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2024-06-30-accounts

Ripple Effect International

Trustees Annual Report & Financial Statements for reporting period 1 July 2023 to 30 June 2024

Legal and administrative detail

Company number 2290024 Charity no (England and Wales) 299717 Charity no (Office of Scottish Regulator) SC049792 Registered address The Old Estate Yard Newton St Loe Bath BA2 9BR Trustees Peter Jeffries, Chair Simon Doherty, Vice Chair Andrew Gillam, Treasurer Prina Patel, Secretary (appointed Mar 24) Sarah Brunwin Fiona Crisp (resigned Dec 23) Stephanie Dennison Simon Gill Alison Griffith David Kuwana (resigned Oct 23) Patricia Napier MBE Karthik Dasari (appointed Mar 24) Timothy Passey (appointed Mar 24) Shallin Chikoto (appointed Mar 24)

Principal staff Paul Stuart, Chief Executive Bank Barclays Bank Plc P.O. Box 47 37 Milsom Street Bath BA1 1DW Auditors Haysmacintyre LLP 10 Queen Street Place London

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Structure, Governance and Management

Ripple Effect group consists of

See notes 1 and 15 in the accounts for further information.

All entities are considered part of Ripple Effect for operational purposes. All companies have their own boards and reporting requirements.

Report from the Chair and CEO

Ripple Effect’s key priority is to build sustainable impact in Africa, and we have an ambitious mission and strategy to help us achieve that.

This year we reached almost half of the five million new people we have pledged to reach by 2030, hitting that milestone one year early. We have started new projects in each country where we work and spent 2% more on charitable activities, in line with our Africa Forward Together strategy.

The seeds we are planting today will bear fruit in the years to come, but it has not been easy. The brutal global cost of living crisis and unpredictable weather patterns are huge challenges for the farming families we work alongside, who rely on rainfed agriculture to survive. Climate shocks are becoming more frequent and powerful so we’re having to adapt our projects continuously to keep up with this changing environment.

In October 2023, we both had the privilege of travelling to East Africa to meet communities taking part in Ripple Effect’s programmes. Among them was Phoebe, a truly inspiring entrepreneur from Uganda. Over several years, Phoebe’s fodder, food production and business skills have helped her to become more climate resilient and achieve food security for her family and the local people she supports. She is also proud to have built a new house which is testament to her success.

Yet in stark contrast, when we arrived in Mwaro, Burundi, where the Heineken Africa Foundation’s new project had recently launched, we witnessed the desperate need that prevails in the community. The more experiences they shared of economic and climate shocks, the harder they became to hear. One remarkable woman who invited us into her home dreamed of a roof that didn’t leak. She said that she had no food, and even the mice had given up searching her house for crumbs.

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So, while African farmers can reap enormous benefits from our work, we can’t overlook the huge challenges they face or the external factors that can exacerbate their already precarious situations.

Behind the numbers are precious, individual lives. Progress means giving everyone the same opportunities to develop social, economic and environmental resilience, and to thrive.

And behind the impact we create are our generous donors. Ripple Effect is competing for increasingly limited funds with other organisations so in 2023-24, we took the difficult decision to significantly cut our operating costs in the UK. At the same time, we stepped up our efforts to increase vital unrestricted funds (to use for any purpose in line with our objectives).

Thanks to your support, our unrestricted income has grown by a remarkable 23% (over £0.5 million) and overall income by 9% to £9 million. This flexible funding helps to future-proof the organisation and, in the short term, enables us to adapt our programmes to respond to shocks and so that farming families can continue to transform their own lives.

Our work has never been more urgent, and we can’t do it alone. Each contribution, large or small, has contributed to the commendable impact presented in this report. We hope you will join us again next year and be part of a ripple that grows and grows.

Paul Stuart, CEO of Ripple Effect

Peter Jeffries, Chair of the Ripple Effect International

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Governance and management

Ripple Effect International is a charitable company limited by guarantee. It was established in 1988 and is governed by its Memorandum and Articles of Association. The purpose of the charity is to relieve poverty in low-income countries through training in sustainable agriculture and community development.

The overall strategy and policy for Ripple Effect is agreed by the Board of Trustees, advised by the CEO and Senior Leadership Team. Ripple Effect’s Chief Executive is responsible for the operation of the Charity and the management of all its staff.

The current Board of Trustees consists of 12 elected members. A list of trustees who held office during the year can be found on page 1. Ripple Effect’s Memorandum and Articles of Association allow for the appointment of up to 12 trustees. The Charity has an open recruitment process for appointment of new trustees who serve an initial term of four years after which they may be appointed for a consecutive four-year term. When new trustees are appointed, they are provided with an induction programme and the opportunity to meet staff from across Ripple Effect. Trustees periodically review governance arrangements to ensure that appropriate structures and mechanisms are in place as the charity evolves. They meet quarterly to review strategy, organisational performance, and risks. There are Boards in place overseeing the work in Uganda and Kenya and for the Africa Hub office.

Objectives, performance, and achievements

Our vision is a confident, thriving, and sustainable rural Africa.

Our mission is to inspire and equip African communicates to transform lives and protect the planet.

We will achieve our mission through our values of.

Integrity

An essential value that permeates every facet of our operations. We remain committed to achieving our 2030 strategy and the actions we take must also align with our mission and support this. We understand that trust is earned through consistent honesty, ethical behavior, and adherence to our shared principles. Our commitment to integrity means that all that we do is genuine and conducted with fairness and impartiality.

Accountability

The cornerstone of effective decision-making, instilling trust among our donors, participants, and partners. We have a responsibility to demonstrate a commitment to utilising the resources (particularly financial) we have as effectively and ethically as we possibly can. We acknowledge this responsibility we bear towards our supporters, participants and colleagues and we pledge to always maintain the highest standards of transparency.

Compassion

The driving force behind positive change is integral to our approach. Compassion ensures that Ripple Effect’s work is driven by the genuine desire to make a positive difference. With compassion as our guide, we will approach all discussions and decisions with empathy and sensitivity, considering the diverse circumstances and needs of all our people. Our goal is not only to arrive at informed decisions, but also to nurture an environment where every person feels valued and understood.

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Our 2030 plan to reach five million more people

Rural Africa is rich with opportunity: resourceful communities and land which can produce enough food to feed the continent and beyond.

But families face poverty that is extreme, unjust, and worst of all – unnecessary. The knowledge and skills needed for farmers to grow and sell effectively are often lost or have not adapted to changed conditions.

Over three decades, thousands of individuals, companies, groups, and organisations have supported Ripple Effect, enabling millions of people in rural Africa to learn more, grow more and sell more. We will continue this vital work in the decade to come.

The farmers we work alongside share what they know, and what they have, with their families and communities. Soon thousands experience the benefits, and everyone is able to thrive.

Our approach is efficient, effective and builds a momentum that spreads far beyond our programmes. It starts on an African farm and creates a ripple effect that helps build a confident, thriving, and sustainable rural Africa.

The impact we will achieve together

Poverty is not only a lack of money, but also a lack of food, dignity, education, health care and opportunity. It is often a reflection of unfair relationships, limited choices, and a poor natural environment. We recognise these complex intersections and whilst our work supports all the United Nation’s Sustainable Development Goals (SDGs), we have clear areas of expertise and focus. We have developed a set of five impact objectives which we will measure against a rigorous impact framework and with a focus on the following SDGs:

Activities and achievements

Ripple Effect programmes have continued to benefit communities in rural Africa in 2023-24. Through our programmes in Burundi, Ethiopia, Kenya, Rwanda, Uganda, and our partnership work In Zambia, we have reached a further 846,000 people with our life-changing training and support. In the year, we had 32 projects across these country programmes.

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Our year in numbers

In 2020 we promised to reach 5 million more people by 2030. We’re proud to say that as of June 2024, we have reached 47% of those people, reaching that halfway milestone almost a year early.

Methodology: These impact figures are an average of 15 active projects surveyed between July 2023 to June 2024. 58% of households assessed were in year 2 of implementation at the time of assessment, while most of our projects are 3+ years long. These numbers include direct and indirect households.

*We use the same metric as the African Union: between 18-35 years old.

Our year in programmes

Across our programmes we continue to work alongside our communities providing our holistic approach to build resilience and impact. Our typical projects all have our three areas of expertise (sustainable farming, gender and social inclusion and enterprise development).

This year, across the six countries where we work, we have seen how climate change has become a full-blown climate crisis for the farmers we work alongside, but following our approach, together we are making progress.

Heavy rainfall has caused flash floods and landslides, resulting in many deaths, entire farms being swept away, displaced families, loss of livestock and crop diseases due to excess water. This has been particularly severe in Kenya and Burundi this year, but has also affected Uganda, Ethiopia and Rwanda.

