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2025-12-31-accounts

Company no. 02435882 Charity no. 802353

Ethiopiaid

Report and Audited Financial Statements 31 December 2025

Ethiopiaid

Reference and administrative details

Reference and administrative details Reference and administrative details
For the year ended 31 December 2025
Company number 02435882
Charity number 802353
Registered office and 1 Circus Place
operational address Bath
BA1 2PG
Trustees Trustees, who are also directors under company law, who served during
the year and up to the date of this report were as follows:
N Bullock Appointed 30 May 2025
V Catterall
A Chapman
A Fenn
A A Gebreyes
M Norman Resigned 30 May 2025
E Prak
P J Reed
H Smith
Company secretary R Fuller Appointed 23 April 2025
L Cousins Resigned 23 April 2025
Chief executive officer A Lord Appointed 24 April 2025
L Cousins Resigned 23 April 2025
Bankers CAF Bank HSBC Bank
25 Kings Hill Avenue Knightsbridge Premier Centre
West Malling 102 Brompton Road
Kent London
ME19 4JQ SW3 1JJ
Barclays Bank
Hounslow
Leicester
LE87 2BB
Auditors Godfrey Wilson Limited
Chartered accountants and statutory auditors
5th Floor Mariner House
62 Prince Street
Bristol
BS1 4QD

1

Ethiopiaid

Report of the trustees

For the year ended 31 December 2025

The trustees present their report along with the financial statements of the charity for the year ended 31 December 2025.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).

Aims and Objectives

Purpose of the charity

Ethiopiaid works with Ethiopian partners to improve the lives of some of the poorest and most vulnerable people in Ethiopia. Ethiopiaid’s Global Strategy (2020-2025) states the charity’s key objectives:

Summary of main activities

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 2025 £1,858,192 was transferred to partners. This included:

▪The small grants programme which awarded grants to three NGOs in Ethiopia; and

Funds distributed focused on the following main areas of work:

The charity’s core, long-term partners who received funding in 2025 are:

Afar Pastoralist Development Association (APDA)

APDA works in the remote Afar region in Northern Ethiopia, to end harmful practices such as female genital mutilation (FGM) and early marriage. APDA's outreach health workers support families, FGM practitioners, communities and religious leaders to challenge attitudes, change mindsets and protect young girls. APDA also deliver life-saving relief and recovery projects for communities affected by drought, food insecurity, disease and conflict.

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Ethiopiaid

Report of the trustees

For the year ended 31 December 2025

Action on Podoconiosis and Integrated Development Association (APIDO)

APIDO delivers 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 identify patients, provide care and support, and address the negative attitudes to people with podo. Local health professionals are trained to raise awareness in communities about the importance of wearing shoes. They train young people to become shoemakers and establish shoemaking workshops where oversized shoes are produced for podo sufferers, thereby ensuring sustainability of the project.

Atsedes Maternity Clinic

A rural health clinic located in the remote mountainous area of the Gurage zone. Atsede’s Maternity Clinic was founded by experienced local midwives and provides sensitive and individualised maternal health care for women. The clinic includes a birthing suite, delivery room, emergency clinic and several outreach projects. In 2025, the clinic burnt down and Ethiopiaid supporters raised funds to help rebuild and refurnish it – due for re-opening in 2026. Ethiopiaid also funds the Midwives on the Move project, to improve maternal health outcomes and wellbeing by taking services and support to rural women in their homes and remote communities.

Cheshire Services Ethiopia

Cheshire Ethiopia is a leading disability charity working with adults and children to 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. Cheshire's Reed House Clinic in Addis offers outpatient clinics to mothers and their young children who are living with complex physical and learning disabilities.

Hamlin Fistula Hospital and Midwifery College

The Hamlin Fistula Hospital is world-renowned for the treatment and rehabilitation of women suffering from obstetric fistula. Ethiopiaid provides funds for 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. Hamlin are one of four maternal health partners, three of which focus on supporting women living or recovering from an obstetric fistula.

Healing Hands of Joy (HHOJ)

Healing Hands of Joy rehabilitate 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 centres. Ambassadors also walk door to door in rural areas to identify women living with untreated fistula and support them to access free surgery and rehabilitation. Funding was also provided for the establishment or refurbishment of maternity waiting homes at health centres to provide high risk pregnant women, or those living great distances from services, with a safe space to stay in the weeks before their due date.

Hope Enterprises and Hope Enterprises University College (HEUC)

Hope Enterprises provides and supports education for low-income students from primary to tertiary level. In 2025 Ethiopiaid continued its funding of Hope’s award-winning technical and vocational education programme in Addis and their daily feeding programme for children and adults experiencing extreme poverty in Dessie and Addis. In collaboration with an Ethiopiaid funder, we are also supporting the installation of solar power at the rural Assosa School to remove the need for wood burning stoves in the kitchen, provide power to the school and for a water pump which will also provide irrigation for the school’s 10 hectare farm.

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Ethiopiaid

Report of the trustees

For the year ended 31 December 2025

Funding was provided for student bursaries for impoverished students attending Hope Enterprises University College, Ethiopia’s first not-for-profit university. Their mission is to provide the next generation of aspiring professionals and leaders the option of pursuing a world class degree without leaving their country and cultural setting.

Hope of Light

Hope of Light provides surgery for women living with an obstetric fistula or pelvic organ prolapse. In 2025 Ethiopiaid provided funding to support the running costs of their fistula surgery centres in Jimma and Gondar, alongside community awareness and patient identification programmes. As one of our three fistula partners, Hope of Light’s fistula service fills the gap in provision so that more women in need can be reached.

