Charity number: 1199228 THE GSR FOUNDATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE GSR FOUNDATION CONTENTS Page Reference and administrative details of the Charity, its Trustees and advisers Chairman's statement Trustees. report Independent auditors. report on the financial statements 9-12 Statement of flnanclal actlvltles 13 Balance sheet 14 Statgmgnt of ¢o$h flows Notes to the financial statements 16-25
THE GSR FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees Nadia Gil, Chair Jhumar Johnson lappoinled 2 October 20231 Qasim Iqbal lappoinled 2 October 20231 Eva Sanchez Munoz Michael Oliver Whitehead (appointed 18 April 20241 Roxanne Ballew lappoinled 18 April 20241 Jakob Palmstierna (appointed 9 JLJne 2022, resigned 13 November 20231 Charity registered number 1199228 Prlnclpal office 3rd Floor 65 Curzon Street Mayfair London W1J 8PE Independent auditors BKL Audit LLP 35 Ballards Lane London N3 1XW Bankers Coutts 440 Strand London WC2R OQS EDB 5 Bank Street London E144BG Investment manager Netwealth Investments Ltd Two Fitzroy Place 8 Mortimer Street London W1T 3JJ Page 1
THE GSR FOUNDATION FOREWORD FROM THE CHAIR FOR THE YEAR ENDED 31 DECEMBER 2023 As Chair of the GSR Foundation, l am honoured to present our 2023 Trustees Annual Report. This foreword provides an overview of this year's remarkable journey. In 2023, we achieved several significant milestones. Firstly, we have made strides in building a besl-in-class foundation that is compliant, scalable, and well-governed, with a separate identity and operation from our funder, GSR Foundalion. Our focus on strong risk management has led us lo build appropriate financial reserves, addressing our primary risk of reliance on a single funding source. This accomplishment positions us as leaders in an industry often challenged by volatility and governance issues. GSR Foundation is known for its robust governance and responsible business practices, and we al the GSR Foundation are proud lo embody these standards. Additionally, we welcomed two external trustees this year, ensuring greater independence and objectivity as we carry out our charitable mission. The strategic expansion of our Empower program, which focuses on larger gifts to aggregators of quality social impact projects, continued. We onboarded two new partners in Mercy Corps and UNICEF during the year. Our partnership with Mercy Corps. Ventures platform gives us direct access to high-qualily blockchain and crypto- for-good projects, integrating cutting-edge technology into the social impact sector. With the UNICEF Venture Fund, we can provide inveslment-slyle funding for earfy-stage frontier technology solutions addressing critical challenges for underserved young people. These Empower partnerships, strongly aligned with our mission and ethos, enable us lo achieve a reach and impact that would lake significantly more reSoUrS to attain independently. Finally, our grant-giving approach has begun lo gamer positive feedback from partners and the broader ecosystem. Our lean and flexible onboarding process, our emphasis on relationship-building and transparency, and our commitment lo multi-year funding for Challenging areas such as salaries are stsrting to redefine effective philanthropy. While the feedback is still anecdotal, it indicates that our approach is impacting and inspiring others. As we move into 2024, we hope this initial success will contribute to the broader movement towards Irust-based philanthropy, where the co-creation of applications and reporting becomes standard, and quality organizations gain the operational and financial resilience needed to innovate and grow. Our vision remains steadfast.. a world in which no one is excluded from the benefits of technology. Whether through funding the most innovative, scalable, or expert solutions, we are committed to learning and insist on transparency with our partners to evolve. In 2024, we will continue learning from our partners, refining our evaluation process, and building the best-in-class foundation we aspire to be. l extend my heartfelt thanks lo everyone who has wntributed-our trusted partners, our outstsnding Executive Director, and the dependable GSR Foundation staff who have donated and volunteered their lime. Without your incredible work, our mission would remain just an idea., you have made il a reality. Thank you lo GSR for continuing to believe in our work and mission. Lastly, thank you to my fellow Trustees for your guidance, passion, and good governance- I look forward lo what 2024 will bring. Nadia Gil Chair Date.. 0610812024 Page 2
THE GSR FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 January 2023 10 31 December 2023. The Charity commenced its activities during the period having been dormant since ils incorporation. Objectives and activities a. Policies and objectives The objectives of the charity as per ils goveming document are.. To advance such charitable purposes {according to the law of England and Wales) as the Iruslees see fit from time lo time for the public benefit and by the making of grants and awards towards, in particular but not limited to.. Advancing education and promoting diversity., and Promoting equality of opportunity in the areas of.. business and entrepreneurship Science, technology, engineering, and mathematics In setting objectives and planning for activities, the Trustees have given due consideration lo general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit.. running a charity IPB21'. b. Strategies for achieving objectives The GSR Foundation has four distinct product areas to categorise our output. The products are slruclured lo generate actionable learning which contributes to their ongoing development. Enable.. Our smaller grant programme through which we typically give unrestricted support to 8 wide range of organisations. We use one-off smaller grants as lest-gifts to identify causes where our support Can make 8 material difference, and then offer longer term support. Empower: Our larger grant programme (mean avg amount.. $250,000) where we give more focused support. Expert.. Our thought-leadership brand, under which we publish salient information for public benefit, which we co-create with our partners. Emergency.. We retain a portion of our grantmaking budget lo respond to global emergencies as and when they arise. c. Activities undertaken to achieve objectives The main activity of the GSR Foundation is grantmaking. Our gr8nt-making policy is as follows= Page 3