While most of our countries have been affected by heavy rainfall, Ethiopia also faced drought, and in Zambia’s case, the drought lasted for months. Almost half the country’s staple maize crop was lost, and just under 50% of the country’s population was affected. The food shortage was declared a national disaster by the Zambian president.

These extreme climate conditions have heavily impacted already vulnerable populations in Africa. Many have faced malnutrition and loss of income, putting their livelihoods under threat. It has even affected project delivery in some cases

Despite these challenges, we have adapted our programmes to ensure our training in sustainable farming practices include methods that build climate resilience. We have focused on training communities to diversify their crops, livestock and enterprises to improve their food supply and generate different streams of income. We have also intensified our work on land regeneration to increase soil productivity and harvest yields through practices

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and technologies like agroforestry, water harvesting and irrigation systems and by carefully selecting crop varieties.

Our year in Fundraising

Once again, Ripple Effect supporters came together to go above and beyond for farming families in rural Africa, despite the ongoing cost-of-living crisis. We are enormously grateful to the fantastic network of supporters who have made this possible, whether they have been with us since the beginning or have recently made their first gift.

Here are some examples of the generous support given:

The fundraising team have worked alongside donors move their restricted donations to vital unrestricted funds, which means they are not allocated to a specific project or country. This has allowed us to invest them where they were needed to ensure we can reach all the farming families we promised this year. It also has given us flexibility to adjust our projects when needed to achieve the best possible outcomes for our farmers when they have been hit by unforeseen challenges thrown at them such as the climate crisis.

We would like to express our huge thanks to all our partners for your generous support over the last year.

Performance against our objectives, and goals for 2024-25

1. Growth

Sustainably build our impact to reach 5 million more people by 2030.

Objectives

Key results

Last year, our income was just over £9m and our unrestricted funds saw an impressive 23% increase. We also increased our spend on charitable activities to £7.2m. We exceeded our target by starting 12 new projects in five countries and in Zambia, where our partner ZRDF delivers longer-term projects, we aligned our programme more closely to our strategy.

In terms of recording the number of people we reached, we introduced a more detailed, and robust system in 2023-24. The 846,000 people we recorded with this new system fell short of our forecast (1.5m) but we expect this number to increase over the next three years. Hiring additional Monitoring and Evaluation staff and testing streamlined digital systems to

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reduce reporting workload for project teams will support this outcome. We pleased to report that we are still on track to reach 5 million more people by 2030.

2. Focus

Develop our areas of expertise in sustainable agriculture, gender & social inclusion, and enterprise.

Objectives

Key results

We started one multi-country project in Kenya and Ethiopia, designed another for Rwanda and Burundi, and are seeking lead funding for a social enterprise pilot project in Kenya.

The Africa Climate Summit, which was attended by approximately 30,000 government officials, business leaders, climate experts, and professionals in September 2023, was a great forum for us to host our agroecology event, which raised the visibility of Ripple Effect and our sustainable approach to farming and food security. And as part of our net zero plans, we now have trained environmental champions in each country and are evaluating our operations annually to make significant improvements year on year.

3. Partnering

Increase our work with partners to 50% by 2030, to maximise impact, influence and income.

Objectives

Key results

Our consortium partners are involved in just over 20% of our current projects. One of those partners is Riverford, whose involvement with our innovative carbon offsetting pilot in Ethiopia continues to elevate our impact.

The regulatory landscape for community development partnerships in Africa is continually evolving. Governments are introducing frameworks to make sure that there is ethical conduct, transparency, local ownership, and long-term benefits for local communities. Given these changes, we are reviewing requirements in each country before forming new carbon offsetting partnerships.

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4. Africa Forward

Programme strategy, delivery, cross-team learning, and effectiveness will be driven by our Africa team.

Objectives

Key results

We are delighted to have strengthened our Boards by recruiting new trustees with diverse skills and experience; arranging for some trustees to have first-hand experience of our work in Uganda and Burundi; and setting up our Ethiopian Advisory Committee.

In terms of developing of our people and processes, we have run in-country training courses on topics ranging from our three areas of expertise to leadership; and we are moving to a secure a user-friendly digital information management system to streamline our monitoring and evaluation.

5. Influence

Objectives

Key results

We continued to build on our work to increase Ripple Effect’s influence by enhancing our ethical storytelling, so that all project participants give their full consent when we gather their stories and know that they can withdraw their consent at any time. As well as the Africa Climate Summit 2023, we attended and spoke at several other conferences during the year; produced and promoted two new position papers; hosted a media breakfast in Kenya; and ran COP28 campaigns in five of our Africa country programmes, which included radio and in-person events.

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Our goals for 2024-25

We aim to:

Our commitment to our supporters

The Group Board of Trustees ensures that our fundraising is guided by our core values and that it complies with legal and regulatory frameworks. We rely on the generous donations of our supporters and each year undertake a range of activities to raise the funds needed to support our projects. This fundraising includes asking for regular and one-off donations from both new and existing supporters through a range of channels including online post and, for a small group of committed supporters, over the telephone or in person. We promote legacy giving and a range of community-based fundraising activities, supporting individuals who undertake events and challenges in aid of Ripple Effect. We also make applications to trusts, foundations and institutional donors for grants to fund specific projects. As part of our fundraising activity, we receive ongoing support from corporate partnerships. In 2023-24 most of the fundraising activity was undertaken in-house by Ripple Effect employees with the support of a group of regular volunteers. We endeavour for all our fundraising, and any fundraising undertaken on our behalf, to be conducted in a fair, transparent, and compliant manner. We are members of the Fundraising Regulator and ensure all our fundraising activity is carried out in line with the Code of Fundraising Practice, charity law and all relevant legislation including General Data Protection Regulation and Privacy and Electronic Communications Regulations. All Ripple Effect employees receive training and support as appropriate and, when planning new activities, we ensure the correct processes and procedures are in place.

All fundraisers acting on behalf of Ripple Effect receive thorough guidance and training based on the code and we hold regular meetings and training sessions throughout the year. We periodically ensure that our policies, procedures, and guidance that support this are reviewed and updated. We take supporter feedback and complaints very seriously, always making sure it is recorded and fed into future planning helping ensure we continue to improve and put our supporters’ voice at the heart of our work. Over the last year we sent out 1.3m fundraising communications across a range of channels and from this received 4 complaints in relation to our fundraising activity, all of which were investigated and successfully resolved. We publish, on our website, information regarding our approach to people who are in vulnerable circumstances and what we do should we receive a request from a third party acting on one of our supporters’ behalf. This includes how we define and

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identify those in vulnerable circumstances. This guidance is reviewed regularly, and training provided for teams, particularly those who speak to our supporters. We really appreciate all the support we receive and are committed to maintaining high standards of fundraising and supporter care.

Financial Review

Income

We have maintained our income levels at around £9m. In 2022-23 our income was just over £9m before the change in accounting treatment*. (£8.3m after restatement)

We are very fortunate that our income is generated from a variety of sources. The most significant source of these was grants from institutions which totalled £5.7 million, an increase of £0.7 million on last year. This year, we successfully secured grants from new donors who have not funded our programmes before.

Overall donations and legacies were at the same as last year. General donations were down by nearly 10% due to the challenging global economic environment that we are fundraising in which was offset by an increase in legacies.

Legacies were nearly double of what was received in the last year. The probate delays we experienced last year were eased and the processing of estates was expedited, allowing funds to be disbursed more swiftly. We are deeply grateful for the financial support we have received from our generous donors throughout their lifetimes.

It’s an incredible achievement that the teams were able to deliver this result despite the tough external environment they were operating and the significant internal changes that the team went through following the comprehensive review of our fundraising and engagement strategy.

Our unrestricted income has increased by £0.5m to £2.7m following the transition of gifts from a restricted to unrestricted basis. Unrestricted gifts provide us with greater flexibility in how we utilise our funds, allowing us to respond more quickly to emerging needs such as the climate crisis that our programmes face.

Expenditure

Overall, our expenditure was down slightly on the past financial year.

Fundraising costs were down by £236,000 which was a result of savings following the review of the fundraising and engagement strategy.

There has been an increase of £110,000 in our spend on mission delivering sustainable livelihood projects. This is driven by new projects beginning due to our grant income successes.

Overall, our surplus is just under £0.4 million, which is a significant increase on last year when we ended the year in a deficit position. We had a small unrestricted deficit again this year of just under £0.1m. We aimed to have a balanced budget, however we had to make some provisions which resulted in the deficit.

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The board agreed at the start of 2023-24 that we had two years to build back our unrestricted reserves to our agreed policy.

We have agreed a package of measures and actions to ensure that we achieve a surplus position in 2024-25.

