¢hortty r•gl•trth nwnber 1192 UPSIDE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 UPSIDE TRUST LEGAL AND ADMINISTRATIVE INFORMATION J Heron SF¥ Clwlty rnwnt 1192936 Prlndw addrM• 14 Buyoy L•nEs Pre5tbury Cheshlre SK104HU ACc￿n￿rtS Fleet Hou8e UnRed lfjrB*xii LA11EZ Bank•r¥ 19 Marktrt Street ManrJ*sler M1 IWR UPSIDE TRUST coKrEKrs Page S￿em￿lI ofiréndal ath¥AOee 8d8nco shaot Notesto ftE4nthal st8teJTErts 8-12 UPSIDE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED JI DECEMBER 2023 ThotrutheJ Pr￿tIrtthelr amual reylaTrJ fkn8ndal statwnents kjrth•y￿rended 31 Dec¢m￿ 2023. The ffinandal #atfjmets havo been prepThl in arxoTdarte TAilh the p&kaets set oul ni 1 to the ffin8ncig1 tstements crnply the th8rtVs d￿lTErrt. the Ch8rtse8 Acl 2011 •nd"Ac¢MtirYd Reporliro ty Chart* Statemert of R￿l￿mended Pr0GJce athlfAt4e lo ¢*￿t￿e& wewrvj thw"r in #cth•n¢e ￿1th Finantid Reportin9 &arthrd ￿￿Kable ￿ Ihe UK Reputlic LY Ireland IFRS 1021" leffe(*ve 1 20191. Oble¢thts •nd a¢llvllkng 7hé objedN8s ofth• c• wo." . The •fvaruMent0f￿￿2ti . Tho Pr￿￿on ol rèlief lo Ihos• in r*avd ty reason of yoth, fmnu•l hardship IY Oth*r ths•thAnttye, In parbal8r. *iitrHJL¢ Iirnitab￿ by: . Promdirq SUFWt ty the way of fv￿Sry to ty98nlsthns de¥elop sknlK t4p*bi￿￿e$ t¢en•trAe them to r4rtwte in $￿etya& rn8tvrew￿ respomble IndM Df £2.￿,C￿ In the fonn of inve8trnort untts. Thg ch￿ty I￿UMIated a pothn ol the Mwestrn￿Is. rtha￿ng cash of £1ei).(K¥)12022.. £24QWOI. caBh wyy J ID fttnd gTantstotrrtfdlo¥lng tsribes." . Masthule - Th• chaTty i¥ based in Ihe ￿￿StOM Cape in Solth Affie4. Magkhu* is g $odal Impxt (Mganbation tha¢tsins ￿u￿torS in m8rginab"$&l eomrnunths in Ewty Chikikol D8￿Pment IECDI aThJ eaty leanYvJ slolls. The ot4Bthe of Ihe woiea Upgde ￿ to mthè Mathmub8 unlque Earfy Lesning Programrne IELPI al)￿b]e at mlnlmal tsjst to al Lxmnmunty b35d ECD centrs *)d to ewd ttms ogramme ovef IOm8 to reath as children betrfftn Ihe of five years old as wJssiNe throu￿ ECD thIE¥s and orw3Ners. Up8id8 wo￿ad an grant to Ptsthhulo in 2023 to sur4)orta nutr￿On programme fDrtt* thllthen in the ECD ￿ntre5 overtheyear. . CAklFED Internati￿81 - The tw i¥ o parFAfrn movem8nt fotsJar¥J on hcw grf5' ￿u(?￿on i d¢llvered. The pr¢ied3 5UPP)rted by tha gAnt tn 2023 ww¢ en eXpar￿lon of th8 d*nty$ 8thcd improvemurt Fl8n6 and feedng programmos In rLnl Tanzani8. . Bicydp RelEI . The th•rty gives rLral (t￿Mun￿"¢$ ¥rdunrt lh• *C8S8 to educatici alth2re, 8nd that Or￿ w*re ¢]ul ol Ihe Pro￿￿￿ 0fr￿tor￿Ma1e tstydos. Th¢ ot4ecbve oftr* pr0ieLS%￿th Upstde is to fiJThJ a ￿￿￿41￿￿eAs(*0ol P•thershlp in . Opbven Fowdakn . The (h*ity is bawl Kenya to *Jv8rKe Id￿ and suppgrt insS)Jtknns to 8 lJelt8r world. Th8 d)FebVe of the pr¢yaL# with Up$idÈ Is to contyiue to $Lpf**( th8 Sc￿Mg EaJes ll Tranth"¢￿5 progr*mrre. frjnding UAwersty &￿tY8 8tLklènts. . Lady T* Matter8- The charity ts based in SoulhAfrica and is prclmoting ￿￿unICat￿￿ afAiuI l•male ￿prod￿￿ issues to rernDve Ihe tsb￿ of lkns Issue. Thè puw ot thB proie(a 1$ to fvnd the prtim￿n ol ￿Trod proJwJS to glds In g)ulh Atii(¥ gt¥J Smbatrrt and to provid• hytyene and m8nstrual heatth educatw. . Afri> Arniii Alama- Thè d￿rty has esta￿}$￿ 1hTe¢ Eryftsh g￿k￿l9 ￿rnary sthoLIs 8fKI 8 secondery schod as B5 a nLmber of ¥rrational tr8wiing sthot4s In a rur81 of TwnSa to pro*idè e(Iwdon th)r UTwerwvleged chlldreTh The ob• of tho grnnt i& to supF¥xt a rJ)Iwt of up to eo of the worest thildren in Ihe local. nsr81. TÈroank?n o)mmunrknBS tr) g￿¢ them a Englsh &*x*tion at Ihdi Be￿)rthry sclwl. . 1th8￿￿e1 LkJht- The dwrity wclks lo improve the livts ￿ the wknerat4e and cfisadvarnaged fami￿8È In andel and lls wJrrtsnfiThJ villages sittJat8d in desert ￿te of Reiaslhan. Inth& Th8 ob2"thF of Ihe F¥viect ¢9 to hjno educatiLYO1 and tr8ining pwramm•s arKJ prtyth sm8H brnrvès to very disad¥artsg thloth tosupporttheiratter#J8n¢e al>th0￿. T￿88 c*arille6 havo chw*abte obJ*lives n k"newith OLtr obj8th UPSIDE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 nancthl revi¢w Ddails dthe fiTrabK481 ofts thwity are set out in the acrtsjnts. The Sl¥iomerrt of F￿￿101￿4￿¥*es shm Ihe exwdtwe of£282,594l2￿. £7￿.868} (￿nF￿1red to iThx¥ne of£Nil r2trdl' £NIl. in a defii>t of £2tr15Y12022.' £189,868) bebre reoThs¢d ￿n5 on in¥e5tments of£14.864121T￿. £28.55911)9s18ry1 ￿￿liSed wNèsknthlso1£198.893 (2￿￿.. bxsl. Balance SW are inveStm￿ts 01£1,￿2.847 (2022: £1.777.2911. Investrnerts Will h I￿Nda￿] to re￿358 m olgrnnb knthè year£￿ tetsjnd ￿ Mte4. Thè InJstè&È hava oxarnined th8 oper&lJc(￿l and rewtabmd nsks vthith th? ¢thnty tsts$ 8N1 Th8 fin*t481 risk lac*d by the ¢lArty 1$ that crf¥o￿ty In equhl ond knvestrneTrt mwketyduotovrid erI)n￿l0 ccrtiYon& iJquKIty n8k Ks anboipated th be ltrw a5 au a5set$ arE Iraded aThJ the coMrn￿nent to the tnteNentron ty banks and m8th6t feguL*?rn has o)nOnu&J to proylde orw tradlng fjn ￿ mwkets Ihe atxlty to bw *t¥J sdl 4￿￿e￿ e￿￿"e9 15 anti(￿paled to Gontirwe. The charitys Irylestfft￿ a tr*lsd in rhathetywtih w figkity hvJh6r trad￿￿ vc4urne& Th& d)arfty man•J8s b)ese A)vestiment rfskg by relaSnirffj expert tth8or8. Tho c*&Yty do86 not makè 01 derl¥allves slmllwoJmpt8xfmndal li is the pclLy of¥￿ itharity to mwnl8in 8 resfrrves bal￿￿ (rt£50.orxi. Th• th8rity fre•r•gOr￿ ￿£1.826,245 <3J22.. £1,897.282}. inv•sthi*)tpolley The investrnert obiedlve Is to pretwve th8 v8lue ¢* in real tm, in to wmde finds for thJture adivbbès. &Jr Snvesbnert 18 martw by Rothsthld Private Fund manag￿llerrt. and comprises a hclding 01 Jmthtion Urlts in ￿ Glenl¥JnU8y PcrtNo Trust have confide[￿ in our In¥8stsn8nt MarW$ abilrties to h)Jk ouifi¥Kts %•is* In èvorth8n9lng financaal mwket4 are 6alF5fied *lth thelr current ￿rfOnnancIWrl p rgview quart￿ty. ￿•&1, a)wonmentsl ethka ThP8Ea5 BreciJn5IdW￿j Thl*n hlen1ji￿'n9 investrn Pl•n$ lorf4kn th8rity VAII r￿eW the (yJttyJmes of tho proj￿ 9Upp￿tsd by gr8nts in 2023. ProvidffB Ihe outcomes Ore ju￿S￿, the aim wii be fiJrth8r 9rant8 to suFwt new woleds Ihese ehwsty p*tws in 2024. addbon. over the nèxi 18w yews t￿ dw.ty wl If>)k for add￿onal thartheB b) 8UPPOrt with gr￿ts ***re wJi& meettsfJwiV5 objethves UPSIDE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Upide Trust was rwrated as a CharibL4e kKorFXY8kn Orwisthi {CIOI ￿ 30 Decern￿ 20%) {Ch4rity nurvLw 11929381. The c*arSty is govwnBd by ts go4wrd"TrJ ijoojmgni daba 21 Dwthl 2020. Th• trustee$ arè *FPO￿ted by a res￿￿0Th passed at a ts)n¥en8d math.ng ofthe thArtty truste￿ a poll￿￿ olfve y¢afS. 4li•r Ferfoj tsy may put vw￿9e1veS knvard fcf re4pKKxnb)18nt. Unless cthem agreed by re￿thn of the ￿￿ty trLW a Irustee whD has lorts¥o consorJJbv• t￿m8 may not be ppjwrted for a third term bLrt may be reawKinted on Th)te￿J ofat year. The govern do￿￿nI provith IDr a minimum (l Irusiees. Any￿8 ¢Mr IhB agp ol 18 1$ gligt4¢ ￿ trusieeshlp. Al dodsions are m•18 The of the ¢*arity ￿ lo retmr( bMtee& with kr￿0 ar¥1 eY•e￿n￿ r￿eded for efferlive adMini¥Tr￿0n of lh8 CIO. It 15 Intent￿n of tr￿sta@S to meet qU8rtdy in ryder to the strategy wk1 oreBS fDrKthiI y. Day to £18y marWY￿t(￿th• Is d*9aled loJam88 Hemn. trujtees 8re gi￿ a tstsikd iTrJucti¢n ￿￿efiT￿j by Iha or9anl88tiork This i￿*¥jeS 8 c4y of the con8mu￿￿ and a cwi oftha CIUslat•Sttr￿1èOs, annL￿1 ST*￿nt ofac4wnt& f*Jy and notrustee r8c*w•d rem￿er￿jOn in Ik¢ pgrigd. busioas th08eTvoY yew and 4)to of$lgMbxe ofts Statem￿ J Berry JHe S F8ri Apk*o¥•l Approved ty the trttstees and ontsir ￿ha￿ty. Ton Z3 oefA.q•.Eiz UPSIDE TRUST AccoupifANT8' REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDrrED STATUTORY FINANCIAL STATEMENTS OF UPSIDE TRUST FOR THE YEAR ENDED 31 DECEMBER 2023 to asslst you to fijffil ycw d￿e& ￿ the Clwibes kt 2011. we have kYgF•rgJ ts your the fjnanad statemerts of UF6>Je Trust for the yvaf orvjed 31 D9¢fy7thr 2021 the ststernent of financial •>i￿o¢S and the rfgted Thxes from the c*arWs ￿C￿L￿[wI records anLI from 1nfcqrnob￿ arKI extAanOicffj 9i¥en u& ropryt