Comp*ny Regi$trgtion No. 10986594 Registered Ch*rity No. 1176782 The ELMA Foundgtion (UK) Annual Report and Finan¢io1 Statements for the ye•r ended 31 D¢intcd on a similar basis. The Trusiees serve as resou￿¢$ to the Charity, sharing relevant expcrtise in 8rant-makin8 nd business mana8ement. dircctly 5UPWrting key aspects of operations. On app)intm¢nt, new Trustees Sign a truslee d¢¢lar8tion statement committing thern to 8iving iheir litnt and expertise. The Trustees. induction process includes being provided with an infomiation pa¢k containing the Charity'5 key governance. policy and financial documents, relevAnt Charity Commission guidance and detyils of ¢he Organisational structure of the Charity. They are a150 directed Its the Charity Cominis5ion cs5ential trustee guide. The TNsie¢s give their ¢ime voluntarily and receive no rernuncration or other benefits and are requircd to disclose all relevant interests and withdrnw from decisions where a conflict of intcrc5t arises. OWL(JIVES AND AcfiviTIES The Charity has bccn Established us a grant-makiDg charity. The Charity supports a range of charilies. prcdominantly those that are registerd and ba5cd in the UK. which undenake aciivities and initialives in Africa and the UK, which fall within the Charity's obje¢ts. The objects of the Chthrity {the"Objects"l are.. (a) the relief of poverty. suffering and di￿re$S of Children; (b) the advancement of the education of dÉ5advantagcd ¢hildM and youth. (¢) the improvement in ihe quality of life and needs of di5advantsged children and the families and households that support th¢m' (d) the relief of sickness of children. and (e) the improvement of health care. health facilitic5 and h¢￿th care infrastruc￿[¢ provided that children derive Ihe primary benefit from the improvements for The benefit of the publi¢ in the Continent of Africa and in the United Kingdorn. The grant-making activiiy of investing in organisations that improve the lives of children in Africa and the United Kingdom is guided by Fortfolio-based stratcgie5 that mainly encompass th¢ following fo¢us are&8: Health workforce: To incre&Y the quality and quanttty of htalth workforces for[natern￿, newborn, and hild health Maternal and newborn healtb: To make pregtkancy and delivery saf¢ for more women. and en51]re newborns rtteive aPP￿priatr care. The ELMA Foundation (UK) For the year ended 31 December 2024 TRUSTEES, REPORT (including the Strategie Report and incorporating the directors, report) E8rly thildhood development.. To improve acce5S to qualrty early thildhood ¢are and education. AID&fTee'. To redtjte rtumberof new pa¢diatri¢ HIV infections. Neglected tropical disea5e5'. To control. and where possible. eliThinat¢ neglected iTopi¢al diseases. Adolesetnt girls and young womeD= To promot¢ safety, health snd education of more girls and young womerk. A further c8te80ry. Special OpportunitLeS. denotes grants that are d1￿ctlY in fuTtheran¢e ofthe Objects of the Charity byt where the purpose of the grdnt Spans across a Thum￿r of focus are45 andlor do not fall within any specific focus area. The rtspe¢iive apptt)a¢hes, targrfed geo8fdphicat locations, measures of success and what suecess looks like are articulated in the Charity's investrnent framewtsrk {the"Investsnertt Framework") that guides its philanthropy in these fo¢lls ar¢as. The Twstecs consider the Investment Fr8mewoTk annua]ly to ensure that the strategies continue to be fit for purpose in furth¢ra¢)ce of the Obje¢ts. PUBLIC BENEFIT Th¢'fTU$t¢e3 have given due regard to the public benefit 8uidance published by the Charity Commission when reviewing the Charity's aims and obje¢iives, p18nning futyre actjVlLies 8nd settin8 the grant-making policy for the ycar. Dc5Plte receiving donation irtcome. thc Charity is noi engaged in futhdraising with the publi¢, ¢iih¢r directly or through third parties. Further details of srAfkts made by the Charity and organisations supp)rted can be found in note 5 of th¢ fjnancial Statements. MANAGF.MF.NT AYD GOVF,RNAIYCE ARRAP4fpEMENTS The 'l'Tuslces delcgate Ihc implerncntation of Ihcir decisions and day-￿daY management of the affairs of the Chority to one of the 1'ru51ees, who together with her admini5lrative staff voluntsrily contribute their time and resources to administer the Charity's actÈvities. No donated service cost &nd ineorne is reeognised for these setvices and f￿llItIeS provida, 85 it cannot be reliAbly measured. The Trustees hnnually review the risks thai the Charity faces. The prin¢ipal risk is aTound the ys¢ofour 8Tant fvnds. Thi5 15 the risk that the actLVLtie5 undertakerk by grant rccipients are not in fvrtherftnce of the Obje¢ts of the Charity, 8re not in line wilh the approved us¢ of grant funds and ihe grants are not made to reputable and itnpactful charities with programmes in Africa and the UK. This risk has been mitigaied by ensuring that