THE GSR FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 ObJectlves and actlvltles Icontlnuedl d. Grant-making policies We mainly achieve our primary purpose through grant-making. Our policy dictates that we can only fund projects and activities that are exclusively charitable and f811 within the objects of the partner. Our objects are broad, and will be further defined as the GSR Foundation develops. This development is fuelled by what we learn from analysing our existing partnerships. As we fund intem81ionally, we will make grants to a variety of types of entity, but require our grant to be utilised exclusively for public benefit. We consider funding on a case-by-case basis, conducting bespoke due diligence as required. For charities organisations must have a wrillen constitution, with exclusively charitsble aims, and be run by a minimum of al least 2 trustees. In making grants, trustees will comply with Charity Commission guidance, to ensure that il is in the charity s best interests, check that any money is used as it is expected to be, and the decision recorded in the GSR FoLJndation board minutes. For govemmental agencies support will only be considered where there is either no, or inadequate statutory provision. For social value organisalions with another type of stnjcture - the GSR Foundation board complies with all appropriate regulator guidance,. ensuring there is no more than incidental personal benefit and the trustees can demonslrale that the decision is in the charills best interests. We are proactive in inviting entities to apply for funding and do not accept unsolicited applications. We do encourage relevant entities lo gel in touch if they think their work matches our criteria - inviting relevant entities to apply. Applications are coordinated by the GSR Foundation's Executive Director and presented to the GSR Foundation board for decisions. The board follows the Charity Commission ICC271 guidance as il makes decisions. e. Main activities undertaken to further the Charity's purposes for the public benefit The Charity undertakes to give grants lo worthy organisations in furtherance of its objectives and deems this lo be furthering ils purposes for the public benefit. Achlevements and performance a. Maln achlevements of the Charlty In 2023 the primary goal was to establish the GSR Foundation as an independent charity with a robust strategy and a board with lived. professional, and practical experien of the work we do. We gave 29 Enable grants to 26 partners, with 8 $29,069 mean average value, tolalling $843,001. We gave 4 Emergency grants to 2 partners, lotalling $57,559. We gave 1 Empower grant lo MIT Solve of $250,200. Page 4
THE GSR FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Achlevements and performance Icontlnued) b. Key perfomiance indieators We achieved all of the KPIS we set out lo achieve in our first year of operation.. Building a strong board with a breadth of lived, practical and professional experience. Creating a robust portfolio of partners from which we can make informed decisions about where our financial support is most effective in the longer term. Co-creating a grantmaking ethos with our initial funding partners that consolidates our aspiration to be a 'besl-in-class' grantmaking charity. . Review of activitiOS Our primary activity was lo build a varied portfolio of partners with whom we can work lo develop and refine a long-lerm grantmaking approach. A sample of grants, and subsequent 2chievements, are as follows= The Charity Excellence Framework (Enable grant, UKI.. Is a free one-stop-shop that enables any nonprofit lo find the funding opportunities and free help and resources they need. Funding from the GSR Foundation was used lo build a new website, carefully oplimised for small charities and marginalised groups. Since ils launch, there has been a significant increase in users, with over 3,000 joining in the launch month. In addition, professional data extraction tools have been acquired meaning our partnership will create meaningful and unique big-dala lo support the whole charity sector. The Visiola FoLJndation (Enable grant, Nigerial= Exists to support the emergence of a new cadre of African leaders by mentoring and training academically excellent young people in the Scien, Technology, Engineering, and Malhemalics ISTEMI fields. Support from the GSR Foundation enabled 1,533 girls lo participate in their life-changing programs - bLJilding their skills, confidence and prospects. GSR staff played an active voluntary role with Visiola - judging competitions, and offering mentorship. d. Factors relevant to achieve objectives The chief factor is the ongoing relationship with GSR Foundation which is maintained via shared resource. g. Fundraising activities and income ggngration The GSR Foundation undertook no fundraising in 2023, all operational income came from GSR International in the form of a donation. f. Investment policy and performance The GSR Foundation holds ils reserve in a money market fund which was chosen with liquidity and security as primary factors. Page 5
