Company Rcgisti'Rtion No. 10986594 Regi$tered ChAYity No. 1176782 The ELMA Foundatioii (UK) Annual Report and Financial Statements foT the yoar othded 31 December 2023 The ELMA Foundation (UK) CONTENTS P8ge tkgftI And 2dmSnistrattve Informatlon Tvustèes, i'epoi't (IndudSng the strateglt report and 5Acorporating the direetoys, report) Trustees, J'esponsRbilities statement Independent Audltor's report St#texnettt of firtxtttial activities li Bglance Sheet 12 Cash flow statement 13 r4ote5 to the financial stfitements 14 The ELMA Foundation (UK) For the year ended 31 December 2023 LEGAL ATrID ADMINISTRATIVE INFORMATION GOVERNING DOCUMENT Meinorandum and articles of Association dated 17 O¢tobei' 2019 COMPANY NUMBER 10986594 CHARITY NUMBER 1176782 REGISTERED OFFICE Third Floor, 20 Old Bail¢y, Ltrndtsn EC4M 7AN TRUSTEES C Calder R Calder R Dougl25 E Graham M Lan¢aster BANKER l.P. Morgan Priv&te BAnk 60 Victoi'ia Emb&t)kment, London EC4Y OJP SOLicrroR Withers LLP Th5rd Floor, 20 Old Bailey, London EC4M 7AN AUDITOR Delvi¢te LLP l New Slreet Square Londo EC4A 3HQ The It LMA Foundation (UK) For the year ellded 31 December 2023 TRUSTEES, REPORT (includiiig tlie Strategie Report alld incorpoi'ating the directojy, report) (eontinued) The F.LMA Fotslldation (UK) {the"Charity") is a private ¢ottip#ny limited by guarantEe. incofj)orate￿T￿¢ biidg¢t and grani o¢tivi¢i¢& is developed by the grant recipicnt. Thc Trustccs collcctivcly consEdcr thc gi'ant And if approvcd, communicatc thcir intcntion to grant up to the full grant terni hoivever only commit to fuiid th¢ initial pl￿grami￿¢ period (usually twelve months). 'Ihe Tnist¢¢5 exp¢n5e such dssbursernent, with each subsequent disbur5ernent F>eing quhjeBt to review for c*)mpliance with specsfied performartce criteria and cortdittons for release of disbursemcnt. DL)ring the anniial irview, the proElfSS of iht grant Is assessed and if applicable, the siibseqiiellt year's work plan, budget, specified peifomiancc indicators, niil¢ston aiid deliverable5 are agreed with the grant recipient 8nd atnended accordingly. Further. failure to satisfactorily meot tlic grant conditions or Ef there are significant changes to any of the budgetary and other assumptions on whicli thE ChaTity has relird iii making the grnnt may result in Ihe terniDdtlQll, 5uspensi<)n, 8djusting the tiitting andlor amouni of the grant, or all¢mate Conditions being imposed ihereon. STRATEGIC REPORT AchieveThents and performance During theyear the Trustees approved grant disbtjrsemettts lotalliDg £4,086,574 (2022.. £4,85 1.6711, of which £1,535.859 were follow-on disbuTsenients from prior year award512022.. £4.393,337) and £2.550,715 WEr¢ for awards approved duiing the year (2022.. £458,334). Of the total grdOt disbursements, £1,927.526 (2022.. £3.743,337) was made to the Royaj Commonwcalih Society for the Blind la.k.8. 'Sigliisov¢rs"l. Th¢ Charity's 2023 dÉsburs¢m¢nt part-funded continuing gupport for Sightsaverg. AeceleraTE progi'amme in a8SiSting ten Afrscam countries overcome the hurdles of trdchoma elimination, £tEd mass drug admini5ti*ion5 for onchoc¢icia515 and ]y￿phatiC filariasi5. to treat 5 1.2 million people in three African countries. Other grants made amounted to £2,159.048 12022,. £1,108,334). Of this, £l,QOO,000 was awarded to Camfed ini¢rn&lional I"Caiiited"I 12022.. £Nill as pait tuttding towards Camfed's six-year endeavour to triple their impact and support tive million girls on the path to giTrduation across five African Gountries. FurthpA' details of made by th¢ Chatity ¢an be found in note 5 of tlie financial Slatemettts. Financi¥l review reseryes Tbe Charity neitlier seck8 llor receives funding frotn the general public. Thc Charity received donations of £7,OOD.000 during the y¢aT {2022.. £Nill. 'I'lie interest incoine on Gash T¢S¢rves was £88.829 (2022.. £11,664). Ch3Tltdble ExpBndiluTe amounted to £4,182,438 (2022.. £4,944,946), where grdnt futtdin8 accounted for 97.70/D12022.. 98.1%) and direct and support costs (including governance costs) accounted for 2.3P/D (2022.. 