Hospice Ethiopia

Hospice Ethiopia provide palliative home care to terminally ill people living in poverty who have little or no access to medical assistance, pain relief or wellbeing support. A significant part of their work is to train medical professionals and embed palliative care within the health system in Ethiopia. Donor funding was also provided for specialist training of three nurses in Paediatric Palliative Care which was completed in 2025.

NEXUS Ethiopia

Nexus focuses on delivering humanitarian aid and support designed and driven by local communities. Funding given in the year was directed towards a project to improve the emotional and physical wellbeing of female survivors of sexual violence in the Tigray region.

Studio Samuel

Studio Samuel’s mission is to engage vulnerable girls in after school and weekend clubs where they learn a variety of life and vocational skills to help them thrive at school and secure future employment. One project is peer to peer training on the production of reusable menstruation packs. The girls design, produce and distribute these packs free of charge to secondary schools to ensure that other girls can stay in school with dignity and without shame during their periods. At the same time, they learn about business, team working and building their own self confidence.

Support for Children, Women and Older Persons (SCWOP)

Ethiopiaid funding provides welfare support to 1,071 elders and 100 orphaned vulnerable grandchildren living in poverty in Addis. A monthly pension payment is made to each elder so that they can purchase basic food staples, with extra payments for those with dependant grandchildren. Funding is also provided to support medication and surgery to treat eye problems and restore sight.

Wings of Healing

Wings of Healing received funding for three main areas of work: a cervical cancer screening programme in Addis and Mekele (Tigray region);and the restoration of maternal health services in 4 health centres in post-conflict Tigray.

Emergency and Recovery Funding

Ethiopiaid continued its commitment to supporting its core partners with emergency and recovery funding to support communities through challenges such as water and food shortages, tackling disease outbreaks, and post conflict/crisis recovery.

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Ethiopiaid

Report of the trustees

For the year ended 31 December 2025

The Trustees agreed to continue ringfencing £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 assistance whilst a fundraising appeal is launched.

Capacity Strengthening Programme

2025 saw us celebrate the third year of this fund, providing financial support to our core partners to access capacity strengthening training for needs identified by the partners themselves. Access to funding resulted in:

We were delighted to host our second Partner Peer Exchange (PPE), held on 13-14 November 2025 in Addis Ababa. Partners were involved from the inception of the event through to delivery and guided the design of session topics - with six presenting an area of their work and leading discussions. The focus of the PPE was to share ways of working, best practice, how to address common challenges, and to foster new connections and collaborations.

44 staff representatives attended from 16 partner organisations. We encouraged wide representation from each partner, not just senior leadership attendance.

With positive feedback from our partners, the Capacity Strengthening Programme will continue in 2026 - along with the PPE, which is now an annual event at the request of our partners.

Fostering funder connections with other funders

Ethiopiaid successfully shared international calls for proposals with its partners as well as training and development opportunities. Technical support and advice were offered by Ethiopiaid staff to support any applications made.

Several introductions to other international funders were also made during the year. This resulted in six of Ethiopiaid’s partners directly receiving large grants of 5 figures or more. Ethiopiaid considers the championing of its partners to other funders an important area of work. This will continue in 2026 to enable partners to be sustainable, diversify their donor base, and less dependent on Ethiopiaid.

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 assess potential for longer-term partnerships. Since its founding in 2015 the programme has provided over £1m in funding. In 2025 small grants were awarded to three NGOs in Ethiopia totalling £60,000.

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Ethiopiaid

Report of the trustees

For the year ended 31 December 2025

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. This enables us to reach even more programmes in Ethiopia, encouraging more support for the country. In 2025 Ethiopiaid’s champion fund supported 9 UK based charities with £50,000 of champion funds. This leveraged a further £240,866 in donations from the participating charity’s own supporters. The charities supported were: Exeter Ethiopia Link, For Ethiopia, Global Clubfoot Initiative, Hope International Development Agency, Hospice Ethiopia UK, MEKETA, Northwood African Education Foundation, Project Harar, and Together We Learn.

Public benefit

To ensure that the utmost public benefit will 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 predominantly supports local, Ethiopian-registered charities to promote capacity building and maximise cost effectiveness.

The trustees are therefore confident that Ethiopiaid meets the public benefit requirements, and they confirm that they have taken into account the guidance contained in the Charity Commission's general guidance on public benefit where applicable.

Policy on Grant Making

We are committed to investing in partnerships that expand our reach and impact across Ethiopia.

Partnership selection is based on four principles: integrity, passion, excellence, and commitment. Before working with a new partner due diligence is undertaken to assess any potential risks. New partners are always considered through the lens of our global strategy.

Ethiopiaid remains in partnerships as long as there is a clear need, and funding continues to make a significant impact.

Fundraising Regulations

The charity adheres to the Institute of Fundraising Code of Practice, is registered with the Information Commissioners Officer, and the Fundraising Regulator. We also publish details of partner grants sent to Ethiopia annually as part of the International Aid Transparency Initiative (IATI).

Complaints are recorded by the charity on the complaints register and shared with the Fundraising Regulator annually. In 2025 there were a total of 4 complaints received by the charity related to receiving communications from the charity. All complaints were dealt with immediately and any remedial actions required taken.

The charity did not receive any data subject access requests during the year. There were no data breaches to report.

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Ethiopiaid

Report of the trustees

For the year ended 31 December 2025

Achievements and Performance

Key achievements for the year included:

Financial achievements against objectives set

Ethiopiaid’s Main Goals for 2026

Donor acquisition, stewardship and retention

Focus will be given to recruiting new and reactivating lapsed donors to the charity. We will continue work on strengthening relationships with our donors and stewardship to mitigate attrition and ensure the charity has a sustainable donor base for the future.

