ur audJ"t work ha5 been undertaken so that m4hr 5rare to the charirable comp3ll} 5 rnembers th()SL m2tttr4 IN'L 2fL required to state io them in An #uditor's report and for no other putpose. To the Mllest extent per[tted bs. la, we do not acccpt or 415%iimc rc%ponqib]lin" ro 2ni-oJic other rhaii rhc charitablc Compan and rhe chxrirable cr)mpani"'% memher$ 2% i bndi., fnr r)ur audit ii"()rk. f()r thiN rLp(>rt. vr fur tIiL ()nIc)ri li'l h.TrvL F¢)mLd. Tara Westcott enior Starutor). ,"liithtor l.or on behalf ot Crowe U.K LLP St&tlltcin, Audit<)t C.heltcnham Datc.. 18 September 2025 181 P4Pt
Docusign Envelope ID.. oABABE61-A[A748CE-B9F99BBs7soAOBO Globa1Innov2tt0 Fund Report adadledf Jfri Deccmbei2024 Consolidated Statement of Financial Activities For iljejeur en¢&dJl DeifllAber ?0? Unrestricted Restricted Total Total Funds Funds Funds Funds le 2024 2024 2024 2023 USD (SOIMI) ETSD ($000) USD ($000) USD {$0(M>) Income from: l-hatit2blt 2CUi'itit (Irant 11.456 479 7.606 19.062 6,458 559 In*c%tmtnt & ()thcr Income l)thLr inc(JTnL. l.t)rLign Lxchan¥L' gain 208 Total ittcome .93) 19541 Expenditure on: l-.harit2blL ICtiVitiL [8.3911 (8,3911 (3,138) (3,138) {11.5?9) 111,5?9) (10,4041 110,4041 Total expenditurt Net movcment in funds 3.5 4.468 8.012 (3,1791 Other recognised gains/(Ios5es) I'i)reiw ixcliati¥L CUI)ns (3?3) 13231 Net movement in funds 4.468 7,689 (3,179) Reconciliation of funds: Totu/JiiNds bro/iglJiJorwL3rdtss (It IsiJuttwLYry 2024 To¢iAI cadIonTdJS ui 31Ji DrfiYffjhr2024 ?0.739 4,6)? 9.120 25J91 33,080 28,570 2).391 191 P4Pt
Docusign Envelope ID.. oABABE61-A[A748CE-B9F99BBs7soAOBO Globa1Innov2tt0 Fund Report adadledf Jfri Deccmbei2024 Consolidated and Charity Balance Sheet Fortheyeur e3837 De¢embtr2024 Group Charity 2024 LTSD ($000) Group 2013 CharAry 2023 USD ($000) IISD {S(KKb) USD (SOIM>) Fixed Se¢S. InvLsrmeiit InvcsftnLllt% in %ubsidJ'ary LTnderr2kii]g TO1 fixed assets 16,841 16.841 i.096 2L938 16.651 16,651 16,841 16,651 16,651 Current assets: DebrL)r 218 454 914 917 Noticc depo%lt% than 3 monrh 1-2%h 2t b211k ind in h2nd Total CUrll( assets 5,7?4 8,31) 16,507 ???! IL663 8,865 8,852 Liabilities- Creditors: amounts fallJn% due witkn"n one lear (180) (iii) Nct current assets 16239 IL483 8,740 8,740 Total nct a55ets 33,080 33,420 25,391 25J91 The funds Re%trictLd LlnrLStrictLd 4,652 20.-1 39 4,6) 20,739 23,960 ?4.31A3 Total funds 33,080 33,420 25,391 25J91 -I'hL lUlus E()r thL finanii?l i'Lar dLalt iiithin the fina13] st3retnLt5 ()E the *tand-alof]e parLmt charitabl¢ cunipani, S8,030k12023- deficii S3,1". 9k) -I'hest fin&iiicial staremet)t% were approved 2nd authoristd Eor igsue bi- the board of directors and 'tre qigned oli its behalf SwJned by.. 951F870AWF4BE Jame5 Clark C-17air of t17e Board ofDireclor5 Global Ik7noiatiou Fund Compary Regislralion Number." 09223487 (England and 11 ale5) 17 September 2025 201 P4Pt
