RiDDle Effe￿ Imernaiional
Trustees Annual Report
Financial Ststements
for reporting period
1 July 2024 to 30 June 2025
RIPPLE
EFFECT
It starts on on African form

d admlilstriih• I•1￿1
22KKI24
Ch¥lty no (E￿nd and Wal•s)
299717
Chwty no {Ofik• ol S¢dtth SC049792
Runwty East
eA1 1ER
P8trrba Nap
SIff￿ Gdl
P•ter (Ch*)
Shalin Ch￿010
rm Passey
Prna Patel
Karth￿ey￿ IKarth*) Dasari Chin
Los MuY4un lapFYrtd 1211212024}
Stepha￿ t)enriwi {res4ned ly1￿024>
Al*M Griffilh 12112120241
O(*ty Ireswned 1211W20241
Rwb• Efkn3 TN¥l••.
Pwl SliiwL ch￿ ExeurtNe
P,0 Box 47
37 Mils(m Street
BA1 Irm
Audit
10 Quewt Street
EC4R IAG

Rpple EITect 9roup cons*ts of
22900241 regffjlered with Ihe Chwty cw#mi￿1on {registwed nun*er 2997171
R4)pte Effect Tradry LiftNted (crynpany number 13727987)
Effecl U￿n￿• regtstwed M an Intern*￿•1 NGO li and • c(xnp•w
'mrted by guwantee
Ripp￿ Effect Kenya regffjlernd NGO fft K￿ry8
Effecl IntwnatsThl has an Alru Hub offKe nan%•d Ell•ct. r•g*twed as
an NGO m Kenya, ba￿d m N*'robl. Th• Hub offte wovkJi8 wppyi
Ripp* Effect iw*K*¢¥ in BuruThS. Ethv)P•. WKI Rw¥Thl8.
Ihw'r (wm boards and r•port¥ig rts]uirem*ts.
J•nfr•mth• CE•
As wt ol Rppl• EtrY•cfs &x C(thff￿niloS in nnl Al￿, 8•t a kerf
t￿ling 2024-25. w 1.1 rrdf•)n farn*ryJ arrfl f•iNl*s beneffted fw our
V¥* 81s0 Spent nwxe th￿ £llh on our whth ￿>￿9 yix ¢>)unlrni
transf<wm their Ive*￿>￿3 Ow Ywth Dwy pro)￿ m U9wth. wh¢h is fvnd￿ ty
Mastercard F￿nd*￿, of marry Over 63.IJXI young people have ¢nrol8d
a¥1¢￿15h1ry dfNe a￿1 delenThnalion Each try wè make enrth￿ our expe￿￿ m the
t humblity way SeM.he¥) 9rtyj￿ joined Icyces to prod￿1 8 ol crw. children
keenty tended to Iheir gwdens: and 7AryWI jLWJ9led k)okry after sma1Th￿IdingS.
lari1￿ aThJ hcrns, It Th88 th* Effed txrt
(￿rIng I￿ ytsr, the COfr4Nnrt*s In our PfC*3rar#nes also txed many hufdles and tr
P*nbng and har¥ésts, and causéd daftwgo and detsys. 8Lrt by tak￿n0 approach &)

expertbse lo le￿ frrxn chalengeg and success￿. lfi Januwy 2025. w• also asked
￿e￿¥Jen1 specthts Intrnc to rev*w wogl8nwy￿ a)d maké r•con¥Mndat￿s lor
also IcN)k me8$￿5 to stren9ihen our Intefnal opei8its1g and wr fmartSal sustslnabllty.
was largety in res￿#t to the ¥olatsbe global clrte. whth in¢kthJ rtyrvd costs. hwjh
aP&Ye¢￿Ie Lg•t ￿. I￿¥•d supw1 th•1 I￿l￿d￿j 4 £1.1 nMIIK)n 9rant
the 151? ol Man Gown1￿1 to rngenefate tho land and Ih*s ol CtsMiUnrt￿ in BLffundi
and Rwanda Th* was fdkYh*d ty ovef £71 Ok frcffi gtft8 in ￿11. whth iniecled vrt&l funds
P•ul Sluw( CEO, Rlppl• Effocl Int•rn

1988 is govern￿ ty Its Mth)rnndLwn arKI A5souakn. wrpose ol Ihe
chanty lo rel*ve povety in Ilwwh tr•ThrrfJ ￿ gJslainabl• ag1K￿l￿?
and communty de¥eky
ovwall gtratryy arvj fDr Rip* Effect is agreèd by I1￿ 8c**d of Tfttstees. •th￿Sed
the CEO and Senmy Leadefshp Team. RI1￿ Effécfs Ch*1 Ex8cutM? ￿ responsible fpr
off¢e dunng Ihe yew ￿ be lound on palle 1. Ryple Efferfs MorrKxwKlum and Artth of
Assoclgtion for th• 8ppofftln*nl ol w to 12 trustéés. The Chaiity has an open
after whicth may be appomiéd for a cOnStt￿ fow.yew temi Irustees are
Ihal appropfsale strvclures WKI MeChanw￿ afe ￿ place as the charty eNDl¥es meet
quarterty to stralew, pwfoMW￿, and risks Th￿ are bo* in p*•
We *lll Kht8¥e ow itrwh our vdu•• rt.
achwnng ¢)ur 2030 straQ8gy and lh8 XtK)ns take must 8180 81wJn wrth our and
pport th￿. Vle unde18￿￿1 Ihat trust ty eamed thrcwgh c￿￿191e￿I PK)r*i. eth
tséhav￿. and adlwence to (Xlf shared swinapks Ovr ¢(xnmrfmenl to integnty me•Yo Ih81
cOrnerst￿e of effe¢tNe dxwi.mBkry, IJu8t our donors. partwnts.
and partnef3 We have a re¥￿￿￿tIty to den￿nstrate a conynrtméfti to the
re5(¥urces IparlKuW f￿anc￿￿ we hwe 85 elledNety * •th￿Alty as we wibty can. We
a¢know*dge this reSpo￿lba￿ bw ltr*afds s￿pFI%1é[S, pant1p￿ts co*ues
The dfmng force behind FThti¥e th9rye is *lte9￿ kn c￿r apiyoxh c￿$1￿ ensure8
thal Ripple Efled's work ffj drivw by Ihe genuine deswe to mak• a posrtr¥e drffererKX. Wrth
ccfflpgs%on as wr gu¥Je, we wdl apF¥oxh al d*cusS￿$ and dorJsK￿S wrth empathy and
sensrtmty, con¥thring ltr￿ drrn5e circumstw￿ and r￿dS of au peW god
not onty to amve at ￿lI￿rned dec￿5. a180 lo nurtUf• affl en¥*￿n￿nI whefe every