Developing income streams for the long term

We will continue to seek opportunities to diversify and grow income streams which are sustainable and cost effective. This will include raising the charity’s profile in the UK’s philanthropic landscape, recruiting the next generation of individual donors, investing in our legacy and in memorium giving, and further development of our portfolio of grant makers.

Working with our local partners to support capacity strengthening

Building upon the success of our capacity strengthening programme we will offer funding for capacity training/needs identified by our partners and deliver opportunities to learn, share and connect throughout the year. The content of which will be driven by our partners. We will also create a ‘partner funding hub’ to share direct funding calls and offer technical support to partners who have the resources to apply directly to international funders. Our aim is to provide practical support to our partners to increase their effectiveness, social impact and expand their funder base.

Global Strategy 2026-30

In 2026 Ethiopiaid will launch our new Global Strategy shared by Ethiopiaid UK, Ethiopiaid Ireland, Ethiopiaid Australia and Ethiopiaid Canada with a focus on preparing for growth, working more globally (sharing resources and partner funding) and growing our capacity strengthening support.

Financial Review

Investment policy and objectives

Ethiopiaid does not invest any donations in the money market but uses deposit accounts to earn interest on any money until it is donated to our projects.

Ethiopiaid uses different banks to divide any deposits between them, in case of any bank defaulting on the deposit. As such Ethiopiaid is very cautious about its investments and cash.

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Ethiopiaid

Report of the trustees

For the year ended 31 December 2025

In terms of ethical investments, Ethiopiaid does not invest in stocks and shares therefore no investments are considered 'unethical'.

Reserves policy

It is the policy of the Trustees that cash available for distribution at the year end is sent to Ethiopia when suitable projects are identified. The charity’s reserves policy aims to ensure Ethiopiaid and the work of its partners in Ethiopia are protected from the risk of disruption at short notice due to a lack of funds, whilst at the same time ensuring that income is not retained for longer than required.

Being able to provide funding when it is needed is central to Ethiopiaid’s work and therefore it is essential that adequate reserves are maintained to support both operational activities and partner commitments.

The Trustees consider an appropriate reserves level for the organisation to be the equivalent of six months of Ethiopiaid UK’s core running costs together with six months of planned partner grant commitments. Based on the 2026 budget, this equates to a target reserves level of approximately £1,186,860, comprising:

At 31 December 2025, the charity held unrestricted general reserves of £1,191,658, which was in line with the target reserves level set by the Trustees.

The Trustees continue to monitor reserves closely alongside future funding commitments, cash flow requirements and planned partner grant distributions to ensure reserves remain appropriate for the charity’s activities and risk profile.

Principal source of funds

Ethiopiaid’s principal source of funds is from regular gifts (standing orders and direct debits), direct appeals, significant philanthropic gifts, grants from charitable trusts and foundations, and legacies. We will continue to seek relevant and appropriate opportunities to raise funds where we feel there is a good return on investment, it will strengthen income for the future, or other significant benefit.

Principal risks facing the charity

Managing risks effectively is integral to the achievement of Ethiopiaid’s vision. The CEO and 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 following framework is in place:

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Ethiopiaid

Report of the trustees

For the year ended 31 December 2025

The main risks facing Ethiopiaid are:

Internal alerts Summary Mitigation
Financial
pressure
from
reduced
active
donors.		 Challenging economic climate for our
donor base in the UK increases the
risk of donors reducing the value and
frequency of gifts. We recognise that
our aging donor profile poses a risk to
the longer-term funding pipeline.
Decline
in
regular
giving
makes
income more volatile and harder to
predict.		 Ethiopiaid are investing in
long
term
acquisition
activities across all income
streams.
Financial
pressure
from increased costs.		 Global
uncertainty
and
inflationary
pressures increasing the costs to run
the charity across all areas of the
business.		 Income
and
expenditure
are closely
monitored
alongside
cashflow projections.
Invest
in
fundraising
activities that will
offset the rise in costs for
the immediate
and long term.
Seek to include core cost
recovery
in applications for funding
where appropriate.
Benchmark
the
charity’s
cost income
ratios with the sector to
ensure within
acceptable range.

9

Ethiopiaid

Report of the trustees

For the year ended 31 December 2025

Internal alerts Summary Mitigation
Conflict,
tension
and
regulatory environment
in Ethiopia		 Risk of conflict escalating internally
(e.g. Tigray, Afar, Amhara) as well as
risk of further conflict with neighbours
(Eritrea, Sudan) causing an increase in
demand for services and/or operational
and access challenges.
Inflationary
pressures
continue
to
impact budgets and value of grants to
partners.
Instability in middle east impacting fuel
shortages
create
further
uncertainty
and costs for partners.
New civil society restrictions create
operational
challenges
for
some
partners.		 Close liaison with partners
to monitor the situation in
the field.
Share
direct
funding
opportunities with partners
and
offer
technical
support.
Adjust core partner grants
and
the
currency
that
funds are transferred in.
Safeguarding. Although Ethiopiaid has limited direct
contact with vulnerable beneficiaries,
safeguarding risks may arise through
staff, events, partnerships and funded
activities.		 Safeguarding:
Check
partners
have
plans
to
keep
staff
and
beneficiaries
safe
during
conflict.
Ethiopian
partners to have business
continuity plans in place,
and safeguarding policies
and procedures for training
and
enforcement.
All
partners
to
commit
to
Ethiopiaid's
code
of
conduct.
Event
participants,
staff
and
volunteers are all required
to
read
and
commit
to
Ethiopiaid's
safeguarding
policy
and
code
of
conduct. Training in this is
given prior to any overseas
visits.
Staff
are
trained
upon
appointment
with
refresher sessions once a
year.

