Company registration number. 02435882 Charity registration number.. 802353 Ethiopiaid (A company limited by guarantee) Annual Report and Financial Statements for the Ye8r Ended 31 December 2023 Milsted Langdon LLP 4 Queen Street Bath BA1 1HE Ethiopiaid Contents Reference and Administrative Details Trustees, Report 2to15 statement of Trustees, Responsibilities 16 Independent Auditors, Report 17to19 Statement of Financial Activities 20 Balance Sheet 21 statement of Cash Flows 22 Notes to the Financial Statements 23to40 Ethiopiaid Reference and Administrative Detsils Chief Executlve Officer L Cousins Trustees A Chapman A Fenn S Grimsdale {restgned 23 November 2023) M Nomian E Prak H Hom (resigned 18 May 2023) T Reed (resigned 18 May 2023) A A Gebreyes H Smith V Catterall PJReed 802353 Charty Registratlon Number Company Registration Number 02435882 The charity is incorporated in England and Wales. 1 Circu5 Place Bath BA12PG Registered Offjce Audttor Milsted Langdon LLP 4 Queen Street Bath BA1 1HE Bankers Barclays Bank Hounslow Let￿ster LE87 2BB HSBC Bank Knightsbridge Premier Centre 102 Brompton Road London SW3 1JJ CAF Bank 25 Kings Hill Avenue West Malling Kent ME19 4JQ Page 1 Ethiopiaid Trustees, Report The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors, report of the charitsble company for the year ended 31 December 2023. Purpose of the charlty Ethiopiaid works with Ethiopian partners to improve the lives of some of the poorest and most vulnerable people in Ethiopia. The charity's global strategy ststes that their key objectives are: To reach and impact positÈvely on the lives of the most poor and marginalised people in Ethiopia as identÈfied by project need, partner access and expertise. To be the charty of choice for those with an interest in Ethiopia and the causes supported by the charity. To ensure robust system5 and processes to safeguard the charivs Gurrent and fvture operations in an evolving development landscape. Summary of maln activlties Ethiopiaid works closely and in partnership with local indigenous organisations who know the local context and are best placed to design and deliver effective and impactFul projects and programmes. In 2023 £2,433,525 was transferred to partners. This included: . The small grants programme which awarded £225,500 to 12 NGOS in Ethiopia £305.000 provided in emergency and recovery funding to partners impacted by conflict, environmental and health crises. . £105.640 was provided to 14 UK NGOS, with a focus on Ethiopia, as champion matched funding via The Big Give Christrnas Challenge, leveraging a further £239,664 in donations from their own supporters. The charity's main partners in 2023 were: Afar Pastoralist Development Assoclation (APDA) APDA works in the remote Afar region to end hamiful traditional praclises such as female genital mutitation and early marriage. APDA'S outreach health workers work with families, traditional FGM practitioners, communities and religious leaders to challenge attitudes, change mind-sets and protect young girls. APDA also deliver Contextually appropriate responses to emergencies, providing both immediate aid and longer term recovery. Action on Podoconiosis Development Organisation (APIDO) APIDO delniers programmes to identify, prevent and treat podoconiosis, a neglected tropical disease, in the southern region of Ethiopia. The team travel vast distances across rural areas to train local health professionals and raise awareness in communities about the importance of wearing shoes, and train young people to become shoemakers and establish shoemaking workshops where they also make oversized shoes for podo sufferers. Page 2 Ethiopiaid Trustees, Report Association for Women's Sanctuary and Development (AWSAD) AWSAD provides safe shelter and support to women and girl survivors of gender-based violence. There are now 10 safe houses scross Ethiopia caring for survivors. The women and girls receive medical care. psychological support, skills training and assistance with bringing their perpetrators to justice. AWSAD'S programme also includes prevention and awareness training with the police, government, schoolteachers and students. 2023 saw the final year of funding for the Addis safe hous Atsedes Matsrnty Clinic A rural health clinic located in the remote mountsinous area of the Gurage zone. Astedes Maternity Clinic was founded by experIen￿d local midwives and provides respectful and individualised maternal health care for women. The clinic includes a birthing suite. delivery room, emergency clinic and several outreach projects. Ethiopiaid funded the Midwives on the Move project and the Insidel Outside project, both of which improve maternal health outcomes and wellbeing by taking services and support to rural women in their homes and communities. Cheshire Services Ethiopia Cheshire SeN1￿$ is a leading disability charity working with adults and chitdren. They provide corrective surgery, intensive rehabilitation, mobility aids and physiotherapy. Their wheelchair and prosthetics workshop produces specialist bespoke equipment, and a livelihoods programme supports disabled households to become financially self~supporting. Hamlin Flstula Hospital and Midwif6ry College The Hamlin hospital is world-renowned for the treatment and rehabilitation of women suffering from obstetric fistula. Ethiopiaid funds the training of midwives recruited from the rural areas, who benefit from high quality training for 4 years and are then deployed back to rural community health centres. Healing Hands of Joy Healing Hands of Joy rehabilitates fistula survivors by training them as Safe Motherhood Ambassadors. The Ambassadors return to their communities to support access to pre-natal education and encourage women to give birth safely in health ￿ntres, thus preventing ftjrther fistula cases. Hope Enterprises Hope Enterprises provides and supports education for impoverished students from primary to tertiary level. Ethiopiaid spectfically funded the technical and vocational education programme in Addis, alongside the feeding programme for children and adults experiencing extreme povety in Addis Ababa and Dessie. Hope Enterprlses Universty College Ethiopia's first not-for-profft unsversity enables students from impoverished backgrounds to receive a high-quality education. Their misston is to provide aspiring leaders the option of pursuing a wortd class degree without leaving their county and cultural setting. Funding supports student scholarships 50 that the poorest students can attend the College and complete their studies. Page 3 Ethiopiaid Trustees. Report Hospice Ethiopia Hospi￿ Ethiopia provide palliattve home care to terminally ill people living in poverty who h8ve litde or no access to medical assistan￿, pain relief or wellbeing support. They also train medical professionals in palliative care. Studio Samuel Studio Samuel's mission is to engage vulnerable girls in after school and weekend clubs where they earn a variety of skills for employment One project is peer to peer training on the production of reusable menstruation packs. The gids design. produ￿ and distribute these packs free of charge to secondary schools to ensure that other girfs can stay in school with dignity and without shame during their periods. At the same time, they learn about busines5. team working and building their own self confidence. Support for Chlldren, Women and Older Persons (SCWOP) Ethiopiaid funding provides welfare support to 1,071 impoverished elders and 100 orphaned vulnerable grandchildren living in povety in Addis. A monthly pension payment is made to each elder so that they can purchase basic food stsples, with extra payments for those with dependant grandchildren. Funcling is also