•v2030 •lii t• i••¢h lh• MI1￿ p•wl•
shAls needod for lamws io wow sdl effeCt￿e￿ we often10st or ha¥e n
supw1•d Ryp* Efi•X •natAiw m11th￿S of pwlfj fft rural Afnc8 to kn n￿, grow
d n￿￿. We wdl conlmwk IhA vrt&l wort ￿ the dec&Je to cc*ne.
Our approgch 18 •ffK*nl. off￿￿¥* and a nK)rrnrrtum th8t spreads fw
fammès. 11 thrts on an Afrtsn fam aThl cre*es a eflecl that helps build a
Povety a lack ol mow. al￿ a kgck of food, dwnffly. edUC4￿n, heamhcare
opiymunty. tt ty often a fefie¢¢K)n of Unf￿r relat￿ships, &rrMted clKKe8. and 8 pw natural
enw(x¢merrt. We recogn￿ these corylex intwsectAM 8txI whibt w work SUPF**ts all lh•
Uniled Not￿.$ Suslwrt8ble OevebpnMI Goa16 ISDGSI, wè c*ar areas of exF•rtise
d locu5 V¥e have de¥eWd a of impact obpctr¥es. wo will rneasuie aWl￿t a
4 1 No rA)I*ty
Zeft) hury
G•tNlef equalty
10
13
0 17
Reduced mequalrt
C&m8le act
PwtnW5hipg lor the gQ
Rpple Eflect prograrTh￿ have c(#iMued to cryrYntmit* in rural AIrfc8 in 202¢25.
Thr￿jgh Our in Bufundi, Ethiopw, Kenya. Rwar¥Ja. UgaNJa. and Zamt#a (wrfh
r parlner. ZRDFI. ￿ have re￿tted a fvrther 1,103.417 Peop￿ voth <wr lrf•<hangiThJ tralnlng

In 2020 to rw£h S mthin fi￿• peop* ty 2030. to w thal ￿ of
(base￿￿8) arml at the end ol yw 1. yw 2, and yew 3 (knr balf the hou8eWs {52%1
baSel￿e 81898. lolky•nd by those vrt￿ h*J be￿t in iher wogrnnrn for a year
{35%1 The fest (1YAI Ye￿ 2 3 01 these tthgehoth."
5% ive wrth a diSat¥lity (women made up 72% of Ihi8 gr￿P). wother 5% *r•
Pgopbp hving Wrth HIVIAIDS166% of Ilwn were ¥K¥wi).
c• Was 08tMvJ 6.2 nutr￿￿U$ food tyws daty, an h￿r￿￿o th& ol
thwr (USAID 6 types pef day )
from 49% to ￿ 3%.
•ur w•yamM•s
Emp0￿ring women agaln8t ¢llmat• chang•
riry 2024.25, ￿ ¢ontm￿d to shw ar￿￿j dsmth arKI ada0 lo lh•
* aff￿led T*cxron rr#Yffj and l•thI￿g ththr lan￿1••$. The burden of
'ff*-inlén&vè lasks like f•tchwvJ water f¥ewood W virtualy ¢xrt Ony Wtenlbal f(Y
them lo oenerate an Vlcrnn ar￿ chlrtlren t*er8 tho rrKXt expo￿1 to huwer and
¥Ath e￿h I￿ge1K*J lo t1￿ ur¥lerSt￿ arnl Ihmk btyLYwJ cullural b&ld•
and $0ty81 attitudes. and ap￿￿￿te the ber￿ft8 ol shan'rg dec6Km.makiThJ and tasks Wrfh
our suppm. wcrfwt aEg0 b¢used h¢9wly on l*nI￿. nUtn1￿ arwj made k

Ripple Effect's train*9 in $ustsirth lamin9 and finwKi81 man*en￿l hgs
women lo be¢(fft skth¢J m. and kwledgeth about, growiThJ a vaT*ty ol cropo
afvj selliro thém to ean 8 9ood h¥ry. Vle ha￿ *0 enrfjwaged lo lom Vilage
Saving8 arKI Credrt Groups VISLAS). wovkl• 8mvJ8 aThJ %r•l h)￿$
slartmg mKff*bu%rbesses.
Ug4nd•: W<rni make up over 65% of the VSLA Ihgt gaved $2CQ,(MJ)
t￿￿￿$t•S that woduce bjttef. ghee and ycgurt.
Z•mbl•: (Xff partner8hi> vAlh ZRDF helwl 464 gr(xspx to SW6 8PPToxSmatety 7.Sm
Zamtsan kwatha £250 in ItKee fNmth$ We supwted wth training in t￿￿ne$S
nd create1gstK￿ ￿kJIM)n*
famifw ￿ rural Afrt*. despte Ihe (w¥wng cost-ol.fviry crisis are enorTrnusty gr8leful
E198.039 don￿ed ** US kn Glft All
. £397.979 wa6 fwed in ¢Jur m*thfvnded Chrislnw and appeoh.
£711.588 9￿ad to w In WPFXXtws' Wth.
has 8lkn¥ed us to invegl It￿e Iufmls ¥there Ily vMre needed to rexh all Ihe farTTW
tsnmlies ￿ fvYwi¥ed th• year Ixr uNestrKted luTrg¥ have *90 9wen us Ilexil%'lty lo adjust

ty unl¢yeseen ¢hal*nges al trwn S￿1 88 the c1w1￿le c￿.
the lasl yew
Suslain8w biwbj k) rexh 5 p* ty 2￿.
of 69% oi 2030 tW9el
Kl we mcfe8se¢J our spend on ¢xw chwilabk xlMIv4 lo E1(
Wé enswèd that 1￿ al r￿oi￿ doncrt conirlbU￿ io fUrtfi￿￿J cosls. whkh
lo delNef fun wr opefalKns. and ryfove fbnancial suslwabil•ty Havmg
IF•¢
Kenya arKI Eth￿p￿ funded by IntsmaUc*W De￿1 Rewrch C•ntr• IIDRC). aAms to
ing chry fof srydkscale lam*rn involved in ufflpa￿ cwe w(Kk The
8ttX￿d propd. lunde(I by the Isle of Man Gov¥M￿l. ￿ supportmg comrwnths
who live in the Lake Cydtha afea. belween Rwarx18 and Bunmdi. to reg&wate their ￿nd

