OpenCharities

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2024-07-31-accounts

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CHARITY PROJECTS ANNUAL REPORT 2023-24
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4 • CHARITY PROJECTS ANNUAL REPORT 2023-24 WELCOMES ~~Front cover:~~ Photographed here is Red Nose Day fundraiser Janice, taken as part of the 2024 Red Nose Day marketing campaign in London on the 25th October 2024. Below: Photographed here is Lenny Henry during the Red Nose Day night of TV for Comic Relief on March 15, 2024 in Manchester, England.

WELCOMES CHARITY PROJECTS ANNUAL REPORT 2023-24 • 5

WE CAN MOVE THE WORLD FORWARD WHEN WE LIFT EACH OTHER UP

It’s an idea that Comic Relief was founded on: Moments of joyful collectivism can inspire change and progress. Comedy and compassion together can change the world; laughter and tears can move people to take action. This year, the British public’s generosity grew and so did our capacity to fund real impact. Every day, together, we’re making progress toward a just world free from poverty.

“WE ARE ALL NEIGHBOURS, AND WE NEED TO KEEP LOOKING OUT FOR EACH OTHER. FROM THE BOTTOM OF MY RED NOSE-SHAPED HEART, THANK YOU.”

Sir Lenny Henry, Comic Relief co-founder and Life President

~~Photographed here is~~

CONTENTS

Chair’s Letter 8 CEO’s Letter 11 Highlights from 2023/24 12

STRATEGIC REPORT - FORWARD

⟨ How we funded a just world free from poverty ⟩ Tackling poverty’s root causes and consequences 16 Shifting the Power 20 Funding strategy 23

STRATEGIC REPORT - UPWARD

⟨ How we expanded our fundraising practice and performance ⟩ Our fundraising approach 26 Change from within 31 Strategic progress 33 Looking ahead 36

YEAR IN REVIEW

Financial review 40 Our people 44 Principal risks 46 Energy & carbon use 50 Governance 52 Statement of Trustees’ responsibilities 60

FINANCIAL STATEMENTS

Independent auditor’s report 64 Consolidated Statement of financial activities 68

Balance sheets 70 71 Consolidated Statement of cash flows 72 Notes to the financial statements

WELCOMES CHARITY PROJECTS ANNUAL REPORT 2023-24 • 9

CHAIR’S WELCOME

I feel fortunate to be here during a time of such profound transition and opportunity.

omedy is changing, and so are the ways we’re engaging new audiences. Relief is changing, and so are our methods for selecting, funding, C and partnering with relief organisations around the world. The nature of work is changing, too, and we are innovating to support the needs and priorities of our brilliant and diverse teams.

This year, we saw strong all-around performance and significant growth in our engagement for the first time in years. The numbers tell a clear story: change is working for us. I want to congratulate our CEO, Samir Patel, for being named Charity Leader of the Year by the 2024 Charity Times Awards. And the best news is we’re only getting started.

Sir Lenny Henry, who co-founded this charity 39 years ago, co-hosted the annual Red Nose Day TV show for the last time this year. In a celebration of his inspiring legacy, he passed the torch to a new generation of comedic voices who will carry this mission into the future. We will be forever grateful to him and to Richard Curtis for all they have given to us (particularly the laughs), and for what their ongoing support will mean to us as we venture forward in new and exciting ways.

Together, our staff, executives and Trustees are building a future that’s decidedly more expansive and multi-faceted than what we have witnessed in our past. We are no longer solely one night of TV with one main host. The Comic Relief of today and tomorrow is a range of events and campaigns with different messages and a range of amazing talent.

One key to this change is our strong partnerships with some of the most iconic brands and companies

Left: Pictured here is Shalom, a beneficiary of Refugee Law Project (RLP). RLP works with refugees in Kampala, and settlements outside of Kampala to support children with disabilities and their parents to get access to mainstream education and the services they need.

in the UK and around the world. From long standing partners like the BBC and Sainsbury’s to new collaborators like Amazon and TikTok, Comic Relief is combining the best of the old and the new, and collaborating across our stakeholder universe to get the best outcomes for the charity and our partners.

We have taken a lot of lessons from this last year. We’re now in a great place to learn from and build upon those lessons moving forward to deliver on Comic Relief’s ambition. However, this will require us to continue to learn and listen, to keep reconnecting to the magic of the old and new. We are truly excited about the opportunity that affords us. And, as we forge a new future, we are recruiting new Trustees to help take the organisation forward.

Of course, our efforts are squarely focussed on raising vital income that can be invested in the delivery of our vision. And this year we awarded 160 grants totalling £29 million to fabulous partner organisations. But none of what Comic Relief does would be possible without the passion and commitment of so many, including the generous British public who always come through, our Comic Relief team whose dedication is an inspiration to behold, our incredible partners, and a wide range of people and organisations who give their time freely and generously—including Trustees, ambassadors, Independent Committee members, and creative artists.

On behalf of the Board – “thank you” to each and every one of you!

Sincerely, SIGN 15J6ZVP2-4P598J53 Tom Shropshire Interim Chair of the Board, Comic Relief

10 • CHARITY PROJECTS ANNUAL REPORT 2023-24 WELCOMES

CEO’S WELCOME

If one word can summarise our year at Comic Relief, it’s momentum. Pushing forward and growing upward.

he organisation made progress on many fronts this year as we began to build on the foundations we laid with great intention in 2022/23. T Off the back of our recent strategy and organisational change, we focused this year on revitalising our fundraising efforts to reverse an income decline. Our ability to fund and support local organisations tackling poverty depends on raising money from all kinds of donors. We raised an incredible £53.7 million this year, and we did it by expanding our fundraising campaigns beyond Red Nose Day to engage audiences year-round. We rolled out new opportunities for people and organisations to give and make change happen, like our recurring giving proposition called “Not Just A One-Night Stand,” and revisited beloved traditions like encouraging people to “Do something funny for money.” We reimagined what engagement can look like for new, younger audiences by launching exclusive, behind-the-scenes content on TikTok during our Red Nose Day television show on the BBC — and all to great success.

For the first time in years, Comic Relief’s unrestricted fundraising performance, Night of TV viewership, audience engagement, and donor numbers were up, while total income remained strong and steady. Our Red Nose Day campaign grew its income for the first time since 2011, raising an incredible £44.8 million. Indeed, Red Nose Day in 2024 was a beacon of light, with donations from the public

on the day itself up by over 50% and a significant increase in viewership—the first since 2015.

As an organisation that is both a fundraiser and a funder, this expansion of our reach and performance is essential to our ability to advance our vision of a just world free from poverty. Through these fundraising successes, Comic Relief is now able to provide more funding grants to community organisations that are alleviating the consequences of poverty or tackling the injustices that keep people in poverty. We continue to push our funding practices forward, such as through our Shifting the Power programme in partnership with the UK Government, which is putting truly locallyled development into action. I’m proud that we were shortlisted as Charity of the Year this year, by both Charity Times and Third Sector.

None of our growth would be possible without our incredible partners and donors, our wildly entertaining talent, the British public whose generosity is unmatched, our passionate team at Comic Relief, as well as our Trustees and committee members who give their time freely and generously. To all of you, we would like to extend a massive “thank you”.

As we bring this momentum into the new fiscal year, I can’t wait to see what we will achieve together with all those whose partnership we are so grateful for. Stay tuned for celebrations as we prepare for our very special 40th Birthday in 2025.

Sincerely,

Samir Patel CEO, Comic Relief

Right: British band, Mcfly during the Red Nose Day night of TV for Comic Relief. Taken in Manchester on the 15th March 2024.

12 • CHARITY PROJECTS ANNUAL REPORT 2023-24 WELCOMES

HIGHLIGHTS FROM 2023-24

£53[,] 764[,] 000 RAISED THIS YEAR

£44.8 MILLION RAISED ON RED NOSE DAY ALONE!

WE HOSTED 4 OPEN CALLS FOR FUNDING INCLUDING:

Community Justice Fund, which invested in movements specialising in racial and/or gender justice across the UK

Gender Justice Fund , which invested in women’s rights organisations and feminist movements in Sierra Leone

Re-Rooted Programme , which invested in services and support for refugees and asylum seekers in the UK

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NOT JUST A ONE NIGHT STAN D
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219% INCREASE IN RECURRING DONORS

Pictured here are presenters Davina McCall and David Tennant post the night of television. Taken in Manchester on the 15th March 2024.

Every Step of the

Way , which invested in organisations addressing youth homelessness throughout the UK

160 GRANTS

AWARDED TO ORGANISATIONS WORKING TOWARD A JUST WORLD FREE FROM POVERTY £29 MILLION AWARDED THROUGH GRANTS

TIKTOK LIVE GIFTING CAMPAIGN

11 MILLION+ RED NOSE DAY GIFTS SENT ON TIKTOK, RAISING £542,000 — THE LARGEST AMOUNT OF MONEY RAISED BY A TIKTOK CHARITY GIFTING PARTNERSHIP EVER

WELCOMES CHARITY PROJECTS ANNUAL REPORT 2023-24• 13

RED NOSES WERE SOLD EXCLUSIVELY ON

WE SAW A 50% INCREASE IN DONATIONS FROM THE PUBLIC ON RED NOSE DAY ALONE

4.37 MILLION VIEWERS TUNED IN ON BBC

MORE THAN ANY YEAR SINCE 2015!

WE SAID THANK YOU AND GOODNIGHT TO THE LEGEND IN THE SHARP RED SUIT WHO HAS PUT THE FUN INTO FUNDRAISING FOR 39 YEARS.

SIR LENNY HENRY HOSTED HIS FINAL NIGHT OF TV AS OUR MAIN HOST

STRATEGIC REPORT

FORWARD HOW WE ADVANCED A JUST WORLD FREE FROM POVERTY

Television presenter, Alex Jones supports Red Nose Day 2024 by wearing one of the Red Noses. Taken in London on the 6th December 2024.

16 • CHARITY PROJECTS ANNUAL REPORT 2023-24 FORWARD

TACKLING POVERTY’S ROOT CAUSES AND CONSEQUENCES

The £53.7 million we raised this year will provide funding to organisations tackling the causes and consequences of poverty and injustice, aligned with our vision of a just world free from poverty.

We took steps to not only advance equity and justice in the kind of projects we fund, but in how we identify and select those projects to address systemic inequalities and further advance social change. For example, in 2023/24, Comic Relief held multiple open and closed funding calls. The areas of focus for these calls were selected considering existing areas of funding, and consulting with others (for example those with lived experience and our existing funded partners).

~~[Lo~~ ~~REFUGEE CRISIS~~ PROVIDING SAFE SPACES FOR REFUGEE YOUTH

Athens, Greece — When children arrive at Velos Youth centre for refugees in Athens, they are often fragile and traumatised from unimaginably difficult journeys. The centre offers a safe space and comprehensive support, from a warm meal to a warm hug, and from finding a home to finding a job.

~~POVERTY~~

RESTORING DIGNITY BRICK-BY-BRICK

Wigan, UK — Donations funded projects like Brick by Brick, England’s first multibank. The multibank is a one stop shop for addressing everyday needs of people experiencing poverty. With the cost of living crisis impacting so many families, the need for household items has grown. This multibank now supports 80,000 families each year, helping them get back on their feet.

“LEAVING MY HOME IN SYRIA WAS NOT EASY BUT ACTUALLY FACING HOMELESSNESS HERE IN GREECE WHEN I ARRIVED WAS EVEN TOUGHER. THAT’S WHAT INSPIRED ME TO DO SOMETHING.” Mustafa, employee of Velos Youth

“POVERTY IS NOT JUST ABOUT FOOD, IT’S ABOUT EVERYTHING.” Keely, CEO of Multibank Brick by Brick

Above: Pictured here are staff and members of Velos Youth together, 2024.

Left: Pictured here is Tracy from Tom’s Pantry and a Volunteer at the Brick by Brick project. Taken on 15th February 2024 in Manchester.

FORWARD CHARITY PROJECTS ANNUAL REPORT 2023-24 • 17

~~Ld~~ ~~FOOD INSECURITY Sainsbury~~ s NOURISHING THE NATION IN PARTNERSHIP WITH SAINSBURY’S

UK — Sainsbury’s and Comic Relief continued a multi-year partnership to tackle food poverty in the UK by establishing food clubs, supporting children, and increasing access to food through the winter. Since 2022, we’ve allocated funding to hundreds of local groups working to improve people’s nutritional and physical health, provide healthy food for children during the summer school holidays, and distribute food in winter. Here’s a snapshot of our partnership:

Above: Pictured here is imagery from the Bonny Downs food club. Taken in London on 22nd February 2024.

“WE ARE PLEASED TO CARRY OUT OPEN FUNDING CALLS; THESE ENABLE US TO FUND A RANGE OF SOLUTIONS AND ENSURE WE ARE CONSIDERING A BROAD AND DIVERSE RANGE OF ORGANISATIONS FOR FUNDING. WE ARE EXCITED TO WORK WITH OUR WIDE RANGE OF NEW AND EXISTING FUNDED PARTNERS, WHO WILL RECEIVE CORE, FLEXIBLE, FUNDING, AND INCLUDE MANY ORGANISATIONS LED BY AND FOR THE COMMUNITIES THEY REPRESENT.”

Catherine Muge, Director of Funding, Comic Relief ( ~~0~~

~~[Lo~~ ~~MENTAL HEALTH CARE~~ HELPING PEOPLE HEAL—AND HELP OTHERS

West Lancs, UK — Whilst counselling is at the core of their services, Counselling West Lancs also offers group sessions, gym sessions, and alternative therapies to help people achieve their mental health goals. Helen benefited from the service following the loss of her husband to suicide. She left work to look after her two children full time, found herself at the job centre, and felt she had been neglecting her own mental health. She received counselling from Jo at Counselling West Lancs and now, a few years on, is training to be a counsellor herself through Comic Relief funding.

Above: Television presenter, Laura Whitmore meets with Helen who is training to be a counsellor with Counselling West Lancs. Helen is in her late 30s and is a doting mother to her two boys, Tom and Charlie. Money from Comic Relief is helping to train her as a counsellor, so she can support people in deprived areas of West Lancashire struggling with their mental health.

FORWARD CHARITY PROJECTS ANNUAL REPORT 2023-24 • 19

~~CLIMATE CHANGE~~

EMPOWERING COMMUNITIES WITH CLEAN WATER.

Badhan, Somalia — Life is tough in northern Somalia because water is scarce, and the changing climate has made it worse. In the village of Badhan, sometimes families have to choose between school fees and buying water. Comic Relief partnered with Adeso, a locally-led organisation that works to provide high quality, reliable and affordable water to the community. They are working to end the cycle of dependency that Somali communities have been forced to accept, by solving the water crisis, not just responding to it. Now with access to water, life is coming back into the town. People have more money to buy food, get long overdue health care, and pay school fees.

Above: Fosia’s 15-year-old son, smiling on in front of the tap in his home and his younger brother. The needs of communities, and the drivers of poverty, are complex and fluid.

Above: Workers collect water in jerry cans for sale from the old Badhan well, a historic yet unreliable water source. This shallow well, the oldest in the area usually dries out.

Above: Young schoolgirls queue up, eagerly anticipating their turn to access clean water through the newly installed piping system for their school.

20 • CHARITY PROJECTS ANNUAL REPORT 2023-24 FORWARD

SHIFTING THE POWER

While aid has always had good intentions, it has not always resulted in ideal solutions. Development has often “happened” to people living in the Global South, not with them. Funding has frequently created a cycle of short-term fixes, not lasting solutions. Over the last five years, Comic Relief has engaged in an ambitious partnership with the FCDO to change that, joining a movement for new approaches to funding called #ShiftThePower.