THE GSR FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Flnanclal revlew a. Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources lo continue in operation81 existence for the foreseeable future. For this reason. they continue to adopt the going concern basis in preparing the financial slalemenls. At least one of the GSR Foundation trustees is a senior employee of GSR who would report if there were any material factors that might impact GSR'S ability or intention to fulfil their pledge to donate. b. Reserves policy The Trustees deemed il prudent to pul aside $1 m in 2023 as a reserve. This decision was taken as the CIO has a single source of funding, and is unlikely to diversify this. As such, it was deemed important lo maintain a reserve as we plan lo offer mulli-year grants in future periods, and want lo ensure we maintain the requisite liquidity lo fulfil these in the unlikely event of a loss of income. e. Principal risks and uncertainties The principal risk in 8 CIO wilh one source of funding is a loss of that income. The GSR Foundation, despite its independence from GSR , maintains a close working relationship. Other risks are primarily reputational lo mitigate this, we conduct extensive due diligence on our partners lo ensure they are conducting their activities in accordance with appropriate regulators. d. Financial risk management objectives and policies The materi81 risk for the CIO is GSR being unable or unwilling to make an annual donation. The trustees maintain 8 reserve to ensure we can fulfil outstanding pledges in the unlikely event this happens. e. Principal funding The CIO has a single Sour of funding which is a donation from GSR. Structure. governance and management a. Constitution The charity is a CIO, established under a constitution dated 9th June 2022 and as subsequently amended on 21 April 2023. The charity was registered with the Charity Commission on 9th June 2022 with charity number 1199228. Page 6
THE GSR FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Structure. governance and management Icontlnued) b. Methods of appointment or election of Trustees The founding Trustees of the CIO were self-selecled as employees of GSR, the company that established the CIO. To ensure the CIO remains independent of GSR an external recruitment campaign was conducted where independent trustees were appointed on the basis of lived, practical and professional experience. Ongoing, trustees will be selected from within GSR and outside of GSR. We wll ensure the profile of the board matches our grant-making, taking steps to ensure we have 8 diversity of thought, opinion and experience. Trustees serve 8 3 year term, and may serve a second temi if they are reappointed to do so. Trustees are inducted by the Executive Director of the Foundation. and ate required to be familiar with CC3. Relevant training is provided should il be required. Organisational structure and decision-making policies The GSR Foundation is a CIO with a voluntary board of trustees, led by Nadia Gil who serves 8S the chair of trustees. Day-l04ay management of the Foundation is delegated to the Executive Director of CSR (an employee of GSRI. This role is tasked with identifying viable partners and presenting them lo the board, who make the funding decisions. d. Pay policy for key management personnel The GSR Foundation does not have any employees, and is run by the Executive Director of CSR for GSR. e. Related party relationships The CIO has two material related parties.. With GSR Resources Limited. there is a shared services agreement, outlining the human and technic81 resources provided to the CIO. With GSR there is a deed of gift, outlining the payment schedule for the annual pledged donation. There are other related charities wtth whom il enters into transactions on an ad-hoc basis. These charities are detailed in note 6 of these 8CCOUnts. f. Financial risk management The CIO maintains a live risk register that is reviewed regularly by Board and Executive Director . The chief risk is loss of income, resulting in an inability to fulfil pledges. To miligale this risk the CIO maintains a liquid reserve. Plans for future periods The GSR Foundation has leaming at its core, and from our ini1181 cohort of partners we expect to leam where our philanthropy is most effective. Using this knowledge, we intend lo form longer-term / mulli-year partnerships in which we can provide more than just financial support. In future periods, we want lo provide meaningful pr( bono advisory services. alongside building a thought-leadership platform to benefit the wider social value sector. Page 7
THE GSR FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Statement of Trustees, responslbllltles The Trustees are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Praclicel. The law applicable to charities in England & Wales requires the Trustees lo prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the Charity and of ils incoming resources and application of resources, including its income and expenditure. for that period. In preparing these financial stalemenls, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting estimates that are reasonable and prudent., slate whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial slalemenls., prepare the financial statements on Ihe going concern basis unless il is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Charills transactions and disclose with reasonable accuracy al any lime the financial position of the Charity and enable them lo ensure that the financial statements 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. Dlsclosure of Informatlon to audltors Each of the persons who are Trustees at the lime when this Trustees. report is approved has confirmed Ihal.. so far as that Trustee is aware, there is no relevant audit information of which the charivs auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and lo establish that the charills auditors are aware of that information. Auditors The auditors, BKL Audit LLP, have indicated their willingness to continue in offi. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees. Approved by order of the members of the board of Trustees and signed on their behalf by.. Nadia Gil (Chair of Trustees) Date.. 0610812024 Page 8