10

Ethiopiaid

Report of the trustees

For the year ended 31 December 2025

Internal alerts Summary Mitigation
Emerging technology
and cyber risks.		 The rapid pace of digital transformation
is increasing the risks associated with
cyber security and the use of emerging
technologies. These include potential
data breaches, cyber-attacks, system
failures, regulatory non-compliance
and reputational damage.
Multi Factor Authentication
(MFA) on Raiser's Edge
and
email
accounts,
annual
staff
awareness
training, secure backups,
GDPR-compliant
data
protection, third-party risk
management,
and
governance oversight.

Safeguarding

All Ethiopiaid Trustees, employees and volunteers must read, understand and commit to Ethiopiaid’s safeguarding policy and code of conduct. Training for staff is undertaken annually as well as for the safeguarding lead on the Board.

We expect all staff and Trustees of Ethiopiaid to adhere to the highest standards, ensuring that we do no harm; act at all times with integrity, 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 (recognised as a ‘leader’ in this), the Core Humanitarian 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 standard. In addition we expect them to adopt our safeguarding policy.

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, staff 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, Government 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 established 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.

Trustee selection methods

The Trustees are responsible for the governance and oversight of the charity and have control of the Charity and its property and funds.

11

Ethiopiaid

Report of the trustees

For the year ended 31 December 2025

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 Trustees to maintain the charity's strong links to the founding family and the Reed company.

The directors of the company are also charity 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 Articles 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 processes for induction of Trustees

New Trustees meet existing Trustees, the CEO and others involved with the charity as appropriate. An induction pack is shared which includes:

The charity’s organisational structure

In April 2025, Lisa Cousins left her role as CEO and was succeeded by Anna Lord who was previously Senior Partnerships Manager at Ethiopiaid for 10 years.

Ethiopiaid finished the year with a staff team of 10 individuals, five of whom worked part time. The team report to the CEO who in turn reports directly into the Board of Trustees through the Chairperson.

Ethiopiaid is a global fundraising and grant-making network with separately registered charities in the UK, Australia, Canada and Ireland. Together we raise funds from our respective countries to provide grants directly to local trusted partners.

Our approach to fundraising is strategic and allows us to respond to trends and opportunities in each country 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 sustained, predictable and lasting way.

Each office is responsible for developing and implementing its own country specific fundraising plans, and together we focus on delivering our overarching Global Strategy through a unified organisationwide approach.

12

Ethiopiaid

Report of the trustees

For the year ended 31 December 2025

The Ethiopiaid UK CEO is also responsible for the overseeing all activities at Ethiopiaid Ireland (a separate entity) and its 2 staff members via a temporary management agreement (in place since May 2020).

Relationship with any related parties

In 2025 the charity benefitted from donated business support (HR and payroll) from Reed Specialist Recruitment Limited. Payroll was brought in-house mid-way through the year. 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 Patrick 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 2025 donations were received from the following related parties:

All Trustees complete a Declaration of interests upon appointment which requires them to disclose:

At the start of each Board meeting Trustees are asked to inform the Board of any conflicts of interest. Any conflicts of interest are then minuted and the individual asked to step out of the meeting for any relevant agenda item discussion.

Names of the Trustees

Full list of Ethiopiaid’s Trustees and their appointment dates:

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Ethiopiaid

Report of the trustees

For the year ended 31 December 2025

Remuneration

Sector benchmarking of salaries is undertaken regularly to ensure that the charity offers a fair wage that attracts and keeps qualified and experienced staff to lead, manage and support the delivery of the charity’s aims.

The Trustees are ultimately responsible for approving the salary scale for the charity and for setting the salary of the most senior member of staff, the CEO. In 2025 the Board agreed to award a cost of living increase of 2.5% (effective from 1 January 2026) to all staff to mitigate the impact of inflation in the UK.

Ethiopiaid Ireland has been without a CEO since May 2020. This role was substantially covered by the UK CEO during the year, in addition to usual duties, and included line management of one member of staff. The cost of additional hours worked by UK staff (CEO and Head of Finance) is offset by contributions from Ethiopiaid Ireland. In 2026, an updated working arrangement will be put in place to reflect management of Ethiopiaid Ireland’s fundraising, communications and finance by the Senior Management team in the UK. This will enable better operational integration and support for Ethiopiaid Ireland and will be reviewed at the end of the year.

Statement of responsibilities of the trustees

The trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with 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).

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing those financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees 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.

In so far as the Trustees are aware:

14

Ethiopiaid

Report of the trustees

For the year ended 31 December 2025

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

Auditors

Godfrey Wilson Limited were re-appointed as auditors to the charitable company during the year and have expressed their willingness to continue in that capacity.

Approved by the trustees on 1 June 2026 and signed on their behalf by

Alex Chapman

A Chapman - Trustee

15

Independent auditors' report

To the members of

Ethiopiaid

Opinion

We have audited the financial statements of Ethiopiaid (the 'charity') for the year ended 31 December 2025 which comprise the statement of financial activities, balance sheet, statement of cash flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 10 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity'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 other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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.

16

Independent auditors' report

To the members of

Ethiopiaid

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.

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement set out in the trustees’ report, 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 alternative but to do so.

17

Independent auditors' report

To the members of

Ethiopiaid

Our responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance 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 procedures we carried out and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:

(1) We obtained an understanding of the legal and regulatory framework that the charity operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audit, we remained alert to possible indications of non-compliance.

(2) We reviewed the charity’s policies and procedures in relation to:

(3) We inspected the minutes of trustee meetings.

(4) We enquired about any non-routine communication with regulators and reviewed any reports made to them.

(5) We reviewed the financial statement disclosures and assessed their compliance with applicable laws and regulations.

(6) We performed analytical procedures to identify any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error.

