2025-12-31-accounts

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

The Egmont Trust Trustees, Annual Report 2025

01. Introduction

Our mission ...............................................................................4 The Egmont Model ....................................................................6 2025 summary data ..................................................................8 Reflections from the Board ....................................................10 Egmont in 2025 .......................................................................12 Donor perspective ...................................................................14

02. The Egmont Portfolio

Portfolio overview ...................................................................18 Grants analysis ........................................................................20

03. Impact

Impact overview ......................................................................28 Livelihoods ..............................................................................30 Health & HIV ............................................................................34 Education .................................................................................38 Safer communities ..................................................................42 Climate-smart responses .......................................................46

04. Financials

Financial overview...................................................................52 Detailed financials ...................................................................56

05. Support Egmont

How you can help ....................................................................58

OUR MISSION

----- Start of picture text -----
INTRODUCTION
4
----- End of picture text -----

OUR MISSION

runs a The Egmont Trust portfolio of grassroots, locallyowned projects in east and southern Africa. Egmont invests in the power of local people, who work in their communities to transform the lives of children, women and families impacted by HIV and poverty.

INTRODUCTION

THE EGMONT MODEL

THE EGMONT MODEL.

LOCAL LEADERS. LOCAL SOLUTIONS. LASTING IMPACT.

Egmont was founded by financial services entrepreneurs and seasoned African development professionals to invest in the power of local people and drive permanent change.

We work with local leaders in east and southern Africa to transform the lives of children, women and families impacted by HIV and poverty.

Egmont is not just addressing need. It is also seizing opportunity.

Thousands of small local organisations struggle to access funding. We focus on opportunity in that chronically underfunded space: small scale, high impact local organisations that are often under the radar of mainstream donors.

This distinct approach carries risk but also enormous potential. Which is why, over the last 20 years, we've built an effective model designed to manage both.

2. A local-first approach

3. A portfolio approach 4. Development track record

1. Giving 100%

A portfolio approach is the most effective way to both manage risk and optimise impact.

100% of every donation goes directly to The Egmont Portfolio of grassroots projects.

Our on-the-ground team have decades of experience in the field and a deep knowledge of the region and sector.

Egmont doesn't design projects. We invest in local leaders – our Egmont Partners.

Egmont's Trustees and Those closest to the The Egmont Portfolio Patrons cover all of challenges of HIV and applies financial services Over 20 years Egmont has Egmont's running costs. Like poverty know best how disciplines such as assessed 1,200+ local shareholders, they ensure to generate impact at low diversification, risk projects and supported our operations stay lean and cost. This bottom-up local management, rebalancing more than 130 local leaders, focused to maximise the approach is a means to and reinvestment to directly impacting the lives value and impact of every create permanent change – optimise returns. of more than one million donation. investments, not hand outs. children, women and family members.

6. Bottom-up, not top-down 7. Adding value

5. Financial mindset

Egmont Partners' responses Egmont is focused on are shaped by the reality on exchanging best practice the ground. and creating opportunities.

Egmont is focused on returns, basing funding decisions on evidence and results, and the application of strict financial discipline.

Egmont is not prescriptive. From generous supporters of strict financial discipline. There are many different to local Egmont Partners, Egmont's own operating ways that local people staff members, volunteers model avoids bureaucracy respond, reflecting what they and the families that are and similarly backs know to be most relevant to part of the projects. All are entrepreneurial local their locality. Any approach sources of value addition leaders with low resource, that is locally impactful and Egmont works to high impact, cost efficient represents a funding capitalise on the know-how responses that have the opportunity. of all its connections. potential to scale up over time.

A DIFFERENT APPROACH TO PHILANTHROPIC RISK, RETURN AND IMPACT.

INTRODUCTION

2025 SUMMARY DATA

		2025		2024
	£	#	£	#
Income
The Egmont Trust (UK)	2,207,787		1,929,234
The Egmont US Foundation1	128,324		78,4331
Portfolio investment
Project grants	1,257,447	42	1,123,507	42
Tactical response grants	212,179	24	7,869	2
Partner development grants	27,331	23	24,375	22
Total grants committed2	1,496,957	89	1,155,751	66
Egmont Partners
Total supported3		44		48
Active at year-end		38		43
Operations
Total operating costs3	633,950		528,174
Year-end reserves	2,626,746		2,616,203
People reached		87,038		87,348

People reached

The Egmont US Foundation is an independent grant-making body registered in the USA with 501(c)(3) status. In 2024, The Egmont US Foundation made a grant of £94,749 to The Egmont Trust in the UK. In 2025, The Egmont US Foundation made a grant of £155,705 to The Egmont Trust in the UK. 2. Total grants committed includes expenditure on Partner Country Meetings which was £8,265 in 2025 and £6,650 in 2024 (see p. 55, Note 4) 3. Some Egmont Partner projects have funding committed in the year prior to implementation. 4. 100% of Egmont's operating costs are covered by Trustees & Patrons.

INTRODUCTION

REFLECTIONS

2025 marks twenty years since the founding of The Egmont Trust. A time of reflection and renewed urgency.

Demand for our support is ever increasing. Applications to become an Egmont Partner increased three-fold during the year: this highlights the scale of the unmet need and the validity of our goal to increase the funding and scale of our work.

The Egmont Trust was founded to address the funding needs of those grassroots, community-led organisations which tackle the chronic impact of HIV and poverty on children, women and families in six countries in sub-Saharan Africa. Our founders drew on their deep experience in international development and financial services to create a distinctive model which avoids top-down prescription but instead backs local leaders who provide bottom-up solutions to their community problems. These leaders identify what works and then with Egmont's help they are able to scale up.

The global aid landscape changed significantly over the last year with the scaling back of USAID programmes and wider reductions in many bilateral aid programmes. Support for HIV suffered in particular. Egmont responded by undertaking a review of the problems faced by our Partners and targeted additional support where it was most needed. A large number of additional grants were made, demonstrating our agility to respond quickly but also guided by our financial discipline. These events underlined the fragility of many of these large bilateral programmes. They also highlighted the consistency and reliability of Egmont.

I had the opportunity to see this impact first-hand during a visit with the Egmont team to Malawi in June last year. I was struck by the scale of the need with so many in the rural communities having limited access to healthcare, education or reliable food supplies. But I was encouraged by the effectiveness of Egmont's Partners' work.

We met families who, with very modest support by our standards, were now able to generate a sustainable income. We saw community-led savings groups provide access to finance where no formal systems existed. We heard testimony of improvements in school attendance, particularly among girls, driven by locally designed interventions. These were the very tangible benefits of the Egmont approach. We allocate capital to a portfolio of Partners, actively managing performance and can help to balance risk and social impact.

As we enter our third decade, our work is clear. The need is there. We have a proven model to effectively address many of the needs. We want to increase the scale of our work and have built the team to deliver that.

To all our donors, supporters, the Egmont team and above all our Partners, thank you.

John Bason Chairman

Twenty years after its founding Egmont is not only working but its model is even more relevant.

on behalf of The Egmont Trust Board

So much progress has been made this year. I am pleased to report growth in our income with a funding increase of over 20% in dollar terms. This reflects not only the steadfast commitment of so many of our donors but also a number of new donors to Egmont. Thank you to all of you.

THE BOARD

John Bason

Chairman

John joined Egmont as Chairman in 2024. Previously, he was Director of Finance at Associated British Foods from 1999 to 2023.

Clare Evans

Deputy Chair

Clare founded Egmont with her husband, Jeremy, in 2005. Clare worked for VSO & ActionAid in Zambia during the height of the HIV & AIDS epidemic.

Rory Powe

Rory has been a Trustee since 2005. Rory runs the Man GLG Continental European Growth fund.

Martin Woodcock

Martin has been a Trustee since 2005. Martin is a cofounder of Rondine Capital, specialising in listed equities in sub-Saharan Africa.

Nick Cross

Nick has been a Trustee since 2023. Nick runs Tag-Red, a consulting practice and has been a trustee of a number of charities including the RSPB and the National Youth Agency.

Rachel Foster

Rachel has been a Trustee since 2021. Rachel grew up in Kenya and has worked as a teacher and headteacher in schools in Kenya and the UK.

Stuart Powers

Stuart has been a Trustee since 2015. Stuart is Chief Investment Officer at Hengistbury Investment Partners, a global equities fund which he founded in 2011.

INTRODUCTION

EGMONT IN 2025

The Egmont Team

Jeremy Evans

CEO & Founder. Jeremy founded Egmont with his wife, Clare, in 2005. Previously, he co-founded Redburn, where he was Senior Partner before its acquisition by Rothschild & Co. Formerly Head of UK and European Equities at Flemings; and a Managing Director of JP Morgan.

Nomuhle Gola

Head of Programmes. Based in Zimbabwe, Nomuhle joined Egmont in 2016. Previously, Nomuhle worked as Country Director for Zimbabwe at Restless Development and Programme Manager at the BOOST Fellowship.

Louise Dixon

Head of Finance. Louise joined Egmont in 2017. Previously, Louise worked for Bridgend Council, Tros Gynnal and University of South Wales and brings over 17 years' financial management experience in the charitable and public sector to the Egmont team.

Mubanga Kapuka

Programme Officer. Based in Zambia, Mubanga joined Egmont in 2018 to assist with partner administration and project oversight. Mubanga works closely with the Head of Programmes to monitor and review project progress.

Jane Arnold

Finance & Governance Officer. Jane joined Egmont in 2015 to assist with financial administration and programme contract management. Previously, Jane worked for Cardiff Council, RK Aggarwal Ltd & General Electric.

Colin Williams OBE

Deputy Chair (Executive) & Founder. Colin spent 22 years with ActionAid, setting up country programmes in Somalia, Uganda and Malawi, then becoming Africa Region Director. He was awarded an OBE in 2002 for services towards fighting poverty in Africa.

Jake Westlake

Portfolio Analyst. Jake joined Egmont in 2014 having previously worked for the Welsh Refugee Council. Since then, Jake has undertaken an MSc in International Development, submitting a thesis on the development of grassroots organisations in the donor-led funding landscape.

Eleanor Abou-Sakr

Head of Fundraising. Eleanor joined Egmont in 2023 to lead Egmont’s fundraising growth, bringing with her a wealth of skills and experiences from a career spanning the Arts and Charity worlds. She worked at Christie’s and, latterly, for the Order of Malta’s Global Fund.

Charlotte Wells

Programme Support Officer. Charlotte joined Egmont in 2024, bringing a range of experience gained in both the private and third sectors.

Jenny Macintosh

Communications Officer. Jenny joined Egmont in 2023. She brings over 11 years of experience in marketing, communications and publicity in the international development and publishing sectors from previous roles at Book Aid International and Egmont Publishing.

Egmont Partners

Kenya

Ace Africa

Child Opportunity Trust Community Fight Against GBV and HIV Girl Child Counselling Women Group Pepo La Tumaini Sponsored Arts For Education Teen Seed CBO The Nasio Trust

Malawi

Agri Impact Malawi Development Concept Foundation for Community Livelihood and Development Future 4 All

Girls Empowerment Network God Cares Rights Foundation

Kwithu Community Based Organization Life Concern Umunthu Plus

Women's Hope For Change Young Farmers Incubator

Mozambique

Childlife Mozambique Meninos de Moçambique

Tanzania

Fanisi Tanzania

Forever Angels Hakizetu Organization Kwa Wazee Malengo Development Foundation RLabs Tanzania Uzima Centre Ilemela

Zambia

Kabangwe Creative Initiative Association Keepers Zambia Foundation Kucetekela Foundation

Ndola Nutrition Organisation Partners for Life Advancement and Education Promotion Primrose Community Health Organisation The School Club Zambia Vision of Hope Zambia Zambian Rainbow Development Foundation

Zimbabwe

Chiedza

Community Development and Empowerment Organisation Friends for Child Development Matebeleland AIDS Council Rafiki Girls Centre Wild4Life Youth Advocates Zimbabwe

Special thanks

Egmont Patrons

Rondine Capital

The Syncona Foundation The Woodcock Family Foundation Various anonymous

The Egmont Advisory Team

Julian Ansell Lindsey Block Edward Bonham Carter Phillip Burton Matthew Clarke William de Winton Rupert Edwards Millie Edwards Rupert Fleming Adam Kerr Michael McLintock Martin Murphy Barnaby Wiener Tim Wise

The Egmont US Foundation Board*

Robert Chartener OBE - President Thomas Barry - Director William Bristowe - Director Jeremy Evans - Treasurer Rob Jaffee - Director Jake Westlake - Secretary

Friends of Egmont

Sophie Ansell Jane Baker Nicole Burston Non Cross Kate Humble Beata Kantor Andy & Freya Kocen Sarah Lacaille Alison Mayne Sarah Muirhead Ali & Andrew Newell Kathy Street Sally Turnbull Cowan Whitfield Sally Woodcock

*The Egmont US Foundation is an independent grant-making body registered in the USA with 501(c)(3) status.

