2022-07-31-accounts

ARIT PROJE llll ABVMIFDK 2010112023 COMPANIES HOUSE

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REPOR ACFChOUNTS 2021-2022

CONTENTS CHAIfl'S REPIXT CEO'S REPORT OUR VISION. STRATEGY AND VILUES Have a sense of humour. always Inspire a culture of generosity Break down barriers Make meaningful change Walk thewalk Share the stage Make it personal STIATEGIC REPORT Progress against our 2021-22 priorities Looking ahead io 12 oini IMPACT EIIGAGEMEIT ANB INCOME Key highlights Our fundraising approach 19 21 FINANCE AHD RESOURCES Financial review Fixed asset investments Going concern Energy and carbon use Remuneration Recruitment and retention Resourcing Engagement and wellbeing 23 26 27 28 30 31 31 32

GOVEfdAICE 33 Structure and operations Trustees Trustee liability Trustee tenure and code Governance changes Ceo and executive directors Stakeholder considerations 33 34 34 35 35 36 36 KEY RISKS ANO UICEITAIITIES Risk overview Risk framework and controls Roles and re5ponsbilities Risk appetite Key strategic risks and mitigations Public benefit 40 40 41 41 42 44 STATEMEIT ￿ TrUSTEE¥ IESPOISIIIUTIES REFERENCE AID ADMINISTRATIVE DETALS UIDEPENDEMT AUDITOR'S IEPORT FlllAICIAL STATEMENTS 47 Consolidated statement of financial activities Consolidated balance sheet Consolidated statement of cash flows Notes to the financial statements 55 57 58 59

CHAIR'S REPORT It has been a challenging year_ Challenging for people in rhe UK and across Africa who started to emerge from two years of Cowd restrictions to find food and fuel bilbshooting up and having to make unenviable trade-offs about what essentials to go without. We have seen the impact of rising inflation in the UK with the poorest suffeiing highei inflation than others and millions being dragged into poverty. Milliens of Ukrainians are approaching winter with no fuel or electricity while The United Nation5 reports 'hundTeds of thousands of people are already facing starvation in Somalia with staggèring levels of malnutriti¢n expe¢ted amongst the under-fives-. And challenging forcharities acrossthe UK whose income has been under pressure as companies and individuals cut back for understandable reasons. Against this backdrop. Comic Relief has set out to renew itself to ensure that we are able to have maximum impact in the communrties in which we operate and that we deliver value for money for people and organisations who donate their money and partner with us. Under the leadership of Samir Patel. we have developed a new strategy which is clearer a￿￿t how we drive Social impact and the role we can play, more focused on what we fund and more ambitious about raising money in new way5 and outside Red N(trse Day. Project wise We￿ strengthened our focus on daily poverty and how our funding can create the most impact with essentials like food, shelter, safety. and vitsl mental health assistance Remaining agile and future fit and ensuring valve for Money for our donors has also meant cost Cutting internally and a different way of working and with it the loss of a number of valuable and talented colleagues who we thank for their years of contribution. We were delighted to be able to contrtbute to Oisaster Emergency Committee's 1jk￿lne. appeal. And as importantly we delivered extra support to our wider project partners working in and around the Ukraine borders as well as to UK based reftjgee project5 welcoming people into the UK. As part of this work. we partnered with Sainsburys to raise over £3.5m to help fund our response.

In March our flagship Red Nose Day fundraising campaign went into full swing with supporters across the UK participating in fun fundraising activities. The nation needed something to Smile about. and our campaign ceitainly prowded it. The fantastic Night of TV included a specral segment dedicated to Ukraine and refugee5 fleeing conflict acf055 the world. The show raised over £42m. Whilst this was a smaller amount than the pThious years it was a great achievement amidst the cost of liwng and wder pressuies. l am so grateful to the thousands of School children who wore their red noses and t{￿k part in activities and every single person who donated. The outstanding svpport from our corporate partners who included but were not limited to 8ritish Airways. Sainsburys and TK Maxx-was unparalleled-with creative merchandise and fundraising initiatives that helped us fund hundreds of vital projects. Comic fielief continues to occupy a unique place in the UK and beyond. We engage with the public through hurnour and sport in a waythat no one else does or can and our influence extends far beyond the money we raise and spend. Continuir)g to do so and ratsing our ambition remains our goal. We could not do so without the contribution ofso many- the amazing Brit15h public whose geneiosity 15 unmatched. Comic Flelief staff whose creativity and dedication are a jw to behold. corporate paitners who partner with us with passion and a fange of people and orgènisarions (trustees. ambassadors. independent eommittee members. talented creative artists. 96C management and staff) who give of their time freely and generously. Thankyou to all ofyou Eric ChaityprohectsAnnual Re￿￿ and Accourts202V22 Chalr¥report

CEO'S REPORT The one thing yov can say about Comic Relief is that we're not standing still. ft's been an eventful year, with change all around- change from wtthin, change that is intentional, and change forced upon us. All whilst developing a new strategic vrsion within the backdrop of an unstable financial climate and major world events. We're on a journey. and we're at the beginning. Our DNA has ahNays been to harness the power of entertainment and popular culture to engage peop￿ to 5UPPOrt and create real change and impact. To keèp doing this effectively. we need to keep refreshing what we do. keep listening to and learning from our audiences and stakeholders. and keep collaborating with those we work with to save and improve lives. We are charting our path ahead, updating our skill sets. and trying new approachès. Thisyear wasthefirst time fied Nose Daywasfilme(J live in 88C's Manchester studio. the firsttime Sport Relief changed from a bi-annual event to a year-round campaign. and our first dedicated Pop Culture Fund that purdy exists to fund organi5ations using popular culture to create scKial change. Our Red Nose Day campaign launched during the start of the devastating war in Ukraine. Our Charity has a long and rich history of helping people who are éisplaced, and we knew we wanted to help projects working 3cr055 the Ukrainian borders and welcoming people into the UK. We were able to wtsrk wrth our fantastic corporate partners to turn this around quickly and with the help of public donations, support thè crisis appeal by the Disasters Emergency Committee. as well as our own funded partners who are doing very relevant work on the 9round. The challenging financial climate at the start of this year both acr055 society and the charity sector has taken a ioll on our fundraising efforts this year. leaving us with a significant de¢rea5e in income compared to last year. l am incredibly grateful to the public and our partners that amidst the challenging period in March we raised £42m tor Red Nose Day. Whilst that number is lower than previous years, it's still a significant amount that will impact many lives. 8ut the reduction in income also reinfoices that Comic Relief needs to try newthings and refresh our case or support. somethin9 we are very excited by. xity ProixtsAhrtu•l A•port •tMIA¢¢wnts202)ro

Our experiences this year have made us more committed than ever to find new ways to engage audiences and raise income to help fund vital projects. I have spent the past year working with colleagues to strengthen focus on tackling poveny and ensure our programmes reflect our most pressing current challenges from food poverEy to climate change. To effectively achieve our objectives, we have made sure we identify the right skill sets needed to work in new ways and test new ideas. And we must ensure we are future fit as an o¥ganisation. able to navigate through the economic uncertainty ahead. This year we developed the 2022-2027 organisational strategy to help us continue to tackle poverty. make evèn more impact. and engage the public to care and donate. We are busy working on fantastic new projects and plans for Comic Relief_ From mass participation events to exciting developments on our Red Nose product to dynamic new partner5hip5 that wll help us address daily poverty. there is plenty to come frorn Cornic Reliefl Thank you to all our partners. our employees and every single person that SUPPOTtsour vision of just world free from poverty. Together. we can change lives. Samir Patel

OUR VISION. STRATEGY AND VALUES Comi¢ Relief has a vlslon of a Just Worfd. Fr•• From Poverty. Our mission 15 to use the power of humoui and popvlar culture to engage people to help othefs, and to raise money to support organisations working towards a just world free from poverty. Our 2017-2022 organisational strategy had four strategic 908ls thatwe used to focus our wolk and against which we set the following annual objectives.. Increasing our impact 2021-22 prierity: Kxogfess towards social change Increasing our engagement and income 2021-22 priority-. strengthen the diversrfication of ovr income 2021-22 priority. transition to be relevant to audiences and attuned to more public engagement. testing and learning Creating a future-fit organisation 2021-22 objective_. operate as an efficienL data-driven charity with a focus on long term sustainability Enabling focussed growth 2021-22 objective= continue to advance Equality. Diversity. and Inclusion IEDII in our organisation and our work. Charity ￿Die¢￿*￿￿OI lawri k¢ounrs20J12Z

Ovr values are= SENSE HUMOUR, ALWAYS addars,l.y iaitigg INSPIRE A CULTURE OF GENEROSITY . Through unique relationships with schools,"the public, and fundraising. BREAK DOWN BARRIERS By being brave, acting in solidarity. and standing up for what is right. MAKE MEANINGFUL CHANGE Dut.t.Ing decisior people 2kinq YFer en=_e Glving re£oec-I DC¢j-II' [. In-p'r,all5' eYtprr)3lly SHIIRE THE STAGE Enabling people to tell their own stories on our platforms. And listening. MAKE PERSONAL c￿Iebrc.e diL.'ersi:. e.¥perie.nc.p c reate:. <treiigih Charlty PIti￿cts*￿fits?1 Rep￿ aThd 201V￿ v4ues

STRATEGIC REPORT PROGRESS AGIIIMST OUR 2021-22 PRIORITIES Below is a summary of progress made towards each of our priority areas 2021-22 Strategic Priority Progress Pro9rèss Progress towards social change Refresh our approach to social change to focus our resources on the best way to tackle poverty. injustice. and the social change we desire Ensure our different audiences are engaged in our social change work through our storytelling and campaigns. Made 145 grants to organisations who are community led and tackling poverty and injustice Finalised a new impact model as part of our 2022-2027 strategy and reviewed our projects and programmes to ensure poverty and injustice are at the heart of everything we fund Evolved our storytelling through appeal and creative films ro ensure wider audiences are engaged in our work. We ensured local people remain at the heart of our story telling and that our international films are filmed by local directors and crew to provide an autheniic representation of the projects wth which we partner. Strengthen the dlverslll¢•tl•n of our income Increase Income throughout the year wtih new initiatives including digital fundraising Strengthen and expand corporate. Irust and foundation partnerships_ Launched some exciting new partnerships io diversify our income including collaborating on our first Art for Change auction with Philip's that included art donated by world renowned artists such as Tracey Emin Caroline Walker, Michael Armitage. and Anthony Gormley Oui Wintei Campaign utilised digital marketing activity altsngsidÈ a BBC Christmas Pantomime broadcast. We began a new partnership with LEGO which will help us support our shared ambttion to support childhood development and the importance of learning through play. haity ProiÈctsknrw￿l Aeport aThl ACcrJrtr$202V￿o￿¥1$1On.$rr#IegY￿o v•lus

2021-22 Strztegic Prior5ty Progress Progress Transition to be more relevant to audiences and built for more public engagement. testing and learnlng Optimise Qed Nose Day Deliver a new brand strategy that reflects the changin9 world and has entertainment for social change at its core. The 2022 Red N05e Day campaign Strategically airned to engage different audiences by partnering with a wider ran9e of BBC Shows especially focusing on BBC3 and its youth audiences. An example of this was our partnership )Mth BBC's'Glow Up and our Jordan North challenge. Additionally. we worked with range of diverse celebrities using Tik Tok and wider social media to create new interest and awareness of Comic Relief We ran a dtgital tesi and learn pilot. to vnderstand how our email channel can be most engaging to our supporters. Operate as an efficient, data-driven charity Update our business rnodel to ensure we operate in a financialty sustainable manner Across the organisation we delivered a managemeni training programme aimed at equipping everyone. either managers or aspiring managers. to excel in leadefship We started implementation of a new firnance system to sireamline processes and replace two systems with one. This will enhance connectivity across Internal system5 enabling Comic Rèlief to adapt easily in the fvture We started work on a multi-year programme to increase our data capabilities. and have delivered new proof of concepts and management information to enable our teams to better serve our audiences. Increase our data maturity Expand internal training and staff development. ChaiityPtoiectsAnnual Report and*tt￿r&ts2￿￿ts Our¥i5iGYKstsaiegyond vaFue5

2021-22 Strategic Priority Progress Progress Continue to advance IEDII in •ur organIsatl¢￿ and our work Oevelop a new Chief Executive Officer ICEOI led EDI Steering Group lrnplement a 3-year roadmap of EDI strategy delivery and advancement. We employed an EDI Senio¥ Manager who is refieshing our EDI strategy and ensuring our pdicies arè strong and inclusive We delivered the most diverse Red Nose Day celebrity line-up 10 date, both in front of and behind the came¥as We adopted inclusive recruitment practices using the Be Applied recruitment system and encouraged applicants from underrepresented groups in our job adverts. This report provides an overview of how our values and strategy have equipped us to respond in an exceptional way to a challenging year. It prOV￿eS an ovèrview of our worlf in fovr core sections and what we have to look forward to next year. Oui Impact- how we have distributed our fvnding and influenced wder change. Engagement and Income- how we enteftained and engaged the public. both through our own fundraising and in partnership with others Finance and Resources- how we ha￿ managed our charity and how we continue to create a future-fit organisation. Governance - how we have governed our charity, including how we have managed and mitigated our key risks and uncertainties. LOOKING AHEAD In July 2022 the Trustees signed off our strategy for the period 2022- 2027. In the five years since our lèst strategy was set. the world has changed significantly. There is an accelerating climate crisis and cost of living crisis. fvndraising is challenging across the secroi. and the need for the projects we fund is greater than ever_ This rnakes our 2022- 2027 strategy not only necessary but urgent and vital. Our strategy sets out how we're changing in a changing world.. We'll inspire people not just to give, but to imagine and unlock a belter future We'll release p(werty's grip, and we'll strive to end the injustices holding people in pt)verty We'll give voice and 5UPPOlt to people and organisations on the frontline of poverty and social change. Vision Ajust world free frorn poverty We believe everyone should be able to have a decent standard of living_To live life with dignity and respect. 12 ChJr•typrojectsAnnual (leport Jrxl fv<ctyJDts20Wtt C￿V￿¢￿,5trjtryy4￿d values

Misslon We use the power of hurnour and popular CU￿Ure to engage people to help others, and we raise money to support organisations working toward5 a just world free from poverty. Our mission ¢ombine5 Comic and Relief. We believe that helping otherscan be easy and fun, even in the face of the grave issues around us. We believe this because we've seen the power of people coming together to create change. through big campaigns and small everyday acts. over our 30+ year history. We know that a better world is ￿M>S￿bIe. We provide fvnding to organiSat￿nS tackling poverty and injustice, who are closèst to the communities who can make change happen. Where we'll focus We're honing in on three vital impact programmes - all stemming from our vision of a just world free from povertw. Alleviating consequences of poverty Reduce the impact of poverty on daily lives Reduce stigmatisation of people liwng in FX)verty Tackling injustices that cause poverty Fleduce structural bairiers that hold people in povèrty Flaise awareness and change attitvdes towards the barriers that hold peoplè back because ofwho they are or where they are from Addressing the impact of cliffl•te ¢hangè on poverty Increase participauon and engagemènt of poor and minoritised communities in achieving climate justice Increase awareness of the link between climate justice and povefty. We'll increase our focus on people and places that are locked out and left behind. in the UK and around the world. We know we have rn0￿ impact when we work with others. So. we're boosting community-led solutions to unlock people's p(trwer and potential. We'll step up the funds we direct to communities and services on the ground. We'll partnerwith schools. community spaces. and the charities keeping people afloat We are committed to listening to and working with those closest to the issves - people with direct experience and those working alongside them- as well as those studying Ihe issues. We'll support our partners to tell powerful, dignified stories that reveal the reality of poverty and the impact of the climate crisis - as well as the solutions. We'll seek to break the cycle of stigma and shame that isolates and harrns so rnany. We'll a150 be prepared to step in if and when a crisis hits. raising awarenes5. raising funds, or re- directing funding. 13 Charity P￿iec￿An1￿aI 202V>t t￿r￿l￿On. 5rrJtegy Jnd TrRlue5

What we'll do Guided by our mission, we'll work across four key areas.. Public •ngagement We will raise awareness and build understanding. We're helping to highlight and uncover the reality of the challenge5 we face in the UK and around the world - and, cruc¢ally. the potential for chan9e and thè path to a ￿tter world. WÈ will inspire bÈliÈf in ajust worfd free from poverty. This includes worksng with sch<)oJs to engage and educateyoung people. Fundraising We will Create experiences content and popular culture that reach people in their homes and on their news feeds throughout theyear. We'll inspire more people to invest in a just world free from poverty because we know that our abilityto change the world relies on us raising money. We will create national moments for change and deliver fundraising campaigns for different audiences that connect donors wr(h the irnpacE of their contribution. Funding We will provide funding to organisations who are tackling the causès and consequences of poverty. We fund organisations, not just projects. so that our partners have firm foundations and healthy operations. We ￿11 support organisations to provide vitèl supporl to tell stories and to thrive in the digital age. Convening We will use our profile and connections- our brand power - to bring people and organisations togethei. We will nourish and support healthy ecosystems where organisations and groups can share the insights, resources, and solutions we need to create è just world free from poverty. We will bring community voices closèr to those that hold power. Changes we need to make to deliver on our strategy To deliver our strategy. we needed to rethink our ways OT working. our stiucture and our skills needed to deliver. Sadly. this meant in July 2022 we announced a new organisational structure that saw several staff leave the organisation through redundancy in September 2022. We would like to take this opportunityto thank all those staff for their valuable contribution to Comic Relief. Next y•ar wlll s•• us focus on •mb•ddlng our n•w structur• and s•ttlng up rew ways of workln9 to support the strategy to 2027. Further d•fine and operationalise our impact mod We will devdop clear theories of change tbed to our three impact prograrnmes. The three programme5 will give us greater focus. and we will identify partners to collaborate with for fvnding. and to deliver funding. Focus areas forthe year will also include building a team to deliver the programmes and allocating our existing portfol￿ to the new strategic programrnes. Oeliver multiple campaigns through the year Our goal is to provide more touchpoinis with more audiences and deliver more fundraising campaigns in addition to our signature Fled Nose Day campaign. Alongsde thiscampaign will be year-round fundraising streams for digital and regular giving. Inerease our data maturlty to devek¥p better sUPPOrter relationships We will increase ovr data maturity so that we can rnake more data-led decisions and use data to both grow income and deepen our supporter relationships. 14 Charity F¢i¢¢¢SAJ)ThJ•l Aeportand ￿tte￿nts2O27￿0U￿¥lS1tyl*¥lttyw￿ TrAlues