grants 8re made in accordance with thc Investment Framework and the cstAblished grant-mAking p)li¢y. Addilionally, the Trnslees have appointed a 8rBnts advisory 5crvices providcr tts. in accordance with the Investment Framework, source ￿)tentIal funding progr8mmes, conduct due dili8ence on the potential grant recipient prior to making 8rant recommcThdatioThs to the Trust¢e5. The gr&ntS Advisory services provider moniiors perfomian¢¢ of grant re¢ipi¢nts lo ensure eompliancc with 8fdnt tenn5 and conditions, achievement a8ain5t Specified pcrfomianGe criteria and specific ou￿0￿¢$. COP4NEcfiorys TO A P40N-CHARITY The TTUStees have applied the Charily Commission Guidance regardin8 connections to a non-charity and confimi that they h&ve addT¢S5cd thr risks of any wnne¢tion. They regularly moniior the connections to non-charitlC5 to ensure that the Charity'5 resources are not applied to advancc any non-charitable interest. Below we have summarised our wnnection to Don-chorities.. - The ELMA Philanthropies Services (US) Inc. . Conntttions exist in the forni &s deserilxd in"Note 9 Related parties". Any potential cont)¢ction risks are mitigated as dtscribed in the aforementioned note. PROCEDURES AND POLICY FOR GRANT-MAKING The Twstees are committed to ensurin8 that the Charity's fi]nds are used forpurpose5that are exclusively charitable und¢r the law of England and Wales and ore used effectively and for public benefit. To that end. they have formulated a gTant- tnaking policy, which may be amended fff)m time to time. io set out ¢lear guideline5 to be followed by the Tru5tee5 when The ELMA Foundation (UK) For the year ended 31 December 2024 TRUSTEES, REPORT {including the Stralegi¢ Report and incorporating the directors, report) eonsidering any proposed grathi. Most of ihe Tnjstees hav¢ extensive experien¢¢ in grnnt-making within the sectors covered by the Objects and will apply such experience in the id¢ntifi¢ttiion and selectitsn of appropriate grant recipients for the Charity. The Charity does not consider unsolicited proposals for grant funding. Multi-ye2r grdnts are funded in multiple disbursements. The Clwity's multi-year grant agreement perniit5. for example. a three-year programme to be ¢ontra¢ted for thc full three-year temi of the programme, bui subje¢t to annual reviews for COTtLpliance to specifjed conditions. performance criteri4 outputs and oUt￿me. For each new grant, a 8rant proposa]. which tnelude5 the full pro8ramme budget and grnnt activities. 15 developed by the grdnt recÉpient. The TnJ5tees collectively consider the gfdnt and if approved. communicate their intention to grant up to the full grant temi however only commit io fund ihe initial programme period {usually twelve monihsl. Th¢ Trust¢es expense such disbursement. Wlth each subsequent disbursement being subject ￿ Annual review for compliance with specified perfonnancc criteria and conditions for rele&sc of di5bursernent. During the annual review. the progTes5 of the 8rant is assessed and if applicable, the subsequent year's work plaT4 bud8eL specified perfonnanc¢ indicators, milestones and deliverables are agreed with the grant rttipieni and amended a¢wrdingly. Further. failure to satisfactorily meet the grant eondititins or if there are significani changes to any of the budgetary and other assumptions on which the Charity h&$ relied in makin8 ihc 8rant may rc5uIt in the tenninaiion, suspension. kdjusting the timing andlor amount of Ihe granL or altern￿¢ conditions being imposed the￿n. STRATEGIC REPORT AchlevementS 8nd performance During th¢ y¢ar th¢ Twste¢s opproved grani disbursements iotalling £5.248.358 (2023.. £4,086,574). of which £5.073,358 were follow-on disbursemenis from prior year awanls (2023.. £1,535,859) and £175,000 were for awards approved during the year {2023: £2,550,715). Of the total 8rant disbur5ement5, £1.333,333 (2023.. £1.927.526) w&s rnade to the Royal Commonwealth Society for the Blind {a.k.a. "Si8htsavers"). The Charity's 2024 disbursement part-funded eontinuing 5UPPOrt for Sightsavers, A¢¢¢leraTE progr8mme in assisling ten African countries overcome the hurdles of trdchoma elimination, and mass drug administrations for onchocerciasis and lymph￿1¢ filariasis, to trea¢ 51.2 million people in three African Countries. Other 8ranls rnade amounted to £3.915.025 {2023: £2.159.048). Of thi& £2.500.000 was awarded to Camfed intemaiionAI I"Camf¢d")12023.. £1,000,000) &5 part funding towar&% Camfed's six-year endeavour to triplc their impact and support fLVe million 8jTIs on the path to graduation acros5 five AfricaTh countries. Further detsils of 8rants madc by the Charity can be found in Dole 5 of ihe fLnan¢ial st8lements. Financial review Ind reserves The Charity neither seeks nor receives fijnding from the general public. The Charity received donations of £3,750,000 from one of the trustees during ihe year {2023: £7,000,000). The interesi income on cash res¢tves was £127,431 12023.. £88,829). Charitable expenditu￿ amounted to £5.348,70712023.. £4.182.438). whett gtxrtt furtding accounted for 98.lyo 12023.. 