1.9/01 of total charitable txpenditur¢. Tjie ChÈrity's reserves poli¢y is to niaitttain, at ¢he end of eatl) ac¢ouitting period, casli aiid cash equivaleiit reserves to covei'onc year's grant disbui%cmcnts on activc gi'allts plus one ycar's b￿d&£t¢d opcrating cxpcnditsirc. As at31 Dcccmbcr 2Q23, th¢ Charity had iinreslricted re5ervcs of £5.449.226 (2022.. £2,542,835). whirh w?5 in ¢xG¢ss of requir¢mrnts of ils resetwes policy. Of the unrestiicted reserves, cash 2nd cAsh tquivalertt w&s £5,461,612 12022.. £2,567,656). As Al 31 D¢cember2023. forecast conditional disbursementsthat are subjectto annual reviews duringtheyearendirtg 31 December 2024 are at m05t £5.073,35812022.. £1,535,859) and direct and 5UPPOrt cost5 ar¢ not ¢xp¢Gt¢d to exc¢¢d £105,000. The ELMA Foundation (UK) For the year ended 31 December 2023 TRUSTEES, REPORT (ineluding the Strategie Report and incorporating the directors, report) (continued) FUI'URE PLANS AND GOING CONCERN Thc Charity intend5 to continue to 5UPPOrt reputable and itnpaciful charities whose uliimate beneficiaries are the children and young pEopl¢ need in the continent of Africa and the UK, all in pursuallce of its Objects, whiGh are entirely tharitable. Tt endeavours to further its Objects by PUTsuing the strat¢gi¢5 Outlined in the Investmettt Framework ill ihe short to medium tcrm. Activities for the upcoming year include tnonitoring aRd r¢viewirtg the existing grants and contiiiuing to actively PUTSUe grant-makiDg opporlunilies in furtherance of its Objectg. As highlighted above, the Trustees believe that the ChaTity ha5 adequate r¢sour¢es to ¢onlittue its operations as a going concern and mect it5 commitments for at least the next 12 months from dale of gtgninE the financial statements based oll the amount of unre5trict¢d funds held at year end- see furihcr details undcr financial rcvicw on page 4. The Charity is not Engaged in fundrnising with the public, either directly or through third parties and expects to r¢G¢ive donations to cover future grant commitmejits as they fall due. 'fh¢'fTU5t¢¢s recogni5¢ th¢ Ghallenging effects of the global economic events including the w5t-of-living crisis and geo-political uncertainlie8 and should Iherc be an increase in grallt-making activitie5. the5¢ will b¢ supptsrted by additioijal donations, ensuring the reserves policy is met. AUDITOR Deloitte LLP have cxpresstd theirwillingne5S to continue in office and will retnain a5 auditots unless aresolution is passed by the Charity changing this Status. The Truste¢s' R¢port, including the Strategic Report, was approvcd by the Board and signtd Oll Its behalf by.. Martlll Lat]caster Trust¢¢ 30 April 2024 The Ei LMA Foundation {UK) For the year ended 31 December 2023 TRUSTEES, RESPONSIBILITIES STATEr￿£￿T The Tiwstees {who are also director5 of Thc ELMA Foundation {UK) for th¢ pUrpo￿S of company law) ar6 r¢5ponsible for p￿parIng the Trust¢es' Annual Re￿}rt and the fjnancial statements in accordance witli applicalile law Ilnited Kittgdom Accounting Sland2rds (United Kingdom Generally Accepted Atcountirtg Practicc) incllldinE FRS 102 Yhe FinaJJcial Reporting Staijdaiyl applicable in the UK and Republic of Ireland" Company law ￿qUireS the TTUStees lo prepÈre fjnancial stattmeÈJts for each financial yearwhich EÉVC a twe and fairview of the state of affairs of the charitable coii)pany aiid of the incoming ￿50￿￿¢¢5 and application of rc50urc¢s. including the in£ome and expenditurc, of the charitable cornpany for that period. In PTEparing these fjnancial stateTnertts, the Trus*ets are required to.. selecl suitable accounting policies and then apply them eonsi5tclltly' obseive the tnethods and principles in the C.hai'itie% SORP. ak¢ judgment5 and c51imatt5 that are r¢asonabl¢ aiid prud¢nt' state whether appli¢able UK Accounting Standards have been followed., and prepare the financial statements on ihe goingconcernbasis llnless it is inappropriatetopresume that (he charitable company will contin￿e iti bu8in¢ss. The Trustees are responsible for keeping adequate accounting records that diselose with reasollable acciiracy at any tÉme the financial position of the eharitable cotnpany and enabl¢ them to ensure ihat tlie financial statenients comply with the Coittpoilies A¢t 2006. They are a150 responsible forsxf¢gu4rding the assets