OUR IMPACT KEY NUMBERS E25.2tThffl Grants awarded (after cancellations) Number of 9rants awarded Giants awarded in UK Grant5 awarded intern•tionally How we have distributed our funding and influenced wider change We have delivered impact this year thr¢xJgh £25.2m grants awarded to organisations doing incredible work towards enabling a just world freefrom poverty. in the UK and internationally. We recognise this is a reduction from the prevÈous lastyear. refiecting thisyear as a transformational year in which we afe changing the way we work and delNer impact. We also recognise that in the comparative year, we awarded an exceptional amount of grants in the emergency response to the Covid-19 pandemic. Driving Social Change In line with our focus on the best ways to contribute to social change. thi5 Past year has seen us work with more people closest to the issues we seek to fLJnd. People with a range of lived and practical experience have joined us as"Experts by Experience- and supported us with fund design, shortlisting, assessments. and decision-making panels. They have offered unique and invaluable insights that have strengthened our funding pfocesses in the UK and internationalty. Mounting evidence through feedback and listening made it clear we needed to reform the way in which we designed and delivered funding. so that ￿￿ work in a waythat is power-aware and less burdensome to the organisations. In a crucial first step to addressing this we vpdate(l our programmes design and application process. This was achieved collaboratively with sector profèssionals participating in the UK and internationally. The process involved an initial consultation phase with existing Comic Relief funcled partners and sectot experts, and then a co-design phase where, via an open recruitment process. we ir)vited eleven people to join a Funding Review Crew. C￿rity ￿￿j¢C¢s￿￿￿aI Rewt and Accwnts2021A2

Making the case through storytellSng On our UK and international storytelling. we worked exclusively ¥Mth production partners based in those countries to co-create films and photograph contributor5. We centered first person narratives and continued to evolve our practice to uphold the highest Standards of safeguarding and ethical storytelling. This year we worked with production partners in India. South Africa, and the UK to create compelling stories around improving mental health. creating safe spaces for mentoring and growth. and using sport to engage young people living a disability. Our key issue areas and highlighted projects We worked primarily byfvnding organisationsthrough grants. social investments, or partnerships. Our work focused on a range of areas IGender Justice. Global Mental Health. A Safe Place to Be. Children Survive and Thrive, and multi-themed programme5 as well astwo approacheswhich cut across these themes.. Social Tech and Sport for Change). Focus area Number of grants Value of grants A Safe Place to Be £3.7m Chilojren Survive and Thrivè 17 £3.0rn Gender Justice £4.3m Global Mental Health 36 £4.Sm Multi-themed 15 0.4m Total £25.9m Notv. Ilguru Irtt￿ ttyl• inelu¢le £65c•elled grJnt& Totsil 9rants¥I￿4 aft4r ¢•ne•1￿￿¢)￿S￿$£Z52rn. We've highlighted below some ofour vlork in each focus area: A Safe Place to Be Routes to Safety for Refugees is a Comic Relief programme that supported organisations and partnerships that worked to help refugees find a pla￿ of safety. Over the last 3 years funded partners have been woiking to provide direct support to people on the move through grassroots approaches. advocating for changes to policy and legislation and aiming to shift public attitudes towards migration. In Jvne 2022 we launched a 5ix-part podcast. The Journey.. in collaboration wth the Worldwide Tribe.Variousorganisationsand peoplesupported byourAcross Borders partnerswereinterviewed highlighting experiences of people on the move. The aim of this collaboration was to bring to life the indimdual stories and experiences of people on the rnove, told in their own words. Some highlights from the Across Borders progiamme include.. Stop the Traff ik successfulty set up a partnership wth Western Union in Greece, to raise awareness about the risks of trafficking Good Chance Theatre successfully delivered 'The Walk, in 2021- an eleven-foot puppet of Syrian refugee girl named Little Amal who walked from Turkey to the UK, highlighting the issue5 of forced migration and delivering arts programmes along the way. This reached tens of thousandsof members of the public across covntries. including an audience with the Popel 16 Charity Projects Annual and0U￿￿202V21. Ow irnpa

M¢bllising resour¢es t*>wards the Ukraine cr1￿$ In response to the devastating war in Ukraine we mobilised funds quickly thanks to OUT partnership with Sainsbury's and our wider fundraising. In March we commitied £1.5 million in emergency funding to organisations we already work with who are working in the bordering countries aswell as inside Ukraine in response to the on90in9 crisis. We also committed £1 million to the Disasters Emergency Committee crisis appeal. Children Survive and fvive Rise & Shine is Comic Relief's flagship programme to support the comprehensive development of children during their early years. The programme supporred funded partners to delwer projects in Kenya. Malaw, and the UK - most of whom have experienced the perfect storm of increased demand, reduced staff capacity due to Cowd-19 and withdrawal of funding and fundrai￿ng opportunities. Despite the thallenges, the different Country cohorts worl<ed together around Collective learning and organisational strengthening.. In Kenya. the cohort came together to cdlate thwr learnings on what has worked to encourage male involvement in early childhood development releasing a well-received report sharing key findings, which were then presented at the Early Childhood Development Network conference in November In the UK, Comic Relief convened workers embedded within communities to share their challenges and learnings and provide peer support cohort - burlding connections across communities has really helped reduce a sense of isolation amongst workers under a great deal of piessure. Gender Justice Thisyear. in partnership with the Ministry of Justice and the Home Office, our GendÈrJusti¢e fund aimed to rapidly strengthen funded partners. digital capabiircy and infrastructure to underpin critical advocacy work and service provision. The programme rnade several observations and recommendations aboutthe opportunities Ihat investing in dTrgital can havefor the sector- which can be found in Making Impacr Matter's report. Dialling Up Digital.- The Next Level - Learning from the Ministry of Justice Specialist Fund12021-22). Meanwhile. our flagship Gender Justice programme. Power Up, has conts.nued to thnve over the last four year5. Not only do the 17 funded partners continue to achieve success across service provision and wider movement building, but the cohort have released several collective learning ovtFXJts around developing power and collective movement building. Global Mental H•afth In the UK. several of our funded partners Contributed to the UK Government's consultation on the future of mental health services, whi15t the UK cohtsrt of Ahead of the Game continued to deliver innovative new programmes to blend rnental health SUPFK)rt ir)to swrts provision. Empire Fighting Chance's Boxing Therapy continued to successfully support young people with mental health conditions. They received referrals from Icral Children's and Advlt Mental Health Services ICAMHSI and other charities and piovided mentoringlcounselling as well as boxing Football Beyond Bordersweresupportedto pilotand thenscale uptheirTherapistsinTracksuits concept - a therapeutic ¢Jffering to the most at-risk participants embedded into their existing long-term, Intenslve group-based social and emotional classroom and football curriculum.

Meanwhile, in Kenya. our specialist mental health programme achieved great success in tackling stigma and discrimination associated with mental health conditions and psychosocial disabilities and irnp¥ove acces5 to quality rnental health services in line with human rights approaches, for people living with mental health condits.ons and psychosocial disabilities. Basic Needs Basic Rights18N8RI worked to replicate the highly successful Time to Change prograrnrne frorn the UK to reduce mental healEh related stigma. They are working with comrnunity chamFY"ons and health care workers to contextualise mental health resources in Kenya and then scale these throughout communrty health pro￿ls1On. Health Rights Advocacy Forum IHERAFI worked to influence the reform of the health legal framework and strengthen rnental health systems in Kenya with the aim of improved acces5to quality mental health. So far. HEFIAF have been able to SUPF)ort local governments to develop mental health work plans. establish technical working groups and trèin health care workers on community mental health. Multi-themed - Tackling racial injustices- The Global MaJtiYity Fund In our emergency response to the disproportionate effect Covid-19 had on 61ack and minorit15ed communities across the UK. Cornic Relief joined forces with the National Emergencies Trust, Barclays, and the Clothworkers Foundation. investing in Intermediary Partnerswho in turn funded grassroots organisations'led by and for. Black and minoritised communitie5. The first phase of the programme showed that our funded partners supported groups including women and grTls, children and young people, Asylum seekers and Refugees. and the LGBTQ+ community. Support was offered in areas such as access to quality services, mental health and wellbeing sUPPOrt. awareness raising, domestic abuse support. education and vocational skills and financial and materièl poverty svpt)ort_ Many grassroots organisations reported wider benèfits than the fundin9 Itsèlf.. "The funds havè enabled us not only to help improve the livin9 conditions of the community we serve but also it has enabled vs to create partnerships and connections to other organisations and sources of funds. Thi5 has made our operations more èfficient and tbrnely specrfically due to the communication netwo￿ we keep with other organisations." Social Inv¢sting- Red Shed Red Shed is Comic Qelief's Social Investment vehicle which invested in social enterprises and trading charrties and collaborates with other funders in investment bonds and funds. Fled Shed promdes repayable finance and aimed to make social investment more inclusive and accessible. particvlarty for enterprise5 and entrepreneurs that face Systemic barriers. Red Shed made five new investments in theyear, including a follow-on investment with RefuAid. which provided interest-free loans to refugee health workers to enable them to requalifyto work in the NHS," diverse-led social enterprises with the Sumerian Foundation, which included a catering xjsinessemploying peoplèaffected byhomelessness.a creative collegeforneurodivèrgentyoung people and a Nofthern Irish enterprise led by people with lived experience offering innovative mental health support. Chority Prcitttsknnual Repryt•nd Ae¢tyJnts29ZItr.Our wThpJct

ENGAGEMENT AND INCOME How we have ent•rtained and engaged the public, through our own fundraising and in partnershlp wlth others Against the backdiop of a cost-of-living crisis we generated £SOm. an incredible amount and rÈminiYer of the generosity of our donors. even in financially challenging times. This was a drop frorn prioryears. although was not entirelyunexpected given current macro-economic conditions. One of the Major factor5 wasthe Ukraine crisis, and the extraordinary public donation response to that which came in the immediate weeks before our Red Nose Day Campaign. Red Nose Day would not have been possible without the amazing support of our fundraisers. trusts. foundations and corporate partners. inclvding." Sainsbury'5, TK Maxx. British Airways. KFC Foundation. Walkers, Premier Leagve. Maltesers. Babybel. Paypal, AWS, Worldpay, Acast, Department for Digital. Cvlture. Media & SporL Foreign. Commonwealth and Dèvelopment Office. Scottish Government. Bill & Melinda Gates Foundation. Paul Hamlyn Foundation. Esmee Fairbairn Foundation. National Emergency TrusL Ministry of Justice, Oak Foundation. The Hèalth Foundation and Unbound Philanthropy. Acr(￿5 the UK. schools, nurseries, communtty groups familie5 and individvals fundfaised in all kinds of funny, safe, and inspiring ways. Whether our income is up or down in any given year, we will always be grateful for every donation that cornes in. The support we had from the public is the reason we can continue our mission to create a just world free from poverty. KEY HIGHLIGHTS Red Nose Day It felt important more than ever this year to have some fun and raise money to support people living incredibly tough lives. Across the UK. people Sprang into action. buyirKJ our ￿astiC-fvee Noses, supporting some of the nation s favouritefaces a5 theyto¢)k on epic furK4rai5ing challenge5. orwatching and giving during our Night of TV. On the night, our evening of top entertainment raised an amazing £42m. Some campaign highlights included.. Over 10.000 schools participated in Red Nose Day across the UK We achieved our most diverse and representative talent line-up ever Local film makers delivered all international appeal films 30+ hours of broadcast 88C Tvcoverage across driver shows hitting a range of audiencesfrom Glow Up on BBC Thiee to Countryfile on 88C One.

Tom Dale￿$ Hell of a Homecomlng Our 2022'hero' documentary challenge saw Olympic Legend Tom Daley Tow. cycle, swim and run hi5 way from the AquatlC5 Centre in London- where he won his firsi Olympic medal- back to his hometown of Plymouth. The live challenge gainered huge media interest and raised £l.Imillion. Rowlng Home with Jordan North Fladio l DJ Jordan North embarked on the journey of a lifetime, 'Rowing Horne, from London to 8urnley covering 100 miles of the English canal network in a sea skull rowing boat. The public were behind Jordan every step of the way, raising £0.8million over the course of the challenge. fantastically supported by the Radio I family. . The One Show Red Nose & Spo¢)n Race The Red Nose and Spoon Race returned with presenters Cwain Wyn Evans and Angellica 8ell leading two teams of beneficiaries from Comic Relief funded projects in a 4-day endurance event. trekking through the Lake District and taking on a different physical challenge each day. The overall income total raised was £0.3million. Partnerships Sainsbury s amazing fied Nose Day support included selling our iconic Noses and a wide variety of merchandise. They also offered cvstomers the option to donate at the till or through Nectar. Throughout stores customers could hear voice overs from Sir Lenny Henry describing rhe woik of Comic Relief. Walkers and Comic Flelief launched a mental wellbeing fund called The Smiles Fund. The fund supports early intervention and community-based approaches whrch use arts ènd comedy to help mental wellbeing. One of our new partners this year was LEGO. The amazing Trent Infant Nursery School won the LEGO Red Nose Habitatcompetition, judged bythe BBC Radiol DJ Me￿In Odoom. As part oftheir prize. they received £2.500worth of LEGO for their school and a zoorn call with Melvin Odoom and a LEGO play agent. Dlversifying in¢ome Our Winter Campaign encornpassed digital fundraising actwity led byour strategic partners and, following on from the success of the previovs year. our very own Comic Relief Beauty and the Beast pantomime, broadcast on 88CI in December 2021. 20 harity ProiE¢tsAnn¥if Report Jn(I kcrwnts202V21 EngagementaThJ incwn¢

OUR FUNDRAISING APPROACH Cornic Relief is registered wth the Fundraising Qegulator. As a member, we adhered to the Fundraising Promise. which commits us to the highest standards of fundraising, ensuring that our fundraising is legal. open. honest. and respectful. We are also committed to following the Code of Fundraising Practice, which ovtlines the standards expected of all charrtable fundr3ising organisations across the UK. We did not vse professional fundraiser5 during the year. We are consistently assessing and evaluating our woce55es and fundraising agreemènts to strengthen how we monitor our fundraising activities. We prioritise the rigour and 5UPPOrt we provide to our fundraisèrs to ensure they have the necessary tools to execute their activrcy. Comic Relief is a member of the Direct Marketing Association IDMAI. the body responsible for driving high standards in direct marketing through self- regulation. As a mernber of the DMA, we adhered io the Direct Marketing Code of Practice. This commitment to the highest standards of marketing and best piactice, included recognising and taking care when dealing with children and vulnerable people. ensuiing that our advertising and marketing is responsible. reliable, and respectful. Safety during fundralslng activities Thesafetyof everyoneduring fundraising 3ctTvities isan absolute priorityfor us. We are particularly Concerned to safeguard the welfaie of any children or vulnerable people who may be involved. We have created safeguarding guidelinesfor anyone hosting an ever)t. This information is posted on our website and is also shared with individuals or groups seeking advice. Helping our supporters Our svpporters were able to contact us by phone. email, or post if they had a query oi needed guidance. As a result. we handlèd S,279 ènquiries from thè public. Throughout the Red Nose Day 2022 carnpaign we addressed 236 compla4nt$12021.. 3331. We take every complaint very Seriou￿Y. and our aim is always for our supporters to have a high-quality experience wich us. We acknowledged receipt of each complaint within two working days, then investigated and aimed EO advise of our findings within 30 days of acknowledgement. We responded to every complaint individually and took great pr¢de in listening to what our supporters havè to say about us. whether negative or posittve. as all feedback is key to us continuously impro)ring our SUPPOfter care. We had no un￿501Ved complaints and did not need to make referrals to the Fvndraising Regulator for any cornplair)t duiing the year. 21 ChartyPrqect5Annu¥ ReK*t•thd Eng•>￿#￿t •hd in¢omt

FINANCE AND RESOURCES How we have managed our charity and how continu• to Lyeatè a futur&flt organlsation The past 18 months have been challenging for fundraising due to the volatile financial markets and thè changing habits of our supporters. Despite the continued generosityof the UK public, the dedication of our fundraising staff and the ongoing support of our amazing partners, our income has declined during the year, at a time when the need for our suppon is greater than ever. In response. we worked hard to control our costs, manage our cash and investments and sadly, twk the difficult decision to restructure with a reduction of several role5. In 2021-22 we prepared to transition into new ways of working. which mean it is an exceptional year in terms of comparison to the previous year. Leadership and governance The CEO and Executive Leadership team have spent the year working with the Board to agree strategy for the period to 2027. There has been a strong focus on diversifying and 5trengthenTng income and delivering long term impact. The skills, processes and supporting systems required to 5UPPOrt the strategy have also been reviewed and agreed. Ways of worklng We continued to work as a hybrid organrsation with staff corning into the office at least two days a week for ¢ollabtsration and teamwork. This has worked successfully and we have therefore taken the decision to downsize our office footprint when our lease renews in the summei of 2023. We undertook a full needs analysls on the ftJtLJre purpose of the office and will take the opportunity to design an inclusive and collaborative workplace reflecting the changing nèeds of a hybrid organisation_ Peoplè There wasa ￿gnIfIcantfOcuS0n investing in our people.culture,values, learning, and development during the year. We continued to prioritise our efforts to become a more inclusive and diverse organisation. This will enable us to transition to the culture and capability we will require. Processes and systems During the year we selected z new finance system to re￿ace our existing end-of-life system. Wè arried out a robust selection process and ovr airn is to use the introduction of a new system to drive process and cost efficiencies and continue our journey to best in class financial processes.