Our surplus on restricted reserves increased by £0.5m to £1.1m, the main reason being advance instalments in relation to some grants covering multi years. Charity accounting rules state that income is recognised in full when certain recognition criteria are met, even if the corresponding expenditure is incurred in a different accounting period. Such timing differences will result in restricted fund deficits in some years and surpluses in other years.

We have made changes to our accounting treatment of the Youth Dairy project in Uganda to recognise it as performance related grant therefore we have deferred income rather than holding as a restricted reserve.

Reserves and investments

Our reserves policy is set to ensure that our work is protected from the risk of disruption at short notice due to a lack of funds, whilst at the same time ensuring that we do not retain income for longer than required.

The trustees have determined that the Charity needs free reserves for the following purposes:

The trustees further determined that Ripple Effect should be holding sufficient cash, at its financial year end on 30 June, to cover unbudgeted fluctuations in income and/ or expenditure, equivalent to a minimum of twelve weeks of resources to be expended from unrestricted funds at budgeted activity levels.

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Based on our policy, the trustees have determined that we should have £0.6m in free reserves by 30 June 2024. However as at that date, our actual free reserves were only £0.3 million. This gap is due to changes in foreign exchange rates and setting aside funds for potential liabilities. The Trustees plan to return to our reserves target by June 2025.

Total restricted reserves on 30 June 2024 were £1.1 million.

Going concern

The financial statements have been prepared on a going concern basis. Cash flow forecasts have been prepared for a period of at least twelve months from the date of approval of the financial statements. These forecasts consider and analyse any risks that might affect the charity’s resources or ability to continue operations. The forecasts take into consideration the challenging economic environment and its potential impact on income and expenditure. We consider it possible to offset any potential income shortfalls with a reduction in expenditure.

Our reserves policy states that we should hold sufficient reserves to ensure that our work is protected from the risk of disruption at short notice due to a lack of funds, whilst at the same time ensuring that we do not retain income for longer than required. Our unrestricted reserves have declined for the last two years hence we have introduced the package of measures listed above to reverse this decline and are committed to rebuilding our reserves to a level that allows us to invest for the future growth and development of the organisation.

We monitor performance, cashflow, and forecasts on a regular basis and manage our finances according to the analysis of this position. The trustees have therefore concluded there is a reasonable expectation that the Charity has adequate resources to continue in operation for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing its financial statements.

We note that Ripple Effect Trading Limited has net liabilities of £6K at the balance sheet date and has been prepared on a going concern basis. The company is wholly owned by Ripple Effect and will continue to provide financial support to the company as part of its charitable objectives.

Managing risks

Managing risks effectively is integral to the achievement of our vision. Structures are in place to ensure that key risks are identified and mitigated. The trustees are ultimately responsible for risk management and the effectiveness of Ripple Effect’s internal control systems. The following framework is in place to identify and manage risk:

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Priority risks that have been reviewed and managed this year include:

Financial sustainability as restricted funding increases

Our fundraising strategy has been centred on securing restricted in-country funding, with funds received directly in the country where we operate. This type of restricted funding necessitates transparent and open negotiations with funders to ensure we receive fair contributions toward the cost of our local head office and regional support teams. Providing value for money for our impact is of utmost importance but must be managed closely against financial sustainability.

With increased funding going directly to our countries of operation, our central treasury function in the UK has faced added pressure to effectively manage cash flow requirements across our countries. Ensuring sufficient cash flow to deliver program activities is crucial. Our central team mitigates risks by leveraging foreign currency hedging to maximize the funds transferred to our country programs. We closely review match funding and cash flow requirements from new funding contracts to ensure all grants can be comfortably fulfilled

Collaborating with delivery partners

We are collaborating more closely with local partners to ensure a sustainable and costeffective delivery model. We continue to ensure our due diligence and partner monitoring is robust to mitigate against the risk of non-delivery of partnership agreements. Our reviews ensure adequate financial internal controls are in place and that clear safeguarding reporting systems are established as part of the partnership agreement. We strive towards a collaborate partnership, where we can learn best practices from each other.

Inflation and exchange rate pressures

We have been faced with a period of global high inflation that has made the delivery of our programmes more expensive. We are committed to the ensuring that all our people earn a fair wage and that we remain a competitive local employer. It is not only salaries that have increased, but most other programme inputs, including fuel, have also risen in price due to inflation and global shortages. To mitigate this, we attempt to build in adequate levels of inflation into our project and donor budgets to ensure our programmes become fully funded. We also hedge funds as necessary and ensure our funds are spread across currencies where possible.

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Safeguarding

At Ripple Effect we believe it is never acceptable for anyone to experience abuse of any kind. We operate a zero-tolerance approach to abuse from our staff (and the organisations we work with) towards the communities we are here to serve, especially the most vulnerable. To this end the Group, Uganda and Kenya boards have each nominated trustees with a responsibility for safeguarding, and we have policies and processes to embed safeguarding across the whole organisation, including:

In this financial year we had no reported safeguarding incident at Ripple Effect across all countries where we work that were reported to the Charity Commission.

Foreign exchange policy

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling based on the value obtained. Exchange differences are considered in arriving at the net incoming resources for the year.

We are receiving an increasing amount of funding in foreign currencies direct to Africa which increases our exposure to foreign exchange risks on consolidation in the UK. We reviewed our Treasury processes this year to assess and mitigate these risks.

Remuneration policy

In setting appropriate pay levels Ripple Effect aims to make sure that we pay enough to recruit and retain people with the skills we need whilst ensuring that we use the money entrusted to us by our donors wisely and achieve the greatest impact in delivering our objectives. In setting CEO and Senior Leadership Team pay the trustees consider the skills and experience required for the roles and the remuneration levels in the sector. Pay is reviewed annually and takes into consideration affordability, economic trends, and the external pay environment.

Public benefit

We have considered the Charity Commission guidance on public benefit when reviewing our aims and objectives and in planning the future activities of the Charity. The public benefit of Ripple Effect lies in supporting those in deep need in rural Africa by providing the means whereby families in poor areas may come together in groups to learn and then work with renewed hope and confidence to overcome poverty and malnutrition and make a good living from the land. The trustees therefore confirm that Ripple Effect fully satisfies the public benefit test and the work it does satisfies the test as set out in this report.

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Trustees’ responsibilities

The trustees are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102: The Financial Reporting Standard applicable in the UK. The law applicable to charities in the UK requires trustees to prepare financial statements for each financial year which gives a true and fair view of the state of affairs of the charitable company and the group, and of the incoming resources and application of resources for the charitable group for that period. In preparing these financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and regulations made thereunder and with the requirements of the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the parent charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Charity’s website. Legislation in the UK governing the preparation of the financial statements and other information included in the annual report and accounts may differ from legislation in other jurisdictions.

The trustees at the date of signing of this report are listed under Legal and Administrative Details as are the Company and Charity registered numbers of Ripple Effect.

Statement of disclosure to auditors

a) So far as the trustees are aware, there is no relevant audit information of which Ripple Effect’s auditors are unaware and

b) They have taken all the steps they ought to have taken as trustees to make themselves aware of any relevant audit information and to establish that Ripple Effect’s auditors are aware of that information.

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Auditors

Haysmacintyre LLP has indicated its willingness to be reappointed as Statutory auditors. The charity has taken advantage of the exemptions available to small companies and has not prepared a strategic report.

This report was approved by the trustees on 8[th] November 2024 and signed on their behalf by

Peter Jeffries, Chairperson of the Board of Trustees Ripple Effect For the year ending 30 June 2024

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Independent auditor’s report to the members and trustees of Ripple Effect

Opinion

We have audited the financial statements of Ripple Effect International for the year ended 30 June 2024 which comprise the Consolidated Statement of Financial Activities, Balance Sheets, Consolidated Statement of Cash Flows, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern.

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Annual Report, and the ‘Report from the Chair and CEO. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception.

In the light of the knowledge and understanding of the group charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report (which incorporates the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charity Accounts (Scotland) Regulations (as amended) require us to report to you if, in our opinion:

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 16, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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In preparing the financial statements, the trustees are responsible for assessing the groups and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of noncompliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charitable company and the sector in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements of the Charity Commission, the Office of the Scottish Charity Regulator and compliance with overseas laws and regulations in the jurisdictions the group operates in, and we considered the extent to which non-compliance might have a material effect on the financial statements.