----- Start of picture text -----
DONOR PERSPECTIVE
----- End of picture text -----

DONOR PERSPECTIVE

Paul Quinsee is the Global Head of Equities at JP Morgan. He is a long-term supporter of Egmont and is a key member of the Host Committee for The Egmont US Foundation's New York Reception.

What do you look for when deciding your charitable investments?

First of all, I look for an organisation with an important and worthwhile cause, that I can identify with and that means something to me.

Secondly, I look for organisations that I trust and that will use my donations as efficiently and as effectively as possible.

And finally, I look for organisations that I enjoy working and engaging with, where I feel I can contribute a little bit more, rather than just sending a cheque.

Why invest in Africa?

Africa is an incredibly – and increasingly – important part of the future of humanity. It is also a continent deeply impacted by poverty. In Africa, charitable giving can have a much greater impact than in most other places.

Growing up, my parents were very keen supporters of charities active in Africa. They focused on the ones at the time, in 1970s Britain, that have turned into the wellknown names, such as Oxfam and Save the Children.

They were very passionate, and I am keen to continue, but in my own way, and in a way which reflects how the world and our approach to international development has changed.

What motivates you to support Egmont?

Egmont has a highly professional, business orientated approach to solving problems in Africa. It is an organisation where your money is made to work very hard and, as a result, has a large impact.

To me, that's a very attractive way to support local African organisations. It’s a new, more focused and more targeted approach. The results of your donation are more direct and more immediate than if you were partnering with much larger, global charities.

Also, of course, I've known Jeremy Evans, one of Egmont's Founders, for a very long time. I have a tremendous amount of respect for him, both personally and professionally.

Finally, what opportunities do you think lie ahead for Egmont in the US?

Broadening the scope of activities and support for Egmont in the US is at once a huge opportunity and a huge challenge.

As a Brit who's lived here for almost 30 years now, I know that it is very different to the UK. There is an extremely strong tradition of charitable giving here, yet attention in a very crowded field takes time and effort.

The opportunity for us, in the US, is to introduce contacts, access more support, and spread the word about this brilliant organisation. I think this is a very worthwhile endeavour!

PAUL QUINSEE Global Head of Equities at JP Morgan Asset Management

Pictured: A peer-led sexual and reproductive health and HIV awareness raising session for secondary school children, led by The Nasio Trust in Kenya

02 02 THE EGMONT PORTFOLIO ¥li Y.

THE EGMONT PORTFOLIO

PORTFOLIO OVERVIEW

Egmont Partners

In 2025, The Egmont Portfolio welcomed five new Egmont Partners, while six organisations left the portfolio upon project completion. Nine Egmont Partners secured increased funding for their projects, due to good performance.

# Egmont Partners in receipt of grants in 2025

2025: A challenging context

The operating environment for Egmont Partners across Kenya, Malawi, Mozambique, Tanzania, Zambia, and Zimbabwe became significantly more challenging in 2025. Communities already facing poverty, weak public services, rapid population growth, and climate vulnerability were further affected by a dramatic deterioration in the external funding environment and uneven economic conditions.

The most significant shock was the restructuring and withdrawal of major USAID programmes early in the year. Wider aid reductions from the UK, Germany, and others soon followed. This created disruption across HIV, health, education, and livelihoods programmes. However, the worstcase predications did not come to pass, helped by local adaptation and funding realignment to core programmes often run by larger international NGOs. As a result, available funding for grassroots organisations has diminished; evidenced by the almost three-fold increase in funding applications Egmont received in 2025.

Economic conditions varied by country, but household strain remained common. Malawi faced inflation above 28%, acute foreign exchange shortages, and import constraints affecting fuel and fertiliser (made worse by the Iran conflict in 2026). Mozambique

continued to face fiscal stress and tighter financing conditions. Zimbabwe saw ongoing currency fragility and high inflation despite some stabilisation efforts. Kenya’s macro picture was more stable with GDP growth at 4.8% for the year, though youth unemployment and cost-ofliving pressures persist. Zambia continued its recovery, but drought after-effects and rural poverty remain significant, while Tanzania faced ongoing pressure from rapid population growth and stretched social infrastructure.

Egmont responded pro-actively, using reserves to establish a Funding Gap Grant Facility for Egmont Partners directly or indirectly affected by aid withdrawals. A total of £186,612 was granted to 17 Egmont Partners to ensure local systems for HIV treatment continued or to align their projects to the new operating context. A separate Malawi Inflation Response Fund provided targeted support to Partners managing severe local cost pressures.

The year also reinforced the strength of Egmont’s model. Local organisations embedded in their communities were often better able than larger systems to sustain essential services, adapt quickly, and protect vulnerable households during a period of heightened uncertainty.

----- Start of picture text -----
Total supported As at 1 January New Egmont Partners As at 31 December Notes
44 39 5 38 See 'Portfolio recruitment' below for a breakdown of the new Egmont Partners' success rate in 2025.
HIV epidemic in sub-Saharan Africa
27M # HIV+ people
Portfolio mix by funding amount (%)
<$20k $20 - 35k $35 - 50k $50 - 100k Notes
25M
Egmont disburses grants in US$.
3% 18% 26% 53%
23M
Portfolio mix by funding amount (# Partners)
21M <$20k $20 - 35k $35 - 50k $50 - 100k Notes
4 12 13 15 Egmont Partners enter the portfolio at the lower scale and receive greater funding upon successful results.
19M
2000 2025
Portfolio recruitment
Extreme poverty in sub-Saharan Africa (<$2.15 per day) Initial contacts Investigation & reviews Successful applicants Conversion rate Notes
600M Overall conversion rates are typically 1 - 5% per annum.
# people living in SSA with income of less 454 428 5 <1%
than $2.15 a day
TANZANIA
128 applications for funding KENYA
1 new Partner recruited 113 applications for funding
500M 7 Partners supported 1 new Partner recruited
5,886 People helped 8 Partners supported
23,580 People helped
ZAMBIA
400M
2000 2025 29 applications for funding
1 new Partner recruited
9 Partners supported
Applications for Egmont funding: 2024 - 2025
12,533 People helped MALAWI
150 2025 2024
75 Applications for funding
2 new Partners recruited
11 Partners supported
ZIMBABWE
100 8,764 People helped
35 applications for funding
7 Partners supported
32,591 People helped
50
MOZAMBIQUE
40 applications for funding
2 Partners supported
0 3,684 People helped
KEN MAL MOZ TAN ZAM ZIM
19
----- End of picture text -----

THE EGMONT PORTFOLIO

PORTFOLIO OVERVIEW

Grants analysis (2025)

Grants. These are flexible and targeted, designed to proactively respond to specific opportunities or risks. In 2025, Egmont introduced the Funding Gap and Malawi Inflation Response Grants in reaction to the closure of USAID and soaring inflation experienced in Malawi.

Egmont’s grant structure is designed to help Egmont Partners progress: allocating capital in line with performance, maturity and potential, while actively supporting their development over time.

At the core of the model are Project Grants. Each Egmont Partner is supported with at least one Project Grant at a level appropriate to their stage of development. Partners that deliver project results are invited to apply at a higher level upon project completion. See below for more information on each grant level.

Partner Development Grants are available to Egmont Partners to learn from one another, spread best practice and allow for the cross-fertilisation of ideas across the portfolio.

Alongside this structured pathway, Egmont deploys Tactical Response Grants to complement and enhance Project

Grants committed (2025)

----- Start of picture text -----
Grant type # grants £ committed YOY £ (%) YOY # (%) Grant amount
----- End of picture text -----

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Project| |Entry Level|6|79,650|-51|-45|Up to $20k for 1 year| |Core|21|543,777|19|24|Up to $35k p.a. for 2 years| |Enhanced Core|9|348,237|47|50|Up to $50k p.a. for 3 years| |Strategic|4|233,015|-6|0|Up to $100k p.a. for 3 years| |Pilot|2|52,768|236|100|Flexible| |Total|42|1,257,447|14|0| |Tactical Response| |Funding Gap|17|186,612|-|-|Flexible| |Malawi Inflation|7|25,567|-|-|Flexible| |Partner Development| |Peer-to-Peer Learning|19|19,066|8|6|~ $1,300| |Country Partner Meetings|4|8,265|24|0|~ $2,500| |Total # grants|[1]|89|1,496,957|30|35|

----- End of picture text -----

Significant increase in grant expenditure

Grant expenditure increased by 30% in 2025 to £1.49m (2024: £1.15m), while the number of grants awarded increased by 35% to 89 (2024: 66).

Grant making capacity is determined by a combination of prior-year income and any prior-year project underspend. Income growth in 2024 (+14% year-on-year) strengthened this capacity. However, grant expenditure is not driven by available funding; it is driven by the quality, impact potential and strategic fit of projects identified through Egmont’s rigorous selection process. Where grant making capacity exceeds the availability of fundable opportunities, capital is retained and carried forward to future years.

A significant and unanticipated development in 2025 was the closure of USAID and wider reductions in international development funding by several donor governments. This represented a major dislocation event across the sector, requiring a detailed review of the portfolio and high levels of engagement with Partners to assess both direct and indirect impacts.

Through Egmont's Tactical Response Grant programme, additional support was provided to Egmont Partners whose operations, beneficiaries or local ecosystems were affected by these funding shocks.

In Malawi, high inflation and sustained foreign exchange pressures materially reduced the real value of grant funding. To protect programme delivery and beneficiary outcomes, Egmont introduced the Malawi Inflation Response Fund, providing supplementary grants to affected Partners and preserving the integrity and impact of projects already underway.

Change in portfolio mix

In total 89 grants[1] were committed in the year, an increase of 35% by number and 30% by value. Of these, 42 were Project Grants ranging from Entry Level at $20,000 to Strategic at $100,000 (flat year-on-year but with significant mix shift); 17 were Tactical Response Grants in response to USAID/ other development cuts; 7 grants were in response to Malawi inflation; 23 Partner Developments Grants were awarded (22 prior year).

Whilst total grant expenditure growth of 30% was in line with budget capacity, growth in Project Grants spend was lower at 14% year-on-year. There were two main reasons: absorption of Programme team capacity by the new Tactical

Grant expenditure (2021 - 2025)[1]

----- Start of picture text -----
2.0M
1.5M
1.0M
0.5M
0
£M 2021 2022 2023 2024 2025
£ 1,267,021 1,324,348 1,394,692 1,155,751 1,496,957
----- End of picture text -----

Grant expenditure by country (2025)[2]

----- Start of picture text -----
400
300
200
100
0
£'000s KEN MAL MOZ TAN ZAM ZIM
£ 303,073 350,781 92,067 150,585 334,061 258,120
----- End of picture text -----

Project grant expenditure by type (2025)

----- Start of picture text -----
600
500
400
300
200
100
0
£'000s ENTRY CORE ENH STRAT PILOT
£ 79,650 543,777 348,237 233,015 52,768
----- End of picture text -----

Total grants committed includes expenditure on Country Partner Meetings, which are not recorded as (see p. 55, Note 4). 2. Excludes Country Partner Meetings costs.