and I1¥*W￿.
•niew ap￿0￿h vthth Ketya. The fxl¢X ￿111 focus (m iesting WKI
rnfiniw dlm8te•F￿INe agrKuMural lechnNw4 thn)ugh I￿.￿1￿j afKI de￿￿￿¥trat￿ tsm
a9roecological PffyJLKts services. SCKaal enlerrKffje ge￿rat8 and reffivesl lunds
10 ￿0¢h people Insights Irryn the Kenyw ylol l* us lo nJn sil￿ p￿]•¢1$ and
ar￿ rts impath IUN SDG 131 from ￿ 0ryants8t*X￿1and {ryr￿ne per¥ecth. Vthen
first assessed our erni￿1￿$, Ihe wrtthrtors wKILthd fuel. purth3sed goc*ts. eneryi
consunwltyi. wasle. and txJsti)ess trnvel, had the West eftvinnmefilal l•1
For th• Ofganb••tbon (tol•l): 599 to 505 6 MT crf C02e'.
P•r full.Ilm• amploy••: from 2.2 to 1.9 MT d C02é.
ordww to The ECO Expert¥"". awage the UK it 12.7 MT ol C02• por
Agre￿eThI). tr* Per￿.8 emi68#￿ nwsl W bekA¥ 5 MT ol C02• lh• nè
d•cado ar￿ b•kyA7 2.5 •AT ol C020 after 2040.
are *thl workiry to deN*b¥ robjst of our cl¥nale Mrt￿alK￿ actrwbl
- such as agrolwesty, mwa9ir¥J was¢e Ihr(wh man￿8 * coi¥Joslry. and énc4)urtgi￿a
I pirtierf

In 202￿25, wortéd eons¢*lla to d8fNef 33% 01 ￿ nthv rry8cts also derféh)￿d
• Partrw$hip Framv•th th* gives gvKlarKe afeas ol *r*rk. fr¢￿ effectr
0gramn* delNery lo accouTrtstslrty and rtsk nwwJenMt. Our co11￿x￿ ¥￿th and
F•rMrf
Strengthen leadership slructures, 9ovwnwKe 8￿j *i9￿.r￿k1ry kn eoth Courty
PrtyianJne team ty uwg agreed $￿err¢ ¥KI 4uoss County.
To supwl ow Afric8 For*4ard TtsJelhef apwoxh tr￿f￿rn lh• way wcrfk,18•kn
(Xlf gbjbol (ygaftmat￿ cdIat￿rated to dwn a ntr4¥ op￿*1￿j n￿de1. Vle atso
plomenling th• chwp to ensure IIW a wolal rolè arnj the t•W SIT￿ljj￿ ar(wnd *
Aftef selectW￿ a now d¥tsi (Actsty InA)}. plbt to trxk
r impad arKI our syopds. Phase ￿. until September 2025. m¥0
training Peer Famw TrnneryJ to each monrtor aThJ re(xxt ¢)n one of 10 fafmtsr Groupg (256
ple) in our Bwesha Mazmgn woJecL Kenya Phase Iwo 42 gmups and is
to be in Decert￿ 2025. Inrtml resun8 ¥IKY* that the pknknn18 w(wkn9

Posit1￿ Ripplè Effed as a th￿ght leader armls areas of•xpeitw lo ral8e awafene
ol our vrnk and IrKreaw our gk>bal InflL￿nC*.
Oufww It* ye8r, ttyJk pwl in sedty d* tOPX8 %￿hirt (wr them8lic arèas. Aftèr
being approached by Ihe Inlem8lM)ftal Devewrnnt Ccffin￿e0. we contrthtéd io IM UK
gma11￿￿JQr tsrmws n Kenya who hwe thn¥ed orn propcts. gave oral t￿lef￿0 to tho
C(YT¥nfftee Cmher I￿ught le￿wShIP work fftdLthd a Su*thatslty in Act*)n K#)tsasl, wh
we produced in partnwship wth ffrflsustwn.. a on Wmn a￿1 LN•slcd for
Livestock D*a tsr l)WSKmS' gk)bal cofffftinty, a￿1 8peak8r sess￿$ al b)th th• Oxlo
Real Famiing Confernnce and the Eastem Afrts Agfoecokw Confértrtè. We also ￿￿Ole a
2025 as w of a Fdjcy br*1.
I yalsl•r 202>20
h iargels rAans Eo inctift* wgéts. ift.y•ar to 2030.
Our team Stwc¢U￿. 91obo1 and [￿ceSSeS suppryt straltyl. and tm•
embrace 'Alru Fiywwd To9eiher' to cr•al• a Str￿￿r culure ol co1￿￿8110n.
fami￿g cortJnunrtw m rur￿ Affu.
Rpple Effod Bowd of Trusteps ¢nwrrn th8t w luTrJf8*ry 1$
our cwe valueg and th81 rt c• wrth le981 arwj reguf81ory ¥Ve th on thé
geneffjus donat￿n5 of our SuPF¥xt￿ and e￿h year urKlerfake 8 rarye of aclrvrfw to rarf•
the funds r*eded Io SUPF#Xt lurrfjr8igww askmg fLY regubr and
ontroff dorthK)ns both and exNtyry supportW3 thwh a wje of channds
¢I￿J¥￿ online post ond. for a gmall gr(wp of wnmrtted gupwxtern. over It* le*¢thone or
pern￿ gmfw arKI a ol wv¥nun*.based lurntrnts￿9 acImt￿*,
SUPForlin9 iTh(trdKluals urrfjertake events ch8llerwJes m aNI ol Effect Wé also
Make lo trusts. I￿nd8th)n5 a￿1 in$lrtulwd donors fof gr￿ to lund SF*crft
porlnwshy. In 2024-25 ol lur￿￿9 wa• wKl•rtak•n by Rwb•
li