97.7%) and direct 5UPPOrt costs (including governance costs) account￿ for 1.9Q/o 12023.. 2.30/0} of total charitable expetiditure. Th¢ Charity's i¢serv¢s policy is to maintain, at the end of each a¢¢ounting period ¢8sh 8nd ¢ash equivalent r¢s¢rves to coyerone year'5 grdnt di5bursem¢nts otl activ¢ grdnts plus one year's budgrttd operating expenditure. As at 31 December 2024. the Charity had unrestricted reserve5 of £3.977.950 {2023.. £5.449.226). which wa5 in exce55 of requirements of its reserves policy. Of the unrestricted re5¢rve5. cash and cash equivalcnt wa5 £3.997.298 (2023.. £5.461.6121. As at 31 December 2024, forecast eonditiot)al disbursements that are subject to annual reviews duringthe year ending 31 December 2025 at most £2,901 J86 (2023.. £5,073,358) and dir¢u and suppx)rt Costs ar¢ Th)t ¢xpected to exceed £]05,￿0. The ELMA Foundation (UK) For the year ellded 31 December 2024 TRUSTEES, REPORT (including the Strntegic Report and incorporating the directors. report) FUTURE PLANS AND GOING CONCERN The Charity intends to continue to suppx)rt reputsbl¢ and impactful charitie5 whose ultimate beneficiarie5 are the Children and young people in need in the continent of Africa and the UK, all in pursuance of its Objects. which are entirely charitable. It etideavours to further its Objects by pursuing the strdtegies outlined in the Investment Framework in th¢ short io medium lemi. Activities for the Ltpcoming year include monitoring and reviewing the existing grants ond continuing to actively pursue grani-making opportuniti¢s in furtherance of its Objects. As highlighted above. the Trustees believe thai the Charity has adequ8te resources to continue its operation5 a5 a going con¢em and me¢t its commitment5 for at I￿$t the next 12 monihs froTn da￿ tsf signing the financial star¢m¢nts b8s¢d on the amount of unrestricted funds held at year end- see further detatls under financial review on page 4. The Charity is not engaged in fundrAising with the publi¢, either dir¢¢dy or through third parties and cxpects to rcccive donations to cover future grant commÈtrncnts &5 they fall due. The Trusitts ffcognise the ¢hail¢nging ¢ff¢¢ts of the global economic events in¢luding the cost-of-livin8 crisis and 8eo-Tx)litical uncerthiniies 8nd should there be an Incre￿ in grant-making ac¢iviti¢s, these will be supported by additlODal donations, eThsurin8 the reserve5 w>licy is met. AUDITOR Deloitte LLP hav¢ ¢xpr¢ss¢d th¢ir willingnessty eontinue in office and will remain as auditors unless a resolution is passed by the Charity changing this siatus. The Trustees, Report, includin8 the Strategic Report was approved by the Board and signeAI on its behalf by.. Martin Lancaster Trustee 6 May 2025 The ELMA Foundation (UK) For the year ended 31 December 2024 TRUSTF,ES' RESPONSIBILITIES STATEMENT The Tnlstees {who are also dire¢tors ofThe ELMA Foundation (UKI for the purwses of company law) are Tesponsible for preparing the Trustees, Annual ReTX)rt and the financial statements in a¢¢ordan¢e with applicable law and United Kingdom A¢¢ouDting Standards (United KiTh8dom Generalty Accepted Accounting Practice) including FRS 102 "The Financial Reporting Standard applicable in th¢ UK and Republic of Ireland.. Company law require5 the Trustee5 to prepare financial sthiemertts for each firtancial year which give a true and fair view of The state of affairs of the charitable eompany aThd of the incoming resources and application of resources, in¢luding the incotn¢ and expenditure. of the ¢haritabl¢ company for that peri(Ml. In preparing these fman¢ia] statements, th¢ Trustees are required to.. sele¢t suitable accounting t￿)lIcIeS and then apply thctn consistent]y- observe the tnethods and principles in ihe Charities SORP,. make judgments and estimates that are reasonable and PTudent- State whether applicable UK Accouniing Siandards have been followed; 4nd pr¢pare the financial slalementson thegoingeoncern basis unless it is inapproprbateto presum¢ thatthe ¢h8rit8ble company will Continue in busines5. The Tru5te¢5 are responsible for keepit)g adequaie a¢¢ouniing records that disclose with reasonable accuracy at any lime the financial position of the charitable company artd enable them io ensure thai the financi81 statements comply with the Companies Act 2006. They are also responsÉble for5afc8uardin8the assets of the charitable company and hence fortakin8 rta50rtHble steps for the preventiot) and del¢¢tion of fr¥yd and other irre8ularities. In so far as th¢ Twste¢s we 8wgre'. there is no relevant audit infonnation of which the charitable compiny's auditor is unawar¢; and the Trustees have taken 8]] steps that they oughi ￿ have ￿k¢n to moke