Docusign EnvelopÈ ID". 6748F7DD-538A-88A2-835C-E866C9743186 THE GSR FOUNDATION Charity Number: 1199228 TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025
Docusign EnvelopÈ ID". 6748F7DD-538A-88A2-835C-E866C9743186 The GSR Foundation Contents Page Foreword.. 2025.. A Year of Focus, Depth and Granlmaking Impact.. Reference and a(Jminislralive details 34 Trustees, Report 5-12 Independent Auditors, Report on the fi'nancial slalemenls 13-15 Slalemenl of Financial Activities 16 Balance Sheet 17 Slalemenl of cash flows Notes lo the financial statements 19-26
Docusign EnvelopÈ ID". 6748F7DD-538A-88A2-835C-E866C9743186 THE GSR FOUNDATION TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Foreword: 2025: A Year of Focus, Depth, and Grantmaking Impact As Chair ol the GSR FoLJndation. l am pleased to present our2025 Trustees, Annual Report. Thisyear marks an important moment offocus and maturation forthe Foundation, as we sharpen our grantmakingstrategy and deepen our Impact across a more defined set of priority areas. Buildingon the strong foundations established in previousyears. 2025 has been characterised less by expansion for its own sake and more by intentionality, clarity and depth. Ourcommitment to beinga best-in-class, compliant, Scalable and well-governed foundation remains central to ourwork. We continue to operate with 3 clear and independent identitytrom ourfunder, GSR, underpinned by robustgovernance and prudentfinancial management. A Clearer Grantmaking Focus In 2025, we refined ourgrantmakingto concentrate on three coreverticals where we believe the Foundation can add the greatestvalue.. Bloc kchai n for Good supporti ng responsi ble, real-world applications of blockchain and crypto technologies that address systemic social and environmental challenges. Education & Infrastructure- investing in the people. systems and organisalional capacitythat enable long-term impact, particularly in underfunded and foundational areas. Internet Connectivity- advancing inclusive access to digital I nlrastructu re as a prerequisite for participation In the digital economyand society. This clearer strategic focus has allowed LJS to be more deliberate in our partner selection. more consistent in our support, and more rigorous in howwe assess progress and learning across ou r portfolio.
Docusign EnvelopÈ ID". 6748F7DD-538A-88A2-835C-E866C9743186 Grantmaking That Prioritises Trust and Scale Our Empower prograrnme continues to be a cornerstone ofour approach, providingiarger, tlexible grants to high-qualityorganisations and intermediaries capable of driving impact at scale. Partnerships with org8nisations such as UNICEFand Mercy Corps remain centralto this strategy. Across all ourgrants, we have continLJed to prioritise flexibility, multi-yearcommilments and the fundingof core organisationalcosts. recognisingthat strongorganisations are essential to sustained impact. Strengthening Practice and Accountability Throughout 2025. our grantmakingapproach has continued to iesonatewithin the philanthropic sector. Ouremphasis on trust-based relationships, streamlined processes and transparency has reinforced our belief that effective philanth ropy is as much a bout howwe fund aswhat we fund. Atthe same time, we have invested in strengtheningourevaluation and impact reporting. Looking Ahead Ourvision remains unchanged.. a world in which no one is excluded from the benefits of technology. The GSR Foundation'sjourneyis one ofcontinuous le8rning and improvement. 2025 has been a yearoffocus and consolidation, and we arewell positioned to build on this momentum in the years lo come. With heEJrtfelt than ks to our Partners, Executive Director, GSR and fellow Trustees for their continued commitment ancl belief in ourwork. DottuSlgn•d by.. D122041103¢6456 Nadia Gil ChairofTrustees
Docusign EnvelopÈ ID". 6748F7DD-538A-88A2-835C-E866C9743186 1. Reference and Administrative Details Charity name The GSR Foundation Registration number 1199228 Principal off ice address 65 Curzon Street London W1J 8PE Names of trustees and senior staff within the year Nadia Gillchairof Trustees) Jhumarjohnson Qasim Iqbal Michael Oliverwhitehead Raxanne Ballew Ciaran Neilan (appointed 03111120251 Dayna Bordin (appointed 03111120251 Eva Sa nchez (resigned 01105120251 No addition81 trustee a ppointments or resignations were Identified dLJring FY25. Independent Auditors Moore Kingston Smith LLP 6 Floor 9 Appold Street London EC2A 2AP
Docusign EnvelopÈ ID". 6748F7DD-538A-88A2-835C-E866C9743186 Bankers Coutts 440 Strand London WC2R OQS Investment manager Nelwealth Investments Ltd Two Fitzroy Place 8 Mortimerstreet London W1T3JI
Docusign EnvelopÈ ID". 6748F7DD-538A-88A2-835C-E866C9743186 The Trustees present their annual reporttogetherwith the audited financial statements ot the Charityfortheyear 1 January 2025to 31 December2025. Objectives and activities a. Policies and objectives The objectives ofthe charity as per ils governingdocument are.. To advance such charitable purposes laccordingto the law of England and Wales) as the trustees see fittrom timeto timeforthe public benefit and bythe makingof grants and awards tawards, in particular but not limited to.. Advancing education and promotingdiversity., and Promotingequality ofopportunity in the areas of.. o business and entrepreneurship science, technology, engineering, and mathematics In settingobjectives and planningfor activities, the Trustees have given due consideration to general guidance published bythe Charity Commission ielatingto public benefit, Includingthe guidance'Public benefit.. running8 charity IPB21'. b. Strategies for achieving objectives The GSR Foundation has fourdistinct service areas to categorise our output. The products are structured to generate actionable learningwhich contributes to the Foundation's ongoingdevelopment. Enable Oursmallergrant programme through which we typicallygive unrestricted supportto a wide range oforganisations. We use one-off smallergrants as test-gifts to identify causes where our support can make 8 material difference, and then offerlonger-term support. Empuvrfei Our larger grant programme where we give more focused support. Experr Ourthought-leadership brand, underwhich we publish salient information lor public benetit, which we co-createwith our partners. Sinergency We retain a portion of ourgrantmaking budget to respond to global emergencies as and when they arise.
