Docusign Envelope ID.. oABABE61-A[A748CE-B9F￿99BBs7soAOBO
Globa1Innov2tt0￿ Fund
Report a￿da￿d￿ledf
Jfri Deccmbei2024
GLOBAL
INNOVATION
FUND
Report and Audited Financial Statements
for the year ended 31" December 2024

Docusign Envelope ID.. oABABE61-A[A748CE-B9F￿99BBs7soAOBO
Globa1Innov2tt0￿ Fund
Report a￿da￿d￿ledf
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-B9F￿99BBs7soAOBO
Globa1Innov2tt0￿ Fund
Report a￿da￿d￿ledf
Jfri Deccmbei2024
OUR GLOBAL PRESENCE
*4 • ••
•••••••••
**
m?*LW5
$12
71
37
31 P4it

Docusign Envelope ID.. oABABE61-A[A748CE-B9F￿99BBs7soAOBO
Globa1Innov2tt0￿ Fund
Report a￿da￿d￿ledf
3fr1 Decembei2024
INVESTMENT SUMMARY
$123M
• si?JMs
$43.5M

Docusign Envelope ID.. oABABE61-A[A748CE-B9F￿99BBs7soAOBO
Globa1Innov2tt0￿ Fund
Report a￿da￿d￿ledf
3fr1 Decembei2024
2024 IMPACT SUMMARY
157 MILLION
EAIX IKiiAR IMIESTEiI HI
ALREADY A[￿￿￿1&
Si
$9.
6 111N￿lATI1￿s
DUATED FRNI
IiIIIIIRTFtui
IN 2024
$8.40
$1.15 BILUON
TO OATE, INVESTlIEKts
HAVE IKIBIUSED $8.4011
cigtTAL FOR EVERY DOLLAR
INVESTED IMGIF
IE1Drn1￿11 ElIv￿l[l6 MARKETS

Docusign Envelope ID.. oABABE61-A[A748CE-B9F￿99BBs7soAOBO
Globa1Innov2tt0￿ Fund
Report a￿da￿d￿ledf
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,a￿le (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'L￿t￿Lntr OEficLr
.%Lninr INI￿n4￿n￿￿ Dirtctnr. Imp2Ct
-Ihx 7.￿Tr￿e (resi￿led 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 re￿S(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-B9F￿99BBs7soAOBO
Globa1Innov2tt0￿ Fund
Report a￿da￿d￿ledf
Jfri Deccmbei2024
Trustees, Report
Tht Trusttts prtstnt their rcport, the directors, repor( 2nd consoh"datcd F￿2￿Cl￿ 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 Tru￿teeS 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" T￿s[te$ are recLUited from the fOllo￿￿g 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.
'_{" T￿Ste£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.]L￿tlLI 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£lL￿tL.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 ￿e￿￿ter. The _4thlir & finance f.nmmirtee nE the Bnard receive%
quartLrli' updates Ft()m s1.nivr rnan8¥LTrll￿t 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-B9F￿99BBs7soAOBO
Globa1Innov2tt0￿ Fund
Report a￿da￿d￿ledf
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 I￿tfit 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 di*cu%%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 ￿.￿lIng￿t￿S 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-B9F￿99BBs7soAOBO
Globa1Innov2tt0￿ Fund
Report a￿da￿d￿ledf
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 'n￿aS￿lIng 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 (jrfi￿th Limitcd. 2 comp2n!. hmi.ttd bi Nharts. Thc %ub%idi2r)' btg2n
()p£'ratii)n* in ?0?4.
"I'lie cliariti. h<id no fundraiqing actKITirieb requ￿Ing dLqd(L%ure Uflder 516? l OE tlTre Ch2ritieq ,Icr ?01 l.
Siaicment of public bencfii
C.11,' w35 xrantLa chants. *tatu* iWth thL C.harih- C()Intnj4sjOTi tui l..n¥lanJ ana li alL4 VTi 97ilt January- 2017 ￿th the chari
ftutnber I1713j3.'llie ,Imcles ot.1ssociation M-ere ad(yted on 28di Xoi'ember 2016.
(JIP mccts thc de￿)1￿(￿ of a public benefjt et)riTh- under PIL% 10?
Gll,. ini'LSt* Ill thL al￿'ll()pMLllt, rikp()i()u% tL%tin¥. and sc?linx up OE pr()duct% scrvice
bu4jTiL%% pfocL*4, ur pulic}'
r¢furrn4 that are CO*t-etk¢ctiTr-L than current pr?rtic¢ and tarxeted al the IivL* Vt th¢ woria's. puorL4tpLuple.
(IvLr this reporutig PLriod. aiid in litit tht pals. (ill.. liaq appr()ved iniTe4tmcJits iii a broad rat)gc OF ii)noviti011s
rhL developin% coverin% Il)e thrcc Ihcmcs OF making public senllces work for the p)or, creatii)g productive
jc)b* and Lasin¥ tn2rkLt Fticts(>ll* nd Lnhgncing fi)r w(IrnLn and Lpirl..
Aims and purpose of the Charity
GIF'S mission is=
Tn qupp()rt Jnft(Iv2tii)n% that c()uld %calt up t() btntfit mi]linn% ()f ptiiplL n￿W living i)n It8$ than S51&}'; 2nd
'I'o in]prove the overall impact ot development expejiditure - pubhc and prii'ate, inten]2tional 2nd domestic - b}.
dcmc)i)btraring the ettectii-eiiesb c)f c)utcomc-c)rientcd, ei'idence-based li1￿c￿t￿leY)[.
C.Il', aims tL) SUPPUrt the global public of %en¢Tating rhar iiill collectii-LlTr- L)P¢l1 UP upp()rtuniriL4 and
improye live￿ for hundreds of 06pcople aitoqq rnultiple du'cloping countncs_ 'fo 14 ccompliqh tlll"q, C" 51 9cck￿ to
2ccelerate the dei-clopment, rigorous teqnng %(ahAg OE cost-etfecrii-e ]nnoiTrtioAq, ￿ partscular b!..
proild￿ an open globd ll]noi"anon plarEonn ro supporr pdollr￿ and teqiing JnnoNaJons for the world's
p()c)r in Lk.I'LI()ping cc)untncs. including bi)tli Ilic)4L that cvuld %(ale c()tnTnLrciall}" and t17C)4L that cuuld 4cale
thr()ugh fundinby b!. dtK'cl(*pinLi ci)untn" ¥¥()i"tinmcnts. d()ni)ts. &nd philanthri)p!";
proliding ￿an1b and maLinx (apiral Jni'L4mLnr% tu Kuppun thL transltii)D tc) ￿1]L UI..
innc)l-IUc)ft% dL*JgnLd ti) scalt ciimmLtcia]l! that h2N't P2%SLd & marktt ttst: and-
innoi"auons deswied to scale through public or phi]2nthropic bupport that haie rigorou4 cvidtnce ot
inip<2Ct and co%t cllcctii-ene%s' and
gencrating sigt]iticant e￿idenCe, leswns, aiid I￿o￿ledge to share ￿7th partner institution% 2% ￿tIl a% thc brnadcr
development cotnmiiniry-.
91 P4it