THE EGMONT PORTFOLIO

PORTFOLIO OVERVIEW

Response Grants Programme, which led to deferrals of new potential Partners into 2026; and higher than anticipated partner ‘churn’ from the portfolio. These were offset by an increase in average Project Grant commitments from Partner upgrades.

A core premise of the portfolio model is that Egmont Partners in receipt of Entry Level Grants ($20,000 p.a.) scale up their activities in subsequent years based on evidence of sustained delivery and impact.

In 2024, there were two Core, two Enhanced Core and two Strategic Grant upgrades. During 2025, six Egmont Partners were upgraded to receive Core Grants ($35,000 p.a.): Child Life Mozambique , Uzima Centre in Tanzania, Keepers' Zambia Foundation , Foundation for Community Livelihood and Development in Malawi, Friends for Child Development in Zimbabwe, and Primrose Health Organisation in Zambia. Three Partners were upgraded from Core to Enhanced Core ($50,000 p.a.): The Nasio Trust and Community Fight Against HIV & GBV , both in Kenya; and Agri Impact in Malawi. The net effect of the upgrades comprised 21.5% of the total 2025 grant budget.

New partner acquisition was below expectations for the reasons set out above, despite a dramatic increase in demand - leading to significant deferrals into 2026.

Five new Egmont Partners joined the portfolio in 2025: Teen Seed in Kenya, Women's Hope for Change and Young Farmers Incubator in Malawi, Malengo Development Foundation in Tanzania, and Kabangwe Creative Initiative Association in Zambia. In 2026 to date, a total of ten new Egmont Partners have joined the portfolio at the date of publication.

Churn: grant value & % of portfolio (2022 - 2025)

----- Start of picture text -----
300
20%
250
200 15%
150
10%
100
5%
50
0
£'000s 2022 2023 2024 2025
----- End of picture text -----

The other driver of changes in grant expenditure is organisations exiting The Egmont Portfolio (called ‘churn’). Factors leading to churn range from positive outcomes: ‘graduation’ where partners source a step change in funding elsewhere, or successful completion of a project with no repeat activity to fund; to negative outcomes including poor performance, loss of momentum, governance and finance concerns, or mission creep.

Churn is an inherent characteristic of Egmont’s portfolio approach to risk and return and is anticipated in planning and budgeting. In 2025, six Partners exited the portfolio. Whilst this is in line with the long term Partner churn ratio of 16%, it was higher than anticipated.

In terms of detail:

One Egmont Partner in Kenya graduated, successfully completing a relatively short partnership cycle.
One Egmont in Malawi failed to improve governance and control systems.
Two Egmont Partners submitted proposals with a new area of focus, that was not appropriate for Egmont funding.
An Egmont Partner in Zimbabwe did not implement their first project in line with their proposal.
A long term Egmont Partner was unable to develop a credible next stage plan, despite impressive historic results in providing young women with livelihood opportunities and training.

Portfolio performance

The number of Egmont Partners achieving a ‘satisfactory’ rating or above (3 - 1) increased to 38 in 2025 (2024: 36). The average Portfolio Performance Tracker score improved marginally from 2.5 to 2.4, reflecting an overall strengthening of portfolio quality.

Egmont’s bottom-up model avoids common size and externally driven KPIs to measure performance. The multiplicity of local models that Egmont backs require tailored solutions that cannot be captured in 'one size fits all' impact and performance metrics.

Egmont’s approach to measuring performance is bilateral and bottom-up. In their proposals, each Egmont Partner clearly outlines the impact that is expected and how it will be measured and then reported through the annual and impact reports. A key task in the project approval stage is for the partners to convince us of the validity of these indicators and the activities that will be undertaken to that end.

Performance movements during the year were mixed, with eight Egmont Partners improving their scores and eleven declining. However, aggregate performance also benefited from portfolio churn, including the exit of seven lowerperforming organisations that had each scored ‘4’ in 2024 (one exiting the portfolio in 2024, six in 2025). The result was a modest improvement in average portfolio performance despite a challenging operating environment.

Egmont firmly believes that partner performance would be negatively impacted by imposition of common sized, top-down impact measurement. We are currently working with partners to improve the consistency and quality of the impact information captured.

The PPT remains a central component of Egmont’s portfolio management approach. It provides a consistent framework for assessing organisational and project performance, enabling resources to be allocated where they are most likely to generate value. PPT scores inform decisions on grant renewals, progression to higher funding tiers, capacitybuilding support and, where appropriate, exit from the portfolio.

Alongside this impact material, Egmont manages the portfolio using a proprietary tool, the Portfolio Performance Tracker (PPT). The PPT is a multi-factor tool that tracks progress on both hard and judgemental metrics using a 5 - 1 (1 is best, see 'Notes' in table below) scoring system. Inputs include impact data, sustainability of results and approach, organisational development, leadership, Financial Controls Review outcomes, compliance with contractual obligations and feedback on visits by Egmont staff. PPT performance is one of three major organisation wide KPIs.

Performance management is not solely focused on selection and capital allocation. Organisations whose scores fall below expectations receive targeted support to address weaknesses and strengthen capability. This combination of disciplined assessment, active Partner development and selective portfolio management helps improve overall portfolio quality and maximise long-term donor value.

PPT: 2024 - 2025 scores distribution

PPT Score	2024	2025	Notes
1	8	8	Exemplary, strong candidate for scale up through Egmont's grant levels
2	14	8	Performing well
3	14	22	Performing satisfactorily
4	7	1	Some concerns
5	0	0	Immediate and serious concerns
New	0	4	New partners are not scored until Project Progress Reports are received
Mean	2.5	2.4	Lower is better
Mode	2/3	3	Equal mode distribution in 2024

THE EGMONT PORTFOLIO

PORTFOLIO OVERVIEW

Cost-efficiency of impact

An important feature of Egmont’s model is cost efficiency. First, 100% of Egmont’s operating costs are covered by Trustees and Patrons – the allocation model is zero cost to donors. Second, the nature, design and locality of the small scale organisations that Egmont supports enables impact to be achieved at very low cost. Project Grants typically operate a 10% expense ratio, or as negotiated with Egmont’s Programme team.

The wide diversity of activities supported means that this average hides a substantial range of cost per beneficiary figures, e.g. between projects supporting individual education and skill training and those working with larger groups.

In each case the Partner convinces Egmont, at the proposal stage, and through the course of the project, of the effectiveness of the methodology and its cost efficiency against similar initiatives in their sector.

In 2025, 60% of Egmont Partners (26 out of 42) operated at an average cost per beneficiary of $90 or below (see dashed line in graph below).

2025 portfolio: Egmont Partner investment / cost per beneficiary ($)

----- Start of picture text -----
Individual project, cost per person reached Average cost per person reached for funding level (<20k, 20 - 35k, 35 - 50k, 50 - 100k) $90 line
1,200
1,000
800
600
400
200
0
$ funding level Up to 20,000 Up to 35,000 Up to 50,000 Up to 100,000
# people reached 1,880 10,407 29,735 45,041
$ cost per person 35.05 35.31 18.07 24.30
TOTAL PROJECT COST
$ COST PER PERSON
----- End of picture text -----

Adding portfolio value

An important benefit of the portfolio approach is the opportunity for Egmont Partners and Egmont to benefit from best practice transfer and upskilling. Egmont facilitates this with Peer-to-Peer Learning Grants, and annual Partner Country Meetings. In 2025, nineteen Peer Learning Grants were awarded and four country meetings took place in Kenya, Malawi, Zambia and Zimbabwe. Project site visits by Egmont Trustees and Team took place throughout the year.

As Eugene from Kabangwe Creative Initiative Association in Zambia commented:

"The peer learning process offers us, as Egmont Partners, a unique opportunity to learn from one another and share best practices. It strengthens our capacity by helping us improve in areas where we are less experienced. In essence, it is a capacity-building initiative that enables partners to grow together.”

This approach to learning from Egmont Partners also helps Egmont to continuously develop as an organisation with a bottom-up mindset.

A new initiative currently in trial by one of Egmont’s longstanding partners, Life Concern in Malawi, is a pilot to establish whether a model developed by Kwa Wazee in Tanzania related to self-defence and gender equality might be scalable in a different geography and with different leadership. The learning from this exercise could be invaluable in terms of creating scale up opportunities.

Egmont has also introduced a programme of virtual roundtables which allows partners to share expert information (e.g. on micro-finance or HIV), discuss common concerns (local inflation or climatic conditions) or briefs on specific issues concerning their relationship with Egmont. These achieve powerful interactions at minimal cost. In 2025, three roundtables were held on the following topics:

The developing HIV & AIDS context and response;
Micro-finance initiatives;
Best practice relating to financial controls for grassroots organisations.

Portfolio sourcing and decision making

The Egmont Portfolio is built through two complementary activities: identifying new grassroots organisations through Entry Level Grants and scaling high-performing Partners through progressively larger grant levels as their capability, impact and sustainability develop.

The sourcing of new Egmont Partners is deliberately selective and shares many characteristics with a venture capital approach. Egmont accepts higher levels of risk at the entry stage in order to identify exceptional locally-led organisations with the potential for significant long term impact. Opportunities are sourced through the networks of the Programmes Team, referrals from existing Partners and direct applications through the website.

All applicants submit a standardised Expression of Interest before progressing to due diligence. This enables opportunities to be assessed quickly and consistently while maintaining a high bar for entry; historically only 1 - 5% of applicants secure funding.

Expressions of interest per month (2024 - 2026)

----- Start of picture text -----
80 2024 2025 2026
60
40
20
0
# EOIs Jan Dec
----- End of picture text -----

The contraction of traditional development funding during 2025, particularly following USAID closures and wider government aid reductions, led to a substantial increase in organisations seeking support from Egmont. The use of artificial intelligence in applications has also increased, improving presentation but making it more important than ever to assess organisational quality through direct engagement and due diligence.

As a result, the list of organisations under active assessment for project proposal invitation increased from 34 at the end of 2024 to 87 at the end of 2025. Alongside this, the Programmes Team provided targeted support to strengthen proposal quality and organisational readiness. By the date of publication, ten new Egmont Partners had joined The Egmont Portfolio during 2026.

03 03 IMPACT

THE EGMONT PORTFOLIO

IMPACT OVERVIEW

Grassroots responses designed and led by local leaders.

To better understand and communicate this breadth of impact, project outcomes are grouped into a number of core impact areas. These areas capture the full reach of work and align closely with the United Nations Sustainable Development Goals; giving families the tools, knowledge, and resources to make steady, lasting improvements in their lives and to build sustainable change at community and national levels.

The most effective responses come from those most affected, reflecting local needs, knowledge and context. Egmont does not prescribe any one solution; each project, each community, each family and child is unique and effective approaches need to be tailored to achieve impact. As a result, Egmont Partners deliver a diverse range of interventions across economic, educational, health, social and environmental challenges.

Egmont's impact areas

Capturing the diversity of impacts across a grassroots portfolio

IMPACT AREA DESCRIPTION SUSTAINABLE DEVELOPMENT GOALS Helping people to provide for themselves and the children in their care, laying the groundwork for lasting, sustainable change. Helping children to stay in school is one of the most cost-effective ways to improve their lives, enabling them to secure employment, enter a safe environment and build a better future. Access to healthcare is essential to reduce preventable deaths and empower people - especially those living with HIV - to stay healthy and care for their families. Tackling the deep rooted and shifting reasons why women and children remain vulnerable to abuse, violence and neglect is key to securing better, safer lives. Helping communities respond with practical, locally led solutions to the impact of climate change, to protect food security and support natural resource conservation.