Docusign EnvelopÈ ID". 6748F7DD-538A-88A2-835C-E866C9743186 c. Activities undertal<en to achieve objectives The main activityofthe GSR Foundation is grant-making. Ourgranl-making policy is as follows.. d. Grant-making policies We mainlyachieve our primarypurpose through grant-making. Our policydictates that we can onlytund projects and activities thatare exclusively charitable and fallwithin the objects of the partner. Ourobjects are broad. and will be furlherdefined as the GSR Foundaiion develops. This development is fuelled bywhatwe learn from analysing our existing partnerships. Aswe fund internationally, we will make grants to a variety oftypes ofentity, but require ourgrant to be utilised exclusivelyfor public benefit. We considerfundingon a case-by- case basis, conducting bespoke due diligence as required. For charities.. organisations must have 8 written constitution, with exclusively charitable aims, and be run by a minimum of at least 2 trustees. In makinggrants, trustees will complywith Charitycommission guidance. to ensure that it is in the charity's best interests, check that any money Is used as expecled. and record decisions in the GSR Foundation board minutes. Forgovernmental agencies.. supportwillonly be consideredwhere there is either no, or inadequate, statutory provision. For socialvalue organisations with anothertype of structure.. the GSR Foundation board complies with 811 appropriate regulatorguidance,. ensuring there is no more than Incidental personal benefit and the trustees can demonstrate thatthe decision is in the charity's best interests. We are proactive In invitingentities to applyfDrfundingand do not accept unsolicited applications. We do encourage relevant entities to get in touch if theythinktheirwork matches our criteria. Applications are coordi nated 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 it makes decisions. e. Main activities undertaken to further the Charity's purposes for the public benefit The Charity undertakes to give grants to worthy organisations in furtherance of its objectives and deems this to be furthering its purposes forthe public benefit.
Docusign EnvelopÈ ID". 6748F7DD-538A-88A2-835C-E866C9743186 2. Achievements and performance a. Main achievements ofthe Charity In 2025the Foundation continued to build a varied portfolio of partnerswith whom we can workto develop and refine a long-term grantmakingapproach. In 2025, the Charity's primary objective was to continue grantmaking activityat a signilic8nt levelwhile deepening support to high-lmpact organisations globally. This objective was achieved, with total grantmakingaclivityfortheyear amounting lo approximately USD 1.82 million across 38 partner organisations. This figure has been reconciled to Note 5 ofthe audited financial statements. The Charitysupporled organisations operatingacross more than 20 countries, with grants focused on improvingfinancial capability, digitaland educationalaccess, livelihoods, entrepreneLJrship, refugee supportand hum8nitarian response. The Charity made grants to 38 partner organis8tions duringtheyear, excluding sundry expenditure classifications. b. Key performance indicators The Charity achieved all key performance indicators established for Itsthird fullyearof operation and made significant progress against Its strategic objectives. In particular, the Trustees are pleased to report thatthe Charity.. continued grantmaking activity8t a significant level duringtheyesr.. expanded the number and geographic diversity oforganisations supported. further developed Its approach to partnerfeedback and learning- strengthened its monito ring and impact reporting processes., and transitioned select high-pertorming Enable partneis lo multi-yearsupport arrangements to provide greater fundingstability and maximise long-term Impact. c. Review of activities Our primaryactivityduringtheyearwas continuingto support mission-aligned organisations through grantmakingwhile refiningour long-term phi18nthropic approach. In 2025, the Foundation focused it8 work across throe core strategic vertlC31s.. Rlackchain lorGood, Education & Infrastructure. and Iniernetconnectivity. Through these focus areas, the FoundE]lion su pported a diverse portfolio of pa rtners operating across more than 20 countries. Grantmakingactivityfocused on Improving financial capability, digitaland educational access, livelihoods, entrepreneurship, refugee support and humanitarian response.
Docusign EnvelopÈ ID". 6748F7DD-538A-88A2-835C-E866C9743186 The Foundation continued to prioritiseflexible, trust-based philanthropy. including unrestricted funding and multi-year support arrangements where appropriate. d. Factors relevant to achieve objectives The chief factor remains the ongoing relationship with GSR and the continued provision of operational supportthrough shared resources. e. Fundraising activities and income generation The GSR Foundation undertook no fundraising in 2025, as all operational income came from GSR in the form of a donation. Total donation income for FY25 was USD 4.051,660 and was received from GSR International Limited. f. Investment policy and performance The GSR Foundation holds its reserve in an inveslmentfund which was chosen with liquidityand c8Pltal preservation as primaryobjectives. Atthe year end, the Foundation held total investments of USD 1,146,149, including listed investments and cryptocurrency holdings. Inveslwent income for theyeartotalled USD 47,428 and net gains on investments totalled USD41,951. 3. Financial review a. Going concern The Trustees have made appropriate enquiries and have a reasonable expectation thatthe charity has adequate resources lo continue in operational existence forthe foreseeable future. Accordingly, theycontinue to adoptthe goingconcern basis in preparingthe annual report a nd financial statements. There are no materi81 uncertainties aboutthe charity's abilityto continue as a going concern. The charity's planned activities, together with its financi81 position, management of risk, and approach to Investments, cashflowand reserves are described in the Trustees, Report. The CSR Foundation benefits from ongaingfinancial support from GSR. The GSR Fou ndation benefits from a multi-yea r fund ing commitment from GSR International Limited. At least one of the charity'sTruslees is a senior employee of GSR 8nd WOLJld report any materialfactors that mightaffect GSR'S abilityor intention to fulfil ils pledge. No such factor5 have been identified.