Docusign Envelope ID.. oABABE61-A[A748CE-B9F99BBs7soAOBO Globa1Innov2tt0 Fund Report adadledf Jfri Deccmbei2024 Consolidated Cash Flow Statement Fortheyeur e3837 Dettml2er2024 Group Group 2023 USD (SIKKI) 2024 USD ($01)O) Net C41sh inflow trom operating actsiqtie Ca4h flow% Er(Im in&L'stif)¥ actiiirie4 (-a4h fl()U'% Er(Im Financing acriiitiL Change in ca%h and cash eguiTralenrb IA the ieporting period (a) (b) (c) 10,035 460 (2,1 i6) 8,338 (4.?7 11 {?.5311 {6,5", 41 Cabh and cash equivalent% a% at l Jan Ca4h ana cash Lquivalent* as at 31 Dcc ,950 16,289 7.950 Ca.¥hl7ow Statenjettr nores.. (a) Reconciliation of changes tesoutces to nei cash oudlow from operating activitses NLt ini¢)fflL f()r th¢. r¢'p()rting pLri()d ImpairmLnt ()f pri)gytammL fLlatLd ini'e%tmcnt l)ii'idtnd% and intLrtst Irnm Jni"t%tmtnt Bank chqrbJt nctL&SL)/dLcfLaSt in dLbtc)rs Incrtasc/ Idtcttrast) in crtditc)r .689 1,966 (4741 14 (3,1791 1,051 (2661 696 144 (1,6641 Net Cash provided by operating actKvities 10,035 427 (b) Cash flows from investing activities Portl(Ilit) Inttrest Elank and orhcr inttiest 3) 296 40 (141 Net Cash provided by investing activitie5 254 (c) Cash flow froTll financing actKYities l)urch41se ()Ipiognmmc related Ve41Ct8 Exits OE prografflme related InvtqrrtL£nts (? li6) {? sill Net Cash provided by financing activities 1156 2,5?1 Tlje JJ¢75 ltskeii LIV/11t NKdfrFRS 10.'frnm the a charify-ovJ/, C¢%rhfloiv 21 1 P4Pt
Docusign Envelope ID.. oABABE61-A[A748CE-B9F99BBs7soAOBO Globa1Innov2tt0 Fund Report adadledf Jfri Deccmbei2024 Notes ¢0 the accounts Accouniing policACS COmpattyInfoA2t10tt.' Global Innoi-%tion p.und IGLP) Is a companr incorporared and dotrnciled ]n the UK it's reg5tered address is W'eworL 8 Deponsliire Squ&ire, Lx)ndon EC?,1141)L BkTSiS ofpreparatso 'Ihe financial qtatcmcnts hai"e been prepared in accordance ryth .IccountiJig and Kcporting b}- Charitieq: .%raretncnt of liecommcnded l)racticc appljcablc to charitieK prewariiig rlieir 41ccoiinrs in accordajicc ikirli the Fin14 Jicial Kcportiiig Sr&indi& rd apphc41ble in the LIK nd Republic of Ircland (l."RS 10?) (eEfectike I lanuar!- ?019j- l(.'hi& ritief SLIRI) (I.'II% 102)). tl)t E'mancid Rti)(irting Standd4 2pI)hc1blc in the L-K 2nd Kci)ublic nf Irtland (I.'ILS 10?) l& nd tlic l-()mi)anics CJll,' haq a l(KP/o owned £ub£idian-, also called C,lobal Innoi-ation Fund. iiicorporatcd in the l)istrict OE Columbia, Lliiited 8tatLK {)f .ImLfic2 11.-IN.. 47_404i086}. It is x iiot-for-proFJt oyni4ati()11 2nd tl)ereforc has eguitv OF iiil, ir turnover of S 196k l?0?3.. S-. ?iLJl proi-idcd directl!- froni CJll.- to coi-lr it% opcrating costg. addrt%% is 1701 Rlii)de l%lxnd ..Ki'L Nll'- ?tM)36. ti.