~~SHIFTING THE POWER PROGRAMME~~ COMIC RELIEF IN PARTNERSHIP WITH FCDO

Through the Shifting the Power programme, Comic Relief :!---.. is disrupting power imbalances by funding more equitably, ::Ul :1 through devolving decision-making locally. We identified 1 2 1 Ul a set of ‘Anchor Partners’ in Ghana, Zambia, and Malawi : : who have local expertise and knowledge to co-create the t programme, lead on activities, and to decide on how funding : Ul : Ul would be distributed. By acting on the issues that are most : : 1Ul :: t important to their communities, including climate justice, ::ulul :i supporting women and girls, mental health and tackling ::t : homelessness, each of these Anchor Partners help to drive 11 :Ul lasting change. : Ul 1 1

~~GEORGE THE POET~~

PUTTING LOCAL PEOPLE AT THE CENTRE

OF THE STORY

We engaged the public on locally-led development, by working with Anchor Partners on a creative call-out for poem submissions about climate change. The poetry competition proved to be a success, with over 100 submissions made by young people living in Malawi, Ghana and Zambia. Together with Anchor Partners, Comic Relief shortlisted three finalists and co-ordinated a virtual meeting with renowned poet, George the Poet, who compiled a longer poem inspired by the finalists’ words. It all came together in an inspiring film that was broadcast on Red Nose Day, in which George the Poet and the three finalist authors recited the poem aloud.

Not all natural disasters happen overnight Some happen day by day, one millimetre of rain at a time One degree of warmth that won’t fade away Why is it the countries least responsible that find themselves in the most difficult positions?

Flooding. Heatwaves. Landslides. Populations fighting for their lives in unlivable conditions

What once was a symphony of greenery Has been replaced by the humming of machinery Forests ablaze, flames lick the sky Leaving the air we share toxic and dry With every step, let’s sow a seed Tap into that natural poetry

Let’s get back to growing trees Because unlike the trees, humans roam the earth and we can only serve it if we know its worth.

22 • CHARITY PROJECTS ANNUAL REPORT 2023-24 FORWARD

~~POWER OF POP FUND~~ PURSUING SOCIAL JUSTICE THROUGH ~~—~~ POPULAR CULTURE

At Comic Relief, we’ve always championed the power of stories to change hearts, minds, lives and, above all, the structures and systems that impact people. That’s why we created the Power of Pop (PoP) Fund, to support organisations working at the intersection of popular culture and social change in the UK, with a particular focus on migration and racial justice. Here are a few of the organisations we supported through the PoP Fund this year:

Skin Deep

Develops digital and physical spaces for Black, people of colour (POC), migrant, refugee and marginalised creatives to work towards justice through cultural production – in print, online and at live events.

2POCC

A networking and collaboration community of 1000+ Black, Brown and ethnically diverse creative professionals.

We Are Bridge

A bridge between the filmmaking industry and emerging talent from marginalised groups who may otherwise have limited access to opportunities or training.

Below: 2POCC’s Film Club

~~PARTNERING WITH FCDO TO BUILD A BETTER WORLD _ =r el~~

Sub-Saharan Africa — In 2024, three of Comic Relief’s long standing, co-funded programmes with the Foreign and Commonwealth Development Office (FCDO) drew to a close. Together, we have invested over £70 million in early childhood development and inclusive education, mental health, and gender justice programmes across sub-Saharan Africa since 2013. Through a series of 84 grants to partner organisations, we are proud to have supported the following achievements:

FORWARD CHARITY PROJECTS ANNUAL REPORT 2023-24 • 23

~~GLOBAL MAJORITY FUND~~

The Global Majority Fund this year continued to work with 10 medium-sized Global Majority-led organisations to support them with organisational strengthening plans to build resilience and amplify their work. Over the last twelve months, organisations have been supported to develop fundraising strategies, develop long term strategic plans for the organisation, invest in staffing, system upgrading and strengthening diversity, representation and lived experience at Board and senior management level.

For some organisations, they have used Comic Relief funding to unlock further funding in the sector – in the form of further match or unrestricted funding – doubling turnover. For others, Comic Relief funding has enabled what was once a Black-led project in a mainstream organisation to form independence and be established as an independent community for the community.

Below: Pictured here is Betty, in her 90s, a service user at Hebburn Helps and Angie, Co-Founder of Hebburn Helps. Taken in Newcastle on the 31st January 2024.

OUR FUNDING STRATEGY

In early 2024, Comic Relief produced a foundational 2024-2026 Funding Strategy which outlined the goals and outcomes for the Funding Pillars identified in Comic Relief’s Strategy, together with criteria for selecting issues and geographic areas for funding.

The Funding Strategy outlines the following core principles that Comic Relief will continue or begin to implement, in its efforts to fund organisations more equitably, effectively, and collaboratively:

STRATEGIC REPORT

UPWARD HOW WE EXPANDED OUR FUNDRAISING PRACTICE AND PERFORMANCE

Radio presenter, Nick ~~Grimshaw supports Red~~ Nose Day 2024 by wearing one of the Red Noses. Taken in London on the 12th December 2024.

26 • CHARITY PROJECTS ANNUAL REPORT 2023-24 UPWARD

OUR FUNDRAISING APPROACH

We raise a significant percentage of our funds from the public and we strive to ensure we do this in a respectful and inspiring way, consistent with our core values. Our fundraising engages individuals, families and communities, including schools and workplaces and corporate partners, trusts, foundations and institutions.

n order to raise funds and awareness and enable supporters to get involved, we rely on a variety of different activities predominantly using digital Imedia and through our big Night of Television fundraising (NOTV).

To ensure the highest standards in our fundraising, Comic Relief is registered with the Fundraising Regulator and pays an annual levy as required. We follow the Code of Fundraising Practice which commits us to ensuring that our fundraising is legal, open,

honest and respectful, standards that are expected of all charitable fundraising organisations across the UK. We work diligently to train, equip and ensure our fundraisers have the necessary tools to execute their activity to the highest standards, in compliance with the Code, and champion its standards across all our fundraising, including adhering to the requirements of the Fundraising Preference Service. We also support and contribute to public consultations on their Code of Fundraising Practice.

We use a professional external fulfilment agency, Upwards Comms, to handle our in-bound donations for the NOTV via phone, and FONIX to handle our text to donate donations. Our own web platforms and associated payment providers are managed by our inhouse teams. In this period, we did not used telephone or Face to Face fundraising techniques or agencies. We consistently assess and evaluate our processes and fundraising agreements to strengthen how we monitor all of our fundraising activities.

Comic Relief commits to the highest standards of marketing and best practice, including recognising and taking care when dealing with children and vulnerable people, ensuring that our advertising and marketing is responsible, reliable and respectful and in line with General Data Protection Regulation (GDPR). We take privacy seriously and are committed to protecting our supporters’ personal information.

Opposite: Pictured here Left: Pictured here is are a group of children who Mohammed, who is part of the participate with the project Fair shot Football Team. Taken in StreetGames. Taken in London London on the 21st August 2024. on the 22nd May 2024.

We manage supporter preferences regarding contact via an open and transparent consent collection process, always seeking to communicate with our supporters in the manner they prefer and respecting their privacy. You can read our Privacy Policy on our website at comicrelief.com/privacy-notice.

SAFETY DURING FUNDRAISING ACTIVITIES

With thousands of fundraisers raising funds on our behalf every year, the safety of our fundraising activities is a high priority for us. We take particular care and have robust processes to ensure the safeguarding the welfare of any children or vulnerable people who may be involved. We have safeguarding guidelines for anyone hosting an event and provide vital resources and information on our website, these are also shared with individuals or groups seeking advice.

HELPING OUR SUPPORTERS

As a result we handled 5075 general enquiries (2022/23: 5473) from the public and addressed 179 complaints (2022/23: 259). We have a robust complaints policy in place which is actively managed and we report to the FRSB in line with requirements. During 2023–24, of all complaints received 57 (2022/23: 62) related to our fundraising or donation processing issues. The key causes were related to requests to unsubscribe to marketing (30%) and donation processing Issues (24.5%). These totalled 32% of all complaints received with the remaining related to content on our NOTV; funding decisions and organisational positioning on topical issues. Our Supporter Care team investigates every complaint, responding well within our 10 working day supporter promise. We do all we can to resolve complaints and ensure that supporters are happy to be part of our work. The key causes for complaint about our fundraising were related to requests to unsubscribe to marketing (30%) and donation processing Issues (24.5%).

Our supporters were able to contract us by phone, email, or post if they had a query or needed guidance.

~~RED NOSE DAY 2024~~

We celebrated Sir Lenny Henry’s final night hosting our big night of TV after 39 years. The generous public helped us increase our Red Nose Day income for the first time in years, and throughout our three hour extravaganza we enjoyed some extra special moments with Sir Lenny — including a surprise video from several beneficiaries of Comic Relief funding through the years in Uganda, Ethiopia and Kenya who expressed their heartfelt gratitude for his work.

£44.8 million raised for Red Nose Day

Sir Lenny Henry, Comic Relief co-founder and Life President

UPWARD CHARITY PROJECTS ANNUAL REPORT 2023-24 • 29

UPWARDS WITH MOMENTUM

Key to our approach this year was a marriage of old meets new. We recommitted to what Comic Relief has always done best: using the power of humour and popular culture to inspire people to give. And indeed they did! We also tried new things to reach and engage a wider audience — not only on Red Nose Day, but year round. Here’s a look at our fundraising highlights from the year.

DO SOMETHING FUNNY FOR MONEY

With millions facing impossible choices to get by, the British public went above and beyond to help spread joy, uplift spirits and raise vital funds for Red Nose Day.

This year we launched our Nosey Awards to recognise and celebrate our amazing fundraisers and their incredible imaginations. Here are some of our fabulous winners recognised for their prior fundraising:

Rae Saleem Defying all odds after a cycling accident left him paralysed from the neck down, Rae learned how to walk again. Over the years, he’s used the power of movement to raise funds for Red Nose Day by sweating it out on a Monopoly inspired run through London, pedalling his heart out during a spin-a-thon, throwing punches in a Body Combat-a-thon and encouraging his family and community to join him to get moving and raise funds.

Weininger Irwin - Took

indoor rowing machines on the London underground and rowed the length of the Elizabeth Line from Heathrow to Shenfield.

Banstead Community Junior Schoo l - Organised a “Colour Run” where 15 staff volunteers ran through 300+ children who pelted them with powder paint.

Buskerteers Choir -

Dressed up as Tina Turner and together with 400 singers stopped shoppers in their tracks with their flash mob version of Proud Mary.

TIKTOK LIVE

For the first time ever, we gave the public access to behind-the-scenes fun backstage at the BBC1 show on Red Nose Day.

30 • CHARITY PROJECTS ANNUAL REPORT 2023-24 UPWARD

OTHER CAMPAIGN HIGHLIGHTS

SAINSBURY’S NOURISH THE NATION

Our long-standing partner Sainsbury’s raised an astounding £9.2m to fight food insecurity across the UK. The impact of these funds will help provide nutritious food where it’s needed most, including ensuring children across the UK get healthy meals during school holidays.

WINTER SURVIVAL APPEAL

Our winter campaign in partnership with The Evening Standard raised more money than any other UK newspaper appeal in 2023. Funds generously given by partners and the public are already supporting organisations at the heart of communities across the UK to help families facing food insecurity, young people dealing with financial hardship, and supporting early childhood development programmes.

“IT HAS BEEN A LIFELINE FOR ME AND MY FAMILY DURING A DIFFICULT TIME. WE WERE STRUGGLING TO MAKE ENDS MEET.”

Someone who uses a food club in Country Durham run by The Bread and Butter Thing

SUMMER SPORT RELIEF

This summer we brought back the much loved Sport Relief with our Be a Good Sport campaign, raising funds for vital Sports for Change projects across the UK and internationally. From a schools focussed six week summer holiday challenge to a Big Swim and a fabulous partnership with Major League Baseball, Sport Relief got the nation digging in and digging deep to tackle child loneliness, disability inclusion, and to ensure safe spaces exist for people who need a listening ear or helping hand.

NOT JUST A ONE NIGHT STAND

Red Nose Day has been a great one night stand since 1988. But let’s be honest, a world free from poverty and injustice takes a little more commitment than a quick rumble in the hay. That’s why this year, we introduced a new way for donors to enjoy giving every day of the year, with regular content and fabulous surprise moments. The effort resulted in a 219% increase in recurring donors.

UPWARD CHARITY PROJECTS ANNUAL REPORT 2023-24 • 31

CHANGE FROM WITHIN

The pursuit of a just world includes a more just workplace. In an effort to make Comic Relief the best possible employer and funder to its people and partners, we are actively building a more inclusive and anti-racist culture, pursuing more diverse representation in our staff, and rethinking how, where, and when we work to accommodate a wide range of needs.

DIVERSITY, EQUITY, INCLUSION AND BELONGING

Over the past year, we have made meaningful strides in fostering an inclusive culture. Our progress reflects a sustained dedication to embedding Diversity, Equity, Inclusion, and Belonging (DEIB) principles across all facets of our organisation, ensuring that Comic Relief is a place where everyone feels they belong. Our DEIB strategy provides us with a plan for making continuous progress, and includes the following pillars:

Inclusive Culture

To foster an inclusive culture that promotes learning, dialogue, and continuous improvement, this year we implemented a regular cadence of Lunch and Learn sessions led by our Employee Network Groups. By spotlighting timely DEIB topics, these sessions are helping to build a culture where diversity is not only celebrated but integrated into our day-to-day work.

We also commissioned a cultural assessment to understand how our employees perceive the current organisational culture. Through comprehensive surveys and focus groups, we gathered valuable feedback on areas where we excel and where there is room for growth. The recommendations provided will inform our future strategies, enabling us to take targeted actions that further enhance inclusivity and ensure that our culture aligns with the values we uphold.

Anti-Racism Initiatives

Our commitment to becoming an anti-racist organisation remains a central focus of our DEIB strategy. Over the past year, we continued our partnership with Brap, an independent charity renowned for its work on equality and human rights. Brap has delivered anti-racism training sessions tailored for our senior leadership team, to provide insights into the systemic nature of racism and equip our leaders with the tools to challenge and dismantle these structures.

Diverse Representation

As part of our commitment to attracting talent from a wide range of backgrounds, we implemented mandatory recruitment training for all hiring managers. By promoting inclusive and bias-free hiring practices, we are confident that we will continue to build a workforce that reflects the diversity of the communities we serve.

Additionally, we remain dedicated to widening our candidate pool and ensuring that individuals from under-represented groups have equitable access to Comic Relief opportunities. Through these efforts, we strive to create a workplace where diverse perspectives are welcomed and seen as integral to our success.

32 • CHARITY PROJECTS ANNUAL REPORT 2023-24 UPWARD

“OUR PROGRESS IN FOSTERING AN INCLUSIVE CULTURE, ADVANCING ANTI-RACISM, AND IMPROVING DIVERSE REPRESENTATION REFLECTS OUR DEEPROOTED COMMITMENT TO DEIB (DIVERSITY, EQUITY, INCLUSION AND BELONGING) AT COMIC RELIEF. WHILE WE ARE PROUD OF THE STEPS WE HAVE TAKEN, WE RECOGNISE THAT THIS IS AN ONGOING JOURNEY. WE REMAIN DEDICATED TO CONTINUOUSLY EVOLVING, LISTENING, AND LEARNING AS WE WORK TO CREATE A TRULY EQUITABLE, DIVERSE, AND INCLUSIVE WORKPLACE FOR ALL”

Mabinty Esho, Head of DEI ~~B~~ Ga) ~~»~~

Above: Pictured here are Comic Relief Staff members during an all staff away day. Taken in London on the 20th June 2024.

UPWARD CHARITY PROJECTS ANNUAL REPORT 2023-24 • 33

A NEW, MORE FLEXIBLE WAY OF WORKING

This year, we bid farewell to our home of over 20 years in Vauxhall. Our new office in The White Chapel Building was opened to staff in September 2023. This smaller space is more cost- and energy-efficient, designed for a hybrid, post-Covid working model that accommodates work-life balance and agility. The office features collaborative working spaces, meeting rooms and amenities designed to maximise collaboration and team building as well as efficiency.