provided to support medication and surgery to treat eye problems and restore sight. Hope of Light Hope of Light provides surgery for women living with an obstetric fistula or pelvic organ prolapse. In 2023 Ethiopiaid provided funding for the running costs of it's fi%tula centre in Jimma and Gondar alongside community awareness programmes. Wings of Healing Ethiopiaid provided funding to support Wings of Healing to deliver projects in the following areas.. free one stop ￿rVical cancer screening clinic5 in Addis. restoration of maternal health services in post conflict Tigray, and a feeding programme for malnourished mothers and young children in internal displacement camps in Amhara. Emergency and Recovery Funding Ethiopiaid continued its commitrnent to supporting partners with emergency and recovery funding in the face of ongoing food and water shortages. and to help address the impact of confiict in the Tigray and Amhara regions. Page 4 Ethiopiaid Trustees, Report PARTNER PURPOSE OF GRANT I PROJECT Afar PastoralistTo provide medical treatment and prevention adivities to Development address a cholera outbreak {£30k), project to support communtbe5 experiencing drought and food shortages Association (APDA) (£65k) Nicholas RobinsonTo provide food and education support for students in School post-conflict Tigray Project to support moderately malnourished mothers and young children in the internal displacement camp in Wings of Healing DebreBerhan (£90k), restarting maternal health services at a hospitsl and three rural health centres) in post conftict Tigray (£100k) PLEDGE AMOUNT (£) 95,000 20,000 190,000 TOTAL 305.000 The Trustees agreed to continue restricting £250,000 (from fundraised income and the charity's reserves) for urgent emergency and recovery needs arising during the year, to avoid delays to the provision of assistsnce whilst a fundraising appeal is launched. Small grants programme The small grants programme is a funding opportunity for locally registered Ethiopian Charities to apply for a one-off grant of up to £20,000 for work aligned with Ethiopiaid's global strategy. The programme enables Ethiopiaid to further its reach and also assess potential for longer~temi partnerships. Since its founding in 2015 the programme has provided over £1m in funding to 61 organisations, directly impacting over 80,000 people. In 2023 small grants were awarded to 12 NGOS in Ethiopia totalling £225,500. The Big Give Christmas Challenge The Big Give Christmas Challenge is a match funding campaign where donations to participating charities are doubled. Ethiopiaid provides champion funding for UK registered charities that work in Ethiopia with the challenge of securing matched pledges from their donors. In 2023 Ethiopiaid's champion fund supported 14 UK based charities with £105,640 of champion funds. This 5everaged a further £239,664 in donations from the participating charity's own supporter5. Publlc benefft To ensure that the utmost public benefit wll be received and the maximum amount of money can be forwarded to its partners, the charity keeps it costs to a minimum, maintaining a business model of facilitating action in Ethiopia. but minimising action aside from fundraising in the UK. The charity predominanuy supports indigenous partners to promote capacity building and maximise cost effectiveness. The trustees are therefore confident that Ethiopiald meets the public benefit requirements and they confirm that they have taken into account the guidance contsined in the Charity Commission's general guidance on public benefit where applicable. Page 5 Ethiopiaid Trustses, Report Policy on grant maklng We are committed to investing in partnerships that expand our reach and impact across Ethiopia. Partnership selection is based on four principles: integrity, passion, excellen￿, and commitmenL Before working with a new partner due diligence is undertaken to assess any potential risks. New partners are always considered through the Fens of our global strategy. Ethiopiaid remains in partnerships as long as there is a clear need and funding continues to make a significant impacL Fundraising Regulations The charty adheres to the Institute of Fundraising Code of Practice, is registered with the Information Commissioners offi￿r, and the Fundfaising Regulator. Complaints are recorded by the charÉty on the complaints register and shared with the Fundrdising Regulator annually. In 2023 there were a total of 3 complaints received by the charity related to receiving communications from the charity. All complaints were dealt with immediatety and any remedial actions required taken. The charity did not receive any data subject ac￿SS requests during the year. There were no data breaches to repori Strateglc Report Achievements and Perforniance In 2023 Ethiopiaid supported the work of 14 main partners working in ELhiopia, 12 organisations through the small grants programme, and provided champion matched funding to 14 UK based charities via The Big Give Christmas Challenge. Key achievements for the year included.. . £2,433,525 worth of grants were made to Ethiopian pathers. . Voluntary income (excluding legacies) for the year totaled £1.666,408. Achievements against objectives set Direct mail campaigns raised £389,232 exceeding the £320,000 target. Over £934.069 raised through regular gifts. 51 legacies received with a value of £453,177 enabling us to make significant grants to partners and respond to emergencies. . £171,630 raised through grants from charttable trusts, foundations and grant makers. £186,366 raised through philanthropic gifts. Timely and efficient gift aid claims resulted in £234,478 being claimed back from HMRC. Page 6 Ethiopiaid Trustees. Report Priority areas for 2024 Donor stewardship and retention By focusing on our donors, experience we will strengthen our individual giving income streams to reduce attrttion (lapsing donors). and mitigate against shocks caused by the economic climate in the UK (lapsing donors, reduced gift size and frequency). Investing in fundraSsing partnershlps The partnership5 team will focus on maintsining existy'ng donors and grant makers, alongside expanding their reach to new philanthropists and ne￿OrkS. We will seek those who share our approach of locally led partnerships. Continue to support partners to strengthen their capaeity We will build upon our pilot projeGts in this area to develop a robust programme open to all of our partners. Our aim is to provide the practical support requested by our partners to strengthen their organisational ￿pacity to increase their effectiveness and social impacL Acquisition Acquiring new donors to the charity will be an important area of work to ensure the ongoing sustainabilty of the charity, in partlcular for the longer t&rm. Financial Review In 2023 the charty's total income was £2,374.881, down from £2,886,501 in 2022. There was a decrease in legacies from £706,426 in 2022, to £453,177 in 2023. Gift aid reclaimed decreased from £259,834 in 2022 to £234,478 in 2023, whi15t gifts in kind (linked to business support and office space) stayed at to £5,000 (2022.. £5,000) due to Ethiopiaid moving into its own Offi￿ space. Expenditure on raising funds in the year wa5 £197,915 (2022". £170.1301. whilst expenditure on charitable activities decreased in the year to £2.883,254 from £3,049,371 in 2022. The charity generated a planned deficit in the year of £706,288, a decrease on 2022 which saw a planned deficit of £333,000. Investment policy and objectives Ethiopiaid does not invest any donations in the money market, but merely uses deposit accounts to earn interest on any money until it Is donated to our projects. Ethiopiaid uses different banks to dtvide any deposits