(7) We assessed the risk of fraud through management override of controls and carried out procedures to address this risk. Our procedures included:

▪Testing transactions that are unusual or outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

18

Independent auditors' report

To the members of

Ethiopiaid

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

Use of our report

This report is made solely to the charityʼs members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charityʼs members those matters we are required to state to them in an auditorʼs 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 charityʼs members as a body, for our audit work, for this report, or for the opinions we have formed.

Date: 8 June 2026

Robert Wilson FCA (Senior Statutory Auditor)

For and on behalf of:

GODFREY WILSON LIMITED

Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

19

Ethiopiaid

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 December 2025

Note
Income from:
Donations and legacies
3
Charitable activities
4
Investments
5
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
7
10
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
Net income / (expenditure)
and net movement in funds		 Restricted
£
445,613
228,920
-
674,533
-
780,866
780,866
(106,333)
138,166
31,833		 Unrestricted
£
2,407,906
-
36,272
2,444,178
219,633
1,562,338
1,781,971
662,207
1,229,451
1,891,658		 2025
Total
£
2,853,519
228,920
36,272
3,118,711
219,633
2,343,204
2,562,837
555,874
1,367,617
1,923,491		 2024
Total
£
2,247,835
139,755
51,282
2,438,872
246,929
2,392,470
2,639,399
(200,527)
1,568,144
1,367,617

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 17 to the accounts.

20

Ethiopiaid

Balance sheet

As at 31 December 2025

Note
Fixed assets
Tangible assets
13
Current assets
Debtors
14
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within 1 year
15
Net current assets
Total assets less current liabilities
Net assets
16
Funds
17
Restricted funds
Unrestricted funds
Designated funds
General funds
Total charity funds		 £
229,849
1,825,141
2,054,990
(140,659)		 2025
£
9,160
9,160
1,914,331
1,923,491
1,923,491
31,833
700,000
1,191,658
1,923,491		 2024
£
8,151
8,151
96,164
1,409,902
1,506,066
(146,600)
1,359,466
1,367,617
1,367,617
138,166
-
1,229,451
1,367,617

Total charity funds

These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

Approved by the trustees on 1 June 2026 and signed on their behalf by

Alex Chapman

A Chapman - Trustee

21

Ethiopiaid

Statement of cash flows

For the year ended 31 December 2025

Cash used in operating activities:
Net movement in funds
Adjustments for:
Depreciation charges
Loss on disposal of tangible fixed assets
Dividends, interest and rents from investments
(Increase) / decrease in debtors
(Decrease) / increase in creditors
Net cash provided by / (used in) operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of tangible fixed assets
Net cash provided by investing activities
Increase / (decrease) in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2025
£
555,874
5,617
-
(36,272)
(133,685)
(5,941)
385,593
36,272
(6,626)
29,646
415,239
1,409,902
1,825,141		 2024
£
(200,527)
2,717
771
(51,282)
74,156
100,136
(74,029)
51,282
(2,848)
48,434
(25,595)
1,435,497
1,409,902

The charity has not provided an analysis of changes in net debt as it does not have any long term financing arrangements.

22

Ethiopiaid

Notes to the financial statements

For the year ended 31 December 2025

1. Accounting policies

a) General information and basis of preparation

Ethiopiaid is a charitable company limited by guarantee registered in England and Wales. The registered office address is 1 Circus Place, Bath, BA1 2PG.

The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

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 stated in the relevant accounting policy note.

b) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

23

Ethiopiaid

Notes to the financial statements

For the year ended 31 December 2025

1. Accounting policies (continued)

d) Donated services and facilities

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

e) Interest receivable

f) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.

g) Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

h) Allocation of support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated in full to charitable activities.

i) Tangible fixed assets

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Office equipment

25% straight line

Items of equipment are capitalised where the purchase price exceeds £1,000.

j) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

24

Ethiopiaid

Notes to the financial statements

For the year ended 31 December 2025

1. Accounting policies (continued) k) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

l) Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

m) Grant commitments

Provisions for grants are made when the intention to make a grant has been communicated to the recipient.

n) Financial instruments

The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

o) Pension costs

The company operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA.

p) Foreign currency transactions

Transactions in foreign currencies are translated at rates prevailing at the date of the transaction. Balances denominated in foreign currencies are translated at the rate of exchange prevailing at the year end.

q) Accounting estimates and key judgements

In the application of the charity's accounting policies, the 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 of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are accrued legacy income and depreciation as described in notes (c) and (i) above.

25

Ethiopiaid

Notes to the financial statements

For the year ended 31 December 2025

2.
Prior period comparatives: statement of financial activities
Restricted
£
£
Income from:
Donations and legacies
678,473
1,569,362
Charitable activities
139,755
-
Investments
-
51,282
Total income
818,228
1,620,644
Expenditure on:
Raising funds
-
246,929
Charitable activities
695,700
1,696,770
Total expenditure
695,700
1,943,699
122,528
(323,055)
3.
Income from donations and legacies
Restricted
£
£
Donations
417,933
1,089,590
Legacies
27,680
1,057,285
Gift aid
-
255,931
Gifts in kind
-
5,100
Total income from donations and legacies
445,613
2,407,906
Unrestricted
Net income / (expenditure) and net
movement in funds*
Unrestricted		 2024
Total
£
2,247,835
139,755
51,282
2,438,872
246,929
2,392,470
2,639,399
(200,527)
2025
Total
£
1,507,523
1,084,965
255,931
5,100
2,853,519

26

Ethiopiaid

Notes to the financial statements

For the year ended 31 December 2025

3. Income from donations and legacies (continued) Prior period comparative:

Donations
Legacies
Gift aid
Gifts in kind
Total income from donations and legacies*		 Restricted
£
£
465,403
1,087,122
213,070
236,682
-
240,458
-
5,100
678,473
1,569,362
Unrestricted		 2024
Total
£
1,552,525
449,752
240,458
5,100
2,247,835

*Gifts in kind relate to donated payroll and HR services received by the charity.