ts to tho tru#éèS. as a W. In a¢￿)rOan￿￿￿1h the terms ofour en9èjW￿* l*ter dated 1? MaTL* 2tr21 our work has tthi ur¥Jertaken sofety to yepare lor your ap• the fin3ryd￿ statÉrthnts ol *d• Trtst slate those matters thatwe have agreed to to Chari￿s tr￿è$, as a W, ￿ Ihis rryort ' I￿Te￿nI(￿l Release 07116AAF. To Ihe lulkst extrnt pe￿lled ty L8w. dornt accept c* 8¥wme re8F*xstr4ty fo anyo￿ 0￿￿1h8n Upgid& Tru&tand thè thaltystr￿t6èS as a btr*, for orbr Ili5 It ￿ yow d￿Y to er￿e th8t Up*de Trust h88 kept ad8qUatè ac£g)unts"NJ ￿c￿rtS and tts prepare st8ttrtw th8rKial 8tstefflerts ttpl gve o bve and tsir ofU* assets. Ilabrfibes. fjnarvial Fosriion a￿[ defial of Vp*d# TrL&sL Ytsj tr)n￿der that UpNdeTnJsl Is exempt stamtyy rg]LArtrnont fortho yw, and Is not rnqL4red to obta an indyTrJorrt ex8min•rts roFo Wa hAVè Tr)t been knth¢Xed trj w wt Wl 8u¢n or a mY8w Of￿ finantsal statements of Upside TDJ5t For this r•a$on. w¢ have rb)t verifi&J the aC0J￿r¥ or c￿k ond In h 25.678 12e271 Cr￿110￿. arnounts lalllnq du• wknln oney 12280) 12.2 125,*1 Total Aueth lety• Gwff•nt Wablli11•8 1,826,245 1.897282 Unre8lrirAed furtd8 1,828.245 1.897.282 1,828,245 I,W.282 The knndal tht•m•nts wern ap1x￿d bythe on...... . ._. . .. . UPSIDE TRUST NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 21r23 Ac¢ounUTrJ poNcl•8 ChaTIty Inforn￿lI0n Ur*lde Trvst 18 a Ctsrtt8trJe Incryrmt&l 0rg8n5S￿￿ IGh8rfty no. 11929381 Th th3rfLY8 arJtre&s ts 14 Buuey Lanes, Prestbwy. macclesfi￿￿. Ctwh"re. SK104HU. 1.1 AGGountln9 ¢onven char￿￿6 2011. FRS 102 FI￿nGla1 R8wbtYJ StarDJard aFpJic4bl& in VK gnd Repu￿￿ of n(r rFRS 1¢m the ChwStigB SORP 'Acc¢wrliry and Rep¢rbng by ch*ii￿.. Stltemerrt 01 R9￿m8th PradR* &ppk'tsb18 to th8ri1i88 pr8parin9 8(*x¥rdanté wilh IhÈ Finsnfi8E Rem"ro Stsndard applK¥bb in the UK and Republic of Ireland IFRS 1￿2). leffeo*ve 1 Januwy 2019). The *ndrturel tOTihe year. Trarf•c*¢)n costs areexFensed as ￿r)￿rye￿. 1.7 Cash and ¢••h ¢qthalontB Cash and (agh equN8knts indudè tash in t￿. depr*hs hdd at b8nk8, olhor liquld Irwe5tTr￿ts wllh ￿YJ￿81 mahKi*És ol three mcnths or less o¥erthfts. Barth ￿￿ra119 ere show w*h¥i borrryTrJty ￿ ￿rrnnt 1A Flnanclal In•lrnrnonts The charity ha8 Io 8ppty ts prNsicns of Sx¥on 11 8a6k FlTranrial 1nltnm￿ts' ￿ Sw*on 12 'ol￿ Finarwl Irthments IssL*S' ofFRS 102to ofita firmrtial instrumeni Flnandd wr#sed kn the dtsrws balart4 sh•81 kn the thority t•thmes pty to the Finarvid ¥sseis and IBtrflliE5 ere dfset, ¥Ath ts net amwrts preswi•J In the IIMnod sl*rr*rrfs. w￿ft them 1$ a IEgdty •nlorceable rbhtto set olllhe reco9rised amrAnts and i5 lln irrtthbon to a n¢t bw8 (Kto 06setaThJ sdu&th• fiabllty ￿mI￿8OU8￿. fund> Bonkth 2.250 2.1C 1255 2.105 Grarrt I￿(5￿j olacbMb"e918ee noto 3} 2N339 187,763 d.5Y 189. UPSIDE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Grants pty Unrnsblct•d Unr•Jtsf¢iÈd YJ23 2022 Gr￿ts to Instswnb". 