----- Start of picture text -----
Total
people reached
2025 87,038,038038
People reached by impact area
Total number of beneficiaries reached by impact area in 2025. People can be helped in more than one impact area.
Total
87,038
Health & HIV
63,516
Livelihoods
19,669
Safer communities
13,589
Climate responses
6,208
Education
4,926
IMPACT AREA KEN MAL MOZ TAN ZAM ZIM TOTAL
Livelihoods 721 3,685 825 1,175 10,445 2,818 19,669
Education 35 1,060 769 1,187 1,569 306 4,926
Health & HIV 24,587 4,192 4,900 3,162 3,860 22,815 63,516
Safer communities 3,038 648 1,383 5,550 1,523 1,447 13,589
Climate responses 3,203 814 73 - 2,117 - 6,208
People reached by grant type
Total number of beneficiaries reached by Project Grant level. Note: Partner Development Grants have no beneficiaries.
GRANT TYPE ENTRY CORE ENH. CORE STRATEGIC PILOT TACTICAL
# people 7,500 18,399 47,089 6,358 701 6,990
----- End of picture text -----

----- Start of picture text -----
87,038,038038
----- End of picture text -----

LIVELIHOODS

----- Start of picture text -----
IMPACT
----- End of picture text -----

Pictured: Women in Zambia with a project worker from Egmont Partner Zambian Rainbow Development Foundation, who are helping to boost smallholder farmers' productivity.

Our Partners help people build reliable incomes and improve food security: creating the conditions for durable, self-sustaining progress.

Across the countries where Egmont works, poverty remains widespread, with large parts of the population still living below the international poverty line ($2.15 per day in 2025 [US$ 2021 PPP]). For many households, economic stability begins with consistent access to food and a modest, dependable source of income.

Egmont Partners working in this area provide support for smallholder farming, livestock assets, savings groups, vocational training, and micro-enterprise. These interventions improve nutrition, increase household income, and reduce dependency over time. In uncertain economic conditions, locally led poverty alleviation remains one of the most efficient ways to ensure scarce capital reaches those who need it most.

In 2025, conditions became more challenging. Reductions in international aid, combined with inflationary pressures and currency disruption in countries such as Malawi, placed further strain on already vulnerable families. In response, Egmont provided targeted support to Egmont Partners facing acute cost pressures, helping protect frontline delivery and household resilience.

LIVELIHOODS

Egmont Partners working in this area 37

Portfolio results

3,454

People enrolled into vocational, business or entrepreneurship training programmes

3,276

People enrolled into local savings and credit schemes or provided with startup capital, enabling them to grow their businesses

2,887

Households provided with farming inputs, such as seed, fertiliser and livestock or tools

18,158

People helped to improve their nutrition.

Impact highlights

$38,627

Earned by 212 farmers through harvest aggregation and market linkages, increasing their bargaining power

Agri Impact, Malawi

268%

Average increase in monthly incomes amongst 28 savings group members, from $31 to $115 per member

Primrose Community Health, Zambia

300

Vulnerable households supported across four villages raised their income above the international poverty line

Girl Child Counselling Women Group, Kenya

IMPACT

LIVELIHOODS

Esther

Helping young people in western Kenya to upskill, earn more and move out of absolute poverty; reducing their chances of contracting HIV and helping them to reach their potential.

Esther is fortunate. She was able to finish her secondary education thanks to the support of local well-wishers who hoped - as she did - that this would set her up to be able to afford to look after her HIV+ mother and six siblings.

where Esther lives - the completion rate is even lower at just 12%[2] . So when Esther was unable to find consistent employment or opportunities that would enable her to meet her needs and care for her mother, she despaired.

“I used to find myself struggling. I was not able to support my mother and family as I had hoped.”

In Kenya, close to half the population[1] lives under the international poverty line (<$3.00 daily income [2021 US$ PPP]). Families struggle to afford the cost of schooling and over 70% of children do not complete upper secondary education. In rural and semi-urban areas - like Matunda

Her experience reflects a wider challenge. Kenya has a young and fast growing population, yet many young people

----- Start of picture text -----
32
----- End of picture text -----

Partner

Girl Child Counselling Women Group

Location Kenya

Total investment £409,377

Partner since 2015

Projects funded 6

People helped 43,462

Pictured: A group of vocational training programme students on the commercial food preparation and bakery course. Trainees undergo a six-month programme at the Girl Child Centre in Matunda before being linked to local businesses for practical experience.

Sources: 1. (2026) The World Bank, data. worldbank.org. 2. (2026) UNESCO, UIS, Global Education Monitoring Report.

face unstable or low paid work. Informal employment is common, but earnings are unpredictable. For those from poorer households, lack of opportunity and training can trap them in low income activity. With few alternatives, some turn to crime or transactional sex to survive, increasing vulnerability to HIV and other long term harms.

Egmont Partner Girl Child Counselling Women Group (GCCWG) works with vulnerable young people in Matunda - like Esther - tackling the linked challenges of poverty, unemployment, and HIV risk. A central part of this model is vocational training that equips participants with practical skills and credible routes into employment or self-employment.

After hearing about the programme through her mother, Esther enrolled alongside 74 other trainees. She chose GCCWG’s six-month course in commercial food preparation and baking.

Training goes beyond technical skills. Upon completing their six-month vocational course, graduates undergo a further month of lessons covering customer care, communication, and record keeping, helping prepare them for formal work or enterprise. Sessions with local government and banking representatives also introduce savings, financial literacy, and business planning, enabling participants to develop proposals and apply for small business loans.

The results have been significant. Members of Esther’s cohort have established salons, mobile hairdressing services, and catering businesses, while others have secured jobs with local employers. All are now generating income through their new skills.

Esther secured a permanent position at a hotel restaurant. Today, she earns $141 a month, more than three times her previous income.

“Each month I am able to send KSh. 8,000 [$62] to my mother, to support her and my siblings with food, clothing, and other basic needs. With the remaining income, I am able to take care of my own expenses, including rent and food.”

Before joining the programme, participants earned an average of just $2.33 a day, and 80% reported relying on high risk survival strategies, including crime and transactional sex. Since completing training, incomes have increased between two- and five-fold, allowing participants to meet their needs through safer and more sustainable means.

The benefits extend beyond the individual trainee. Many, like Esther, now support wider family members. Four in five graduates contribute financially to their households, helping cover siblings’ school costs and healthcare expenses for parents or grandparents. This multiplier effect is a key feature of Egmont's investment in projects like this.

With secure work and a stable income, Esther is now planning ahead.

“I am saving Kes. 3,000 [$24] every month, which I hope to use one day to buy a piece of land, and build a house for my mother.”

GCCWG invested $224 in Esther’s training. She now earns $1,692 a year. That modest investment has materially changed not only her own prospects, but those of her family as well.

Replicated across the full cohort of 75 trainees, an estimated 150 additional family members are already benefiting from participants’ higher incomes.

GCCWG is demonstrating how relatively small, practical investments in vocational skills can generate strong social and economic returns — improving incomes, reducing vulnerability, and strengthening the future prospects of entire households.

HEALTH & HIV

----- Start of picture text -----
IMPACTSECTION TITLE
----- End of picture text -----

Pictured: a mobile health clinic in Zimbabwe, supported by Egmont Partner Matabeleland AIDS Council, providing rural, under-served communities with access to HIV testing, treatment and sexual and reproductive healthcare services.

Egmont Partners help expand access to health and HIV services in under-served communities where public systems remain overstretched.

Across Southern and Eastern Africa, child mortality rates remain high, while many families still face limited access to clinics, medicines, and trained healthcare workers. Modern antiretroviral (ARV) treatment has transformed HIV outcomes. With consistent access, people can live long, healthy lives and transmission risk falls dramatically.

But these gains depend on reliable delivery systems. Traditional aid programmes have often been effective at funding large-scale systems, but less successful at “last mile delivery” to rural and isolated communities. This is where Egmont’s Partners are strongest, operating through trusted local networks already embedded in these areas.

Disruption to funding and supply chains risks reversing hard-won progress. In 2025, these pressures increased following the closure of USAID programmes and wider reductions in international aid.

Egmont’s response has been targeted and practical. Through local Egmont Partners, we have helped sustain outreach, protect continuity of care, and supported people living with HIV during a period of heightened uncertainty. Locally led models remain the most resilient and cost effective response where larger systems struggle to reach the front line.

HEALTH & HIV

Egmont Partners working in this area

Portfolio results

21,962

Impact highlights

People linked to health facilities and programmes

95.5%

Children under-5 attending 11 supported clinics in Binga and Lupane Districts, Zimbabwe, correctly diagnosed for pneumonia, diarrhoea and malnutrition

4,942

HIV+ people who had defaulted on their ARV drugs - or at risk of defaulting - supported with treatment adherence

Wild4Life, Zimbabwe

27,992

People reached with sexual health and HIV prevention information

7kg

Average weight gain amongst 120 malnourished children

10,492

Foundation for Community Development, Malawi

People tested for HIV

1,128

HIV+ people returned to ARV treatment after defaulting, reducing their infectivity and protecting their longterm health

Girl Child Counselling Women Group, Kenya

IMPACT

HEALTH & HIV

Matabeleland AIDS Council

Matabeleland AIDS Council (MAC) brings vital healthcare and HIV services to those who struggle most to reach them.

therefore remains materially above the national average.

For many people in Zimbabwe’s Matobo District, accessing healthcare still means travelling long distances, often on foot, to the nearest clinic.

Egmont Partner Matabeleland AIDS Council (MAC) is addressing these constraints through mobile health clinics that bring services directly to remote communities. Working with nearby health facilities, MAC deploys qualified nurses to outreach sites every two months, providing consultations, blood pressure and diabetes screening, ART refills, HIV and STI testing, family planning, and wider sexual and reproductive health services. For many residents, travel distances have fallen from more than 10km to around 1km.

The district covers more than 7,000 km² yet has only 17 health facilities, a single paved road, and a population of over 106,000. With widespread poverty, even modest transport costs are often unaffordable. A clinic visit can consume an entire day, time many cannot spare from running a small business, farming, or caring for children and elderly relatives. For older or unwell residents, the journey may simply be impossible. The result is predictable: missed appointments, delayed treatment, and medicines left uncollected.

The impact has been immediate and practical. Patients who previously postponed care or defaulted from treatment are now able to access services quickly and return to work or family responsibilities the same day. This reduces the hidden economic cost of seeking healthcare. Uptake has risen accordingly: a mobile clinic can see almost as many patients in one day as some fixed facilities see in an entire week.

For people living with HIV, these barriers carry serious consequences. Antiretroviral treatment only works when taken consistently. Interrupted access increases the risk of illness, transmission, and avoidable deaths. Food insecurity further compounds the challenge, as poor nutrition can reduce resilience and make treatment adherence harder to sustain. High youth unemployment also increases vulnerability among girls and young women. HIV prevalence in Matobo

Following the withdrawal of USAID funding in early 2025, these clinics

Partner

Matabeleland AIDS Council

Location Zimbabwe

Total investment £290,031

Partner since 2016

Projects funded 7

People helped 13,138

Pictured: A mobile clinic supported by Matabeleland AIDS Council, increasing access to healthcare services to people living in rural, hard-toreach communities in southwest Zimbabwe.

patients at risk of defaulting and those due for viral load testing. Viral suppression rates have been maintained.

became even more important. ARV supply chain challenges reduced prescriptions to one month's supply, compared to three-months previously. This required more frequent visits and significantly increased the risk of treatment default for remote patients. At the same time, many outreach services elsewhere were scaled back or stopped altogether.

This is a clear example of cost effective local delivery. By bringing healthcare closer to communities, MAC is reducing defaults, sustaining treatment adherence, lowering transport burdens, and preventing more expensive downstream health crises. Alongside the emergency expansion, MAC’s core Egmont-supported programme continues to strengthen longer term health and wellbeing through community dialogue, prevention work, and integrated health and socio-economic support.

To help fill this gap, Egmont provided MAC with emergency funding to expand mobile coverage across the district. MAC now operates eight additional clinics each month on a rotational basis, prioritising hard-to-reach communities without nearby facilities. It is also training 50 local health mobilisers to promote attendance, deliver health information, and support patient follow-up — creating an effective bridge between communities and formal health centres.

In the first four months of the project, 861 people accessed services through the expanded programme, including

----- Start of picture text -----
37
----- End of picture text -----

EDUCATION

----- Start of picture text -----
SECTION TITLEIMPACT
----- End of picture text -----

Pictured: a group of children who had dropped out of school given a second chance at education by Egmont Partner Chiedza in Harare, Zimbabwe.