4. Income from charitable activities

Grants 2025
Total
£
228,920		 2024
Total
£
139,755

All income from charitable activities in the current and prior year was restricted.

5. Income from investment

2025 2024
Total Total
£ £
Interest income 36,272 51,282

All income from investments in the current and prior year were unrestricted.

6. Government grants

The charitable company receives government grants, defined as funding from Guernsey Overseas Aid Commission to fund charitable activities. The total value of such grants in the period ending 31 December 2025 was £51,362 (2024: £49,500). There are no unfulfilled conditions or contingencies attaching to these grants in 2025.

27

Ethiopiaid

Notes to the financial statements

For the year ended 31 December 2025

7. Total expenditure

Total expenditure
Costs of generating donations and legacies
Other raising funds costs
Staff costs (note 11)
Grants payable (note 8)
Staff development
Insurance
Office expenses
Consultancy fees
Bank charges
Programme costs
Direct debit processing
Depreciation
Audit and accountancy fees
Sub-total
Allocation of support and governance costs
Total expenditure		 Raising funds
£
213,058
6,575
-
-
-
-
-
-
-
-
-
-
-
219,633
-
219,633		 Charitable
activities
£
-
-
263,088
1,858,192
-
-
-
-
-
-
-
-
-
2,121,280
221,924
2,343,204		 Support and
governance
costs
£
-
-
100,581
-
3,758
3,034
71,272
523
1,723
8,795
11,861
5,617
14,760
221,924
(221,924)
-		 2025 Total
£
213,058
6,575
363,669
1,858,192
3,758
3,034
71,272
523
1,723
8,795
11,861
5,617
14,760
2,562,837
-
2,562,837

Total governance costs were £14,340 (2024: £13,230).

28

Ethiopiaid

Notes to the financial statements

For the year ended 31 December 2025

7. Total expenditure (continued) Prior period comparative

Prior period comparative
Costs of generating donations and legacies
Other raising funds costs
Staff costs (note 11)
Grants payable (note 8)
Staff development
Insurance
Office expenses
Consultancy fees
Bank charges
Safeguarding
Programme costs
Direct debit processing
Depreciation
Audit and accountancy fees
Loss on disposal of fixed assets
Sub-total
Allocation of support and governance costs
Total expenditure		 Raising funds
£
225,805
21,124
-
-
-
-
-
-
-
-
-
-
-
-
-
246,929
-
246,929		 Charitable
activities
£
-
-
235,133
1,950,232
-
-
-
-
-
-
-
-
-
-
-
2,185,365
207,105
2,392,470		 Support and
governance
costs
£
-
-
89,517
-
2,831
3,185
54,833
1,178
3,069
10,973
13,427
10,876
2,717
13,728
771
207,105
(207,105)
-		 2024 Total
£
225,805
21,124
324,650
1,950,232
2,831
3,185
54,833
1,178
3,069
10,973
13,427
10,876
2,717
13,728
771
2,639,399
-
2,639,399

29

Ethiopiaid

Notes to the financial statements

For the year ended 31 December 2025

8. Grants payable

Grants are made for the purpose of supporting local partners to design and deliver effective and impactful projects in Ethiopia in line with the charity's objectives. The amounts payable and committed to in the period comprise the following:

Grants
Grants to institutions:
Ye-Amlka Lijoch Foundation (YLF)
Subtotal
Partners for Change Ethiopia
Sunrise Ethiopia Development Program
(SREDP)
Jerusalem Children and Community
Development Organization
Hamlin Fistula Hospital
Wings of Healing
Healing Hands of Joy
Studio Samuel
Support for Children, Women and Older
People (SCWOP)
The Big Give
Harmee Education for Development
Association (HEfDA)
Haqi Foundation
Delasalle Community Development
Organization (DCDO)
Hope of Light
Hospice Ethiopia
Nutrition for Education
Nexus Ethiopia
Action on Podoconiosis Association (APIDO)
Addis Integrated development Organization
(AIDO)
Advocacy Center for Democracy and
Development (ACDD)
Afar Pastoralist Development Association
(APDA)
Development for All (DFA)
Development Through Adult and Non-Formal
Education (DANFE)
Hope Enterprises
Hope Enterprises University College
Atsede's Maternity Clinic
Cheshire Foundation Action for Inclusion
Cheshire Services Ethiopia
Community Sustainable Development Aid		 2025
No.
1
6
2
2
1
1
2
2
4
2
1
1
1
2
1
1
1
3
1
4
1
-
-
-
-
-
-
-
-		 2025
£
61,338
276,156
110,258
316,000
20,000
50,000
65,000
265,000
68,000
55,000
50,000
3,480
40,000
25,000
6,710
25,000
20,000
214,000
50,000
117,250
20,000
-
-
-
-
-
-
-
-		 2024
2024
No.
£
2
46,000
4
130,000
1
50,000
3
380,522
-
-
-
-
1
80,000
3
290,000
1
50,000
2
56,000
3
92,210
-
-
1
40,000
1
10,000
-
-
1
25,000
-
-
2
195,000
1
80,000
7
201,500
-
-
1
16,000
1
20,000
2
25,000
1
20,000
1
20,000
1
20,000
1
10,000
1
20,000
42
1,877,232
40 1,858,192