beiween them, in case of any bank defaulting on the deposit. As such Ethiopiaid is very cautious about its investments and cash. In temis of ethical investments, Ethiopiaid does not invest in stock and shares therefore no investments are considered 'unethical'. Page 7 Ethiopiaid Trustees. Report Reserves Pollcy It is the policy of the Trustees that cash avaitable for distribution at the year end is sent to Ethiopia when suitable projects are founLI. The charity's core reserves policy is to ensure that we have enough to cover stx months of main partner donations and one year of our UK overheads at any one time. Prlncipal Source of Funds Ethiopiaid's principal source of funds is from individuals through regular gifts (standing orders and direct debits). donations in response to direct mail and online appeals, Significant phi18nthropic gifts, grants from charitable foundations and legacies. We will continue to seek relevant and appropriate opportunities to raise funds where we feel there is a good retum on investment, or other significant benefit At 31 Decernber 2022 the charity held £1,552.506 (2022: £2.167,188) irT unrestricted reserves. Based on the expenditure levels during 2023 the unrestricted reserves held at 31 December 2023 equate to approximately 8 months of partner donations and overheads. The charity has £15,638 in restricted reserves carried forward, which relates to Hamlin Fistula Hospitsl and Dignity Period ProjecL Total free reserves as at 31 December 2023 were £1,543,715 (2022: £2,161,593). Principal Risks Facing the Charity Managing risks effecttvely ts integral to the achievement of Ethiopiaid's vision. The Trustees ensure that a risk register is reviewed at each board meeting so that key risks are identified and mitigated. The Trustees are ultimately responsible for risk management and the effectiveness of Ethiopiaid's internal control systems. The followtng framework is in place: The CEO maintains the risk register and reviews any significant organisational risks on a regular basis. The Trustees review the strategic risks and the internal control measures. Policies are in place for raising complaints and COn￿mS (whistle-blowing). There is also an anti-fraud, corruption and bribery policy in place. The main risks facing Ethiopiaid are- Risk Mltigations Military action and violence putting at risk partner Monitoring of media reports and information from projects, beneficiaries safety and the abilty to partners. Pause all funding to partners in Tigray continue working in regions. There is also a risk until there is stability and programmes can to donor confidence. resume. Ensure transparency with donors. Address new needs arising from the situation for example support for refugees and internally displaced persons. Invest in longer term recovery projects Safeguarding of stsff, volunteers during times of Monitor the Ethiopian political landscape. Regular political and social instability. communication with our partners, British Embassy and other ne￿rkS in Ethiopia. Regular review of Stsff and volunteer travel policies. Page 8 Ethiopiaid Trustees, Report Fraud and misappropriation of funds in Ethiopia. Partnership agreements with every partner. M&E checks. Partners to have policies on anti-fraud, bribery and corruption. Audit trail of funds transferred. Safeguarding lead Trustee. Ethiopian partners to have own safeguarding policies, prO￿sSeS and training in place. Ethiopian partners must commit to Ethiopiaid's safeguarding policy and code of conduct. Annual refresher safeguarding training for Ethiopiaid stsff. Safeguarding training delivered to volunteers travelling overseas with Ethiopiaid. The charty will focus on deltvering ex￿lIent stewardship of donors to encourage longevity of support. Donors wishing to cancel will be asked to consider reducing or pausing their donations as an altematNe. Efforts will be directed to recruit new donors and increase other income streams for the charity. Inability to travel to Ethiopia to undertake the Remote M&E processes will be reviewed and monitoring and evaluation of grants made to strengthened. Ethiopian based consultants will be partners. sought to support where necessary. Risk to our partners of being unable to delNer Unrest, conflict and political changes can impact ServI￿S and programmes as planned. on our pathers abilty to deliver their work. The charity actively monitors the social and political landscape in Ethiopia seeking advice from its partners and networks. Continuity plans are in pla￿ should a situation arise that might affect our partners work. Demands for additional funding to support our The charity will ensure that funding decisions are partner5 response to covid may increase. made quickly and grants released early as appropriate and necessary. Exploitation of beneficiaries. Reduction in income from individual donors due to economic downtum in the UK Page g Ethiopiaid Trustees. Report Safeguarding All Ethiopiaid trustees, employees and volunteers must read, understand and commit to Ethiopiaid's safeguarding policy and code of conduct We expect all staff and trustees of Ethiopiaid to 2dhere to the highest standards, ensuring that we do no harm,. act at all times with integrty, accountability and transparency, and to work in the best interests of those we work with. Ethiopiaid's safeguarding policies follows best practice and is drawn from ACFID Code of Conduct (recognized as a 'leader' in this), the Core HumanitarÉan Standard (CHS). ICRC and other bodies. We have robust safeguarding and whistleblowing policies in place and ensure that our Ethiopian partners also have a safeguarding policy in place that meets a minimum recognized stsndard. In addition we expect them to adopt our safeguarding poltcy. We have zero tolerance against discrimination in and out of the workplace. This includes any discrimination or unfair treatment towards our Ethiopian beneficiaries and partners, our volunteers. stsff and donors. Our duty of care is not limited to just beneficiaries, staff and volunteers, but also includes children and vulnerable adults in the communities served by our partners who are not direct beneficiaries but may be vulnerable to abuse. Structure, governance and management Type of governing document The company is a charitable company. limited by guarantee and registered as a charity on 8 November 1989. The company was established under a Memorandum of Association which estsblished the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1. Page 10 Ethiopiaid Trustees. Report rrustee selection methods The Trustees are responsible for the governance and oversight of the charity, and have control of the Charity and its propety and funds. Subsequent trustees are appointed by the Trustees. Selection is based upon the skills, knowledge or experience which they can bring to the charity as well as their personal commitment to the charity's aims and objectives. The trustees also aim to maintain a balance of Reed family members and external tnjstees to maintain the charitys strong links to the founding family and the Reed company. The directors of the company are also charty trustees for the purposes of charity law and under the company's Articles are known as members of the Management Committee. Under the requirements of the Memorandum and Artides of Association, the minimum number of members of the Management Committee is six but {unless otherwise determined by ordinary resolution) the maximum number of Trustees that may be appointed shall be eight. Trustees shall serve a maximum term of three years after which Trustees can retire or be voted back on to the Trustee board. The Trustees hold at least three meetings a year including an Annual General Meeting. Policies