Docusign EnvelopÈ ID". 6748F7DD-538A-88A2-835C-E866C9743186 b. Reserves policy The Trustees deemed it prudent to put aside USD 1 million in 2023 as a reserve. This decision was taken as the CIO has a single source of fundingand is unlikelyto materially diversifythis in the nearterm. As such. itwas deemed importantto maintain a reserve as the Foundation plans to offer mulli-yeargrants in future periods and maintain sufficient Iiquidityto fulfilthese commitments in the unlikely event ola loss of income. At the yea r end, free reserves were USD 2.087,418. c. Principal rislcs and uncertainties The principal risk in a Clowith a concentrated funding base is a loss or interruption of funding income. The GSR Foundstion, despite its operational Independence, maintains a closeworking relationshipwith GSR. Oiher risks are primarily reputational. To mitigate this risk, we conduct extensive due diligence on our partnersto ensure they are conductingtheir 8Ctivities in accordance with appropriate regulations and standards. d. Financial risk management objectives and policies The CIO maintai ns a live risk register that is reviewed regularly by the Board and Executive Director. The trustees maintain reservesto ensure the Foundation can fulfil outstanding commitments in the unlikelyevent of a disruption to funding. e. Principalfunding The CIO has a single source offundingwhich Is a donation from GSR. Total incoming resources for FY25 were USD 4,099,088, comprising USD 4,051,660 in donations from GSR Inlern8tional Limited and USD 47,428 in investment income. 4. Structure, governance and management a. Coiistitution The charity is a CIO, established under8 Constitution dated 9June 2022 and subsequently amended on 21 Apri12023. The charitywas registered with the Charity Commission on 9 June 2022with charity number 1199228.
Docusign EnvelopÈ ID". 6748F7DD-538A-88A2-835C-E866C9743186 b. Methods of appointment or election ofTrustees The foundingTrustees ofthe Clowere initially selected from employees of GSR, the companythat established the CIO. To ensure the CIO remains independent ofGSFI, extern81 recruitment processes have been undertaken where appropriate and independent trustees appointed on the basis of lived, practical, and piofessional experience. Ongoing, trustees may be selected from within and OLJtside GSR. The Foundation seeks to ensu re that the profile of the board reflects its grani-making activities and incorporates diversilyof thought, opinion, and experience. Trustees serve a three-yearterm and mayserve a second term if reappointed. Trustees are Inducted by the Executive Director of the Foundation and are expected to lamiliarise themselves with Cha rity Commission guidance includi ng cc3. Organisational structure and decision-mal<ing policies The GSR Foundation Is a CIO with a voluntary board of trustees, led by Nadia Gilas Chair of Trustees, Day-to-day management of the Fou ndation is delegated to the Executive Director. d. Pay policy for l<ey management personnel The GSR Foundation does not direcllyemploystaff. This remained accurate during FY25. e. Related party relationships The CIO has related party relationships with GSR entitiesthrough funding and shared services arrangements. GSR Resources Limited is a related partydue to a director ofGSR Resources Ltd being a trustee of the Foundatio n. It provided the Foundation with Executive Director support and shared services duringthe year. Thaki is a related party as one of the FourTrdation's Trustees, Nadia Gil, serves on its board of directors. GSR InternationalLimited is a related partydue to a director beinga Trustee and remained the Foundation's sole donorduring FY25. During the yea r, cryptocurrency valued at USD 105.500 was PLJrchased from GSR Markets Ltd, a subsidiary of GSR International Limited.
Docusign EnvelopÈ ID". 6748F7DD-538A-88A2-835C-E866C9743186 f. Financial risk management The CIO m8int8ins a live risk registerthat is reviewed regularly bythe Board and Executive Di rector. The chief financial risk remains the potential loss of funding income. To mitigate this risk, the CIO maintains liquid reserves. 5. Plans for future periods The GSR Foundation continues lo place learningat the centre of its philanthropic approach. The Foundation intends to continue developing longer-term and multi-yea r pa rtnerships where it can provide more than purelyfinancial support. The GSR Foundation intends to continue refining its grantmaking across its three strategic vertlC8ls while deepening its underst8nding otwhat drives meaningful and scalable impact. In future periods, the Foundation expects to.. strengthen impact measurement and reporting., continue developing lomger-term and multi-year partnerships., expand thought leadership and ecosystem engagement. increase operational maturityand governance capacity., and explore opportunities to provide meaningful pro bono advisorysupport alongside fina ncial grantmaking. 6. Statement of Trustees, responsibilities TheTrustees are responsible for preparing theTrustees' report and the financial statements in accordance with applicable law and United Kingdom Accountingstandards IU nited Kingdom Ge nerally Accepted Accou nting Practicel. The law applicable to charities in England &Wales requires the Trustees to prepare financial statements foreach financialyearwhich give a true and fairviewof the state of affairs of the Charity and of Its incoming resources and application of resources, Including its Income and expenditure, forth8t period.
Docusign EnvelopÈ ID". 6748F7DD-538A-88A2-835C-E866C9743186 In preparingthese financial statements, the Trustees are required to.. select suitable accounting policies and then applythem consistently., observe the methods and principles ofthe Charities SORP IFRS 1021., makejudgments and aGcountingestimates that are reasonable and prudent., statewhether applicable UKAccountingsiandards IFRS 1021 have been followed, subject to any materialdepartures disclosed and explained in thefinancial statements., prepare the financial statements on the goingconcern basis unless it is Inappropriateto presume thatthe Charitywill continue in business. The Trustees are responsible for keeping adeqLJate accountingrecords that are sufficient to show and explain the Charity'stransactions and disclose with reasonable accuracy at anytime thefinancial position of the Charity and enable them to ensure that the financial statements complywith the CharitiesAct 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions ol the Trust deed. Theyare also iesponsible forsafeguardingthe assets ol the Charityand hence for taking reasonable steps forthe prevention and detection of fraud and other irregularities. 7. DiscLosure of information to auditors Each of the persons who are Trustees at the timewhen thisTrustees' report is approved has confirmed that.. so faras thalTrustee is aware, there Is no relevant audit information of which the charity's auditors are Ljnaware., and that Trustee has ta ken all the steps that ought to have been taken as a Trustee in orderto be aware of any relevant8LJdit information and to establish thatthe charity's auditors are aware of that information. 8. Auditors The aLJditors, Moore Kingston Smith LLP, have indicated theirwillingness to continue in otlice. The designate(JTrusteeswill propose a motion reappointingthe auditors at a meelingoftheTrLJStees.