REDUCED ENVIRONMENTAL IMPACT

Our organisational commitment to fighting the impacts of climate change extend beyond our funded programs to our own internal operations. Thanks to our new energy-efficient working space and flexible hybrid model, Comic Relief’s energy emissions are one-third of what they were before the pandemic, and we’re continuing to work on reducing our impact further.

NARROWING PAY GAPS

Comic Relief is committed to equal pay for equal work. Our pay gaps have derived from not having all characteristics equally represented at all levels of the organisation and in all teams.

We are pleased to report that this year both the gender and ethnicity pay gaps have narrowed. In 2024 we launched our new pay and recruitment policies aligned with our DEIB strategy and whilst the full benefits of these policies are not yet realised, we are confident that the improvement in our figures this year is a reflection of all of the hard work that has gone into designing, developing and implementing these policies.

Ethnicity Pay Gap

We are proud to be sharing our ethnicity pay gap data for the fifth time this year and equally proud that the data shows that we continue to make progress on our commitment to equitable pay.

Gender Pay Gap

The narrowing of the gender pay gap at Comic Relief reflects our efforts to ensure that roles and teams across the organisation that traditionally have a gender bias have a more balanced representation.

34 • CHARITY PROJECTS ANNUAL REPORT 2023-24 UPWARD

STRATEGIC PROGRESS

The organisation is making strides in achieving Comic Relief’s 20232027 strategy, with foundations being laid, momentum growing, and plenty of indicators of progress. With a more stable income picture, we are able to plan our funding and become a more forward-looking organisation - always with a north star of impact towards a just world free from poverty.

FUNDRAISING

Strategic Objective

Raise over £46.5m in a way that provides sustainable foundations for growth in 24/25

Develop clear and compelling propositions so that audiences understand the reason to donate

Offer new and multiple ways for audiences and partners to donate and raise funds towards our vision

Deepen relationships with supporters

Begin investment in a new Customer Relationship Management (CRM) system and approach

Progress

Exceeded income forecast by raising £53.7m alongside testing new activity that gives us learnings for future growth

Delivered compelling fundraising propositions that more clearly demonstrated what donations can help deliver upon

Developed new fundraising communications and products including a new regular giving product called Not Just A One Night Stand whilst delivering three major fundraising campaigns in one year

Engaged key audience groups through research to better understand their needs and strengthened relationships with supporters through regular communications

Began a project to improve our supporter relationship management through starting with defining our requirements and choosing a CRM solution and implementing partner

Strategic Objective

Progress

FUNDING

PUBLIC ENGAGEMENT

CONVENING

ENABLERS

Deliver funding that makes progress towards outcomes for our three impact areas, including alignment with fundraising and public engagement objectives

Develop our funding impact offer and products to attract donor audiences across partners and public

Communicate where we have impact and how we achieve it.

Raise awareness and understanding of our three impact areas

Enable and share learning and networking amongst partners and funded partners to increase collective impact

Advance equity, diversity & inclusion in ourselves, our work & our communities

Increase our data maturity so that we can make informed decisions

Refine our ways of working to be future-fit, balanced and practical

Committed over £20m in unrestricted funding, across our three impact areas factoring in fundraising and public engagement objectives. Also launched four new open funding calls

Communicated how our funding can deliver on donor needs, and launched a new Multibank fund as one example to appeal to donors

Used our three campaigns to showcase a rich variety of appeals and impact stories - each focussing on different themes from across a range of UK and International funded partners

Took bold, creative approaches to fostering understanding of complex issues, such as a film around our Shifting the Power programme broadcast on our BBC TV show

Convened three events, spanning funding work and DEIB

Rolled out new DEIB Strategy and Roadmap, which includes specific indicators and milestones. Supported this with DEIB leadership training for leaders across the organisation.

Our data maturity project has progressed and evolved, ensuring our data is accurate, protected and organised in a way that enables our transition to a new Supporter Relationship management approach and supporting CRM

Identified a number of process improvements that will help us streamline and improve our delivery. A coordinated organisational Ways of Working and Process Improvement action plan has been developed for roll out in the coming year.

36 • CHARITY PROJECTS ANNUAL REPORT 2023-24 UPWARD

LOOKING AHEAD

In 2025, Comic Relief will celebrate its 40th birthday. As we move toward this momentous milestone we will pursue and expand upon the strategies that have already begun making this organisation stronger. And we won’t stop there; we will continue trying new things.

s Lenny Henry passes the torch to a new generation of comedians and hosts of our Red Nose Day TV programme, we will embrace A diverse voices to reach new, expansive audiences while staying true to the brand that people have loved for four decades. We will get creative with new partnerships and products — all in pursuit of our mission of using the power of popular culture to engage people to help others and funding organistions who advance our vision a just world free from poverty. And as we fund organisations working toward just that, we will ensure that our funding supports locally-led initiatives addressing the unique needs of their communities.

Enable our organisation through accessible data, the right systems, effective ways of working and an inclusive culture where employees are supported to achieve their best.

Comic Relief, as both a fundraiser and funder, is most able to have impact when our income is stable, predictable and recurring. We will continue on the trajectory of stabilising income, and our objectives for the year ahead have a focus on all areas of the organisation supporting income generation, so that we can have the necessary funds to grant out to our amazing funded partners.

OUR OBJECTIVES FOR THE FISCAL YEAR 2024/25 INCLUDE:

Achieving our income targets in a way that sets up

future, stable income. We have to raise the money by inspiring generosity and action in order to fund poverty and injustice work. To achieve this, we must:

Opposite page: Fatiha El-Ghorri backstage during Comic Relief Live at London Palladium on February 26, 2024 in London, England. Left: Pictured here is Sir Lenny Henry and Joel Dommett

IN EVIEW

Pictured here David Tennant photographed ~~for Red Nose Day 202~~ 4. Taken in Manchester on the 15th March 2024.

40 • CHARITY PROJECTS ANNUAL REPORT 2023-24 YEAR IN REVIEW

FINANCIAL REVIEW

YEAR ON YEAR (UNRESTRICTED)DONATIONS +23.5% GROWTH

This has been a successful year in which our focus has been on stabilising income and putting in the infrastructure for growth.

ncome has remained flat year on year with £53.8m in both years. Within the mix there has been a 22% growth in unrestricted donations. This includes our I extremely successful Night of TV (NOTV), which raised £44.8m (£39.9m in 2022/23 after prior period adjustment). We saw public donations on the night grow by 50% and enjoyed continued strong support from our loyal corporate partnerships.

We also continue to manage our costs tightly. This year we moved into our new office space. The reduced square footage and new location has halved our premises costs whilst delivering an exciting new collaboration space. This decrease in support costs has contributed to a 6% reduction in our fundraising costs (£11.5m 2023/24 compared to £12.2m 2022/23). This reduction is after investment in new fundraising talent and kicking off our project to deliver a new Customer Relationship Management (CRM) system.

In line with our growth in public income we have increased our level of unrestricted grant commitments which has seen 17% growth. This reflects a comprehensive programme of investment including four open funding calls in the year. We have also completed four of our major programmes with FCDO. Our restricted grant commitments are lower than last year but a major effort is focussed on committing the next major tranche of funding in our Shifting the Power (STP) programme in 2025.

RECURRING DONORS +200% YEAR ON YEAR GROWTH

In addition to the Night of TV (NOTV), we raised £14m (£13.9m 2022/23) from our winter appeal, Gift Aid and other income. This has resulted in a net surplus before investment gains of £7.5m compared to last year’s restated surplus of £2.5m.

Investment returns have continued to be strong, reflecting continued high interest rates and modest portfolio growth reflecting our low-risk, balanced approach to investing. In addition to operating income, there is a £2.8m unrealised gain on investments bringing the net movement in Funds to £10.4m.

OUR RESERVES AND FUNDS

UNRESTRICTED GRANT COMMITMENTS: +17% YEAR ON YEARGROWTH

We hold total reserves of £108.4m which is made up as follows:

General funds - £37.6m Designated funds - £62.4m Restricted funds - £8.4m

YEAR IN REVIEW CHARITY PROJECTS ANNUAL REPORT 2023-24 • 41

Our restricted funds can only be used for purposes as specified by the donor. Of our £100.1m unrestricted funds, £65.1m has been designated for specific purposes by the Trustees. This includes funds designated for grant making and match funding commitments. Detail is included in note 19 to the accounts.

The remaining general fund is held in line with Comic Relief’s reserves policy to ensure we hold sufficient reserves to cover operational costs for the organisation. The general fund is £1m higher than the prior year to reflect the increased costs for the coming year as a result of investment in fundraising, and reflecting the increased value of the investment portfolio.

EVERY £1 DONATED BY THE PUBLIC WAS INCREASED TO £1.48 THROUGH GIFT AID, PARTNERSHIPS AND MATCH FUNDING.

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 a significant fluctuation in our income as a result of unforeseen circumstances.

OUR RESERVES POLICY

The reserves policy has been considered and approved by the Board and there have been no changes to the prior year and requires us to hold free reserves of an amount equivalent to:

INVESTMENTS

We aim to award funds to projects over the two years following the income being raised. Funding commitments are scheduled for payment across the period of the funding in instalments to 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, as outlined in the investment approach below.

We are holding £37.6m reserves and therefore are operating within the parameters of the reserves policy. Our cash policy requires us to hold cash equivalent to: · Nine months grant commitments · Six months of operating costs PUBLIC DONATIONS ON THE NIGHT OF TV Beyond the sums to be held in cash there is core capital which can be prudently held in GROWTH longer term assets to achieve an enhanced YEAR ON level of return over the longer term. +50% YEAR 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 within an acceptable level of risk and in accordance with our principles with respect to ethical investment. (nna ;

42 • CHARITY PROJECTS ANNUAL REPORT 2023-24 YEAR IN REVIEW

We do not invest in companies which manufacture armaments or tobacco products or whose primary business is adult entertainment, the manufacture of alcohol products or the extraction or processing of fossil fuels.

In 2014, we signed up to the UN Principles for Responsible Investment (UNPRI), an international network of over 4,000 investors working towards putting environmental, social and governance issues at the centre of their investing approach.

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 (now the Finance Audit and Risk Committee) for the cash portfolio.

Performance

The opening value of the investment portfolio was £65.9m. There have been no additions to the investment portfolio in the year but we have divested £335k from the Leadenhall and Schroders

OPERATING SURPLUS IN 2023/24 COMPARED TO £7.5m £2.56M IN 2022/23

investments. The £5.9m shown as additions in note 12 reflects an increased amount placed in fixed term cash investments made during the year. The portfolio closing balance is £58.7m, after a £2.8m unrealised investment gain.

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:

1 year return to 31 July 2023: 5.5% 5-year annualised return to 31 July 2023: 3.1%

GOING CONCERN

The trustees have reviewed the level of reserves and available liquid resources in the context of operating and spending plans over the next 12 months, the cash

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+27.6%
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SHARE OF VIEWERSHIP ON THE NIGHT OF TV: +27.6% GROWTH YEAR ON YEAR

YEAR IN REVIEW CHARITY PROJECTS ANNUAL REPORT 2023-24 • 43

flow forecast and three year plan and are satisfied that Comic Relief would have sufficient reserves to cover its costs over the next 12 months.

Charitable Spend Analysis

For every £1 spent Comic Relief spent 75 pence on charitable activity as follows:

Trustees consider that Comic Relief has sufficient financial reserves to continue in operational existence for the foreseeable future and that the group is well placed to manage its operating risks successfully and that no material uncertainty exists. The trustees have therefore continued to adopt the going concern basis on accounting in preparing the annual financial statements.

CHARITABLE ACTIVITY, COMPARED 75% PRIOR YEAR. WE SPENT £46M (£49M IN 22/23) WHICH INCLUDES £28.8 (£31.3M IN 22/23) SPENT ON GRANTS THAT ARE HELPING THOSE MOST IN NEED.

OF OUR TOTAL SPEND WAS ON CHARITABLE ACTIVITY, COMPARED For every £1 spent on Charitable Activity Pence TO 72% IN THE PRIOR YEAR. Tackling poverty and social injustice 93 @ Monitoring & Evaluation 3 @ Global awareness, education and social change 4

Below: Photographed here is Isabel, Teddy, Eli, Benjamin and Daniel as part of the 2024 Red Nose Day marketing campaign.

THIS YEAR, 25 PENCE IN EVERY £1 SPENT WAS ON FUNDRAISING COSTS

44 • CHARITY PROJECTS ANNUAL REPORT 2023-24 YEAR IN REVIEW

OUR PEOPLE

Our staff are our greatest asset. This year we made key investments to improve recruiting practices, employee wellness and satisfaction, and pay equity across race and gender.

STRENGTHENED LINE MANAGEMENT AND WELLBEING

We know that line managers are key to achieving our strategic ambitions, delivering against our operational plans and motivating and developing our staff team.

This year we have invested in our line managers through the next stage of our Management Development Programme with sessions focusing on effective line management in a hybrid environment and supporting staff wellbeing. We have seen a positive impact of this training with 84% of staff agreeing or strongly agreeing with the statement

Above: Pictured here the Comic Relief team at an Away Day.

“My manager genuinely cares about my wellbeing” in our latest staff survey.

Alongside this we have reviewed and refreshed our Mental Health and Wellbeing Policy, continued to provide an Employee Assistance Programme and other wellbeing support, and invested in further training for our group of volunteer Mental Health First Aiders. We have also continued to support our staff with our inclusive and flexible working practices that help staff achieve a good work/life balance as well as investment in training and development.

YEAR IN REVIEW CHARITY PROJECTS ANNUAL REPORT 2023-24 • 45

CLARIFIED OUR DESIRED BEHAVIOURS RELATED TO OUR VALUES

This year we outlined behaviours that we want to dial-up in the organisation, to ensure we are being true to our values. The behaviours are designed to demonstrate what our values look like in action and guide staff on how we want to work in order to achieve our objectives.

STAFF ENGAGEMENT

We continue to measure and monitor staff engagement through regular pulse surveys and our staff engagement survey. The staff engagement survey completed in April shows that Staff Engagement has increased over the last 12 months with the areas we are doing well in including:

REWARDING OUR STAFF

Based on an external review of the current policy and feedback from staff we have reviewed our pay policy and made change to the policy to;

The survey also showed us our top opportunities for improvement with a supporting action plan developed to be implemented across the next year. This includes a focus on Learning and Development (L&D) with investment in a new L&D Officer role to support development across the organisation and the launch of a Ways of Working and Process Improvement project to ensure the systems, tools and processes at Comic Relief help staff succeed in their roles and get their work done effectively. Feedback from our staff continues to be important to us and over the next year we will continue to:

The revised Pay Policy was successfully launched during the year. The objectives of the policy are:

This year the policy has been launched with staff and implemented as part of our 2024 Performance Development Review process.

46 • CHARITY PROJECTS ANNUAL REPORT 2023-24 YEAR IN REVIEW

PRINCIPAL RISKS

Our sector carries many risks and opportunities, with challenges ranging from financial pressures and regulatory complexities to logistical hurdles and variables that may impact our vision of a just world free from poverty. We believe our robust risk framework allows us to manage these risks whilst leveraging opportunities and driving progress.

o allow us to manage our risk exposure and take advantage of opportunities, Comic Relief has a clear risk framework in place alongside a suite Tof comprehensive policies. These allow us to navigate our way through the increasingly complex environment in which we operate.

RISK FRAMEWORK AND CONTROLS

We employ a robust Risk Management Policy to understand, identify, assess, manage, mitigate and monitor risks, aligning with best practice as well as regulatory standards such as Charities and Risk Management Guidance (CC26).

Risk discussions permeate the organisation, escalating from any member of staff to Leadership Teams, and ultimately to our Finance, Audit and Risk Committee (now operating as the Finance, Audit and Risk Committee) and Board of Trustees. Departmental, project and strategic risk registers are utilised across Comic Relief to ensure risks, mitigations and planned actions are comprehensively documented and recorded as well as reviewed to ensure that actions taken align with Comic Relief’s risk appetite and strategic goals.

