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 reSoUr￿S 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
De￿mber 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 Practi￿1.
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,
ex￿p1 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 con￿rn
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
prO￿dureS 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 invol￿d 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