fundrwsry. ar¥J any lundwmg undertaken on our behaff, lo be C￿￿￿¢ted in a fw.
transparenl. an¢J cry1vl￿nI marbrw We a￿ 1Wnb￿ of the Fun*aisw)g Regulator and
en$ur• furldrnismg a¢lJ¥ty is (wr*d (xrt in kne wrth Ccrfje ol FUnd￿￿ty p￿th•.
anty law and r•kn￿l legisla1￿ G•narnl Data Pfole¢t#)n R•wlaiM)n
Pfivacy and Elèctroftt CMIMUn￿a￿?fts Rtyul*#)ns All Rippkry Ellect r•ceive
tr*ning and suppyl as apwylatè and. K*nning new actrvrt*s. wè ensure the c01r￿1
xliTrJ b•h&Y c4 Rwple EIIKt rK•l¥e guKlarK• Iralnlng
b&#ed on the code and we hold rngular meetmgs tra￿￿9 sesS￿S through￿( the year.
[￿r￿mI￿allY ensure Ihat I￿r pokns. and guthnce that I￿pp￿ this are
rev*w&J and upjattsl. Vle L*é sJJpp¢Thr 188dback arnj t(thp￿IniS véry w￿￿$ty. always
m8ktng 8Ufe rt is recwded and fed into future plamry ensure contsn￿ to
Nnpro¥e and put our supp)rters' voKe at the hwl d ow Myk Cher th• last yew sent
lxrt 12m furKlfatsmg c()m￿￿n￿at￿S aCfOSS a of channels and from ihffj receNed 7
cempknts in felation Io Ouf fundraww xlivty, am of whKh were Inveslyl8d and
successluly resolved. on ¥￿￿e. fftl¢xmth regardry w awoach lo
people vtho are ￿ vulnef8ble circunutances aThJ wh81 tjo should receNe a wL*st
Irofft a Ihird party on one ol ow supwI￿. behalF This hcN4 ¥%* dehne and
ijwtsfy those in vulnerable ¢irwmstwc¢s Thi¥ re¥m￿d reg•, and trainiry
ovmlod for teams, p0rtrul•ty those WI￿ ¥pe8* to OW SUPFXYter¥. reany appwi8te all
supporter ￿•.
Wo aro d811ghted lo that in 2025 8chiMd the in w (¥wiSatir￿'3
h*tory, •xc*lffl9 £10 fflllth fof the firsl timè. Ths rrdtstone rdlocts thé
(￿r income is gerwated Irorn a ol wrth gfant fvnding rem*nirw the n￿1
signrfr8nt. represenhn9 74% of our iOt81 incoft*. Grwtt Inco￿ m￿lease￿ gubstsnliaty
2025. large part by tt* sustaiffled w1rwship T*rth the Masiefcarf FoundatM￿, Their
Iweroiij sup￿ of our ywlh wnPl￿n￿nI U99￿1? ￿￿￿nI¢￿ over hall of
¢)Uf total 9wI inc¢)n* Th($ 1199$￿'P C￿lInueS tt> create {)pp￿￿￿rt￿S for you
e to 9￿￿ S￿"11$, Secu￿ I￿￿K￿d5, ar¥J buthl res*nt futures.
Ylhrti provKled lunding lor cw Muttrf￿ntrY initiatp* Cffi 9011 ar#J waler This
regi1￿7Ce vthile en￿￿￿￿j Irrtihwjs
¢￿tribut￿MIS fuThJ a nunthr of Ch)e S￿h in Rw￿8 has equwed
8maPlhokler larmern wrfh ￿leg￿le0 fam sys1givJ apwoaC￿. By lo¢￿81r￿J on
12

Is defvofkng slgnifyJnl benelSts. ft has not I￿rty
l * akno strenglI￿￿g mcomes sustwab
challenging exlemal em11r￿merrt, mwrrtanry thts SMI ol support reprosenis
source ol fundiNJ Th* unreslnclod res￿rt•s ts parttulwty inwrtanl. as rt aknvj
to Tel￿￿ reser¥es. invest In ré*'li•rté. and SUPF¥Xt innovalL)n wxoss 0
the first tin* ￿ 2025 This Y￿reaSe drNen pr¥T* ty the scth-up ol ￿r Ibgship
vrk.
The cost of rawrg luThts rern￿r￿ txoadty ¢onsistenl vmlh the yevK)us year. d•spit•
(￿gOing infl8tWary kwessures. H(Mwer, hjgh mnalrf>n xross many of our countnes of
Ow ov•rnM for th• ye¥ was £308.233. f•oY•s•nliry a ThKxlesl iweo¥e ¢Ix￿red
wlh Iho yeaf. Ifflwt￿ty. our unreslrthd net po$rt*￿ stTeryihw*d ty £160.OLKI
c4xnrnilmenl to IMJ￿IK￿ resil*nce enguring brn9.1￿￿ sustainablty.
unreslrKled in￿)￿￿..
Oper•tlng modd revi•v. In 2025 we coTrd￿ a C￿preher￿I¥o re¥** of (wr
¢)perating Th)del, reduc4ry our f(Yed cost base arwj embedding arrfl
coIi8Lvatrrfe w3ys ol w0￿r￿a We ar￿￿Pate sydnrf￿1l CO￿ sa￿r￿a$ In 25126.
Full ¢o•t r•¢ov•ry: We contmu8d to sIren0￿ siaff capacrty training
undwstanding the Ift￿ cg)sts ol déknry, •fflbadding imFrfoved ap&Yo￿hes to
Fundrnlslng and •ngag•ffl•nt str•t•9y: are de*loFirwJ a nthv gtr8tegy
¢)n long.tefm suslamabdty. wrth p￿lty given to ￿p￿K￿tel ￿enIK￿, mcore
short notui due to a lack of ILmds. whilsl al Ihe enouriry that ¥￿ do not retain
ij

lkntuat￿s K) •ypndrtuYe lèvéls
To wotecl against Unf￿¢eft exp￿drtW0 workiTrJ tn nsky
cakulated as av*lable lof global ule ￿u8 fixed assets ih&i can be readfy
transigted lo ¢wrent assets. TIW fN81 also enswe thal they have $uffKwl apwoved uedit
A fflinimwn ol tW?￿e weeks unrestrthd spend bas•d on the annual slatut
acC(￿rrtS tcAal the pYevKws year Th* req￿re￿wI ￿11 r•Juce as fijw c(At
A level ol fu￿1￿9 to cover w r*k agamsl fcThgn exch8n9e rate fftKluth.
seryes by 30 June 2025 as at that dat•, our Klugl fr•e reser￿8 *ire £0.4
Ilw)n. Thé TruSlè&S pkn kn rnlum to rnsw¥èS • ty Jurn 2026 ty o
Tola re￿1￿1•d réMr¥•s on 30 202S ww• £1.3 mlbrL
have been wepared f¢x a perKMI of 12 fThknhs from the year end {hgh knl extension
cow 12 months lo tr* wop)sed dale ol apwoval of the fin8nciBI ￿81￿*1￿) These
fOre￿ts ¢￿SIder WKI anatyse any nsks th81 myhl alle¢l the charity's regwrces b)
¢nvironin¢nl rt$ wtenlial impact and ?XpendrtU￿ We con5Kler rt PO88th 10
offset any Potent￿ ¥lwyffals wth a red￿t￿ in exwKlrture, and we c(￿91)er it
possible lo rechar9e central Suppryt Costs betwe￿ county w)gramr￿S
We have an overdrnft fx4ty wilh the bank {£21Xlk) whrh do not expecl lo h(yAwr
IB avalable the fvu yeor rf needed.
prolecled frrrfn the of digruplw at slvt ￿ due to a W ol furKls, W￿151 al the s
ensuriry that we do not retwn loy kwypr requwed. ¢)Jr ￿reStr￿ted
reserves h8d the l&sl fwr ye4Tr whjth was a key driver for the operaling Th￿de1
review in earty 2025 ￿ the resulted fixed cos1 bw Therf h8¥e irKroxl IIH'8
14