and pmcesses ftir induction of trustees New trustees meet existing trustees, the CEO, employees and others invotved with the charity as appropriate. An induction pack is shared whtch indudes.. the charity's governing document . the charity's latest annual report and accounts minutes of recent trustee meetings charity commission guidan￿ 'The essential trustee: what you need to know (CC3)', and 'The hallmarks of an effective charity (CC10)' . the charittys policy on dealing with conflicts of interest . the cheritys strategic plan . the charity's safeguarding poltcy and code of conduct Page11 Ethiopiaid Trustees, Report The charitys organlsational structure In 2023 the team had 10 stsff members (fve of which were part time including the CEO} who manage the fundraising and associated activities for the charity. The team reports to the CEO who in turn reports directly to the Board of Twstees through the Chairperson. Ethiopiaid is a global ftjndraislng and grant-making neknrk with separately registered charities in Australia, Canada and Ireland. Together we raise funds from our respective countries to provide grants direclly to local trusted partners. Our approach to fundraising is strategic and allows us to respond to trends and opportunities in each county of operation in a way that is market appropriate, follows best practice and recognizes differing charity legislation and professional fundraising codes. This allows us to expand our partner portfolio and the geographic reach of our projects in a sustsined, predictable and lasting way. Each office is responsible for developing and implementing its own county specffic fundraising plans, and together we focus on delwering our overarching global strategy (2020-2024) through a unified organisation-wide approach. Ethiopiaid UK works closely with its sister charities in Ireland, Australia and Canada to maximise global ftjndraising efforts and to coordinate grant making to Ethiopian partners. Since May 2020 Ethiopiaid UK has overseen the operational and fundraising activities of Ethiopiaid Ireland, including the line management of its Charity Officer by the UK CEO. This arrangement will continue in 2024. Page 12 Ethiopiaid Trustees, Report Relationships with related parties In 2023 the chartty benefitted from donated business support (IT, HR and payroll) from Reed Specialist Recruitment Limrted. Ethiopiaid was founded by Sir Alec Reed CBE in 1989 and he served as an Ethiopiaid trustee until 2016. Ethiopiaid Trustee Alexandra Chapman is a member of the Reed Family, a shareholder of the Reed Family Companies and a trustee of the Reed Foundation. Ethiopiaid Trustee PatrÈck Reed is a member of the Reed family. Patrick is the son of James Reed, the current Chairman of Reed Specialist Recruitment, and nephew of Alexandra Chapman the current Chair of the Board at Ethiopiaid. In 2023 the charity benefitted from donated business support (IT, HR and payroll) from Reed Specialist Recruitrnent Limited. Ethiopiaid was founded by Sir Alec Reed CBE in 1989 and he Served as an Ethiopiaid trustee until 2016. In 2023 donations were received from the following related parties: . Alexandra Chapman £11,240 . Alexandra Fenn £180 . Edith Prak £240 Sally Grimsdale £50 Michael Norman £50 In 2023 expenses claimed by related parties: . Vanessa Catterall totsling £73.69 All Trustees complete a Declaration of interests upon appointment which requires them to disclose: if they are related to , or have a close personal connection with, anyone employed by the charity If they have (past and present) connections to an organisation which the charity comes into contact with e.g. beneficiary partner in Ethiopia Pecuniary interests in the charity e.g. Services, rent for propety etc. At the start of each Board meeting trustees are asked to infomi the Board of any confiicts of interest. Any wnflicts of interest are then minuted and the individual asked to step out of the meeting for any relevant agenda item discussion. Page 13 Ethiopiaid Trustses. Report Names of the Trustees Full list of Ethiopiaid's Twstees and their appointment dates: . Alexandra Chapman. First appointsd:18109103 Re-appoinlment:13110115 . Alexandra Fenn, First appointed: 11112107 Re-appointment.. 22109117 Edith Prak, First appointed= 14110114 Helen Horn, First appointed: 18103115 Resigned 1810512023 Michael Norman, First appointed". 05105111 Sally Grimsdale, First appointed: 20101111 Resigned 2311112023 Tessa Reed, First appointed 29101119 Resigned 1810512023 Dr Alex Gebreyes, First appointed: 2710112022 Patrlck Reed, first appointed.. 18105112023 Helena Smith, first appointed: 2110912023 . Vanessa Catterall, first appointed: 2311112023 Remuneration Benchmarking of salaries is undertaken every Ihree years (the last time in 2022} to ensure that the charity offers a fair wage that attracts and keeps qualified and experienced stsff to lead, manage and support the delrvery of the charity's aims. The trustees are ultimately responsible for setbng the salary of the most senior member of staff, the CEO. In 2023 the Board agreed to award a cost of living increase to all staff to mitigate the impact of inflation in the UK. Ethiopiaid Ireland has been wthout a CEO since May 2020. This role was substantsally covered by the UK CEO during the year, in addition to her usual duties, and included line management of Ethiopiaid Ireland's Charity Officer. The cost of any overtime paid to the CEO for additional time spent on this work is offset by contributions from Ethiopiaid Ireland. Page 14 Ethiopiaid Trustees. Report Trustees and Officers The trustees and officers serving during the year and since the year end were as follows: Trustees: A Chapman A Fenn S Grimsdale, (resigned 23 November 20231 M Norman E Prak H Horn, (resigned 18 May 2023) T Reed, (resigned 18 May 2023) A A Gebreyes H Smith {appointed 21 September 2023> V Catterall (appointed 23 November 2023) P J Reed (appointed 18 May 2023) Chief Executive Officer: L Cousins Secretary.. L Cousins Disclosure of inforniation to auditor Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trust&s confirm that there is no relevant information that they know of and of which they know the auditor is unaware. The annual report was approved by the trustees of the charity on behalf by= 29jflL* and signed on its A Chapman Trustee Page 15 Ethiopiaid Statement of Trustees. Responsibilities The trustees (who are also the directors of Ethiopiaid ft)r the purposes of company lawl are responsible for preparing the trustees, report and the financial statements in accordan￿ with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted AccoLJnting Practice). including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company law ￿qUIreS the trustees to prepare financlal statements for each tinancial year. Under company law the trustees must not approve the financial statements unless they are sat15fied that they give a true and fair view of the state of affairs of the charitable company and of the incoming reSoUr￿S and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to. select suitable accounting policies and apply them consistently", observe the methods and principles in the Charities SQRP; make judgements and estimates that are reasonable and pruden( stste whether applicable accounting stsndards, comprising FRS 102 have been ftjllowed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial ststements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hen￿ for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Approved by the trustees of the charity on and sign&J on its behalf by: A Chapman Trustee Page 16 Ethiopiaid Independent Auditor's Report to the Members of Ethiopiaid Opinion We have audited the financial