-Iiin¥ytnn. L.nJttd %t2tc%. (711,. hab 14 %ecrJnd IIK)O/o owned subsidiari. C,IP GrOth Imred (comwani number IJ? 9??3?) that ]Acorpoiatcd - ?O?O. It ha% not cotnmenced trading in ?4. No %cparatt 8C)P.I has been prepared For tlie cliariTh- 21one, pcrniitted b!- Scction 408 of the C-nn)panic% ..Ict 2006. -riic charit! 11&1% al%n taken 2di'2nta¥c nf thc cxLMnptic)SL% 1I"aJ12blt undcr I,-iL% 10? frnm dic requircmcnt% t(} prt%ent 2 charity'_c)nl!- caih flc)ii- >tatLfflent and tv prv5ent ¢¢tt8in disilv5UtV5 about the chatiti s financial insttument5. Goixjg concern CYTF rcntlVLd 2 multi-Tr"Lar fundjftgy cl.clt ll1h its 2nchnr funder. In additi()n. Cjif Lxttndtd it% currLnt c(Intract 1th anothLf principal funder until Dec ?0?6. (Jll currend!- has %iithcieAt cabh runThai ai'aJ]able ro coi-er operational expcnth.ture untd Q)3 2026. Be}ond this, it L eKptcred to gentrate &idthuc)nal tunding trom the laujich in (2??5 L)f the ne, 'I'hrii'c tuiid as ell negotiation ()t rtiicwal OF2 new mu]ti-i'ear agreemei)t with one of it4 core fundcrs toll0lng extcii4ioii agrccd. Thc. trustLLb arc i()nfidLTit thar. th¢. curT¢'nt inf()rrnAti{)n. L4rimatLs and iunsiJLrRtJi)n o>E thL likLlih(x)J i)t 1dclitiond tunding being re41hs¢d, thc chann. IV hai-e Kllt6IcLent tunds to con[uC itq operations lor the lorc%cblC future &ind re%ult Il)e t-Ini& nci21 %tarements h2I'e been prepated the that tht charin. is a going c()nccrii. Basi5 ofconsohdAtson -IThL c()n%(>lidatL.d financial 4tatLmLnt% includL thL 6nancial %tarcmLnt% ()f thL Cl)mtMnTr- Cl()bal Tniii)vatii)D fund aiid its subsic1i?£ Th. Undcrt£?kin de up to 31sf i)ccembcr ?094. 'Ihc P41rcnt comtnn!" GlolMI Innoi'allon I'und is b14cd IA)ndon and has three subsith'&iries onc 21iO named C'lobal Innoi'ation I'und b2%ed in lia%h]ngron D.l- (Jll,. (Jrnwth lin)ittd ba%cd in LK)nd()n and (ilF (Ktni'al Limitcd ba%td in Ni '2if()bi. Tht L8 21%(J a branch b2%td in .%ingapi)rc. Accoutstingestsmates AdId£ements In prcparin¥r tht finan(iai statemcnts mxna¥ytmtnt hake made jUd¥Mcnts c%tim2tc% and a%%umptions that afftct bnth thc amountN rccordtd rci"enut and cx1t% durinkN thc sxric)d. and amc)unt% rtcordcd 211d ljabilitlL% 2 2t thc b2]ancc %hcct d2tc. I Ii)WLI'Lt, tht natutc ()f Cstim2ts()n mc2n thLL etim2tL% Cl)dd diffcr fri)m actu21 (iutc()mc%. This is tspciialli" prtNiltnt in dtttmxining tht c2mingi.alut of C.IFs s(Mitil Ani"estmtnts 2nd 2n1" nttd £orimp2irmcnt. The dLtL'rminatic)n i)IcarThing value% [1)r eaAI-_qtage cornFanieK i% bi- narure a i'olatile and uncerraiii pruce%4. r)L'%Plte 221 P4Pt
Docusign Envelope ID.. oABABE61-A[A748CE-B9F99BBs7soAOBO
Globa1Innov2tt0 Fund
Report adadledf
Jfri Deccmbei2024
thL inhLrent i'i)1&1tiliTh, the ¥?uidLlincs 2pplicd tc) dctennint ivhethcr impimlcnt i% rcquircd 2re cc)n%idercd ri) rc%ulr
in tht bc%t t%tim2te nf .hCthtr and tht amount of ani" impairmtnt rLqUiftd.