We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011, Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, regulation 8 of the Charities Accounts (Scotland) Regulations 2006 and payroll taxes.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries and management bias in certain accounting estimates and judgements such as the income recognition policy applied to grant income. Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements,

20

as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, section 44(1) (c) of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an Auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Steve Harper (Senior Statutory Auditor)

For and on behalf of Haysmacintyre LLP, Statutory Auditors 10 Queen Street Place London EC4R 1AG

8[th] November 2024

21

Ripple Effect Inlernalional Consolidated statement ol finan(ial activtbes lin(xxwkn"ng an income and exwndrture accounti For the year ended 30 June 2024 2024 To¢al Unrestricted Restricted 2023 Total Unrestricted Restrided Note In¢ome from.. Donations and legacies Chantable activities Grants re￿iVed Other trading activities Investments Other 2.ee6.628 480.553 3,147,181 2,135.433 1,013,028 3.148,461 27.OCM) 5.713.649 S,740,649 6.541 6,541 2.688 81.925 11.183 26,032 10.527 5.049,526 5.C60,053 14,568 14,588 8.685 12,278 32,253 32,253 79.237 14.849 3,593 Totol In¢om• 2.714.()40 6.2e8.288 9.(K12,328 2,201.466 6.066, 147 8.267,613 Expendlture on: Raising funds Chantable activities Sustainable knvelihood prqects Educali¢n and ¥¢vocacy 1.040.949 2C6,881 1,247,830 1,072,615 420,920 1.493,53S 1.584.395 5.628.885 7,213,280 1,443.440 5.652,755 7.096,195 167.255 167.255 209.671 209,671 Total ?xpendllurg and other income and endowments ,628, 65 75 Net Income I {eX￿ndItUre) lor th? y•*r 9 78.5591 452.522 373,963 1524.2601 17.5281 1531,7881 Transfers btrtwn funds Net movem?nt In fund• 178.5591 452.522 373,963 1524.2801 17.5281 1531,7861 Reconclllatlon of lund•'. Total funds brought fomard 389,921 655,392 1,04S,313 914,181 662,920 1,577,101 Totsl furtda carrlod forward 14 .419. 55. All of the above results are denved frorn continuing aLiMties. TIEre were no other recognised gains or losses other than those stated above. Movements in funds are disdosed in Note 21 to the finanaal statements. A charity only Statement of Finanaal Activrtjes is IndLyJed in Note 26. The notes on pages 25 to 42 form an integral part of the financial statemwrts. 22

Ripple Effect International RipplE EffECtlnternational chatTtyrewstered In England and Wale512997171 and Stts￿d ISCIM9n2lwhthiS a company limited by8uatsntÈe10229￿24I. OLY re8l5teredoffi￿1$è1 Theokl Eststeyard. Newton St Loe. B*h. BA2 96R. Balance sheets As at 30 June 2024 The group 2024 The thorlty 2024 2023 2023 Note Fixed a55ets'. Tangible 355ets 14 187,261 215.389 57,605 38,339 187.261 215.389 57.605 38,339 Current assets.. Debtors Cash at bank and in hand 16 23 529,299 4,$14,379 840,212 2,621,907 213,153 1,063,766 566,111 925,807 5JI73,678 3.462.119 1,276,919 1,491,918 Creditors.. amounts fallin8 due within one year 17 13.793.126) 12,602,192) 1360.5451 1813,5531 N•t <urrent ass•ts 1280.552 859,927 916,374 678,365 Total assets less £urrent1Sabllltles IN67￿13 1.075,316 973,979 716,704 Credltors.. amounts falllng due after one year 18 148.5371 130,0031 148,5371 130,0031 Total Thet 355et$ Unrèsti 1,419,276 1,045,313 925,442 686,701 Fund$'. Re5tri¢ted income funds Prior Year adjustmeni Unrestricted income funds.. 21 1.107,914 2,306,806 11,651,414) 861,989 1,028,035 27 Unrestricted general funds 311.362 389,921 63.453 1341,3341 Total funds 1,419,276 1,045,313 925,442 686,701 The net surplus of the Chartty befo￿ consolidation was £238,74112023 deficit of £556,682), see note 26 Approved and authorised for issue by ihe trustees on 8th November 2024 and slgned on thelr behalf by Peter Jeffrles Chairman 23

Ripple Effect International Consolidated statement of cash flows A5 at 30June 2024 Note 2024 2023 Cash flows from operatlng artlvltles Nèt tash provldtd byl (used Sn) <>peratlng actS4Tr¢lts 22 1,969.445 1,382.087 Cash flows from investing activities: Proceeds from sale ol fixed assets 17,832 198,4651 Purchase of fixed assets 14 146,9731 Net cash lused inl Iprovided by investing activitie5 146.9731 180.6331 Change In cash and Cash equfvalents Sn the year 1.922N72 1.301,454 Cash and cash equivalents at the be8innin8 of the year 2,621,907 1.320,453 Cash and cash equlvalents at the end of the year 23 4.544,379 2.621,907 24

Notes tothefinarKlalstatemerfs A5 bt 30June 2024 Ripple Effect Intwnational Ilorffletlv5e￿ a Cowl ￿3(OmpanY Iifflited tweuarantet. reg￿ere￿ in Engla￿1 and Wale5 Icompany number.. 0229002413nd reg15teredwrththE ChaTityCommi55KJn [r￿￿tEred￿urnbÈr.. 299P17l￿dt￿￿oF￿[tUf theScDtti5hCharrty RegulatDr ISC497921. AippleEfFeEt Internatlonal's reÉiSteied address on page l. Oa•l••f pr••W￿0￿ Thefin3nci31 st3ternents havew prepared In accorda￿@¥jI￿ACc￿ntin¥ RepOrt￿$b¥chantI￿S. Statefflentof RecDmmended Pr3Ctiie ?pplicable tochiritie& pre￿rIng thEiriccountsin accordèncewrththE Financ￿1 Reportin&Stsndard applicab￿ In the UK and Republi[ of ITeland IFRS 1021 (S￿Ond Edltion. elfective I14nuary 20191- ICharitiesSORP FRS IOIL theFinèncvdl Rewrt1rstsfxl¥daOKa￿e IDlhe UK •nd Repu￿1¢¢1 Irtlèr￿ IFRS 1021 (Miich 20181 and IheCornp4nie5An2W6. Assetsand Ikknlitles•leln￿laItY lec0£￿Sed ai hlstOli(alctyt￿ trarlsaction value ￿n￿OtherW￿stdLed In the re￿¥antac¢OUntinL polkyor note. ThsÈ I1￿￿¢111 stètèmÈntstOnsoIRatÈthèrÈsuhstsf Rip￿ Efrtrt VIa￿￿11￿p1È EffÈtt Kenya. RIp￿4@Effttènd RipplèElfÈtt Tradin¢Limrted tsn a IiThÈ bv Ilne basis. all arechèritat4ecomp3nles andaieth0lty-0w￿dSub$KIla￿. Tran￿lortS and balance5between tharitablecompany and It5 Subsldiarles havebeen elifflinated fromthe<orrf0lidedfinw¢￿lstyeffiEThts. BaL4Ke5 bweeTrRipp￿ Elfen Imematw414nd thecompanie5 are d15c105ed ini noie501 ihÈ Éharhtab￿ tom￿nY'S bèL4ncÈSW. The 4ccoyntini polKie5 of Alw￿ Effeo V84nda. Al￿p￿E{fe0 Kerw4ffld Al￿eE￿Ie0 rn4yvary Iroffl iho5e 4thpted byiheiroupin relation to the level of Items cèwtallstd at)d tieèied as lixod as￿$.ThÈ£0ts$o1l￿•led ètCOuntSu$e•tt￿nI￿n1p￿￿% which areti)n$i$tetht loi ft1p￿￿ Effett InterThatlonèl. Consequenriy. rheseparateenihty Kwuntsfor Ellect Uytida. RlppleEttea Kerwawd RI￿ee￿IKt s￿?￿dI1treThtva1Ues torcertalr transactlons. The Ilnan¢ial statefflentsaieprepared In pound551erlin& rwndedioihe neare51 pound. Puhlr bwwlh•iUIY The chaTltaWecompany meetsthElllnh￿0f awtteneffteThtityundErFASIO2. The trustee5 conslder thot therearerKrnOter￿IU￿ert0￿t$0b￿lIhE<harot￿cOMp0￿¥'sotdliWr0 contlweJsJ eolns corKern, In rnaklns th15 I￿s$￿ent, ¢h•Tivsttts h•vtCOrfk1tred • oryt•tlr0mi￿dl¢tOf •optovinithtkn•h¢i¥l $14tments. TherÈarÈrto ktyiud1emÈntst￿I tfvethar￿3b￿ lom￿nyhaS made Wh￿hhayea SiRnrfaM effect on theaccounts. The trustees do not con¥der t￿1 thereore Jry50urcesol estim￿￿ urKertJintyJt therewrtlrydJtethJt hJ¥ea 51inWk¥nt rlsk of cJusln8 • rraterlèl Income Is recoiniSed when thechèiit¥hasentitlement to thetunds. anyper1orma￿ec￿idrtvanS attachedtothe income have been met. it Is prcbèble that the IrKome twll be iecwved¥ThY ihai iFeJmount ¢Jn bernexured id+ty. Income Irorn iMinrnent and0t￿l irants. w1￿ber'capI1aI. Irantsor'ithenue. yants. is recryniSed whenthecharlty has entitlement tc the funds. any perfoTffl¥nce condltlonsait8thed to theyaM5 hJ¥ebeeTrrnet. 1115 wob1t4ei￿f the Inromewlll ￿ recved?nd the8fflount un ￿ me85uied reli•blv ènd is not deferrtd. For le8aCies. entitlement pStakenèst￿ earl￿rotthedèteOnwhiCh eith￿. thec￿lIty15 aware that piobehas beeniranted. theestate ha5 been Int¢me rereived In advance of the ww5iOnt)l a swrt￿seNce Isdelvredvntil thecfjteria IOT ifKome re(08nrtipn are rnet. Interest on funds heldon dep￿5￿ Is Included when rKel¥atleand theamDUThtun te rneawred rel1abtybyt￿CharIry. thlsls noTrnally upon Dotlfvcatlon I theinier¥t paidvrpaya￿etryt￿ b•nk. Ae5tri(ted lund5 èretD beu5edfoI 5tcrfiLtywKXW5aslaHIth￿ ￿thed0￿)r. rn*t5thE5ecriteria i5charpd tll thefund. U￿r￿triCted fvnd$4re tharior6?nd OthErknr¢Jrne•nde￿￿Tf￿￿11xeWQrUe￿er￿¥e￿lorth1th•fft¥tIeWrp￿S. Desi8natedfundsare uniestlirtedlundseèimaTked tythetiusteesfor p3rt1tularwtr1)￿. 25