Helping children to stay in school is one of the most cost effective investments available for long term economic and social progress.

The returns on investment extend beyond the individual child to families, local labour markets, and wider communities. Sub-Saharan Africa has the world’s largest out of school population, and demographic growth continues to increase pressure on already stretched education systems. In many rural areas, barriers such as poverty, hunger, long travel distances, early marriage, and lack of basic school resources continue to drive dropout rates.

Egmont’s Partners work at the community level to address these practical constraints: supporting school attendance, reducing dropout rates, and helping vulnerable children remain in education, particularly girls. Their locally rooted models are especially effective in rural and isolated areas that larger systems often struggle to reach.

Education also delivers important secondary benefits. Schools are a platform for learning about hygiene, nutrition, HIV prevention, and reproductive health, while better educational attainment improves future earnings and resilience. Despite a more difficult operating environment in 2025, our Partners remained focused on keeping children in school and protecting long-term opportunity.

EDUCATION

Egmont Partners working in this area

Portfolio results

2,579

Children in school or early childhood development centres provided with school meals

1,501

School age children supported into the classroom through provision of school fees, uniforms or other school essentials

2,100

Children under 5 years of age enrolled in local early childhood development centres

1,009

Secondary school girls provided with sanitary pads, enabling them to stay in school and gain an education

Impact highlights

52%

Percentage of eligible children in Ntcheu District, Malawi, now attending ECD centres compared to just 8% in 2021

Future 4 All, Malawi

970

Orphaned and vulnerable children supported to stay in school through provision of materials and community income generating projects

Fanisi, Tanzania

70%

Improvement in girls’ school attendance during menstruation at seven project schools in Kagera region, thanks to menstrual health training for teachers

Kwa Wazee, Tanzania

SectionIMPACT

EDUCATION

Fanisi

Two-thirds of children in Tanzania do not complete their education, often because families cannot afford uniforms or learning materials.

Partner

Fanisi

Location Tanzania

Total investment £68,709

Partner since 2023

Projects funded 2

People helped 7,152

Pictured: Sylvester in his classroom at Mnadani Primary School

In rural Sengerema District, Egmont Partner Fanisi is working with vulnerable children, caregivers and communities to remove the barriers that keep children out of school and help them reach their potential.

More than a quarter of Tanzanian children are currently out of school. Poverty, hunger and poor health are root causes and undermine learning for those in class: 32% of children under five are stunted, and 15% of under-17s work to support household income.

Girls face additional risks with educations disrupted by early marriage and teenage pregnancy. Around one third marry before the age of 18, rising to more than half among the poorest households while limited awareness of child rights and weak child protection systems leave many vulnerable to exploitation.

With Egmont support, Fanisi is working with eight schools to increase pupil attendance and attainment. Central to this work are children’s clubs where 280 orphans and vulnerable children learn about the importance of education, child protection, and how to set goals for their future. Members also lead peer awareness sessions that have reached 6,680 pupils.

Each club runs a small stationery business, selling discounted exercise books, pens, and pencils. Income helps members buy their own school materials, while profits are also used to

are participating. 71% have expanded existing businesses, 24% have started new ones, and 81% now report being able to provide three meals a day.

support vulnerable classmates outside the clubs. So far, 211 at-risk pupils have received materials or uniforms, enabling them to remain in school.

These groups also reinvest profits to support vulnerable children. Over the past year, 759 children received essential school materials.

The impact is evident in the case of Sylvester, a 15-year-old at Mnadani Primary School. He had begun missing lessons because his parents could not afford basic supplies and was losing interest in education.

Since November 2024, school dropout rates have fallen from 67% to 3%, attendance has risen from 67% to 97%, and progression to secondary school has increased from 30% to 75%.

After attending a student led attendance has risen from 67% to 97%, awareness session and receiving and progression to secondary school support from the club, he returned to has increased from 30% to 75%. school and later ranked 5th out of 178 Fanisi’s model demonstrates how pupils in his end of term examinations. practical, locally led support can Today, he helps encourage other strengthen families, improve child children to stay in school. protection, and keep more children in “Since I joined the children’s club, I have education. learned how to set goals and work hard to achieve my dreams. I hope this project will light the way for many children, just as it did for me.”

Fanisi also works with parents and caregivers. Training in positive parenting, child rights, and child protection has helped create safer home environments. According to the District Social Welfare Officer’s annual report, reported use of corporal punishment has fallen from 78% to 6% of households.

To improve household incomes, Fanisi supports parent business groups selling basic goods, alongside savings schemes and access to small loans. Today, 472 parents and caregivers

----- Start of picture text -----
40
40
----- End of picture text -----

SAFER COMMUNITIES

----- Start of picture text -----
SECTION TITLEIMPACT
----- End of picture text -----

Pictured: An adolescent girl campaigning with Egmont Partner Kwa Wazee in Tanzania to change attitudes, behaviour and norms towards girls and women.

Egmont Partners work to make communities safer for women and children by addressing the underlying drivers of abuse, violence, and neglect.

Poverty, food insecurity, unemployment, weak local institutions, and lack of access to justice all increase household stress and reduce protection. Tackling these root causes is one of the most efficient ways to improve the lives of those most vulnerable and affected.

Across the countries where Egmont operates, these pressures remain significant and were intensified in 2025 by various factors: inflation and foreign exchange shortages in Malawi and Zimbabwe; post-election disruption in Mozambique; and persistent rural poverty following drought in Zambia. When household resilience falls, women and children are often the first to bear the cost through higher exposure to violence, exploitation, and school dropout.

Egmont’s Partners respond through practical local models including family support, women’s economic empowerment, child protection systems, school retention, and links to healthcare and justice services. Their community presence is especially valuable where formal systems have limited reach.

SAFER COMMUNITIES

Egmont Partners working in this area

24 Portfolio results

10,161

Impact highlights

Community members reached with information on the prevention of sexual or gender-based violence

83%

Reduction in teenage pregnancies at schools with peer-educators providing sexual health sessions

3,583

The Nasio Trust, Kenya

People reached through prevention of early marriage campaigns and awareness raising activities

20%

Increase in incidences of child neglect cases followed up and resolved across three villages with newly established Child Protection Committees

4,942

Children reached through community child protection structures and campaigns

Kwa Wazee, Tanzania

1,419

49%

Successful prosecution of sexual violence cases brought to court by newly established legal clinics in Kisumu

Parents and caregivers trained in positive parenting strategies and child rights

Community Fight Against GBV & HIV, Kenya

IMPACT

SAFER COMMUNITIES

Joyce

Lusaka is often the destination for girls across Zambia who have dropped out of school or are fleeing child marriage, abuse, or neglect in search of safety and a chance to rebuild their lives.

the organisation provides access to school or certified vocational training so they are equipped for independent adulthood. In 2025, Egmont funding supported 16 girls to attend school or undertake accredited skills training.

Recognising Joyce’s talent, Vision of Hope enrolled her in a one year tailoring course. She graduated with strong skills, enabling her to earn an income, leave the shelter, and live independently.

of myself and support my young sister Joyce's experience reflects the wider and my son.” value of Vision of Hope’s model: from crisis response to independence, from Today, Joyce has returned as a sewing vulnerability to productivity, and from trainer, helping new arrivals gain the survivor to community asset. Through skills to rebuild their own lives, while this integrated approach, Vision of continuing to earn additional income Hope is not only changing individual from her tailoring work. lives, but strengthening protection “Training the next generation of girls is systems and contributing to safer motivating and satisfying. In the future, communities for girls and women I want to improve my skills, set up a across Lusaka and beyond. designing and tailoring business and employ others.”

“Because of Vision of Hope, I have a skill, I have an income, I can take care

Too often, however, they arrive with no support network and few economic options, ending up on the streets where they face heightened risks of trafficking, exploitation, and further violence.

Egmont Partner Vision of Hope exists to change that trajectory, operating the only shelter exclusively for streetgirls in Lusaka. As well as offering immediate protection, Vision of Hope provide a structured pathway to recovery, reintegration, and long term independence. In 2025 alone, 302 girls and young women accessed refuge and support, referred by government departments, police, and international agencies.

“It’s a place of safety and hope,” says Joyce, who arrived at Vision of Hope at 16 after dropping out of school and with no family to return to.

Vision of Hope first ensures that immediate needs are met: safe accommodation, clothing, washing facilities, nutritious meals, and medical check-ups. Recovery is then supported through individual care plans, trauma counselling, and ongoing healthcare. Residents also participate in daily responsibilities, craft activities, and

sewing training, helping restore routine, confidence, and practical readiness for independent life.

It was through sewing training that Joyce began her own path to selfreliance.

“I learned to make all sorts of different products from local fabric. This is when I developed interest in sewing.”

Alongside direct care, Vision of Hope strengthens access to justice and wider safeguarding systems. Girls involved in legal cases are supported through court preparation and accompaniment. The organisation also runs legal clinics at the shelter and in local schools, increasing awareness of rights and reporting channels.

For one trafficking survivor from the Democratic Republic of the Congo, this support was transformative.

“I have found my voice and confidence to stand for my rights. I now understand where to seek help and also to speak for other girls in similar circumstances.”

Prevention is equally important. Vision of Hope supports savings groups in high-risk communities, helping families

meet basic needs and reducing the economic pressures that can drive exploitation or force children onto the streets. In 2025, 17 groups were active, with one group collectively saving more than $29,000. Public awareness campaigns through television and radio have also increased reporting of abuse, strengthening earlier intervention.

Reintegration remains a core outcome of the model. In 2025, 114 girls were safely reunited with their families, including 23 trafficking survivors supported with the International Organisation for Migration. Each case follows a structured process of family tracing, home assessment, and postreturn follow up to reduce the risk of revictimisation. Families are also linked to savings groups and other economic support to address the financial pressures that often underpin abuse.

For one thirteen-year-old survivor, reunification has reopened the future.

“I am so happy to be reunited with my parents. I have gone back to school and dream of becoming a teacher.”

Joyce had no family to return to and remained at Vision of Hope for longerterm support. For girls in this position,

Partner Vision of Hope

Location Zambia

Total investment £338,272 Partner since 2013

Projects funded 7 People helped 9,296

Pictured: two young women at the Vision of Hope centre in Lusaka, where former streetgirls can pursue an education or vocational skills, be re-united with family members or build independent lives for themselves.

----- Start of picture text -----
45
----- End of picture text -----

CLIMATE RESPONSES

----- Start of picture text -----
SECTION TITLEIMPACT
----- End of picture text -----

Pictured: a woman smallholder farmer, supported by Egmont Partner Future 4 All in Malawi, holding up pigeon peas. Pigeon peas are nitrogenfixing, drought-resistant plants that renew soils and bolster household food security.

Our Partners help communities respond to the practical impacts of climate stress that threaten food security, incomes, and household stability.

When harvests fail or prices rise, poverty deepens, migration increases, and women and children are often the first to bear the cost. In 2025, weather volatility, drought after effects, flooding risks, and pressure on water and energy systems continued to affect many of the areas where Egmont works.

Egmont’s Partners respond through practical local measures including climate-smart farming, promotion of drought resistant crops, irrigation, soil and water conservation, livestock support, and community savings groups that help households absorb shocks.

This work delivers clear returns: more stable harvests, stronger household incomes, lower food insecurity, and greater resilience to future shocks. Early adaptation at community level is typically more effective and less costly than repeated emergency relief after crises occur.

CLIMATE RESPONSES

Egmont Partners working in this area

12 Portfolio results

5,476

Impact highlights

Reached with information on environmental issues and resilience to climate change

81%

Project households with income sources diversified from agriculture, improving resilience against climate shocks

1,607

People trained in climate-smart or regenerative agriculture

Primrose Community Health, Zambia

458 96%

Of 500 households now able to access vegetables during the dry season, thanks to solar drying preservation techniques

Households provided with drought resistant crops

660 Agri-Impact, Malawi

Households trained in hydroponic irrigation systems and water-retention agriculture

$406

Average seasonal income among farmers cultivating high value, water efficient and soil enhancing crops such as soya beans, an increase of 87.6%.