ofthe ¢h4titable ¢ompdny and hence fortaking asortable Steps forthe ptEvetttion and detection of fraud and other irre8ularities. In so fEtr as the Tnjstees Ère aware.. theK is no relcvant audit information of which the charstable company's auditor is unaware- atad the Trust¢e5 have lak¢n all steps that they ought to have taken to rnake themselves aware of any relevant audii infomiation and to establ&sh th&t the auditor is aware of that infoijnation. INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF The E"LLWIA Foundation (UK) Report on the A￿dit of the financial statements Opinlon In our opinion the financial statertjellts of The ELMA Foundation (UK) Ithe'charitable company,).. sive a true and fail. view of tlie state of the cliaritsbl¢ COlTEpany's affairs as at 31 Deceinber 2023 and of its incoming resources and applicatEon of resou￿t5. including its income and expenditure, for the yearthen ended. have been properly prepared in accordance with lJttited KirtRdtsm Cienerally Accepted Accoulltillg Practice, including financial Reportiiig Standard 102"The Financial Reporting Standard applicable in the UK and Republi¢ of Ii'¢land" and h&v¢ been prepai'ed in accordanc¢ with th¢ r¢quiT¢m¢nts of the Con)p8nies Act 2006. We have audited ihe financial statements which comprise.. the statement of fjllallcial activities (iRGluding income and ¢xprnditure aecount),. the balance sheet- the cash flow statement.. aTLd Ihc re1¥4ted notes I to 10. The f]nallcia] reportiThg fr&illeWO￿ that has been applied in their preparation is applicable law and Unitcd Kingdom Accounting Strandards. including FinanLi(tl Reporting Standard 102 "Th¢ Ftnanctal Reporting Stsfidard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Pt2ct&ct). Bisis for opinxo We ¢on(TuGted our audit a¢vord4nc¥ with tnlernalional Standards on Auditing (UK} (ISA5 (UK)) and appli¢abl¢ law. Ourr¢sponsibilities underthose standards are further describ￿ Tn th¢ auditols rttspottsÈbilities forthe audit of the fInancial statements section of ourreport. We are independent of the oharitable ttomp2tty in accordance wÉth the ethical requirements that are ￿levant to our audit of the fLnan¢ial 5tatcmellts irt the UK, including tlJeFinancial Reporlintr Council's {Ihe'FRC's') Ethical Stsndard, an(f we have fulfilled our other tthical respon5ibilit1¢5 in accordance with ih¢se requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to pTovide V4 basis for our optniDn. ContluBiOnS relating to goiajg concern Ln audiling the findn¢i41 sliltejnents, we liave concluded that the trustees, use of the going concern basis of ac¢ouniing i tlie piepar8tiott of the fl￿anCial statemtnts Es appropriat¢. BasBd the work we have perforined, we have t￿t identified any tnateriol un¢¢rtainli¢s relating to ¢v¢nt8 or condition5 that, individually oi. collectively. may cast sigrtificant doubt on the charitAble company's ability to continue as a going concern for a period of at l¢a5t twelve monihs from when the flnancial stat¢m¢nts are authorised for issue. Our rtsptsnsibilities and the responsibillties of the trustees with Tespwt to going aT¢ d¢5fjribed in the relevattt setlÉons of this report. INDF,PFNDFIYT AUDITOR'S REPORT TO THE MEMBERS OF The ELMA Foundation (UK) Other inforrnation The other infonnation comprises the information included ill the Tru8t¢es' report, othcr than the financial slatemejits and oui. auditor's repoil theTeoti. The trustees are JEspoiisible foi. the other inf017nation contained within the aiinual Irporl. Oiir opinion on the financial statetnents does rtot cover the other information dnd, except lo the extent otherwise explicitly stated in our report, we do not express any forn) of assurance conclusion thereon. Our responsibility is to read the other information and, in doing 50, consider whether th¢ other infomiatloll 15 Tnat¢TTally inconsistent with the financial staternents or our knowledge obtained in the tourse of the audit, or otherwise appears to be materially mi55taled. If we identify such material inconsistencies or apparent material mi8Stalements, we are rcquired to determine whether this gives rise to a tnaterial misstal¢JneJit in the financial stateinents