lft ?O?I (Jll," ad()pted a ncTh 1-alltIl)n% and ImpaentS polici iiith a mulriqragc floii, chair and an411}'sis. W'e start bi.
lookJn% ar rccent thd-TyArn- valuatjonq including rccciit pnced invc%tment roundq. should rlie cxming i'aluc bc cqiial
or hightr thn our EM)ok i1C then no 41djuqtmciit to tH)ok i1C 1£ madt. l(] the ab
Docusign Envelope ID.. oABABE61-A[A748CE-B9F99BBs7soAOBO Globa1Innov2tt0 Fund Report adadledf Jfri Deccmbei2024 Pension costs Gll,- ()per3te a dLfJnLd cvntributi()ll scheme for itN etnplo)!-ee% and cc)ntribute% I10 uEkTrrc)S %alan' whLrL the empl())-ee contiibutes at least 1 ContriburioAs to the %chcrne are charged to the .%ratemenr of Financial ..Ictivitic when incurred. FutidAccoutttitig Kestrlcted are tund% tht hai-c been l-en tor particular PUryK)Nes and projecrN. Kestricrcd tund4 muqt be uqcd in accordance Mth the funderb or donors, lShe5. Opeiatiwlea5es Le14 ses where subbt14 nrialli- all risks 41nd rTrrd5 Jnadental to ownetship aie rethined bl the le%%ors are daqqified a opcr<?ting Icases. 1)14 1'mefltS ffl&idc LIAdcr opciating lea%c% (net ot 41n!- u]cerLtii-e% Icceii".cd trom the Icssors) are recogni%cd in thc Statcment ot I'inanciai .Ictiiities oli a Nrra]ghr-hJie basis oi-ci the period ot the lease. SociaJInvestmeAts .%ocL111nve%tments= th2£ t 42re1041A%, equin" 01 coni-ertible loanq are 41CCOUAted tor 41t rlic our%Mnding arnount of the loan le%5 ani. proiry%ion for unrecovcrablc amounts. Lln4UC)ttd cquiti". %¢)cJal ini'ttmtnt lund> and p2rtntrship. 2nd imdar %1)( lAtItment.4 art hcld at ci)%t. 2ni' pti)i'Jsi()n fc)r diminuti()n in Tr"aluL, unlL%% thL I'und 1% 2blL ti) ()bEaJn k rLli2blt ttim2tL <)F fajr vA]ut. -.ln imwirmcnt of r%c ol Sl,966K (?0?3.. Sl.OilKI was rccogniscd in the accounrs in Id&ition to the annual asxtssnient of %ocid ini'Lbtments. IVeStmet Subsidianes Ini'eqtmcnts In siibs1th.ancs are accounted lor at co*t Icss ajii- proiision Eor llnTyairfflent 241 P4Pt
Docusign Envelope ID.. oABABE61-A[A748CE-B9F99BBs7soAOBO Globa1Innov2tt0 Fund Report adadledf Jfri Deccmbei2024 Notes (loKtiEd) Income 2024 2023 USD ($000) USD (S(MM>) Income CJC)vcrnment Cyfallts pri1-te I'uiidii)g 20.43) 6,403 55 19,062 6,458 2024 2023 USD (5000) USD ($0(N>) GoYernTnent income by counts)" 5wLdLn IlnitLd Kina1)M (781 6,481 20,435 6,403 2024 2023 USD (SOOO) USD (So>) Inve$tsnent Income and othet Income Inc()rnL Ir()tn ini-LttnLYJt Bank intLrt>t on currcnt 2ccnunt l)rofit on disposal ot ini'e%tment 40 ?93 479 559 Nn g()i'ernmcnr byrints that h&1l'C bccn rccngni%cd in the acc(Trunt% h2i'e 2ni' uftfdfilled conditii)ng ()r r)thcr c()ntingcncics 2thched 12nd thcrc 1re no other forrn% olgoi'crnrncnr asNiqrnAC¢ trom ivlll.cli the cliarin" bcnelited. 2) I P4Pt