statements of Ethiopiaid (the 'charty') for the year ended 31 December 2023, which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Ststements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is ijnited Kingdom Accounting Standards, comprising Charrtie5 SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law (Untted Kingdom Generalty Accepted Accounting Practice). In our opinion the financial statements.. give a true 8nd fair view of the state of the charty's affairs as at 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended", have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on AudÈting (UK) (ISAS (UK)) and applicable law. Our responsibilities under those stsndards are further described in the auditor responsibilities for the audit of the financial statements section of our reporL We are independent of the charity in accordance wtth the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordan￿ with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to going concern In auditing the financial statements. we have concluded that the trustees use of the going concem 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 un￿rtaintieS relating to events or mnditions that, indtvidually or collectively, may cast significant doubt on the charity's ability to continue as a going con￿rn for a period of at least ￿e1Ve months from when the financial statements were authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. Other infomiation The trustees are responsible for the other information. The other infonrjation comprises the information included in the trustees 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 explicitty stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information. we are required to report that fact We have nothing to report in this regard. Page 17 Ethiopiaid Independent Auditor's Report to the Members of Ethiopiaid Oplnion on other matter prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Report for the financial year for which the financial statements are prepared is consistent with the financial statements- and the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Report. We have nothing to report in respect of the following matters where the Companies AGt 2006 requires us to report to you if, in our opinion- adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us,. or the financial statements are not in agreement with the accounting records and returns,. or certain disclosures of trustees remuneration specified by law are not made,. or we have not recetved all the information and explanations we require for our audit. Responsibilities of trustees As explained more fulFy in the Statement of Trustees. Responsibilities (set out on page 16), the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charity'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 charity or to cease operations. or have no realistic altemative but to do so. Auditor responsibilities for the audFt of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to Influen￿ the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Page 18 Ethiopiaid Independent Auditor's Report to the Members of Ethiopiald Obtained an understanding of the nature of the Industry and sector, including the legal and regulatory framewoTk that the company operates in and how the company is complying wÉth the legal and regulatory frameNork', Inquired of management, and those charged with govemance, about their own identification and assessment of the risks or irregulartties, including known and actual, suspected or alleged instances of fraud: Discussed matters about non-compliance with law5 and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entitys operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. Use of our report This report is made solely to the charitable company's trustees. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has be@n undertaken so that we might state to the charitable companys trustees those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent pem)itted by law, we do not accept or assume responsibility to anyone other than the charitable company and its trustees as a body. for our audit work, for this report, or for the opinions we have formed. lan Uoyd (Senior Statutory Auditor) For and on behalf of Milsted Langdon LLP Chartered Accountants and Statutory Auditor 4 Queen Street Bath BA1 1HE Date.. Page 19 Ethiopiaid ststement of Financial Activities for the Year Ended 31 December 2023 (Including Income and Expenditure Account and Ststement of Total Recognised Gains and Losses) Total 2023 Total 2022 Unrestricted Restricted Note Income and Endowments from: Donations and legacies Investment income 1,730,496 15,818 628,567 2.359,063 15,818 2,885,400 1,101 Total income 1,746,314 628,567 2,374,881 2,886,501 Expenditure on: Raising funds Charitable activities (197,915) 2.093,081 (197,915) 2,883.254 (170,130) 3.049,371 790,173 Total expenditure Net expenditure Transfers be￿en funds 2,290.996 790,173 (3.081,169) 3,219,501 (544,682) 70,000 (1 $1,606) 70,000 (706,288) (333,000) Net movement in fvnds {614,682> (91,606) (706.288) (333,000) Reconciliation of funds Total ftjnds brought forward Total fvnds carried for4vard 2,167,188 107.244 2,274,432 2,607,432 17 1,552,506 15,638 1,568.144 2,274,432 All of the charity's adivittes derive from continuing operation5 during the above kn periods. The funds breakdown for 2022 is shown in note 17 on page 35. The notes on page5 23 to 40 form an integral part of these financial statements. Page 20 Ethiopiaid (Registration number: 02435882) Balance Sheet as at 31 December 2023 2023 2022 Note Flxed assets Tangible assets Current assets Debtors Cash at bank and in hand 13 8,791 5,595 14 170,320 1,435.497 184,927 2,143,694 2,328,621 1,805,817 Creditors: Amounts falling due withln one year Net current assets 15 59,784) 1,559.353 2,268,837 Net assets 1,568,144 2,274,432 Funds of the charlty: Restricted income funds Restricted funds 15,638 107,244 Unrestrlcted income funds Unrestricted funds 1,552,506 2,167,188 Total funds 17 1,568,144 2,274,432 The finanoa tstements on pages 20 to 40 were approved by the trustees, and authorised for issue and signed on their behalf by- A Chapman Trustee The notes on pages 23 to 40 form an integral part of these financial statements. Page 21 Ethiopiaid Statement of Cash Flows for the Year Ended 31 December 2023 2023 2022 Note Cash flows from operating activities Net cash expenditure (706,288) (333,000) Adjustments to cash flows from non 2,425,576 1,435,497 2,143,694 All of the cash flows are derived from continuing operations dLtring the above Iwo periods. The notes on pages 23 to 40 fomi an integral part of these financial statements. Page 22 Ethiopiaid Notes to the Financial Statements for the Year Ended 31 December 2023 1 Charity status The charity is limited by guarantee. incorporated in England and Wales, and consequenly does not have share capital. The address of its registered office is.. 1 Circus Place Bath BA12PG These financial statements were authorised for issue by the trustees on ..LS..j J- I 2 Accounting policles Summary of significant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These poltcies have been consistently applied to all the years presented, unless othernise stated. Statement of Compliance These revised financial ststements replace the original financial statement for the year ended 31 De￿mber 2022 which were approved by the board on 18 May 2023. These revtsed financial statements are now the statutory financial ststements of the company for this period. In accordance with the Companies Act 2006, the financial statements have been revised as at the date of the original financial statements and not as at