THE GSR FOUNDATION INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE GSR FOUNDATION Opinion We have audited the financial slalemenls of The GSR Foundation Ilhe '¢harity') for the year ended 31 Dember 2023 which Comprise the Stslemenl of financial activities, the Balance sheet, the Slalement 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, including Financial Reporting Stsndard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practi1. In our opinion the financial stalemenls.. give a true and fair view of the state of the charitys affairs as at 31 December 2023 and of its incoming resour$ and application of resources for the year then ended., have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting Practi,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with Intemalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, fftsponsibilities 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 lo our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the Trustees, use of the going concem basis of accounting in the preparation of the financial ststements is appropriate. Based on the work we have perfom)ed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on the charills ability to continue as a going concern for a period of at least twelve months from when the financial ststemenls are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concem are described in the relevant sections of this pOrt. Page 9
THE GSR FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE GSR FOUNDATION {CONTINUED) Other information The other information comprises the information induded in the Annual report other than the financial statements and our Auditors, report thereon. The Trustees are responsible for the other information contsined within the Annual report. Our opinion on the financial statements does not cover the other information and, exp1 to the exlenl otherwise explicitly staled in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the course of the audit, or olhenmise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misslatemenls, we are required lo determine whether this gives rise to a material misstslemenl in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstalemenl of this other infomialion, we are required to report that fact. We have nothing lo report in this regard. Matters on which we are required to report by exception We have nothing lo report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us lo report to you if, in our opinion.. the information given in the Trustees, report is inconsislenl in any material respect with the financial stalemenls,. or sufficient accounting records have not been kept,. or the financial statements are not in agreement with the accounting records and 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, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such inlemal control as the Trustees determine is necessary lo enable the preparation of financial ststemenls that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitys ability lo continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going conrn basis of ac¢ounting unless the Trustees either intend lo liquidate the charity or lo ¢ease operations, or have no realistic alternative but lo do so. Page 10
THE GSR FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE GSR FOUNDATION {CONTINUED) Auditors. responsibilities for the audit of tho 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 lo issue an Auditors. report that includes our opinion. Reasonable assuran is a high level of assurance, bul is not a guarantee that an audit conducted in accordan with ISAS IUKI will always delecl a material misslatemenl when it exists. Misstalemenls Can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to Influen the economic decisions of users taken on the basis of these financial slatemenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design prOdureS in line with our responsibilities, outlined above, to delect material misstatements in respect of irregularities, including fraud. The exlenl lo which our procedures are capable of delecling irregularities, including fraud is detailed below.. Enquiring of management around actual and potential litigation and daims Reviewing board meeting minutes of meetings of those charged with govemance. Reviewing financial statement disclosures and lesling lo supporting documentation with applicable laws and regulations. Performing audit work over the risk of management override of controls, including lesling of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal Course of business and reviewing accounting estimates for bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading lo a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial slalemenls, as we will be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. As part of an audit in accordan with ISAS IUKI, we exercise professional judgment and maintain professional sceplicism throughout Ihe audit. We also.. Identify and assess the risks of material misstatement