Docusign Envelope ID.. oABABE61-A[A748CE-B9F￿99BBs7soAOBO
Globa1Innov2tt0￿ Fund
Report a￿da￿d￿ledf
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 L*pLcialli' inr<rL'*tLd in inn()i-ati(Jll* that im￿1(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.%. bu*inL%* 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<tirutioii or inthiidual.
C,11,' s¢¢k% tc> fill tnarkLt ¥ap% and is ¥5￿¢￿]1￿. intere%t<d in 4uppVrtl￿ pr()mi%ingJ jnTiOI'atic)n4 that ma!. uthLrwi*¢ %trug&ilL
to flnd &ippri)prixte torints ()f tuiidit)g ti)r (Trbjectiveb that alwi ￿ltI) thi)se ot lJll'- e.g. pi]otiiig devel()pinent inn()N2ti<)iis,
thirJn¥ tigljtuus ¢vidLnce vFirnpact ()r achii'vinx ¥rLqtei sca]¢.
Grants
CJII workq ￿1th a wide range of inqtimtionq ro fiind specific research projcct%. l)aTrnncAt ot grantq iq conditionxl upoft the
PLrf()mllnct nf kcl Ilhtit such rcm2in inc()mplLtt, pal.mtnt LN NI1thhtld. (; II'- OPLf2tc% an annual ttN'ic
pr()CLS% whLrLbi' %rant% arc rLWiL￿VLd ro Ln4urL pr()VLK4 i% bLJnX rnadL and thL pri)yammL C()rnpliL'K ￿1th LYPLcrati()n4
bttorc coiiui)iiiiig P&iFinent is confirmed. .1% a rctsuit. the hrit pal-ment ot each grant 1% madc ui) tront, ￿'1th turrhtr
pa}Thent￿ contingent on the above tK)hcy_
Re$etyes Policy
The approi'ed reberves poli￿ intendb ro en%ure C,IF is in a posirion where Ir holds sutficient worknng capital to fulfil 4horr-
tLrm ci)ntractud xnd con%tructi￿C ini"cstmcnt commitmLnt% 2% well %ufficitnt tundf t(} cnkcr medium term (Iptrational
cxpinth"nirc. 'Ihc Re5eTh-cs Pokna- 15 approi.ed b!- thc board ￿ Ilnc Riryth thc reqU￿cMCnr5 OE GIP'S doiior goTrEnimcnts.
'I'he charin. aims to h&il-e trce re%eTh'es Ot Sim ro %t2!- in ]ine ￿7th the approi-.ed poLic!- taking into account tht i'ariablc
jfllTL%tmLnt c()rnmitmLnt% It rnakLb rhL l-ear.
Investment Commitments
(Jll,. iiitefid% ro linld xlltlicitt)t fut)ds to Eu]fJ] ani- di%burxemet)ts rclacitig to coJicr2Ctual iiid con.qtrucrii'e obligatioiiq falliiig
duc In the preceding M-eli-e fflonrh%_ (-urrcnr Ici'cls ot ini-eqmicnt con]mitmcnr% are qhown in iirjrc 13 to the accoiiiirs.
Operational Expenses
l)pLrarionai cxpc'nscs arc those inLI]rrcd through rh¢. iour5c OF running GIF'S offices. Lrnpli)I'ing %tafF anLI fflaking
inve%tmentb. -I"hc medium-tenn FaLue of reserves rd2te to [￿-ell-t inonths. costs as per the most receiit operational
bLI
it i)r F()rL￿a￿t.
(;11,' 2im% ti) hnld 2 minimum lei'LI c)E woikn"n¥* capital of Si m￿l()rt. in ordcr to accomm(￿ale any invt.%trntnt 2Ctiviti'
bLI'()nd thL tifflc. hc)rii()n4 indicatLJ gnd ani" uTrt(?rL'%LL￿ CC)sts.
.1 otal F'unds on 31qt Decertlber 2024..
533_08tn
Re%tricted E'un(Ls
r()Tn unrL*trictLd tund
I'unding (.omn]itments
I,rLL RL%trn'L% BalancL
IS9. Irn)
(S16_7ffl)
r,rLL fL%LfvL4 afL I()WLf than that 4tipulatLd within tht appr()￿La sx)lic!-, thnukh 2rt LXPLCtLd t¢) &Fradu&lli". incrLa4t t()Ili)win
the bUCC¢bbfu] ren¢¥vtiativn¥ VE a n<￿. Eunding LTr"Ll¢ ￿1th Gll,-'b prinopJl Eundets Jnd Ervffl rI¥￿- ini'¢btffl¢nts Erutn
thL 13unch i)F I,unJs. C-.11,' L YPLCt% ti) build rL%Lr%'e uithin l?_18 rni)nth in linL Iilth its LXPLCtL.d incrLasL in inci)TnL.
10 I P4Pt