Zambian Rainbow Development Foundation, Zambia

CLIMATE RESPONSES

----- Start of picture text -----
IMPACT
----- End of picture text -----

----- Start of picture text -----
Yohane
----- End of picture text -----

Millions in Malawi are dependent on rain-fed agriculture. Unpredictable weather patterns have made this way of life precarious.

Agriculture remains the backbone of Malawi’s economy, employing more than 75% of the population, largely through smallholder farming. In rural areas, dependence is even greater, with most households relying on rainfed agriculture and seasonal harvests for both food and income. When rains are poor, delayed, or erratic, the consequences are immediate: lower yields, weaker incomes, and rising food insecurity. Hungry, empty bellies for those most vulnerable: children.

For families already living close to the margin, this creates chronic vulnerability. Climate shocks are becoming more frequent across central and southern Malawi. Yohane, a farmer from the rural outskirts of Lilongwe, describes the challenge:

“We rely on buckets and watering cans. We can hardly irrigate a quarter acre effectively, and our harvests are barely enough to feed our families, let alone sell.”

Egmont Partner Agri Impact is helping households like Yohane’s adapt to changing climate conditions and transition from subsistence farming to more productive, market-oriented models.

To strengthen food security, farmers receive training and quality seed to establish household gardens producing vegetables, fruit, and legumes throughout the year. In 2025, 176 households created functioning

home gardens. Farmers are also trained in post-harvest storage and seed-saving techniques, helping preserve food supplies and prepare for future seasons.

Pictured: a farming community group using one of the Agri Impact supplied irrigation pumps at a demonstration plot where they learn modern farming techniques to grow in demand, high-value crops such tomatoes, onions and cabbages.

“Having our own seed means we are not afraid of the next season anymore.”

With household nutrition more secure, Agri Impact then focuses on income growth. Most farmers traditionally grow maize, which is low-margin and vulnerable to weather shocks. Following training in agribusiness and commercial production, 473 farmers diversified into higher-value crops such as groundnuts, tomatoes, onions, and cabbages.

A revolving seed scheme is helping accelerate this shift. Fifty households each year receive quality groundnut seed, returning 2.5 times the quantity after harvest so it can be redistributed to others. In 2025, eleven participating farmers bulked their harvest and generated $5,993 collectively.

Partner

Agri Impact To support year-round production, Agri Impact Location supplied shared irrigation Malawi pumps. Yohane’s group Total investment expanded production land from £133,633 half an acre to five acres.

Partner since “Now that we have a pump, we 2022 have increased cultivation to five acres.”

Projects funded 5

The productivity gains have been substantial. Yohane’s group increased annual

People helped 600

production from 2 metric tonnes to 35.

Agri Impact also helps farmers aggregate harvests and access larger markets that would be difficult to reach individually. Through organised sales, groups have secured buyers including schools, hotels, hospitals, and traders. In 2025, 212 farmers participated in aggregation and collectively earned $38,627.

For Yohane, the move from maize-only farming to yearround, higher-value production has transformed household income.

“Now I can grow crops all year round. I’ve earned MWK 4.8 million ($2,741) this year alone: the highest income I’ve ever made.”

That income has enabled him to improve family nutrition, pay school fees, and invest in seed and fertiliser for future seasons.

To build longer-term resilience, Agri Impact also supports village savings groups for farmers excluded from formal banking. Members can save profits or access loans for businesses, farm inputs, or education costs. In 2025, 136 people participated. Together they saved more than $4,800, with three groups opening formal bank accounts.

For the most vulnerable households, livestock can provide an important buffer. Thokozani, a widowed mother

of two, struggled to save any money and had no assets to fall back on in the event of crop failure. Through Agri Impact’s goat pass-on programme, she received training and three goats alongside 59 other household heads.

The goats quickly became productive assets. Using one as collateral, she secured her first savings-group loan of $86 to restock her second-hand clothing business. Within weeks, she had generated $152 in sales. Goat manure also improved the productivity of her home garden, increasing food supply and creating surplus produce to sell.

“I never thought a goat could do this. It helped me borrow money. It helped my garden. It helped my children. It helped me stand again.”

Today, she is preparing to pass on the first offspring from her goats to another family.

Through this layered model combining food security, commercial farming, irrigation, savings, livestock, and market access, Agri Impact is showing that with the right knowledge and modest inputs, smallholder farmers can adapt to climate pressure, increase incomes, and build lasting resilience.

FINANCIALS VERY RY . ASK PE, SCHOOL REPROD ERUS I-UNAPENDA FUN HAIMAM SIO TRUST YOUTH AM ADVOCATIN6 FOR OD NOT IJOThERHOOD. THE MESSAGE HA SPONSORED B THE EGMONT TRU

FINANCIALS

FINANCIAL REVIEW

2025: Financial overview

----- Start of picture text -----
Income Project expenditure: The Egmont Portfolio Operating costs
Reserves Reserves 'ring-fenced' (see Reserves note - right)
3.0M
2.5M
2.0M
1.5M
1.0M
0.5M
0
Income Project expenditure Ops Costs Reserves Reserves Policy
£ 2,207,787 1,488,690 633,950 2,626,746 1,672,645
----- End of picture text -----

programmes across the region and significant inflationary pressures in Malawi.

In 2025, Egmont continued to execute the ambitious five year plan launched in early 2024 to grow income and support a larger, higher quality portfolio of grassroots partners, deepening the impact achieved on the ground in Africa.

Project expenditure, funding for The Egmont Portfolio, increased 32% compared to 2024. This increase occurred despite slightly reduced Partner numbers, as we deepened support to existing relationships amid a more difficult and uncertain funding and development landscape. As a result, the total number of grants committed during the year increased by 44% (from 59 in 2024 to 85 in 2025).

Financially, the ambition of the plan is to raise income to £3.5 million per annum. Good momentum towards this was achieved over the year, with new and existing supporters helping to raise annual income to the highest level in Egmont's history. This was a 16% increase on income in 2024, with significant amounts coming from new donors - helping to diversify Egmont's income base.

We maintained our level of year-end reserves as per our Reserves Policy (see right). This level of reserves enables Egmont to deploy funding as needed, despite large intra-year swings in cashflow (see right).

These increased funds enabled Egmont greater funding flexibility over the year, which was utilised to help Egmont Partners respond to the impact of the dissolution of USAID

Reserves policy

The policy governing financial reserves is designed to help Egmont ensure surplus monies are not held for too long; and that there is sufficient money that it is possible, if necessary, to wind Egmont’s operations up in an orderly manner. It sets an optimum level of reserves within those two parameters, and any variance from it is used as a management tool, to prompt consideration of any need to change our practice.

Calculating the optimum reserve level needs to take into account that the bulk of donations are received in the last quarter of the year, so cash levels are impacted by that income configuration.

If any of these policies fails to be achieved, the Head of Finance & Governance should report immediately to the Finance & Governance Committee and Programme Committee, to consider if corrective action is needed.

Similarly, if at the start of any year funds in hand and unallocated total more than 100% of last year’s grant-making expenditure, the Head of Finance & Governance will report to both Committees, to consider whether corrective action is needed, bearing in mind that any decision to increase the rate of grant spending is likely to take at least a year to show results, and maintaining the aim of disbursing any unrestricted grant funds by the end of the second financial year following their receipt.

Foreign exchange policy

Donations are held in the currency received or are converted to reflect the grant making currency and operational expenditure levels. The Finance & Governance Committee makes recommendations on conversion processes, which are implemented by the Head of Finance & Governance.

Investment policy

Egmont’s primary objective is to preserve capital rather than maximise returns. The maximum balance to be held at any one time with any one financial institution is £1.5 million. Balances are managed by the Head of Finance & Governance who immediately reports exceptions to the Finance and Governance Committee. The Trustees retain the power to invest in such assets as they see fit.

Risk management

The Trustees have identified potential risks to the work of the Egmont Trust and put in place systems and procedures to manage these. Risks include financial exposure, personal health and security of staff, reputational and programming risks and changes to the socio-political environment where we and our Partners operate. We review these risks and necessary mitigations on a regular basis. Egmont has strong local contacts in each country where it operates and benefits from their advice. Disbursement, monitoring and reporting systems also contribute to minimising risk. They are sufficiently flexible to enable Partners to make appropriate adjustments to reflect external factors, such as exchange rate fluctuations, without undermining the basic objectives or integrity of their projects.

Conflicts of interest

Potential conflicts of interest for staff or Trustees must be declared at each meeting and are managed as appropriate to the circumstances. Applications for Egmont grants often arise from within local networks of contacts in Africa. However, all proposals for funding are vetted and approved by the Programme Committee.

FINANCIALS

GRANT MAKING POLICY

Egmont's funding covers a broad portfolio of projects and is split across five types of grant level.

Egmont only invites project proposals from organisations already assessed for due diligence and capability to implement projects. Since 2017, all grants have been USD$ denominated.

Entry Level Grants

Entry Level Grants (previously 'Innovation') enable organisations new to Egmont, especially smaller and younger ones, to demonstrate their potential; and/or allow Egmont to support larger entities in piloting innovative initiatives.

Value	Upto $20,000
Duration	Oneyear
Eligibility	(a) New Partners (b)ExistingInnovation Partners about whom Egmont ispositive but notyet certain of futurepotential
Process of invitation	(a) Through call-out once their EoI has brought them to our short list (b)Through call-out as existing project comes to its end

Core Grants

Core Grants are the heart of Egmont's portfolio: established, consistent Partners using tried and tested methods to achieve a reliable return, needing minimal supervision.

Value	Upto $35,000peryear
Duration	Twoyears
Eligibility	(a) Existing Innovation and Core Grant Partners who have been successful in delivering their current project, complied consistently with reporting and other contract requirements, and made progress on achieving the expected impact on benefciary lives. (b)ExistingStrategic Grant Partners completingtheirproject at that level.
Process of invitation	Through call-out as existing project comes to its end.

Enhanced Core Grants

An Enhanced Core Grant enables a Partner in whom Egmont has confidence to increase their impact, by extending duration, expanding coverage or developing additions and refinements to their methodology.

Value	Upto $50,000peryear
Duration	Upto threeyears
Eligibility	ExistingCore Grant Partners and Partners alreadywith an Enhanced Core Grant.
Process of invitation	A Partner may be offered an Enhanced Core Grant to follow a current grant, through the call-out process as usual.

Strategic Grants

A Strategic Grant enables a Partner to achieve a step-change in ambition, going beyond delivering the same benefit to more recipients, addressing both impact on beneficiaries, the individuals themselves and their communities, and growth in the Partner’s own capabilities.

Value	Upto $100,000peryear
Duration	Threeyears
Eligibility	Partners with at least three successful Core Grant projects and who have been consistently assessed by Egmont as exceptional performers, especially in terms of impact being achieved. Egmont will also look at how their intervention fts into Egmont’s overall portfolio, and the context in which they operate.
Process of invitation	At the start of each year Egmont will know how many new Strategic Grants it projects to award in that year and which Partners might be suitable for upgrade to that level. So Egmont will immediately fnalise who should be invited to fll the slots available for the year. • A Partner will be invited to submit a concept note for a Strategic Grant not less than six months before the expiry of their current grant, to give them time to develop their ideas and for Egmont to consider them and give feedback. • The Partner will then be invited to submit a full proposal, at least three months before the current project’s expiry. The standard proposal guidelines will have an extra section focused on strategic criteria. • Egmont will aim to complete the proposal process for all Strategic Grants in the frst half of the year, even if a project will start later, so that, if a proposal is not approved, Egmont has time to reallocate the fundingbefore the end of theyear.
Renewability	• Default assumption against renewal, unless wejudge a Partner capable of a further step-change.

Peer Learning Grants

Peer Learning Grants are at the heart of Egmont's portfolio. Established, consistent Partners using tried and tested methods to achieve a reliable return, needing minimal supervision.

Value	Upto $1,750peryear
Eligibility	(a) Existing Innovation and Core Grant Partners who have been successful in delivering their current project, complied consistently with reporting and other contract requirements, and made progress on achieving the expected impact on benefciary lives. (b)ExistingStrategic Grant Partners completingtheirproject at that level.
Process of invitation	Through call-out as existing project comes to its end.