Docusign Envelope ID.. oABABE61-A[A748CE-B9F99BBs7soAOBO Globa1Innov2tt0 Fund Report adadledf Jfri Deccmbei2024 Notes (loKti*Ed) Chari12ble Activities 2024 2023 USD (So> USD ($000) Grants Pa)"able mani CJirl% ()r&ianij.2ti()n RLliaiioiural In%ight.. Tvarn Bric Bre1kthroiigh Baht Build l-h3Tige 1)2mt-%marts"tarr 19 142 62 CJLndLr Intenri()nal SaELti- Ni 'Lt4 Program Icm CJradu41tio 226 330 1,3 l¥ri2P¢ Inc. 750 l-pal S1)uth .1sia ItK) Mtv %ta}-ing_l]ive Pl2ct l)lanning F'or l)roductsve ILigration Pr()iin]iTh. Design Rw:Imrtc unltr51. C)f Kent- BL1St cnturi 161 181 850 160 'ale (Y "t) 200 3282 3,907 Impaim)ent of progtamme related investmetsis L966 L051 St2ff and othcr rclatcd s13ff cosis 4,446 3,814 C.unsultano & pr()E¢%s jc)nal .1 ravel & eN'enr 235 158 l)th<'r %llPPC)rt cf)4ts' Total Support Costs 223 L632 1,835 Foreign Exchange losses 323 Total costs directly a550ciated to charitable actiFities 11,852 10,404 261 P4Pt
Docusign Envelope ID.. oABABE61-A[A748CE-B9F99BBs7soAOBO Globa1Innov2tt0 Fund Report adadledf Jfri Deccmbei2024 Notes (£vKtixxed) r()r 2024 S3.138k ()f ti)t21 t_xpcnth.tutc was rtstricted 2nd S8, 1 14k .4 unrtstticttd. Ptogtamme-related investsnents Group 2024 Charity 2024 USD ($000) USD ($000) Debt B/l,' amnunt .Iddiri()ns/lntLret accrued Ini'cstni¢nt% P14 id Imck Dispoqalq Imp<iirment charge Lll atni)unr It 104 (35HI li81 i?0 1384) 158) i?0 460 460 Convenible debt instruments B/1 am()ui)t ,Idditii)fts/lntLfL%t accrutd I)i%p()als l)Lbt c(Ini'LrtLa tc) £4Uits- Ifflp<iirment charge l.'Il amounr 9.081 3.6?3 Equity B/l'- ainoiiiit 14,466 14,466 370 l)Ll?t c(Ini-LttL.d tc) tquiti. {"/} amoiint 12.758 Total programmc-related invcsthicnts 16,841 16,841 Infv'c%tmtnt .hll}. owntd %ub%idi2r! ((;11.' Cjrnwth limittd) 5,096 Total Investsnents 16,841 21,938
Docusign Envelope ID.. oABABE61-A[A748CE-B9F99BBs7soAOBO Globa1Innov2tt0 Fund Report adadledf Jfri Deccmbei2024 Notes (loKti*Ed) Debiors Group 2024 Chariry 2024 Group 2023 Charity 2023 USD ($000) USD ($000) USD ($000) USD ($000) Debiots Trade receivables l)ep()sir l)repai'ments and accrued incotne Othér dLbtor4 .ImDunts owed bTr" subsidian, undertakig 64 64 42 42 14-, 191 844 847 28 218 454 914 917 Cash at bank and in hand Group Charity 2024 Group Charity 2023 2024 2023 USD (SDOO) USD ($000) USD ($000) USD ($01)O) Cash at bank and in hand l-.&%h in hand Notice deposits Oess rhan 3 rnonrh 8j15 2,22", 2,211 3,55? 16289 IL209 7,951 Creditors Group 2024 Chariry 2024 Group 2023 CharAry 2023 USD {$000) USD ($000) USD ($000) USD ($000) Creditors: amouttts falling due within one year -l-rade credirorb & accrual ?69 180 12) iii 269 125 iii 281 P4Pt