themselve5 aware of any relevant audit inforniation and to establish that the audttor is aware of that inforniaiion. INDFPENDENT AUDITOR'S REPORT TO THE MEMBERS OF The ELMA Foundation {UK) Rtport on tbe iudit of the financial statements Opinion In our opinion th¢ finan¢ial ststements of The ELMA F￿[￿ation IUKI (the'charitsble company,).. give a true and fair view of the slate of the charitsble company's affairs as at 31 December 2024 and of its incomin8 resources and application of resources. including its income and expenditure. for the yeAr then ertda,. have been properly prepa¥ed in a¢wrdan¢e with United Kingdom Generally Accepted Accounting Practice. including Firtancial Reportirtg Stsrtdard 102"The Financial Rewrtithg Standard applicable in the UK and Republic of Ireland" and h8ve be¢n prepared in acwrdanrx with the requirements of the Companies Act 2006. We have audited the financial statements which comprise.. the slatem¢ni of financial aaivities (including in¢x)m¢ 8nd exp¢nditure aecount)- the balance sheet., the cash flow stAtement: and the related rhoies I to 9. The finaTh¢ial reporting framework that h&$ been applied in their prcpxrntion is applicable law and United Kingdom Accounting SlandArds, in¢luding Trinancial Reponing Stsnd8rd 102"The Financial Reportin8 Standard applicable Èn the UK and Republic of Ireland" (United Kingdom Generally Accepted Ac¢owi¢ing Pra¢ti¢¢). Basis for oplnioD We Conducted our audit in a¢wrdan¢e with IDternatiOn81 Si8nd8rd5 on Auditin8 IUKI (ISA5 (UKII and applicable law. Our resportsibilities under those standards are funher d￿Cribed in the auditotrs restA)nsibilities forthe audit ofthe flnancial Statement5 Section of our report. We are independ¢nt of th¢ charitable company in accordance wÉth the ethical requircmcnts that aTC rclevant to our Rudit of the fLnan¢ial statements in the UK, including the Finon¢ial Reporting Council's (the 'FRC's') Ethical Standard, and we have fulfilled our other ¢ihi¢al responsibilities in accordance with these ￿qUIrements. We belÉeve that the audit evidence we have obtained is Juffjeient and appropriate to provide a b&sis for ouropinion. Conclusion5 rel8tiNg to going concern In auditin8 the fjnancial statemetlts, we have concluded that the trusttts, use of the going ￿ncern basis of accounting in th¢ prepardtion of the financial statements is appropriate. B&sed on the work we have perfornied. we have not identified material uncertainties relating to events or condition5 that, individually or collectively. may cast 5ignLficant doubt on the Ch￿itable company's ability to Continue as a going ¢ofjcem for a period of at le&st twelve months fTom when the financial statements are auihorised for issue. Our resptsn5ibilities and the r¢S￿)￿s1b1l1tieS of the tTUStees with resP￿t to going concern are described in the relevant section5 of this report. INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF The ELMA Foundation (UK) Other inforni8tion The other infoTttLation comprises the inftsmialion included in the Annual TeporL other thon the financial statement5 and our auditor's report thereon. The trustce5 are resw)nsible forthe other infomiation contsined within the annual report. Our opinion on the financial ststements does not cover ihe other information anrL except to the extent otherwise explicitly staled in our r¢Ex)¢ we do not express aThy fonn of &%sur8nce conelusion thereon. Our responsibility 15 to read the other infomiaiion and. in doing so, consider whether the other information is materially inconsistent with the fJThancial statements or our knowledge obthincd in the Course Of the audit, or otherwise appears to be materially misstated. If we identify su¢h mot¢ri81 inconsistencies or apparent material misstatements. we are requir￿ to detcnnine whether this gives rise lo a M￿trial misstaiement in the finan¢ial ststements themselves. If, based on the work we havc performed. we conclude ih* ihere is a maierial missiatemet)i of this other inforn)ation, w¢ are required to report that fact. We have rtothin8 to report in this regard. Responslbllltie$ of Trnsttts As explained mott fully in the twst¢¢s' responsibilities ststemeni the trustee5 {who are also the dirtetors of the ehiritable company for the putwse of company law) art responsible for the pr¢p8rntion of ihe flnancial statements and for being sat15fLcd that they give a true and fhir view, and for such intemai control as the iNsie¢s d¢t¢rniine 15 n¢¢essary to ¢ngble the preparation of fJThancial statements that are free from material misslaternenL whether due to fraud or error. In preparing the financial siatements. the tr￿Ste¢S¥re responsible for&55¢$5ingthe charitable eomplny's ability to continue hs a going concern, dis¢losin& as applicable. matt¢rs related to going ¢on¢¢rn 8nd using the 80ing concern basis of counting unless the trustees either intend to liquidate the