NNIIMCIAL REVIEW Our total income for the year was £SOm compared to n4m in the previous year. The reduction in income reflect5 the challenging fundrarsing enmrontnent driven by manyfactor5 including the e¢onomic fallout of the war in Ukraine and the cost-of-living crisis. rt also reflects a transitional year for Comic Relief as we rnove towards new ways of raising money. Our totsl expenditure was £44m compaied to £86m ir) the previous year resulting in an operating surplus of £5.7m 12021-. operating deficit of £12ml. This was predominantly dve to reduced grant commitments as we take stock ènd work with partners to reassess longèr-term priorities in line with our new strategy. This includes our 10-year flagship programme wth the FCDO for which we are holding ￿8rn in designated reserves to cornmit in the next financial year, and £8m for other new strategic prograrnmes. Comparatively. last year was èn Èxtèptional yeèr due to high levels of emergerbcy furTrding awarded in response to the Covid-19 pandemic. In 2021-22, 72% of our total Spend was on chaircable actimty with £31m 12021." £72ml spent on grants and the cost of making those grants and a.3m 12021= a.sml spent on raising global awareness. education. and 50ci31 change. Whilst fundraising costs reduced from £13m to £12m this represented a higher proF)ortion of our total costs than in the premous year. Net assets of the group on 31 July 2022 were £94rn compared to £91m on Sl July 2021. How the money is raised Red Nose Day 2022 and our annual Night of TV raised £42m thanks to generous donations from the public and their fundraising actimties. and the continued support of our insiitutional and corporate partners. We also raised £4_5m from year-round fundraising including a winter appeal and digital giving and a fvrther £3 sm frixn grft aid and other income. We generated income from investing the funds we have raised prior to them being distributed as funding to other ofganisation& This incorne contributed to funding our operating costs which enabled us to give more moneyto good causes. The investment marketwas particularly volatile in the period to 31 July 2022, and we ended the financial year with an unrealised loss of £2.4m12021= unrealised gains of £7.4ml which is a 4.4% loss against our target gain of S.4%. Charity pr4ects￿ft￿al ReportaThJ ACC￿ts2O21￿I Finan¢ and r•styJr¢

How the money is spent At Comic Relief we are hugely aware of the generosity of the public in supporting our work. In addition, through the match-funding we secure from our rnany private. public, and voluntary sector partners, we can leverage every £ that is donated by the public. In this financial year, we increased every £1 donated by the public to £1.44 through gift aid. partnerships, and match-funding_ Foi every £1 raised. Comic Flelief spent 72 pence on charitable activtty as follo 57 pence was spent to help thousands ofwtal projects sUPPOrting vulnerable people in the UK and internationally 12 pence was spent ensuring that we allocate our funding as effectively as posstble. ensuring it reaches amazing projects, and monitoring how it is spent 3 pence wasspent on Tal￿ng awareness of the work we svpport to tackle poverty and injustice. The remaining 28 pence was invested in raising fijnds which wll be used to support vr(al work under our new strategy. Our designated ftjnds include £78m match funding for our Shifting the Power Prograrnme with FCDO, and £8m for our new strategic programmes which will be Committed next year. These are intentional reserves and had they been cornmitted in 2021-22, our pence in the pound Spent on vital projects would be consistent wrth the prior year. These desrgnated amounts are in addition to our other planned grant-making activities. Staff costs are our largest operatin9 expense, totalling £IO.Im in 2022 P021". £10.7ml, excluding redundancy costs. This is a 7% reduction year on year. after absorbing a 3% pay rise to all stsff excluding the Senior Leadership Team. In responseto our 2022-2027 strategy. and to bring new skills to deliver incomÈ 9rowth and revise our approach to grant making. we have included a provi%on of £SOOk fof a reduction in role5 across the organisation due to the redundancy progT3m. The Comic Relief group held total reserves amounting to £94m as of 31 J¢Jly 202212021.. £91ml, broken dthmn into restricted. designated. and other unrestricted funds as follows.. Restricted funds Restricted fvnds12022'. £0.6m." 2021.-1£O.Imll can onty be used for purposes as spècifièd by the donor. Individual funds can be in deficit because thè costs arè rÈtognisÈd in full when the award is made. whereas the related income is recognised onfy when Comic Relief Is entitled to receive the funds from funding partners, whTrch will typically be in stage payments over several years. Funher details are given sn note 19. Unrestricted designated funds At year end £46m12021." £49ml of unrestricted fundswere designated for specific purposes bythe Trustee5. Thi5 includes match funding commitments, including those referled to above, and other funds designated for grant making. Further details are given in note 18. Charity ProJe£tsAnnual Report aTrJ FlTrance and resoufces

General fund The remaining balance of unrestricted funds. Ihe General Fund (2022 £41m' 2021 £42ml 15 monitored regularly in accordance wth Comic Fèeliefs resetves policy (detailed below). The General Fund is used to cO￿T all costs of the organisation that are not related to funding allocation or management. Reserves policy The reserves policy has been considered and approved by the Board and there have been no changes to the prior year. Our current reserves policy ￿qUIreS usto hold free reserves of an amount eouivalent to.. 30% ofthe value ofthe investment Fortfolio,. and Twelve months of operating costs The reserves policy reflects the key risks identified with respect to the reserves balance as a drop in the value of our investment portfolio and the cancellation of our flagship fundraisng ever)t, Red Nose Day. due to unforeseen circumstances. Trustees have considered the high proportion of equities170%1 in our investment portfolio and the uncertain èconomic climate as part Of this reserves wlicy. General free reserves as at 31 July 2022 are £41rn 12021-. £42ml. in line with target. The target is calculated as 30% of our investrnent portfolio1£20ml plu5 twelve months operating c05t5 which includes all spend other than grants1£21ml. Designated funds as at 31 July 2022 are £49m which incltjdes". £19m designated for the grants and the costs of making, managing, and moniioring grants but is not yet committed. All funds are commrtted within two years of receipt £19rn designated for match fvnding commitments for co-funding joint programmes with key funding partnevs. Funds will bè spènt in line ￿th fundin9 agreements C7.7rn designated for Red Shed investments, £3.8m of which has been commstted. This fund ¢an only be realised by disposing of Red Shed investments £2m from 8111 & Melinda Gates Foundation for the development of new and existing income streams. advance our digital platforms and engage new audiences. This is likely to be spent in FY22ft3 £0.4m fixed asset reserve which can only be realised by dispogng of tangible fixed assets. CharityThoJ"e¢tsknrtsèl Rportand knowts202V22 finance W*J r•source5

FIXED ASSET INVESTMENTS Investments The rnajority of income was between March and July following Red Nose Day, and we aim to award these funds to projectsover the subsequent twoyears Most funding awards are multi-year, often for three years but sometimes for five years or more. Funding commitments are scheduled for payment a¢ross the period of the funding in instalments ro ensure the money is being spent as agreed and delivering the intended impact. Until cash is required for funding it is invested to provide a return. outlined Trn the In￿Strnent approach below. Sufficient cash rx cash equivalentsare held to cover nine months. worth offunding cornmitment5 and six month5, worth of operating costs based on a 12-rnonth average forecast, with a monthly minimum balance equal to three months. needs. reflecting the fact that most of the cash inflows o¢¢ur in March - July each year. Six month5 of budgeted operating Costs will always be available immediately and none of the cash holdings will be placed with rnaturity of more than one year. Beyond the sums to be held in cash there is. therefore. core capital which can prudently be held in longer term assets to achieve an enhanced level of return over the longer term. Investment approach and policy The overall objective of the investment policy is to maintain the value of the portfolio. In addition. we aim to maximise the return from the portfolio but onlywithin an acceptable level of risk and in accordance wirh our principles with respect to ethical investment. We do not invest in companies which manufactufe armaments or tobacco products or whose primary business is adult entertainment. the manufacture of alcohol products or the extraction or pr￿Ssing of fossil fuels. In 2014, we signed up to Ihe UN Principles for Responsible Investment IUNPRII, an international network of over 4,000 investors working towards putting environmental. social and governance issues at the centre of their investing approach. The self-assessment for 2022 has been delayed by UNPRI, however. we achieved an overall ESG Qualiiy Score of 7.1 in 2021, which exceeded the peer median score of S.9. Trustees delegate oversight and management to the Investment Advisory Group (which reports to the Finance and Fundraising Committee) for the investment portfolio and the Finance and Fundraising Committee for rhe cash portfolio. Investment performance The opening value of the investment portfolio was ES7m. Divestment from Fund5mFth totslling £Sm. completed in Oecember 2021 was reinvested into Generation Fund. a new fund in our portfolio. A £IOm 18-month fixed term depositwith Uoyds wa5 operled in April 2022. The portfolio closing value was £65m after a £2.4m unrealised loss on the funds_ The Trustees adopted a nominal total return target of 5.4% after costs, annualised over a rolling five-year period. Based on figures independently calculated by our advisors, total returns over the last five years have been as follows: l year return to 31 July 2022.. -4.4% S-year annualised return to 31 July 2022-. +6.4%. Whilst we did not meet our investment return fortheyear. the long-term projection for annualised return over 5 year5 meet5 our targets. We are committed to a long-term return on investment and will continue to proactively rnanage our investment portfolio within the wider economic context. 26

GOING CONCERN The Trustees have reviewed the level of reseNe5 and available liquid resources in the context of operating and spending plans over the next 12 months. the cash flow forecast, the three-year business plan. and the organisational risk assessment. With consideration of the financial risks associated with the organisational risks. scenarios have been modelled for worst case scenarios in respect of wblic income decline and significant mtsvem￿t on the investrnent POTtfolto. For all scenarios Cornic Relief would have sufficient reserves to cover costs over the next 12 months. Trustees consider thHt Comic Relief has sufficTrent financial resources ro continue in operational existence ft)r the fO￿seeable future and that the group is well plèced to manage its operating risks successfully and that no material uncertaintyexists. The following factors provide additional assurance of Cornic Reliefs going con¢ern'. We have a comparativety high level of ieserves to mitigate against volatility in the market and movement in our fiJndfais¥ng rncome We have processes in place to mitigate against the risk of our investment portfolio dropping in value. as well as the avaLlability of cash lin line with oui cash policy) in the event of a significant short-term hit to income. TheTrustees have not identified any material uncertsinties relating to going con￿rn. The Trustees have therefore continued to adopt the going concern basisof accounting in preparing the annual financial statements.

ENERGY AND CARBON USE In line with the Companies ICh"rector'5 fieportl and Limited Liability Partnerships (Energy and Carbon Qeportl Regulations 2018, we are required to report on oui energy use ané greenhouse gas IGHGI emissions for the year ended 31 Juty 2021 In accordance with the Environmental Aeporting Guidelines (March 20191. we are reporting on our UK energy use and carbon emissions in relation to purchased electficity and gas usage within our office premises as well as quali￿"n9 transport actNIty. Energy Source 2V22 £nei9y Source Consumption Erbergy Intensity Carbon Emissions Carbon Intensity Units Consumption kwh Consumpti¢)nl SQM TC02• TC02•tsQM Electricity Ikwhl 178,435 34.506 0.0174 Natural Gas Ikwhl 247,969 125 0.0225 Transport 7.920 IB19 0.0009 Total 4Y•.324 219 80.96 0.04089 Energy Source 20 Consumpti¢)n Energy Intensity Carbon Emissions Carbon Intensity Enèrgy Source VnitS Con5UrnPtion kwh Consumptionl SQM TC02è TC02elsoM Electricity Ikwhl 153,019 77.4 35.38 0.0179 Natural Gas Ikwhl 169_6 61.42 0.0310 Transport Total 488,390 247 9&8 0.0489 We have continued our commitment to allow staff to work flexibly and where needed, ¥emotely. This, alongside several practical energy reducing measures has seen our carbon emissions relating to office use fall fvom 96.8 TC02e to 80.96 TC02è. Our reported eneigy consumption for theyear ha5 alsofallen from 488,390 kwh to an estimated 434,324 kwh. In 21122we took eneigy efficiency initiatives such as adjusting heating times accordin9 to the season and repaired our air conditioning. In the last year. we have also Eaken several steps to allow us to feport on energy use and carbon Èmissions relating to qualifying tfansport actiwty. with this equatin9 to 2% of our total carbon emi55ions.

Carbon emissions by energy source 2% Electricity Ikwhl Natural Gas Ikwhl Transport 43% 55% Carbon emisslons 12 0.006 io 0.005 0.004 0.003 o.ooi Av9-21 Sep-21 Oct-21 Nov-21 Dec-2Th lan-22 Feb-22 Mat-22 Apr-22 May-22 Jun-22 JLtI-22 Carbon Emi55ion5 FY tTC02el Carbon IntÈnsityFYttc/soMI s part ofthi5graphic.we 355umed tw rTrr•>rtaciMtyh45 accmod ￿en￿thT￿gh theyear) Methodology and est•mat•s For 2021122. the methodology used to calculate total energy consumption relating to Electricity and Natural Gas had been extracted from information provided by our building management. Electrictiy had been calculèted using sub-meter readings. As gas was land still isl supplied to the whole building. our estimate of gas use is based on the pèrcèntagè of space that we occupy. We have calculated our energy consumption and rarbon emi5sion5 for qualifying transport activity using data present within our finance sysiem to identify the amount of fuel procured and mileage undertaken. Energyandfuel consumption had been converted to carbon ITC02el using 2022 OEFRA published conversion factors. We then used this information to calculate our carbon footprint. We have used floor space as a means of calculating ¢yJr intensty factors to allow for direct comparison with data reported in previous years. Floor space is also a practical measure of how we are introducing energy saving initiatives within our office I￿atIon. Oui floor space11980 SQMI for 2021122 has not changed in the last year. Furthei Action In the summer of 2022. we completed an 'Energy Savings. audit which concluded Comic fielief's eneigy management was"good- wih the recommendation to consider office space and energy consumption in relation to this as an opportunity for improvement. A task and finish group has been established to oversee delivery of this over the forthcoming year. 29 CharityprojectsAnnual Reportand Acc(wnT52021k2 finance and restjurces

REMUNERATION esponsibility for overseeing our pay po14cy. setting CEO and Executive Directoi pay, and agreeing on the level of annual staff pay increases, lies wtth the People and Culture Committee this is a Committee of the Board of Trustees. attended by the Chair of the Board of Trvstees. The Committee takes external benchmarking advice to rnform its decisions. Meetings are held ai least three times a year with senior Comic f4elief staff and supporred by external HR experts who attend in an advisory capacity. We are committed to the principle of equal opportunities and eq¢Jal treatment for all employees. We are a Disability Confident employer. have a clear policy for paying Èmployees equally for the sarne or equivalent work. and have signed the pledge to Show the Salary for all advertised roles. For all staff, Including the CEO and Executwe Directors. pay 15 remewed on an annual basis and our salaries reflect the knowledge. skills. responsib(lities. and attributes required for the performance of each position. We do noi pay bonuses. Ratios We have actively tried to manage the differential of pay between the highest paid person and otheis. Our ratio of top payto median pay is 3.7."1. Our ratio of top payto lowest pay is 8".112021.. 7.9..11. We are proud to be a Living Wage employer ènd all our London-based staff are paid at least£ll.05 per hour in line with guidance from the Living Wage Foundation. Gendw Flay gap The median pay gap is the differen￿ between the midpoints in the ranges of hourly earnings of men and women and the mean gender pay gap is the difference between the average houily earnings of men and wornen. At the snapshot date of S April 2022, our mean gender pay gap had increased frorn 7.7% in 2021 to11.84% in 2022 and our median gender pay gap was 9.96%12021.. 8.1%). This increase is primarily due to the departure of a female CEO part way through 2021 an¢J their replacement with a male CEO, but despite this the current pay gap is still belowthe gap of12.46% in 2019. 71% of our oiganisation is female with high female representation throughout the organisation particularly at the managér and hèad of department levels. The pay quartiles by gender table below shows that across all qvartiles. there are proportionately . more females than males in linewith the overall makeup of the ofganisation. In the last 12 months, 36% of applicants who submitted a compleied job application were male. Sl% women and 13% identifying as non-binary or choosing not to disclose their gender identity. Of the successful applicants. 22% were men, 64% women and 14% identified as non-binary or chose not to disclose their gender identity. Quartile % Males Females Vpper 45 Vpper mlddle 73 Lower mlddle 91 Low•r 34 66 ¢harityPr•its FiTh¥n¢4 •nd rs•ur¢es

Ethnlelty pay gap We are measuring our ethnicity pay gap for the third time this year, ahead of any requirement oi formal guidance on how to do so and are therefore using the same methodology we do for gender at the snapshot date of S April 2022. Some staff have chosen notto disclose their ethnicity, so the data is repiesentative only. The ethnicity pay gap looks at the distribution of white employees compared with èthnic minority èmployee5 across all job leve15. The pay quartiles by ethnicity table below shows the distribution of white and ethnic minority employees ty quartile. A review of the recruitment process is being completed in 2022123 to ensure attraction of candidates from ethnic minorities and incluslvlty throughout the hiring process. Our mean ethnicity pay gap is 7.83% in favovr of ethTh￿ minority employeès Icompared to 8.17% in f3vour of ethnic minority employee5 in 20211. Our median ethnicity pay gap is 8.21% in favour of white employees Icompare¢J to 3.3% in favovr of ethnic minority empli)yees in 20211. Quartiles % White Ethnic Not Declared Upper 57 33 io Upper mlddle 76 20 Lower middl¢ 70 Lower 68 30 RECRUITMENT AND RETEITIOI We try to balance the expectations of our supporters and beneficiaries. who trust us io use their money eyectively. with the requirement to fecruit and retain the best people. We know that our staff are attracted to working for us because of the opportunity it gives them to have a positive impact on the lives of others. A key driver for attracting and retaining talent is our comrnitment to family-friendly policies and flexible working practices thai help stsff achieve a good woikllife balance. Our investment in training, development and well-being is an added incentive. Our application tracking system enhances our efforts to eliminate bias from the recruitment process as fai as possible, U￿ng role-specific selection criteria and name-blind shoftlisting, and the provision of data that allow5 US to interrogate the stages of the proces5 at which we are losin9 certain groups of candidatès. and trends by department and seniority. and address accordingly. RESOUIICING We also benefit frorn and are thankful for thè Incredib￿ efforts of our family of volunteers who help us to èchieve our fundraising goals. Their support enables our core staff team to focus on delivering ground-breaking campaigns. c¢)ordinating fundraising efforts. and helping to ensure thatthe rnoney raised isdistributed fairly. efficiently. and usefully both in the UK and internationally. We also ac￿pt pro bono work and gifts-in-kind from commercial partners wherever appropriate, to enable us to operate as efficiently and cost-effectiveSy as possible.