30

Ethiopiaid

Notes to the financial statements

For the year ended 31 December 2025

For the year ended 31 December 2025
8.
Grants payable (continued)
Subtotal from previous page
Pastoralist Initiative Development Aid (PIDA)
Inclusive Humanitarian Organization (IHO)
Mother and Children Rights Organization
(MCRO)
SENEthiopia		 40 1,858,192 42 1,877,232
-
-
-
-		 -
-
-
-		 1
1
1
1		 20,000
20,000
20,000
13,000
40 1,858,192 46 1,950,232
9.
Grants commitments
Grant commitments brought forward
Grants committed during the period
Grants paid during the period
Grant commitments carried forward
10. Net movement in funds
This is stated after charging:
Depreciation
Operating lease payments
Trustees' remuneration
Trustees' reimbursed expenses
Auditors' remuneration (excluding VAT):
Statutory audit
Other services		 2025
£
100,000
1,858,192
(1,758,192)		 2024
£
-
1,950,232
(1,850,232)
100,000 100,000
2025
£
5,617
Nil
Nil
74
10,000
1,950		 2024
£
2,717
16,800
Nil
74
9,500
1,496

In common with other charities of our size and nature we use our auditors to assist with the preparation of the financial statements, and to prepare and submit returns to the tax authorities.

During the year, one trustee (2024: one trustee) was reimbursed for travel expenses.

31

Ethiopiaid

Notes to the financial statements

For the year ended 31 December 2025

11. Staff costs and numbers

Staff costs were as follows:

Salaries and wages
Social security costs
Pension costs		 2025
2024
£
£
325,269
287,923
24,202
24,545
14,198
12,182
363,669
324,650

No employees earned over £60,000 during the current period (2024: 1 employee £70,000 to £80,000).

The key management personnel of the charitable company comprise the Trustees and Chief Executive Officer. The total employee benefits of the key management personnel were £68,299 (2024: £78,990). £6,006 was recharged to Ethiopiaid Ireland (2024: £2,253).

Average head count 2025
No.
10		 2024
No.
10

12. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

32

Ethiopiaid

Notes to the financial statements

For the year ended 31 December 2025

13. Tangible fixed assets

Tangible fixed assets
Office equipment
£
Cost
At 1 January 2025 16,133
Additions in year 6,626
At 31 December 2025 22,759
Depreciation
At 1 January 2025 7,982
Charge for the year 5,617
At 31 December 2025 13,599
Net book value
At 31 December 2025 9,160
At 31 December 2024 8,151

14. Debtors

Debtors
Gift aid
Prepayments
Accrued income
Other debtors
Creditors: amounts falling due within 1 year
Trade creditors
Accruals
Other taxation and social security
Other creditors
Grants payable (note 9)		 2025
£
64,590
20,464
128,476
16,319		 2024
£
44,032
4,427
47,705
-
229,849 96,164
2025
£
5,309
21,270
6,207
7,873
100,000		 2024
£
4,611
13,230
7,340
21,419
100,000
140,659 146,600

15. Creditors: amounts falling due within 1 year

33

Ethiopiaid

Notes to the financial statements

For the year ended 31 December 2025

16. Analysis of net assets between funds

Analysis of net assets between funds
Tangible fixed assets
Current assets
Current liabilities
Net assets at 31 December 2025
Prior period comparative
Tangible fixed assets
Current assets
Current liabilities
Net assets at 31 December 2024		 £
-
131,833
(100,000)
Restricted
funds		 £
-
700,000
-
Designated
funds		 £
9,160
1,223,157
(40,659)
General
funds		 Total
funds
£
9,160
2,054,990
(140,659)
31,833 700,000 1,191,658 1,923,491
£
-
238,166
(100,000)
Restricted
funds		 £
-
-
-
Designated
funds		 £
8,151
1,267,900
(46,600)
General
funds		 Total
funds
£
8,151
1,506,066
(146,600)
138,166 - 1,229,451 1,367,617

34

Ethiopiaid

Notes to the financial statements

For the year ended 31 December 2025

17. Movements in funds

Movements in funds
Restricted funds
Dignity Period Project
Hamlin Fistula Hospital
Cheshire Ethiopia
Education
Emergency Relief
Nutrition for Education (N4ED)
Hope Enterprises
Hope of Light
Hospice Ethiopia
Maternal Health
Atsede's Maternity Clinic
Studio Samuel
Wings of Healing
Women and Girls
Total restricted funds
Unrestricted funds
Designated funds:
Murray Fund
Total designated funds
General funds
Total unrestricted funds
Total funds
The Afar Pastoralist
Development Association
(APDA)
Support for Children, Women
and Older People (SCWOP)
Action on Podoconiosis
Association (APIDO)		 At 1
January
2025
£
1,828
25,340
91,732
-
-
-
-
-
-
-
-
-
19,266
-
-
-
-		 Income
£
831
35,418
54,529
3,025
9,336
7,120
6,033
18,750
4,913
510
274,261
8,000
32,498
7,084
600
80,260
131,365		 £
-
(50,000)
(146,261)
(3,025)
(9,336)
(7,120)
(6,033)
(18,750)
(4,913)
(510)
(255,845)
(8,000)
(51,764)
(7,084)
(600)
(80,260)
(131,365)
Expenditure		 £
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Transfers
between
funds		 £
2,659
10,758
-
-
-
-
-
-
-
-
18,416
-
-
-
-
-
-
At 31
December
2025
138,166 674,533 (780,866) - 31,833
- 700,000 - - 700,000
- 700,000 - - 700,000
1,229,451 1,744,178 (1,781,971) - 1,191,658
1,229,451 2,444,178 (1,781,971) - 1,891,658
1,367,617 3,118,711 (2,562,837) - 1,923,491

Purposes of restricted funds Dignity Period

To fund the expansion of a schools menstrual hygiene programme in the Tigray regions.

Hamlin Fistula Hospital

To fund obstetric fistula surgeries, rehabilitation and midwifery training undertaken by this organisation only.