charitable company or to cease opetxtions, or have no realisti¢ ternA¢iv¢ but ¢0 do so. Auditor's responsibilities for the #udlt of the finAthel*l stltemtnts Our objectives are to obtain re&fonable aS5UTance aiK)ut whether the financial statements os a whole are free from mat¢rial misstatem¢nt, whether due to fraud orerror. and to 15sue an auditofs report that includes ouropinion. Reasonable assurance is a high level of assuran¢¢, but is not a guardntee that an audÉt conducted in accordance with ISA5 IUKI will alway5 detect material tni55tat¢ment whert it exists. Missthtements can arise fn)m fraud or ¢rrof and are considered material if, individually or in the a88re8ate. they could reH50nably be expected to influcrtce the ecoTh)mi¢ decisions of users taken on the basis of th¢se financial statements. A further description of our ]Tsry)nsibilities for the audit of the financial ststements is l¢)cated on th¢ FRC'S website at.. www.frc. .uk/auditorsres nsibilitie5. This des¢ription fomhs part of our auditor's repo Extent to whieb the iudlt wis ton$idered up*ble •f detetting irregularitit4 iDcludiDg fr&ud Irregularities, in¢luding ftaud, are instances of n0Th-compli￿ce with laws and regulations. We design procedure5 line with our re5pon5ibiliti¢s. outlined atrA)ve, to detect maierial miuiatements in respect of irregularities, including fraud. The ¢xtent to which our procedures are capablc of detecting irregularities. including fraud is detailed below. We considered the nature of the charitable Company's industry and its control environment, and reviewed the charitable compatLy'S docurnentalion of their policies and procedures rel*irtg to fraud and ¢ompli2nce with laws and regulations. INDLPENDEh'T AUDITOR'S REPORT TO THE MEMBERS OF The ELMA Foundation (UK) We also enquired of management and the trustee5 about their own identifi¢￿10n and &8sessment of the risks of irregularities. in¢luding those th* are specific to the charitable eompany'5 business 5￿tor. W¢ obtained an understanding of the legal and regulatory frameworks that th¢ charitable company operate5 in. and identified lh¢ key laws and regulations that.. had a dircct effect on the deiemiination of material amowits and di5c105ure5 in the financial statements. These included UK Compgnie5 Act. the Charitie5 Act. tax legislaiion. and do not have a dire¢1 effeci on the fJThaneial statements but eompliancc wÉth which may be fisndamentsl to the charitsble company's ability io operate or ￿ avoid a ma*riai penalty. These included the Charity Commission for En8land and Wales (Charity Commission) regulations. We discussed among the audit ¢ng8gement team regardin8 the opwrtunities inceniives that may exist within the or8ani5ation for fraud and how and Whe￿ fraud might 0￿￿r in the flnancial statements. As a resulr of perforn)ing ihe above, we identified the 8reatCSt potential for fraud in the ftillowing area, and our procedures pcrforrned to address it are described below: ¢UTOCy and applicatioTh of 8rants for charitable purposes- ftir a sample of gI￿t$ w¢ tested the payments to the approved application And the bank siatements. ￿ w¢ll ¢oDfirmin8 th*t appropriate due diligence had been carricd out on the rccipient organisations. In ￿mmon with all audits under ISAS (UK). we art 81so required ￿ perfom) $p¢¢ifi¢ procedure5 to respond to the risk of management oVe￿ide. In addressing the risk of fraud through management override of controls. we tested the appropriatertess of journal entrie$ and other adjwtments; &sse55ed wheiher the judgements made in making 4¢¢ounting estimates are indi¢ative of 8 txiiential bias; and evaluated the business rationale of any si8t)ifi¢an¢ 1tBns￿tions that ar¢ unusual or outside the nornal course of business. In addition to the aE4)v¢, our procedures to reS￿)Trd to the risks identified included the following.. reviewin8 financial statement dis¢losure$ by iesting to suptortillg documentstion to &55e5$ compliartce with Provisions of relevant law5 and regulation5 dc%ribcd as huving a dire¢1 etf¢ci on the flnancial statemcnts. perfomiing analytical Procedure5 to identify any unusual or uncxpected relationships that may indicate risks of material misstaiemenl due to fraud. enqukrin8 of mana8ernent and external legal counscl ￿nCernIng aciual and potential Iktl8ation and elaims, In5tan¢es of tton-¢ompliance with laws and re8ulatioThs' and readin8 rninute5 of meetlTig5 of those ¢haryed wilh governance. RekN)rt on other legsl gnd regulatory requirements OpinioDS On Other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the cou￿¢ of ihe audit.. the infomJa¢iork given in th¢ trnstees. retKJr4 which includes die strategic rewrt and the directors. report prepared for the purposes of company law for the financial year for which the financial sthtements ar¢ PTep8r¢d is consistent with the flnancial 5tatem¢nts- and the strategie report and the