ENGAGEMENT AID WELLBEING Staff engagement is veryimportant to us. We conducted an annval staff survey and held monthly staff and 'open house, meetings where staff Set the agenda and ask questions of management. All employees were kept up to date on news and events through regular messages and updates on our internal network (Workplace) and monthly team meetings. Our CEO and Executive Director5 have 'open door policies. to encourage siaff comments directly. and Staff Voice sessions enable direct staff access to Tiustees. We are continually looking for innovative ways to communicate with our staff to create a sustained culture of engagemènt and opennes& and to flexibly collect employee feedback. helping us to drive Strategic, tacts"cal, and operational decisions based on data. A Wellbeing Programme of Èvents and services and ongoing SVPPOft to promote everyone's health and wellbeing inside and outside work includes skills. tips, and tools to better manage personal, physical, emotional. and financial wellbeing. Cornic Relief has been keen to embrace hybrid working, and we aim to give our staff as much ontrol and flexibility as w￿ble. There has been sgnificant invEstmer)t in technology and in martragement skills relating to remote and hybrid teams as we have transltioned to a hybrid working model.

GOVERNANCE How w• hav• govwn•d our charity including how w• ha¥• mitlgat•d our key rfsks and unc•rtalrrtl•s STHUCTURE AND OPERATIONS Comic Relief was founded in 1985. when Richard Curtis. Jane Tew50n and friends came up with the idea to use comedy to ratse money and change lives in Africa and the UK. The Comic Relief Group is comprised of CharTty Projects. Comic Flelief Limtted and Brand Relief Limited. Charity Projects is a company limited by guarantee and a charity registered with the Charity Commission and Office of the Scottish Charity Flegularoi. Charitable activity is undertaken though this entity and Comic Relief is the operating name of this entity. Comic tlelief Limited is a private company limited by shares and a wholly owned trading subsidiary. Brand Flelief ￿rnited is a private company limited by shares and wholly owned dormant subsidiafy. Charity Projects is governed in accordance with its Articles of Association which set out the following charitable objects.. • the relief of poverty the advancement of education by means of the encouragement of the arts for the public the provision of facilities for recreation or other leisure time occupations in the interests of social welfare provided that such facilities are for the public benefr(,' and the promotion of any other charitable purwse for the benefit of the public. Charity Projects is registered with the Office of the Scottish Charity Regulator ISC0397301 and raises funds from our Scottish supporters and makes grants to Scottish organisations. During the year under revsew £1.4m or 2.7% of our fvjndraised revenue was generated in Scotland. We currently have 48 active grants in Scotland. 33 cha￿ ProiectsAnnual Rewt and tttyJnts21122

TrUSTEES Ultimate control of Comic Relief is vested in the Trustees, who give their time, experience. and expertise for free. For the period from l August 2021 and up to the date of signing thi5 Report the following people served as Trustees and as Directors of the charitable company.. Eric Salama Chair of Trustees and mernber of the People and Culture Committee from 22 September 2021. T•ssy Ojo CBE Membei ofAudit and Risk Committee until September 2021. Member of People and Culture Committèe since September 2021, nd Trustee responsible for Safeguarding. Dr Sue Black OBE Member of the Finance and Fundraising Committee. Jacquellne Onalo Chair of the People and Culture Committee. Hona Campbell Chair of the Creative Adwsory Group Since Septernber 2021. Tom Shropshlre Senior Independent Trustee Director of Comic Relief Limited Jenny Hod950n Chair of the Social Impact Commiitee. sa￿ Klein OBE Stepped down as a Trustee ortr 25 April 2022 Matt Hyde OBE Chair of the Audit and Risk Committee. Gautam Raiu Stepped down as a Trustee on l May 2022 Charlotte Moar Treasurer. Chair of the Finance and Fundraising Committee and member of the Investment Advisory Group and Audit and Risk Committee. Rupert Morley Chair of the Investment Adwsory Group, member ofthe Finance and Fundraising Committee and Social Impact Committee since Sepiember 2021. Chair and Director of Comic Relief Limited. IRUSTEE LIABILITY Each Trustee is a member of the charity and. in the event of the charity being wound up. is liable to contribute a maximum of£l. Indemnity insurance costing £24,88612021'. £17.2801 for the year was purchased on behalf of the Trustees and Committee Members. 34

TRUSTEE TENURE AND CODE New Trustees are selected and apwnted ty the Trustee 8oard through an open recruitment process taking into the account the need to maintain an appropriate balance of skills, experience and our commitment to equality. diveisity. and inclusion. Trustees are gNen a comprehensive and tailored programme of induction which includes safeguarding training. Additional development and training are available when required and relevant. Trustee5 consider the principles set out in the Charity Govemance Code. refreshed at the end of 2020. when carrying out their duties. The Code is designed as a tool tts support continuous improvement and we evaluate our progress against the Code's principles and recommended practices on an annual basis. The evaluation shows that the Code's recornmended good practices are applied in Comic Relief wth the aim of continval improvement. This year, as part of developing the new srrategy we have sei up key metrics and KPI'S for the Board to monitor effective and sustainable delivery of the new strategy. which has aligned our practices with the governance code. In addition, Trustees are made aware ofchanges to Charitycommission guidan￿ and updates as well as developments in the sector and applied practice. Trustees serve on the Board's Commtttees. as denoted above. During the year. the Committees and the Advisory Group met regularly in accordance with the annual Meeting schedule and annual schedules of work_ The Comrnittees and Advisory Group benefit frorn the specialist expertise of independent members selected to complement the sktlls experience of Trustees. Committee Members are subject to the same recruitment process and good practice as Trustees. The Trustees continue to be very grateful to all Committee and Advisory Group members for their advice, work and time committed during the year. GOVERNANCE CHANGES ThroughoLrt the year we have implemented several change5 to our governance frarnework in line with Charity Governance Code's recomrnendations and best prartice. The Remunerations & Nominations Committee's name was changed to People and Culture Committee to better reflect its dutiesand remit. People and Culture is discussed at each Board meeting and is reflected in the Chaii's work (for example. in Trustee and CEO recruitment /appraisal. and in Trustee Board and Committee Meetings). Trustees have completed training on unconscious bias. A new anonymous system of meeting evaluation was implemented for Board. Committee and Advisory Group meetings. Surveys capture feedback from attendees which is used to drive improvements to ways of workin9. During the past year as the organisational strategy was being developed. the Board met more frequently to oversee the development of the 2022-2027 Strategy.

CEO AND EXECUTIVE OIRECTORS TheTrusteesdelegatetheday-to-dayrunning ofthe charitytotheCEO- appointed bytheTru5tee5 - and Ihe Executive Directorswho are responsible for areas of the charity as listed below. Decisions of the Trustees are implemented by the CEO and rhe Executive Directors. The CEO reportstothechairof Trustees. Keyrnana9èment personnel constitutetheTnJstèes, CEO, Executive Directors. the General Counsel and Cornpary Secretary. Thrs year wès a transition yeèr which saw change in Executive Directors. New senior positions are beirTrg recruited to successfully and as a matter of priority. For the period fvom l August 2021 and up to the date of signing this Report, the following people served as Executive Directors= Samlr Patel Chief Executive ¢3fficer Andrew Bvoadbeftt ChiefTechnology Officer (until 9 September 20221 A￿X Botha Chief Operating Officer (until 30 September 20221 Jalme Bertuello General Counsel luntsl l April 20221 Geovglna Persson Executive Director of Operations (from l Novernber 20221 Aebecca Scott General Counsel (until 2S August 20221 Fatima Ribeiro Executive Director of Fundraising and Creative (until 9 Septernber 20221 Salma Dan•shmand General Counsel Ifrorn I September 20221 Aleema Shivii Executive Director of Impact and Investment l¢Jntil 9 Septembw 20221 STAKEHOLDER COISIDERATIOHS Asa company limited byguarantee,we a￿ required to report on howourTrustees havedischarged their duty to promote our best interests, while hawng regard to the matters set out in section 172 01 lal to (fl of the Companies Act 2006. In doing so, regard (amongst other matters) must be given to: The likely long-term con5equence5 of any decisit)n: The interests of empl Fostering relationships wth key stakeholders", The impact of operations on our communities and environment-. Maintenance of our reputation for the highest standards of conduct.. and The need to act fair￿ as between members ofthe company. The Board recognises that our relationship with stakeholders is ciitical to success. Our Charitable objectives, scale and impact are achieved in large part through relationships acr055 public, private. and voluntary sectors. The table that follows sets out our key stakeholder groups. the key considerarions of each group and how we engage wtth them. Board discv55ions consider the potential impact of our decisions on each stakeholder grovp and consider their needs and con¢erns. 36 ChailtyPrcyectsknThJal RepJrt and•￿￿nts ￿. GwrwrKe

Stakeholder group Key considerations How we engage Funded partnefs Comic Relief delivèrs social Impact predominantlythrough funding frontline organisationsworking to tackle poverty and injustice. Consiolerations in relation to oui funded partners are.. Direct CC•mmunicaiion to all applicants to inform them of our decision. Detailed feedback to unsuccessful applicant& Ensuring we have transparent and effective application processes. clearly advertised to potential partners Clear Conditions of Funding to deterrnine the parameters of the relationship with those who are funded by Comic Relief. Ensuring clear and effective decision-making processes that include both staff and Board members to determine selection of partners Ensuring communication with and requirements offunded partners ale reasonable and mutually beneficial. Clear criteria. guidance and processes for appltcations published on oui website. Convening partners to learn and share with and from each other. Communication on our website and at sector events to demonstrate thought leadership and share our learning and expertise. Centre for Effective Philanthropy's ICEPI Grantee Perception Report is completed every 2 years. Beneficiaries Ultimately Comic Relief exists to irnprove the lives of those facing poverty and injustice. As we are noi an operaiional chariiy. our reach io beneficiaries is mainly via our funded partners. We engage diTectlywith beneficiaries of our work in two key ways.. We ensure that our decision- making processès in relation to f¢Jnded partners include those with direct lived expeiience of the issues we are 5Èeking to address Our key consideration in relation to beneficiaries is therefore how the priorities. voices. and perspectives of beneficiaries are heard in our decision-making about which partners we fund. Meeting and interviewing individual benef iciaries a5 part of our storytelling, ensuring that they have agency over the way in which their story is captured and told. For our broader beneficiarie5 our engagement is primarily through the Comic Fielief website, sector conferences and fora. as well as through films and school packs. We also consider part of the charity sectorl other fundersl civil society organisaiion schools and other groups as beneficiaries whowe engage by providing èwdluations. reFxJrts, and storytelling which Share our learnings and experience with the wider sector.

Stakeholder group Key considerations How we engage BC The 88C Is our major broadcast partner and is central to our success providing us with a powerful platform, acce55 to talent. and also incredible reach. Key consideration5 in relation to BBC are.. A 88C Controllerioined our board in 2020, ensuring they play a role in our governance. An annual meeting wa5 held wth a formal report produced for BBCAAC. Editorial impartiality and standards There are strong and close working ielationships between the FundTai5ing and Creative teams at Comic Relief and the production teams at BBC and 88C StudTros as we co. create the annual ¢ampaign. Frequencyof meeting5varies through the year but during the peak period ofjanuary to March, these are weekly. Relevance of OUT content to the BBC audience Specific reporting requirements of BBC Appeals Advisory Committee IAACI Exclusivity of content for BBC channels versus other broadcast OT social rnedia outlets Relationship with other BBC- sUPPOrted charities. specifically BBC Children in Need and the Disasters Emergenry Committee. Regulators Comic Flelief stiives to be best in class in terms of our c¢mpli3n¢e with all regulatory requirements and best practjce guidance. Tirnely Submission of all required reports and paperwork. Proactive and open engagement with re9ulator5 when appropriate. including self-reporting. Prompt and cornprehensive responses to all requests for information.

The table below sets out the key decisions taken by the Comic Relief Board in 2021122 and how the interests of our stakeholders and the wider factors set out in section 172 of the Companies Act 2006 were considered. The Trustees have carefully balanced the sometimes conflicting, needs Of all our stakeholder group5 to ensure we drive through the necessary change5 to secure the continued financial stability of Comic Relief and deliver on our vision of a just world free from poverty. Decision Narrative Key considerations Approval of the Organisational Strategy The Board adoptecl a strategy. for the next 5 years. that includes six key strategic aims. This strategy makes it clear that we are driven by our vision and mission. that our impact model needs to clearly connect to our vision, and that our ability to have impact is dependent upon our ability to laise money. Addstional congderaEion was given to= Operationalising the strategy Creaiing the cultural conditions for success including having a safe and enabling environment. offering development, and learning opportunities, and more diverse range of experiences within the staff body Continuing to support ovr existing funded pariners Delivering maKimum impact Widening our Creative collaborations with the 88C. Approval of the organisational restructure. Ensuring thè organisation structure is aligned with the organisational strategy and approval of an Organisational Change Policy and creating a future proof -fit for purpose- organisation in terms of sizè and skills. Consideration given to". Ensvring all roles are alignÈd to our vision Minimising job losses Delivering on our existing contractual commitments. Approved the reappointment of four Trvstees to the 8oard. Undertook a review ofthe si<ills and performance ofthe 8oardfrrustees and Committees. Took the changing financial climate into consideration to ensure that the skills and experience of the Board reflect the new challenges facing Comic Relief.

KEY RISKS AND UNCERTAINTIES RISK OVERVIEW Risk is inherent in all our activtties. from fundraising to grant making. Our current strategy and future strategy are designed to mitigatethe key risks we face and to maximise newopportunities. Comic Relief has a risk management framework and a comprehensive suite of wlices to identify and manage risk. We consider internal and external risks. and although we are unable to control external factors such as the cost-of-living crisis. wfft aim to take appropriate steps to mitigate their potential impact RISK FRAMEWOIK AND CONTROLS Under our risk managementframework. risk discussionsare heldwith directorate representatives, Executive Directors. Independent Comrnittee Members and Trustees to ensure we identify and manage risks at all levels. fiisk discussions allow vs to identify emerging risks. put in pla mitigations and plan future actions to ensure that risks are managed in line with our risk appetite. Our iisk registers are regularly reviewed and updated to ertsure they stay relevant and reflect the changing nature of risk5that Comic Flelief faces. Flisks are scored in termsof likelihood and impact. th identification of current controls in place and any future actions for further mitigation. The risk register and risk discussions are review￿ periodically at all levels $0 that risk is part of all areas of the organisation and its operations and to ensure risks are identified and being managed appropriately. with oversight from the Audit and R5sk Commsttee. Our wider assurance frarnework includes compliance procedures and incident reporting protocols, which help us to identify incidents and risks, and monitor compliance with our legal and regulatory duties. We have proactive measures in place to preventfraud, corruption lincluding bribery), mismanagement or misconduct in relation to our staff. supplieis. or partners, and we investigatè any allègations that we ￿e1ve through our formal Reporting Conceins process. Chèrity Thoiects Annual Rewi and AcC￿nts 20J122

ROLES AND ftESPONSBILmES The 8oard of Trustees is responsible for ensuring that risks a￿ managed effectivety acioss the Comic Relief group. This includes monitoring and challenging risk management processes, internal eontrol frameworks and the work of our assurance function. The Board reviews and approves the overall risk management framework and receives updates on how these risks are being managed. as well as reviewng any new signifTrcant risks at Board meetings throughout the year. The Board is SUPPOrted by the Audit and Risk and Finance and Fundraising CommitEees. who provide the 8oard and Executwe with regular in-year review and oversight of our strategic and operational risks. RISK APPETITE Trustees and management have articulated a risk appetite statement to help frame and inform our organisational risk management Comic Relief has a bold vision. a passion. and eagerness to drive social change in innovative ways. This means that it generally operates with a medium to high-risk appetite in how it seeks to achieve impact and in finding new and innovative ways of raising funds for our beneficiaries. We work wilh people acr05S the world in poverty or where there is vulnerability. and to deliver our mission means we do have to take some risk: however. we seek to reduce to an absolute minimum the risk to the safety ol our benefi¢iaries. employees. tffustees volunteers. contributors, and partners. Our appetite is low when considering Compliance and regulatory matters. with a marginally higher risk appetite towards our strategic. reporting. and operational rnatters including our trust. based investment fiJndin9 approach. 41