Docusign EnvelopÈ ID". 6748F7DD-538A-88A2-835C-E866C9743186 Independent Auditors, Report to the Members of The GSR Foundation Opinion We have audited the financial statements ol The GSR Foundation (the Charity) for the year ended 31 December 2025 which comprise the Statemelll of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the 11nancial slaletnents. Including signi11cant accounting policies The linanGial reporting framework that has been applied In their preparation is applicable law and United Kingdom Accounting Siandards, Including FRS 102 'The Financial Reporting Standard Applicable In the UK and Republic of Ireland, Iuniled Kingdom Generally AG¢epled Accounting Practitel. In our opinion the financial slalements. give a true and lair view of the slate ol the charity's affairs as at 31 December 2025, and of its Incoming resources and application ol resources, lor the year then ended, have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, and have been prepared In accordance with the requirements of the Charities Act 2011. Basi5 for opinion We conducted our audit In accordance with International Standards on ALJditing IUKI IISAS IUKII and applicable law Our responsibilitie5 LJndÈr those standards are further described In the Auditor s Responsibilities lor the audit ol the financial statements section ol our report We are Independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial slalements in the UK including the FRC s Ethical Standard, and we have fulfilled c>ur other ethical responsibilities In aGcord2nce with thèse reqLJiremenls believe that the audit evidence we have obtained is sufficient and appropriate lo prov1de a basis lor OLJr opinion Conclusions relatinq to going concern In auditing the financial slalemenls, we have concluded that the Iruslees, use ol the going concern basis of accoijnting In the piepaialion ol the financial statemer)Is Is appropriate Based on the work we have performed. we have not identified any material uncertainlie5 relating to events or onditions that, Individually or collectively. may ¢asl significant doubt on the charity s ability to continue as a going concern for a period of at least twelve months from when the financial slalements are aulhorised lor Issue Our responsibilities and the respDnsibililies of the trustee5 with respect to going Goncern are described In the relevanl sections ol this report Other information The other Information comprises the inforrnalion included In the annLJal report. other than the financial statements and our auditor's report thereon The trustees are responsible for the other information contained within th annual report Our opinion on the financial statements does not cover the tslher information and. except lo the exlenl olheruvise explicitly stated In our rèport, we do not express any form of assurance Gon¢lusion Ihereon Our responsibility is lo read the other Infoimalion and In doing so consider whether the other 1nformation Is materially inconsistent with the Iinancial statements or our knowledge obtained In the course ol the audit Of othewjise appears to be materially misstated. 11 we identify such material inconsistencies or apparent material misslatement5, we are required to determine whether there Is a material misstatèment In the financial statements themselves If. based on the work we have performed we conclude Ihal there Is a material misslatemenl ol this other information we are required lo report that fact. We have nothing lo report in this regard.
Docusign EnvelopÈ ID". 6748F7DD-538A-88A2-835C-E866C9743186 Independent Auditors, Report to the Members of The GSR Foundation MattÈr5 on which we are required to report have nolhing lo report In respect ol following tnaller5 where the Charities Acl 2011 requires us lo report lo you Il. In our opinion. the InformalioTr given In the Tntstses. Annual Reporf is Inconsislenl In any material respect with the financial slalemenls. or the ch3rily has noi kept adequale accounting records or the fwancial $t¥lemenls are not in agreem8nl with the 8CtOUnling iÈcords and returns. or we have not received all the Inlomiaiioll and Èxplanalions we reqvirÈd foi our audit Re5pon5ibilltl88 of trustees As explained more fully In Ihe Iruslees. responsibiliiies slalem8ni sel Qui on pag0 11 ltte Iruslees are re5ponsiblÈ for the preparation ol the financ1 slalemenls and for being satisfied thai they give a Irue and lair view. and for such Internal control as the IrLJslee$ determine is ne¢e$$ory lo enÈble the prepar31ion of fil1[ila1 sialemenis Ihal aTe free from material misslaiemenl, wheiher due lo fraud or error. In preparing the financial slatetnents. Ihe Iru51ees are responsible for 3ssessifig the charity's abiiily lo continue as a going concern. di5clo$ing, a5 applicable, m811ers relaled to going con¢6rn and Using the going concern basis of actounling unle55 the Iruslees either intend 10 liquhaala the chariiy or 10 cease operation$, or have no rea1151ic altèrnative bul lo do so. Auditor's Responsibilities for the audil of the financial statements Our objeeiives are lo ob131fj reasonable assurance about whether the financial slalemenls as a whole are free frorn materi81 tni551atemenl. wneiher aue 10 Ira1 or error, and lo issue an audilo¢s report Ihai Includes our opioion Reasonable asgjrance Is a high level of 8ssurance. bul 15 nol a gvaranl60 Ihai an audit ¢onducted In accordan with ISAS ILJKI will alway5 d&lect a maieTi31 missi818menl when il exists. Mi$$iaiemfrnis ¢gn arise Irorn frau(t ¢r error and a conSK1eied material If. Indiwdually or in aggregate, they could reasonably be expecled 10 Influen the economic decisions of users taken on the ba515 