Additionally, in the last year we have developed an overarching Assurance and Compliance Framework to support our approach to have enhanced organisational oversight around our regulatory and legislative obligations. This also dovetails with a comprehensive suite of policies and procedures on incident reporting, counter-fraud, anti-bribery and corruption, complaints management, safeguarding, and whistleblowing.

ROLES AND RESPONSIBILITIES

The Board of Trustees bears ultimate responsibility for effective risk management across Comic Relief. This includes oversight, monitoring, and challenging risk management processes and internal controls. The Finance, Audit and Risk Committee (FAR) reviews and approves the Risk Management Policy, receiving regular updates on risk management activities and emerging risks.

Primarily, the Finance, Audit and Risk Committee supports the Board and Executive by providing ongoing oversight of operational organisational risk management, with the other sub-committees of the Board responsible for overseeing risks in their respective areas. The Legal and Assurance Team oversees safeguarding, counter-fraud, compliance, internal audit activities, and the risk management process, leveraging the expertise of our internal auditors to support in evaluating our control environment.

RISK ENVIRONMENT

In order to achieve our vision of a just world free from poverty, we work with amazing organisations across the world. However, our funding programme, whether domestic or international, carries inherent risks, including fraud and safeguarding issues, and delivery challenges. These risks cannot be entirely eliminated, but we strive to minimise them through robust processes controls and a culture of continuous improvement.

The current economic climate in the UK poses significant risks to our ability to deliver impact, driven by macroeconomic instability, challenges around

YEAR IN REVIEW CHARITY PROJECTS ANNUAL REPORT 2023-24 • 47

our audience, wage inflation, and rising costs. These factors collectively hinder our capacity to deliver impact effectively when sector needs are escalating. This challenge is not unique to Comic Relief and we are committed to finding innovative solutions to sustain our mission. In response to these challenges, we are investing in bold initiatives, such as implementing a new CRM system and enhancing our individual giving strategies in a bid to foster more relational, rather than transactional, engagement with our incredible supporters.

The Board of Trustees (BOT), alongside the Leadership Team, continuously monitors current and emerging risks, managing them in accordance with our established framework. This ongoing vigilance ensures that we are prepared to address and mitigate risks as they arise, safeguarding our ability to fulfil our mission.

RISK APPETITE

The Board of Trustees and management have articulated a risk appetite statement which helps to frame and inform organisational risk management for staff and 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 also in finding new and innovative ways of raising funds for our beneficiaries. We work with people across 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 of our beneficiaries, employees, trustees, 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 matters including our trust-based investment funding approach.

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Pictured here are the hands
of Grandfather supporting his
granddaughter. Taken in Sutton
on the 1st February 2024.
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48 • CHARITY PROJECTS ANNUAL REPORT 2023-24 YEAR IN REVIEW

STRATEGIC RISKS

----- Start of picture text -----
DESCRIPTION OF THE RISK ACTIONS IN PLACE TO MANAGE RISK
Financial Sustainability • Robust financial control and reporting
Inability to achieve income targets and growth, framework in place
owing to benefits in key projects not being realised, • Financial position overseen by Board of
undermining our ability to achieve desired social Trustees and Finance, Audit and Risk Committee
change. • Project Management Office function in place
to supporting teams in ensuring better defined
objectives and reporting, which has led to more
oversight at Board level
• Utilisation of risk weighted income pipelines
• Liquidity and cash position adheres with our Cash
and Investment Policy
• Overarching organisational objective for 2024/25
in place to drive income growth and diversification
Operational plans have been built to support
this goal
• Investment in a new CRM platform, individual
giving initiatives, a storytelling project and our
website to drive growth
Inability to deliver desired impact • Funding Strategy and Learning & Impact
Our funding model does not support delivery of Framework now in place, which include clear
desired long-term impact. established pillars of impact
• Delivery of Funding Strategy overseen by Funding,
Fundraising and Engagement Committee
• Updated grant approvals process in order to drive
efficiencies within our grant-making and ensure
the Funding, Fundraising and Engagement
Committee focus more on higher risk and more
strategic matters
• Process and procedures under review for Grant
Management, balancing our trust-based approach
with our legal requirements
• Continuous development of process to improve
funder practice and outcomes to the organisations
and projects that we support
• Support from Counter Fraud and Safeguards Leads
for emerging matters, as well as providing support
and advice at application stages
• Development of Operational Funding Plans for
forthcoming year
• Data available continuously developed to support
articulation of our impact
• Embedded Risk Management processes to
manage and mitigate both at a programme level
and more operational matters
• Counter Fraud and Safeguarding Policies in place
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YEAR IN REVIEW CHARITY PROJECTS ANNUAL REPORT 2023-24 • 49

----- Start of picture text -----
DESCRIPTION OF THE RISK ACTIONS IN PLACE TO MANAGE RISK
People • Dedicated People Team reporting to the Director
High levels of turnover, staff absence and inability of Business Services and Change Management
to attract talent impacts our ability to deliver our • Established performance and risk indicators
organisational strategy. reported through People and Culture Committee
• Comprehensive Wellbeing offer in place, including
access to counselling, wellnessTV, Wecare, Thrive
App, Health Assured medical benefits
• Large and varied range of communication and
feedback mechanisms in place to ensure staff
concerns are heard and addressed quickly
• Cohort of trained mental health first aiders in place,
with these individuals communicated to
the organisation. Line managers also undertake
a mental health training module
• Organisational planning undertaken against
objectives to better manage workload
• Established values have established ‘dial up
behaviours’ with this communicated to the
organisation
• Working on delivery of actions plan arising
following recent Engagement Survey
• People Strategy is being developed to support
the organisation in delivering against the
organisational strategy
Information Governance and Security • Established suite of Information Governance
Inadequate information security or information and Security Policies and Procedures subject
governance infrastructure impacts organisational to regular review
tools to support delivery of our strategy. • Mandatory Information Governance and Security
training in place for all staff. Specialist training
also rolled out for employees who have additional
responsibilities around data management and
data security
• Cyber Essentials Plus Accreditation holder
• Security Infrastructure overseen by Internal
Systems Teams
• Established risk management protocols and
reviews when engaging with Third Parties
processing Comic Relief Data
• Business Continuity and Disaster Recovery
Plans in place in the event of data breaches,
or cyber related incidents
• Payment Card Industry Data Security
Standards compliant
• Planned Internal Audit Coverage of Information
Governance in 2024/25
Strategy • Strategic goals defined, with operational plans
Resources deployed in pursuit of our strategic established for the forthcoming year with
priorities impact our ability to pivot appropriately in these laddering up into the achievement of
light of emerging risks or opportunities. organisational goals
• Key transformation projects identified, with
these managed from Project Management
Office function
• Risks to strategic priorities identified, with
mitigation plans put in place
• Established sub-committee structure to
oversee delivery of the organisational strategy
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50 • CHARITY PROJECTS ANNUAL REPORT 2023-24 YEAR IN REVIEW

CARBON EMISSIONS BY ENERGY SOURCE

ENERGY AND CARBON USE

n line with the Companies (Director’s Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, our energy use and Igreenhouse gas emissions can be found below, for the year ended 31 July 2024.

In accordance with the Environmental Reporting Guidelines (March 2019), we are reporting on our energy use and carbon emissions in relation to purchased electricity and gas usage within our office premises as well as qualifying transport activity.

ENERGY SOURCE

Natural Gas 32%
Transport 8%
Electricity 60%

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ENERGY AND
ELECTRICITY (KWH) NATURAL GAS (KWH) TRAVEL TOTAL
CARBON USE
2022/23 2023/24 2022/23 2023/24 2022/23 2023/24 2022/23 2023/24
Consumption
(kWh) 138,338.61 66,994.00 191,610.07 34,919.00 4,449.27 8,918.95 334,397.96 110,831.95
Energy
Intensity -
Consumption 2,571.35 1,245.24 3,561.53 649.05 87.58 165.17 6,220.46 2,059.46
(kWh/ £m)
Carbon
Emissions
28.65 13.87 35.05 6.39 1.14 2.00 64.83 22.26
(TCO2e)
Carbon
Intensity
0.53 0.26 0.65 0.12 0.02 0.04 1.21 0.41
(TC02e/£m)
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CARBON EMISSIONS

Based on our estimates, we have experienced an estimated decrease in our energy consumption of 66% over the past 12 months, with our carbon footprint also reducing by 87% over the same period.

It is assumed that this decrease is largely due to the relocation of our office. We have dramatically

reduced the size of our office space in a greener building where we have cooling/heating beams instead of having to rely on old systems such as radiators which are less efficient.

In the year, we have continued our commitment to allow staff to work flexibly, and where needed

YEAR IN REVIEW CHARITY PROJECTS ANNUAL REPORT 2023-24 • 51

----- Start of picture text -----
3
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3 0.06
2.5 0.05
2 0.04
1.5 0.03
1 0.02
0.5 0.01
0 0
AUG 23 SEPT 23 OCT 23 NOV 23 DEC 23 JAN 24 FEB 24 MAR 24 APR 24 MAY 24 JUN 24 JUL 24
TC02e
TC02e/SQM
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Carbon Emissions (TC02e) Carbon Intensity (TC02e/£m)

(as part of this graphic, we have assumed that transport activity has accrued evenly through the year).

remotely. We have also introduced a series of practical measures which has resulted in an estimate fall in our carbon footprint, such as reducing accessible floorspace to staff. In the year we have also made strides in starting to develop a Net-Zero target. We have also established an ESG steering group to oversee the opportunities in this area. More information can be found within the ‘Methodology and Estimates’ section below.

METHODOLOGY AND ESTIMATES

The methodology used to calculate total energy consumption relating to Electricity and Natural Gas has been extracted from information provided by our building management. Electricity has been calculated using sub-meter readings. Gas is supplied to the whole building and our calculation is estimated based on the percentage of space that we occupy.

Data regarding transport has been informed through expense claims made through our finance systems. The only qualifying type of transport energy consumption relates to fuel used in personal/ hire cars on business use.

Energy and fuel consumption have been converted to carbon (TCO2e) using 2024 DEFRA published conversion factors. We used this information to subsequently calculate our carbon footprint.

We have used income (expressed as £m) as our intensity factor to allow for direct comparison with data reported in previous years. Income generation is a key driver in operations, directing activity across the organisation.

It should also be noted that our intensity factor for 2022/23 has now been updated following the prior year’s income figure being adjusted to £53.8m.

FUTURE GOALS

Comic Relief is committed to reducing its carbon emissions and its impact on the environment. As part of this work, we will continue to review our Ethical Sourcing Framework considering how we work with, and inspire, our suppliers and partners going forward. We will also work towards developing a meaningful net zero target carbon reduction plan.

52 • CHARITY PROJECTS ANNUAL REPORT 2023-24 YEAR IN REVIEW

GOVERNANCE

How we have governed our charity, including the role of leadership and Trustees as well as stakeholder considerations.

STRUCTURE & OPERATIONS

Comic Relief was founded in 1985, when Richard Curtis, Jane Tewson, and friends came up with the idea to use comedy to raise money and change lives in Africa and the UK. The Comic Relief Group comprises Charity Projects, Comic Relief Limited and Brand Relief Limited.

TRUSTEES

Ultimate control of Comic Relief is vested in the Trustees, who give their time, experience, and expertise for free. For the period from 1 August 2023 and up to the date of signing this Report, the following people served as Trustees and as Directors of the charitable company:

Tom Shropshire

Senior Independent Trustee until 8 November 2023 Interim Chair of the Board of Trustees since 8 November 2023

Director of Comic Relief Limited, resigned 1 December 2023.

Eric Salama

Chair of Trustees – resigned on 8 November 2023 Member of the People and Culture Committee – resigned on 8 November 2023

Tess Alps

Appointed to the Board of Trustees 23 July 2024

Dr Sue Black OBE

Resigned from the Board 20 September 2023 and reappointed to the Board on 6th December 2023

Fiona Campbell

Member of the Funding, Fundraising & Engagement Committee since 23 July 2024

Charity Projects is registered with the Office of

the Scottish Charity Regulator (SC039730) and raises funds from our Scottish supporters and makes grants to Scottish organisations. During the year under review £1.4m or 2.7% of our fundraised revenue was generated in Scotland. We currently have 48 active grants in Scotland.

Jenny Hodgson

Chair of the Social Impact Committee until 23 July 2024

Co-Chair of the Funding, Fundraising & Engagement Committee since 23 July 2024

YEAR IN REVIEW CHARITY PROJECTS ANNUAL REPORT 2023-24 • 53

Matt Hyde OBE

Vice Chair, appointed on 12 April 2024 Chair of the Audit and Risk Committee until 23 July 2024

Charlotte Moar

Resigned from the Board 9 October 2024. Treasurer, Chair of the Finance, Audit & Risk Committee since 23 July 2024, member of the Investment Advisory Group Chair of the Finance and Fundraising Committee until 23 July 2024, member of the Audit and Risk Committee until 23 July 2024

Rupert Morley

Co-Chair of the Funding, Fundraising & Engagement Committee since 23 July 2024

Chair of the Investment Advisory Group, member of the Finance and Fundraising Committee until 23 July 2024 and Social Impact Committee until 23 July 2024. Chair and Director of Comic Relief Limited

Marc Nohr

Appointed to the Board of Trustees 23 July 2024

Tessy Ojo CBE

Member of People and Culture Committee, and Trustee responsible for Safeguarding

Jacqueline Onalo

Chair of the People and Culture Committee

TRUSTEE 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 £1.

Directors and Officer Liability cover of £5,000,000, costing £24,913) for the year was purchased on behalf of the Trustees and Independent Committee members.

TRUSTEE TENURE AND CODE

balance of skills, experience, as well as our commitment to equity, diversity, inclusion, and belonging.

Trustees are given a comprehensive and tailored programme of induction which includes safeguarding training. Additional development and training are provided as required and relevant.

Trustees consider the principles set out in the Charity Governance Code, refreshed at the end of 2020, when carrying out their duties. The Code is designed as a tool to 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 recommended good practices are applied in Comic Relief. We have key metrics and performance indicators for the Board to monitor effective and sustainable delivery of our strategy, which has aligned our practices with the governance code.

In addition, Trustees are made aware of changes to Charity Commission guidance and updates as well as developments in the sector and applied practice.

Trustees serve on the Board’s Committees, as detailed above. During the year, the Committees and the Advisory Groups met regularly in accordance with the annual meeting schedule and annual schedules of work. In addition, Committees and Advisory Groups reassess their priorities, performance and skills annually. The Committees and Advisory Groups benefit from the specialist expertise of independent members selected to complement the skills and experience of Trustees.

Committee and Advisory Group 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.

The year saw the Board lose two Trustees; Eric Salama resigned as Trustee, Chair of the Board Trustees, and member of the People & Culture Committee, with Charlotte Moar resigning as Trustee, Treasurer and Chair of the Finance Audit & Risk Committee in October 2024. The Board and team wish to thank Eric and Charlotte for their exceptional commitment, dedication, and expertise over the years.

New Trustees are selected and appointed by the Trustees through an open recruitment process taking into account the need to maintain an appropriate

54 • CHARITY PROJECTS ANNUAL REPORT 2023-24 YEAR IN REVIEW

GOVERNANCE CHANGES

Throughout the year we have implemented several changes to our governance framework in line with Charity Governance Code’s recommendations and best practice.

In September 2023 an External Board Review was undertaken by Bayes looking at the governance of the Board against the Charity Governance Code. The review found that Comic Relief’s Governance Structure could be simpler and didn’t reflect the alignment and interconnectivity across the funding, fundraising and engagement areas of the organisation.

As a result, the Board approved in July 2024 a more effective and efficient structure, replacing the Audit & Risk Committee, Finance & Fundraising Committee and Social Impact Committee, as follows:

As part of this effort, the Board has considered its ways of working, behaviours, expectations and structure, approving new Trustee and Vice Chair role descriptions and appointing a new Vice Chair.