KEY STfiATEGIC RISKS AND MITIGATIONS The following table sets out our strategic risks and the steps taken to rèduce our risk exposure in line with our risk appetite/ tolerances. Risk Mitlgations in place and actions planned Financial Under our governance structure. the Board and the Finance and Fundraising Committee oversee and scrutinise our financial performance and 355ess external economic factors (such as the cgst-of- living crisis) and their impact on our operations. That we are unable to achieve our inctsme targets. or the desired mix of unrestricted and restricted funding. limiting us to achieve desired social change. External risks to our fundraising include.. The 2022-2077 strategy aims to addres5 income challenges by diversifying fundraising initiatives., exploring new income streams opportunities., and maxirnising unrestricted income. We will increase our use of avdience insight analysis to ensure our propositions conttnue to excite our Supporters. The cost-of-living crisis. which challenges the ability of the public to donate: and Changes to how the public consume entertainment. including an ongoing decline in linear television viewing. RepuLional We ave working to increase ouryear-round engagement with a range of audiences and the public who a￿ facing hardship and look towards Comic Relief for support. With consideration of the organi5ational restructure. macro environmental factors such as reces550n and the cost-of-living crisis, the￿ is a risk that the public 105e confidence in Comi Relief and our brand. and we lose relevance with OUT audiences. P•opl• Mechanisms are in place to proactively identify retention risks, including support from Hft Business Partners. exit interviews. onboarding surveys and reporting through our new management information systems. That we are unable to retatn and attract high performing siaff_ We are developing an internal talent pipeline to improve iniernal resilience and retain our top talent. We have launched an internal Management.Development Programme and we use an internal recruitment process to offer career opportunitiesto internal talent. Chkn •i4¢tsNnnual Report 202V22 Ktyitsksand unc*nalThtks

Risk Mitigations in place and actions planTr)ed Culture A range ofcommunication and feedback mechanisms are in place to ensure staff concerns are heard by management and addressed quickly. Communication with staff was prioritised during the rollour of Ihe 2022-2027 strategy and the proposed organisational restructure. That organisational change5 and an unclear direction will lead to l( leve15 of staff engagement and trust.. Staff camaraderie and connèction to the organisation has incrÈasèd with the reopening of the office. whilst our flexible working policy accommodates individual needs. Wesigned upto thefimeto Change pledge, and our Mental Health First Aiders provide our staff with further support and signposting. The 2022-2027 strategy will provide staff wyth clarity over the organisation's future dtrection. It also aims to address inefficiencies. blockers. and workload pressuresthat staff face. impacting morale. Fraud and Data Management The 2022-2027 strategy includes transformation ofprocesses. data, and systems. That our fraud and data management and analysis practices are ineffective. leading to Inefficienctes in Pfocess. missed income opportunities and compliance risks. This could result in poor decisions. operational disruption. reputational darnage. and fi"ne* A data maturity rtsadmèp has been developed and is being actioned. with proof of concepts delivered. The Technologyteam is responsible for information secvrity. including cyber security. and ensures that technical and user measures are in place and regularly reviewed and tested. We've completed Cyber Essential accreditation. with Cyber Essentials Plus underway. We've established a business change steering group whose responsibility includes overyght of data transformation and irnplementation ofthe new finance system. Our Information Governance Steering Croup has been refreshed and our Information Governance practices are under review with a rèview of our Information Security completed by Internal Audit. New Mandatory dats protection training and a refreshed suite of Information Governance Policies have been launched.

Risk Mitl9ations in place and actions planned operati¢￿al We have streamlined our systèms and processes to deliver efficien¢ies. There is a rtsk that the control environment suffers due ro high transition in staff. We have engaged a Transition Lead to support the operational delivery of the strategy. Theie is also a iisk that WÈ do n¢X deliver operationally on the strategy. PUBLIC BENEFIT The Trustees have approved the Trustees. Annual Report. incorporating the Strategic Report and the Directors, fiepoft, which provides an analy51s0f the Group's performance, its financial position and an Insight into our objectives and the risks and uncertainties we face. The Trustees confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the Group's aims and objectives and in plannin9 future actiwties and setting policies. The Trustees believe they have demonstrated their compliance with the requirements set out in the Charity regulators. guidance and Office of the Scottish Charity fiegulator's guidance in preparing this report and the accounts. There is a qualifying indemnity provision in place for the benefit of Trustees. Chartyprojectsmnua Report aThdxcr¥￿ts2O2Il21 w ri%ksand￿￿Eertain1Is

STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees (who are also the directors of the charitable company for the purposes of company lawl are re5pon5ible for preparing the Trusiees. Annual Report, incorpofating the Strategic Report and the Dir￿¢0[$. Report and the financial statements in accordance wtth applicable law and regulations. Company law requires the Trustees to prepare financial statements for each financial year in accordance wtth United Kingdom Generally Accepted Accounting Practice Iunited Kingdom Accounting Standards and applicable lawl. Undei company lawtheTru5tees must not approvethe rinancial statements unless they are satisfied Ehat they give a true and fair view of the situation of the group and chartty and of the application of ￿sOUrces. including the income and expenditure. of the group for that per*od. In preparing these financial statements. the Trustees are required t Select suitable accounting policies and then apply them consistently Make jud9ements ènd accounting estimates that are reasonable and prudent State whether applicable UK accounting standards have been followed. subject to any rnateria departures disclosed and explained in the financial statements., and Prepare the financièl statements on the going concern basis unless it is inappropriate to presume that the group and charity will continue in busine5S. The Trustees are responsible for keeping adequate accounting records that are suffic+ent to show and explair) the Group's transactions and disclose with reasonable accuracy at any time thè financial position of the group and charity and enable them to ensure that the financial statement5 comply with the Companies Act 2006. They are also responsible for safeguarding the a55ets of the charity and hence for taking reasonable steps foi the preventTon and detection of fraud and other irregularrties. Financial statements are published on the Charitys websrte in accordance wth légi51ation in the United Kingdom governing the preparation and dissemination of financial 5taternents, which may vary from legislation in othef juiisdictions.

The maintenance and integrity of the Charity's website is the responsibility of the Trustees. The Trustees. responsibilityalso extends to the ongoing integrityof ihe financial statementseontained therein. Each of the Trustees has confirmed thaL so far as they are aware. there is no relevant audit information of which the Charity's auditors are unaware_ They have also done everything they should have done. as a Tiustee. to make theMse￿e$ aware of any relevant audit information and to ensure the Charity's auditors are aware of it. The Trustees. report. incorporating the Strategic Report and the Reference and Administrative details was approved bythe 8oard and signed on its behalfon 7 December 2022. Eric Salama CharityfvojectsAnnual Repcrt and AccrrtJnts2021rtt. statWn￿l￿trU%1Q¢S. re$F￿$V￿rI￿#tr

REFERENCE AND ADMINISTRATIVE DETAILS Chief Executive Offic Samir Patel WCIV 78X Noithern Trust Fiduciary Services Ilrelandl Georgès Court 54- 62 Townsend Street Dublin D02 FII56 Ireland Company Seuetary Alex Botha luntil 30 September 20221 Regist¢red Offi¢* and Principal Addre￿. Ist Floor 89 Albert Embankment London SEI Tilney Asset Management 6 New st￿et Square New Fetter Lane London EC4A38F Solicitor5 Bates Wells LLP 10 Queen Street Place London EC4RI8E Cambridge Associates 80 Vtctoria Street Cardinal Place London SWIE SJL Harbottle and Lewis LLP Hanover House 14 Hanover Square London WISIHP Statutory Auditor 8DO LLP 55 Baker Street London WIU?EU Custodlans SS&C Financial SeNces International Limited SS&C House St Nicholas Lane Basildon Essex SS15 5FS Internal Audltor RSM Flisk Assvrance Services LLP 6thfloor, 25 Farringdon Si. London EC4A 4AB Honorary Solkltors CMS Cameron McKènna LLP Cannon Place 78 Cannon Street London EC4N 6AF US BankGlobal Fund Services 24-26 City Quay Dublin Ireland D02 NY19 Linklater5 LLP One Silk Street London EC2Y 8HQ Honorary ACC￿￿tants EY LLP l More London Place London SEI 2AF Link Fund Soluti¢)ns Limited 6th Floor 65 Gresham Street London EC2V 7NQ Company Nurnbers Charity Projects.. 1806414 Comic Relief Ltd-. 01967154 Brand Flelief Ltd.. 06808703 Bankers National Westminster Bank plc P.0. Box 158 214 High Holborn London Charlty Numbers Charity Projects.. 326568 (England and Wales SC039730 (Scotlandl BNY Mellon 160 Victoria Street London EC4V 4LA 47

INDEPENDENT AUDITOR'S REPORT Opinion on the f inancial sL*ementS In our optnion. the financial statement¥. giveatrue and fairmewof the ststeof theGTOUP'sand oftheParentCharitableCompany'saffairs asat31 July2022ènd of the Group'5 incoming resourcesand application of resourcesfor theyear then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice: and have been r>repared in accordance wth requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotlandl Att 2005 and regulations 6 and 8 of the Charities Account5 (Scotlandl Regulation5 2006. a5 amended in 2010. We have audited the financial statements of Charity Projerts 1.the Parent Charitable Companfl and its subsidiaries 1.the Group") for the year erlded 31 Jvly 2022 which comprise the Consolidated sratement of financial èctrMt4es. the Balance sheets (consolidated and parent), the Consolidated statement of cash flows and notes to the financial statements. including a summary of significant accounting policie5. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including Financial Repoitin9 Standard 102 The Financial Reporting Standard applicable in the UK and Flepublic of Ireland (United Kingdom Generally Accepted Acc¢Jvnting Practice). Basis for opinion We conducted our audit in accordance with International Standard5 on Auditing (UK) IISA5 IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's reSPon￿billtieS for the audit of the fi.nancial statement5 section of our report. We believe that the audit ewdence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independen We rernain independent of the Group and the Parent Charitable Company in accordance with the ethical requirements 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.

Conclusions related to going concern In auditing the financial statements. we have concluded that the Trustees. use of thè gtsing cencern basis of accoLAnting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material vncertainties relating to events or conditions that, individually or collectively. may cast signifi¢ant doubt on the Group and the Parent Charitable Company's abiliiy to continue as a goir)g concern for period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and Ihe responsibilities of the Trustees wtth respect to going concern are described in the relevant sections of this rèport. Other information The Trustees are responsible for the other information. The other information cemprises the information Included In the Annual Report. other than the ftnancial statement5 and our auditor's report thereon. The other information comprises.. the Annual fleport. 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 assurancè conclusion thereon. Our responsibility is to read the other inf￿rnatIOn and, in doing 50, consider whether the othef information is materially inconsistent with the financ¢al statements or ovr knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatemènts. we are required to determine whether there is a material misstatement in the financial statements or a material rni5Statement of the other information. If, based on the work we have performed. we conclude that there is a material misstatement of this other information, WÈ are reqUI￿d to report that fact. We have nothing to report in this regard_ 49

Other Companies Art 2006 reporting In our opinion, based on the work undertaken Èn the course of the audit.. the infofmètion given in the Trustees. Qeport. which includes the Directors, Fleport and the Strategic report prepared for the purposes of Company Law. for the financial year for which the financial Statements are prepared is consistent ￿th the financial statements.. and the Strategic report and the Director5. Report. which are included in the Trustees, Report, have been prepared in accordance with applicable legal requirements. In the light of the kno%￿edge and understandlng of the Group and the Parent Charitable Company and itsenvironment obtained in the course of the audit, we have not identified materièl misstatement in the Strategic report or thè Trusteè's report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Chartyes and Trustee Investment Iscotlandl Act 2005 requires us to report to you if. in our opinion., propel and adequateaccounting recordshavenot been keptbythe Parentcharitable Company, or retvrns adequate for our audit have not been received from branches not visited by us: or the pa￿nt Charitable Companyfinancial statementsare not in agreement with the accounting records and returns". ol certain disclosures of Directors. remuneration specified by law are not made- or we have not received all the information and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the Statement of Trustees. responsibilities the Trustees (who are also the directors of the charitable company for the purposes of company lawl 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 determines is necessary to enable the preparation of financial statements that are free from material misstatement. wheiher due to fraud or error. In piepèring the financial statements. the Trustees are responsible for assessing the Croup s and the Parent Charitable CoMpan￿S abilityto continue as a going concem. disclosing, as applicable. matters related to going concern and using the going concem basis of accounting unless the Trustees either intend to liquidate the Group or the Paient Charttable Company or to ceasè operation5. or have no realistic alternative but to do so. Charity ProiECtsAnnual Wwtand £cowts20Jth IndwThdeni atsdltwsi•r>Jrt

Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 44llllcl of the Charities and Trustee Investment Iscotlandl Act 2005 and under the Companies Act 2006 and report in accordance with the Acts nd relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statemenrs as a whole are free from material misstatement. whether éve 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 sn accordance with ISAS IUKI will always detect a rnateiial misstatement when it exists_ Misstatements can arise from fraud or error and are considered material if. individualty or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these finantial statèrnents. Extent to which the audit was capable of detecting irregularities. including fraud Irregularities. including fraud. instancès of non-compliance with laws and regulations. We design procedures in line wth our responsibilities. outlined atM)ve. to detect material misstatements in respect of irregvlarities. rncluding fraud. The extent towhich our procedures are capable of detecting ir￿9￿1811ties, includtng fravd is detailed below. Based on our understanding of the Charitable Company and the industry in which it operatès. we identified that the principal laws and regulations that directly affect the financial statements to be the Companies Act 2006, Charities Aci 2011 and relevant tax legislation. We assessed the extent of compltance with these laws and regulations as part of our procedures on the related financial statement items. In addition the CharIta￿e Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amount5 or disclosures in the financial sratements, for instance through the imposition of fines or litigation. We identified the following areas as those m05t likely to have svch an effect.. Employment Law. Health & Safety Legislation and Data Protection. Auditing standards limit the required audit procedures to identify nor)-cornpli3nce with these law5 and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence if any. There are inherent limitations in the audit procedures performed and the further removed non- compliance with laws and regulations Is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. Charity ProiRctsAnnual Reprtand ACc￿nts2o￿A2 IndpÈnd•nt authwr'sreport

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement dve to fraud is higher than the risk of not detecting one resulting from error. as fraud may involve deliberate concealment by. for example. forgery. rnisrepresentations or through collusion. There are inherent limrtations in the audit procédures performed and the fvrther removed non-compliance with laws and regulations is from the events and Iransactions reflected in the financial statements. the less likely we are to become aware of it. Audit procedures capable of detecting irregularities including fraud performed by the engagement team included. Performing analytical procedures to identify unusual or unexpected relationship5 that may indicate risks of material misstatement due to fraud. Areas of identified risk are then tested substantively. Discussions with managemeni. including consideration of any performance incentives and remuneration ariangements. kr￿n or suspected instances of non-compliance wth laws and regulations and fraud." Reading minutes of meetings of those charged with governance- internal audit repoTts, reviewing cOrr￿pOnden￿wlth regulatorybodiesand from legal advisorsto identify indications of non- compliance with laws and Tegulattons or any potential weaknesses in internal control which could result in fraud suseeptibility.. Reviewing iterns included in the Group's fraud and theft database as well as the re5uIt5 of internal audit's investigation into these rnatrers., Assessing the design and implemeniation of the control environment to identify areas of material weakness to focus the design of our audit testing- Reviewing financial statement disclosure5 and testing to supporting documentation to assess compliance with applicable laws and regulations.. Enquiries as to whether there have been any seriou5 incident repcrts or correspondence with the Charity Regulators ènd reviwng and assessing the impact of any reports or coiresFK)ndence." Review of a sample of Gift Aid claims and ènsuring thèse have been made in accordance with the règulations.. Challenging assumptions made by management in thelr significant accounting estimates in particular the valuation of the Gtft Aid accrual. valuation of gifts in kind and valuation of social investments., In addressing the risk of fraud through man3￿Ment override of controls, testing the appropriateness of journal entries and other adjustments in partbcular any joufnals posted by senior managernent., and In addressin9 the risk of fraud in incorne recognttion we considered management's incentives and QPPQTtunities for fraudulent manipulation of the financial statements and designed specific audtt tests to respond to this risk. in particular. tests to address the completeness of income risk. A further description of our responsI￿litieS for the audit of the financial statèments is located at the Financial Reporting Council's I"FRC's"I website at.. htt￿11wWW.frc.org.uklaudit0rsTesponsIkn.lItse5. This description forms part of our auditor's report. Charty PmJ"ects Amual Wand kntyJnts2021ni" IndÈwnd*htayditor'5 repDrt

Use of our report This report is made solely to the Charitable Company's members, as a body, in accoidance with Chapter 3 of Part 16 of the Comparbie5 Act 2006, and to the Charitable Company's trustees. as body. in accordance with the Charities and Trustee Investment1Scotlandl Act 2005. Our audit work has been undertaken so that we might state to the Charitable Company's members and trustees those matters we are reqvired to state to them in an audttor's report and for no other purpose. To the fullest exrent permitted by law, V￿ do not accept or assume responsibility to anyone other than the Charitable Company. the Charitable Company's members as a body and the Charitable Company's trustees as a body, for our audit work. for this report. or for the opinions we have formed. aCK15A11E974 Fiona Condron (Senior Statutory Auditor) For and on behalf of BDO LLP. statutory auditor London. UK Date.10 tt￿4194?￿)22 BDO LLP is a lim+tèd liability partnership registered in England and Wales (with registered number OC30SIZ71. Charity Proiecisthwal Re¢￿8￿￿ A¢¢¢XW)ts2021R2 Ih¢wn4J•nt a¥dittirS report