of these financial 51aiemènls. As part of an audil In accoidance Wllh ISAS IUKI we exerc15e professional judgement and rnainiain professional 5pIl¢l$M throughout thè audit We also. Idenlify antl a558ss the iisks of material Misstament of Ihp finandal stalemenl$. whetherdue to fraud or error. de$on 8nd p8rfomi audit procedtsre5 reSponse lo those risk5. and obtain audll evldence Ihai 15 sufficient and appropri8le 10 provide a ba$1$ for our opinion. Tho risk of nol doiecting O Ma1191 mi¥¥l8l¢ment wsulling fioiii Iiaud is hlgner In8n for one resulting from error. as fraud may Involve collu¥ion. I0ry. intenlignal ¢rTrva8on$. mi4ieplentation$. orlhe ovemde of ternal ¢onlrol. Obtain an understanding of iniefnal conliol ielev3nt lo thé au<lil In Drder10 design audli procedufe$ Ihal arè appropriate In the circumstances. bul not lor the purposes of expressing an opinion on the evecliveness of the charlvs internal conirol Evaluate Ihe aPPTopf131ene5s ol accounling policies used and the reastsnableness of accounling eslimales and ielaled d15closure5 made by the Iruslee5. Concludè on rhe appropri8ieTress ol the Iruslees usè of the going concem basis cf a¢¢ounling and. based on the audit evKlen¢e obtained. wheihei a matofial uncertainly exists related 10 events or cond[JOn$ that may casi 51gnifi¢anl doubl on the charity's abilityts continue as 3 goin9 concern. If conclude Ih313 material unnalI7ty exL%is, we are Nuiied lo diaw allenlion In our auditor's report lo the relaied disclosure5 Ifi the Iinancial sialem&nls or If such disclosures af& Inadequate. lo fflodify our opinion. Oijr ¢onclusions are based on Ihe audil evidence obiained up to the dale ol Our 3u<Jilor's 18port. HowV&vei fulure evenl¥ or GOntsitlQn5 may c4use Ine Gttaflly 10 3se lo continue as a going concern. slalemenls represeni the underlying Iransaciions and events In 3 mannei thai achieves 131r presenialion. We communicate with those charged with governance regarding among other mallers. the planned scope and limin9 of the audit and
Docusign EnvelopÈ ID". 6748F7DD-538A-88A2-835C-E866C9743186 Independent Auditors. Report to the Members of The GSR Foundation Explanation as to what extènt the audit was considered capable of detecting irregulaiities, including fraud Irregularitie5. Including fraLJd, are Instances of non-compliance with laws and regulations. We cfesign procedures In line with Dur responsibilities, outlined above, lo delecl material misslalements In respect of Irregularities, Including fraud. The extent lo which our procedures are capable of detecting irregu1311ties, Including fraud Is detailed below The objectives of our audit In respect ol fraud, are. lo Identify and assess the risks of material misslalement ol the financial slatements due lo fraud, lo obtain Sufficient appropriate audit evidence regarding the assessed risk5 of material misslalefflenl due lo fraud, through designing and ITnplementing appropriate responses to those assessed risks, and to respond appropriately lo Insiances ol fraud or suspected fr8ud Identified during the audit. However. the primary re5ponsibilily for the prevention 2nd detection of fraud fests with both management and those charged with governance of the charity Our approach was as follows.. We obtained an undersl8nding of the legal and regulatory requirements applicable lo the charity 8nd considered that the w051 significant are the Charities Act 2011, the Charity SORP, and UK financi81 reporting standards as issued by the Financial Reportillg Council. We obtained an understanding of how the charity cornplie5 with these requirements by discussions with management and Ihose charged with governance. We assessed the Iisk ol material misstatement of the financial stalemenls, Including the risk of material misslzlement due lo fraud and how It might occur, by holding discussions wilh management and those charged with governance We Inquired ol management and those charged with governance as to any known Instances of non- compliance or suspected non-compliance with laws and regulations Based on this undeistanding. we designed specific appropriate aLJdit procedures lo identify Instances of non- compliance with laws and regulations This Included making enquiries ol management those charged wilh goveinance and obtaining aclditional CDrrobor81ive evidence as reqLJired There are Inherent Iimilalions in the audit procedures described above. We are less likely to become awaie of Instances ol non-compliance wilh18ws and regulations that are not closely related to events and transactions reflected In the financial slalements. Also, the risk of not detecting a fflalerial misslalernent due lo fraud Is higher than the risk of not detecting one resulting Iiorn error, as fraud may Involve deSibeiale concealmerTrl by, foi exarnple. foraery or intentional misrepresentations. or Ihrouoh collusion Use of our report This report Is made solely lo the charity s trustees, as a body, In accordance with Chaplef 3 of Part 8 01 the Charities Act 2011 Our audit work has been undertaken so th81 we might State to the ch3rily'g trustees those matters we are required to state to Ihem In an auditor s report and for no other purpose. To the fullest exlenl permilled by law, we do not accept or assume responsibility lo any party other than the charity and charily'5 tILlStees as 8 body, foi Dur audit work, for this report. or for the opinion we have fortned. S*fi•d by.. OfL gbMdL 92DE1D422B5C43D Jonathan Aikens, (Senior Statutory Auditor) foi and on behalf of Moorè Kingston Smith LLP, Slalutoiy Auditor 6th Floor 9 Appold Street London EC2A 2AP Date.. 71812026