YEAR IN REVIEW CHARITY PROJECTS ANNUAL REPORT 2023-24 • 55

KEY MANAGEMENT PERSONNEL

The Trustees delegate the day-to-day running of the charity to the CEO - appointed by the Trustees - and the Directors who are responsible for areas of the charity as listed below. Decisions of the Trustees are implemented by the CEO and the Directors.

Right: Photographed here is Samir, pictured as part of the 2024 Red Nose Day marketing campaign.

The CEO reports to the Chair of Trustees. Key management personnel constitute the Trustees, CEO, Executive Director of Operations, Director Leadership Team and Head of Legal & Assurance. This year saw a change from a Senior Leadership Team, to a Director Leadership Team. For the period from 1 August 2023 and up to the date of signing this Report, the following people served as Directors and key management personnel:

Samir Patel

Chief Executive Officer

Georgina Persson

Executive Director of Operations

Salma Daneshmand

Head of Legal– from 1 September 2022 to 31 August 2023 Head of Legal & Assurance – from 1 September 2023. Resigned on 1st October

Sarah Ward

Head of Legal & Assurance from 25th November 2024

Catherine Muge

Director of Funding – from 25 September 2023

Angharad McKenzie

Director of Fundraising – from 20 March 2023

Jane Lamb

Director of Partnerships

Alicia Emejulu

Interim Director of Production – from 23 October 2023 – 4 May 2024. Director of Production – from 04 May 2024

Kirsten Ottley

Director of Business Services and Change Management – from 1 August 2023

56 • CHARITY PROJECTS ANNUAL REPORT 2023-24 YEAR IN REVIEW

STAKEHOLDER CONSIDERATIONS

As a company limited by guarantee, we are required to report on how our Trustees have discharged their duty to promote our best interests, while having regard to the matters set out in section 172 (1) (a) to (f) of the Companies Act 2006. In doing so, regard (amongst other matters) must be given to:

The Board recognises that our relationship with stakeholders is critical to success. Our charitable objectives, scale and impact are achieved in large part through relationships across public, private, and voluntary sectors.

The table that follows sets out our key stakeholder groups, the key considerations of each group and how we engage with them. Board discussions consider the potential impact of our decisions on each stakeholder group and consider their needs and concerns.

----- Start of picture text -----
STAKEHOLDER GROUP KEY CONSIDERATIONS HOW WE ENGAGE
Comic Relief delivers social impact
Direct communication to all applicants
predominantly through funding
to inform them of our decision
frontline organisations working
to tackle poverty and injustice.
Detailed feedback to unsuccessful
Considerations in relation to our
applicants
funded partners are:
•
Ensuring we have transparent and
Clear Conditions of Funding
effective application processes,
clearly advertised to potential
Funded Convening partners to learn and share
partners.
partners • with and from each other
Ensuring clear and effective
decision-making processes
Communication on our website and at
•
Ensuring communication with and
sector events to demonstrate thought
requirements of funded partners
leadership and share our learning and
are reasonable and mutually
expertise
beneficial. Clear criteria, guidance
and processes for applications are
Centre for Effective Philanthropy’s
published on our website
(CEP) Grantee Perception Report is
completed every two years
----- End of picture text -----

YEAR IN REVIEW CHARITY PROJECTS ANNUAL REPORT 2023-24 • 57

----- Start of picture text -----
STAKEHOLDER GROUP KEY CONSIDERATIONS HOW WE ENGAGE
Ultimately Comic Relief exists to We engage directly with beneficiaries
improve the lives of those facing of our work in two key ways:
poverty and injustice. Our reach to • We ensure that our decision-
beneficiaries is mainly via our funded making processes in relation
partners to funded partners include
representation from beneficiaries
Our key consideration in relation to with direct lived experience of the
beneficiaries is how their priorities, issues we are seeking to address.
voices and perspectives are heard in • Meeting and interviewing individual
our decision-making about which beneficiaries as part of our
Beneficiaries
partners we fund storytelling, ensuring that they have
agency over the way in which their
We also consider parts of the charity story is captured and told
sector/ other funders/ civil society
organisations/ schools and other For our broader beneficiaries our
groups as beneficiaries who we engagement is primarily through
engage with by providing evaluations, the Comic Relief website, sector
reports, and storytelling which share conferences, as well as through films
our learnings and experience with the and school packs.
wider sector
A BBC Controller joined our board in
2020, ensuring they play a role in our
The BBC is our major broadcast partner
and is central to our success, providing governance
us with a powerful platform, access to
talent and incredible reach. An annual meeting was held with a
formal report produced for BBC AAC
Key considerations in relation to the
BBC are:
• There are strategic discussions
Editorial impartiality and standards
• Relevance of our content to the BBC between management of Comic
Relief, including the Chair, and BBC,
audience
via an annual partnership meeting as
BBC Charity Appeals • Specific reporting requirements of
well as regular communication and
Advisory Committee BBC Appeals Advisory Committee
discussions about future planning
•
Exclusivity of content for BBC
channels versus other broadcast or There are strong and close working
social media outlets relationships between the Fundraising
• Relationship with other BBC- and Production teams at Comic Relief
supported charities, specifically BBC and the production teams at BBC
Children in Need and the Disasters and BBC Studios as we co-create
Emergency Committee the annual Red Nose Day campaign.
Frequency of meetings varies through
the year but during the peak period of
January to March, these are weekly
Timely submission of all required
reports and paperwork
Comic Relief strives to be best in class
in terms of our compliance with all
Proactive and open engagement with
Regulators regulatory requirements and best
regulators when appropriate, including
practice guidance
self-reporting.
Prompt and comprehensive responses
to all requests for information
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58 • CHARITY PROJECTS ANNUAL REPORT 2023-24 YEAR IN REVIEW

The table below sets out the key decisions taken by the Comic Relief Board in 2023/24 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 groups to ensure we drive through the necessary changes to secure the continued financial stability of Comic Relief and deliver on our vision of a just world free from poverty.

----- Start of picture text -----
DECISION NARRATIVE KEY CONSIDERATIONS
Ensuring that the Committee
Consideration was given to
Approval of the new Committee structure reflects Comic Relief’s
ensuring that the framework was:
Structure strategic ambition and ways of fit for purpose and proportionate
working
Consideration was given to
The Funding Strategy takes all
ensuring that it is:
of the related work from the
• Proportionate to our ambition
past few years, such as the Social
and size
Approval of a new Funding Change Strategy and the Theory
• Had input from across the
Strategy of Change work, to provide a organisation, reflecting
clear, practical and coherent
the alignment of funding,
guide as to what and how we
fundraising and engagement
fund
Sets out a set of core principles
to shape our policies, procedures
Consideration was given to Comic
Approval of a new Ethical and relationships, focusing
Relief’s charitable objectives, and
Framework on people first, integrity and
new and existing policies.
alignment with Comic Relief’s
objectives
Consideration was given to
The strategy is aligned to our reflecting our DEIB strategy and
three DEIB focus areas of: ambition in our:
Approval of a new DEIB strategy • Inclusive Culture • Ways of working
• Anti-racism • Recruitment
• Diverse Representation • In our partnership and
stakeholder relationships
Giving Comic Relief the core
Consideration was given to:
infrastructure required to
• Cost
manage relationships with
Approval of a new CRM system • Speed of implementation
supporters and donors, critical
• Ensuring that the project
to any successful fundraising
and ambition are proportional
programme
Our external audit partner must
deliver a robust audit that gives
Appointment of Sayer Vincent as Consideration was given to
the Board assurance that the
external auditors from year end experience, quality, approach
annual accounts represent a true
2024/2025. and value for money.
and fair view in line with Charity
SORP.
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YEAR IN REVIEW CHARITY PROJECTS ANNUAL REPORT 2023-24 • 59

REFERENCE AND ADMINISTRATIVE DETAILS

Chief Executive Officer Samir Patel

Registered Office and Principal Address

US Bank Global Fund Services

24-26 City Quay Dublin Ireland D02 NY19

Company Numbers

Charity Projects 1806414 Comic Relief Ltd 01967154 Brand Relief Ltd 06808703

Charity Numbers

Statutory Auditor

BDO LLP 55 Baker Street London W1U 7EU

Internal Auditor

RSM Risk Assurance Services LLP

55 Baker Street London W1U 7EU

Honorary Accountants

EY LLP

1 More London Place London SE1 2AF

Link Fund Solutions Limited

6th Floor 65 Gresham Street London EC2V 7NQ

BNY Mellon

160 Victoria Street London EC4V 4LA

Northern Trust Fiduciary Services (Ireland)

Georges Court 54-62 Townsend Street Dublin Ireland D02 R156

Charity Projects 326568 (England and Wales) SC039730 (Scotland)

Solicitors

Bankers

National Westminster Bank PLC

P.O. Box 158 214 High Holborn London WC1V 7BX

Investment Advisors

Tilney Asset Management

6 New Street Square Fetter Lane London EC4A 3BF

Cambridge Associates

80 Victoria Street London SW1E 5JL

Custodians

SS&C Financial Services International Limited

SS&C House St Nicholas Lane Basildon Essex SS15 5FS

Bates Wells LLP

10 Queen Street Place London EC4R 1BE

Honorary Solicitors

Eversheds Sutherland LLP

115 Colmore Row Birmingham B3 3AL

Mayer Brown International LLP

201 Bishopsgate London EC2M 3AF

Linklaters LLP

One Silk Street London EC2Y 8HQ

McDermott Will & Emery LLP

22 Bishopsgate London EC2N 4BQ

60 • CHARITY PROJECTS ANNUAL REPORT 2023-24 YEAR IN REVIEW

STATEMENT OF TRUSTEES’ REPONSIBILITIES

The Trustees (who are also the directors of the charity for the purposes of company law) are responsible for preparing the Trustees’ Report (including the Strategic Report) and the financial statements in accordance with applicable law and regulations. Company law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law/charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and charity and of the incoming resources and application of resources, including the income and expenditure, of the group and charity for that period.

In preparing these financial statements, the Trustees are required to:

reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006, Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Financial statements are published on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the charity’s website is the responsibility of the trustees. The trustees’ responsibility also extends to the ongoing integrity of the financial statements contained therein.

At the July 2024 meeting, and following an open tender process, Comic Relief’s Board of Trustees appointed Sayer Vincent as external auditors from year end 31 July 2025. The Board wish to thank BDO for their exemplary work and support over the years.

The Trustees’ report, incorporating the strategic report was approved on 13 December 2024.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with

Tom Shropshire - Interim Chair of the Board

Right: Pictured here is Janet a participant of The School Club and her mother Catherine which is part of the ‘Own Your Destiny project’ in Sinazongwe, Zambia on the 17th September 2023.

----- Start of picture text -----
62 • CHARITY PROJECTS ANNUAL REPORT 2023-24 WELCOMES
----- End of picture text -----

FINANCIAL STATEMENTS

----- Start of picture text -----
WELCOMES CHARITY PROJECTS ANNUAL REPORT 2023-24 • 63
----- End of picture text -----

Pictured here is Paloma Faith during the Red Nose Day night of TV for Comic Relief. Taken in Manchester on March 15, 2024.

64 • CHARITY PROJECTS ANNUAL REPORT 2023-24 FINANCIAL STATEMENTS

INDEPENDENT AUDITOR’S REPORT

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF CHARITY PROJECTS

Opinion on the financial statements

under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

In our opinion, the financial statements:

Independence

We have audited the financial statements of Charity Projects (“the Parent Charitable Company”) and its subsidiaries (“the Group”) for the year ended 31 July 2024 which comprise the Consolidated Statement of Financial Activities, Consolidated and Parent Balance Sheets, Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities

We remain 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 the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group and the Parent Charitable Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and,

FINANCIAL STATEMENTS CHARITY PROJECTS ANNUAL REPORT 2023-24• 65

in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

Other Companies Act 2006 reporting

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

In the light of the knowledge and understanding of the Group and the Parent Charitable Company and its environment obtained in the course of the audit,

we have not identified material misstatement in the Strategic report or the Trustee’s report.

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

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 law) are responsible for the preparation of the financial statements and for being satisfied that

66 • CHARITY PROJECTS ANNUAL REPORT 2023-24 FINANCIAL STATEMENTS

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, whether due to fraud or error.

our procedures are capable of detecting irregularities, including fraud is detailed below:

Non-compliance with laws and regulations

Based on:

In preparing the financial statements, the Trustees are responsible for assessing the Group’s and the Parent Charitable Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the Parent Charitable Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was capable of detecting irregularities, including fraud

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

we considered the significant laws and regulations to be the applicable accounting framework, Charities and Trustee Investment (Scotland) Act 2005, Companies Act 2006, Charities Act 2011, Fundraising Regulations and UK tax legislation.

The Group is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be employment law, data protection and health and safety legislation.

Our procedures in respect of the above included:

FINANCIAL STATEMENTS CHARITY PROJECTS ANNUAL REPORT 2023-24• 67

Fraud

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:

Based on our risk assessment, we considered the areas most susceptible to fraud to be management override through accounting estimates, inappropriate journal entries and income recognition.

Our procedures in respect of the above included:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications

of fraud or non-compliance with laws and regulations throughout the audit.

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 due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. 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.

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

Use of our report

This report is made solely to the Charitable Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the Charitable Company’s trustees, as a body, in accordance with the Charities and Trustee Investment (Scotland) 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 required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charitable Company, 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.

Fiona Condron

Fiona Condron (Senior Statutory Auditor) For and on behalf of BDO LLP, statutory auditor Office Location, UK Date 23 Dec 2024

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

68 • CHARITY PROJECTS ANNUAL REPORT 2023-24 FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

Consolidated Statement of Financial Activities (incorporating a Consolidated Income and Expenditure Account) for the year ended 31 July 2024

----- Start of picture text -----
UNRESTRICTED RESTRICTED
TOTAL FUNDS
2024 NOTES FUNDS FUNDS £’000
£’000 £’000
Income from:
Donations and legacies (2) 29,382 16,673 46,055
Other trading activities (2/3) 4,189 - 4,189
Investments (2/4) 3,523 - 3,523
Total Income (2) 37,094 16,673 53,767
Expenditure on:
-
Raising funds (5a) 11,473 11,473
Charitable activities
(5a) 20,679 12,806 33,485
Tackling poverty and social injustice
Global awareness, education and
(5a) 1,268 - 1,268
social change
21,947 12,806 34,753
Total Expenditure (5a) 33,420 12,806 46,226
Net surplus before investment gains 3,674 3,867 7,541
Net gains on investments (4/12) 2,841 - 2,841
Net Income before transfers 6,515 3,866 10,382
Transfers between funds (19) 1,032 (1,032) -
Net movement in funds 7,547 2,835 10,382
Funds brought forward at 1 August 2023 (19/20) 92,511 5,549 98,060
Funds carried forward at 31 July 2024 (19/20) 100,058 8,384 108,442
----- End of picture text -----

All amounts relate to the continuing activities of the Group. The reference to the notes, which form part of these financial statements, is shown on each line as appropriate. The notes are shown on pages 63 to 88. 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 for the Charity. The charity only income was £46.0m (2023: £48.0m) less the charity only expenditure of £45.2m (2023: £48.6m), resulting in net expenditure for Charity Projects of £0.6m (2023: net income £0.6m).