of the financial slalements, whether due to fraud or error, design and perform audit procedures responsive lo those risks, and obtain audit evidence that is sufficient and appropriate lo provide a basis for our opinion. The risk of not detecting a material misstalemenl resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order lo design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the charity's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees. Conclude on the appropriateness of the Trustees, use of the going concern basis of accounting and, based on the audit eviden obtained, whether a material uncertainty exists related lo events or conditions that may cast significant doubl on the charills ability lo continue as a going concern. If we condude that a material uncertainty exists, we are required lo draw attention in our Auditors, report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the dale of our Auditors, report. However, future events or conditions may cause the charity lo cease to continue as a going concern. Evaluate the overall presentslion, structure and conlenl of the financial statements, including the Page11
THE GSR FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE GSR FOUNDATION {CONTINUED) disclosures, and whether the financial statements represent the undedwng transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in intemal control that we identify dLJring our audit. Use of our report This report is made solely lo the charitls 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 stale to the eharills trustees those matters we are required lo slate to them in an Auditors. report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility lo anyone other than the charity and its trLJStees, as a body, for our audit work. for this report, or for the opinions we have formed. FEL 4tdit LL* BKL Audit LLP 35 Ballards Lane London N3 1XW Date.. 0610812024 BKL Audit LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 12
THE GSR FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrg$trict8d funds 2023 Total funds 2023 Total funds 2022 Note Income from- Donations and legacies Investments 2,551,660 6,187 2,551,660 6,187 Total income 2,557.847 2,557.847 Expenditure on- Charitable activities 1,453,720 1,453,720 Total expendlture 1,453.720 1,453.720 Not movomont in funds 1,104,127 1,104,127 Reconciliation of funds: Net movement in funds 1.104,127 1.104.127 Total funds carried forward 1,104,127 1,104.127 The Statement of Financial Activities indudes all gains and losses recognised in the year. The notes on pages 16 10 25 form part of these financial statements. Page 13
THE GSR FOUNDATION BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Noto Fixed assets Investments 11 1,005,677 1.005,677 Current assets Cash at bank and in hand 114,229 114.229 Creditors.. amounts falling due within one year 12 115,7791 Net current assets 98,450 Totsl net assets 1.104,127 Charity funds Restricted funds Unreslricled funds 13 13 1.104,127 Total funds 1.104,127 The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by.. Nadia Gil (Chair of Trustees) Date.. 0610812024 The notes on pages 16 to 25 form part of these financial statements. Page 14
THE GSR FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Cash flows from operating activities Net cash used in operating activities 1,113,719 Dividends, interests and rents from investments Proceeds from sale of investments 6,187 1,004,853 {2,010,5301 Purchase of investments Net cash (used in}Iprovided by investing activities 1999,4901 Change in cash and cash equivalents in the year 114,229 Cash and cash equivalents at the end of the year 114,229 The notes on pages 16 10 25 form part of these financial statements Page 15
THE GSR FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 General infomiation The GSR Foundation is a CIO that was constituted on the 9th June 2022 with Charity Number 1199228. Accounting policies 2.1 8asis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 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 IFRS 1021 leffective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The GSR Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless olhenNise stated in the relevant aceounling policy. 2.2 Income All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. 2.3 Expenditure Expenditure is recognised once there is a legal or conslruclive obligation lo transfer economic benefit to a third party, il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs Involved in undertaking each acb"vily. Direct costs attn"butable to a single activity are allocated directly lo that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single acb.vily are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 2.4 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity,. this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. Page 16
THE GSR FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (continued) 2.5 Investments Fixed asset investments are a form of financial instrument and are initially recognised al their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case il is measured al cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on investments, in the Statement of financial activities. Investments held as fixed assets are shown at cost less provision for impairment. 2.6 Cash at bank and in hand Cash al bank and in hand includes cash and short-term highly liquid investments with a short maturity of three monlhs or less from the date of acquisilion or opening of the deposit or similar account. 2.7 Liabilities and provisions Liabilities are recognised when there is an obligation al the Balan sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in selllemenl, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anlicipales it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured al the best estimate of the amounts required to sellle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tsx discount rale that reflects the risks specific lo the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finan cost. 2.8 Fund accounting General funds are unrestricted funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fund. Income from donations and legacies Unrestricted funds 2023 Total funds 2023 Donations 2,551,660 2,551.660 Page 17