monilor wlomwnce. cash11￿. and fofecasls rm a ftyular b9JiJ nwna9e our
nan￿ lo the ar￿ty$ty of Ihis posrf￿ T1￿ trustees ttwefore
Ilwe ￿ a rea¥>nab￿ expeclatw thal tt* Chty hBs *u8te resou￿ lo ¢￿¢mu6 In
corttm basffj in prepanr¥J rts finanoal Slateff￿tS.
Managing rtsks effeclivety is inlegrnl io tr* of our vision. SITLttures in pl&•
k) ensure Ih81 kty nsks are thntsf*d aThJ nwtigated. The trusleeg we urtimleW responsty
The Senby L&gdwthip Tewn reviv*A the swJrNtsnt nsks on 8 regulor
ba￿.$ afMI en8LKe8 thal ￿tern￿ c¢y)trol are in plgce and adequalè. T
Thr￿gh ththr day.tw 8ctrrt￿ Ihe Senior Le*jernh￿ Tewn e￿u￿ thal nsk
k8
1f*hi$ll•bltr￿￿9j Thwe * also ￿ anttsfrwd antr.bn"kw ptsce.
c*arty supulates ihat Effect has a zefD.lo*arKe apwoxh Io s￿h gdNiti'e3
A fin￿¢￿ b•sl fevthi phn Is m pl￿. thè res￿ (rf THhth S￿ Shared vrtth
Senior L*Jefshy Team afKI the truslees
For Ripple Eff•¢l Uganda. Rwlft Eilocl Kerya R4)pl& Effeca (Hub). thue riik
Flnanci•l Sugl•in•lJillty Amid Incv••giry RMtsid•d Funqlinu
country This reftects th• stroThJ relat#￿sh￿S thal counlry teams we cultN81￿9 wrth dor￿.
Such f•strx#ed lundirKJ requires transp¥eftt and open rWKqtW3 wth tunders lo enswe
de¥¥enng Value remaN P￿￿￿1. fl frnAI be cwefulty t•bprwl wilh n•¢d
to main&wn ￿ar￿1 suslawimhty
th increase¢l direct lurKJsng 10 tyJr c¢yJnlrns of cpwatth. our central trew fiJndw)n In
the UK faces aOdrtKthI1 k¥essure lo manage cash effoctmty acmss am le9￿s.
Ensurhg suff£*nt to suprth wogr*n is •ssentsal. The Ixntral lewn
nvlyles nsks forewjn currency straiegies to maxtinoe Ihe imp8cI of
funds translèffed to coiiriiry i)rograms. Iws also c(Thlud deL￿Fed re¥￿ of mgtch fundin9

so c4Mtinue lo face Incfeawg for a reduclng number of fvnding
cpp(4tunrtw due to the Te(Ivclpx ￿ I￿￿n aKJ tsJd9ets WKI chgnged in trLrfI•
Collabor•llrvJ wlth D•llv•ry Partsmrn
effethwe detr¥ery model. whi¢h akgns the goals of 2030 ￿r*egY Rigorws due
th'lwrte and pwtnw n￿rtOftrKj C0ntrnL￿ to be c￿1￿1 to mrtlgatsng nsks asK￿lat•d wth
controls 8r• in ptxe 8NI Ih81 rol￿￿1 88Wmg syslerns afe ostabksh&J as part
l•wning and the shanThJ ol besl wxlus.
Infi•t1¢￿ •nd Exch•ng• R•t• Pr•uur••
Gk)bBI infiatM￿ has swjnrf￿ty I￿reased lfre cost of defNeft'NJ ow wJgrams and ptx•d
ssure on stsff. Ill￿ remain convnffted to •nsur¥y lair ccMrwnsa￿￿ maintaini
esseni*l WC¥ar*n ￿pUt$. such as fijel. dn¥￿ glob81 sl#J18ges To ad*esJ
these ch8lkryes, W+P anlwaled int78t￿ into wopcl and dorAX bLKl9et$ to
Al RipWe Efled, we behevg It ts r*ver accerAth lor anyonè kn eXPer￿ce a￿$• ol any kiThd.
We opar*e a zwtrtolerance appffjoth to at#Jse frlwn ￿ staff land Ihe Organtsot￿ftS VA w(*k
wilhl l(hvards lh• ¢OnMmunrt￿ts W• 8f• h•r• to s•rv•, o¥walty the mosl ¥wknerabl•.
To Ihls énd. Rippkn Effod 1n18mat￿aI and the Uganda aTrJ K8nya Bwds have each
nominaiéd trustees wrth a rnSpOn*￿1ty lor ￿uardIng. and havé aThJ wocesses
lo •n*ed safe9wdiw auoss the (Vntsa￿7. Y•cknJ
. Safeguardiry 18 a re9ulw rt￿￿ on the quartwty Board agendas
. Safeguarthrwj tr•niTrJ to a• slaff.
M(metwi assets ar#1 l￿bi￿$ in we into slerkTrJ at the rales of
16