Docusign EnvelopÈ ID". 6748F7DD-538A-88A2-835C-E866C9743186 The GSR Foundation Statement of Financial Activities For the Year Ended 31 December 2025 Total Funds 2025 Total Funds 2024 Note Income from.. Donation and legacies Investments 4,051,660 47,428 2, 569,266 55.291 Total income 4.099,088 2.624,557 Expenditura on-. Chaiilable activities 2.146,639 3.634,024 Total expenditure 2 146 639 3,634.024 Net gains I Ilossesl on investments 41,951 11,6431 Net movement in funds 1,994.401 11,011,110) Rgconciliation of fund5'. Total funds al 1 January 2025 Nel movement in luncls Total funds carried forward 93.017 1.994.401 2,087,418 1,104,127 11,011,110) 93.017 The Statement ol Financial Activities includes all gains and losses recognised In the year. All funds In both the 2024 and 2025 financial period were unreslricled. The notes on pages 19 10 26 form part of these financial slalemenls. 16
Docusign EnvelopÈ ID". 6748F7DD-538A-88A2-835C-E866C9743186 The GSR Foundation Balance Sheet As At 31 December 2025 Note 2025 2025 2024 2024 Fixed Assets Investments 1.146.149 1.056,086 Currenl Assets Cash al bank and in hand 1,175.238 244.347 Total Current Assets 1,175 238 244,347 CreditOTS= Amounts falling duè within one year 1233,9681 11,207,416) Net current assets Illabllltlesl 941,270 1963,0691 Total net assets 2,087.418 93,017 Charity funds Unreslricled 13 2,087,418 93.017 Total funds 2 087,418 93 017 These financial slalements were approved and authorised lor issue by the Trustees and signed on Iheir behalf by Do¢uS*Md by.. D122C411036M56 Nadta Gil (Chair of Trusleesl Date. 05 August 2026 | 10..06 BST Charity number.. 1199228
Docusign EnvelopÈ ID". 6748F7DD-538A-88A2-835C-E866C9743186 The GSR Foundation Statement of Cash Flows For the Year Ended 31 December 2025 Note 2025 2024 Cash flows from operating activities Nel cash usecl In operating activities 931.573 125,235 Cash flows from investment activities Dividends. interests and rents from investments Proceeds from sale Df Investments Gains or losses on investments Pijrchase of Inveslmer)Is 47.428 216.717 55,291 1,643 152.0521 1264,8281 Net cash lused inllprovided by investing activities 16831 4,882 Change in cash and Cash equivalents in the year 930,891 130,117 Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 244.347 114,229 244,347 1.175,238 The notes on pages 19 10 26 form part ol these financial slalemenls 18
Docusign EnvelopÈ ID". 6748F7DD-538A-88A2-835C-E866C9743186 The GSR Foundation Notes to the Financial Statements For the Year Ended 31 December 2025 1. General information The GSR Foundation Is a Clo th81 was tonsiilu18d on the 9th June 2022 with Charity Number 1199228 The GSR Foundation Is Iimiied by guarantee. Incorpoialed In England and W31es The financial stalefflell15 are pre5enle(J lo the nearest S which Is the tharily s lunclion31 currency 2. Accounting policie5 2.1 Basi5 of preparation of finan¢lal statements Thè financial slalernenls nave be&n prep8re(I In a¢cordance with the Charilie5 SORP IFRS 1021- Acmunlin9 and Reporling by Charities Slalemefjl ol Recommended Praclise applicable to chariiie5 preparing their accounts In accordance Wllh the Financial Reporting Standard applicable In th& UK Republic ol Ireland IFRS 1021 ieffeciive 1 January 20191, the Financial Reporting Sland3rd applicable In the UK and Republic of Ireland IFRS 10213nd the The GSR Foundation tneels the definition of 2 public ben8fil enlily uDd&r FRS 102 Assèts and Iiabililie5 are Initially r8cognised 31 historic81 cost or Iran5aciion value unless olhetwise slaled In the relevant accounting policy. There are no material uncertainties about tho charity s 3bility lo ¢oniinu& as a going concern The charitys planned 8clIV11ies IDgelher véilh Ils Iinancial position. management ol risk and approaches lo Inweslmenls cashflow 8nd reseNes are desciibed In the Irusiees. r8port. The Trustees have a reasonablè èxpeclalion that the charily has adequaie reSoUrS lo Continue In operaiional existence lor Ine foreseeable future AGGTrrtfiThgly they con11nue lo adopi the going concern basis In preparing the annual report and accounts 2.2 Incorne All Income Is recognised once the Charity has enlillement to the Income. Il Is probable th81 the Incotne wll be received and the amount ol Incomè reeeivable c3n be measured reliably 2.3 Expenditure Expendiiure Is recognised oncè there Is a legal or tonslruclive obligatlDn lo Iransfer economic b&nefil lo a third party il Is probable that a Iransler of economic benefits will be required In selllemenl and the amount ol the oblig2iion ca be TYe3sured reliably. Expenditure is classified by aclivily. The costs ol aciivily are made up of the total of direct costs and shared costs Including 5UPPOrt costs Involved In undert8king the aciivrly obie¢tivÈs a5 well as any as50ciaied supporl costs Grafjls payable are charg&d in the year when the ofier 15 made Èxtepl In those cases where the offer Is conditional. such grants bein9 recognised as expenditure when Ihe tonditions attaching are lullilled Gran15 offered subject lo ondititsns which have not been fflel 31 Ihe year end are not accruecl as expenditure. All exp&ndilure IS Inclusive of Irrecoverable VAT 2.4 Interest ceIvable Inlerest OD funds held on deposil Is Included when receivable and Ihe amouni can be measured reliably by the Charity. this Is norm811y upon nolificatsoTr of the Inlefesi paid or payable by the In51ilulion wilh whom the funds ar8 deposited 2.5 Investments subsequeniiy measured 21131r value 31 lh2 Balance Sheel dale. unless Ihe value cannot bè measured reliably In which c3se Il Is m&38ured al cosi less irnpairmenl Inv251menl gains and losses. whether realised or unrealised are combined and presenied as'GainsllLosses J on Inveslfflenls, In Ihe Sl3lemeni of financ131 activities 2.6 Cash at bank and in hand Cash al bank and In hand Includes cash and 5hort-ierm highly liquid Investments with a short malurily of three onih5 Of less from the d8le of acquisition or opening of the dEposII ol similar account