directors. report includ￿ within the trustees, report hav¢ be¢D prepared in accordance with applicable legal ffquirements. INDEPENDF.fiT AUDITOR'S REPORT TO THE MEMBERS OF The ELMA Foundation (UK) In the light of the knowledge and UTLderstanding of the ¢hariiabl¢ ￿MpanY and its environmenl obtained in the course of the audit, we have Dot identifjed any material misstatements in the 5trdtegi¢ report or the dire¢toJ3' report included within the trustees, reporL Matters which we are required to report by exception Under ihe Companies Act 2006 we are required to r¢w)rt in respect of the following matters if, in ouropinion.. adequate accounting records have not been kept by the ¢harttable company, or returns adequate for our audit have Dot been received from branehes not vistted by us- or the charitable company financial siaiements are not in agreement with the accountin8 record5 and retums; or ¢ertain disc105ure5 of trustces, rernuncrdtion specified by law are tlot made,. or we have not re¢¢ived all th¢ infonnation and explanation5 we require for our audit. We have nothing ¢0 report in respect of these rn#tters. Use of our report This report is made solely to the charitable Company's members, as a body. in ac￿rdance with Chapter 3 ofpart 16 of the Compani¢s A¢1 2006. Our audit work h&s been undertaken so that we mighi s¢a¢e w the ¢haritsble ¢ompany's members those matters we are required to siaie to them in an auditor's report and for no otlier purpose. To the fvllestextenr permitted by law. we do noi a¢cepi or assume responsibility to anyone oiher than ihc charitable company and the charitable company's memb¢rs &s a ￿y. for our audit WOTL for this repo¢ or for the opinions we have forned. Jonathan Dodworth (Senior ststutory #￿JItOr} For and on behalf of Deloitte LLP Statutory Audiior London, UK 6 May 2025 io The ELMA Foundation (UK) STATEMENT OF FINANCIAL AcfiviTIES (including income and expenditure account) Year ended 31 December 2024 UDrestrictedfunth 2024 2023 Nrt¢ COMEFROK. Donations Inte￿$¢ llicon 3.750,¢KM) 127,431 7.¢￿.(1X) 8&829 TOTAL Tr4COME 3,877,431 7,088,829 XpbM)￿F.oN: aritabk g¢tiviiies 5,348,707 4,182,438 TOTAL ￿P￿￿DfruR£ 5,348.707 4,182.438 Net lexpYnth¢ur¢l I Ineom¢ for the yegr belnE NET W)VEWNT OTr TrLThDS (IA71.276) 2.906J91 RlfONC]IJATtON OFTrif4DS: Total funds broughi foTh¥ard Net nx)vcnxnt in fund5 forthe year Total filnds ca￿ltd foThvard 5,449226 5 471216 2,542,835 3,977,950 S,449,226 There were rto other recognised gains or losses other than those listed alM)ve and the net ineomc for the year. All income nd expenditure derive frotn colltinuing activities. The notes on pages 14 to 18 forni part of these financial statements. The ELMA Foundation (UK) BALANCE SHEET At 31 De¢ember 2014 2024 2023 CIJRRTrNf ASSEIS Cash and cash equivalents Prepaynrnt and Accn]cd incom 3.9)7.298 5,461,612 4.(K)9.504 5.479,877 Crethtors: anx>unts fauing due within one year Total Assets less Current IAxlilities ￿Ing NTr:r ctiRRFNT ASSEfs AND Nyf ASSFrs 3,977.9SO S.449.226 FUNDS Unrestri¢ied furhds 3,977,950 5.449,226 TOTAL FUNDS 3.977.950 5A49,226 The notes on pages 14 to 18 fonn part of these fmancial statements. These financial statements of The ELMA Foundation (UK) regL5tcrcd number 10986594 were approved by the Board of Trustees And au oris¢d for issue on 6 May 2025. They were signed on its behalf by.. Martin Lan¢ast¢r Trustee 12 The ELMA Foundation (UK) CASH FLOW STATEMENT Year ellded 31 December 2024 2014 2023 Net lustdln)l Jrthidtd ty oFrating Actiiitle5 (1.464.314) 2.893,956 Net {dEcreast) l inCre￿e In c%sh andea5h twi￿lents ID the ￿tri￿1 {1,464J14) 1893,956 C4sh and ¢ash equivaknts Ai the b¢gtsinin8 of the peiiod 5,461.612 2567.656 Cash and eash equivalents It ihe end of the pernsd 5 461612 Anglysls of c&sh cxb ewlw]ents Cush in hand Cash equivalents Total cash and c￿h equivaknts 247298 711,612 5 461612 Reconclllgtlon ofnet Income l {exFnththre) to Det e*5b flowfrom rgtlng se￿￿t￿*S 2024 2023 Net leypertditurel l ineomt for the ye&r{as ptrthe of financi&l activities) AdJustn￿rtts for Ine￿ase in creditors t)ecrease l {increase) debiors Net c￿kn Iu5edinl I w￿1&dIry ¢￿TI¢l￿g 4¢tl%ltl¢s (1,471276) 2,￿6.391 4,030 059 14 2 893 956 13 The ELMA Foulldation (UK) NOTES TO THE FINANCIAL STATEMENTS Year ended 31 Deeember 2024 I. COMPANY AND CHARITABLE STATUS The F.LMA Foundatior) IUKI, lthe "Charity"), Company Registration Number 10986594. was ill¢OTporated on 28 Septcmber 2017 in England and Wales as a company limited by gu8rantee not having a Share capital. There 15 currently one Trustee who 15 a150 the ￿¢mber of the Company. Each member hos undertaken to contribute to the assets, in the event of winding up. a sutn not exce￿ing £1. The teEist¢r¢d office is given or) page l. The Charity is governed by the Memorandum and Articles of Association dated 17 October 2019 arhd is a Public Benefit Chariry registered in Erh8land arhd Wales, Registered Charity Number 1176782. 