themselves. If. based on the work we have perfo]med, we cortclude that there is & m8terial misstatement of this other infotmation, we are required to report that fact. We have nothing to report in this regard. Responsibilities of Trustees As explaiiied moiE fijlly in the tiustees. respojisibilities stateineiil, tlie trustees (who are also the directoj's of the eharilable compally foi. tlie purpose of company law} are Tesponsible for tlie PT¢paTation of the fitlancial 5tat¢m¢nts and for b¢ing satisfied that they give a true and f&ir view, and for such intemal control as the tl'Lislees delemiine is necessary to enable the preparaliott of financial statements that are free from material misstatement, whether due lo fi'aiid or errol.. In preparing the finallcial statenients, the tiustees are Tesp0115iblefor as5es5illg the c]iaritable company'5 ability to continu as a going concem, disc1051rtg¥ as applicable, matters related to going concem and using the goin£ concem basis of accounting unless the trustees either intcnd to liquidate the charitablc company or to cease operation5, or have no r¢alistic altcillative but to do so. Auditoi s i.espon5ibilitie5 foi. the audit of tlte financial stiternents Our objectives are to obtain reasonable assurance about whether the financial statern¢nts a5 a whole aT¢ free frotn material isstaternent,whetherdue to fraud or BfTor, to issue an auditor's report that irtcludes ouropinion. Reasonable assurance is a high level of agsurance, bul is not a guaranlce that an audit conducted in accordance with ISAS (UK) will always detect a material misstateinellt when it exists. Misstatements call arise fj'om fraud or error and are Collsidered material if, individually oi. in the aggregate. they could T¢asonably be expected to influence the ¢cgnotnic decisions of user5 taken on the basis of these ftnartcial stttemellts. A fuiiher description of our Yespon8ibilities for the audit of the fjnancial statements is located on the FRC'S website at.. www.frc.or .uLlaudiiorsres onsibilitles. This d¢5criptioii fornis pait of oui. auditor'5 IEPOIt. Extent to which the audit was considered capable (kf detectivg irregularitie5* including fraud Irregularities. illcliiding fraud, are instsnces of non-compliallcc witli laws and rtgulatiot]s. We design proc¢dure5 in line Wlth our rtsponsibilitle5, Olltlirt¢d aix)v¢, to det¢¢l material misstatements its respect of irregularities, including fralld. The extent to which our procedures ore capable of detecting irregularities, including fraud is detailed below. We considered tlie nature of tlie chaiitable Con)p￿)y'S indiistry and it8 coiitrol ciJvironJiient, and reviewed the chai'itable cotnpany'5 docuiiiejitation of tlieii. policie5 and procedure5 i'elating to fraud and coillpliaiice witli law5 and Irgulations. INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF The ELMA Foundation (UK) Wr also enquir¢d of manag¢ment and the trustees about their own Éd¢ntification and lgsegsmettt of the risks of irTegulariti¢s, in¢luding tliose that are specifjc to the cliaritable company'5 busine55 SEGtoi". We obtained 8n understanding of the legal and regulatory fram¢work5 that the ch&ritable company operp4tes in, and identified the key laws aT]d regulations that.. had a dire¢t ¢ffe¢t on the d¢terminalion of material atnounts alld disclosures in the financial Statements. These in¢luded UK Companies Act, the CharÉti¢s Act, tax legislation: alld do not have a diiEct effect on the fina]icsal stat¢Jneiits but complianc¢ with which MAY be fijndamenlal to the charitable company's ability to operat¢ or to avoid a niat¢rial pettalty. These included ihe Charity Cornniission frjr Bng14tnd ond Wal¢s (Charity Commission) regulations. We discussed arnong the audit ¢ngag¢m¢nt team regarding the Opport￿nItieS and illcelltives that rnay exist within th¢ organisatioTr for fiJud artd how And where fraud might occui. in the financial statem¢nlS. As a irsult of p¢rfomiing the 8bove, we id¢ntifi¢d the greatest p)teThtial for fraud ill the following aT¢a, and our Pl￿ed￿re& perfottned to address it are described below.. a¢¢uracy and application of grants for charitabl¢ pU￿05¢5- foi a sampl¢ of grants we testtd the payments to the approvcd application and thc bank statements. as well AS ¢onfimiing that appropriate due diligence had becn can'ied out on the rccipi¢nt orgatLiSatiOnS. Iti cojnmon with all audit5 under ISAS (UK), we are also required to perform specific proc¢durEs to respond to the risk of managemetit override. In addressing the risk of fraud through management ovettide of controls. we tested the approprialelless of journal entries aiid otli¢r adjustm¢nt5' assessed whether th¢ judg¢ments made in making accoulltlllg ¢5timal¢s aTE indicative of a potential bia5', and evaluated the business rationa]e of any signtfi¢ant transactions that are unusual or outside the normtl coursc of busincss. In addition to the above. OUT p￿Ced￿r¢S tv r¢s￿lld to the risks Édcntifitd included the following.. r¢viewing finan¢ial sta¢ement disclosures by testing to supporting docun]cntation to assess compli*ttte with provisions of relevant laws and Tegulatiotas de5rrib¢d as having a dIr￿t ¢ffeGt on the financial statements- perfonning aTJalyticaJ procedurts to id¢ntify any unusual or unexpccled rclationshÉps that may indicate risks of alerial tnisstxl¢nient due tv fr4lld; tnquiTing of mpnag¢niettt and external legal counsel coficerniThg actual potential IEtigation and Claims, and instan¢¢s of non-compliance with laws and regulation& and reading minutes of meetingg of those charged with goveTn&nce. Report on other leg8l regulatory requirernents OplJJSon$ on other m8lttrs preseribed by the CoTnpanies Act 2006 In ouropinion. based on the work undertaken in the course of the audit.. tli¢ infonn&tion giv¢n in the trustees. IEPOrt. which illclude5 tlie Strategic report and the directtsrg. veport prepared for thc purpose5 of cottipany law for the fioancial year for which the ftnsmcial statements ar¢ prepar￿ L5 consistent with ihe finallGi¥415tatementS.' 8nd the strategi¢ repoit and the di￿¢t01￿. report included withill the trustees, IEPOLt have been pr¢pared in a￿Ordance with appli¢abl¢ legal requirements. INDEPENDENT AUDITORJS REPORT TO THE MEMBERS OF The ELI¥L4 Foundation (Ul<) In the light of the knowledge and understanding of the chai'itable conipany 8nd its environmenl obtaÈned iii the course of tlic audit, wt liave not identified any Jilaterial rtiisst2ttnitrttg i* the stiategiE repart or tlie d1￿ctors, veport included witliin th¢ trustees, report, Mgttei's on whleh w¢ arÈ required to report by exception Uttder the CotEipaT]ies Act 2006 we are required to irport in rc5pecl of the following matttrs if, tn our opinion.. ad¢qual¢ awounting i'e¢ords have not bren kq)t by the charitable company. or retuills adequate for our audit have not bccn received from branches not visited by us. or th6 charitable con)pany fittancial statements aiE not itt agreement with the &ccoJnhtkg records Attd returns. or certain disclosuTes of trustees, reinuneration specified by law aiE not Jnade. or we have ttot received all the TiiforinatioTh and ¢xplanations wt requir¢ for oui. audit. WE have nothEng to rqx>rt in respect ofthese matteiE. Ust of our i'eport Tliis report Is Jiiade solcly to the Ch￿.itable conipany's meÈnbers, a8 a body. in a¢¢ordan¢e wi¢li Chapt￿. 3 of Palt 16 of th¢ Conipdnies Act 2006. Oui. aiidit woj'k has been undertaken so that we niight state to tlie charitable coii)pany's Ji)enibers fhose mattersweare i'equired io sl&te to tliem iii ath Auditor's report and foi'no otli¢r purpose. Totliefolle5t ¢xtertt p¢rniitted by law. we do not accq>t or assun)e responsibility to anyone other than the charitable company and the charitable ¢ompwy's members as a body. forour audit worl for this report, or for the opinion5 we have fornied. Jonathan Dodworth (Senior statutory auditor) For and on behalf of Deloitte LLP Statutory Auditor Londun, iJK 30 April 2Q24 io The ELMA Foundation (UK) STATEMENT OF FINANCIAL ACTIVITTES (including income and expenditure account) Year ellded 31 December 2023 threstrIeted f[￿(l% 2023 2022 Note INCOMEfROM: Donations Int¢r&%t in¢cpn 7,000,( 84829 11,664 TOTAL INCOME 7,084829 11.664 CJi2ritable activities 4.182,438 4,944,946 TOTALFXPINDIfuRE 4,L82,438 4,944,946 2,906.191 (4.933,282) RFmNcIt￿1IOp4 