Docusign Envelope ID.. oABABE61-A[A748CE-B9F99BBs7soAOBO Globa1Innov2tt0 Fund Report adadledf Jfri Deccmbei2024 Notes (loKtiEd) Funds ThL rc'%trictLJ funds arL fLC¢'ii'LJ undLr on llgr¢'¢'ffl¢nt '1th C,.IC IC>n2dJ), l.'Ct)O IC.limatL). I,C.f)(I IC,11,' C¥r[)h), .IS-P incl l)ior41phtc. CJ.l(' h1I-C %tipuli& ted the tund% are to ]ni-¢stcd ]n thAt hai'c a gcndci focus. Group 2024 CharAry 2024 USD (S(KKk) Group 2023 CharAry 2023 USD (S(l(Kb) USD ($000) USD ($OIM>) Restricted funds Ba141ncL l)ri)u%ht E()nvard { Jrant & ()thLt Incomt 4.6)? .606 (1.98?) (1.15)) 4.05? 6,653 6,653 Grant4 & ()thL'r l..XPLnditUTL (1.4931 iL)81 (1.4931 ',5081 {1.1 i51 Balance carricd forward 9,120 9,120 4,652 4,652 Group 2024 Charity 2024 USD (S(K} Group 2023 Charity 2023 USD (So) USD ($000) USD ($OIM>) Unrestricted funds 4nce brought EorwaId 1st Auri. Cyrant & ()thtr Incomc 21,918 225 11,93) 12,085 ,714) r8101 C7tant4 & ()thL'r r..XPLnditUTL (7.3.?31 (1,0)11 20,739 (810) 11,O)11 Balance carried lorward 31%t L)ecefflber 23,960 24,300 20,739 TL)tal I,und 33,080 33,420 25,391 2),391 Group 2024 Charitv 2024 USD (So) Group 2023 Group 2023 USD (SI) USD ($000) USD ($OIM>) Fund B¢il4ince5 a5 at 31st December (GTOUP) In*c%tmtnts Unrcstricted Restricted Unrestricted Restricted 108 15.388 5,475 l-.IirrLnt .l%set ,49i 9,013 3,389 C.urr¢'nt l.iabilitie .1 oral I,und 9,120 20,739 4,652 291 P4Pt
Docusign Envelope ID.. oABABE61-A[A748CE-B9F99BBs7soAOBO
Globa1Innov2tt0 Fund
Report adadledf
Jfri Deccmbei2024
Notes (loKtiEd)
Auditor's temuttetatio
Group
Group
2024
2023
USD ($000) USD ($000)
Included in the statcmeni of fmancial aciivities 2rc'
.Statutc)ri- audit fLL
-1 ax advi%()ry ftt
69
63
73
10. Staff numbers and costs
ThL 2VCfdgYL numlk'r nf ptts()n% Lmpl()!-ed b!" the Ciri)up (including¥ dirtct()r
Docusign Envelope ID.. oABABE61-A[A748CE-B9F99BBs7soAOBO Globa1Innov2tt0 Fund Report adadledf Jfri Deccmbei2024 Notes (L'onlinNed) Stsff banding Group 2024 Group 2023 USD ($01)D) USD ($000) SI,O- 93,999 94,(XJO - 10-,,999 108,000 - 1?0.999 I ?1,000 - 134,999 135,000 - 148,999 149,000 - 161.999 162.000 - 1:4.999 175,000 - 188,999 ?16,000 _ ??8,999 968,000- ?80,999 403,000 -422.1 19 16 Remuneraiion of Key Management Personnel 'I'he totd compensation P&ickage tor ke!