Docusign EnvelopÈ ID". 6748F7DD-538A-88A2-835C-E866C9743186 The GSR Foundation Notes to the Financial Statements For the Year Ended 31 December 2025 2. Accounting Policies Icontinuedl 2.7 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, It Is probable that a transfer of e¢onomic benefit wll be ieouired In settlement, and the amount of the settlement be estimalod reliably Liabilities are recognised at the amount that the Charity 3nlicipales Il will pay to settle the debt or the amount it has received as advanced payments loi the goods or services Il Must provide Prov1510nS 8re measured al the best eslimale of the afflounls required to settle the obligation. Where the effect of the time value ol money Is material, the provision is based on the present value of Ih05e amoulll5. discounted al the pre-tax discount rate th31 reflects the Iisks specific lo the Iiabilily The unwinding ol the discount Is recognised In the Statement of Financial Aclivilie5 as a finance cost. 2.8 Fund accounting Gener31 fund5 are unresiricled funds which are available for use al the discretion of the Trustees in the furtherance of the general DL>ieclives of ltte Charily and which have not been de51gnaled lor other purposes. 2.9 Foreign exchange Transactions In cuirencies other than dollars are recorded al the rates ol exchange prevailing al the dales of the transactions. At each reporting end date. monetary assets and liabilities that are denominated In foreign currencies are retranslat at the rates prevailing on the reporting end date. G8ir)s and losses arising on translation in the period are included In the Statement of Financi81 Activities 2.10 Financial instruments The charity has elected to apply the provisions ol Section 11 '8asic Financial In5trumenls' and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of ils financial Instruments Basic flnancial assets Basic financial a5sels, which Include trade and other debtors and cash and bank balances. are recognised a5 curreni 8ssets due lo be realised within one year or less. As sts¢h It 15 not necessary to amortise these assets. Basic financial liabilities Basic financial Iiabililies. Including trade and other creditors. are Initially recogni5ed 81 transaction price unle55 the ariangefflenl coostitules a financing transaction, wheie the debt Instrument Is measured al the Pfesent value of the future paymen15 discounted al a market rate of Inleiesl Trade creditors are obligations lo pay lor goods or services that have been acquired in the or(Jinary course of business from suppliers Accounts payable are Glassified as cu¥rent liabilities If payrnent is due within one year or less If not. they are presented as n¢n-uJrrenl Iiabililies Trade ¢dItorS ale iecognised as current liabilities gnd a5 such Il is not necessary to amortise these liabilities. 20
Docusign EnvelopÈ ID". 6748F7DD-538A-88A2-835C-E866C9743186 The GSR Foundation Notes to the Financial Statements For the Year Ended 31 December 2025 2.11 Key estimates and judgement5 In the application of the charity's accounting policies, Ihe Trustees are required lo make jud9ernents. eslifflales and assumptions about the carrying amount ol the assets and Iiabililies that are not readily apparer)I from olhei source5. The estimates and associated assumptions are based on historical experience and olhei laclors Ihal are considered lo be relevant. Actual resu115 way differ froffl these eslimales The eslimates and underlying assumptions are reviewed on an ongoing basis Rev1510ns Io 8CCOUnting eslimales are recognised In the period In which the estimate Is revised where the revision affects only that period. or In Ihe period of the revision and future periods where the revision affects bolh the cuirenl and future periods The FoLJndalion holds Cryplo currency al lair value In the Balance Sheet, with changes in fair valLJe being recogni5ed In the Income and expenditure section ol the SOFA Valuations are recognised In line with the globally recognised Pfice across the global Crypto Market al the balance sheet dale Income from donations and legacies Unrestricted funds 2025 Total funds 2025 Total lunds 2024 Donations 4.051,660 4,051,660 2.569,266 4.051.660 4,051,660 2.569,266 Investment Income Total Unrestricted funds 2025 Total funds 2025 fund5 2024 Intèrest and Dividends 47,428 47,428 55,291 Analysis of grants Grants to Institutions 2025 Total funds 2025 Total funds 2024 Supporting Inclusivily In tech 1,819,872 1,819,872 3,328,901 21
Docusign EnvelopÈ ID". 6748F7DD-538A-88A2-835C-E866C9743186 The GSR Foundation Notes to the Financial Statements For the Year Ended 31 December 2025 Granteès The Chaiily has made the following material grants lo inslilulion5 during the year. 2025 2024 The V15101a Foundation Te¢hDovaiion Thaki MIT Solve Edraak MENTEE rhe Lotus Flo¥ver Igfjile Hubs ACAA Yiya Solutions Inc Breaking Barriers The Brotherhood S151er5 Sol Inc Nexl Skills 360 Shelter from Ihe Storm The LondDn Foun(Jaiion for Banking & Finance Code the Dream Inclusion Cayrnan LeaTning with PÉrenls 65.000 85.000 50,000 75.000 250,000 75,000 30 000 59,399 79,699 32 871 80,000 31.762 60,000 72 604 74.000 50,000 6,642 33.207 60.550 5.104 30,230 25,000 26.296 63.723 30,000 so,000 39 445 75 000 60,000 70,060 74,000 50,000 60.550 The Charity Excellence Framework ShellÈrbo¥ Trust Thinkerbell Labs Pnvale Lirniled Fr?uenloop Civic Power Fund Sky's The Limit