NotestothefinarKlalstatemerfs A5 bt 30June 2024 ExpoMdkno••llwrnc•wrthVAT ExpendllUTe Is rerognlsed o￿tthe￿ ￿ a orcwtyvCt￿ ot4iwwio Makea pavffleni ro a ihird pany. 1l14yobab￿1hét5ettIeme￿twk11 be required and theimount of the o￿lgation{an bE measuredreliabty.Expendrtureis dassified underthEfDllowinE artlwty headinES.' Costsof rèiSin8funds relètetothetosts illcuried ￿t￿¢￿irt￿et¢X￿rty Ill InthJtini third part￿t0 makevobJntarytontribJtlonsto It. èswell ès thecostol anyaaivrtie5 With a fundra￿nE wrw5e ExperOiture on ¢haritab artiwrie5 Inc￿OeS thec05tsolsoo$ and aeriuJltural and•Jvocacy. campalening Jnd educatlon project5 undertakentofurtherthE wrw5e5 of thEchatityandthEirassotiated sUp￿rt(Ost5 IrrecoveraNeVATls thargedxècost ègalnsttheactMtylorthKh theexpefvjiturewas Incuffed. Exp@nditUTe is allocated to the particular￿￿rtYW￿￿r￿theC05E relate5 directfytothat attrm. How￿r.thE c05t of overall difection and adfflini5trJtion Df eich ictivty. tompri51nEthÈ 5alèry and tostsol thÈ lunrtitsn. IS ap￿rtioned On the bès of stafftiTneand the aTnoUnt3ttri￿table to Wheie Infoimètion aboutthe èlms. 04'e£tknsand pr4%Ktsol the tharltyisprovthd t0p￿r￿mmep3rtldp1Thts. the ts)Sts aSSOCiated wlth thls publltlty area110￿te￿Iochbn1ab1ee%oeThditUre. WhÈit luth 1014rmatiohèboui ihtaims objÈctThs•￿ Wojectsdihtt￿lItyi%aktsWOth tthpoteiltial donort attwityctsstsaieappr>rtioned bÈtwÈe fundraisingand charilabkacri￿¢ieSOThIhe bos￿01£$11M0iedI11￿$￿I oneath actthty. Governanct tosts aret￿ tosts ègSEXièted with thÈ iO¥einantearianiemÈntsof Ihechèiity. Thesecostsaiassotlated wlth cohstitutlonèlènd statutory requlremeris art4 includeany costs aSsKSated ￿th thestratqK Manage￿ri0f thechaiivs act￿¢￿5. pwrt and lo¥ernan￿cO$tsJrertrallo￿ale￿We0cbollheèC1fvrt￿ bbsedonestim)tedtlrnespent. Rental char4esarechariedon a stiaSsht Ilne bb9s￿r￿hett1ffid￿e1ea5e. Itern5 01 eoulpfflentarecapio115edwherethewrtha5eprke eAceed5£5COIUK bJsedJs%etswtylor Wthe rteffl lsan overseJs vehicle. Depreciatlon c05t5 eillocatedto3ctiYiiie5 Qll the bw5 01 the u3tof ihe144red￿stts Assets¥re Teviewed Irnpairmew Il ¢ircumsian¢e5 Indlcaie thelr cairylni valu mayexceed their net 14tsaNevalue value InuS. WhereflKed assets have been ie¥alued. any￿(e$ste1￿etri lbertra￿e0•ffiDuTh1Ind thehlst0dccost0lthe￿%ef Will beshown asa revaluation reserye Dweclation IS pfovlded at rèt•sC•ku￿tÉdtOWrft¢th￿t￿ ￿lath ass•t tolty•Stimat•d r•slthJal valuè its èxpett•d u$Èlul I￿.Th0 depreclatknn lates inuseare as lolkn¥¥s'. Equlwent Jnd leasehold Imw(￿eMents Jnd 25% (￿rseaS vehkles Land and bulldlry 33 Tiadeand othei debtorn arertt￿￿knd att￿ sett￿ment anwuThtOJeafterany tradedlscountollwed. Plepayrnents arevalued atthe èrnountprepa net of any tr¥4ed15coun15due. ¢Mthqtbllnh Cash at bankand cash in hand IDdudes cash èDd 5hvt ierrnh58htylqL4wJ irfye5trn￿l$￿lth a short rnJturlty of threemonth5 or less liorn thedateof rqu15111onor Openi￿ Dlthedepos￿ sIMii¥r#twi. C•sh b1￿￿e$eXcI￿￿fvnds W oTrbeh•llof se￿￿e￿Ser$. Cr•dlt•Mand Creditoys and prowSiODS are reco8nised whert thethanty hasa pre5entoWi8aihJn re5ultin8 Irorn a pasiertnithatwill probabtyresutt in thetransfer of fundstQ 4 Ihird garty¥nd Ihe orwynidvei05enieiheowyiioTrunbem￿SuredQr e5rKwed rel￿￿. Creditors and prov151on54renoTffl3IIy retO¥n15ed èi their sE1t￿￿e￿i amount èfter allowinÈ foranyt[￿td15¢o￿ntsduÈ. Redurdanryand Termination (ostsare a¢CQuntedforoA anac(fualsb3 The chèrityonlyha5finan¢ial a55etsandfimnc￿ll￿￿lNle50l a kindthatqualrfyas ba5Kfinanc￿I In5trument5. Ba511 litboncièl In5trument5 are Initially reco8nised at transactlonvalueandsubsequenttyrneasuredat lhwrseu￿rneniVaIVe￿l1bthe e¥<eptloTrof bank loan5whlch are subsequently measuied ornort15pd (￿t￿Sing Ihe efle01￿ intere51 rnetw. The Charity hasarranied a derinedcont1itrArtK￿ s55esonihp5e contr¥ts pre rwogn15ed in Ilnewlth FR5 102 guidan￿. CritiC313CCOUnting ￿tiMatesandareasOf juernÉnt.' Some exa[np￿ ¥￿rdingf0rth￿15. Estirnate5 judgetnentsare continually evaluated and are based on hi5torit3lexpefiEnteandother factor5. i[Kludi￿expe[tatlOD50f futuree¥entsth•t are tDberea50na￿euTrder the cifcumStanceS. The Charltydoes notcurrentty haveanysnrfi(afftt aCU4JntlnB eslkniJte50rar￿Of iud8wt 26