- m2nagemeni ptrbonncl totalled Sl,641k {?0?3.. Sl,334k). 'Ihe trustceg tLCLIVLd nn rLmuntr2tt()n Ec)r their 4trvicL% tn tht c()mtYan}". "I'he above bandill tactor in termination Faifflents made IA !"ear. Termination payments Ttrminiuon pavmcnt% madc aL¥y tht i'tar wcrt S_W4.907 ?OJ? .. sli,3 25 Part of an ntg2ni%2tinn21 rcstructurt. 'I'liebe liave betn included witkn"n "U.agc% and salarieq I7th1. rlie e£te Coqfs table in iiott 10. 31 1 P4Pt
Docusign Envelope ID.. oABABE61-A[A748CE-B9F99BBs7soAOBO Globa1Innov2tt0 Fund Report adadledf Jfri Deccmbei2024 Notes (loKtiEd) 11. Finan21 Instruments The caroing affl(iunts 1)Fthe financial aSSLts and liabilitiLb jTiclude Group Gmup 2024 2023 USD ($000) USD ($000) Financial Instruments 42CIal .,Kssttb - amortjsed cost F,inancial ,.l*Lt% - fair value inanciil l.ji& bilitits - amortised cost ?69 125 Financial Assets .951 Debtor5 71 ,%uiial invLstrn£nt 16,841 16,651 33202 24,672 Financial Liabilitie5 Tr2dt crtth"tor% & Xccruai 125 269 125 ,Ib quoted pric¢% arc unai-41ilable, ini-e%tmcnts are IccogAi%ed t CO%t Ic%4 impalrmcnt. .In Rsscssmcnt ()[ Ilic iAvestfflcnt4 was tnadc at the !"ear-cnd b!. rhe %ewor management and an impaent cliai2e ()151,966k (?0?3.. Sl,05 Ik) W14 recog)ised in the accOlt5 within charitable ini'estmciitts on tlie fact ot rhc %tatemcnt ot Fi112ncial Position. 321 P4Pt
Docusign Envelope ID.. oABABE61-A[A748CE-B9F99BBs7soAOBO Globa1Innov2tt0 Fund Report adadledf Jfri Deccmbei2024 Notes (loKti*Ed) 12. Funding Cotnmitsnents 2024 2024 Risk Capital Commitmettts 2024 Grani Commitments Total 3.335 304 3,639 Total annual corrtment 4,001 304 4,305 13. Trading actlFities of subsidiary (Tlobal Iniiovation Fut)d: 2 noti-profit $ub%idTh-. 1% regigttred in the L-.S11.-I--IN 47-404i0861, locattd in IX124hingtoii r)C. had thL fullL)-ig fL%ult4 tu 31 /1 ?/90?4. GloEnl Inno1[10 I'und ib the sole member OE the L'S enrin" 41nd haN cerrain goi-ernance righrs under its atticlcb 41nd bi includin& but not ]inM'ted to, appointijig board members. -rhL C,S Lntiti citriL% nut #dmini%tratll'L &Ctii'itie% %uch 2% Lxnpl<)!"ing l."S b2.-.d st2ff Ind Itasing prLmLSts tn furthcr the objectiv£4 ot rhL parent entiti-_ 2024 2023 USD ($000) USD ($000) Income & Expenditu .1 ot1<1 siippc)rt rt'ceii'cd & rci.enue Total expenses 800 1800) 1875) Balance Sheet 176 {176) 105 1105) J.iabilitie Th¢ ?024 balancL' shL¢t has r£%tst<d tt) rLflLct coirL%P()nding a%%Lt% liabilitiLs fur dLELrred PLn4iun plan4 in accordancc 7th 4i-J (bl and 457(trJ held at icar end For the bcncfit of rlic (-l.'O. 331 P4Pt