2. ACCOUNTING POI.IC.IES Bas18 of ltcountlng The fIThaneial statements havc been prepared in 8¢cordance with Accounting and Reporting by Charities.. Statement of R¢commended Practice applicable to charities preparing their accounts in accordance with ihe Finan¢ial Reporting Standard applicAble in the UK and Republi¢ of Ireland (FRS 1021 (updated l Jatluary 20191- (Charities SORP IFRS 1021), th¢ Financial Reporting Standard applicable in the UK and R¢publt¢ of Ireland (FRS 102) and the Companie5 Act 2006. Assets and liabilities are rxogn15ed at historictt] cost or trnnwtLOrt v&lue unless otherwise ststed in the r¢l¢vant accounting policy note. The fi]nctional and presentational currency is Briiish Pout)ds S*rling IGBP). Golng concern In aecordance with its re5erve5 policy. the Charity and cash equivalent reserves to Cover one year's grants disbursements on exisiing commiiments 2nd bud8etul operdtin8 expenditurc. It is cort5idered ¢0 have sufficient resource5 10 meet its obligations as they fall due for at le&st 12 months from the date of si8nin8 these financial Statements and de5Plte thc impact of global economic events including th¢ wst-of-living crisis and 8eo-political uncertainties, there 15 no indication that the Charity would rb)t be able to operate as a going concern. The TnJstee5, th¢r¢for¢, consider th&¢ the going concern ￿UmPI10n is an appropriatc basis on which io prepare these finan¢ial statements. Income In¢om¢ is r¢cogni5¢d when there is an enlitlement to thc ful￿$. it is probable that the income will be rtteived F4nd the amouni can be measured ac¢urat¢ly. ExpeNdilure All expcnditure is accounted for on an a¢¢rual basis. Expenditure includes attributablc VAT, which cannot be r¢covered. Expenditure is Teco8nised once there t5 8 Icgal or ￿NstrUCtive obligation to make a payment to a third party, it is probable that settlement will be requÈred and the amount of the obligation can be measured reli&bly. EXpendi￿re on charitable activities includes grant fvDdinB, direct and support Costs. Grdnt funding is expensed following execution of the grant award letter and notifi¢a¢ion to th¢ grant recipient creating a valid expectation of receipt or when the spcciflcd PErfomiance Criteria and conditions for Yelease of payment havc been met by the gTant recipient. Dire¢t costs are Costs of grant-making and monitorin8. Support Costs include governance c05ts wnsi5ting of audiL l¢gal and company secretsrial fees. Fin8ncig1 Assets li8bilitie5 Financial as$rfs and fJnancia] liabilities are recognised when tljc Charity be¢otnes a party to the contractual provisions of the instrument. FiDancial assets which qualkfy as basic financial instruments a5 laid out in FRS 102 paragraph I 1.8, including trade and other rec¢ivable5 and ¢ash and bank balances. These are valued at amorti5cd c05t and assess￿ for impairnient at the end of each reportillg period. 14 The ELMA Foundation (UK) NOTF.S TO THE FINANCIAL STATEMENTS Year ended 31 December 2024 The Foundation has basic ftnanctal instrumeThts. Basic financial instruTnents are initially recognised at transaction value and subsequently measu￿￿ ai their settlement value. Cash at bank and in hand relates entirely to cash held in the bank. Trade and other debtors are recognised at the Settlement amouni due. Prtpayments are valued at the amount PTepaid. Creditors And provisions are reco8ni5ed where the charity has a preseni obligation ￿$￿Iling from a past event that will probably result in the ¢ransferof ￿ndS io a third party and the amount due to settle the obligation ¢an be measured or estimated reliably. Creditor5 and provi$ioiis are recogt)ised at their s¢ttl¢ment amount. TAX The F.I.MA Foundation (UK), ￿ a registered charity. LS exempt from Corwrnthon under the Co)yoration Tax Act 2010 (chapters 2 and 3 of part ii. section 466 onwards) or section 256 of the Taxation for Chargeable Gains Act 1992, to the extent surpluse5 are applied to its charithble purposes. The Clwity is exempt from cA)rporation ¢&X as all its in¢om¢ is applied for chaTitablc purw>ses. Critlcal Iceountlng judg¢men¢s and key source5 of e5timBtion and uncert#lnty In th¢ application of the Charity's accouniing policies, whith are described in this note, the Tru5tces are required to makc judgements, estimates and &ssumptions about the carrying amounts of assets and liabilities that are ntst readily pparent from other source5. The cstimates #ssociated assumpiions are based on historical experience and other factor5 th￿ are Considered to be relevant. Actual results may differ from thcsc estim￿ts. The ¢stimates and underlying as5UrnPtions are reviewed on an ongoin8 b&%is. Revisions to accountÉng estimates are recognised in ihe period in which the estimale is revised if the revision alTe¢ts only that peri¢xi, or in the period ol the revision ond future periods if the revision affec15 both curreni and fvture periods. There are no ￿ltI￿1 a￿luntIng jud8emcnts or key sources of esiima¢ion uncertainty at the reporting date. 3. ANALYSIS OF TOTAL INCOME 2024 2023 Donations 3,750,0 127,431 3077,431 7,000.000 88.829 Interest income Total 7.088.829 4. ANALYSIS OF CHAIUTABLE F.XPF.NDITURE Grnnt fwndlng Dirert costs Support costs 2024 Grdnt5 to organi5ations (see note 5) Grdnts advisory servicc (Sce note 6. 