NotestothefinarKlalstatemerfs A5at 30June 2024 2024 Total 2023 Gra￿ts Re<£￿ed Unwe5trirted Rtstrirted Ar3bGuWPrD4tarnmEfDT Bothar 174,755 120.294 137.998 11.903 67.423 Brooke Equine Wehre Donkeysanrtuary GueTn5eyOver5ea5Aid& Devdopmhxnt Ctynrn HeinekenAlrica FouThd4t￿n 141.191 5&369 66.369 3W.578 3lh).57B 569,753 14,768 International CEnterforTropiial A8iicuhurÈ Internatlonal ￿elOpment Researthcentie Internatlonèl Labourorganisatknn lerseyO¥erseasA M¥51ercard Foundion Medicor Foundation RoyalJer5eyA8ricultural & Hortiiuhural Sotiety Stnd a Cow Int Iknown a$Rip￿t Elfett us) The Samworth Fout)dètion 102.585 174.868 120.635 598.438 1.949.662 l(K),C 101585 174.060 110,635 $9&430 1.949,662 83.101 B45.741 914.385 3￿,000 151,154 214.8JD gS.C•JO 213.963 214.830 85.( 273.963 382.369 85,000 UNICEF UK Aid frtsm Ihe Biltth peo￿4.wI￿lrftor¢it￿loh•￿d 5uSt¥1na￿eII￿ihwthfor communltles ne￿hbou￿brf Murchknn FalhProte(iedAreè. Northwnviarth. World Food Proirarnme Zoet15 8el¥lumSA Incume liorn other8rJnt5 Jnd riu5t5 under£SO,C¢i)orAnwyrnous 193.741 478.824 S5.027 706,784 193.741 47& 55,017 7J3.714 427.362 449.365 475,836 27.D S.713.649 5.740,649 5.060.053 Grarti artrltwsi lrt¢ome re(tw Is lxwnded lnAlii¢•¢nth•rrt•W•u￿1￿ies￿thi(h I￿￿4¢. so¢W dev4oprh¢M Ind o•ri(ulluro1 pr¢i¢et$, adv¢¢•ty •nd education artbvIt￿$. Prioi year Income Induded unrestricted incomeol EIO.$21afvJ restricted Income o1£5.049.526. Send a Cow Inc DBl4 HIpp￿ Ellefft U$15 J 5eyrate Wityvew*red Inthe USJ5a 501¢3chvity & cM5hlered as a pJrtner, 27

NotestothefinarKlalstatemerfs A5at 30June 2024 ur￿￿Cted Re5trictEd 2023 Total Glfts LeÉacks 480553 2.548.564 598.617 2%30.927 317.534 598.617 2.666.628 480.553 3.147,181 3.148,461 Un[￿tri￿ed Ae5tiitted 2024 Total 2023 Acthntle5forzeneraiswfvnds Othef SuStAlnable AgiloJttureTr•dlni INome 6.yl 6.541 4.568 10,000 6.S41 &541 14.568 uNestiicred Re5trfcted 2023 Ttytil B•nk irfe¢es¢ rer¢l¥¢d 79,237 11,925 12,278 UNe%trjrted Restrlcted Tot•1 Oth4( 26.032 24032 32,253 28

Notestothefinantlalstatements Forthe ¥eareTrded 3OJune 2024 Anal￿15 eKpenditure cha￿tab￿ artmtie C05tof SuStainatleLryeliho(é A(kn(xyand projects E(kntatiQn projK Gtyernar sts Z024Tot¥l 2023 Tot31 Staff 105t5 INote 101 Dlrert Costs Gtants INote81 of1￿ management IT and equipment Leeal andaudit lee5 813.992 303h30 2.876.913 3.295.759 569.162 141.975 76.971 30.861 1(.891 4479 232.404 4,1)3O,2 3,W,268 569,162 214,396 108,559 61,780 4,23D.4SI 3.827.624 321.872 255.688 95.215 68.551 65502 6.919 3.414 13 li.(A4 21.632 9274 L2(I>.488 3B.342 &991.641 211.639 162.116 5.139 265.120 8.628.365 ,799.401 Governancec05ts Tot8lexpendkure 1014 1.147.830 7.211210 167JSS 629,365 .799.401 Total expendhture2023 1.493.535 7.056.195 205.671 8.799.401 Of thi total xpehdltur•, £2,810.S85 wasunl•StIKt•dllOIJ.. E2.72S.726>￿d £S.819.9fowas r•str*t•d12023.. £6.073.6751. chatstab￿ I(¢￿Ille$ C05t of rJ151ry >J51JinJt4eL￿lhhQOth Aokn(xyJnd lu ojects Eth￿ltyn piojo¢ts GovemJnee tasts 2023TDtil 912.209 430.701 2.937.915 3,336.469 321.872 l?4,972 IZ9.611 2SO.7C 4.230.451 1117,624 311.872 255,611 3.623.402 172.207 Olllce m?nJoemeni 71,694 9m2 IT and equipment Leyl andAudii ltrs 20.167 10383 60.35> 34,257 3.769 10.926 24.(KJ2 95,215 60,5SI 94.056 1.445 48.481 865.840 230.347 202%65 285.634 1285,6341 199,401 7.904,536 Gtsvernènce tosts Tot•lexpEndl¢￿r¢2o2j L493,535 7.Th195 ZOg,671 799,401 TDtal Ex￿nditUre2O2? L.423.7r 6.267.577 213.253 7.904,536 29

N¢xes to the ftnarlal ststements Fortheyear ended 30June E024 Grant making 2024 2023 Cost AgriNet LJ£and3 Lirnited Cenier for Rights Educat￿Th & Awareness D3wuro Development A550ciion Feast Foods Ltd Protessors Ltd Ibandè University Kah3watu Foundation Micro Enterprises Support ProBrammeTrust Send a Cow Inc DBA Ripple Eftect US Terepeza Development Auociation Tusk Trust Ltd 56,671 25.216 21.881 4,766 156.675 9,4ai 44.516 68.122 16,667 1.373 121.346 69,756 7,632 191.507 Zambia Rainbow Development Foundatthi 86.515 At the end olthe year $69.162 321,872 To furtherthe reach and irnpatt ofourwork we seekto ￿rk￿lth partners as aFvropriare. Measures are In place to ensure effective use of funds. This 15 Staled afterchar8ln81 Icreditin81'. 2024 2023 Depreciation IGalnll Loss on disposal of flxed as￿5 Operatin8 leèses.. propertv Audiiors, remuneration lexcludlngVATI'. Audit her service5 Trustees expenses Foreign exchan8e1831ns >or195se5 75,101 8L740 17.812 182.274 159,605 23,280 1.320 3,696 22,440 1,8ZO 69.522 30

N¢xes to the ftnarlal ststements Fortheyear ended 30June E024 io Analysi5 of staff costs, trustee remuneration and expenses, and the cost of key management personne1 Staff costs were as follrtW5'. 2024 2023 Salaries and wages Redundancy and termination cost5 3,Z47.966 15,378 134.754 3.398.087 57.730 169,307 408.895 196,432 Pension contribLrtions (Xher forrns of employee benefits lincluthn8holiday payaccnwll IS5.154 4.038.456 4.230.451 The nurnber ofemployees whoseemoluments (excludin8 eM￿0ver5 pension) amounted to ovef £￿$,1￿) inthe year are as follows 1024 2023 No. £70.&￿ to £79.999 £9),[K￿ to £99,999 Total employee benefrts Intludln8 employei Matiofi•l Insurnre contributions but extludith8 pertSh)th contributions for key maTha8ement personnel was £462.13212023". £474.0481 The charlty trustees were not paid or receNed any other bpnefit5 from employment with thp chority In theyeaT12023.. £nill. No charity trustee recelved payment for professional oi other services SUPk4ied to the charity12023.. £t)ill. Trustees. expenses representsthe pavment or reimbursement oltra¥*l aTrJ $￿sistenCe costs totaling E3,696120Z3'. EI,8201 incurred by 6 12023.. 101 rnembers relaiin8 to ￿tendance * merfin85 ofthe irusiee5. li Staff nunibers The avèra8e numberof employees (head tount bastd on numbÈrof staff employedl durin8tho yeirwès as follows.. 2024 No. 2023 No. M3rketln8 and developmenl Pro8ramrne5 M3na8emeni Ilnc MonKofin8 & Évoluaiionl Management & Adrninisirarion Pro8ramrne deliveryand suppon (Africa based) 2S 31 li 2>7 li 203 281 256 31