Docusign Envelope ID.. oABABE61-A[A748CE-B9F￿99BBs7soAOBO
Globa1Innov2tt0￿ Fund
Report a￿da￿d￿ledf
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'i*tmLnt% 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¢ im￿l[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 SolF￿g 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
LntLtPri*LS, 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()p￿Ln1. 6ri)m q¢art-up and pil()t-tLKtin% rliri)ugh t() larxL'r
calL irnp1LTnL￿tratr()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 I1￿c4 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(imi*Jn¥¥ 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<ourcc mobdisation, sucli a* ui incrcaqijig tax
)rnpliancL in dL'pLI()pin¥ cc)unttiL% ()[ SUPFN)rtinbt rL'rriittancL fl()￿.
l)uriiig period geopolitiC212nd ecotioinic unccrt2iJin' Continued to ncgatii-cli. impact thc fuiidis)genNironmcnr, %li)wing
JLa%J()n-tnakin¥ in dc)n()r y¢nLILN and rL.duiiny i)l-L Tall 2id IiuJ¥.¢t
i)nLthLILSS WL TnaintainLa a %tri)n# TLlatii)nsliip with
()ur Cxistingy di)n(>rs, idtfttifiLnby (Trppi)ttunitiLs t() 21i¥m *tr2itgJL l)bjtCtii"Cs, Lnh2nce c()112b()rati()n and %upp()rt kn()wltdgt
shi£ ring. In rallcl ive actiNtlTr cngagcd uryth porentiai ne1￿ funders who align ￿1th GIP'S impact first, tlrydcnce-b&￿￿td
invcqtmcnt approach, Including prii-ate Investors. phJlaArhropLe% and goi'eniment doAor%. as set out in our ftjndraisiiig
st[atL.￿. Th¢s¢ cr)ni'trsativns will c()r]¢inUL in ?0?
-) C-.11 tt) m()bilis¢ adJIiivn￿ capita] in pur4uit c)f suoal rLtums.
11 I P4Pt