the net mCfyl)mg resources lor yeaf.
We are wec•piing an irKre85iry a￿￿nt of fvrKlry currermxs threcl lo Alrro fknh
kKrease$ our expo￿￿ lo fortyn exchry risks on c(xBolthlx)n in Iho UK We re¥v•Ad
In 681ts'rKJ appropnth pay18¥•ls Rwlo Effecl ￿ lo m&*e surèthai Pty 8mm￿h ￿ fecruf4
d relam r￿18 wrth the sknlls we need énsuring that ¥•* Use the rrny*ey entfUSte4J lo
us by thjr donors wisèty arrfl achthe thè greaiésl in dek¥•nty our ctyctNe$ In sethng
CEO S•Th*)r L•adwshy T8•n pay the tr￿10•$ cons#ler the and experwKe
required Iw lh• ro*s and rwuwat#)n l•¥els n tho secbf Pay ts fev***d annualty and
takes Inlo con$thraI￿n 3ff￿da￿1ty, lffermls, and the extemal pay erNifonment.
Ibll¢ bM•ffl
arns ar>d ￿C￿¥•I arKI in planrwfj thè fiAur• 1£tm￿ of thé Charty. The Pub￿ benefrt of
R4>P￿ Effèct I￿$ fft SuPrAN￿r￿￿ the￿ r•od In rnral Atsa ty WO¥Kling Ihe nwn¥
whweby lartmlies ffi poor afeas crTh ILyther in gr(wps lo lewn ar￿ It￿ w(xk wilh
rene4￿￿ hope confidence lo Overc￿ aThJ arKI make a g(K¥l Irmg
frcxn the laThd, The Iruslees thwefore clxfirm thal RvpFde Eff￿1 lulty sat*f*s putrkn benafft
te81 arKI it does sgtsfts the lest as set Ixrt in rnwt.
918lerrwts in axudance wth 8prAKable I￿ Unrted A£¢ounlty Sland¥ds
{Unrted lQrydom Genw81ty Pc£epted Acc£wrtirbg Prxlt•) i￿•ng FRS 102., The Flnanc
Rw)rting Stsndard 8pplicatAe m t￿ UK. The ar*able lo Chant￿ in the UK requ*
Injsiees 10 propare finanejal swémènts lor fts)anc•l year grrts a Iwe and fay
of the slate of aff•ifS of the cha(rtable coftyny tr* gr￿P, and ol the inc<)Th¥ry rex￿rCeS
and ol ￿(￿r¢e¥ ¢hwAabbe group f(Y IhBt perKxI In Fwarir¥ th￿8
fmwncwl st•l¥T*nts the ¢ruglees we rwwwwj b".
Make judg￿nts and estHr￿leS Ihal 8re rea￿￿ble aThJ
Stale appltat>lè accounbNJ standwds boon f01kM￿l.
Prepwe the fina￿181 statements based a gory c(xKem rt .
r￿sOnth xcurxy al ￿ ts'rnfrthe ￿n￿lI po$rt￿ olthe tharty and e[￿ them to erffjwe
thal the fIrwic￿ slale￿nts corn￿ w)th the Chwl*s Acl 2011 8r¥l regu￿1￿
thereunder and wrth requKerrnnts of the CUypan￿ Act 21))6. a￿ algo reswn%tAe
Safeguarding the assets of the gr￿p and the paiert charty and hence takiry
i¥¥¥(xwbk ¥lgp5 [￿ Ui¥ aimj vl fi¥￿1 wi¥4ul¥ith¥.
17

The Intstees a￿ fcrt mainlerwKe ar￿ nlégfrfy d the corp)rale and fwwndol
form*K)n mduded ￿ the Charty's websrt• LWSlal￿ m ￿ UK govemffig popwa￿l
The In￿te•S al t￿ date ol s￿n4￿j ￿ It￿.$ report are listed urKler Legal a￿1 ￿￿￿StrAI￿a
Stai•m•mt t• a•
a) So lar as the truslees are aware. thwe ij no re*¥Jnt inftnrthn ol whlch Rl
Effect's audrtwJ we unware wrfl
b) Tlw have laken the sleps Ihw (xwm to twe 18ken 88 Irusteos to rn￿[8 Ihèff*
h88 IndK*eO its wmingness lo bo rnaP¢4￿qtrj as Stsiutw aLMIrtus
prepared a strategt report.
rowxl wo$ apwoNvJ trrf the tr￿• 2f 2025 and s¥JMd on th•ir behall
Peter Jeffr1￿.
Ch•lr. Board ol TnMt••8
Rlppl• Effad Int•mallon•l
Fw th• y￿r •ndln9 30 Jun• 2025
18

We ha¥e audited Ihe firwc4 s1•teM￿lS of Ripple Ell￿ InlernalKK￿ the year ended 30
June 2025 whth cwiprtye the Con8th￿ed StatefWt of Fin￿￿ AdiVrt￿, 8818
Sheets, c￿8(A￿lated s￿1￿￿ni of Cash Fkrws. 8rn1 N>te8 to the fmancial Slatwtrts,
*)cILMJing 8 gummw of 8cc¢xinDry poI￿le* The financ*1 fram?￿ork Ih81
has been applRd in ihthr Wep8￿￿￿ is apfvble Ivw *)d United Kmgdryn Accountinp
SlarKl8rds. FinarKial RepNIwig Stsndwd 102 The Rekvlmg StarKlwd
Pradrel
GNe a and far thè *té ofth• gww's and ol pfireni tharnth c¢xyny's
all￿S as 0130 Junt 2025 and ￿ thè gr¢>ups and pww)t chan¢ab￿ COMF&￿.5 net
r￿left￿nI m lunds. Mid￿81￿j Ihe irbCC(￿ and eXp￿dItUre. the year lh￿ ende(l.
Kwjnbng Prad
the Ch8nl*s arnl Trustee Invesfftnl (Scot1￿) 21x15 arrfl rngulikn 8 01 Ihé Ch*ths
(Scotland) Rt9uth)ns 2(Th.
IUKI) and appkable law. Our fe¥h)nsilyhtw urthr those siafbdafds are further descrthd kn
the Audrt(￿S respOn%bthrt￿ lor Ihe audr4 ol ihe financ4 Stsfery￿nts of ¢)ur repty1
We we I￿ndent of the g¢oup in 8cctyd•rte vrtth tt* eth￿1 lh* are
to our 8LNdbl of the financial stalwnents in Ihe UK, i1K￿dIng FRC'S EthKal Slandard,
we have fulfilled tyjr othef ethul respons￿￿￿￿8 m accofdwKe with 11*80 ftyuw•rMnts.
cwcem b4is ol ￿(￿nIff￿ in t1￿ kyepargtion ol the fmancHI statswts its apwowwle
Based on the ¥rt h8¥e perf0M￿￿, we have nol thnirf*d any ftpleftal un¢èrtaintK
fel8tsrKJ lo events ty c(rtirt￿nS that, or collo¢lNety, ¢asl sBnrfunl d￿bI on
the group's ablrty to clrtinue a5 8 c£xK¢m lty a of al nKth$ from