FINANCIAL STATEMENTS CHARITY PROJECTS ANNUAL REPORT 2023-24• 69

Consolidated Statement of Financial Activities (incorporating a Consolidated Income and Expenditure Account) for the year ended 31 July 2023

----- Start of picture text -----
RESTRICTED
UNRESTRICTED
FUNDS TOTAL FUNDS
NOTES FUNDS
2023 (RESTATED) £’000
£’000
£’000
Income from:
Donations and legacies (2) 23,789 23,604 47,393
Other trading activities (2/3) 4,982 - 4,982
Investments (2/4) 1,468 - 1,468
Total Income (2) 30,239 23,604 53,843
Expenditure on:
Raising funds (5a) 12,190 56 12,246
Charitable activities
(5a) 19,496 18,196 37,692
Tackling poverty and social injustice:
Global awareness, education
(5a) 1,384 - 1,384
and social change
20,880 18,196 39,076
Total Expenditure (5a) 33,070 18,252 51,322
Net (expenditure)/ surplus before
(2,831) 5,352 2,521
investment gains
Net gains on investments (4/12) 1,448 - 1,448
Net (expenditure)/surplus before transfers (1,383) 5,352 3,969
Transfers between funds 421 (421) -
Net movement in funds (962) 4,931 3,969
Funds brought forward at 1 August 2022 (19/20) 93,473 617 94,091
Funds carried forward at 31 July 2023 (19/20) 92,511 5,549 98,060
----- End of picture text -----

All amounts relate to the continuing activities of the group. The reference to the notes, which form part of these financial statements, is shown on each line as appropriate. The notes are shown on pages 63 to 88.

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 for the charity. The net income for Charity Projects in the year was £0.6m (2023: net expenditure of £0.6m).

70 • CHARITY PROJECTS ANNUAL REPORT 2023-24 FINANCIAL STATEMENTS

Fixed assets
Intangible assets
Tangible assets
Investments
Social Investments		 (10)
(11)
(12a)
(13)		 196
200
74,308
2,670
77,375		 140
145
65,876
2,500
68,661		 87
200
74,308
2,670
77,266		 29
145
65,876
2,500
68,550
Current assets
Inventory
Debtors
Cash at bank and in hand		 (14) -
14,122
60,667
74,790		 69
14,282
58,576
72,927		 -
12,992
59,281
72,272		 -
15,316
57,195
72,511
Current liabilities
Creditors: amounts falling due
within one year		 (15a) (30,411)
(30,411)		 (30,058)
(30,058)		 (27,932)
(27,932)		 (29,680)
(29,680)
Net current assets 44,379 42,869 44,340 42,831
Total assets less current
liabilities		 121,755 111,530 121,605 111,381
Provisions for liabilities and
charges
Creditors: amounts falling due
after more than one year
Net assets		 (16)
(15b)
(18)		 (180)
(13,133)
108,442		 (140)
(13,331)
98,059		 (180)
(13,133)
108,292		 (140)
(13,331)
97,910
Funds
Unrestricted funds
Designated funds
General fund
Total unrestricted funds
Restricted funds		 (19)
(19)
(20)		 62,436
37,622
100,058
8,384		 58,859
33,652
92,510
5,549		 62,436
37,472
99,908
8,384		 58,859
33,503
92,361
5,549
Total funds 108,442 98,059 108,292 97,910

Approved by the Trustees, signed and authorised on their behalf by: [box SIGN 15J6ZVP2-4P598)53| Tom Shropshire - Interim Chair of the Board Date: 13th December 2024

The notes on pages 62 to 87 form part of these financial statements.

FINANCIAL STATEMENTS FINANCIAL STATEMENTS CHARITY PROJECTS ANNUAL REPORT 2023-24 CHARITY PROJECTS ANNUAL REPORT 2023-24 • 71

Consolidated Statement of Cash Flows For the year ended 31 July 2024

----- Start of picture text -----
2023
2024
NOTES (RESTATED)
£’000
£’000
Cash flows from operating activities:
Net cash generated by / (used in) in operating
A 4,377 (16,998)
activities
Cash flows from investing activities:
Dividends and interest (4) 3,523 1,468
Purchase of tangible fixed assets (11) (111) (124)
Purchase of intangible fixed assets (10) (107) (55)
Additions of fixed asset investments (12b) (5,926) (6,944)
Proceeds on disposal of fixed asset investments (12b) 335 6,944
Net cash (used in) / provided by investing activities (2,286) 1,289
Change in cash and cash equivalents in the reporting
B 2,091 (15,709)
period
Cash and cash equivalents at 1 August 58,576 74,285
Cash and cash equivalents at 31 July 60,667 58,576
A. Reconciliation of net income to net cash flow
used in operating activities
Net income generated by/(used in) the reporting
10,382 3,969
period
Adjustments for:
Depreciation and amortisation charges (5a) 107 117
Losses on disposal of fixed assets (11) - 125
(Gains) on investments (12) (2,841) (1,237)
Dividends and interest (4) (3,523) (1,468)
Increase in debtors (13)/(14) (9) (1,547)
Increase/(decrease) in creditors (15)/(16) 193 (16,888)
Increase / (decrease) in inventory 69 (69)
Net cash generated by/(used in) in operating
4,377 (16,998)
activities
----- End of picture text -----

The charity held no borrowings, related derivatives or obligations under finance leases during the year and therefore a net debt reconciliation is not provided.

B. Analysis of cash and cash equivalents AT 1 AUGUST
2023
£'000
MOVEMENT
£’000
AT 31 JULY
2024
£’000
58,576
2,091
60,667
58,576
2,091
60,667
ts		 AT 1 AUGUST
2023
£'000
MOVEMENT
£’000
AT 31 JULY
2024
£’000
58,576
2,091
60,667
58,576
2,091
60,667
ts		 AT 1 AUGUST
2023
£'000
MOVEMENT
£’000
AT 31 JULY
2024
£’000
58,576
2,091
60,667
58,576
2,091
60,667
ts
Cash at bank and in hand 58,576 2,091 60,667
Total cash and cash equivalents 58,576 2,091 60,667
The notes on pages 44 to 68 form part of these fnancial statemen

The notes on pages 44 to 68 form part of these financial statements.

72 • CHARITY PROJECTS ANNUAL REPORT 2023-24 FINANCIAL STATEMENTS

Notes to the financial statements For the year ended 31 July 2024

1. Accounting policies

Charity Projects is a public benefit entity constituted as a charitable company limited by guarantee (company number 1806414) and a charity registered in England and Wales (charity number 326568) and registered as a charity in Scotland (charity number SC039730). The registered office is 6th Floor, The White Chapel Building, 10 Whitechapel High Street, London, E1 8QS and the charity operates from the same address.

a) Basis of accounting

The financial statements have been prepared in accordance with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, Financial Reporting Standard 102 (FRS 102), the Charities SORP (FRS102) Second Edition applicable to charities preparing their accounts in accordance with FRS 102 and UK Generally Accepted Practice as it applies from 1 January 2019. The Group’s functional currency is GBP.

movement in our fundraising income.

• We have processes in place to mitigate against the risk of our investment portfolio dropping in value.

• We are holding approximately £30m more than our cash policy, meaning our cash position could withstand fluctuations in income.

Trustees have not identified any material uncertainties relating to going concern. Trustees have therefore continued to adopt the going concern basis of accounting in preparing the annual financial statements.

b) Consolidation

These financial statements represent the consolidated results and net assets of Charity Projects and its subsidiaries up to 31 July 2024. All members of the Charity Projects Group are listed on page 26.

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 £8.6m (2023: net expenditure of £0.6m).

Going Concern

The accounting policies below have been adopted for material items. No material uncertainties that may cast significant doubt about the ability of the charity to continue as a going concern have been identified by the Trustees. The considerations made in this assertion include review of the current and future operations and plans of the Group, review of our cash and investment holdings and our reserves levels through to the end of July 2026. A number of scenarios were modelled 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.

Trustees consider that Charity Projects has sufficient financial resources to continue in operational existence for the foreseeable future and that the group is well placed to manage its operating risks successfully. The following factors provide additional assurance of Charity Projects going concern:

• We have a comparatively high level of reserves to mitigate against volatility in the market and

c) Critical accounting judgements and key sources of estimation and uncertainty

In the application of the charity’s accounting policies, which are described below, Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period and future periods if the revision affects the current and future periods.

Gift aid accrual

At year end unclaimed gift aid predominantly relates to the current year, with a small amount accrued for

FINANCIAL STATEMENTS FINANCIAL STATEMENTS CHARITY PROJECTS ANNUAL REPORT 2023-24 CHARITY PROJECTS ANNUAL REPORT 2023-24 • 73

prior year activity. The accrual is based on prepared and verified claim data.

Donated goods and services

Where the charity receives donations of goods and services in kind and where there is a measurable value to the charity, which can be ascertained with reliability, they are included as both income and expenditure in the Statement of Financial Activities.

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 television show. In addition, content, promotional support and coverage of activities is provided by local and national BBC television and radio, both on the day and in the lead up to the appeal night. The value of each of these elements is very difficult to quantify as they are not discrete activities but embedded, partly as newsworthy and entertainment content, within the operations and business of the BBC. Red Nose Day provides valuable content which attracts a large audience, and without this the BBC would have to produce alternative content. As such, the support provided by the BBC has not been included in the Charity’s Statement of Financial Activities as it is not possible to meaningfully quantify it.

Charity Projects is also grateful to other organisations which provide valuable support across a wide of activities including, but not limited to, advertising space, creative content, technology partners and consultancy work.

Grant liabilities

Grant liabilities are initially recognised at the amounts awarded and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

loans therefore this valuation method is appropriate. The recoverability of the investments is reviewed annually. Red Shed has an investment portfolio of £3.1m, with an amount drawn down to date of £3.0m. The remaining balance which has not been drawn down is accounted for as a contingent liability in note 22.

Support costs

All support costs are allocated on the basis of headcount as a proxy for staff time.

In the view of the Trustees, no other critical judgements have been necessary in the preparation of the financial statements and no significant estimation uncertainty or assumptions concerning the future affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year. “

d) Financial instruments

Charity Projects has financial assets and financial liabilities of a kind that qualify as basic financial instruments. With the exception of the fixed asset investments, basic financial instruments are initially recognised at transaction value and subsequently measured at the present value of the future cash flows unless the effect of discounting would be immaterial. Financial assets comprise cash at bank and in hand, together with current asset investments, other debtors, accrued income and social investment loans. Financial liabilities comprise grants payable, other creditors and accrued expenditure.

Fixed asset investments, held as part of the investment portfolio, are reported at fair value using the closing market bid price at the balance sheet date, with gains and losses being recognised within income and expenditure. Investments in subsidiary undertakings are held at cost less impairment.

e) Fixed assets

Intangible fixed assets

Carrying value of social investments

Social investments are programme related investments valued on a cash basis less provision for doubtful debt. The majority of this balance comprises

Intangible fixed assets are stated at historical cost and amortisation is provided on all intangible fixed assets on a straight-line basis. Trademarks are written down over the length of period for which they are

74 • CHARITY PROJECTS ANNUAL REPORT 2023-24 FINANCIAL STATEMENTS

valid. Technology assets are capitalised software development costs and these are written off over their useful economic life. Amortisation rates are as follows:

Trademarks 10% straight-line basis Software 20% - 33 ⅓% straight-line basis

Assets are assessed at least annually for impairment. Any impairment value is recognised immediately in the Statement of Financial Activities. Individually purchased software is written off in the year of acquisition.

Tangible fixed assets

Tangible fixed assets are stated at historical cost, less accumulated depreciation and any recognised impairment loss.

Depreciation is provided on all tangible fixed assets at rates calculated to write each asset down to its estimated residual value evenly over its expected useful life, as follows:

Premises and fixtures 25% straight-line basis Computer Equipment 33 ⅓% straight-line basis

Residual values and useful economic lives are reviewed annually by the Head of Finance. Any impairment in value is charged to the Statement of Financial Activities.

with the transaction or gift will flow to the charity.

Donation income represents monies received by the charity from charitable donations, fundraising events and grants. Donation income is recognised in the Statement of Financial Activities in the period that 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.

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 met.

Legacies are accounted for as income once the receipt of the legacy becomes more probable than not and quantifiable. For pecuniary legacies this will generally be at the point probate is granted. For residuary legacies this will generally be the earlier of cash receipt or once confirmation has been received from the representatives of the estates that payment of the legacy will be made or property transferred once all conditions attached to the legacy have been fulfilled.

Trading income is derived from the activities of the charity’s subsidiary Comic Relief Limited (and historically Brand Relief Limited).

f) Cash

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other shortterm highly liquid investments with original maturities of three months or less.

g) Debtors/Creditors

Trade and other debtors are initially recognised at transaction price and subsequently adjusted, where necessary, for bad and doubtful debts. Similarly, trade and other creditors are recognised at transaction price. These are subsequently revalued at amortised cost.

h) Income

Income is accrued and included in the Statement of Financial Activities when the Group is entitled to the income, it can be measured reliably and it is more likely than not that the economic benefits associated

Income from licensing, events, trading activities and sponsorship is recognised in the period in which the event or campaign occurs.

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 measured reliably. Otherwise the income is recognised on a cash basis.

Investment income is recognised when the cash is received for dividend payments or when interest is receivable.

i) Expenditure

Expenditure is accounted for on an accruals basis.

FINANCIAL STATEMENTS CHARITY PROJECTS ANNUAL REPORT 2023-24• 75

Where expenditure does not fall clearly into one category, it is allocated to appropriate headings on the basis of headcount in each cost area.

discounting would be immaterial, in which case they are stated at cost.

k) Operating leases

‘Expenditure on Raising Funds’ comprises the costs of generating voluntary income (primarily fundraising and event costs) and trading and other costs associated with the expenditure of the charity’s trading subsidiaries.

‘Charitable activities’ represents the grants awarded, staff and other direct costs associated with grant making and awareness raising activities including international poverty, fair trade campaigns and education projects.

Rentals under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease term.

l) 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, investment income, investment gains/losses, interest and unrestricted donations.

m) Designated funds

Support costs represent overhead costs which have been apportioned to each expenditure heading on the basis of staff costs as a proxy for headcount as detailed in note 5b.

Governance costs relate to statutory and regulatory compliance.

These unrestricted funds have been designated by the Trustees for specific purposes and are listed in note 19.

n) Restricted funds

These funds can only be used for purposes as specified by the donor and are listed in note 20.

o) Foreign currencies

j) Grants payable

Grants are recognised in the Statement of Financial Activities when they have been approved by the Trustees and notified to the beneficiaries, and are apportioned between amounts due within one year and after more than one year based on the expected payment profile. The charity monitors 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 expectation that they will receive the grant as offered and accepted. Cancelled grants are credited to the Statement of Financial Activities when the cancellation has been approved. Circumstances in which a grant may be cancelled include adverse performance issues, a breach of the conditions of the grant, the grantee no longer being able to accept the grant, or there being an underspend on the project which would lead to a partial cancellation.

Grant liabilities are initially recognised at the amounts awarded and thereafter stated at amortised cost using the effective interest method unless the effect of

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction (interbank rate using Oanda, internet based currency information provider [oanda.com/currency-converter]). Exchange differences are taken into account in arriving at the surplus/deficit for the year.

p) Irrecoverable VAT

Irrecoverable VAT is allocated to the principal areas of costs in which it has been incurred.

q) Contingent Liabilities

Contingent liabilities is the match funding recognised when a contract is signed, with the exception of multi-year contracts in which case this is noted in the agreement.

r) Match funding

Match funding is recognised in line grant income to which it relates.

----- Start of picture text -----
76 • CHARITY PROJECTS ANNUAL REPORT 2023-24 FINANCIAL STATEMENTS
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----- End of picture text -----

FINANCIAL STATEMENTS CHARITY PROJECTS ANNUAL REPORT 2023-24• 77

2. (a) Total Income - Group

----- Start of picture text -----
RESTRICTED TOTAL
UNRESTRICTED RESTRICTED TOTAL UNRESTRICTED
FUNDS 2023
NOTES FUNDS FUNDS 2024 FUNDS
(RESTATED) (RESTATED)
£’000 £’000 £’000 £’000
£’000 £’000
Donations and legacies
Fundraising events 24,671 11,410 36,081 19,967 11,685 31,652
Grant income (2a) - 4,903 4,903 (190) 11,919 11,729
Other donations 865 - 865 948 - 948
Gift Aid 3,519 - 3,519 2,583 - 2,583
Gifts in kind 327 360 687 482 - 482
29,382 16,673 46,055 23,790 23,604 47,394
Trading activities
Merchandising and
2,664 - 2,664 2,957 - 2,957
royalties
Licensing and
1,525 - 1,525 2,025 - 2,025
sponsorship
Investments 3,523 - 3,523 1,468 - 1,468
37,094 16,673 53,767 30,240 23,604 53,844
----- End of picture text -----

Fundraising events include income raised through our campaigns. In line with the previous year, Red Nose Day was our main campaign in 2024.