the date of this revision. Accordingly, they do not deal with events between those dates. The financial statements have been prepared in accordance wrth Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Chartties SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011. Basis of preparation Ethiopiaid meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise ststed in the relevant accounting policy notes. Going concern The trustees consider that there are no material ￿n￿rtaIntieS about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the Carrying value of assets held by the charty. Income and endowments All income is recognised once the charity has entittement to the income, it is probable that the income will be re￿IVed and the amount of the income receivable can be measured reliably. Page 23 Ethiopiaid Notes to the Financial Statsments for the Year Ended 31 December 2023 Donatlons and legacles Donations are recognised when the charity has been nottfied in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period. Legacy gifts are recognised on a case by case basis following the grant of probate when the administratorlexecutor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the fomi of an asset other than.cash or a financial asset traded on 8 recognised stoGk exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity. Gifts in klnd In kind support has been recognised at the commercial value ol giftslservices received, less the amount paid by the Chartty. DonatlDns in kind are recognised when the receipt of the benefit is probable and the economic benefit can be measured reliably, being the amount the clients would have been willing to pay for the services or facilities re￿Ived. A corresponding amount is recognised in expenditure in the period of receipts. Investment income Interest on fvnds held on deposit is included when receivable and the amount can be measured reliably by the charity- this is normally upon notifjcation of the interest paid or payable by the bank. Volunteer time No amount is included in the financial statements for volunteer time in line with the Charity SORP (FRS 102). Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settiement is required and the amount can be measured reliably. All costs are allocated to the applicable expendtture heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of reSoUr￿s, with central staff costs allocated on the basis of time spent. and depreciation harges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Raislng funds These are costs incurred in attracting voluntsry income. the management of investments and those incurred in trading activities that raise ftjnds. Charitable activities Charitable expenditure comprises those costs incurred by the charity in the delivery of its actNities and services for its beneficiaries. It includes bolh costs that can be allocated directly to Such activities and those costs of an indirect nature necessary to support them. Grant provisions Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable. Page 24 Ethiopiaid Notes to the Financial Ststements for the Year Ended 31 December 2023 Support costs Support costs include central functions and have been allocated to acttvity cost categories on a basis consistent with the use of resources, for example, allocating propety costs by floor areas, or per capita, stsff costs by the time spent and other costs by their usage. Governance costs These include the costs attributable to the charity's compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses. Taxation The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the 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 tsxation in respèct of income or capital gains received within categories covered by Chapter 3 Part 11 of the 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. Tangible fixed assets Individual fixed assets costing £40 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreciation and amortisation Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows". Asset Class Depreciation method and rate offi￿ equipment 250/0 reducing balan Debtors Debtors are recognised initialty at the transaction price. They are subsequentty measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of debtors is established when there is objectNe evidence that the charity will not be able to collect all amounts due according to the original tsrms of the receivables. Cash and cash equNalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Page 25 Ethiopiaid Notes to the Financial Statements for the Year Ended 31 December 2023 Creditors Creditors are obligations to pay for goods or serVi￿S that have been acquired in the ordirsary course of business from suppliers. Accounts payable are classified as current liabilities if the charty does not have an unconditional right, at the end of the reporting period. to defer settlement of the creditor for at least trwelve months after the reporting date. If there is an unconditional right to defer settlement for at least tWe￿e months after the reporting date, they are presented as non-current liabilities. Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. Fund structure Unrestricted income funds are general funds that are available for use at the trustees discretion in rt￿eran￿ of the objectives of the charity. Restricted income funds are those donated for use in a particular area or for speciftc purposes, the use of which is restricted tr) that area or purpose. Pensions and other post retirement obllgations The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity ha5 no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribLltion plans are recognised in the Ststement of Financi81 Activities when they are due. If contribution payments exceed the contrlbution due for seNice, the excess is recognised as a prepayment. Financial instruments Classrflcation Financial assets and financial liabilities are recognised when the charty becomes a paty to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument ts any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. Page 26 Ethiopiaid Notes to the Financial Statements for the Year Ended 31 December 2023 Recognition and measurement All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classÈfied as at fair value through profit or loss, which are initi811y measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or frnancial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Financial assets are derecognised when and only when a) the contractual rights to the cash fiows from the financial asset expire or are settled, b) the charity transfers to another paty substantially all of the risks and rewards of ownership of the financial asset, or c) the charty, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised On￿ when the obligation specified in the contract is discharged, cancelled or expires. Page 27 Ethiopiaid Notss to the Financial Ststements for the Year Ended 31 December 2023 3 Income from donations and legacles Unrestricted Total 2023 Total 2022 General Restricted Donations and legacies., Legacies Donations Gift aid reclaimed Gifts in kind 406,773 1,084,245 234,478 5,000 1.730,496 46,404 582.163 453,177 1,666,408 234,478 5,000 706,426 1,914.140 259,834 5,000 628,567 2,359,063 2.885,400 £1,730,496 (2022 £2,035,075) of the income above was attributable to unrestricted funds and £628,567 (2022 - £850,325) attributsble to restricted funds. 