79.fj52 37,523 80.OCXJ 25.OL 16,8 Uaskhut CAMFED kntem0tic￿81 Btcycle Rdiel OW"¥en Fourthl La* Talt M*t8rs 8ndel Li9ht 23.2QO 20.￿5 20.¢MO 11288 280.339 187.763 Ewditurtr ￿ grants rdat¢a to ￿r¥Strtthd tund5. Atrica Arrmni Ahrn8. ThE Charty psid £79.e52 to lund lurther lor SbjdE￿ ¢£w￿¢tIOn ol tr*r Secondtry *JLK*"on at ￿ knoio otr*r AAA sarX￿d8ry $d￿ls in T*￿ni0, fvrKI some seu)ndayaJuc4b"on8tth& PamoJ8 &J&ainatle Tourism sthoc4s wr¥ted byAèA a*kh￿e-The Ctroity paKI £21,1Cl8 to MA￿kh￿e Earfy Leamkng Pro3￿￿8 Ph95e 3 and £16,417 fvrKJ Ihe Ma&khule NutrIfj￿ Programme 2024. CAMFED Intwn*"onal - Tr Clwlty p8ld £80,CW to support an of the thaTity's sch￿1 inprovement t48n8 8fKI s￿￿1 feeding prcgr8rnmes in nts81 Targa￿8. Worhj Byde R*d. Tha Ch￿ty £25,OCKlto 8 MotllLqe Cunmunibes in Opbv•n Foundakn-ThE Chanty £16.￿ to fi￿d tl* Y•w2 olthe ScariThJ E8gl•s11 Tranthns project L4ty Tak8 Matters- Thè C￿lty pwd £30,000 to lu￿ the wovision of rtrv8at4e Fwbd products k) girfs in SwthAlrta ￿ Jrnb8b￿ and ￿ pr￿1￿9 hygiene and men6trual heath e￿￿tiOn. knand81 Ltqht- ThE CIW p8id£l1.KB toftmd year one orth8 edLThtiLvwJ trarlw None of ￿ t￿￿$t¢8$ {or any Fotsons ¥￿th them) re¢¢wl any rernunerafjon or b8Mffts from thè k*arity durirgthe yoar. -10- UPSIDE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONnNUED) FOR THE YEAR ENDED 31 DECEMBER 2023 3v*a9e fflcffliw nwnbero1wn￿QYeeSlun1vJffieye￿v Number TotrAI There￿￿8 no tsmthaes ths• annual rem￿erab)n￿￿ rncrfe th8n £60,Cth. lund• Rèvakth in¥estrn¢nts G￿￿1￿9$) on g*e of I￿￿lMer IgS.693 (206.e&)I 14, r2B,559) 211.557 235.3591 Taxatlon The L*erity is exemofrom tax on and 9&n$ fal￿n9 vithin sedicfi 505 olthe TaxesA¢t 1988 ¢¢ $*Jon 252 ofthe TaY2licn ol Charye8ble &inGh£t 1992to the &ktsnlthJt ¥we are AFvl*d to ttts ¢bJèd8. Litsted Gost orvèlu•l¥on Al 1 Ja)uary 2023 Valuthon thangeo C15PUsI 1.771.291 1C£.893 1185,1971 At31 Decwnber 2023 1.802.847 C•rrylng amount At 31 D¢¢¢rnber 2Q23 1.8U1847 11 UPSIDE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR ThIE YEAR ENDED 31 DECEMBER 2023 Cr•dlt¢)rn: am¢)uDl• t*lthln on•y•ar kuuals aTrJ defewed in￿e 10 An*gh7 of n•tag8•ts between fun UThr•slrlet•d Urtt88lrlet fundg 2023 Fund b￿arts$ at 31 Dacamber 2￿23 are rewesen￿ ty". 1nve8kn￿ts CuNent•s•￿￿(labistl•&I 1.80?.847 23.3 1.771.291 125,991 1.¥28.245 1,897,2V2 11 Rèknted party trnnb&thio Thor• N) rnl*d pgtytr4nsa(*ors durlng period. 12-