infDrm8lwx 1￿mIe￿ Ni the TnJstees' AnnLd Rep*Jt. 8ThJ tl*'Rewt Irrym the Chair and CEO.
Our O￿n￿ ￿ the firÈancd stslen*nts thxs rK4 CO￿ the olher inlryrr4tK￿ and. exwl lo
In conn￿lK￿ Mlh (w audrt of the f￿anCI&l st8teff*nts. respm8*￿ty ts lo rèad thé othBf
Inlomwkn arrtl, $0, c¢n6Kler whether IP* m*ènalty mconststenl
ssiaternents. wt we required lo detWft¥￿ wlthr Ihefe is a m*slalem8nl m tho
• ha￿ Paflrnd, c￿￿[#1& Ihal thefe Is a ftwenal mtsstaitmeni d this olh
InI￿th￿. m are rnqurnl to that *t. ￿ ha¥* ncAhty ￿ r•pM m this regard
In our opnThi. based the Thl)rk undwtsken in the ol Ihe audrt".
The 1nf1xrn*￿ 9i¥en ￿ Ihe Truslees, Repxt It￿¢h wKkKles the dr￿lOrI. reF#xl
eP8red ts the purFKU% ol ccryany Iw*) the yew the financ*[
In the Ight ol thé aThJ undttstandiw of Ihe group charrtable pryny and it3
. Ihe T￿Slee$, RerM)rt the dwect(xs' reF*>t).
us lo rewt to you rf. irt I￿1 OPYt￿..
lums ad8quale for audrt havé b*1 receNed Irom trfanc￿ not ¥￿ile{l by us
accounbrwj reoyds reiurns
have rece(￿$ al ts Inf(x￿kn and expl￿￿￿￿& requ￿ our audft.
In￿1 COmp￿￿a. regimè and take thanitye of the smdl c￿n￿. exwn(rtws in
tfusiees (wh) are the direcltys of the chan¢able w4>any for pwposes ol cLryany
law) are responsth preParat￿n of knawal Js18t•nènts and for being sati8W thal
gNe a arjd lair vY*. for wch intwrhal ￿￿trol as Ihe truslo8s detonmino Is

lfi prew(rbg tho finarthl sts1eft￿S. Ihe trL*tees are re¥wsQ>lp kx 9$3essMy the gr￿p8
d Ihe parenl chwrtable crfflpary's abthty lo as a prwj c(XKwn. dtsclosry. as
un*M the trusteej •ther int￿d to IquKJ8te Ihe pwont ¢hantablè c<Mwiy crf to
a are fr•e Ircffi npten81 mwlatww, due lo fraud or eryor. and to wie
auditorfs rerxxl tha ¥KJLKles our opnK￿. Reasonable assurnnce * a hwh ol aSSu￿ce
twl is nol a guarant￿ that ￿ 8￿Irt Cond￿ *ith ISAS IUK) wdl d*¢¢t
M￿$￿te￿entS can arise from Iraud and ore cryNMlered ffl8teri81 rf. indNidUa￿ cff kn
the aggregate. they coukl re8xx￿bty expeaed to influence the dxisKbn$ of
desmjn wxedures in kne with our re8pon&bilrth•s. outlm•J above, t• delect m￿er1￿1
fflts5taten￿nIs ￿ respecl of ryulaTit*s. rfLwJing fra￿J. ex14MI lo ¥rt￿h W￿jU￿$
we thnlfvd Ihat Ihe nsk$ of wrth and rewlaI￿S relaled lo
rtyulalory requifenpnts of the Charty the OITr• (rf the Scott*h Charty
Re9uINlor and comthrKe wrth overneas regul*Mins ￿r￿d￿tknns the group
operales in, consthred the •>leni to ncM-c￿rylIWKe nwt have o mat￿1
ofthe financ￿ stalen￿$ such as tr* Chorilies Acl 2011. CryTynies Act 2(Kh3. the Charil
and Tnjstee InveJlJnenl (Scollandl 2(M)S. rtyul8tKM18 01 th• (Scouand)
Regu1B1￿¥ 21JX arKJ pwol taxes.
fffjanc*l stateff*nts lh• r￿k ol tr4err¥Je ol c(xrtrolsl and deleryTwned IhBI the
pnncipal risks felated to irw<ywte pumd entr￿ 8rwJ mana9wrth bi85
of rw.¢(￿￿￿1Ke wilh laws WKI regul8tK)n wvj
Identsfyirbg arKI lestsrvj Joumals. in partjculw PLwnal entrw ￿￿ted wth Y￿Su41 &o)unl
Chaknging asSumpt￿rn TrJd9tr￿nts mxle ty Irwr￿* in thw
year e￿J.
ause of t￿ inhe￿nI an awsrt, Ihets is a risk that we not del￿1 al
ul•rbl*s, mdLwJing tl#)se be•Jiry to 8 m8lwial mtsstalwrnnt in Ihe finar£d SI*•n￿lS or
nDn•corWce with regul91￿n. This nsk in¢feases m(x• that ctyry&•nce wrth a W or
21

greater regardirvJ irregulart￿3 OC￿rrIV to tr￿d rather than error. as frwKI
on itr*ry Fln¥K*al R•ptyts'NJ CO￿￿￿,8 webiit• at www.frC.(Y9.￿lwlIoI￿wMMts'￿tss, Tl¥•
Chooer 3 ie of tr* C(¥npan*g Ad 2￿, sec1￿• 44(1) (c) ol chan1￿8 arKI
Trustee Investrn•)t {Scottand) Acl 2005 and regulat￿n 10 ofthe Chanties Accounts (Scotl8
Régulations 20(￿. (kn ￿drt work ha8 b6en wKSertaken 90 th81 V•e myht stste to charrtab
comp•ny'g m*ni*ry tIK>ge mattefs we re¢wYed ￿ st* to ttr￿ in an A￿lIt￿* rnp)rt
for no other Pwx)￿. To the éxl0rt r*mirtted by 18w. ￿ do nL* acce0 lx assurr*
responsitslity to anyone other than the chwitable compgrry •rKI tr¢ dwilable ccffipany's
St•v• Harp•r (S•nlof Slilutory Authtwl
7 NoV￿b•r 2025
For and on b•h*lf of Hay•Mac LLP,
Statutory Auditorn
10 Qu••n Str••t Plac•
London
EC4R 1AG
22

-,4 pple Effeci lnlerpaii￿aI
For the yfrJT ended 30 June 2025
2024
1909.1507 217.013 %128.W 1086,628 480,SS3 3,147,181
13.fth 9283.841 9391￿1
5.813
14.087
67.401
27,0￿ $.713.640 5.740.649
6,541
6.541
11.925
104.658
31.915
118,746
9JJl•
79237
14,849
3.CQ9.968 9.637.427 1
647
714.010 6 288.288 9,002 328
Exp•ndlturn on:
1,178.435
104297 1311n2 1.OIQ.IM9 XI3.881 1247,8X)
1.519,329 9.385.138 10.904W 1.584.395 S,628.885 7,213,280
161,963
161,913
167255
167255
792.599 5 835.7es
leo.241 147.992 l78.$6VJ 4S2.$22
373.963
311.362 1.107.914 1h19376
JJ9.921 655,392 1,045,313
T*)l•l ￿vrt•d lo￿•
11