4 Investment income Unrestricted funds General Total 2023 Total 2022 Interest receivable and similar income-, Interest re￿[Vable on bank deposits Other investrnent income 15,391 427 15,391 427 794 307 15,818 15,818 1.101 All of the income above was attributable to unrestricted funds in 2023 and 2022. Page 28 Ethiopiaid Notes to the Financial Statements for the Year Ended 31 December 2023 S Expenditure on raising funds a) Other costs of generating donations and legacles Totsl 2023 Total 2022 Direct costs Costs of generating donations and legacies Other costs of generating funds 180,475 17,440 180,475 17,440 197,915 144,281 25,849 170,130 197,915 All of the expenditure above was attributsble to unrestricted funds in 2023 and 2022. 6 Expenditure on charitable activities Unrestricted Total 2023 Total 2022 General Restricted Nots Grant funding of acttvities Staff costs Alocated support costs Govemance costs 1.643,352 326,393 790,173 2,433,525 326,393 2,626,121 290,769 111,205 12.131 111,205 12,131 121,157 11,324 3,049,371 2,093,081 790,173 2,883,254 £2,093,081 {2022 - £1,511,275) of the expenditure above was attributable to unrestricted funds and £790,173 (2022 - £1,538,096) attributable to restricted funds. Page 29 Ethiopiaid Notes to the Financial Statsments for the Year Ended 31 December 2023 7 Analysls of governance and support costs Support costs allocated to charitable activities Admini -Stration costs Other support costs Finance costs Staff costs Total 2023 Total 2022 Staff development Insuran Office expenses Online Donation Processing Sundry expenses Consultan¢y fees Bank charges Legal and professional Depreciation Direct Debit processing fee Safeguarding Refunds 7,533 7,533 2,732 54.536 6,734 2,625 71,334 2,732 54.536 4,007 4,007 877 4.912 2,397 1,251 803 3,099 2,516 877 4.912 2.397 552 1,399 552 1,399 2,392 1,581 12,235 20,025 12,235 20.025 13,019 21,330 5.527) 2,397 7,533 4,007 97,268 111,205 121,157 Governance costs Unrestricted Totsl 2023 Total 2022 General Other non-audit ServI￿S Auditors remuneration 2,588 9,543 12,131 2,588 9,543 12,131 4,503 6,821 11,324 Page 30 Ethiopiaid Notes to the Financial Statsments for the Year Ended 31 December 2023 8 Grant-maklng Anatysls of grants Grants to institutions 2023 2022 Analysis Ethiopia Partner Support 2,433,525 2.626,121 The support c<)sts associated with grant-making are £456,238 {31 December 2022 - £423,250). Below are details of material grants made to institutions 2023 2022 Name of Partner Action on Podoconiosis and Integrated Development Organisation Afar Pastoralist Development Association Agro- Pastoral initiative for Development Association Development Horn Association of Women's Sanctuary and Development Atsedes Matemity Clinic Centre of Concern Cheshire Foundation Action for Inclusion Cheshire Services Ethiopia Community Association for Destitute Abandoned People Community Development Servi Association Community Sustainable Development Aid Development and Relief Association Egna Le Egna Youth Health and Development Organization Empathy for Life Integrated Development Association Ethiopian Women with Disabilities National Association Federation of Ethiopian Persons with Disabilities 40,000 80,000 170,000 286,000 21,000 20,000 120.316 55,000 20,000 299,880 52.000 14,375 330,000 327,000 15,035 20,864 20,000 18,000 16,000 24,806 18,680 19,932 Page 31 Ethiopiaid Notes to the Financial Ststements for the Year Ended 31 December 2023 Felege Tena Podoconiosis and Integrated Development Organization (Fr-PlDO) For Development Association Ethiopia Friends for Integrated Dev Assoc Future Generation Hope for Vulnerable Children Hamlin Fistula Hospital & Midwifery College Healing Hands of Joy Help for Persons with Disabilities Organisation Hope Enterprises Hope Enterprises University College Hope for Development Association Hope of Light Hospi￿ Ethiopia LeDEG Midwifery College Light Ethiopia Mahizel Integrated Development Organization National Podoconiosis Action Ne￿ork Nexus Ethiopia Nicholas Robinson School (Rainbows for Children) Nutrition 4 Education and Development Professional Alliance for Development Rajo Somali Women Living with HIV Salu Self-Help Blind and Handicapped Association Save Generation Development Association SENEthiopia Shalom Integrated Community Development Org Shabelle for Development Support Association Studio Samuel Foundation Sunrise Ethiopia Development Program Support for Children. Women and Older People Tarkanfi Sustainable Development The Big Give Christmas Challenge UN Trust Fund Vineyard Children's Home 20,000 50,000 15,330 16,000 143,044 101,000 50,000 70,000 20,000 264,734 76.500 272,500 50,000 17,000 82,000 96,750 103,848 100.000 20,000 20,000 19,500 5,000 19,000 40,000 20,000 15,600 19,963 22,000 18,384 19,000 20,000 (13,000) 10,000 19,614 20,000 39,520 45,000 20,410 194,200 2Q,000 100,OOD 5,070 2Q2,000 g3,874 19,867 Page 32 Ethiopiaid Notes to the Financial Statements for the Year Ended 31 December 2023 Wings of Healing 337,250 2,433,525 150,000 2,626,121 9 Net incomingloutgoing resources Net outgoing resources for the year include.. 2023 2022 Audit fees Other non-audit services Depreciation of fixed assets 9,543 2,588 1,399 6,821 4,503 1,581 10 Trustees remuneratlon and expenses No trustees, nor any persons connected with them, have received any remuneration from the chanty during the year. 11 Staff costs The aggregate payroll costs were as follows: 2023 2022 Staff costs during the year were: Wages and salaries Social security costs Pension costs 286.275 28.097 12.021 326,393 259,820 24,175 6.774 290,769 The monthly average number of persons (including senior management team) employed by the charrty during the year was as follows: 2023 2022 Support staff 10 The numbèr of employees whose emoluments fell within the following bands was-. 2023 £80,001- £70,000 The tot81 employee benefits of the key management personnel of the charity were £78,265 (2022 - £65,166). This consists of gross salary £68,245 (£2.219 recharged to Ethiopiaid Ireland) 12022.. £57,087), employerfs national insurance £7,818 (2022: £6,690) and employerfs pension contribution £2,202 (2022.. £1,389). Page 33 Ethiopiaid Notes to the Financial Statements for the Year Ended 31 December 2023 12 Taxation The charty is a registered charity and is therefore exempt from taxation. 13 Tangible fixed assets Furniture and equipment Totsl Cost At 1 January 2023 Addiiions 11,126 4,595 11,126 4,595 At 31 December 2023 15,721 15,721 Depreciation At 1 January 2023 Charge for the year At 31 December 2023 5,531 ,399 5,531 1,399 6,930 6,930 Net book value At 31 December 2023 8,791 8,791 At 31 December 2022 5,595 5,595 14 Debtors 2023 2022 Gift aid Prepayments Legacies other debtors 41,334 4,507 77,379 47,100 66,830 3,920 44,1TI 70,000 170,320 184.927 15 Creditor5: amounts falling due within one year 2023 2022 Trade creditors Other taxation and social security Other credttors Accruals 6,138 5,854 20,065 14,407 27,148 4,523 18,133 9,980 46,464 59,784 Page 34 Ethiopiaid Notes to the Financial Statements for the Year Ended 31 December 2023 16 Pension and other schemes Defined contribution pension scheme The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £12,021 (2022 £6,774). Contributions totalling £1,760 (2022 - £1.510) were payable to the scheme at the end of the year and are included in creditors. Page 35 Ethiopiaid Notes to the Financial Statsments for the Year Ended 31 December 2023 17 Funds Balance at 31 December 2023 Balance at 1 January 2023 Incoming Resources resoU￿e$ expended Transfers Unrestricted funds General General Fund Capacity Building Funds 2,123,688 43,500 1,746,314 (2,264,246) 26,750 (70,000) 1,535,756 16,750 1,552,506 2,167,188 1,746,314 2,290,996) 70,0001 Restricted funds Dignity Period Project Hamlin Fistula Hospital Cheshire Services Association for Women's Sanctuary and Development Hope Enterprises Education Emergency relief Matemal Health Women and Girls Hope Enterprises Universty College Healing Hands of Joy Afar Pastoralist Development Association Studio