Egmont may also exceptionally offer grants outside these frameworks to support other activities designed to promote the Trust’s core purposes, subject to approval by the Trustees.

FINANCIALS

STRUCTURE, GOVERNANCE & MANAGEMENT

STRUCTURE, GOVERNANCE &...

Governing Document

The Egmont Trust is a charity registered with the Charity Commission for England and Wales (charity registration number 1186451). The charity is governed by a Constitution of a Charitable Incorporated Organisation dated 11 September 2019.

Board of Trustees

The Trustee Board is the governing body ultimately responsible for the activities, governance, and strategic direction of The Egmont Trust. It operates within a delegated governance framework, with committees accountable to the Trustees through regular reporting.

Trustees are appointed by a resolution passed at a properly convened meeting of the Trustees. In selecting individuals for appointment, the Board has regard to the skills, knowledge and experience needed for the effective administration of the CIO (Charitable Incorporated Organisation).

The Constitution provides for a minimum of three Trustees and there is no maximum.

Newly appointed Trustees receive an information pack about the charity and induction briefing covering their duties and responsibilities.

The Board holds two formal meetings annually focusing on governance, financial oversight, organisational performance, and strategic accountability; and two informal meetings focused on business development, growth opportunities, partnerships, and future planning.

The following persons served as Trustees during 2025:

John Bason (Chair)
Clare Evans
Martin Woodcock
Stuart Powers
Rory Powe
Rachel Foster
Nick Cross

Trustee led sub-committees

The Sub-Committees act under delegated authority from the Trustee Board. The Trustee Board retains ultimate responsibility for the governance, finances, activities and legal compliance of the CIO. Committees shall operate in accordance with their approved Terms of Reference and report regularly to the Board on decisions taken and matters within their remit.

The Fundraising Committee provides strategic oversight of fundraising, donor relations, communications, supporter data compliance, oversight of ambassadors and advisory groups, and risk governance.
The Finance & Governance Committee provides oversight of Egmont's finances, governance arrangements, policies, compliance obligations, and risk management processes. It reviews budgets and accounts, monitors financial performance. The committee also manages conflicts of interest, key organisational risks, and reviews staff remuneration on an annual basis.

MANAGEMENT

The Programme Committee oversees Egmont's grant-making, partnerships, and programme delivery. It develops and manages the grant strategy, approves funding, oversees partner selection and due diligence, monitors project performance and impact, and supports the development of partner relationships and non-grant activities. The Committee also manages programme-related risks.

Trustee Responsibility for Policies and Governance

The Trustees are responsible for the overall governance and strategic direction of Egmont and for ensuring that appropriate policies are in place to support the organisation's aims, values, and legal obligations. Trustees review and approve key organisational policies, ensuring they remain effective, compliant with relevant legislation and regulatory requirements, and reflective of best practice. Through regular monitoring and oversight, the Trustees seek to ensure that policies are implemented consistently across the organisation and that they support the welfare of beneficiaries, staff, volunteers, and other stakeholders.

Egmont's Staff Team

During 2025, Egmont recruited one new staff member – Jeremy Evans, Chief Executive Officer.

Grants

Egmont's Programme Committee (PC) meets four times a year, or more frequently if required. Partners seeking financial support must meet a set of established criteria and be implemented by reputable local organisations and local leaders with the capacity and experience to deliver sustainable outcomes.

The Peer Learning Grants are reviewed and awarded in a different process. Applications for funding are reviewed by the Head of Programmes and Head of Finance & Governance who have been given the delegated powers to approve funding on behalf of the Board of Trustees.

Grants are made in accordance with the stated objectives of the CIO to support the relief of poverty and suffering among children and families in Africa, particularly among communities affected by HIV and AIDS.

The Trustees are satisfied that the allocation of funds to projects during 2025 was prudent and continues to underpin the charity’s reputation for maximising the investment of donor funds directly into the field.

Egmont's highly efficient and motivated team based in the UK, Zimbabwe and Zambia maintains regular communications with our project Partners, conducting visits on the ground as regularly as possible and providing logistical, financial and advisory support as required.

Statement of Public Benefit

The Trustees confirm that they have referred to the Charity Commission’s general guidance on public benefit when reviewing the Egmont Trust’s aims and objectives, planning future activities and setting the grant-making policy for the year. Egmont’s supported work demonstrates public benefit in the following ways:

Addressing the needs of some of the world’s most disadvantaged children and their communities through access to HIV & AIDS treatment, and through the provision of good nutrition, poverty alleviation, education and counselling, agricultural and vocational training, and safer environments.
Enabling local Partner organisations to work together to share information, experiences and expertise, and thereby improve their services.

FINANCIALS

AUDITED FINANCIAL STATEMENTS

For the Year Ended 31 December 2025

Reference and Administrative Details

Chief Executive Jeremy Evans

Charity name The Egmont Trust

Accountants HSJ Accountants Ltd

Charity registration number 1186451

Auditors HSJ Audit Limited, Severn House, Hazell Drive, Newport, NP10 8FY

Principal address c/o Rondine Capital, 7 St John Street, London, EC1M 4AA

Trustees John Bason (Chairman), Nick Cross, Clare Evans, Rachel Foster, Rory Powe, Stuart Powers, Martin Woodcock

Independent Auditor's Report to the Members of the Egmont Trust

Opinion

We have audited the financial statements of The Egmont Trust (the "charity") for the year ended 31 December 2025 which comprise the Statement of Financial Activities (including Income and Expenditure Account), Statement of Financial Position, Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the charity's affairs as at 31 December 2025 and of its incoming resources and application of resources, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Charities Act 2011.

Statement of Public Benefit

Statement of Trustees' Responsibilities

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing the financial statements the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charity SORP;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed; subject to any departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The Trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at anytime the financial position of the charity and to enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The Trustees' report was approved by the Board of Trustees and signed on its behalf by:

..............................................

Mr J G Bason, Chairman of Trustees

Addressing the needs of some of the world’s most disadvantaged children and their communities through access to HIV & AIDS treatment, and through the provision of good nutrition, poverty alleviation, education and counselling, agricultural and vocational training, and safer environments.
Enabling local Partner organisations to work together to share information, experiences and expertise, and thereby improve their services.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions Relating to Going Concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our

FINANCIALS

AUDITED FINANCIAL STATEMENTS

Independent Auditor's Report to the Members of the Egmont Trust

opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Independent Auditor's Report to the Members of the Egmont Trust

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use Of Our Report

This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's Trustees those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Matters on Which We Are Required to Report by Exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or
sufficient accounting records have not been kept; or
the financial statements are not in agreement with the accounting records or returns; or
we have not received all the information and explanations we require for our audit.

Responsibilities of Trustees

As explained more fully in the Trustees' Responsibilities Statement set out on page 58, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

.................................................

HSJ Audit Limited

Date ........................................18/08/2026

HSJ Audit Limited Severn House Hazell Drive Newport NP10 8FY

HSJ Audit Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Auditor's Responsibilities for the Audit of the Financial Statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We corroborated our enquiries of management by review of correspondence with HMRC and The Charity Commission and other regulatory bodies.
We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries into our audit approach.

Based on the results of our risk assessment we designed our audit procedures to identify and address material misstatements in relation to fraud.

FINANCIALS

AUDITED FINANCIAL STATEMENTS

DETAILED FINANCIALS

Statement of Financial Activities for the Year Ended 31 December 2025

Note	Unrestricted funds £	Restricted funds £	Total 2025 £	Total 2024 £
Income and Endowments from: Donations and legacies 3 Other trading activities 4 Investments 5 Total income Expenditure on: Raising funds 6 Charitable activities 6 Net income Transfers between funds 12 Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 12 Note	1,343,917 - 71,089	792,781 - -	2,136,698 - 71,089	1,803,743 29,550 94,740
	1,415,006	792,781	2,207,787	1,928,033
	- (1,399,522)	- (797,722)	- (2,197,244)	(3,095) (1,644,717)
	(1399,522)	(797,722)	(2,197,244)	(1,647,812)
	15,484 30,000	(4,941) (30,000)	10,543 -	280,221 -
	45,484 2,140,978	(34,941) 475,225	10,543 2,616,203	280,221 2,335,982
	2,186,462	440,284	2,626,746	2,616,203
		Unrestricted funds Restricted funds Total 2024 £ £ £
Income and Endowments from: Donations and legacies 3 Other trading activities 4 Investments 5 Total income Expenditure on: Raising funds 6 Charitable activities 6 Net income Transfers between funds 12 Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 12		1,032,007 771,736 1,803,743 29,550 - 29,550 94,740 - 94,740
		1,156,297 771,736 1,928,033
		(3,095) - (3,095) (1,004,079) (640,638) (1,644,717)
		(1,007,174) (640,638) (1,647,812)
		149,123 131,098 280,221 23,998 (23,998) -
		173,121 107,100 280,221 1,967,857 368,125 2,335,982
		2,140,978 475,225 2,616,203

Statement of Financial Position as at 31 December 2025


Note	Unrestricted funds £	Restricted funds £	2025 £	2024 £
Current assets Debtors 10 Cash at bank and in hand Creditors: Amounts falling due within one year 11 Net current assets (liabilities) Total assets less current liabilities Net assets Funds of the charity: Restricted funds Unrestricted funds Total funds 12	143,874 2,612,047	- 440,284	143,874 3,052,331	124,664 3,095,150
	2,755,921 (569,459)	440,284 -	3,196,205 (569,459)	3,219,814 (603,611)
	2,186,462	440,284	2,626,746	2,616,203
	2,186,462	440,284	2,626,746	2,616,203
	2,185,462	440,284	2,626,746	2,616,203
			440,284 2,186,462	475,225 2,140,978
			2,626,746	2,616,203

On behalf of the board

.......................................... Mr J G Bason Trustee Date 11/08/2026

Notes on pages 64 to 70 form part of these financial statements.

FINANCIALS

AUDITED FINANCIAL STATEMENTS

DETAILED FINANCIALS

Statement of Cash Flows for the Year Ended 31 December 2025

Note	2025 £	2024 £
Cash fows from operating activities Net cash (used in)/generated from operations 1 Interest (paid)/refunded Net cash (used in)/generated from operating activities Cash fows from investing activities Interest received Decrease/increase in cash and cash equivalents Cash and cash equivalents at beginning of year 2 Cash and cash equivalents at end of year 2	(66,301 (47,607 (113,908 71,089 (42,819 3,095,150 3,052,331	) 122,740 ) 32,346
		) 155,086
		94,740

		) 249,826 2,845,324
		3,095,150

Notes to the Statement of Cash Flows for the Year Ended 31 December 2025

1. Reconciliation of income to cash (used in)/generated from operations

		2025 £	2024 £
Net income 10,543 Adjustments for: Interest expense 47,607 Interest income (71,089) Movement in working capital: (Increase)/decrease in trade and other debtors (18,990) Decrease in trade and other creditors (34,372) Net cash (used in)/generated from operations (66,301) 2025 £ 2. Cash and cash equivalents Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:		10,543 47,607 (71,089) (18,990) (34,372)	280,221 (32,346) (94,740) 3,894 (34,289)
		(66,301)	122,740
			2024 £
Cash at bank and in hand 3. Analysis of changes in net funds	3,052,331 As at 1 January 2025 Cash fows £ £	3,052,331	3,095,150
			As at 31 December 2025 £
Cash at bank and in hand	3,095,150 (42,819		) 3,052,331

Notes to the Financial Statements for the Year Ended 31 December 2025

1. General Information

Investment Income

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

The Egmont Trust is a charitable incorporated organisation registered with the Charity Commission, registered charity number 1186451. The principal address is c/o Rondine Capital, 7 St John Street, London, EC1M 4AA.

2.5. Resources Expended

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

2. Accounting Policies

2.1 Basis of Preparation of Financial Statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)", Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities Act 2011.

Raising Funds

The charity is a Public Benefit Entity as defined by FRS 102.

