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 $t¥lemenls are not in agreem8nl with the 8CtOUnling iÈcords and returns. or
we have not received all the Inlomiaiioll and Èxplanalions we reqvirÈd foi our audit
Re5pon5ibilltl88 of trustees
As explained more fully In Ihe Iruslees. responsibiliiies slalem8ni sel Qui on pag0 11 ltte Iruslees are re5ponsiblÈ for the preparation ol
the financ￿1 slalemenls and for being satisfied thai they give a Irue and lair view. and for such Internal control as the IrLJslee$ determine
is ne¢e$$ory lo enÈble the prepar31ion of fil1￿[i￿la1 sialemenis Ihal aTe free from material misslaiemenl, wheiher due lo fraud or error.
In preparing the financial slatetnents. Ihe Iru51ees are responsible for 3ssessifig the charity's abiiily lo continue as a going concern.
di5clo$ing, a5 applicable, m811ers relaled to going con¢6rn and Using the going concern basis of actounling unle55 the Iruslees either
intend 10 liquhaala the chariiy or 10 cease operation$, or have no rea1151ic altèrnative bul lo do so.
Auditor's Responsibilities for the audil of the financial statements
Our objeeiives are lo ob131fj reasonable assurance about whether the financial slalemenls as a whole are free frorn materi81
tni551atemenl. wneiher aue 10 Ira1￿ or error, and lo issue an audilo¢s report Ihai Includes our opioion Reasonable asgjrance Is a high
level of 8ssurance. bul 15 nol a gvaranl60 Ihai an audit ¢onducted In accordan￿ with ISAS ILJKI will alway5 d&lect a maieTi31
missi818menl when il exists. Mi$$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 5￿pIl¢l$M throughout
thè audit We also.
Idenlify antl a558ss the iisks of material Missta￿ment of Ihp finandal stalemenl$. whetherdue to fraud or error. de$on 8nd p8rfomi
audit procedtsre5 reSpons￿e 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 Ma￿1191 mi¥¥l8l¢ment wsulling fioiii Iiaud is hlgner In8n for one resulting from error. as fraud may Involve
collu¥ion. I0￿ry. intenlignal ¢rTrva8*on$. mi4iepl￿entation$. 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 c*f 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 un￿nalI7ty 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 reSoUr￿S 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