THE GSR FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Investment income Unrestricted funds 2023 Total funds 2023 Interest and Dividends 6,187 6.187 Analysis of grants Grants to Institutions 2023 Total funds 2023 Supporting inclusivity in tech 1,150,751 1,150.751 Page 18
THE GSR FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Grantoes The Charity has made the following material grants lo institutions during the year= 2023 British Red Cross Society The Visiola Foundation 19.889 49,621 49.036 49,036 250,200 12.432 31.470 31.159 30.824 31.193 31,036 31,036 30,468 30.397 31.396 31.241 34.000 31,537 30,523 30,523 30,523 30,523 37.670 30.000 50.000 31.537 30,468 30,468 12,545 Technovation Thaki MIT Solve Roald Dahl's Marvellous Children's Charity MENTEE The Techfugees Foundation Worfdreader Ignite Hubs Batonga Foundation Yiya Solutions Inc Breaking Barriers The Brotherhood Sisters Sol Inc Next Skills 360 Child's Dream Association SIMA Studios Code the Dream Working Options In Education University of Oxford African Gifted Foundation The Charity Excellence Framework Shellerbox Trust Thinkerbell Labs Private Limited She Loves Technology Limited Frauenloop Gug Civic Power Fund MyBnk National Emergencies Trust Total 1.150,751 Page 19
THE GSR FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2023 Total 2023 Supporting inclusivity in tech 1,453,720 1,453.720 Analysis of expenditure by activities Activities undertakan directly 2023 Grant funding of activities 2023 Support costs Total funds 2023 2023 Supporting inclusivity in tech 88,578 1,150,751 214,391 1,453.720 Analysis of direct costs Supporting inclusivity in tech 2023 Total funds 2023 Management Charges 88,578 88,578 Page 20
THE GSR FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expenditure by activities lcontinuedl Analysis of support costs Supporting inclusivity in tech 2023 Total funds 2023 Management Charges Forex Loss Bank Fees IT Subscriptions Legal Fees Marketing & PR Travel & Entertainment 140,238 4.928 5.700 6,409 23,102 18.610 43 140.238 4.928 5,700 6,409 23,102 18,610 43 Office Materials & Supplies Governance costs 446 14,915 446 14.915 214.391 214,391 Governance costs for the year consist entirely of fees payable to the Charity's Auditors. Auditors. remuneration 2023 2022 Fees payable to the Charitys auditor for the preparation and audit of the Charitys annual accounts 14,915 10. Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits. During the year ended 31 December 2023, no Trustee expenses have been incurred$. Page 21
THE GSR FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Fixed asset investments Cash on Listed Investment investments Portfolio Total Cost or valuatlon Additions Disposals 1,004,564 1.005,966 2.010,530 {1,004,8531 {1,004,853} Al 31 December 2023 1,004,564 1,113 1.005,677 Net book value Al 31 December 2023 1,004,564 1,113 1.005,677 12. Credltors: Amounts falllng due wlthln one year 2023 2022 Other creditors 503 Accruals and deferred income 15,276 15,779 Page 22
THE GSR FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Statement of funds statement of funds - current year Balance at 31 December 2023 Income Expenditure Unrestricted funds General Funds - all funds 2.557,847 (1,453.7201 1,104.127 14. Sumrnary of funds Summary of funds- current year Balance at 31 December 2023 Income Expenditure General funds 2.557,847 (1,453.7201 1,104.127 15. Analysis of net assets between funds Analysis of ngt assgts betwogn funds - current year Unrestricted funds 2023 Total funds 2023 Fixed asset investments 1,005,677 114,229 {15,779} 1,005.677 114.229 (15.779) Current assets Creditors due within one year Total 1,104,127 1,104.127 Page 23
THE GSR FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16. Rfrcon¢ilialion of net movomgnt in funds to net cash flow from opgrating activities 2023 2022 Net income for the year {as per Statement of Financial Activities) 1,104,127 Adjustments for: Dividends, interests and rents from investments Increase in creditors 16,1871 15,779 Net cash provided by operating activities 1,113,719 17. Analysis of cash and cash equivalents 2023 2022 Cash in hand 114,229 Totsl cash and cash equivalents 114,229 18. Analysis of changes in net debt At31 December 2023 Cash flows Cash al bank and in hand 114.229 114.229 114,229 114.229 Page 24
THE GSR FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 19. Related party transactions GSR Resources Limited is a related party due lo the existen of a shared Trustee. It provided GSR Foundation with a Executive Director and invoiced the Foundation $177,154 in the form of a management recharge.11 also invold an additional $51,600 as part of a shared service agreement. Thaki is a related party as one of the Foundation's Trustees (Nadia Gill is on ils board of directors. The GSR Foundation donated y9,036 to Thaki in the year. National Emergencies Trust is a related party due lo the existence of a shared Trustee. It received $12,548 worth of donations from the GSR Foundation in the year. GSR inlemational Limited is a related party due lo the existen of a shared Trustee. It donated $2,551,660 to the Foundation within the year. Page 25