Ripp
e<t ifflefnational
*•wtMThl IrrtrnbwdlTh• u¥r#y[r¥5rvr￿
*)dS(OlkJndlSCOIW92lwbthI5acryan¥llmrted tyFwant¢ePUXQ241.
As •( 30 Jwbe2025
J)24
2015
2024
127J17
187261
57A05
21YJ17
7261
UIA
S?,60S
IG
317A136
213.153
LIW75 I063.766
C•h •¢ tr•nk Ind kn hmd
119WO 43413
SOW78
276J19
17
11283WI A793.126)
LOL119
916374
L46YJ
Lwijg
973?79
I￿￿37)
2A40)
148.SJ71
Totsl
n7JOg
19.176
L169h7•
925A42
21
Re5tr1¢ted
L2S5J
L107J14
861.989
471J03
311J62
262.749
63,453
LniJ
L419.276
925.442
net ofthe U4423712024'. swptsèf£N741k x• Mt* 16
PeterJEffrte5
24

Consoldaiod siaiernerf vl c•sh Ilw
As ai 10 June 2015
I22￿.714)
l.WJ.445
PrrKeeds Irtffj Sale ol lthed assets
pUrth￿ ol fixed 1sseYS
11331671
146,9731
1120.0351
146.9731
IU4S.759)
1.931472
2.621307
23
119•hYJ
4,544.379

26

.1. •t ]0 t029
27

P4r.tes1othelk¥•KW￿1¢fftt￿Is
at W15
4kn••¢C
•d tr* w¥1*
J7X•I
14LI
2J?
1(O,932
iouv
W41 UWS
922mi
m.616
037
2141JO
aTJJ6Y
574341
55.M7
J55.159
s5.￿7
259.U•

1025
niJ• $9Wi
?MJ
1147J
J214
T•
24
.9

IP4#W
155J
Y45
26LII1 IIJYJ.162
Ivjsg
Joa
SA
gj
6L
IJJ
iJiJJ•
WJ55
?))J4195

2024
4JS
1¥675
T￿￿* Twu51 Lld
s•
19L5U7
X162
wop+
13211
31

i•sio thellrhwKl•l 5t•tefftEnts
w?.M¢
JJ47
15371
134,7Y
415.(•)•
1553Y
i.
Sii.n6
J.9ll
rfAIJI456
f79,9
).(mty £99.99)
Éiwcrow flOIJ99
1014
li
2Ji

Nvl•SlO th•llrwd•l %iateffl•Dts
f i, *r ¥r.Ir pr2Jrf to Y-.IriP Pry?",
The io Rw4e Ell¢a 14•wJ•41))Jw¢¥AS É8.64111024. £4.4021.
. Th• Effln at ¥AN £7.31612024.. £7Mlk
du* Irorn Eif*(t to (ZJJl*la724.. £5.0131.

the
iJ27
133￿7
59A49
rh¢ stsrt
cl￿ lorth*TffiI
s￿635
712
7J14
Atthi •bd•lthwpw
46
rhe stsrtoltr¢yEw
51UJI
gJJg1
59.46
617J
Al th• 61•rt
19
$65JJ4
I￿•r￿le1￿•￿
9.418

PlTrtes tvlht fm•Adilst•ternerfJ
".r*.v yp.Ir 10 Ir ?In-.
J21
4393>9
7W UYJJIJ LO9&•14 fj65.f*55
439J49
15JSKnti 12M67•1 (S?￿?> 15(W 1147.Ji>)
7¥ ¥.635 114J•6 y.561
U7V61 3.771￿16
Iml891 13J879511 15U44
Js

Ipgthr ttlrrt IntrrnotiVF
Nolti ioihÈ thuncial stalert￿ts
For thr v?Jr rndi'd 30 2015
Rlpplè Ell•ct Tr•th¢iNrt•O sor￿ a Co* Traolw iknir•dl is• t*tsllyown¢d subsidi•ry ol
Riwe Effeti ItKérnai¢rt)al duèto tomrrth ¢C￿tr￿. The aamrles ol Rlpple Eff•rt Tw•
Uff*i•d istr*ufry ￿1 ￿?￿1111¥ on bth•W af Aipplt Eff¢d. A It￿￿e 4reeineirt15 In
e bet4v•en A4* Effort Tr•th Lkmlted ￿PPle Eff•a Intern•Nwl. Ripp￿ Ellett Tt4dry L¢mited
Is R4isiored *1• C<#*p&Th¢ In Er¢L•nJ & iun798n •nd has • rwwed ofk• at Old Ex•t*
Y•rd. Ne•ton Sf Loe. 8*h. •A2 98R.
14
Expefiolr
t)i'tr.'.oiR
2024
I1,￿$ 16299
24W 22.632
55VIg 4X*J61 21WI
22.632
190.521
752 529
317m6
213.153

J•)
65,W J••.5•0
•xu4
iJs4
SJ?
37

Iwnds T•t¥ Iw
l27J17
L￿.Y?
IKO.4111
1571M
261
WJ61
.N4 UQ.914 5,073ffi
126)
4W7J
11￿ L107.9U L41*J16

ar the ytw ended JO Iyr4e X¢?$
Mo¥*m¢r*N *n lu￿￿$
•1lht
JW9 li￿141
819A7
I•X49
1625
(1&25b
.65 Ill4.922)
P.4th4JS)

Tt•kn th•y••r
17.
)L•J9
450,4DJ
314fj69
7.9AI
L236
$3S9
W92 1$97.Ilq
1•).741
.5
&JgY.914
311367

Jrtheyearended Jokne 20S
7X
IISWMI LI>J.9J4
34
*5Y.WS
*JSJ9b
y5242
6 XW70J IW75
41

4(491
IL
ILtIJ
3n
J25

N•t*s to the IlnaMtslii*omerts
I PT thi. Ye.4￿ ptidpo Ro Iijnp 70?)
1014
Tgtsl
i*vJ.667 217m3 JJ2W 2AfjQ628 W553
).147.181
13.un i17xrAo w.846 USiWi 3m).n7
SA13
6,541
¢541
In¥e5tn*hts
OJ611
31315
95A56
14.84$
25Jn
3Sffj6.1(01 3J93.127 6￿335 IlJJ,715
3fft47.637
6.241.
R&isn4 luf
1.17V35 10¢297 12Ainl IM949 2rw81 1.247J30
I4￿.￿14 U43A89 •JI•3Wa LWI.734 JJIW02 4.587.5J6
151
ijsg
167255
16?,255
3J13M>
4OQ2ffi21
2443J7 ￿.?47 {IfW6)
1¥741
Iomfd
63.453
161JB9
925.442
1.021.OJS
6ts.701
6.9JO L169,6
6J.453
161.989
925,442
43