Docusign Envelope ID.. oABABE61-A[A748CE-B9F￿99BBs7soAOBO
Globa1Innov2tt0￿ Fund
Report a￿da￿d￿ledf
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%ti￿Y mctl)c)di)lo¥J!'I, (;11,' eXPLCt% it% pnrtfnhn
of esidence-bdi%ed grantq and risk capital ini"c%tfncnt% to ￿ne￿Il 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 In￿l￿t￿l￿t￿ lia￿l. 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 LrnLr￿iIy fflarkLts. ,% launch Ll'LlIt wa4
hosted in IT'2shIngto￿ DC, at thc IIK DtpuTh. ..knnb2ssador's residence, ￿.htre GlI,- annc)unctd c<Jmmitmtnts
frotn the b'orcign Coinmonm'calth and Deielopment ()fticc (PCDC)) of thc L!.K. goNtrninent, U
L)eN'cli)pmcnt I'jnancc C.orpor100n g)l.(l and the Kor￿￿ IAiciThitioThil Coopcr41tioA.Igcnci' (K()l(".l), with
kLI di)fii)r% 2nd ini'L%tLL% Jn attLnd2nct. IhL fuJ)d Is n¢>w <)PLf&ti¢)n21. *Lt t(1 ini'L4t irt ?02i in bu4inLSSL4
posirioned for commerc1411 scale. helpijig to bndge the 'Miss￿8 middle, ￿ deTrElopment finance. 'IhE C?ri)Thth
wLb%ltL and launch i-iaL() i￿£[L 31*v publi4hLd_
Wc scaled our climatc adaptation and rcsA]iencc portfolio: CTIF'S ntw Llimait adap12ti0n 2nd resilitnit
porrtolio Xrcw siwiifJcantli' ￿ ?0?4 dind 1% f￿1p1a11- bewnilliig to Sho￿ resulr%. lil total (J11.' iIINCSted $33
rnilli(In in 18 cliTnatL aL?l% ana.4upp()rrLYI 48 rnillii)n tN-C)pIL ti) adapt r(} clifflatL chan¥L- iinpact4 iii 20?4.
We further commitied to advancitig women's ecotsomic empowetment CJLndLr Lqualit! is b<)th 3
invLStmLnt ihLmL and x %tr2tLKpiC gnal fnr Cjif. CbIf ha% Ix*n in%'Lstingw in &¥LndLr transf(Irm&tii'c inn(Iv2tic)n
iftce ?018, Includin2 14 iieii. gendcr-E(Kii%ed Cl￿nIte change ini'e%mient Jji ?0?4_ In ?0?4 (Ill joined rlic
(-hallLnxL.-I'hL. ?X (-hallLngL 1% a rnulrilatLral c(Mliri(m c)Epublic and prii'atL %LCtI)r ini'L.st()Ts wh() liai'L plLd%Ld
to inTrtst SIO l)Jth"on in 74"omcn's economic tmpoii'ermtht oitr tht ntxt thttt i"eats. This commitmtnt builds
on our goal to nwinuse gender equdin. imEYaCt acros5 our portfo]io. GIF'S follow-on inve%tment in 545 in
90?4 ib ()ur fir%t ci)ntnburii)Ji r() rhL ?X l-hallL'nxL_
Sharing of knoTh4tdge of what WOTk5 in developvnent IX c continued to infliiencc thc field anLI share our
décisionb.'lknis includeb tuJith"n2 ?) randomi%ed control rrialq (to darc) dni'tjig evidcnce-led innovarioji. lTrelpiJig
gcntrate 18 Peer-re￿£￿'ca journal piiblications influencin% thin]u"ng and Fmrtncrqhip￿ ￿1th 42 uAivcrsittcs.
GIF,'s tne35wetnent and ifflp3Ct 3ppr03ch u7s cired as the £old st3ndatd in rhe %mi
iK.111) ITn
IIL
)(>n LindLrsiotin,¥ GIF'S IL&dLtsknp in cK"idcnLL-bi%td clim2tt-comp2tiblt ¥yr(1￿th.
Wc cnhanced our focus OD localisatiot): C"Il-' i>n]i" bacL% inni)i"atic)n% th2t art rcltNant tc) li)c21 nttds, and
t scek to direcr more of our Eunding tO￿ar(L- I￿all￿ headquartered organL%2tioii%. 1S1- expandiiig our
invcbtment te14 ffl in Ni ,￿lI[0b1 &?nd Singapore. wc incre14%¢d ficc to tace enArygement witli Ioc411 st2kch()Idcr4 and
tml)LddLd ()ur4LIvLS 1)K)fL cln.4LI!" ￿1th1ft thL l()c2] L￿￿1"￿tL￿n. Th1% incrLa%ed nur abjliti. t*) idLntifi. hibyh impact
local inn0￿[1(>￿%, borh localli led aq Thell loca]li hc41dquartcrcd.
121 P4Pt

Docusign Envelope ID.. oABABE61-A[A748CE-B9F￿99BBs7soAOBO
Globa1Innov2tt0￿ Fund
Report a￿da￿d￿ledf
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 pur*uir of govcnimcnt
nd cc)tpnr&tt partntrs IcNtrd¥Jing
t￿￿ting donoI siipport where
-Dii'LfsJfiin¥ SL)urces utr capital
th ()11,' C)r(Trwth 2nd Thtii'c
Imp£lCt ribk
Lnvebting In Er1gJ]c ￿L￿rker5 Jncreases rhe risk of backing ￿"s0[0U
itin0￿￿tionS 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<UfCd.
"I'hcNc risks hc2ve, E14 r, proved rniin1gcablc. .1 fijll!" enCOm￿SSing corporate nqk [c￿￿ter is updated 1nd reiqewed b) the
,.ludit 2nd I,ii)ai)ce Committee and the wider Ik)2rd of -1 rusttes.
Goals & Key Objeciives
L One Mission: Multiple Vehicles: GIF"Core" 2nd GIF knuih.. IK'C have recogrnsed that GIF'S unique model
an supp()Tt n()t c>nl!' thL aLpl()}-tnLnt ()E Otrhcial DLTh-Ll()pmLnt l*slsf3llCL but can als() create unique iTnpact fc)r
pnol* nf rctumablL capiid tli2t ini c%tcd in morc traih"tional imp2ct in%"t%tnr%.
One Mission: One Delil Team- -Ihe poi*cr ot thc (Jll.. t￿M LN th14 t bring ti)£crlicr ri£orous ec()nomic
nals".%i% &ty<>undLd in Lb'idLnct. a dtLP undttst2nth.ng ()f tht ci>nttxt in ￿"hI£ll (iur inn()N'atsi>ns c2n sc2lc. financial
aciimen, a Trennirc m]nd-%et, 14 nd an abJb"n" to rake %rn41rt rigk%. 11 c liai'c Icarned thar the kei. ro unli)c]ung rhc
pnwtr (JF thi> cnmbinatiDt) ]% to %rrUcn￿¢ our%tlvts in a wai. that draivs on the resource% frnm across thL (Jll.-
tLaTn and brL3k.. dc)wn ()rgryni*atic)f]al 4110)
131 P4Pt