N¢xes to the ftnarlal ststements Fortheyear ended 30June E024 12 Ripple Effect InterD3tional fflade gtants totalinÈ ÉL30.760 12023..£454.9431 to Ripple Effert Uynda durinÈ the Veèr. Ripple Effect International transferred £nil 12023.'£11.791 for reirnbursed costs to Ripple Effect Uganda for tosts Incurred ouiside the scope of their project ddivery. The balance due to RipFAe Effect Uganda at 30June wa5 E4,40212023..£3451. Ripple Effect Intern3tional made grants totaling [156,392 12023.. £659,4ts11 to Rlpple Effect Kenya Ripple Effect International transferred 9,12812023.. £70.&XI for reifflbursed costs to Send a Cow Kenya fof cost5 incurred outside the Scope of their project delivery during the year. The balance due to Rlpple Effert Kenya at 30Junewas £7.68112023.. balafftce due from RIp￿e Effett Kewa". £4,￿51. Rlpple EfFect International made Brants totaling £439.23912023.' £nill to Rlpple Eflert. Ripple Effect International transferred Enll12023'. Enill for reimbursed costs to ftipple Effect for cost5 incurred out51de the scope of their project ddivery during the year. The balance due from Rlpple Effect to Ripple Effett International * 30￿nWaS £5.03312023.. Énill. Rlpple Effea International recelved recharges totaling £75.72712023.. £82.C861 from Rlppje Eflert Tiadln¢ Ilmlted. In Ilne wlth their cost 5harin8 a8reemeni. The amounr ar 30Junewas £21.69912023.. £21,412). Total donations for charffable activities fromtrustee5toralled £19,68012023..e53.6821- 13 Taxatio The charlfv Isexempt from corporation tamas all Irs Is tharftaNeand Is appl￿ forcharftable purposes. 32

N¢xes to the ftnarlal ststements Fortheyear ended 30June E024 14 Equipment and offite imrMo¥ements FTethld propert¥ rseas vehicles Totsi 2024 Cost At the start of the year Addirions in year 122A82 136,284 4,570 898,924 42,403 1,157.690 46.97J At the end of the year 122,482 140,854 941,327 1,204.663 At the start of the year CharÉe for the year 66￿12 3.712 121,275 754,214 64,421 942.301 75.101 At the end of the year 70524 128,243 818,635 1,017,402 Net value A¢ the end ol the ye•r 51,958 12,611 122,692 187.261 At the start olthe yeor 55,670 Is.c 144,710 215,389 All of rhe above as￿$ are used forcharitable purwses. EquIpm￿t and Imyo¥ements cfverseas vehleles Tot•1 2024 Cost At the slart of the year Addlllons in year L36.280 4,$70 a86,428 42,403 611.708 46,973 At the end of the year Depreclatlon At the siart of the yeèr Chr8e ftsrt￿ yeir 140,850 528,831 669.6BI 121.274 463,095 20,739 584,369 27.707 At the end of the year 128.24Z 483.834 612,076 Net bmk value At the end olthe year 12,fA)8 44,997 57.605 At the start olthe year 1S.(*J6 23,a33 38,339 33

Notes tothe financial staternents Forthe year ÈndÈd aojunè 2024 15 Subsidi3ry undertakings Rlpple Effect Uganda, a company limited bygL47ranteeand incorporated In Uganda, is a Whol￿ owned subsidiary of Ripple Effect Internaiional. Ripple Effect U8anda has a Non-government Or8aniSaiion re81strat￿n number 1753. The attotsnts have been prepared and audited in Ugandan shillings forthtyeai ended 30June 2024. All a¢tNiiS have l)Thtonsolidated ort a line by line basis in the staiement of financial actNitie5. Asumffjaryof the rewh5 of the wbydiary 15 Shown below. The principal office of ftipple Effett Uganda is Plot i, 5semawata Road Niinda, P.0. Box 23627, KampaLI. Ripple Eflect Uga￿da istreated as a subsidhiry as it hasa Separate company registration, and separbie NGO re8iStr3110n. Rlpple Effect Kenya re8iStered loca￿ 35 an loral NGOeffectwe trom l April 2019. From thisdate, Ripple Effect Kenya became a wholly owned Subsidiaryol Ripple Elfe¢i Internaiional. Ripple Effea KeThya hasa Non-government Or8anisation rÈ8iStraiion number 2181051117- 033110709. The a¢¢ounts have been prepaied a￿1 audiied In Kenr4 shillings fortheyearendtd 30 lune 2024. All adivi1S have been consolidated on a line by line bas15 In the 5talemEnt of financial forthE8rn￿p. The principal offKe of Ripple Effect Kenya 15 Kefinco Estate Hse 2., Box 1761-501(M) K3kame8a. Kenva. Ripple Effect knya istreated as 3 SUb￿0￿￿rya5 it hasa separate company reBlStraLlOn, and separare NGO regisirarion. Rlpple Efltct rewstered asan lotal NGO effectwe Irom 9 June 2022. From this date, Ripple Effect betamÈ 3 wholly Owned subsidlary ol Ripple Elfect Iniwnatiortal. Rip￿¢ Efleci has a Non-government fy8artisaiion ie8istration number 2181051122-097112473. The accounts have beeh prepaTed and audited In Kehfa Shill￿8$ lty the year ended 301uhe 2024. Ml a¢tivitS hè¥e been consolid3ied on a liDÈ by line ba51s in the statement of financial actNitiesfor the 8roup. The principal olficeof Ripple Effect Tulip House. 2nd Flr, Mombasa Road, Nairobi. Ripple ENeft Kenya istreaied as a Wb￿d￿7ry3$ n hasa separate ¢ompany rewstraiion, and 5eparaie NGO re815tr3tion. 2023 2024 2023 2024 2023 Inwffl• Incomefrorn oertemiedjunds Investment income 107.927 26.$7S 2,131 Incornefrorn choiitoble octivltles Grants re<eivab Grants re 1571,0871 1830.5831 1447.3191 r4ei mo¥ementln fvhds 24.635 1.731.917 18.0501 Total a55tts Total IlJbllltles 3,n4,016 2.IM9.179 13387.9521 141,5141 135,125 113.1941 52,133 21 17,9601 Totsl fur￿5he1d 384064 1.967,665 121.911 44,922 17.9391 34

Ripple Effect International Notes to the financial statements For the year ended 30 June 2024 15 Subsidiary undÈrtakinES Ripple Effett Trading Lirnrted IfoTmally Send a Cow Trading Limited) 15 a wholly owned subsidiary of Ripple Effect Internarional dLJe to common control. The principal activities of Ripple Effect Trading mited is to carry out tiading actiwties on behalf of Ripple Effect. A resource Sharing Agreement is in place between Ripple Effect Trading Limited and Ripple Effect International. Ripple Effect Trading Limited is Registered as a Company in England & Wales1137279871 and has a registered office at The Old Estate Yard, Newton St Loe, Bath. BA2 9BR. Not withstanding the net liabilitie5 of £6.221 at 30 June 2024. the financial statements for Ripple Effect Trading Limited have been prepared on a going concern basis. This trading company is required to ensure tax cornpliance when acceptin8 donations with some corporate bodies. 2024 2023 Income io,( 112.5611 Expenditure 13.6611 Retalned surplus for the year 13,6611 12,5611 16 Debtor5 The th•rily Z024 2023 20Z4 2023 Other debtor5 Tax recoverable 16,299 2Z,632 4￿.368 4.215 110,929 725,068 69 22.632 190.521 110,929 455,113 Prepayments and accrued income 529.299 840,212 213,153 566,111 35

Ripple Effect International Notes to the financial statements For the year ended 30 June 2024 17 Creditors.. amounts falling due within one year Ih• ¢hurfly 2024 2024 2023 2023 Trade creditor5 Accruals and other CTeditors Deferred In£ome117al Other tax and social security 79.342 312,632 3.335,522 65.630 104.256 398,658 2,007,572 91.706 77,652 242,769 103,942 282,587 356,158 70,866 40,124 3.793,126 2.602.192 360,545 813,553 At 30 June 2024, the charity had £nil of foreign exchange contracts in place12023.. £179,597). 17al Deferred Income Tho grwp 2024 Tho thfjrlly 2024 2023 2023 Balance at the be8innin8 of the year Amount released to income in the year Amount deferred in the year12023'. adJu5tedl 356,158 1356,1581 3.335,522 356,158 1356,1581 2.c￿7.572 356,158 3,335.522 2.￿7,572 356,158 18 Creditors.. amounts falling due more than one year Th• ¢hurfty 2024 2024 2023 2023 Severance provision 48.537 30.IX)3 48,537 30,003 48.537 30.1￿3 48,537 30,003 The severance provision relate5 to end of service benefit payable in jurisdictions where there 15 a legal obligation to do so. 19 Pen510n scheme The Charity has a defined contribution 5chetnefor its UK based staff. Pension costs charged in the Statement ol Financial activities represent the contributions payable by the Charity in the period, anv outstanding contributions relate only to June 2024 and these were paid over Immediate￿ after the year end. These arnounted to £12.47112023..£15.8981. 36