OFTrIJNDS: T￿t￿￿ndS brought foLivard Net nwvei]Ent in fvnds forthe year Total fuiids ¢aiTied foiward 2542.835 2906391 7,476,117 4 933 282 5,449.220 2,542,835 Th¢re were no oth¢r r¢cognised gains or losse5 Other than thD5e listed above and the net incom¢ for the ycar. All incomc and experÈdithre derive from continuing #Gtivilie5. The note5 ott page$ 14 to 18 form part of the8e finfincial statements. The ELMA Foundation (UK) BALANCE SHEET At 31 December 2023 Note 2023 2022 CURRFIYT ASSETS Casli and casli cquivalcnts Prepayment and Acciued income 5,461,612 I5C)7,656 5.479,877 2.569,456 cuRR￿T LtABJLrt]ES Ci'edltoi's: atJM)unts fall￿g due within one yeai. 30,651 26,621 Totsl Assots less Cui'rent liabilities IRillg Iyet Cui'rent Assets gkndNttAssets 5A49,226 2,542,835 FUNDS Unresti'icted funds 5 449 226 2,542,835 TOTAL TriINDS 5,449,226 2,542035 The notes on Pages 14 to 18 form part of th¢5¢ fJnanGial 5tat¢Tn¢nt5. These financial statements of The ELMA Foundation {UK) registered number 10986594 w¢re approved by th¢ Board of TTUStees and authorised for issue on 30 April 2024. They wcre signed on its bchalf by.. Martin Lancaster Tru5te¢ 12 The ELMA Foundation (UK) CASH FLOW STATF,MF,TrIT Year ended 31 Deeember 2023 2013 2022 N¢t cgsli pr￿lIk￿bY/ lu$ed inl oper&tlng AttiTrities 2,893.956 14,940,604) Cash floms from in￿ting #diiqties- illteir5t ￿¢t1ved Iyet IDerease / {dtci'exsel cfisll Aijdeash ewlvAleiits fn the ￿rfjo 2,893,956 14,928.9401 Casli and c4sh equiva￿￿tS aL the beS￿)n￿ng of the period 2,567,656 7,496596 Cash and casli equivalents at the end of thE peTiod 5 461612 567 656 Ajaalysis of ¢osb snd cash equI￿]ents Cash ￿ hand CA5h equivalents 711.612 4,750,(K)O 1567.656 Total cash and cash equivalents 5 461,612 1567 656 Re¢oneiliation of not l (exFDditure) to iieteAsli fioivfrom 0￿￿￿tIng &etl￿tieS 2023 2022 Nel income l {eypendituYe) for theyeav{as pet tht S(2tttt*nt of f￿a￿eral activities) Adjugt¥ttnts for In￿tasC ￿ cieditors Increase ui debtor5 Investtnent Net ¢Ash yroildedtyl (usedinl 0￿rating a¢tiTritlts 2,9￿￿91 14,9332121 4,03Q IL6.4651 4J42 11.664 4,940,604 2,893,956 13 The ELMA Foundation (UK) NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2023 COMPANY AIYD CHARITABLE STATUS The ELMA Foundation (UK), Itlie "Charity"), COmpa￿Y Registration Number 10986594, was incorporated on 28 Sq)Itmber 2017 in England and Wales a5 a company limittd by guarante¢ Iiot liavijig a shal't capital. It l5 a Public Benefit Charity and is registeied in England and Wales, R¢gister¢d Charity Niimber 1176782. 2. ACCOUNTING POLICIES Basis of accounting The financial statenients have been pj'epai'ed in accordance with Accounting and Reporting by Charities.. St&t¢ment of Recommended Pradice applicable to charities prepai'ing their accounts in ￿eCOrdanCe with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) lupdated l January 2019)- (Charitie5 SORP (FRS 102)), Ilje Financial Reporting Statjdard applicable it) the UK alld Republic of Ireland IFRS 1021 and the Companies Act 2006. Assets and liAbilities ar¢ re¢ognis¢d at historicAI cost or transa¢tion value unless otherwise stated in the r¢levAnt accountang policy note. The functional and pregent&li0tt21 cunEttcy is British Pounds Sterling IGBPI. Going concer In accordance with its reserves policy, the Charity hag cash and cash equivalent JEseives to covei. 0￿e year's 8rants disbursEmEnt5 Oll exislillg cotnmitmet)t5 and budgeted operating ¢xpet]ditUT¢. It is considered to havg suffici¢nt resources to meet ils obligations as they fall due for at least 12 months from the date of signing attd despite the impact of global economic evellls including the cost-of-livillg crisis at]d geo-political unc¢rtaint1¢5. there 15 no ijidication that the Chuiity would not bt ablc to op¢rat¢ a5 a going Gonocrn. The frLlSteE5. thBT¢for¢. con5KdEr that the going concern assumption is an appix)priate b8$ig ott which to pwre these finartcial statements. Ineome Encome is r¢cognised when there is an entitlement to the funds, it is probable that the incone will be iece¥ved and the amount ¢an bc m¢a5uird accurately. ExpeTh(liture All expenditure is aceounted for on an accrual basis. Expenditure incliides