Docusign Envelope ID.. oABABE61-A[A748CE-B9F￿99BBs7soAOBO
Globa1Innov2tt0￿ Fund
Report a￿da￿d￿ledf
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,
dill￿nce, and I,enn￿e %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 cli￿lIe Re511ience Fund, at C()P96. ￿1¢h seed Eundin£ (roin rlie L'.K Foreign. Commonwe31th and
I)l￿'tI￿pmtnt ()fficL. ￿'t %c(u￿a 2dth"tion31 fundmg cnmmitmLnt frc)m tht %wcdi%h Inttmatinnal I)C￿e10PMent
(-(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]l￿trategiCal[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-B9F￿99BBs7soAOBO
Globa1Innov2tt0￿ Fund
Report a￿da￿d￿ledf
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.%tind￿d5) 1nd applic2ble hw.
lJndcr companw liw thL Tru*tCL% 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
PphC￿ti￿n 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 (ollo￿ta, <ubject ro an} fflarcrial dtparturt
di*il()sLd and txplainLd in the financial %tatLfflLnr%-
prLparL' thL tinancial %tatLr¥JLTits c)n the going concLm ba%j4 unlL*% jtIN inapprc>priate prLSUme that thL cornpan}
ill coiirinue in bu%ines%.
"I'hL -I'ru%tLLS arL rL'sp()nsiblL fui kLLping adLquate accvunring rLc()rd4 rliat arL' %UthciLnt r() .4liiiiv and Lxplain rliL
cnmpan! % triIL*actinnN and di%clr)*t Vlith rta*nn2blt 2cciJraci" at ani" timt tht fin2ncJ2] tK)sitton nf tht cr)mpani' and cn2blc
thLm t() L'n%urL rhat thL Iinancial btatLmLnts c()mpl!- i*irh tliL r.i)rn]yAniL
ct ?IXX). -IThL!- arL als1) rLsp(iusiblL l()r thL
altguard i)F the aS%el￿ c)t the comFyan) 2t)d hence ti)r taknng reas()112ble siepb t()r the prei'eiitii)n aJ)d dctecu()n ot fraud
2nd otlier irregth￿2ritlC￿.
IA %0 lar as each ot the Trusteeb are aware=
there L5 rel¢%ant audit inEvrrnativn v[￿-hich the chatitable cornpani"'5 auditvrs ar¢ unawarL'
tich ttustLL txk"Ln ttll thL sttP.% th2t thLI" ￿h1)Uld h2I'L tskLn tnLSttt in (IrdLr tci m&LL thLm%LII'LS (Jf
anr relei-ant authr ￿torm%tiOn and to estabh5h that the chaurable compan¢s auditor5 are xware of that
inE()fTf13tt1)n.
Tht Tru%tCCS 2rt ￿SpI)n1Lb]e f()r thc matnttnancc 2nd intcgriti. i)f the ci)rpnratt 2nd financial infnrm2ti()n includtd i)n thc
charit£ible compan!-'s ￿-ebSite. Le￿slation ￿ the L'nlted knJ]%dom £oi'ernlli£ the preparation ￿la dissem￿14 tion ol fin41fici<i1
st2tLmLnts differ fr(Im ILbYi*l2tinn in ()ther iuti%dJ"cti()JL%.
Thi4 rLP()rt bLtn prtparLd t2kJng 2dvint2LFt nf tht pr()i'i%i(m% c)f the C.(Impnit% .4ct ?(K16 availablt f()r SM￿11
companicb_
The T￿￿tee,￿ Roort,pwd%Kderrhe CknttesA¢Y.WI l Andthe Ad_ryJ06. bj the Trnslees. I￿£.
dirtg IN their
Sbjned by..
951F870A￿F4BE
James Clark
Chalr of the Board of Direclor5, Global InnO￿all0￿ Fund
17 September 2025
li I P4Pt