9) Legal and company secretsrial servi¢es 5248.358 5248J58 62.709 62.709 2.254 2.254 Audit and tax 34,980 34,980 Mi5cellaneou5 C05t 406 406 Total 5248J58 62.709 37.640 5J48,7O7 15 The ELMA Foundation (UK) NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2024 4. ANALYSIS OF CHAR￿ABLE EXPF,NDITURE (eontiDu¢d) Grant fuDding Dirett t05ts Support Costs 2023 Grants to organisations (see note 5) Grants advisory 5crvice (sec notc 6. 9) Legal and company secretaria] services 4,086,574 4,086,574 64,183 64.183 2.221 2221 Audit 29,040 29,040 Miscellaneous cost 420 420 Totgl 4.086J74 64,183 31,681 4,182,438 None of the Trustees lor any person5 connected with them) received any remuneration, benefits or reimbursement of expenses from the Charity during th¢ ye8r12023.. £Nil). Th¢r¢ We￿ no employees in the year {2023.. None). The support Costs in the year in¢lud¢ th¢ gov¢rnance costs in¢urred, bein8 8udt4 legal and cornpany secretarial services. All support Costs above supwrt grant.meking activiiies. EXPENDITURE ON GRANTS No granis werE mad¢ io individuals. Grants hav¢ been mad¢ dwin8 th¢ financlal year5 lo or8anis8tions within the followÉng sectors: Grants to organisgtions Focus Arus 2024 2023 CAMFED Adolescent Gir15 and Young Women 2,500.000 1,000,000 Royal Commonwealth S¢xiety for Neglected Tropi￿1 Diseases the Blind ("Si8htsavers") Kids OR lJ33J33 ,927,526 Health Workforce 806.692 550,715 Lively Minds Sabre Education Ltd. Early Childh¢xMI Development Early Childh￿d Development 433.333 433,333 175,000 175,000 Total 5,248J58 4,086,574 Multi-yeargrants are funded in Tnultiple disburseTncnts. The CharÈty only ¢ommitsto, and expenses, one disbllrsement at a isme, with each subsequent di5bur5ement being subject to review for COTnplianre wtth specified pErforrnan¢¢ Criteria and conditions for release of disbursement. If the specified perfonnance criteria and condition5 for release of disbuisemeni are me¢ ￿rther funding of the subsequent disbursement is made. The total grant di5bur5¢ments relating io thwre yeaTS, not yet wmmitted, amount to £13,521,672 (2023.. £18,595,030) and are anticipated to be paid as follows. provided that the (x>nditions for release of payments are fully met. 16 The ELMA Foulldation (UK) NOTES TO TIIE FINANCIAL STATEMENTS Year ended 31 December 2024 2025 2.901.586 2026 2,790.474 2.772.147 2027 2028 2,557,465 2029 2,500.000 Tot81 13J21,672 The Charity expects to receive donatio￿% to cover firture commitments a5 thcy fall due. ensuring that the reserves policy is met. 6. GRAT￿S ADVISORY SERVICE Th¢ ELMA Phi18nthropi¢s Servic¢s IDS) Inc. ("Philanthropie5") provides 8rants advisory Service to the Charity to support ils grant-making. Effe¢iive l January 2021, the Charity entered it)¢o a service agreement with Philanthropies for PTOV15ion of 8fAnt hdvisory services for a fee of US$80.000 per attnum, payable in anrats, 81 USD20,000 per calendar quarter. During the y¢ar, the Charity has rec¢ived s¢rvic¢$ for fourcoThsecutive calend8r quarters comrnencin8 from QI 2024, at US$20,000 per quarter. The ¢harge for Philanthropies, servi¢¢ during th¢ y¢Jr was £62,709 (2023.. £64,1831 IUS$80,000)). 7. NET(LXPENSE)I INCOME FOR TIIE YEAR 2024 2024 Net (expense) / ineome is stated after: Auditor s rernuner2tion: Fees payable to the Charity's auditor in¢lusiv¢ of VA'I. for the audit of the Charity's annual rinancial statements 302410 29,040 8. CRKDITORS 2024 2023 Amounts falling du¢ within ont yt*r: A¢cNrd eX￿￿$¢S 31,554 30,651 9. RELATED PARTIES Two of ihe five Trustets {2023: Two Trusiees) of the Charity are on the Board of Dir¢¢tors of The ELMA Philanthropie5 Services (USI Inc. {"PhÈlanthropies"l and accordingly ate considered to be related parties. Without exception, the conflicted Trustee5 recuse them5elve5 from decisions pertakning to the aprK>inttnent and retention of 17 The ELIU Foulldation (UK) NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2024 Philanthropies for the provision of grant5 advisory service. and the setting of the fee for such grants advisory service5. The Trustees are satisfied that appropriate pr￿edureS are in place to ensure that any potential conflicts of interest are appropriately managed and avoided. During the year, Ihe Charity incurred expenditure of £02,709 {2023.. £64,1 $3) for services r¢ndered from PhilanthTopie5. Of thi& the amount payable, included in a¢¢wed expenses as at 31 December 2024, was £15,98012023= £15.710). 18