Brand Relief Limited had no trading activity in the year (2023: nil turnover).

Trading activities comprise the turnover of Comic Relief Limited, a trading subsidiary of Charity Projects less any intercompany charges eliminated on consolidation.

Left: Pictured here is Auko (King Jaffer), Mental Health Champion. Jaffer used to have an over bearing anxiety of being around people and would never leave his room in campus. He suffers through depression, ADHD and anxiety. He loves music and uses it to spread awareness on mental health and his recovery journey.

78 • CHARITY PROJECTS ANNUAL REPORT 2023-24 FINANCIAL STATEMENTS

2. (b) Grant Income

Grant income comprised:

----- Start of picture text -----
2024 2023
UNRE- UNRE-
RESTRICTED TOTAL RESTRICTED TOTAL
STRICTED STRICTED
FUNDS 2024 FUNDS 2023
FUNDS FUNDS
£’000 £’000 £’000 £’000
£’000 £’000
Name of funder
City Bridge Trust - - - - 2,069 2,069
Department for Digital, - - - - 145 145
Culture, Media & Sport
Esmeé Fairbairn
- - - - 70 70
Foundation
Foreign, Commonwealth
- -
& Development Office 3,828 3,828 5,691 5,691
(FCDO)
Maria Marina - - - (190) - (190)
Oak Foundation - - - - 100 100
People's Postcode - -
1,000 1,000 1,000 1,000
Lottery
Scottish Government - - - - 192 192
The Bill & Melinda
- - - - 2,577 2,577
Gates Foundation
The Paul Hamlyn - 75 75 - 75 75
Foundation
Total grant income - 4,903 4,903 (190) 11,919 11,729
----- End of picture text -----

Maria Marina transferred £300k to Comic Relief in 2021. £190k was unspent and an agreement was made between Comic Relief and Maria Marina for the unspent funds to be returned.

FINANCIAL STATEMENTS CHARITY PROJECTS ANNUAL REPORT 2023-24• 79

3. Comic Relief Limited and Brand Relief Limited

The results for Comic Relief Limited, a wholly owned trading subsidiary of Charity Projects, were as follows:

----- Start of picture text -----
Comic Relief Ltd
2024 2023
£’000 £’000
Turnover 4,211 4,982
Overhead expenditure (937) (2,710)
Operating profit 3,274 2,272
Interest receivable 131 107
Profit on ordinary
3,404 2,379
activities before taxation
Taxation - -
Qualifying charitable
(3,404) (2,379)
donation
Changes in shareholders'
funds - -
2024 2023
Assets and liabilities
£'000 £'000
Intangible fixed assets 110 111
Current assets 6,658 4,268
Current liabilities (6,618) (4,229)
Net current assets 40 39
Net assets 150 150
----- End of picture text -----

Brand Relief Limited, a wholly owned subsidiary 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.

80 • CHARITY PROJECTS ANNUAL REPORT 2023-24 FINANCIAL STATEMENTS

4. Investment income - Group

----- Start of picture text -----
2024 2023
£’000 £’000
Dividends 371 393
Other interest receivable 3,152 1,075
Gross investment income 3,523 1,468
----- End of picture text -----

Investment income is split between returns from the investment portfolio and from cash holdings as follows:

a) Investment portfolio

2024
£’000
2023
£’000		 2024
£’000
2023
£’000		 2024
£’000
2023
£’000
Dividends 371 393
Gains Only 2,841 1,448
Gross investment return 3,212 1,841
Less portfolio
management costs		 (295) (260)
Net investment return 2,917 1,581

b) Income from cash holdings

b) Income from cash holdings b) Income from cash holdings b) Income from cash holdings
2024
£’000
2023
£’000
Interest receivable 3,138 1,067
Less cash management
charges		 (9) (24)
Net return from cash
holdings		 3,129 1,043

FINANCIAL STATEMENTS CHARITY PROJECTS ANNUAL REPORT 2023-24• 81

5. (a) Analysis of expenditure - Group

----- Start of picture text -----
GRANT STAFF SUPPORT OTHER
2024
COSTS COSTS COSTS DIRECT
TOTAL
(NOTE 6) (NOTE 7) (NOTE 5B) COSTS
£’000
£’000 £’000 £’000 £’000
Expenditure on raising funds
Costs of generating donations and legacies - 5,394 1358 3,489 10,241
Fundraising trading and other costs - 550 140 247 937
Investment management costs - - 295 - 295
-
5,944 1,793 3,736 11,473
Charitable activities
Tackling poverty and social injustice 28,819 2,339 680 1,647 33,485
Global awareness, education and social change - 1004 264 - 1,268
28,819 3,343 944 1,647 34,753
Total expenditure 28,819 9,287 2,737 5,383 46,226
GRANT STAFF SUPPORT OTHER
2023
COSTS COSTS COSTS DIRECT
TOTAL
(NOTE 6) (NOTE 7) (NOTE 5B) COSTS
£’000
£’000 £’000 £’000 £’000
Expenditure on raising funds
Costs of generating donations and legacies - 4,773 1,922 2581 9,276
Fundraising trading and other costs - 641 260 1809 2,710
Investment management costs - - 260 - 260
-
5,414 2,442 4,390 12,246
Charitable activities
Tackling poverty and social injustice 33,542 2,105 958 1,087 37,692
Global awareness, education and social change - 976 408 - 1,384
33,542 3,081 1,366 1,087 39,076
Total expenditure 33,542 8,495 3,808 5,477 51,322
----- End of picture text -----

82 • CHARITY PROJECTS ANNUAL REPORT 2023-24 FINANCIAL STATEMENTS

5. (a) Analysis of expenditure - Group

----- Start of picture text -----
2024 2023
£’000 £’000
Expenditure includes:
Auditor's remuneration: audit of these financial statements -
78 66
charity
Amounts receivable by auditors and their associates in respect of:
- Audit of financial statements of subisidiaries pursuant to
26 32
legislation
- Other services relating to taxation - 8
Operating lease rentals - land and buildings, and other 206 968
Depreciation and amortisation 107 112
Governance costs 232 161
----- End of picture text -----

FINANCIAL STATEMENTS FINANCIAL STATEMENTS CHARITY PROJECTS ANNUAL REPORT 2023-24 CHARITY PROJECTS ANNUAL REPORT 2023-24 • 83

5. (b) Analysis of support costs - Group

----- Start of picture text -----
HR,
IT & 2024
PREMISES DEPRECIATION FINANCE &
2024 £’000 £’000 OFFICE MANAGEMENT TOTAL
£’000 £’000
£’000
Expenditure on raising funds
Costs of generating donations and legacies 252 57 563 486 1,358
Fundraising, trading and other costs 26 6 58 50 140
Investment management costs - - - 295 295
278 63 621 831 1,793
Charitable activities
Tackling poverty and social injustice 126 29 282 243 680
Global awareness, education and social 49 11 109 94 263
change
175 40 391 337 943
Total support costs 453 103 1,012 1,168 2,736
----- End of picture text -----

All support costs are allocated on the basis of headcount as a proxy for staff time, except for investment management costs which are allocated directly.

84 • CHARITY PROJECTS ANNUAL REPORT 2023-24 FINANCIAL STATEMENTS

5. (b) Analysis of support costs - Group

----- Start of picture text -----
HR,
IT & 2023
PREMISES DEPRECIATION FINANCE &
2023 £’000 £’000 OFFICE MANAGEMENT TOTAL
£’000 £’000
£’000
Expenditure on raising funds
Costs of generating donations and legacies 693 121 504 604 1,922
Fundraising, trading and other costs 94 16 68 82 260
Investment management costs - - - 260 260
787 137 572 946 2,442
Charitable activities
Tackling poverty and social injustice 346 60 251 301 958
Global awareness, education and social 147 26 107 128 408
change
493 86 358 429 1,366
Total support costs 1,280 223 930 1,375
3,808
----- End of picture text -----

All support costs are allocated on the basis of headcount as a proxy for staff time, except for investment management costs which are allocated directly.

FINANCIAL STATEMENTS CHARITY PROJECTS ANNUAL REPORT 2023-24• 85

6. Charitable activities - grants - Group & Charity

----- Start of picture text -----
UNRESTRICTED RESTRICTED TOTAL
2024
£’000 £’000 £’000
Tacking Poverty and Social Injustice
Alleviating Poverty 10,133 10,311 20,444
Poverty & Injustice 6,068 418 6,486
-
Convening and Approaches 2,510 2,510
Total grants allocated 18,711 10,729 29,440
Cancelled grants (541) (80) (621)
Total grant costs (note 5a) 18,170 10,649 28,819
£’000 RESTRICTED
£’000
UNRESTRICTED RESTRICTED TOTAL
2023
£’000 £’000 £’000
Tacking Poverty and Social Injustice
Alleviating Poverty 5,405 7,203 12,608
Poverty & Injustice 9,215 9,673 18,888
Convening and Approaches 2,135 - 2,135
Total grants allocated 16,755 16,876 33,631
Cancelled grants (126) 36 (90)
Total grant costs (note 5a) 16,629 16,912 33,541
----- End of picture text -----

Total funding awarded in the year to tackle poverty and social injustice was £29.4m (2023: £33.6m), excluding cancelled grants totalling £0.62m. All grants are paid to institutions and organisations and Not For Profit organisations.

All funding is awarded to charitable organisations. A breakdown of the awards is available from Comic Relief, Sixth Floor, The White Chapel Building, 10 Whitechapel High Street, London, E1 8QS.

Circumstances in which a grant may be cancelled include adverse performance issues, a breach of the conditions of the grant, the grantee no longer being able to accept the grant, or there being an underspend on the project which would lead to a partial cancellation.

86 • CHARITY PROJECTS ANNUAL REPORT 2023-24 FINANCIAL STATEMENTS

7. Staff - Group

----- Start of picture text -----
2024 2023
NO. NO.
----- End of picture text -----

The average weekly number of persons employed by the group during the year was:

----- Start of picture text -----
Fundraising 31 28
Operations 61 56
Events, production and
35 36
licencing
Grant making and
26 24
management
153 144
2024 2023
£’000 £’000
Staff costs for the above
persons comprised:
Wages and salaries 7,119 6,471
Redundancy costs 27 76
Social security costs 825 782
Pension costs 815 740
8,786 8,069
Agency staff 501 426
Total staff costs 9,287 8,495
----- End of picture text -----

The number of employees earning over £60,000 per annum, including taxable benefits but excluding employer’s pensions and employer’s national insurance, was:

----- Start of picture text -----
2024 2023
£60,001 - £70,000 5 8
£70,001 - £80,000 3 3
£80,001 - £90,000 6 4
£90,001 - £100,000 1 -
£100,001 - £110,000 1 1
£160,001 - £170,000 1 1
17 17
----- End of picture text -----

The total remuneration during the year, including pension and employer’s national insurance, for the Chief Executive position was £202k (2023: £191k).

Key management personnel constitute the Trustees, Chief Executive, Executive Directors, the General Counsel and Company Secretary. Total remuneration received by the key management personnel was £964k (2023: £756k).

Total redundancy costs during the year were £27k (2023: £76k)

FINANCIAL STATEMENTS CHARITY PROJECTS ANNUAL REPORT 2023-24• 87

8. Trustees

Trustees received £nil remuneration in the year (2023: £nil). £594 was spent in relation to travel, or accommodation in relation to trustee duties (2023: nil). £387 was spent on subsistence (2023:£722), £903 was spent on meeting expenses (2023: £1,522) and £nil was spent on training (2023: £49). Two trustees were reimbursed directly for expense claims totalling £443 (2023: £752) for travel and subsistence.

Indemnity insurance costing £24,913 (2023: £28,433) was purchased on behalf of the Trustees.

9. Taxation

Comic Relief is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax 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 trading subsidiaries donate to Charity Projects an amount equal to any taxable profits as a qualifying charitable donation. Consequently there is no taxation charge for the year (2023: £nil).

10. (a) Intangible fixed assets - Group

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TRADEMARKS SOFTWARE TOTAL
£’000 £’000 £’000
Cost
At 1 August
623 37 660
2023
Additions 33 74 107
At 31 July 2024 656 111 767
Amortisation
At 1 August
2023 512 8 520
Charged in the
35 16 51
year
At 31 July 2024 547 24 571
Net book value
At 31 July 2024 109 87 196
At 31 July 2023 111 29 140
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There was no impairment in the value of trademark intangible assets as at 31 July 2024 (2023: £nil).

88 • CHARITY PROJECTS ANNUAL REPORT 2023-24 FINANCIAL STATEMENTS

10. (b) Intangible fixed assets - Charity

11. Tangible fixed assets - Group and Charity

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SOFTWARE TOTAL
£’000 £’000
Cost
At 1 August
37 37
2023
Additions 74 74
At 31 July 2024 111 111
Amortisation
At 1 August
8 8
2023
Charged in the
16 16
year
At 31 July 2024 24 24
Net book value
At 31 July 2024 87 87
At 31 July 2023 29 29
----- End of picture text -----

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LEASEHOLD
COMPUTER
FIXTURES & TOTAL
EQUIPMENT
FITTINGS £’000
£’000
£’000
Cost
At 1 August 2023 67 511 578
Additions - 111 111
-
Disposals (271) (271)
At 31 July 2024 67 351 418
Depreciation
52 381 433
At 1 August 2023
Charged in the
4 52 56
year
-
Disposals (271) (271)
56 162 218
Net book value
At 31 July 2024 10 189 200
At 31 July 2023 15 130 145
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FINANCIAL STATEMENTS CHARITY PROJECTS ANNUAL REPORT 2023-24• 89

12. Fixed asset investments - Group and Charity

a) The investment portfolio is held in a range of segregated and pooled, managed funds:

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2024 2023
£’000 £’000
Segregated global
equities
Fundsmith LLP 20,373 18,769
Leadenhall Value Fund 45 107
Trojan Ethical Fund 20,754 19,485
Ownership Capital 8,299 8,253
Generation 5,258 4,479
GMO 2,881 3,857
Private equity
Schroders Private Equity
Fund of Funds lll
100 254
Cash 16,598 10,672
Total Group & Charity 74,308 65,876
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All investments are over 5% of the total portfolio, except for Leadenhall Value Fund, GMO and Schroders Private Equity Fund of Funds III.

90 • CHARITY PROJECTS ANNUAL REPORT 2023-24 FINANCIAL STATEMENTS

12. Fixed asset investments - Group and Charity

b) Reconciliation of opening and closing market value

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2024 2023
£’000 £’000
Market value at 1 August 65,876 64,639
Purchases 5,926 6,944
Disposals (335) (6,944)
Net investment gains/
2,841 1,237
(losses)
Market value of portfolio
at 31 July
74,308 65,876
Historic cost of
52,449 52,242
investments at 31 July
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Additions in the year are an increase in fixed term cash investments.

c) The Charity holds unlisted investments costing £3 (2023: £3) in the following subsidiary undertakings:

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COUNTRY OF PRINCIPAL
COST £ CLASS OF SHARES
INCORPORATION ACTIVITY
Subsidiary undertakings
Comic Relief Limited £2 England Trading Ordinary £1
(Company number: 01967154) (note 3)
Brand Relief Limited
£1 England Dormant Ordinary £1
(Company number: 06808703) (note 3)
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FINANCIAL STATEMENTS CHARITY PROJECTS ANNUAL REPORT 2023-24• 91

13. Social Investments

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2024 2023
£’000 £’000
Value at 1 August 2,500 1,704
Investments 413 936
Repayments (111) (55)
Write offs (132) -
-
Loan impairment (85)
Value of portfolio at
31 July
2,670 2,500
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The estimated current value of the Social Investments is reviewed each year. 2 investments have been written off in 23/24 in addition to the impairment of a 3rd investment in the previous year.