Docusign Envelope ID.. oABABE61-A[A748CE-B9F￿99BBs7soAOBO
Globa1Innov2tt0￿ Fund
Report a￿da￿d￿ledf
Jfri Deccmbei2024
Independent Auditoes Report to the Members of Global Innovation Fund
Opinion
I'e hai'e au(h'ied the financ￿1 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 flamLi￿o[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 r￿r 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(￿a￿lS 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 incILPL￿aC'￿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 ￿l￿1￿can[ 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 i￿htn 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%￿n￿1blc 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 kno￿ledge i)brauicd in the audir or or11eTh￿se 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-B9F￿99BBs7soAOBO
Globa1Innov2tt0￿ Fund
Report a￿da￿d￿ledf
Jfri Deccmbei2024
LS CnnSl%tcnt with the fll)2ncid %tstcment%" 2nd
the str14 te8ic report and the d￿eCtOrS, repor1￿ClUded V*idlln 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£ ncL11￿mtefflent￿ re not in agreemenr with the acci)unting recordq 14 nd returnq: or
Lrtain al￿(]()￿Ure* ¢)f trustee) rL'ffluneration 4￿Ctfied 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 expl￿ntd motc fdl!- in thc ttustces, ttsponsAbilt"tics statcmcnt, the trustccs (￿￿0 are also the directors ofthe Ch￿1t￿ble
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 ￿lIe￿il 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 rLali*tic
alttrnauve but to do 40.
Auditoes responsibilities for the audit of the fil￿1claI statements
( )ur i)bjcctiTre% 41re to ubr14 in reasonable 25su￿nce 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￿[L￿tt. thLI" cou]d rLa*onabli" 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 Conside￿d 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
tht*t 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 obt￿ni]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- trarric￿￿TTrrk￿ 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 [C￿lan[￿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-B9F￿99BBs7soAOBO
Globa1Innov2tt0￿ Fund
Report a￿da￿d￿ledf
Jfri Deccmbei2024
hw% and rc¥?dxtion% 25 Part OE 1u(h"t pr()cedure% the ￿l￿tea 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 ￿lt￿liA rlic charitable
cnmpan! and tht bryoup for fraud. and rLgd2ti0n% WL cnn%iae￿d 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'ru*tLL% 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 fi￿nCI#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 reluc￿7118 rtgu]iton' corrtgEK)ndtllCL I￿ltI) 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 h2￿C i)ropcrl}' p12niicd ajid ￿rf0￿nCd 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
con7pa￿eS .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-B9F￿99BBs7soAOBO
Globa1Innov2tt0￿ Fund
Report a￿da￿d￿ledf
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 ca￿￿dIon￿￿TdJS ui 31Ji DrfiYffjhr2024
?0.739
4,6)?
9.120
25J91
33,080
28,570
2).391
191 P4Pt