FINANCIAL TE.ME:NTS

CONSOLIDATED STATEMEIT OF FIMAICIAI ACTIVITIES lincorporating a Consolidated income and expenditure account) for the year ended 31 July 2022 2022 Ilnrnstrbcted Restrictèd Funds Funds £'ooo Total Funds £'ooo Notes £'ooo Income from: Donations and legacies 121 25.363 18.580 43.943 Trading activities 5.744 5,744 Investments 12141 304 304 Total Income 31.417 18.580 49,991 Expenditure on: Rais•ng funds 12.238 30 72.268 Charitable activities Tackling p¢)verty and social Injusti￿.. UK 5,674 11.374 17,048 International 6.960 6.625 I&585 Global awareness, education and social change 1,366 1.366 .000 17,999 31,999 Total Expenditure 26,238 ,029 267 Qp•rating Surplus S.173 5.724 Losses on investments 141121 P.3531 (2,3531 Net Income 20 ssi Trans￿r$ between funds D721 172 Net movement in fvnds 3.371 Funds broughl forluord ot l Qugusr 2021 91201 90,82S 90,720 Fund5 carried fon¥atd at 31 Juty 2022 (191201 93,4TJ 618 94.091 All amounts relate to the contTrnuing actimties of the group. The ieference to the notes. which form part of these financial statements is shown on each line as appropriate. The notes are shown on pages 59 to 87. The group has taken advantage of the exemption under s408 of the Companies Act 2006 and has not prepared a separate Statement of Financial Activities ft)r the charity. The net income for Charity Projects in theyear was £3.4m12021.' net expenditure of £4.7ml. ha*ityProiectsAThfrtral Reportand ACcOL￿tsID27h￿Fln•nQll st•tsm¥nts

COISOLIDATED STATEMENT OF FIIANCIAL ACTIVITIES ICONTINUEDJ (incorporating a Consolidated income and expenditure account) for the year ended 31 July 2021 2021 ljnrestricted Restricted Funds Fund5 £'ooo Total Funds £'ooo Incame from: Donations and legacies 121 35.369 30.559 65,928 Trading activities 6.871 S7 6.928 Investments Pl41 1.223 1.223 Total Incom• 43.463 30.616 74,079 Expenditure on: Raising funds 12,911 12,967 Charitable activities Tackling p¢)vèrty and social injustice.. UK 20,633 24.555 45,188 International 11,595 14,929 26,524 Global awareness, education and social change 1.518 1,518 33,746 39.484 73.230 Total Expertditure 15al 46.657 39,540 86,197 Op•rating Deficit 13.1941 18.9241 112.1181 Gain5 on inve5tment5 14n21 7,432 7,432 Net Income I (Expenditure) 4.238 18.9241 14,6861 Transf•rs between funds 415 14151 Net movement In funds 4.653 P.3391 14.6861 Funds brought forword oll Qugvst2020 I￿120) 86.172 9,234 95.406 Funds canled forward at 31 Juty 2021 (191201 90.825 0051 90,720 CbaThtyproiectsAnrw¥ Reptyr and Ac¢Lwnts202VTr. Finanaal statements

CONSOIIDATED BAIAMCE SHEET (Charity Projects company number 018064141 As at 31 July 2022 2021 Group £'ooo Charity £'ooo Group £'ooo Charity £'ooo Flxed assets Intangible assets 001 oil 1i2al 31 132 14 136 Tangible assets Investments 218 218 362 362 64.639 1.704 64.639 1.704 56.992 56,992 1.209 Social investments 1.209 66.693 66.575 58.699 58.563 Current assets Debtors 41 13.530 16.428 22,000 96.425 25.115 93.215 Cash at bank and in hand 74.285 70,085 86.$13 .0291 118.425 118.330 Provisions 1161 .0291 14911 14911 Creditors." amounts falling due within one year Osa) 143.4801 142.2101 155,9601 155.8791 (44,509) 1432391 ($6.4511 {56J70) 43306 43.Z14 61.974 61,960 Net current a550ts Totalassetsiesscunent liabilities 109.999 109M49 120.673 120,523 Creditors.. amountsfalling due after more than one year Sbl 5.9081 (15,9081 129.9531 129,9531 Net assets IIBI 94,091 93,941 90.720 90.570 Funds Unrestricted funds Designated funds General fund 1791 1191 S2.036 41.457 S2.036 41,2V7 95J23 618 49.274 41,SS1 90.825 Iiosi 90.720 49.228 41.447 90.675 11051 Total unrestricted funds 9&473 estricted funds 618 Total funds 94.091 93.941 90.570 Approved by the Trustees signed and authorised for issue on their behalf by. Eric Salama Chair of Trustees Charlotte Moar Treasurer Date.. Dec 20. 2022 Oate.. Dec 20. 2022 The notes on pages 59 to 87 forrn part of these financial statements Chaty ￿01•C￿*￿n￿al R•portand •L¢CoJnts 2021th Fifiancial statemonts

CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended 31 July 2022 2022 2021 Notes eooo £'ooo Cash flow5 operatin9 activit￿￿. Net cash used in operating actlvitles Cash flow5 from Invest6ng activltie&' Dividends and interest Ftestated 02.3601 09.589) 141 304. 1471 1371 1.223 Purchase of tangible fixed assets Puicha5e of intangiblefixed assets iioi 1101 Additions of fixed asset investments V2bl 5,0001 (24,4641 Proceeds on disposal of fixed asset investments Net cash lused inl/ provided by investrng activities (12bl s.000 24.464 19,780) 1,182 Change in cash and cash equivalents In the iep¢•rting perlod Cash and cash equivalents at l August 122.1401 118,4061 96,425 114.831 Cash arKI cash equivalents at 31 Juty 74285 96,425 A. Re¢on¢iliatlon ol net In¢omeAexpendlture) to net cash flow used in operating activities Net incomellexpenditure) for the reporting period AdjustmÈnts for. Depreciation and amoftisation charges Los5es/lgainsl on investment5 Dividends and interest 3.370 14.6861 Isal 21 141 031/041 0511061 271 17.4321 11,2231 11,8241 14.7601 65 13041 7,975 [25.9871 Decreasellincreasel in debtors (Decrease) in creditors Decrease In inventory Net cash used In operating activities (n,360) 119,5891 The charity held no borrowings. related derivative5 or obligations under finance leases during the year and therefore a net debt ieconciliation is not provided. . Anatysls of cash and cash equivalents AtIAug 2021 Mov•ment At31 July 2022 Cash at bank and in hand 96,425 96.425 [22.1401 ￿2.￿0] 74,285 74,28S Total cash and cash equivalents The notes on pages $9 to 87 form part of these financial staiements. h•vitYProjq￿A￿￿u4l Report andkcounts2021ni Fin•rwl startmtrbts

IOTES TO THE FINANCIAL STATEMEITS FOR THE YEAR ENDED 31 JULY 2022 l. Aceountin9 policies Charity Projects 15 a public benefit entity ¢¢nstituted as a charitable Company limited by guarantee Icompany number 18064141 and a charity registered in England and Wales (charity number 3265681 and reglstered as a charity in Scotland (charity number Sco3￿30}. The address of the registered office is 1st Floor. 89 Albert Embankment. London, SEI 7TP and the charity operates from the same address. We have processe5 in place to mitigate against the risk of our investment portfolio dropping in value We are holding approximately £9m more rhan our cash policy. meaning our cash position could withstand significant hit to income. Trustees have not identified any material uncenainties relaring to going concern. Trustees have theiefore continued to adopt the going concern basis of accounting in preparing the annual financial statements_ al 8asls of accounting The f inancial statements have been prepared in accordance with the Companies Act 2006, the Charities and Trustee Investment (Scotlandl Act 2005. Fbnancial Fieporting Standard 102 IFRS 1021. the Charities SORP IFQS1021 Second Edition applicableto charities preparing their accounts in accordance with FRS 102 and UK Generally Accepted Practice as it applies from l January 2019. The Group's functional currency is GBP. b) Consolldatlon These financial statements represent the consolidated results and net assets of Charity Projects and its subsidiaries vp to 31 July 2022. All members of the Charity Projects Group are listed on page 34. The charity has taken advantage of the exemption in S408 of the Companies Act 2006 not to publish a charity only Income and Expenditure Account. The net income of the charity for the financial year was £3.4m12021". net expenditure of£4.7ml. Going Concern The accounting policies below have been adopted for material items. No material uncertainties that may cast Slgnificant doubt about the ability of the charity to continue as going concern have been identified by the Trustees. The considerations made in this assertion include review of the current and future operaiions and plans of the Group, review of our cash and investment holdings and our reserves levels through to the end of December 2023. A number of scenarios were modeled to assess their impact on cash and reserves and even in a worst case scenario, the charity has sufficient cash and reserves to cover costs and continue to operate. c) Critical xcounting Judgements and key sources of estimation and uncertalnty In the application of the charity's accounting policies. which are described below. Trustees e required to make judgements. estimates nd assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The esiimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ fiom these estimates. Trustees consider that Comic Relief has sufficiènt financial resources to continue in operational existence for the foreseeable future and that the group is well placed to manage it5 operating risks successfully and that no material uncertainty exists. The following factors provide additional assurance of Comic Reliefs going concern.. The estirnate5 and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revisèd if the revision affects only that period, or in the peii¢)d and futu¥e periods if the revision affects the Cvrrent and future periods. We have a comparatively high level of reserves to mitigate against volatility in the market and movement in our fundraising income Charity F*oiectsAnnual Repyt Jn¢J Note5tothefinanckJl staEernents

l. Accounting policies (continued) Gift aid accrual At year end unclaimed gift aid predominantly relatestothe currentyear. with a small amount accrued for prior year activity. Accrual is based on prepared and verified claim data. Grant liabilities Grant liabilities are initially recognised at the amounts awarded and thereafter stated at amoriised cost using ihe effective interest method unless the effect of discounting would be immateiial. in which case thty are stated at COSL Oilapidations provision The provision for dilèpidations is based on professional estimates for the work that would be required to restore the property tt) it5 original state as required by the lease. Carryng value of Social investments Social investments are programme related investments valued at a Cash basis less provision for doubtful debt. The majority of thi5 balance is comprised of loans therefore this valuation method is appropriate. The recoverability of the investments are reviewed annually. Red Shed hasan investment portfolio of£4.3m with an amount drawn down to date of£l.7m. Redundancy prowsion A redundancy provision has been recognised based on a formal plan and commitment to termination of employment affecting specir teams within the organisation. being in place in advance of the year end. Donated good5 and services Where the charity receives donations of goods and services in kind and where theie is a measurable value to the charity. which can be ascertained wth reliability. they are includèd as both income and expenditure in the Statement of Financial Activities. Support costs All support costs are allocated on the basis of headcount as a proxy for staff tirne. In the wew of the Tfustees no other crrtical judgements have been necessary in the pieparation of the financial statements and no significant estimation uncertainty or a55ufTlPtion5 concerning the fijture affecting assets and liab¢lities at the balance sheet date are likely to result in a material adjustment to their carrying arnounts in the next financTral year. Donated goods and Services are included within contributions to operating costs. Our night of TV relies on the generosity of the BBC in providing Support to the preparation and broadcast of the annual telewsion show. In addition, content, promotional support and coverage of activities is provided by local and national 88C television and radio. both on the day and in the lead up to the appeal night. The value of each ofthese elements isvery difficult to quantify as they are not discrete actiMties but ernbedded, partly as r￿sworthY and entertainment content. within the operations and business of the 88C. Red Nose Day and Sport kelief provide valuable content which ttracts a large audience. and without this the BBC would have to produce alternative content. As such. the support provided by the 8C has not been included in the Charity's Statement of Financial Activities as it is not possible to rneaningfully quantify it. Comic Relief 15 also grateful to other organisations which prwde valvable SVPF)Ort across a wide of activities including. but not limited to. advertising space, creaiive content. technology partner5 and consultancy work. Ch•iityoje¢tsx#iyo1 W and￿At$l021rZ£ Mot¢SthEfin•n¢i•l ststements

l. Accounting policies {continued) d) Financial instruments Charity Projects has financial asse￿ and financial liabilities of a kind that qualify as basic financial instruments. With the exception of the fixed asset investmencs. basic financial instruments are initially recognised at transaction value and subsequently measured at the present value of the future cash flows ¢Jnless the effect of discounting would be immaierial. Financial assets comprise cash at bank and in hand, together with current asset investments. other debtors, acciued income and social investment loans. Financial liabilities comprise grants payable, other ereditors and accrued expenditure. Fixed asset investments. held as pait of the investment p￿tfOlIO. are reported at fair value using the closing market bid price èt the balance sheet date, wtth gains and losses being recognised within income and expenditure. Investment5 in subsidiary undertakings are held at cost less impairment_ •) Flxed assets Intangible fixed assets Intangible fixed assets are stated at historical c05t and amortisation 15 provided on all intangible fixÈd assets on a straight-line basis. Trademarks are written down over the length of period for which they arevalid. Technology assets are capitèlised software development ¢ost5 and these are written off over their usefvl economic life. Amortisation rates are a5 follow5.' Trademarks IO% straight-line bass Software 20%- 33 YJ % straight-line basis Assets are assessed at least annually for impairment_ Any impairmènt value is recognised immediately in the statement of financial activities_ Indiwdually purchasèd software is written off in the year of acquisitlon. Tangible fixed assets Tangible fixed assets are stated at historical cosL le55 accumulated depreciation and any recognised irnpatrrnent loss_ Oepreciation is prowded on all tangible fixed assets at fates calculated to write each asset down to its estimated residual value evenly over its expected useful life. as follows= Fixture and fittings 25% stiaight-line bass Computer Equipment 33 YJ % straight-line basis Office premises Irefurbishrnentl 20% straight-line basis Refurbishment assets are depreciated over 3 years due to the length of the building lease. Residual values and useful economic lives are reviewed annually by the Financial Controller. Any impairment in value is charged to the starement of financial activities.

l. Accounting policies (continued) n Cash Cash and cash equivalents comprise cash at bank and on hand. demand deposits with banks and other short-term highly liquid nvestments with original maturities of three months or less and bank overdrèfts. Trading income is derived from the activities of the charity'ssubsidiary Comic Relief Limited (and historically Brand Pelief Limitedl. Income ftom licensing. event5. trading actNities and sponsorship is recognised in the period in which the ever)t or campaign occurs. g) D•btorslcrtd jtors Trade and other debtors are recognised at transaction price and subseqvently adjusted. where necessary. for bad and doubtful debts. Similarly. trade and other creditors are recognised at transaaion price. These are subsequently revalued at mortised cost. Rights and royalty income are recognised on an accruals basis provided it is probable that the economic benefits associated with the transaction will flow to the entity, and the amount of revenue can be rneasured reliably. Otherwise the income is recognised on cash basis. h) Income Income Is accrued and Included in the statement of financial activities when the Group is entitled ro the income. it can be quantified with reasonable certainty and it is more likely Ehan not that the economic benefits associated with the transaction or gift will flow to the charity. Investment income 15 recognised when the cash is received for dividend payments or when interesr is receivable. i) Expendltur• Expenditure is acco¢Jnted for on an aCCTuals basis. Where expenditure does not fall clearly into one category, It 15 allocated to appropriate headings on the basis of headcount in each cost area. Donation income represents monies Tecewed the charity from charitable donations, fundraising events and grants. Donation income is recognised in the statement of financial activities in the peiiod thèt it is received unless there is an unequivocal obligation to donate. in which case it is recognised in the period in which it falls due. Where a donation is made with a valid Gift Aid declaration. the Gift Aid is recognised in the period in which the original donation was made. Exper7diture on Rarsing Funds cornprises the costsof generatingvolvntaryincome (primarily fundraising and event costs) and trading and other costs a$￿clated with rhe expendiiure of the charity'strading sub5idÉaries. Charitable actiwties represents the grants awarded,staff andotherdirectcostsassociated with grant Making and awareness raising actwitie5 including international poverty. fair trade campaigns and education projects. Grant income is recognised in the statement of financial activities in the year in which this becomes receivable and when any conditions for receipt have been mèt. Stjpport costs represent overhead costswhi¢h have been apportioned to each expenditUTe heading on the bags of staff ¢osts a5 a proxy for headcounr as detailed in note Sb. Legacie5 areaccounted for as income oncethe receipt of the legacy becomes more probable than not and quantifiable. For pecuniary legacies this will generally be ai the point probate is granted. For residuary le9ècies this will generallybeonthe èarlier of cash receiptor once confirrnation ha5 been received from the representatives of the estates thai payment of the legacy will be made or property transferred once all conditions attached to the legacy have been fulfllled. Governance comprises costs in relation to staturory and regulatory compliance. Chaiity Proi4ttsAnnual 114pJrt aTrd kno￿ts2o2v22 NOte%t0th￿￿lffl4nC￿OI *aiements

l. Accounting policies (continued) j) Crants payable Grants are recognised in the siatement of financial activities when they have been approved by the TrLtstees and notified to the beneficiaries, and are apportioned between amounts due ¥Mthin one year and after more than one year based on the expected payment profile. The charity rnonitors the usage to which a grant is put and reports are required from beneficiaries before the next instalment is paid. However. the beneficiary would have a valid expectatbon that they will receive the grant as offered and accepted. Cancelled grants are credited tothe statemeni of financial activities when the cancellation has been appr(trved. Circumstances in which a grant may be cancelled include adveise performance i5sues. a brea¢h of the Conditions of the grant, the granteè no longer being able to accept the grant. or there being an underspend on the project which would lead to a partial Cancellation. m) Designated fund5 These unrestricted funds have been designated by the tr¢Jstees for specific purposes and ale listed in note 19. n) Restricted funds These fund5 can only be used for purposes as specified by the donor and are listed in note 20. •] Foreign currencies Assets and liabilities in foreign currencies are translated intOSterling at the rates ofexchange ruling at the balance sheet date. Tfansèctions in foreign currenciesaretianslated into sterling at the rate of exchange ruling at the date of the transaction (interbank rate using Oandal_ Exchange differences are takers into account in arriving at the Surplu￿defIClt for the year. p) IrreCt)￿atsIe VAT Irrecoverable VAT 15 allocated to the principal areas of ¢osts in which it has been incurred. Grant liabilities are initially recognised at the amounts awarded and thereafter staled at amortised cost using the effective interest method unless the effect of discounting would be immaterial. in which case they are stated at cost. q) Contlngent Uabillties Contingent liabilities is the match funding recognised when a contract is signed, with the exception of multi-year contracts in whih case this is noted in the agreement_ kl Op•ratlng leases entals undei opeiating leases are charged to the statement of financial activities on a stlaight-line ba&s over the lease term. General fund The general fund is used to cover fundraising and running costs in the year_ Income that is credited to this fund includes sponsorship and corporate support. gift aid. investmenr income, investment gaIns￿OsSes, interest and unrestricted donations. harilyProjectsnnu?l Reprytand •￿￿￿￿202￿}2 N1>tSknt￿i1narK1￿I 5taternents