Samuel Cheshire Foundation Action for Inclusion Hope of Light Atsedes Matemity Clinic Support for Children, Women & Older People Wings of Healing 1,024 50,414 2,750 1,024 14,614 107,244 1143,044) (2,750) 1.020 18,180 67,823 116,172 149,601 71,159 (1.020) (18,180) (67,823) (116,172) (149,601) (71,159) 22,130 22,657 (22,130) 192,6571 70.000 27,185 18,120 (27,185) (18,1201 14,375 14.373 3,000 (14,375) (14,373> (3,000) 2,084 26,500 (2,0841 (26,500) Total restricted funds 107,244 628,567 790,173 70,000 15,638 Totsl funds 2.274,432 2,374,881 3,081,169 1,568,144 Page 36 Ethiopiaid Notes to the Financial Statsments for the Year Ended 31 December 2023 Balance at 31 Deeember 2022 Balance at 1 January 2022 Incomlng Resources resources expended Transfers Unrestricted funds General General Fund Capacty Building Funds 2,514,600 50,000 2,564,600 2,036,178 (1,674.905) (6,500 1.681,405 (752,183) 2,123,688 43,500 2,036,176 752,1831 2,167.188 Restricted Dignity Period Project Hamlin Fistula Hospital Cheshire Services Association for Women's Sanctuary and Development Support for Women, Children and Older People Hope Enterprises Afar Pastoralist Development Association Studio Samuel 1,793 41,039 1,284 116,205 21,369 (3,077) (50,0001 {327,000) 107,244 305,631 222.034 (299,832) 77,798 84 226,417 (202,000) (328,264) 201,916 101,847 248,817 14,115 {286,000) 45,000) 37,183 30,885 Total restricted funds 42,832 850,325 1,538,096 752,183 107,244 Total funds 2,607,432 2,886,501 (3,219,501) 2,274,432 Page 37 Ethiopiaid Notss to the Financial Statements for the Year Ended 31 December 2023 The specific purposes for which the funds are to applied are as follows.. Capacity Building Funds This fund ha5 been created to strengthen the infrastructure and reputation of Ethiopiaid's local partners to help them improve the planning. delivery and evaluation of activities. We see this as an important tool to support the development and 5UStainability of our partners, helping them to be 'funder ready and able to secure funding from other international and local donors, Funding of the Capacity Strengthening Fund is provided by a grant maker who has a keen interest in this focus area and understands the importance of working with local partners to build their organisational resilience and capacity. Dignty Period Project To fund the expansion of a schools menstrual hygiene programme in the Tigray regions. Hamlin Fistula Hospital and Midwifery College To fund obstetric fistula surgeries. rehabilitation and midwifery training undertaken by thi5 organisation only. Cheshire Services Ethiopia To fund the costs of programmes for children and young people living with disabilities, this includes surgery, physiotherapy and rehabilitation. the provision of mobility devices, and a livelihoods programme for disabled households. Association for Women's Sanctuary and Development (AWSAD) To fund the running costs of the organisation's safe house and gender-based violence prevention programmes in Addis Ababa. Hope Enterprises To fund the technical vocational training programmes at the Addis Ababa Branch of Hope and associated core costs. Special Educational Needs Ethiopia (previously SENfigrdy> To fund stsff costs for enrichment and transition posts to support visually impaired children at the Mekele Blind School. Tigray. and visually impaired teenagers Itving independently in the community. The organisation paused ts nornial activities because of conflict in the region. Hope Enterprises Unfverslty College To fund student bursaries so that students who are experiencing povety can access and continue their education. Healing Hands of Joy To fund the training of fistula patients to become safe motherhood ambassadors. Afar Pastoralist Development Associatlon (APDA) To fund programmes to prevent hamiful practi￿5 (FGM and early marriage) in communities in the Afar region of Ethiopia. Restricted funds were also raised for emergency relief and recovery projects deltvered by APDA. Studio Samuel To fund a project which trains girls to design and produce period packs which are then distributed for free to schoolgirls to support them to stay in school. Page 38 Ethiopiaid Notes to the Financial Statements for the Year Ended 31 December 2023 Support for Women, Chlldren and Older People (SCWOP) To fund monthly welfare pensions for 1,071 destitute elders and 100 orphaned vulnerable children. Hospice EthÈopia To fund the delrvery and expansion of a communty based palliative care programme in Addis Ababa, Bahirdar and Hawassa. The transfers be￿een funds are to cover resources expended in excess of incoming resources within the restriGted funds. These allocations have been made from the General Fund. 18 Analysis of net assets between funds Total funds at31 December 2023 Unrestrlcted funds General Restricted funds Tangible fixed assets Current assets Current liabilÉties 8,791 1,590,179 46,464 8,791 1,605,817 46,464) 15,638 Total net assets 1,552,506 15,638 1,568.144 Total funds at31 December 2022 Unrestricted funds General Destgnated Restrictsd funds Tangible fixed assets Current assets Current liabiltties 5,595 2,064,783 59.784) 5,595 2,328,621 59,784) 50,000 213,838 Total net assets 2.010,594 50,000 213,838 2,274,432 19 Analysis of net funds At31 December 2023 At 1 January 2023 Flnanclng cash flows Cash at bank and in hand 2,143,694 2,143,694 (708,197 1,435,497 Net debt 708,1971 1,435,497 At31 December 2022 At 1 January 2022 Flnancing cash flows Cash at bank and in hand 2,425,576 {282,213) 2,143,363 Net debt 2,425,576 282,213 2 143,363 Page 39 Ethiopiaid Notes to the Financial Ststsments for the Year Ended 31 December 2023 20 Related party transactlons During the year the charity made the following related paty transactions: Reed Speclalist Recruitment Limited Gifts in kind were received for the use of Reed Specialist Recruitment Limited office space and other fund raising costs, totalling £5,000 (2022: £5,000). This transaction has occurred on an arm's length basis. Reed Specialist Recruitment ￿rnited provides payroll services for Ethiopiaid for free. No value can be determined for the provision of this service as Reed Specialist Recruttment Limited does not charge third paty companies as a payroll bureau. At the balance sheet date the amount due tolfrom Reed Spectalist Recruitment Limited was £Nil (2022 - £Nil). Ethiopiaid Ireland. A Chapman was a trustee of both Ethiopiaid and Ethiopiaid Ireland during the year. £7,357 of expenses were recharged to Ethiopiaid Ireland in 2023. At the balan￿ sheet date the amount due tolfrom Ethiopiaid Ireland was £Nil (2022 - £Nil). A Chapman (a trustee) A Chapman made donations of £11,240 (2022: £290) to Ethiopaid during the year At the balance sheet date the amount due tolfrom A Chapman (a trustee) was £Nil (2022 - £Nil). E Prak (a trustee) E Prak made donations of £240 (2022: £240) to Ethiopaid during the year At the balance sheet date the amount due tolfrom E Prak la trustee) was £Nil (2022 - £Nil). A Fenn (a trustee) A Fenn made donations of £18012022: £45) tr) Ethiopaid during the year At the balance sheet date the amount due tolfrom A Fenn {a trustee) was £Nil (2022 - £Nil). S Grimsdale (a trustee) S Grimsdale made donations of £50 (2022: £Nil) to Ethiopaid during the year At the balance sheet date the amount due tolfrom S Grimsdale (a trustee) was £Nil (2022 - £Nil). M Noman {a trustee) M Norman made donations of £50 (2022: £Nil) to Ethiopaid during the year At the balance sheet date the amount due tolfrom M Norman (a trustee) was £Nil (2022 - £Nil). V Catterwell (a trustse) V Catterwell was reimbursed expenses of £7412022". £Nil) during the year At the balance sheet date the amount due tolfrom V Catterwell (a trustee) was £Nil (2022 - £Nil). Page 40