Ripple Effect International Notes to the financial statements For the year ended 30June 2024 20 Gener31 unresrrirted 2024 Restricted funds 2024 Total funds 2024 2024 Tangible fixed assets Current assets 187.261 3.965.764 13,793,126) 148.5371 187,261 5,073,678 13,793,126) 148,5371 1,107,914 Long terrn liabilitie5 Net assets at the end olthe year 311.362 1.107,914 1,419,276 General unrestritted 2023 Restricted funds 2023 Total funds 2023 2023. rèstatèd Tangible fixed assets Current a55et5 215,389 215,389 1.155.313 2.306,806 3,462,119 1950.7781 11.651.414> 12.602,1921 130,(K)31 I30,￿3) Ntt assèts at thè ènd otthè ytar 389.921 655,392 1.045,313 37

Ripple Effect International Notes to the financial statements For the year ended 30June 2024 21 Movernents in funds At rhe start ofthe ye3r Income & Expenditure & gains 1055es At the end of the year 2024 Transfers Restricted funds: Burundi projects Ethiopia project5 Kenya projects Rwanda projects UK Projects Uganda proje(ts Mastercard Foundation 17.755 229.607 34,576 314.669 7.920 50.865 428.236 1.296.778 1,032,534 641,236 4.143 604.592 2.022.470 414,552 1,075,982 624,874 830,366 12,063 597,160 2,022,470 31A39 450N03 442,236 125,539 58,297 UK Aid from the 8ritish people'wildlrfe protection and 5U5tainable livelih￿dS lor communities nei8hbourin8 Murchison Falls Protected Area, Northern Uganda, Zambia projects 193,741 64,558 193,741 64,558 Total restrlcted funds 655,392 6,288,288 15,835,766> 1,107,914 Unrestrkted funds: General funds 389,921 2.714,040 12.792.599> 311,362 Total unrestricted & desi8naied lunds 389,921 2,714,040 12,792,599> 311,362 Total funds 1,045,313 9,th)2,328 18,628,365) 1,419,276 Purpose5 of re5trlcted funds Restricted lund5 are used lor the specific purFK)se5 as laid out by the donor. Expenditure which Meets these criteria is charged to the fund. Purposes of unrestricted lunds Unresiricted funds can be used in accordance with the charitable objetts at the discretion of the Trustees. 38

Ripple Effect International Notes to the financial statements For the year ended 30June 2024 21 Movernents in funds- conliThued At the start of the year Income & Expenditure & gains losses At the end of the year 2023- restated Transfers Restricted funds: Burundi prtsjects Emerge Poverty Free projecis Ethiopia projects Kenya project5 Rwanda projects SACUK Project5 Uganda projects 84,173 209.864 90.123 168,361 40,020 70.379 773,811 1.205.760 S87,995 1,169,369 208,820 724,510 893,287 1840.2291 11.186.017> 1643,5421 11.023.061> 1240.9201 1744,0241 1893.2871 17,755 229.607 34,576 314,669 7,920 50.865 UK Aid from the 8ritish people'wildlrfe protection and sustainable livelihcx)ds lor communitie5 neighbouring Murchison Falls Protected Area, Northern Uganda. Zambia projects 427,S95 75,1((I 1427.5951 175.C#)01 Total iestrlfted funds 662,920 6.066,147 16.073.67SI 655,392 Unrestrkted lunds: General funds Oeslgnated reseNes Forei8n exchan8e Africa Programmes Gr0￿h 664.181 2,201,466 12,72S,7261 250,LKM) 389,921 (SO,￿)0> 1200,WOI 2C*).Cts) Total unrestrlcted funds 914,181 2.201,466 12.725.726) 389,921 Totsl funds 1,577,101 8,267,613 18.799,4011 1,045,313 Purposes of restrlcted fund5 Restritted funds are used for the specific purposes as laid out by the donor. Expenditure which meets these criteria 15 char8ed to the fund. Purposes of unrestrfrted funds Unrestricred funds can be used in accordance with the charirable objerts at ihe discretion of the Trustees. Designated reserves were set for the purpose of inve5trnent ifito future projects in Africa and foreign exchange reserve. where were utilised in 2024. 39

Ripple Effect International Notes to the financial statements For the year ended 30June 2024 22 Reconciliation of net incorne l ¢expenditure)to net rash flow fmm operating acti¥11￿5 1024 2023 Net income I lexpenditurtl for the reporting period las per the statement of flnanclal actfvhlesl Depreciation charges IProfitllloss on the disposal of fixed assets Ilncreaselldecrease in debtors Increase/ldecre3sel in creditors Increase/ldecreasel in Long term creditors 373,963 1,119,626 75.101 81,740 117,8321 1195,0591 411,839 118,2271 310,913 1.190.934 18,534 Ntt ￿sh provbded by I (used Inl operatln8 1,969A45 1,382,087

Ripple Effect International Notes to the financial statements For the year ended 30June 2024 Z3 Anatysls of cash and rash equlvalents Group At l July 2023 Cash flow5 30 June 2024 Overseas accounts Current account and petty cash 1.664.651 957.256 1.922,623 11511 3,587,274 957,IOS Total cash and cash tqulvalents 2.621,907 1,922,472 4,544,379 Anatysls of Cash and ￿$h equlvalents At l July 2023 Cash flow5 30 June 2024 Cfver5eas accounts Current account and perty cash 75.902 849.905 839.694 1701.7351 915,596 148,170 Total cash and cash èqulvalents 925,807 137,959 1,063,766 41

Ripple Effect International Notes to the financial statements For the year ended 30 June 2024 24 Operating le3se commitments The group's total future minimum lease payments under non-cancellable operating leases is as follows for each of the followinK periods= Land and buildings Smup 2024 Land and buildings EhDrity 2024 2023 2023 Less than one year One to live years 46A98 21.757 83,968 42.408 33,464 3,661 66,453 24,312 68.155 126,376 37,125 90,765 Legal status of the charity The charity is a company limiteij by guarantee and has no share capital. The liability of each member in the event of windin8 up is limited to EIO eath, there are 10 8uarèntees held. 42

Ripple Effect International Notes to the linantial staternents For the year ended 30 JLtne 2024 26 Parent siatement of financial activities 2024 Total Unrestricted 2023 Total Unrestricted Re5trirted Restricted Incomelrom.. Donations and legacies 2,666,628 480.553 3.147.181 2,135,433 1,013.028 3,148,461 Grants received Other tradin8 actiwties Investments Other 508.846 6,541 2,688 9.022 2.551.891 3N60.737 6.541 3.032 23.871 10,527 4,568 8,685 5,678 3,518.258 3,528,785 4,568 12,278 5,678 3.593 14.849 Total Income 3.193.725 3.047.637 6.Z41362 2.164.891 4,534.879 6,699,770 Expertdlture ¢)fi: Raisin8 funds 1.040.949 206.881 I,Z47,830 1.072.615 420.920 1,493,535 AÉri¢ulture projects Edu¢¥tion and idvo¢a¢v 1.580.734 3.IK16.802 167.255 4,587.536 167,255 1.443.440 209.671 4,109.806 5,553,246 209,671 Tot•1 expemdlture 2.788.938 3.213.683 6.IJ02.621 2.725.726 4,530.726 7,256,452 Net Income I lexpeThdlturel for the year 404.787 1166.0461 138.741 1560,8351 4,153 1556.6821 Reconclllatlon of funds.. Total funds brou6ht forward 1341.3341 1.028.035 686,701 219.501 1,023.882 1,243,383 Tot•1 fvnds ¢•rrled I0￿1rd 63,453 861,989 925,442 1341,3341 1,028.035 686.7Ql 27 Prior year adjustment Durlng the year the Trustees have revlewed the treaiment of an Item of grant funding Income. and have concluded that they consider It to be more approprlète to reco8nise It as performance related, whereas in the past it had been recognised on receipt. Due to the materiality of the grant fundlng, the decision was made to make a prior year restatement todefer income where the performance condltions had not been met èt 30 June 2023. The impact of thls prior year adjustment upon the comparative figures wlthin these financlal statements is as follows-. Summèry of the prior year èccounting impad.. Restricted Total Statement of Flnancial Activlties las prewously siatedl.. Income from Charitable Attivities- Grènts Received las pre￿ouSlYStaledl.. 6.700,940 6,711,467 Statement of Financial Activities135 re5t3tedl'. IntomÈ from Charitable Attivities- Grants Received las restatedl.. 5.049,526 5,060,053 The notes on page5 24 to 40 forrn In inteErJl part of the financial 5tatement5. Liabilities- Creditors. amounts fallin8 due wthin one yeèr las previously statedl-. Total funds las previously statedl.. 950,778 2,696,727 Bè13nce Sheet la5 restatedl.. Liabilities- Creditors". amounts falling due wiihin one year las restatedl". Total funds las restated).. 2,602,192 1,045,313 42