Docusign Envelope ID.. oABABE61-A[A748CE-B9F99BBs7soAOBO Globa1Innov2tt0 Fund Report adadledf Jfri Deccmbei2024 Notes (loKtiEd) C.l[,' cJ[c)th J.imittd, a [()i-pTrfit sukn"iJiars-. 1% rexistered in the LTK (cvtntrAn!' nufflbLr l J? 92?32). lucated in J3)nd()n had thL Ec)Ili)IN1ng rL'ulr tc) 31 /12/90?4. 2024 2023 USD ($000) USD ($000) Income & Expendithre .1 i)t141 Incotnc 383, Nct loss for the Year 341 Balance Sheet 5.0?5 l.iabilitie Net Asset 4,7>6 Equity 1-.21ILJ up 4hirt C2Pital C.urr¢'nt I'Lar 1,'3rnin¥.' Shareholders 4,756 14. Defined contributioD scheme Thc giri)up l)PLrites a dLfintd ccJntribuUI)n ptn%i()n %chtmt. Tht tot21 cxpcnNc rclatingy tc) thiq %chemc 2m(iunted t(J Si91k l?0?3.. S583k) dutin¥ tht pttiod .}ll"ch bttn ch2r¥?td to tht Stattmcnt of I,inanoai ,Ictivitit%. -I'ht contribuuon% wcrc pd U4ing unrcbtnctcd 6und%_ 15. Relatcd party di5c105ure Trnstets Nonc of the-l'rstCc% h&ql'e bccn tnid ani. remuncr2ti(m or rectii'ed ani. othcr Itfil5 &nm cmpln}'mLnt with their charih. or a rLlatLd ltiM.. Twstees'e.WeKse lii ?0?4, .1 rustees cxpenqeq amoiint to S9.3K related to dights alid accornmodation Eor Eund raiqiiig actsvineq aiid launch ol its subsidiar)- Pund. In ?0?3 no trL]Stee5' e¥penses were incurred. C,11-' xavé S790k 12023-. S51K)k) ti) it 4ub4idia4- Ic)c2red in IX,a%hinxti)n [)(. r() fund it% adfflini%rr3ti()n expen4L4 and S46.6k l?023.. 51 ?6k) of t%pcnstq There P41Jd b!- (ill on bclialE of the L-'%_ _It rlic lear cnd, rlic subsidian- oii.Ld C:11,' $nil120?3:nil)- 341 P4Pt
Docusign Envelope ID.. oABABE61-A[A748CE-B9F99BBs7soAOBO Globa1Innov2tt0 Fund Report adadledf Jfri Deccmbei2024 Notes (loKtiEd) 16. Post year cnd cvents (noD-adjusiing) ,4Frer the end c)t ?024 reFM)rting period, (JIF rcccii-ed nOtitition ot 2 In2tcri2] changc in thc m2nagemciit strxtcgi.. ()f ()nL i)f P()rtE()lius rt%ulnn¥ in a plan tv ttaTi%E¢'r and %alL' it% l)U%jll¢%S. (-.11,' ini'LstfflLnt in this p(IrtFI)lii) 14 LXPLCtL.d t uffLr an e5r1matcd~9. 0 Im1rment in 20?- (71P current ini-csrmctit ITaiue in thl's portEolJo ]% Sl.6m as ar Dcctmbcr ,Idditi()naili". in Ila! and ..l¥n]%t ?O?i. thc B<)2rd ()f thL C,Ii)bal Inni)I'atii)n Fund appt(IK?td thc tran%Fcr <)f ctrt21n pottlolio inN'tStmcnts ro its ii.liolli' 0.ned subsidiiTh", (Jll.. CyroTrth Limired, in eNcliaiige for iitwlN' jKucd reb in ("[[', Cyr()'th l.imitLd. -ll)L t()tal c()nsidLf2ric)n Cnr thL%L tr2n%fets i4 LXPLCtLd ti) . apprnximatLlI' S15.7 millinn. C.()TnplLri()n c)E the tranbtLr% 1% subject tv thr finali*?tic)n vt le[ d(Kurncntation. 3) I P4Pt