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

2.2. Going Concern Disclosure

The Trustees have not identified any material uncertainties related to events or conditions that may cast significant doubt about the charity's ability to continue as a going concern.

Charitable Activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

2.3. Fund Accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for a specific purpose.

Grant Provisions

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

Restricted funds are to be used for specific purposes as laid down by the donor.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Support Costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

2.4. Incoming Resources

Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.

Governance Costs

Governance costs include costs of the preparation and audit of the statutory accounts, the costs of Trustee meetings and the cost of any legal advice to Trustees on governance or constitutional matters.

Donations and legacies

Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.

FINANCIALS

AUDITED FINANCIAL STATEMENTS

Notes to the Financial Statements for the Year Ended 31 December 2025

2.6. Cash and Cash Equivalents

2.8. Taxation

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Trade Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

2.9. Pensions

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

The charity operates a defined pension contribution scheme. Contributions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme.

Trade Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if they do not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

2.7. Foreign Currencies

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.

The results of overseas operations are translated at the average rates of exchange during the period and their balance sheets at the rates ruling at the balance sheet date. Exchange differences arising on translation of the opening net assets and results of overseas operations are reported in other comprehensive income and accumulated in equity (attributed to non-controlling interests as appropriate).

Notes to the Financial Statements for the Year Ended 31 December 2025

3. Income from donation and legacies

3. Income from donation and legacies	3. Income from donation and legacies
		Unrestricted £	Restricted £	Total 2025 £
Donations and legacies Donations and gifts Gift Aid		1,282,399 61,518	792,781 -	2,075,180 61,518
		1,343,917	792,781	2,136,698
		Unrestricted £	Restricted £	Total 2024 £
Donations and legacies Donations and gifts Gift Aid 4. Income from other trading activities		1,019,537 12,470	771,736 -	1,791,273 12,470
		1,032,007	771,736	1,803,743
			Unrestricted funds 2025 £	Unrestricted funds 2024 £
Events income Fundraising events 5. Investment income			-	29,550
			Unrestricted funds 2025 £	Unrestricted funds 2024 £
Interest on short term deposits 6. Analysis of expenditure Grant management Alleviation of the impact of HIV & AIDS Fundraising & publicity Finance & governance Ofce & data management Other Foreign currency	71,089 94,740 Activities undertaken directly Grant funding of activities Support costs Total 2025 £ £ £ £ - - 256,693 256,693 - 1,488,687 - 1,488,687 - - 240,395 240,395 - - 105,577 105,577 - - 31,285 31,285 8,264 - 18,736 27,000 - - 47,607 47,607		71,089	94,740
	8,264 1,488,687 700,293 2,197,244

AUDITED FINANCIAL STATEMENTS

FINANCIALS

Notes to the Financial Statements for the Year Ended 31 December 2025

6. Analysis of expenditure continued

	Activities undertaken directly Grant funding of activities Support costs Total 2024 £ £ £ £
Raising funds Grant management Alleviation of the impact of HIV & AIDS Fundraising & publicity Finance & governance Ofce & data management Other Foreign currency	- - 3,095 3,095 - - 231,416 231,416 6,650 1,123,827 - 1,130,477 - - 199,112 199,112 - - 67,595 67,595 - - 30,053 30,053 - - 18,410 18,410 - - (32,346) (32,346)
	6,650 1,123,827 517,335 1,647,812

7. Auditor's remuneration

7. Auditor's remuneration
Remuneration received by the charity's auditors and their associates during the year was as follows:	2025 2024 £ £
Audit Services Audit of the company's fnancial statements 8. Staff costs Staff costs were as follows:	4,234 4,234
	2025 2024 £ £
Wages and salaries Social security costs Other pension costs	459,224 349,190 38,201 24,252 9,555 9,717
	506,980 383,159

A total of 1 employees received employee benefits (excluding employer pension costs) for the reporting period between £120,001 to £130,000. The total employee benefits of the key management personnel of the charity were £275,428 (2024: £272,501).

9. Average number of employees

Average number of employees during the year was as follows:

9. Average number of employees Average number of employees during the year was as follows:
	2025	2024
Charitable activities 10. Debtors	9	9
	9	9
	2025 £	2024 £
Due within one year Other debtors	143,874	124,664

Notes to the Financial Statements for the Year Ended 31 December 2025

11. Creditors: amounts falling due within one year

11. Creditors: amounts falling due	within one year
				2025 £	2024 £
Other creditors Taxation and social security 12. Movement in funds	As at 1 Jan 2025 £	Income £	Expenditure £	569,459 -	579,980 23,631
				569,459	603,611
				Transfers £	As at 31 Dec 2025 £
Unrestricted funds *General* General unrestricted fund Restricted funds Operational costs Egmont US Foreign Currency Translation Treebeard Trust Egmont US Foundation Redburn Total restricted funds Total funds	2,140,978 303,074 - 142,151 30,000 - -	1,415,006 695,352 - - - 95,680 1,749	(1,399,522) (633,950) (18,736) (47,607) - (95,680) (1,749)	30,000 (18,736) 18,736 - (30,000) - -	2,186,462 345,740 - 94,544 - - -
	475,225	792,781	(797,722)	(30,000)	440,284
	2,616,203	2,207,787	(2,197,244)	-	2,626,746
	As at 1 Jan 2024 £	Income £	Expenditure £	Transfers £	As at 31 Dec 2024 £
Unrestricted funds *General* General unrestricted fund FR events Designated: Woodcocks Total unrestricted funds Restricted funds Operational costs Egmont US Foreign Currency Translation ALMT First Prudential Markets Peer Partner Activities Treebeard Trust Egmont US Foundation Redburn Network for Social Change Total restricted funds Total funds	1,941,375 - 1,941,375 26,482	1,126,747 29,550 1,156,297 -	(977,597) (3,095) (980,692) (26,482)	50,453 (26,455) 23,998 -	2,140,978 - 2,140,978 -
	1,967,857	1,156,297	(1,007,174)	23,998	2,140,978
	258,320 - 109,805 - - - - - - -	597,991 - - 11,930 15,836 - 30,000 94,749 3,042 18,188	(528,177) (18,410) 32,346 (11,930) (15,836) (6,650) - (70,751) (3,042) (18,188)	(25,060) 18,410 - - - 6,650 - (23,998) - -	303,074 - 142,151 - - - 30,000 - - -
	368,125	771,736	(640,638)	(23,998)	475,225
	2,335,982	1,928,033	(1,647,812)	-	2,616,203

FINANCIALS

AUDITED FINANCIAL STATEMENTS

Notes to the Financial Statements for the Year Ended 31 December 2025

The specific purposes for which the funds are to be applied are as follows :

The Operational Costs Fund - provided by Trustees and Patrons to cover the operating costs of the Charity, thus ensuring that all other income raised can be utilised on primary charitable activities.

The Treebeard Trust Fund – donor requested funds to be used to support Egmont’s General Fund.

Foreign Currency Funds - represents the gains or losses year on year upon translation of U.S. dollar bank accounts or debtors into the charity’s functional currency.

Peer Partner Activities - costs associated with peer partner activities such as in-country partner meetings for shared learning.

US Foundation - to be used to support 75% of the partner grants – Ndola Nutrition Organisation, Zambia; Childlife Mozambique; Fanisi Tanzania; Uzima Tanzania; Girl Child Counselling Women Group, Kenya; and the remainder to be used to support Egmont’s General Fund.

Redburn Staff Team – funds raised to be used to support Girls Empowerment Network, Malawi.

13. Transactions with Trustees

None of the Trustees received any remuneration or any other benefits from an employment with the charity or a related entity during the current or previous year. No Trustee expenses have been incurred.

14. Related Party Disclosures

There have been no related party transactions in the reporting period that require disclosure.

05SECTION TITLE

SUPPORT US

100% GOES DIRECTLY TO PROJECTS IN AFRICA

Why donate?

The Egmont US Foundation

Egmont provides donors with a smart, scalable way to invest in high-impact grassroots solutions.

The Egmont US Foundation is a US non-profit organisation, tax exempt under Section 501(c)(3) of the US Internal Revenue Code and provides a tax-efficient way for US residents to support the life changing impact this charity is achieving through its work.

The Egmont Model directs 100% of all donations to our inspirational, grassroots Partners, applying twenty years of experience, professional systems and rigorous oversight. This ensures that Partners are supported to develop in the most effective and impactful way and that your charitable investments create the most sustainable and cost effective change.

How to donate

We recommend bank transfer as the quickest and most efficient way to donate, as it carries no transaction fee.

For US residents wishing to support Egmont and our Partners’ work, please visit: egmontusfoundation.org

Bank Transfers and Standing Orders

Online

Online donations can be made through our secure website. Single and monthly donations can be set up, and carry a 1.7% transaction fee (transaction fees are covered by Egmont).

Bank: Virgin Money Account Name: The Egmont Trust Sort Code: 82-11-07 Account Number: 40078611

Standing Order Forms are available on our website.

Visit our website for more details:

egmonttrust.org

Cheques

Please make cheques payable to ‘The Egmont Trust’ and send to:

The Egmont Trust, c/o Rondine Capital, 7 St. John Street, London, EC1M 4AA

Egmont respects your privacy. Our privacy policy is available on our website. To update your mailing preferences please contact us. All photos in this report depict beneficiaries of Egmont's Partners and are used for purely illustrative purposes.

Egmont is a USD grant-making organisation. Figures in this document are recorded in GBP, which is ascertained from the BoE spot rate on the day the grant is committed. All figures correct as of 31st December 2025.

The Egmont Trust, C/O Rondine Capital, 7 St John Street , London, EC1M 4AA info@egmonttrust.org | +44 (0)29 2240 1733 | egmonttrust.org

The Egmont Trust is a registered Charitable Incorporated Organisation (CIO) in England & Wales: No. 1186451

CONTENTS

01. Introduction

02. The Egmont Portfolio

03. Impact

04. Financials

05. Support Egmont

OUR MISSION

THE EGMONT MODEL.

LOCAL LEADERS. LOCAL SOLUTIONS. LASTING IMPACT.

2. A local-first approach

3. A portfolio approach 4. Development track record

1. Giving 100%

6. Bottom-up, not top-down 7. Adding value

5. Financial mindset

A DIFFERENT APPROACH TO PHILANTHROPIC RISK, RETURN AND IMPACT.

2025 SUMMARY DATA

REFLECTIONS

John Bason Chairman

on behalf of The Egmont Trust Board

THE BOARD

John Bason

Chairman

Clare Evans

Deputy Chair

Rory Powe

Martin Woodcock

Nick Cross

Rachel Foster

Stuart Powers

EGMONT IN 2025

The Egmont Team

Jeremy Evans

Nomuhle Gola

Louise Dixon

Mubanga Kapuka

Jane Arnold

Colin Williams OBE

Jake Westlake

Eleanor Abou-Sakr

Charlotte Wells

Jenny Macintosh

Egmont Partners

Kenya

Malawi

Mozambique

Tanzania

Zambia

Zimbabwe

Chiedza

Special thanks

Egmont Patrons

The Egmont US Foundation Board*

Friends of Egmont

DONOR PERSPECTIVE

What do you look for when deciding your charitable investments?

Why invest in Africa?

What motivates you to support Egmont?

Finally, what opportunities do you think lie ahead for Egmont in the US?

PORTFOLIO OVERVIEW

Egmont Partners

# Egmont Partners in receipt of grants in 2025

2025: A challenging context

Grants analysis (2025)

Grants committed (2025)

Significant increase in grant expenditure

Change in portfolio mix

Grant expenditure (2021 - 2025)[1]

Grant expenditure by country (2025)[2]

Project grant expenditure by type (2025)

Portfolio movements: new Partners and exits (2025)

Churn: grant value & % of portfolio (2022 - 2025)

Portfolio performance

PPT: 2024 - 2025 scores distribution

Cost-efficiency of impact

2025 portfolio: Egmont Partner investment / cost per beneficiary ($)

Adding portfolio value

Portfolio sourcing and decision making

Expressions of interest per month (2024 - 2026)

IMPACT OVERVIEW