Rahal UNICEF UK Mercy Corps J8ngala Ltd Unconnected Foundation PesaKIt The M8juiiiy Tru51 Tiny Toios Nabu Global Inc Hive Onlin& Rums8n Associates Private Limited Silwerlpaf Academy Rungano-Ndoia Hello World Webf8la Aidh8 Wonder Foundation Hand In Hand Inlernalional London Youth Code Your Future 25,338 25.449 30.000 38.062 500.000 500.000 104,819 102,319 80.000 160 000 75.ODO 105.000 60,550 50.000 50.000 30,000 30,000 30.000 30 000 21,719 31 719 31,672 31 575 31.575 31,573 31,508 70,000 29.877 29 877 29,877 25,000 6.319 73,341 70,829 75 000 75.000 60,550 50 000 97,790 71,572 32,309 GoodFX Ltd Foundation For Learning Equality. Inc Singapore M8nage(nenl University Founders and Coders New Philanthropy Capil31 Shère Screen UK The R¢$ourca Found21ion ITRFI IVAR Ilnslitule for Voluntary Action Re5&archl Relay Funder IUSAI Afghanistan & Ceniral A51an Association IUKI Sundry 74 554 8.677 75,000 6.755 6.635 3,700 Total 1,819,872 3.328.901 22
Docusign EnvelopÈ ID". 6748F7DD-538A-88A2-835C-E866C9743186 The GSR Foundation Notes to the Financial Statements For the Year Ended 31 December 2025 Analysis of expgnditure on ¢haritabl8 activiti0$ Summary by fund type Unrestrictsd fund5 2025 Total fund¥ 2025 Total funds 2024 Supporting Inclusivity In tech 2,146.639 2,146639 3.635,667 Analysis of expenditure by activities Grant fundin9 of Support costs Total fund8 2025 Total lunds 2024 202S 2025 Supporting Inclusivity in tech 1.819,872 326,767 2 146639 3 635 667 Analysis of dirpct costs Supporting inclusivity in tech Total funds 2025 funds 2024 2025 Management Charges 90 306 Analysis of 5UPPOrt costs Supportin9 inclusivity in tech 2025 TDt21 funds 2025 Total funds 2024 Management Charges Forex Loss 8ank Fees IT Subscriptions M3rkeling & PR Tr3vel & Entertainment Sundry C051s Gov&rnance Costs Training Donation of laptops 193 008 16.689 10.469 23.309 11,440 3,275 41.440 27,117 193,008 16.689 10.489 23 309 11,440 3.275 41.440 27 117 141.966 3,311 12,168 5,533 5.337 417 1,422 29,669 722 15.915 326 767 326.767 216.460 Governantt costs for the year consist entirely of IÈOS payable lo Ihe Ch2rily'5 Auditors. Autlitor8' remuneration 2025 2024 Fees payable lo auditor Audit Non-audil sefvices 24,789 2328 26.587 3.082 23
Docusign EnvelopÈ ID". 6748F7DD-538A-88A2-835C-E866C9743186 The GSR Foundation Notes to the Financial Statements For the Year Ended 31 December 2025 10. Trustees. remuneration and expenses During the year. no Truslees received remuneration or other benefits During the yeai ended 31 December 2025, $52 01 Trustee Èxpenses have been incurred In relation tD 1 trustee lor a me8112024 $3581. 11. Flxod 88S&t investments Crypto investments Listed inve$tment$ Total Cost or valuation At 1 January 2025 1,056,086 1,056,086 Additions Disposals Gain5 or losses 105,500 115,0001 42.384 159328 1201.7171 14331 264,828 41,951 Al 31 December 2025 132 884 1.013,264 1 146 149 Net Book Value At 31 December 2025 Al 31 D&cember 2024 132,884 1,013264 1.056,086 1,146.149 1.056,086 12. Creditors: Arnounts falling due withrn on¢ year 202S 2024 Trade creditor5 Accruals and deferred Income 2DS,869 28,099 .96 190,856 1.016 560 1,207416 13. Statement of funds ststement of funds current year 8alance at 31 December 2D24 Gains on Balance at 31 investments December 2025 Income Exp8ndltuie Unrestricted funds General luncts- all ftsnds 93,017 4.099,088 12, 146,6391 41,951 2.087,418 24
Docusign EnvelopÈ ID". 6748F7DD-538A-88A2-835C-E866C9743186 The GSR Foundation Notes to the Financial Statements For the Year Ended 31 December 2025 14. Analysis of net assets between funds Total funds 2025 TDlal funds 2024 Fixed asset investments Current assets Creditors due within one year 1 146 149 1,056 086 1,175,238 244 347 1233.9681 11,207,416) Total 2 087,418 93,017 All knnds held al the end of the current and prior financial period were unrestricted. 15. Reconciliation of net movements in funds to net cash flow from operating activities 2025 2024 Net Incomellexpendilurel for the year las pei Statement ol Financial Acliviliesl 1.994,401 Adjustments for.. Dividends and Interest from Investments Gains or losses on Investments Loss on foreign exchange Increase In creditors 147,4281 141,9511 155.2911 1973.4481 1.207.416 Net cash provided by operating activitie$ 931,573 141,015 16. Analysi5 of cash and cash equivalents 2025 2024 Cash in hand 1 175238 244 347 Total cash and cash equivalents 1,175.238 244,347 17. Analysis of changes in net debt Cash flows Total 2025 Total 2024 Cash al bank and in hand 930 891 1.175.238 244,347 25
Docusign EnvelopÈ ID". 6748F7DD-538A-88A2-835C-E866C9743186 The GSR Foundation Notes to the Financial Statements For the Year Ended 31 December 2025 18. Rèlated party tran5a¢tions GSR Resources Limited is a related party due to a director of GSR Resources Ltd being a trustee of GSR Foundation. GSR Resources UK Limited charged a service lee in relation lo dirèct and indirect cost recharges during the year and Invoiced the Foundation $217,51212024' $180,6121 lor these services At the year end. $204.597 remained outstanding lo be paid12024.$190,8561 Thaki Is a related paty as one ol the Foundation's TrLJslees (Nadia Gill is on ils board of directors The GSR Foundation donated 575,00012024 $75,000) lo Thaki in the year GSR International Limited Is a related party due lo a director being a Trustee It donated S4,051,660 12024. $2.551,6601 ID the Foundation within the year. During the year, crypto currèncy lo the value of $105,50012024. Snill was purchased from GSR Markets Ltd. who are a SLJbsidiary of GSR International, who as disclosed above, are a related party due lo a director of GSR International also being a Iruslee 26