Docusign Envelope ID.. oABABE61-A[A748CE-B9F￿99BBs7soAOBO
Globa1Innov2tt0￿ Fund
Report a￿da￿d￿ledf
Jfri Deccmbei2024
Consolidated and Charity Balance Sheet
Fortheyeur e￿38￿37 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 CUr￿ll( 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 lU￿lus E()r thL finanii?l i'Lar dLalt iiithin the fina￿￿13] st3retnL￿t5 ()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-B9F￿99BBs7soAOBO
Globa1Innov2tt0￿ Fund
Report a￿da￿d￿ledf
Jfri Deccmbei2024
Consolidated Cash Flow Statement
Fortheyeur e￿38￿37 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 ￿Ve41￿C￿t8
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-B9F￿99BBs7soAOBO
Globa1Innov2tt0￿ Fund
Report a￿da￿d￿ledf
Jfri Deccmbei2024
Notes ¢0 the accounts
Accouniing policACS
COmpattyInfoA￿2t10tt.'
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 Stand￿d4 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 GrO￿th 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 toll0￿lng 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%c￿blC
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. Th￿t L8 21%(J a branch b2%td in
.%ing*api)rc.
Accoutstingestsmates A￿dI￿d£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 cx1￿*t% 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* thL*L e*tim2tL% 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-B9F￿99BBs7soAOBO
Globa1Innov2tt0￿ Fund
Report a￿da￿d￿ledf
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-all￿tIl)n% and Impa￿entS polici iiith a mulriqragc floii, chair and an411}'sis. W'e start bi.
lookJn% ar rccent th￿d-TyArn- valuatjonq including rccciit pnced invc%tment roundq. should rlie cxming i'aluc bc cqiial
or hightr th￿￿n our EM)ok i￿1￿C then no 41djuqtmciit to tH)ok i￿1￿C 1£ madt. l(] the ab<cnce ol a rliird-parry.. Naliiatioii,
we conipxrt pcrforrnince 10 budget. 111)tre t1)￿e is no material deviition. no adjustmtnt to book I'a]ue is m2de.
I,inall!." IvhLrL thLri. has bc'tY] a fflatLrial undLy-Tfi)rrnancL l)udgp¢'t. ￿¢. Ic)(>k qt rhl. Iqtc'sr bu4inL44 plan and Ii)rLiasts
in <)rdLr ti) ani. l()nx-tLrtn i-a]UL IrtipajirriLYit. IlhLrL thLfL is nu fflatL'rial in thL lun&'-tLrtn i'a]UL, n
aajustfflcnt tc) bc)ok iTIuL' Is tnaae.
meASUre￿ent COJ7ventio
-lThc. fin*iniial ￿tatl￿ric￿tS prLpirLd cm thL hi%tvric?I c(?%t LXC¢Trt f()r ayji" s1)cial jni-L4tmL'nts Fc)r ￿h]Ch it I
Cl)Ti*idLrL(I that a rLliablL L.4tifflatL i)tr fflarkLt I"aluL LNj%l4. -IThL rLlJtLd tingncial ill*twfnLnt* arc cla**JfiLd at fair %'aluL
throiigh income and expense. Ilffiere an accLirate cqtin]ate OE fTL1rkcr Nalue IN iiAai-Ad2ble the mvcqrmeArs are stated at
cost with an aqqessment lor imFairtthenr taken at rlie }-vAr end.
Foreign currenLy
(711 operateb in i Currencies.. LIS DolL1rq, PoLind.- Sr¢rlLng, Euroq Swcdjsh Kroner, Indian Kupeeq and Canadian
Doll2r5. '1'ransacuoAs In lorei4n currencies are recog￿9¢d in die group's sraten]eiit OE Incorne 311d expense in U%
l)()Ilars (rhc fijncrional currenci), at the lorewi exchan%e rare ruljng at tlic dare ot rlie traAqacrioA.
F.xchan&yL ftItLs IN'jthin thL 2CC()untlllgF %!"%tLm 2fL uplatLd autnmaric211!" c*n 2 dail!" 1.4. 1,(>r thL pufpn4L C)f thL fir%t
pLri()d c'nd. ffli)llLtary" O.%NLt* liabilitiL% dLn()tninatLd in ti)ILikm CUrrL￿rIC￿ at 31, 1)L'LLmb¢r ?0•4 irL traTi*latLJ t()
Ll% l)(>llars at thL cl()%in¥ Fi)rLaxpn Lichan¥7L rJtL rulinx ()n 31.-1 1)LCLfflbLr ?0•4. 1,UTLJX7n Lichank?L aJFfL'TLllCLS ari%jTII
on ttan%lation arc recognised in the %tarement of income and elpenqe.
-l-he funcuor]21 ciirrenc} of the %iib%idJ'iTh' ts Lfs Dnllar* Ihtrtfore no curreiiu. th'fferet)ce occurs oil con%olidatini)
with tht Lir<)up accnunt%.
-1 rade and oiher debtc)rs are recchgnised initialli at transaction pnce Itss ani.. imp2irment. 'I'rade and other credit()rs
arc recognibed it)iti2]li at rraiisactioii pricc plus 2[tribu￿b]e trai)sactioii cost*. (.2sh aiid c2qh cquii'alti)t4 comi)rigt
C25h l)2lincLS 2nd n()tiCt dtpn%its. It%5 th2n th￿t m()nth.%. ThL accnunting pnlic!, fc)r *()cJa] Jni't*tmtnt% i* Stt nut
LpaTatLI!- bLII)Iv.
..IU inc(Imt 1% acc()uftttd t()r i￿"￿ett C;l()bal Inn(1i."21i()n l.und h2% tntidtmtni thtrL i< pr(Ib2bi]itJ' nf rLCLlPt, and tht
am(iunt 14 fflL'a4urablL. 1,01 grant inc()ffle thi% LL*ualli- I￿]7¢n the ini-.i)ic¢ FL)r paiynent js rai4ed.
Lntertst rcceiN'<iblc on rhe noricc dcpo%if% tlircc rnonth.-) 14 recogni.-cd in tlie income and cxpefiditiire account
thti. accruL. usin¥y thc tEfLCtiI L Knttrc%t methi￿. RL￿1￿Ld and LU)rexh"%td fc)It4n cuttcnci" g2in% and 2tt
rcporttd on 2 nct b2%iS.
Expe￿Se$
Expenses arc rcccjgniscd on 2n accrual's in the pcriod t(Tr which thu. Iclate.
.111 cnst% art allcjcattd tc) dirLCt charitablc aCtii"itit% raising fundg. Suppnrt cc)%ts #rc gllocattd cithtr dircct cr)st
as5()ciatLa with thL ITiI-t%tfflLnt (>r indirLct ci)bls.
231 P4Pt

Docusign Envelope ID.. oABABE61-A[A748CE-B9F￿99BBs7soAOBO
Globa1Innov2tt0￿ Fund
Report a￿da￿d￿ledf
Jfri Deccmbei2024
Pension costs
Gll,- ()per3te* a dLfJnLd cvntributi()ll scheme for itN etnplo)!-ee% and cc)ntribute% I￿10 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% th￿￿t 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 r￿Trrd5 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't*tmtnt lund> and p2rtntrship*. 2nd *imdar %1)(￿ lA￿tItment.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 t*tim2tL <)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.
I￿VeStme￿t￿ 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-B9F￿99BBs7soAOBO
Globa1Innov2tt0￿ Fund
Report a￿da￿d￿ledf
Jfri Deccmbei2024
Notes (loKti*￿Ed)
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 ($0(N>)
GoYernTnent income by counts)"
5wLdLn
IlnitLd Kin￿￿a1)M
(781
6,481
20,435
6,403
2024
2023
USD (SOOO)
USD (So￿>)
Inve$tsnent Income and othet Income
Inc()rnL Ir()tn ini-L*ttnLYJt
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-B9F￿99BBs7soAOBO
Globa1Innov2tt0￿ Fund
Report a￿da￿d￿ledf
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
B￿aht￿
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
unl￿tr51￿. 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-B9F￿99BBs7soAOBO
Globa1Innov2tt0￿ Fund
Report a￿da￿d￿ledf
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/lntLre*t 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 ￿.h￿ll}. owntd %ub%idi2r! ((;11.' Cjrnwth limittd)
5,096
Total Investsnents
16,841
21,938