attributable VAT, which cannot be recovered. Expendltll￿ is reeogni8ed once there is a legal or constructive obligation lo make a payment lo a third party, it 15 probable that stttl¢ment will be r6qÈEiird alld the amount of the obligation can bc measured rcliably. Exp￿iditure on charilablc actiwilits ittcludcs grant futjdittg, direct attd support costs. Gra]]t funding is expensed following executlDn of the Brant award letter and notification to the grant recipient creating a valid expectation of receipt or when the specifjed perfonnance criterta and conditions for Telease of payment have been tnpt by the grant r¢cipieE)t. Direct costs air costs of gr8t)t-making and monitoiing. Suppoil costs include govemancc costs consisting of audit, legal and company secretarial fees. FlnARltlal Assets aiid Ilabllltles Financial assets and finartCl81 liabilities ar¢ recognised when the Ch8YLty becomes a paty to the ¢ontra¢lual provisions of the ingtrumellt. Financial assets which qualify as basic financial instriiments as laid out in FRS 102 paragraph 11.8, including trade and other receivftbles and cash atkd bank balat)ces. These are valued at amortised cost and a8sessed for impaii.ment at the ¢nd of ¢aGh r¢porting p¢riod. The Foundalion has basic fInanoial instruments. Basic financial insti'uments ar¢ initially recognised at trdTrsaction valuE and subsequently m¢a5ur¢d at thcir 5¢tt1em¢nt value. Cash at bank and in hand T¢lat¢s entir¢ly to CHSh h¢ld in the bank. 14 The ELMA Foundation (UK) NOTES TO THE FINANCIAL STATEI MENTS Year ended 31 December 2023 Trade and other debtors are recognistd at th¢ s¢ttl¢m¢nt amount due. P¥epaymellts are valued at the arnount pr¢paid. Creditors and p￿viS￿On$ are recogttised where the charity has a present obligation r¢sultitw frurn a pa51 evenl that will probably result in (hE tran5feT of fiEnds to a third party and the amouiit due to 5¢tt1¢ the oblig8tioD can be measured or estimated reliably. Creditors and provisions are ￿cOgnIsed at their s¢ttl¢m¢nt llmount. Tax The ELMA Foundation (UK). a5 a r¢gist¢red ¢hariry, is exempl from Corporation Tax Unrf￿ the CA)rporation Tax Act 2010 IclJapt¢r5 2 and 3 of part 11, 5¢¢tion 466 onwards) or Section 250 of the Taxation for Chargeable Gains Act 1992, to the extent surpluses are applied to ils charitable purposes. The Charity is exempt from ¢orp)ration lax a5 811 its inGoFn¢ is applied for charitable purposes. Critical gecounting judgerneNt5 Rnd key sollrtts ofeslimAtion And uncertainty lrt the spplicatiotj of the Charity's accounting policies. whiGli are dwribed in this notr, the Trustees ar¢ requirtd to make judgements. cstimatgs and assumptions about the catryin8 amounts of assets and liabilitTes that arc not readily apparent from other %ources. The &%ttrnètes and associated assumptions are based OD historical expcrience and other factors that are eonsidered to bc rclcvant. Actual rc5uIt5 may diff¢r froTn thes¢ ¥stirnat¥s. The esiijnates and underlying assumptions are J'eviewed on an ongoing basis. Revisions to a¢¢ounting estin)ates are recogni5¢d ill the period in which th¢ eEtitnate is revised if the rewisioTh affects only that perio(I, or in th¢ PEriod of the revision and futur¢ p¢riod5 if the revision affects both ¢ll￿ent and futur6 periods. There are no critical accountÉng judgements OT key svutrxs uf e5timaiion uiiceitainty at the Lrporting dat¢. 3. ANALYSIS OF TOTAL INCOME 2023 2022 DoD8tions 7,000,000 Interest illCOTne 88,829 7,088029 11.664 Total 11.664 ANALYSIS OV CHARITABLE EXPENDITUBE GrAnt funding Diiect Costs support tosts 2023 GTant5 to orgatsisattotts (see note 51 Grdllts £dvisory 8ervic¢ (see note 6, 9) L¢gal and Company secretarial services 4,086,574 4.086,574 64,183 2,221 64,L83 2,221 Audit 29,040 29,040 420 Miscellaneous cost 420 Total 4,086,574 64,183 31.681 4,182,438 15 The ELfviA Foundatioji (UK) NOTES TO TIIE FINANCIAL STATEMEI NTS Yeay ended 31 De¢ember2023 4. ANALYSIS OF CHARITABLE EXPENDITURE (continued) Gr8Mt fundillg Direct eosts Support costs 2022 Grallts to organisations (gee note 5) Grnnls advigory s¢rvi¢e (see note 6, 9) Legal and cojnpany 5ecTetai'ial 5ervic¢s 4.851,671 4,851,671 68.064 68,064 4,956 4,956 Audit 19,800 455 19,800 455 Miscellaneous cost Total 4J151,671 08,064 25,211 4,944,946 None of the Trust¢es (or any persons ¢onne¢ted with thett]I r¢ceiv¢d any rcmunetHtion. benefits or reirnbur5¢ment of expenses from the Charity during the y¢ar {2022.' £Nill. The￿ w¢re no ¢mployE¢5 in the y¢&r {2022.. Non¢). Th¢ 5UPPOrt costs in the year illclud¢ th¢ governance costs incurred, being audit. legal and company seciEt&¥i&l services. All support tosts above support grant-making a¢tivities. 