14. Debtors

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2023 2023
2024 2024
GROUP CHARITY
GROUP CHARITY
(RESTATED) (RESTATED)
£’000 £’000
£’000 £’000
(a) Amounts falling due within one year:
Amounts due from subsidiary - -
4,191 3,850
undertakings
Trade Debtors 1,240 429 3,200 2,016
Other debtors 1,322 564 3,217 2,072
Taxation and social security 54 430 - -
Prepayments and accrued income 12,746 7,807 11,065 9,394
14,122 12,992 14,282 15,316
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There are no amounts falling due after more than one year.

92 • CHARITY PROJECTS ANNUAL REPORT 2023-24 FINANCIAL STATEMENTS

15. Creditors

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2024 2024 2023 2023
GROUP CHARITY GROUP CHARITY
£’000 £’000 £’000 £’000
(a) Amounts falling due within one year:
Grants approved not yet paid 26,304 26,304 27,733 27,733
Other creditors 345 343 789 763
Taxation and social security 298 298 619 306
Accruals 3,464 987 917 878
30,411 27,932 30,058 29,680
2024 2024 2023 2023
GROUP CHARITY GROUP CHARITY
£’000 £’000 £’000 £’000
(b) Amounts falling due after more than one year
Grants approved not yet paid 13,133 13,133 13,331 13,331
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16. Provisions

----- Start of picture text -----
2024 2024 2023 2023
GROUP CHARITY GROUP CHARITY
£’000 £’000 £’000 £’000
Dilapidations provision (note 16a) 180 180 135 135
Restructure provision (note 16b) - - 5 5
180 180 140 140
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16a. Provision Movement - dilapidations

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2024 2023
£’000 £’000
Opening Balance 135 526
Additions 45 135
-
Amounts charged against the provision (526)
Closing Balance at 31 July 180 135
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FINANCIAL STATEMENTS CHARITY PROJECTS ANNUAL REPORT 2023-24• 93

16b. Provision Movement - restructure

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2024 2023
£’000 £’000
Opening Balance 5 503
Amounts charged against the provision (5) (498)
Closing Balance at 31 July - 5
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The provision dilapidation is based on professional estimates for the work that would be required to restore our current office at The Whitechapel Building to its original state as required by the lease.

17. 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 contribute is £1. There were 11 members at 31 July 2024 (2023: 10).

18. Analysis of group net assets between funds

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2024 2023
UNRESTRICTED RESTRICTED TOTAL UNRESTRICTED RESTRICTED TOTAL
FUNDS FUNDS 2024 FUNDS FUNDS 2023
£’000 £’000 £’000 £’000 (RESTATED) (RESTATED)
£’000 £’000
Tangible and intangible fixed assets 77,374 - 77,374 68,661 - 68,661
Current assets 50,703 24,088 74,791 46,807 26,121 72,928
Current liabilities (20,694) (9,717) (30,411) (16,998) (13,060) (30,058)
Liabilities due after
(7,325) (5,987) (13,312) (5,959) (7,512) (13,471)
one year
Group net assets 100,058 8,384 108,442 92,511 5,549 98,060
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94 • CHARITY PROJECTS ANNUAL REPORT 2023-24 FINANCIAL STATEMENTS

19. Unrestricted funds

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BALANCE BALANCE
INVESTMENT
1 AUG INCOME EXPENDITURE TRANSFERS 31 JULY
2024 2023 £’000 £’000 MOVEMENTS £’000 2024
£’000
£’000 £’000
Group and Charity
designated funds
Social Change Fund 34,539 - (19,331) - 17,798 33,006
Match funding
16,068 - (1,393) - 7,059 21,734
commitments
The Bill & Melinda Gates
1,297 - (420) - - 877
Foundation
Red Shed 6,669 15 (262) - - 6,422
Fixed Asset Reserve 286 - - - 111 397
Total designated funds 58,859 15 (21,406) - 24,968 62,436
Group general fund 33,652 37,079 (12,014) 2,841 (23,936) 37,622
Total Group funds 92,511 37,094 (33,420) 2,841 1,032 100,058
Total Charity funds 92,361 36,156 (32,483) 2,841 1,032 99,908
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Social Change Fund

Unrestricted income that has been designated for grants and the costs of making, managing and monitoring grants but is not yet committed. We commit all funds within two years of receipt.

Match funding commitments

The funds that the Trustees have designated to cofund joint programmes with key funding partners.

The Bill & Melinda Gates Foundation

A grant that has been designated by the Trustees of Comic Relief to drive the development of new and existing income streams, advance our digital platforms and engage new audiences. This is separate to the Bill & Melinda Gates restricted fund in note 20.

FINANCIAL STATEMENTS CHARITY PROJECTS ANNUAL REPORT 2023-24• 95

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BALANCE BALANCE
INVESTMENT
1 AUG INCOME EXPENDITURE TRANSFERS 31 JULY
2023 MOVEMENTS
2022 £’000 £’000 £’000 2023
£’000
£’000 £’000
Group and Charity
designated funds
Social Change Fund 20,038 425 (7,819) - 21,895 34,539
Match funding
22,475 - (11,499) - 5,092 16,068
commitments
The Bill & Melinda Gates
2,135 - (838) - - 1,297
Foundation
Red Shed 7,038 (182) (187) - - 6,669
Fixed Asset Reserve 350 - - - (64) 286
Total designated funds 52,036 243 (20,343) - 26,923 58,859
Group general fund 41,437 29,996 (12,726) 1,448 (26,503) 33,652
Total Group funds 93,473 30,239 (33,069) 1,448 420 92,511
Total Charity funds 93,323 27,529 (30,360) 1,448 420 92,361
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Red Shed

A designation of funds to create, catalyse and pilot innovative and new ways to tackle the relief of poverty and social injustice in the UK and internationally by individuals and new enterprises.

for match funding for FCDO grant commitments. A £0.11m transfer was made to the fixed asset reserve to reflect the increased value of fixed assets held in the balance sheet.

Fixed Asset Reserve

A designation of funds equal to the net book value of the intangible and tangible fixed assets.

Transfers between classes of funds

During the year transfers have been between the general fund and the designated fund. An £18m transfer was made to the social change fund for excess reserves which have been designated for grant making by Trustees. A £7m transfer was made to the match funding commitments fund, of which £6m was

96 • CHARITY PROJECTS ANNUAL REPORT 2023-24 FINANCIAL STATEMENTS

20. Restricted funds: Group and Charity

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BALANCE
BALANCE
1 AUG
INCOME EXPENDITURE TRANSFERS 31 JULY
2023
£’000 £’000 £’000 2024
(RESTATED)
£’000
£’000
GSK Malaria fund 276 - (22) - 254
Foreign, Commonwealth &
Development Office grants (8,478) 3,828 (1,083) 5 (5,728)
People's Postcode Lottery 1,000 1,000 (668) - 1,332
Corporate partner funds 8,738 11,765 (8,839) (1,067) 10,597
The Bill & Melinda Gates
(31) - - 31 -
Foundation
Global Majority Fund 2,824 - (2,115) - 709
Other restricted funds 1,220 80 (79) (1) 1,219
Total restricted funds 5,549 16,673 (12,806) (1,032) 8,384
BALANCE
BALANCE
INCOME 31 JULY
1 AUG EXPENDITURE TRANSFERS
(RESTATED 2023
2022 £’000 £’000
£’000 (RESTATED)
£’000
£’000
Emergency funds raised in 447 - - - 447
response to COVID-19
GSK Malaria fund 283 - (7) - 276
Foreign, Commonwealth &
Development Office grants (4,170) 5,691 (9,999) - (8,478)
Peoples Postcode lottery - 1,000 - - 1,000
Department of Culture, Media
(81) 145 (24) (40) -
and Sports
Corporate partner funds 4,072 11,311 (6,645) - 8,738
The Bill & Melinda Gates
(2,608) 2,577 - - (31)
Foundation
Global Majority Fund 1,781 2,069 (1,026) - 2,824
Other restricted funds 894 810 (550) (381) 773
Total restricted funds 618 23,603 (18,251) (421) 5,549
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FINANCIAL STATEMENTS CHARITY PROJECTS ANNUAL REPORT 2023-24• 97

These restricted balances will be used to support future projects in accordance with Comic Relief’s funding principles and the wishes of the respective donors. Grant costs are recognised in full when the funding is awarded whereas the related income is recognised only when it 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.

GSK Malaria fund

This fund is to improve health in malaria endemic countries in sub-Saharan Africa. The £17m partnership began in 2016, with £254k left to spend. The project has finished and we are agreeing with the funder how the remaining funds will be spent.

Foreign, Commonwealth & Development Office grants

This fund is made up with multi-year matched funded grants with The Foreign, Commonwealth and Development Office (FCDO). The negative restricted fund balance will be made good through future income receivable when the conditions have been met for income recognition. The most recent, making up the majority of the closing balance, £6.5m, is the Shifting the Power program which began in 2020. This is a ten year grant of £30.0m, with Comic Relief matching pound for pound, to fund local organisations in Ghana, Malawi and Zambia to invest in their own organisational development, generate resources locally and better respond to the priorities of local people. Three other FCDO and Comic Relief Programmes, the Maanda Initiative, All in All Leaving and Global Mential Health Matters, were completed in March 2024.

People’s Postcode Lottery funds

£1m was received in year towards our work on the Shifting the Power program.

Corporate Partner Funds

We have a number of corporate partners funding various streams of work. The largest this year was the Nourish the Nation work with Sainsbury’s launched in 2022 to help tackle food poverty in the UK, with £9.2m raised this year and a balance of £8.6m at the year end. The opening balance has increased by £3.1m following the restatement of the prior year which has included the Sainsburys 2023 Summer Campaign in 22/23 rather than 23/24. The remaining balance includes funds raised by the Evening Standard Winter Campaign launched in 2023 and Amazon funding for Multibanks.

Bill & Melinda Gates Foundation funds

The Bill & Melinda Gates Foundation agreed a partnership of £12.6m in 2021, to attract, manage and disburse resources to make a sustainable and significant contribution to the reduction of infections, illness and death, thereby mitigating the impact caused by HIV/AIDS, tuberculosis and malaria in countries in need and contributing to poverty reduction as part of the Millennium Development Goals established by the United Nations. The fund has now closed and is separate to the Bill & Melinda Gates designated fund in note 19.

Global Majority Fund

This fund was established in 2021 to provide funding to partners working on racial injustice who had the ability, expertise, networks and knowledge to distribute rapid funding to a diverse range of locally led and focused organisations across the UK.

Other restricted funds

These comprise a range of smaller funds including the Pop Culture Pooled Fund which has been designed to support the intersection of migration, racial injustice, popular culture and social change in the UK.

Emergency funds raised in response to COVID-19

This fund is to support those affected by the COVID-19 pandemic. £33m was raised in 2020. The remaining funds relate to recovery/rebuilding funding under the UK Change Makers programme, through to 2026.

98 • CHARITY PROJECTS ANNUAL REPORT 2023-24 FINANCIAL STATEMENTS

21. Contingent Assets

22. Contingent Liabilities

As at 31 July 2024, the Charity has entered into funding agreements where the Trustees have concluded that not all conditions for recognition of the grant income have been met. The Trustees expect that the conditions in these agreements will be fulfilled over the course of the next five years. The unrecognised value of these agreements is up to £25.3m (2023: £32m).

“Comic Relief is committed to providing match funding of £30m against future grant income; £6m has been designated in 2023/4 which completes this £30m commitment. Expenditure of £9.8m has been allocated against this match fund by 31 July 2024.

Comic Relief is committed to £3.2m in Red Shed investments, of which £3.1m has been drawn down to date, resulting in a contingent liability of £0.1m.”

23. Commitments under operating leases

At 31 July 2024, the group had a total value of minimum future lease payments on non-cancellable opearting leases as follows:

----- Start of picture text -----
2024 2023
£’000 £’000
Land and buildings: within one year 367 181
Land and buildings: between 1 and 5 years 380 747
747 928
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FINANCIAL STATEMENTS FINANCIAL STATEMENTS CHARITY PROJECTS ANNUAL REPORT 2023-24 CHARITY PROJECTS ANNUAL REPORT 2023-24 • 99

24. Related parties

Comic Relief Inc.

Comic Relief Incorporated (Comic Relief Inc. previously known as America Gives Back Inc.) is a 501(c)(3) charitable organisation registered in the United States in 2007.

Richard Curtis is the co-founder of Charity Projects and was a Trustee until November 2019; Richard is a Board Member of Comic Relief Inc. The remaining Trustees of Comic Relief Inc. are independent of Charity Projects.

In May 2024, Red Nose Day USA was produced by Comic Relief Inc. under licence from Charity Projects. A licence fee of £50k was charged by Comic Relief Limited

Other related parties

Charity Projects charges Comic Relief Limited a management fee for shared staff, premises, depreciation and other support costs. The charge is based on the ratio of income for each entity. For 2024 the fee was £0.7m (2023: £0.9m).

Comic Relief Limited transfers its total net taxable profit to Charity Projects at the end of each year as a qualifying charitable donation. For the year ended 31 July 2024 this was £3.4m (2023: £2.4m).

At 31 July 2024 Comic Relief Limited owed £4.2m (2023: £3.9m) to Charity Projects.

During the year Trustees and key management personnel made personal donations totalling £1,900 (2023: £1,100).

No related party transactions were undertaken in the year.

100 • CHARITY PROJECTS ANNUAL REPORT 2023-24 FINANCIAL STATEMENTS

25. Notes to the accounts- PRIOR PERIOD ADJUSTMENT

The Trustees have restated the prior year fundraising events income and Restricted Funds within the relevant primary statements and notes to rectify prior period accrued income not recognised in error. Overall, this restatement has increased prior year fundraising events income and accrued income by £3,091K, and increased restricted funds as at 30 July 2023 by £3,091k.

----- Start of picture text -----
AS PREVIOUSLY AS RESTATED AT
ADJUSTMENT
REPORTED 31 JULY 2023
£’000
£’000 £’000
Changes to the consolidated balance sheet
Current assets - - -
Inventory 69 - 69
Debtors 11,191 3,091 14,282
Cash in hand and bank 58,576 - 58,576
69,836 3,091 72,927
Funds - - -
Unrestricted funds - - -
-
Designated funds 58,859 58,859
General funds 33,652 - 33,652
Restricted funds 2,458 3,091 5,549
Total funds carried forwards 94,969 3,091 98,059
----- End of picture text -----

FINANCIAL STATEMENTS CHARITY PROJECTS ANNUAL REPORT 2023-24• 101

The Sainsburys Summer Campaign raises monies for Comic Relief in June & July. The Summer 2023 total was finalised and paid in the autumn and was originally included in the 23/24 financial year. However on review of the 23/24 financial statements it was correct to reflect the income in the period in which it was raised so the 22/23 accounts were restated to include the Summer 2023 campaign and Summer 2024 is included in the 23/34 figures.

----- Start of picture text -----
INCOME FROM
CHARITABLE
ACTIVITIES ADJUSTMENT AS RESTATED
AS PREVIOUSLY £’000 £’000
REPORTED
£’000
Changes to the Statement of
Financial Activities
Donation and legacies 47,394 3,091 50,485
-
Other trading activities 4,982 4,982
Investments 1,468 - 1,468
Net income and Net movement in funds 878 3,091 3,969
-
Total funds brought forward 94,091 94,091
Total funds carried forwards 94,969 3,091 98,059
Changes to Reconciliation of net income to AS PREVIOUSLY
ADJUSTMENT AS RESTATED
net cash provided by / (used in) operating REPORTED
£’000 £’000
activities £’000
Net surplus for the reporting period (as per the
878 3,091 3,969
Statement of Financial Activities)
Adjustments for:
69,836 3,091 72,927
Increase in debtors
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