1. Total Income- Group 2022 2021 Unrestrlct¢d R•strict•d Total Unr•stricted R•strict•d Total Funds Fund5 Funds Funds £'ooo £'ooo £'ooo £'ooo Nates £'ooo £'ooo Donailons and legacies Fundraising events Grant income 21702 7.775129.971 11.305, n,305 31,547 341 7,136 38,683 22,988 123,329 12a) Other donation5 232 32 GiftAid 2,140 3.306 4351 3,7411 Contributions to operating costs 289 289 143 143, 30,$59 65,928,. 25,363 18.580 43,943 35,369 Trading activitiès Trading income Invèstmerrts 131 5,744 304 5,744.. 57 , 6.928., 1.223 30.616 174.0791 1,223 43.463 31,411 Fundraising events include income raised ihrough our campaigns. In line wilh the previous year, Red Nose Day was our main campaign in 2022. However. 2021 was an exceptional year comparatively due to our COVID fundraiser. Trading activities comprise the turnover of Comic Fielief Limited. a trading svbsidiary of Charity Projects less any intercompany charges eliminaied on consolidation. Trading income consists of income from merchandtsing and royalties t¢xalling £3.7m. 12021: £4.8ml, and incorne from licensing activities and sponsorship totalling £2.Om12021.. £2.Iml. 8rand Qelief Limited had no trading activity in the year12021_' nil turnover).

. (a) Grant Income Grant income was comprised ofr. 2022 2021 Unrestricted Restricted T¢)tsl Unrestrbcted R•strlcted Total Funds Fund5 Fund5 Funds £'ooo £'ooo Eooo £'ooo £'ooo £'ooo Name of funder Big Lottery Department for Digital, Culture, Media & Sport 275 Z75 552 552 7.683 7,683 Esmeé Fairbairn Foundation 1.381 1.381 Foreign, Commonwealth & Development Office 4.504 4.504 4.244 4,244 Founder's Pledge Government Grant Furlough 250 250 41 41 Greater London Authority Mayors Fund 248 248 525 525 Ministry of Justice National Emergencies Trust 698 1.588 1,588 1.178 1.178 2,049 Z049 Oak Foundation Iso Prince of Wales ChèriEable Fund Scottish Government 38 467 592 592 The Bill & Melinda Gates Foundation 2,147 2,147 1,$43 1.543 The Clothworkers Foundation 200 200 The Hèalth Foundation 1.000 1.000 The Paul Hamlyn Foundation ioo ioo 496 496 Unbound Philanthropy World Bank 210 210 2,159 2,159 13SI 265 Other Funders 300 Total grant Income 11.305 11,305 341 21988 23,329 C￿rity FoiertsAnrwal ReFryt4ndAr£ryJnts207V22 Note5to Ihfin•nu4151Jternents

1. Comic Relief Limited and Brand Relief Limited The results for Cornic Relief Limited, a wholly owned trading subsidiary of Charity Projects, were as follows.. Total Total 2022 2021 £'ooo £'ooo Turnover 5,743 6.938 Overhead expenditure 0,3351 11,4911 Operating prafit 4408 5.447 Interest receivable Profit on ordinary actlvltl•s b•fore taxatlon 4.410 5.448 Taxation Qualifying charitable donation 14,4101 15,4481 Current year tax Credit Change in shareholdevs. fvrrfls Assets and liabilities 2022 2021 eooo £'ooo Intangible fixed assets 136 Current assets 7.911 6.794 Current liabilities 16,7801 Net current assets 14 Net assets Iso Erand fielief Limited, a wholly owned svbsidiary of Charity Projects. had no trading activity in the year and there are no plans for further trading activities in this company in the foreseeable future.

2. Investment income- Group 2022 2021 £'ooo £'ooo Dividends 137 1.058 Other interest reCeiVa￿e 167 165 Gross investment income 304 1.223 Investment income is split between rerurns from the investment portfolio and from cash holdings a5 follows". a) Inv•stment portfolio 2022 2021 £000 £'ooo Dividends 137 1,058 ILossesVGains on investments 12,3531 7.432 Gross Inv•stm•nt r•turn 8.490 Less portfolio rnanagernent CQ5ts 921, 13211 Net irw•stm•nt return 8.169 b) Incorne from cash holdiry5 2022 2021 £'ooo £'ooo Interest receivable 166 165 Less cash management charges 1201, 161 Net return from cash holdings 146. 159 Charity ProiertSAnn￿l Rypryt P4DtsStothe finwncial statEm•nts

3. (a) Analysis of expenditure - Group Grant other Direct Costs Costs Inote 7) Sb) eooo £'o¢ 2022 Total (note 61 £'ooo £'ooo Expendlture *)n raising funds Costs of generating donations and legacies 5.457 1,470 3.814 10.741 Fundraising trading and other costs 260 i.33S Investment management costs 192 6305 1.889 41y14 12,268 Charltable activities Tackling poverty and social injustice: UK 13,704 1,964 S13 17,048 International 11.537 1.202 314 532 13,S85 Global awareness. educaiion and Social change 1.0?9 287 1.366 2S.241 4,245 1,114 1,399 31.999 Total experhditure 2S.241 iQJ50 A003 5.473 44,267 Charity Proi4etsAnnual Report andAcc￿Jnts202￿ NOte5tothefinancial staterneThts

4. (a) Analysis of expenditure - Group (continued) Grant strff Support Costs Costs (note {notè 5bl £'ooo £'ooo Other Dire¢t 2021 Total (not• 61 eooo £'ooo Expendlturè o ralsing funds Costs of generating donations and legacies 5.720 1,898 3,510 ll.128 Fundraigng trading and other costs ?49 233 536 Investment management costs 321 321 6h69 2,452 12,967 Charitable activities Tackling poverty and social injustice.. UK 41,558 1,935 608 1.087 45,188 International 24.242 1.216 382 26,524 Global awareness, education and social change 1.146 572 1.518 42YI 73230 Totsl exp•ndltur• 65.800 10.766 JM14 5.817 86.197 2022 2027 Eooo £000 Expendltur• includ￿. Auditor's remuneration.. audit of these financial statements- charty Amounts receivable by auditors and their associates in iespect of". Avdit of financial statements of subsidiaries pursuant to legislation 47 47 20 Other services relating to taxation 23 Other financial services Operating lease rentals - land and buildings. and other 764 774 Depreciation and amortisation 232 Governancè t05ts 118 Iso

5.1b) Analysis of support costs- Group HR. finance & Premise5Deweciatron Office management £'ooo £'ooo £'ooo eooo 2022 Total £'ooo Costs of ralslng funds Costs of generating don3tiCins and le9acies undraising. trading and other costs 578 121 644 127 Ih70 19 100 19 Investment managemeni costs 192 192 667 140 744 338 1.889 haritabl¢ a¢tivitlos Tackling poverty and social injustice". UK grant making 202 42 225 44 513 International grant making 123 26 138 314 Global awareness. education and social change 112 24 126 25 287 437 489 96 1,114 Total support ¢¢)sts 1.235 3,003 70

1. {b) Analysis of support Costs - Group (continued) HR. flnance & Office management £'ooo £'ooo 2021 Total rooo &emisesDepreciation £000 £'ooo Costs ot talslng furKIs Cost5 of generating donations and legacies 621 147 622 1,898 Fundraising. trading and other costs 76 19 76 62 233 Investment management costs 321 697 166 891 2,452 Charitable activities Tackling poverty and social injustice.. UKgrant making 47 163 608 International grant making 125 r25 102 Global awareness, education and social change 122 28 122 ioo 446 ios 365 1,362 Total support costs 7,143 1,744 1,256 3,814 All support costs are allocated on the basis of headcount as a proxy for staff time. except for investment management cost5 which are allocated directly. Charityoicts Annual ReF#XI and ACc￿￿ts 202V22 NOtsttsthtfinAntia15tsternents

2. Charitable activities: grants Group & Charity 2022 2021 Vnvestrfeted Resttlcted Total Unvestrtcted Restricted Total £'ooo £000 £'ooo £'ooo £'ooo £'ooo Tackling PoNprty and Soclal Injusti¢e- UK A safe place to be 195 617 1.877 4.003 5.880 Children survive and thrive 149 451 1.155 1,567 2,722 Genderjustice 448 . 1,822 2110 I,osi 2.686 3.737 Global mental health 2.390 1g¢yI 695 4.885 5.580 Multi themed 2.909 4,492 7.401 13,809 9.830 23.639 Total grant5 allo&ryted 4,218 9.766 13,984 18.587 22,971 41.558 UK cancelled grants 12361 1441 12801 Total UK grant costs qnote Sal 3.982 9.722 13.)4 18.587 22.¥11 41,558 CharityPrLyectsAnMual Rer￿ ar￿ •£c¢￿￿ts2O1V22 N¢JtS IDthvfinancsal statvrnents

3. Charitable actlvities: grants Group & Charity (continued) 3021 Unrestricted Restricted Total unrestricted RestrirtÈd Total £'ooo £'ooo eooo £'ooo £'ooo Tackling Poverty and Soclal Inju5ti¢e Internatlonal A safe place to be I,T34 1,179 2,973 49 49 98 Children survivè and thrive 1.222 7.146 2J68 328 41 369 Genderjustice 995 1.070 2 1,697 3.330 5,027 Global rnental health 770 792 1.562 1,497 153 1.650 Multi themed 1.678 1.390 3,008 8.350 71,181 19.531 Total grants allocated 339 syn ￿.￿6 11,921 14.754 26,675 International cancelled grants 14151 13791 11,6131 18201 12.4331 Total International grant costs (note Sa) 5.924 5613 11.S71 10.308 13.934 24,242 Total grant costs (note Sa) 9.906 15.335 25.241 28.895 36.905 65.800 Total funding awarded in theyear to tackle poverty and social injustice was £25.9m12021'. £68.2ml, excluding cancelled grants totalling £659k. All grants are paid to institutions. Circumstances in which a grant mty be cancdled include adverse performance issues. a brea¢h ofthe condition5 of the grant.the grantee no longer being able to accept the grant. or thère being an underspend on the projeci which would lead to a partial cancellation. All funding is awarded to charitable organisations. A breakdown of the awards is available from Comic Relief. 89 Albert Embankment, London. SEI 7TP. Charity WAnroJal Reportand *£C￿nts1o2v2l Notesiothelihanc¥l 5tJternents

4. Staff - Group 2022 2021 No. No. The average weekly number of persons employed by the group during theyear was.. Fundraising 33 44 Operations ss Events, Production and Licencing 62 Grant making and management 42 203 2022 2021 £'ooo £000 Staff costsfor the above persons comprised..- Wages ané salaries 7,841 8.534 Redvndancycosts 471 26 Social security costs 951 992 Pension costs 979 10,531 Agency staff 235 Total staff costs 10.766 74 CharityPvr4ectsAr*lu•l R•p)rt andACc￿nts￿ MOtest•theiirtafi¢o1 statemenls

5. Staff - Group (continued) The number of employees earning over £60,000 per annum, including taxable benefits but exclvding em ￿0yer'S pensions and employer's national insurance. wa> 2022 2021 £60,001- £70,000 £70.001- £80.000 £80.001- £90.000 £90,001 . £100,000 oo.ooi - £iio.000 £120.001- £130.000 E140.001- £I50.000 £160.001- £170.000 19 21 The total remuneration during the year. induding pension and employer's national insurance, for the Chief Executive position was £189k12021.. £229kl. fiemuneration in the prior year related to two people, the outgoing and incoming CEOS in 2021. Key management personnel constitute the Trustees. Chief Executive, Executive DirectDrs, the General Counsel and Company Secretary. Total remuneration received by the key management personnel was n69k12021.' £95Skl. Total redundancy costs durjng the yèar were £471k12021- £26kl which telate to the organisational restrvcture which was announced in July 2022.

6. Trustees Trustees rece*ved £nil remuneration in the year12021.' £nill. No costs were incurred in relation to travel, or accommodation in relation to trustee duties12021'. nill. £126 was spent on subsistence 12021".nill. £259 was spent on meeting expenses12021.' £7771 and a,530 was spent on training 12021.. nil). One trustee was reimbursed directly for expense claims totalling £20212021". £3111 for travel and subsistence. Indemnity insurance costing £24.8861202I.- £r7.2801 was purchased on behalf of the trustees..

7. Taxation Comic Relief is considered to pass the tests set out in Paragraph I Schedule 6 Finance Act 2010 and therefore It meets the definition of a charitable company for UK corporation ta¥ purposes. Accordingly. the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to the extent that such income or gains are applied exclusively to charitable purposes. The charity's traéing subsidiaries donate to Charity Projects an amount equal to any taxable profit5 35 a qualifying charitable donation. ConsÈquèntly there is no taxation charge for the year 2021.. £nill.

8. Intangible fixed assets- Group Tradèmarks Softwa Total £'ooo £000 £'ooo Cost At l August 2021 568 Additions 23 14 37 At 31 July 2022 Amorti&ition 14 605 At l August 2021 432 432 Charged in the year 41 41 At31 July2022 Net book value 473 473 At 31 Juty 2022 14 132 At 31 July 2021 136 There was no impairment in the value of trademark intangible asset5 as at 31 July 2022 12027.. £nill_ hatity ProiBctsAnnual Wrtand ACc¢￿￿ts￿2try￿ NDt*stothefiniThrial statsmonts

9. Tangible f ixed assets- Group and charity Flxtures Equlpment eooo rooo Total £'ooo Cost At l August 2021 1.805 2,515 Additions 47 At 31 July 2022 I,e08 754 Depredatlon At l August 2021 1.515 2,153 Charged in the year 138 191 691 2.344 Net book value At 31 Juty 2022 155 At 31 July 2021 290 CharityptojéctsMntsal gewtand AtCCoJnts20Xtr Note5tothefMwncial sthrerneThts

.12. Yixed asset investments- Group and charity al The investment portfolio is held in a range of segregated and pooled. managed fijnds.. 2022 20 £'ooo £'ooo Segregated global equitie5 Fundsmith LLP 21,085 25.922 Leadenhall Value Fund 145. 255 Trojan Ethical Ftjnd 16,345 16.257 Baillie Gifford 3,134 4,229 Ownership Capital 7.864 9,093 Generation 4.2S3 Prlvatè equlty Schroders Private Equity Fund of Funds111 1,072 1.018 Cash 10,741 218 Total Group & charlty 64,659 56.992 All investments are over S% of the total portfolio. except for Leadenhall Valve Fund and Schroders Privare Equity Fund of Funds 111. bl Reconciliation of opening and dosing market value.. 2022 2021 £'ooo £'ooo Restated Market value at l August 56.992 49,S60 Purchases Is.000 24,464 Disposals Is.0001 124.4641 Net investment Ilossesllgains 12.3531 7,432 Mark•t value of portfollo at 31 Juty 64,639 56.992 Hhtorle eost of investments at 31 July 36.664 78 ChaiityTh*ttsAnnual R•portand Accounts2021rtt Notssto fin4nciol ststements

1. Fixed asset investments- Group and charity (continued) cl The charfty holds unlisted investments costing £3 P021-. £31 in the following subsidiary undertaking& Subsidiary undertakin95 Cost £ Country of Incorporation Principal activity Class of shares Share eapital held Comic Relief Ltmited Icompany number". 019671541 (note 31 £2 En9land Trading Ordinary £1 loo% Brand flelief Limited Icompany number- 068087031 Inote 31 England Dormant Ordinary£l io0%
2. Social Investments 2022 2021 £'ooo £'ooo Valve at l August 1.209 1,322 Investments 574, 11401. Repayments 1861 Interest 27 Valu• of portft•llo at 31 July 1,704 1.209 'Piior year- new investments I£S72kl. Tepayments1£488kl. wriie offs1£197kl.