5. EXPENDITURE ON GRANTS No grants were made io ittdividuals. Grants hav¢ b¢¢n mad¢ during th¢ financial yEar5 to orgallisations withit) the following sectors.. Grants to OlEani5ations Focvs ATe415 2023 2022 Koyal Commonwe<h Society for the Blind ("SigJitsavers"I Neglectd Tropieal DiSea￿S 1.927,526 3.743,337 AdolcsceEJt Girls and Young Women 1.000.000 Kids OR Health Workforee 550,715 433,333 Lively Minds Sabre Educatioti Ltd. EÉrly Childhood DeveloptneTht Early Childhood Development Special Opportuniti¢s sP￿ial OpportunitlES 133,334 175,000 175,000 650,OOQ 150.000 Clean Air Fund Pmmoting Equality in Afri¢an Schools Total 4,086,574 4.851.671 MultL.y¢ar grantsar¢ futKf¢d in multiple disbuiE¢m¢nts. The Charityonly comEnitsto. and ex￿￿8£5. onedisburscrllent at a time, with ¢a¢h subsequent disbursement b¢ing subj¢¢t to review for compli8n¢e with sp¢Gified p¢rformanc¢ 16 The ELMA Foundation {ttK) NOTES TO THE FINANCIAL STATEMENTS Year ended 3A December 2023 criteria and conditions for release of disbursement. If the specified perfonnance CTitcria and totjditiotts for rel￿se of disbursement are mel, further fundinE of the subsequent disbursement is made. The total grallt di5bur5ements relating to fiiturc years, not yet committed, amoulltlo £18595.03012022.. £1.969.192) and ir¢ gnticipated lo b¢ paid as follows, provided that the ¢onditions for r¢leas¢ of paym¢nt$ 81"e fully m¢1. The ChaTÈty ¢XPfGt5 to r¢ceiv¢ donatÈon8 to cov¢r futUK COnTnitm¢nt5 a5 they fall du6, ensurÈng that the T¢s¢fv65 policy is met. 2024 5,073,358 2,901.586 2,790.474 2025 2026 2027 2,772.147 2028 2,557,465 2,500.000 2029 TotAI 18,595,030 & GRANTS ADVISORY SERVICE The ELMA Philalltliropies Services (US) Inc. ('Philanthropies"I p&'ovides grallts advisory s¢rvÉce to the Charity to 5UPPOrt Lt5 grant-making. Eff¢ctiv¢ t Januaiy 2021, the Charity entered into a seryice agreement with PhilJnthropie5 for provision of grant advisory services for a fee of US$80,000 per annum, payable in arrears, at USD20,000 per calendar quarter. During the year, the Chariry has reteived services for four ¢on$e¢utsve calendar quarters commencing from QI 2023, at DS$20,000 p¢r quart¢r. The total char8e for Philanthropies, service during the year was £64,183 12022-. £68,064) IUSS80,QOO)I. IYET INCOME I {EXPEIYSE) FOR THE YEAR 2023 2022 Net income l (expense) i5 Stated after: Audltoi"$ remuner8tion', Fees P¥4yable to the Cliarity's auditor irtGlusive of VAT for the audit of ￿le Charity's atsnual financial statements 29,040 19,800 & CREDrroRS 2023 2022 Amounts falling due withitt Olle year.. A¢¢rued ¢xp¢nses 30,651 26,621 17 The ELMA Foundation (UK) NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2023 RELATED PARTIES Two of the five Trustee8 12022.. Two Trnstecs) of the Charity are oll the Board of Dires1025 of ThB ELMA Philanthropies SeL'VlCt5 IUSI Inc. I"Pliilanthiopies"l and a¢cordiDgly are considered to be related parties. Without eX￿ptiOn, the conflicted Tru$leeg recuse themselwe8 from decisions pertaillillg to the appointment and ret¢ntioD of Philanthi'opies for the provision of grants advisory seivice. and th¢ setting of the fre for5u¢h 8Tants advisory SErvEces. The Twstees are 5atisfitd that appropriate pro¢¢dures are in place io ensure that atjy potential confIicls of iiiterest are appropriately tnanaged tsnd avoided. During the year, the Charity incurred expenditure of £64.183 (2022.. £68.064) for services rendered from Philanthropies. Of this, the aTnount payable. iiicluded in accTu¢d ¢xpenses as at 31 De¢emb¢r 2023, was £15,71012022.. £16,552) 10. posr BALANCE SHEET EVENT The Charity did not receive any donations during tht post balallG¢ sheet pei'iod {2022.' £3,000,QOOI. 18