Docusign Envelope ID.. oABABE61-A[A748CE-B9F￿99BBs7soAOBO
Globa1Innov2tt0￿ Fund
Report a￿da￿d￿ledf
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, undertaki￿g
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-B9F￿99BBs7soAOBO
Globa1Innov2tt0￿ Fund
Report a￿da￿d￿ledf
Jfri Deccmbei2024
Notes (loKti*￿Ed)
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
￿￿4￿nce brought EorwaId 1st Au￿￿ri.
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-B9F￿99BBs7soAOBO
Globa1Innov2tt0￿ Fund
Report a￿da￿d￿ledf
Jfri Deccmbei2024
Notes (loKti*￿Ed)
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<l durinkr tht PLrind. 2na]1'4td bj c2tLLT(>ry'.
Group
2024
Group
2023
USD ($01)D)
USD ($000)
Category
In*L%tmLnt
io
10
nal}'ucb
.Idmmistration
28
29
Tbe w£u¢etym116JSts rflhesepe￿0Th5 were asfolthjys..
3,037
?)9
.%ocLI1 %ccuritt- co%tb
l-nntnbuttl)n% t(> dtt-JnLd conttibutinn ptn%inn Pla￿
C)ther cMpIo￿.CC bcnefitb
C)thtr %taff costs
30:.
-,90
583
175
?16
4,310
3,814
301 P4Pt

Docusign Envelope ID.. oABABE61-A[A748CE-B9F￿99BBs7soAOBO
Globa1Innov2tt0￿ Fund
Report a￿da￿d￿ledf
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 I￿7th1.￿ rlie ￿￿e£￿te Coqfs table in iiott 10.
31 1 P4Pt

Docusign Envelope ID.. oABABE61-A[A748CE-B9F￿99BBs7soAOBO
Globa1Innov2tt0￿ Fund
Report a￿da￿d￿ledf
Jfri Deccmbei2024
Notes (loKti*￿Ed)
11. Finan￿21 Instruments
The caroing affl(iunts 1)Fthe financial aSSLts and liabilitiLb jTiclude
Group
Gmup
2024
2023
USD ($000)
USD ($000)
Financial Instruments
￿￿42￿CIal .,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 impa￿ent cliai2e ()151,966k (?0?3.. Sl,05 Ik) W14
recog)ised in the accOl￿t5 within charitable ini'estmciitts on tlie fact ot rhc %tatemcnt ot Fi112ncial Position.
321 P4Pt

Docusign Envelope ID.. oABABE61-A[A748CE-B9F￿99BBs7soAOBO
Globa1Innov2tt0￿ Fund
Report a￿da￿d￿ledf
Jfri Deccmbei2024
Notes (loKti*￿Ed)
12. Funding Cotnmitsnents
2024
2024
Risk Capital
Commitmettts
2024
Grani
Commitments
Total
3.335
304
3,639
Total annual corr￿￿tment
4,001
304
4,305
13. Trading actlFities of subsidiary
(Tlobal Iniiovation Fut)d: 2 noti-profit $ub%id￿Th-. 1% regigttred in the L-.S11.-I--IN 47-404i0861, locattd in IX124hingtoii
r)C. had thL fullL)￿-i￿g 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-B9F￿99BBs7soAOBO
Globa1Innov2tt0￿ Fund
Report a￿da￿d￿ledf
Jfri Deccmbei2024
Notes (loKti*￿Ed)
C.l[,' cJ[c)￿th J.imittd, a [()i-p￿Trfit 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 p￿d U4ing unrcbtnctcd 6und%_
15. Relatcd party di5c105ure
Trnstets
Nonc of the-l'r￿stCc% h&ql'e bccn tnid ani. remuncr2ti(m or rectii'ed ani. othcr I￿tfil5 &nm cmpln}'mLnt with
their charih. or a rLlatLd l￿tiM..
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-B9F￿99BBs7soAOBO
Globa1Innov2tt0￿ Fund
Report a￿da￿d￿ledf
Jfri Deccmbei2024
Notes (loKti*￿Ed)
16. Post year cnd cvents (noD-adjusiing)
,4Frer the end c)t ?024 reFM)rting period, (JIF rcccii-ed nOtiti￿tion 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 Im￿1rment 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.. Cyro￿Trth Limired, in eNcliaiige for iitwlN' j*Kucd 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