3. Debtors 2022 2021 Group £'ooo Charity £'ooo Group £'ooo Charlty £'ooo fo) Amounts folling due within oneyear Amounts due from svbsidiary undertakings Other debrors. 6.586 6,700 S.766 3,622 4,984 3,518 Taxation and social security 126 148 466 178 Prepayrnents and accrued income 7.639 6,(Y72 16,SSO 14.719 16,428 22.000 25,115 There are no amounts falling due after more than one year. 'Other debtor5 mainly con&sts of trade debtors12022: £5.7m. 2021.. £4.9ml Chwrty Proiertsknual Ilepryt wnd P4otestothefinancsal staternents

4. Creditors 2022 2021 Group rooo Charity £'ooo Group £'ooo Charity £'ooo folAmounts falling due within oneyeE7r.' Grants approved not yet paid 40,571 40,571 $4,457 S4,437 Other creditors 424 424 371 334 Taxation and social security crued expenditure & deferred income 310 310 323 323 2.175 905 829 785 43,480 42.210 55,960 55.879 (bj Amounts falling due after more than oneye(Jr Grants approved not yet paid 15.908 15.908 29,953 29.953

5. Provisions 2022 2021 Group £'ooo Charity £'ooo Gr¢)up £'ooo Charlty £'ooo Dilapidations provision 526 526 479 479 Restructure provision 503 503 12 12 1.029 T.029 491 491 l6a. Provision Movement 2022 2021 £'ooo £'ooo Opening Balance 491 7.156 Additions 546 13 Amounts charged a9ain5t the provi510ft 181 16781 Closing Balance at 31 July 1,029 491 The piovision for dilapidations 15 based on professional estimates for the work that would be required to restorethe propertyto itsoriginal state as required bythe lease.Aredundancyprovision has been recognised based on a formal plan and commitment to terminètitsn of employment affecting specific teams within the organisation. being in place in advance of the year end.

6. Members, liability The charity does not have a share capital and is limited by guarantee. In the event of the charity being wound up. the maximum amount which each member is liable to contritxjte is £1. There were 10 members at 31 ju￿ 202212021..121.

7. Analysis of group net assets between funds 2022 Unrestrlcted Restrlcted Funds Funds £'ooo eooo Unrestricted Restricted Funds Funds £'ooo £'ooo Total £'ooo Total £'ooo Fixed assets 66.693 66.693 58,699 58.699 Current assets 64.605 23.210 88.648 29.7T7 118.425 Current liabilities IZ7,5061 117.0031 (445091 137.2061 119.2451 156.4511 Liabilitie5 due after one year 00.3191 15.5891 IIS908) 119,3161 00.6371 129,9531 Group net assets 93h 618 94.091 .82S 11051 90.720

8. Unrestricted funds Balance IAug Investment 2021 Income Expendltuve M¢wements Tran5fer5 £'ooo £'ooo rooo eooo £'ooo £'ooo Balanc• 31 July 2022 Group and Charity Designated fijnds Social Change Fund fv1atch funding commitments 19.314 190 16.5261 7.060 20.038 19.518 14,4191 7.376 22,475 DEC Ukraine 0,0001 1.000 The Bill & Melinda Gates Foundation 2.223 1881 113S Red Shed 7,721 17121 7.038 Fixed Asset Qeserve 498 11481 350 Total deslgrkat•d funds 49.f74 219 112.74S) 03.493) IS,288 52,036 Group general fund 41.SSI 31.192 12.3531 OS.46O1 41.437 Total group funds 90,825 31,411 P6238) 12J55) 11721 93.473 Total charity funds 90.675 30,075 124.902) P,353) 721 93.323 81 Charity&ojeLtsJlnual Rwtand £CtrJnts202tra' Noiesw th• financial statèmknts

9. Unrestricted funds (continued) Balance IAug Investment 2020 Income Expenditure Movements Transfers £'ooo £'ooo £'ooo £'ooo eooo £'ooo Balance 31 July 2021 Gr¢wp and Charlty Deslgnated funds Social Change Fund 23,214 (371 115,6461 11.783 19.314 Match funding commitments 16,062 06,4341 19.890 19.S18 The Bill & Melinda Gates Foundation 2.223 ked Shed 7,727 346 7.721 Fixed Asset Reserve 12311 498 Total designated funds 49,955 2,4321 31,442 49,274 Group g•n•ral fund 36217 43.154 I￿225) (31.027) 41.551 Total woup funds 86.rn 43.463 146ffiS7J 7.432 415 90.825 Total ¢harity funds 86.022 41.ylo 145.164) 7.432 415 90.675 Soclal Change Fund Unrestricted income that has been designated for gfants and the costs of making, managing and monitoring grants but rs not yet committed. We commit all funds within twoyears of receipt. Match fundlng comfflitments The funds that the Trustees have designated to co-furKI joint programmes with key funding partnefs. OEC Ukralne A designation of funds to the Disasiers Emergency Cornmit￿e to respond to the crisis in Ukraine. in line with our Social Change Strategy and our work on Safe Place To Be. This fund enables existing Funded Partners to respond flexibly to the emerging situation in Ukraine. Thè Blll & Melinda Gates Foundatlon A grant that has been designated bythe Trustees of Comic Relief to drive the development of new and existing income streams. advance our di9ltal platforms and engage new audiences. This is separate to the Bill & Melinda Gates restricied fund in note 20. Red Shed A designation of funds to create. catalyse and pilot innovative and newways to tacklè the relief of poverty ar)d social injustice in the UK and internationally by indivrduals and new enterprises. Fixed A55et Re5erv• A designation of funds eqval to the net book value of the intangible and tangible fixed assets. Chaiity Woi4ctsATrfwal Aport and Att￿nts2o21tt NOtsitsthE lin*nc1a15tJt￿WIts

10. ftestricted funds- Group and Charity Balar*e IAug 2021 Income Expenditure Transfers eooo £'ooo £'ooo £'ooo É'ooo Balanco 31 July 2022 Emergency funds raised in response to COVID-19 3.034 (3.1091 447 GSK Malaria fund 492 [2091 283 Foreign. Cornmonwealth & Developrnent Office grants Department for Culture. Media and Sport grants (72511 4.504 0.4231 14,1701 15711 834 14441 ioo Impetusyouth Endowment Fur 3.997 14.0001 Corporate partner funds 2,181 7.034 14.7651 13781, 4,072. 12.6081 The Bill and Melinda Gates Foundation 14,7551 2.147 Global Majority Fund 103 1.678 1971 97 1.781 Other Restricted funds 2.665 2.293 13,9821 18211 894 Total restricted funds oos) 18.S80 0&029) 618. Balance IAug 2020 Income Expenditure Transf•rs £'ooo eooo £'ooo £'ooo É'ooo Balance 31 July 2021 Emergencyfunds raised in response io COVID-19 10.052 3.442 110.4601 3.034 GSK Malaria fund 979 19221 14151 492 Foreign. Commonweèlth & Developrnent Office grant5 Department for Culture, Media and Sports grants 18,8891 4,244 P.6061 17,2511 13 7.S61 18.1451 Is711 Impetus Youth Endowment Fund 4.000 (31 3.997 Corporate partner fvnds 1.253 4.169 13.2411 2,181 The 8111 and Melinda Gates Foundation l.$43 16.2981 14.7551 Global Majority Fund 2.349 12.2461 103 Other Restricted Funds 1.826 6.458 15,6191 2.665 Totsl restricted funds 9334 Xl.616 139,5401 (41SI D05) Charitywoiecrs Annual Ilewi aThJ A<CtyJnts 2ll2tr2￿ N0te5tOthefinanu￿ staiements

11. Restricted fund& Group and Charity {continued) These iestricted balances will be used to Other fvnds in this portfolio include: support future project5 in accordance with Comic Relief's funding principles and the wishe5 of the respective donors. Grant cosis are recognised in full when the funding is awarded whereas the related income is recognised only when il becomes receivable and when any conditions for receipt have been met. This can result in negative balances on some funds which will be covered by future income received against those funds. Global Mental Health Matters". a £4.7m co-funding arrarKJement. £2.Im of which is from FCDO. cleated as part of Fled Nose Day 2019 with all furids being allocated to menial health projects in Keny3. Thbs year. we received £599k and spent £351k All in All learning.- a £26.7m co-funding arrangement, a56m of which is from FCDO. cleated as part of Red Nose Day 2015 with all funds allocated towards education in sub-saharan Afvica.Thisyear we received £2m and spent£393k Emergency funds raised In response to COVID.19 This fund is to support those affected by the COVIO-19 pandemic, with £3.Im of 8NI funds awarded to international NGO'S in this financial year. Maanda InttiativÈ". a £39.2m co-funding arrangement. £21.9m of which is from FCDO, created as part of Red Nose Day 2013 which Comic Relief will allocate towards impromng thè lives of women and girls in 5ub-Saharan Africa. This year we received £1.6m and spent £395k GSK Malaria fvnd GSK Malaria fund is a 6 year collaboration between GlaxoSrnithKline and Comic Relief to improve health in malaria endemic counriies in sub-Saha¥an Africa. This a7m partnership began in 2016 and we have ieceived all the contracted income. Trade & Ente¥prise Initiativè= a £21m co-funding ariangement. £10.5m of which is ffom FCDO, created as part of Sport elief 2014 where all funds will be allocated towards supporting income generation and enterprise growth across sub-saharan Africa. There is no incomè or spend in the year. Foreign. Commonwealth & Development Office grants This fund is made up of a number of multi- year, match-funded grants with the Foreign. Commonwealth & Development Office IFCDOI. Grant costsare recognised in fullwhen the funding is awarded whereas the related income is recognised onty when the cash is received or it becomes reCeiva￿e and when any conditions for receipt have been met. therefore this fund is in a negatrve balance which will be covered by future income. The most recent match-funded grant is Shifting the Power, which is a ten year grant of £30 million, with Comic Relief rnatching pound for pound lupto£30ml.tofund IIKal organisations in Ghana, Malawi. and Zambia to invest In their own organisational development, genefate resources locally and better respond to the priorities of local people. Department for Media, Culture and Sports grants We have recieved three Tampon Tax grants totalling £5.6m fijnded byThe Department for Media, Cukure and Sport IDCMSI. These are co-funded grants to fund UK Ofganisations supporting women and girls facing multiple disadvantage. specifically gender-based violence and abuse. in addition lo mental ill- health and substance misuse. Two of these programmes closed for which we received £28k and spent £144k wrthin the year. and for the ièmaining programme we received £806k and spent £300k. Charity Proi¢ctsANwJ41 Report aryl AcCryJnts20ZV￿ N0th5to thefinanaal siat*m•nts

Impetus Youth End1￿ment Fund The Youth Endowment Fund is a 3 year partnership between Comic fielief and Impetus. In this £6m co-funded programme. Comic Relief have co-designed a grant fund addressing serious youth violence in the UK. with plans to deliver the grants over the next 18 months. This year we committed £4m of partner funds to The Youth Endowrnent Fund. Please note this isn't an endowment fund per trust law. Bill & Melinda Gates Foundation The Bill & Melinda Gates Foundation agreed a new partnership of £12_6m in 20J with u& to atlvact. manage and disburse additional resourcestomakea sustainable and significant contritr)ution to the reduction of infections. illness and death. therety mitigating the impact caused by Hiv/AIDS. tuberculosis and malaria in countries in need and contributing to poverty reduction as pan of the Millennium Development Goals established by the United Nations. This is seperate to the. 8111 & Melinda Gates designated fund in note19. Corp￿ate Partner Funds We have a number of corporate partners that have raised funds for us this year inclvding Sainsbury's 1£4.3ml. Walkers l£lml, KFC Foundation1£992kl and Mars1£SOOkl. Global Majority Fund Last year we entered into a partnership with the National Emergencies Trust, together with Barclays. Esmee Fairbairn Foundation and the Clothworkers, Foundation to provide funding to partnersworking on racial injustice who had the ability. expertise. networks and knowledge to disrribvte rapid fundsng to a diverse range of locally led and focused organisations acr05S the UK_ This year a new phase ofthe fund was agreed and we have received additional funds from National Emergencies Fund and the Health Foundation. Thi5 year Sainsbury's comrnitted to donate £3.Sm to support those impacted by the Ukraine Crisis. From this fund. we awarcled £1.5m in grants to ovr partners Choose Love. Refugee Trauma Inititative and Lumos who are working on the ground in Ukraine and neighbouring countries. We also received additonal funds relating to the co-funded Fair Developrnent programrne. and a new food poverty initiative. ¢Xher festrlrted funds We have received a further £2.28m towards new and existing programmes. This includes £250k from TK Maxx which was raised through their 2021 Christmas appeal and a total of £67Ok from our new Pop Culture Fund. In addition we have received furiher funds from Greater London Authority 1£248kl, The S¢0ttish Government 1£467kl and Ministry of Justice1£698kl. The KFC Foundation has committed to donate £3m to Comic Relief across a 4 year programme. These fund5 support projects focusing on helping young people fijlfil their potential. Paftnering with Walkers. we have launched a new mental health and well-being fund called The Smiles Fund. designed to support organisations working to reduce the stigma associated with poor mental wellbeing. as well as promote positive social connections and help people build resilience to tackle life's everyday challenges. Mars has Committed to donate £lrn as part of the ￿alte$ersIcornlC Flelief campaign to support rnaternal mental health. Chaiity Prcie¢tsrnu41 ReFQrtond C￿nts7o￿￿ Notrstothe financial statoments

1. Contin9ent Assets As at 31 July 2022, the Charity has entered into funding agreements where the Trustees have concluded that not all conditions for wo9nition of the grant incorne have been met. TheTrustees expect that the conditions in these agreements will be fulfilled over the course of thè next five years. The unrecognised value of these agreements is up to £39.Im12021.. £50.Iml
2. Contingent Liabilities "Comic Relief is committed to providing match funding of £30m over the next 8 years against future grant income-, £18m has already been designated in the accounts with a further £12m to be designated in future year5. Comic Relief is commitied to £4.3m in fted Shed investments, of which £l.7m has been drawn down to date. resulting in a contingent liability of £2.6m.
3. Commitments under operating leases At 31 July 2022, the group had a total value of minimum future lease payments as follow& 2022 20 £'ooo £'ooo Payments due Land and buildings.- wtthin one ypar 707. 707 Land and buildings.. between l and S years 696 1,403 Plant and equipment.. within one year Plant and èquipment.. between l and Syears 12 19 1.422 2,136
4. Related parties Comic Rellef Inc. Comic Relief Incovporated (Comic Relief Inc. previously known as Amèrica Gives Back Inc.1 is SOllcll31 charitablè organisation registered in the United States bn 2007. Richard Cvrt15 15 the co-founder of Charityprojectsandwas a Trustee until November 2019: Richard is Vice President of the 8oard of Comic Relief Inc. Kevin Cahill is Honorary Life President of Charity Project5 and a Board Member of Comic Relief Inc. The remaining Trustees of Comic Relief Inc. are indeper)dent of Charity Projects. In May 2022. the seventh Red Nose Day USA wa5 produced by Comic Relief Inc. in partnership with NBC Universal under licence from Charity Projects. A licence fee of £SOk12021'. £SOkl was charged by Comic Relief Limited. Other related partles Charity Projects charges Comic Qelief Limited a management fee foT shared staff. premises, depreciation and other support costs. The charge is based on the ratio of income for each entity. For 2022 the fee was £l.Im12021-. £0.9ml. Comic Relief Limited transfèrs itstotal net taxable profftto Charity Projects atthe end of each yèar as a qualifying charitable donation. For the year ended 31 July 2022 this was £4.4m12021." £5.4ml. 86

At J July 2022 Comic Relief Limited owed £6.6rn12021.. £6.7ml to Charity Projects. During the year Trustees and key rnanagement personnel made personal donations totalling £79012021.. £1.2kl. A number of related party transactions were undertaken in the year during the normal course of bvsiness which were subject to our normal rigorous procedures. Tessy Ojo, one of our trustees. was a mernber of the BBC Studios Charity Advisory Comrnittee until December 2021. Payrnents totalling H90k 12021.. £72kl were made by Comic Qelief to BBC Studios for production. with £23k due to the BBC as at 31 July 2022 12021". nill. During 2021122 production fees and royalties of £392k12021.. £14kl were paid from BBC Studios to Comic Relief Limited. During 2021122 Cornic Relief Ltd is dve co-pr¢)duction fees and reimbuised expenditure of £211k12021.. £250kl from BBC, all of which is outstanding as at 31 July 2022. Fiona Campbell. one of our Trustees. was also an Advisory Board Member at 8ologna Centre. School of Advanced International Studies. Johns Hopkins University. During 2021122, £1.8m was paid to Johns Hopkins Univer51ty. Fiona Campbell was appointed as a Trustee on 11 Septembei 2020 and was not a Trustee of Chartty Projects when thls funding was committed in November 2019. 25. Post Balance Sheet Events There are no post balance sheet events to disclose up to 7 December 2022. 26. Prior Year Adjustment The financi31 statements have been restated to correct an errol where irwestment addition5 and disposals were incorrectly nettèd off fortheyear endèd 31 luly2021 WTthin the cash flow statement (investing activities) and the investment note. This change does not impact the net result or the opening/closing fund balance as it is a reclassification within the cash ftow statement and the investment note only. 2021 2021 eooo Prevityusly reported ResL•m•nt eooo £'ooo Aestated Net proceeds from salelpurchase of fixed asset investments Addifions of fixed asset investments 4.4641 124.4641 Proceeds on disposal of fixed asset investments 24,464 24,464 Note 12b- Reconciliation of opening and closing market value Market value at l August Net disposals / purchases Purchases 49,560 49.560 24,464 P4.4641 24.464 124,4641 7,432 Disposals Net Investment gain5 7,432 56.992 56.992 Chartty PraiActsthMu￿ Reportand Att¢yJht$20zv￿ Noteslot￿fIr$an(•aI sthtsments

COMIC RELIEF 89 Albert Ernbankment London SEI 7TP Tet [phone] Fax: •4410120 7820 2222 Email.. [e-mail] W¢tr comicrelief.com Comic Pelief 15 the OPEfating name of Charity Projects a registered ¢haiity. 326568 (England and Wales) SC039730 IScotlandl-