35

Ethiopiaid

Notes to the financial statements

For the year ended 31 December 2025

17. Movements in funds (continued)

Purposes of restricted funds (continued)

The Afar Pastoralist Development Association (APDA)

To fund programmes to prevent harmful practices (FGM and early marriage) in communities in the Afar region of Ethiopia. To fund a fodder plant in rural Afar to produce animal feed for communities impacted by water and food shortages. Restricted funds were also raised for emergency relief and recovery projects delivered by APDA.

Cheshire 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.

Education

To provide access to quality education for students experiencing poverty.

Emergency Relief

To provide assistance to existing partners during times of crisis for life saving interventions, this includes post crisis recovery projects to build resilience to future shocks.

Nutrition for Education (N4ED)

To support 60 women aged 18-35 (and their families) who are working as maintenance staff at the Ethiopian Sport Academy in Addis Ababa, many of whom are under the poverty line despite having full-time jobs. This was noted by N4ED whilst working on other projects at the Academy. The Academy offers them space to start small businesses with each other and provide childcare. This gives the women the chance to earn additional income, buy/grow more nutritious food, and improve overall living conditions for their families.

Hope Enterprises

To fund the technical vocational training programmes at the Addis Ababa Branch of Hope and associated core costs. To fund bursaries for students at the University College.

Hope of Light

To fund the purchase of a vehicle to support the community-based programme to prevent and treat cases of obstetric fistula.

Hospice Ethiopia

To fund the delivery and expansion of a community based palliative care programme in Addis Ababa, Bahirdar and Hawassa.

Maternal Health

To improve the provision of and quality of maternal health services for women who are pregnant and new mothers.

Atsede's Maternity Clinic

To provide accessible and appropriate maternal health services for rural women in the mountainous Gurage region.

36

Ethiopiaid

Notes to the financial statements

For the year ended 31 December 2025

17. Movements in funds (continued)

Purposes of restricted funds (continued) Action on Podoconiosis Association (APIDO)

To support prevention and treatment for people living with neglected disease Podoconiosis (Podo) in Ethiopia, alongside training health professionals in symptom management and diagnosis.

Support for Children, Women and Older People (SCWOP)

To fund monthly welfare pensions for over 1,071 destitute elders and 100 orphaned vulnerable children. To fund eye screening and treatment for elders.

Studio Samuel

To fund a project which trains girls to design and produce period packs which are then distributed for free to school girls to support them to stay in school.

Wings of Healing

To fund a multi-year project to expand the free cervical cancer screening programme in Addis Ababa.

Women and Girls

To support vulnerable women and girls to improve their lives and have choices about their futures. This includes survivors of gender based violence.

Purposes of designated funds

Murray Fund

To provide investment in fundraising to improve financial sustainability of Ethiopiaid UK and to ensure we can commit to multi-year (2 years) funding to our maternal health partners Healing Hands of Joy, Wings of Healing, Hope of Light and Atsede's Clinic.

37

Ethiopiaid

Notes to the financial statements

For the year ended 31 December 2025

17. Movements in funds (continued)
Prior period comparative
At 1
January
2024
£
Restricted funds
Dignity Period Project
1,024
Hamlin Fistula Hospital
14,614
-
Cheshire Services Ethiopia
-
Education
-
Emergency Relief
-
Healing Hands of Joy
-
Hope Enterprises
-
Hope of Light
-
Hospice Ethiopia
-
Maternal Health
-
Atsede's Maternity Clinic
-
-
-
Studio Samuel
-
Wings of Healing
-
Women and Girls
-
Total restricted funds
15,638
Unrestricted funds
Designated funds:
Capacity building funds
16,750
Total designated funds
16,750
General funds
1,535,756
Total unrestricted funds
1,552,506
Total funds
1,568,144
The Afar Pastoralist
Development Association
(APDA)
Support for Children, Women
and Older People (SCWOP)
Action on Podoconiosis
Association (APIDO)		 17. Movements in funds (continued)
Prior period comparative
At 1
January
2024
£
Restricted funds
Dignity Period Project
1,024
Hamlin Fistula Hospital
14,614
-
Cheshire Services Ethiopia
-
Education
-
Emergency Relief
-
Healing Hands of Joy
-
Hope Enterprises
-
Hope of Light
-
Hospice Ethiopia
-
Maternal Health
-
Atsede's Maternity Clinic
-
-
-
Studio Samuel
-
Wings of Healing
-
Women and Girls
-
Total restricted funds
15,638
Unrestricted funds
Designated funds:
Capacity building funds
16,750
Total designated funds
16,750
General funds
1,535,756
Total unrestricted funds
1,552,506
Total funds
1,568,144
The Afar Pastoralist
Development Association
(APDA)
Support for Children, Women
and Older People (SCWOP)
Action on Podoconiosis
Association (APIDO)		 Income
£
804
10,726
221,732
500
13,672
1,577
8,755
51,703
8,598
29,020
222,312
5,600
59,266
2,720
601
70,510
110,132		 £
-
-
(130,000)
(500)
(13,672)
(1,577)
(8,755)
(51,703)
(8,598)
(29,020)
(222,312)
(5,600)
(40,000)
(2,720)
(601)
(70,510)
(110,132)
Expenditure		 £
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Transfers
between
funds		 £
1,828
25,340
91,732
-
-
-
-
-
-
-
-
-
19,266
-
-
-
-
At 31
December
2024
15,638 818,228 (695,700) - 138,166
16,750 - (16,750) - -
16,750 - (16,750) - -
1,535,756 1,620,644 (1,926,949) - 1,229,451
1,552,506 1,620,644 (1,943,699) - 1,229,451
1,568,144 2,438,872 (2,639,399) - 1,367,617

38

Ethiopiaid

Notes to the financial statements

For the year ended 31 December 2025

18. Operating lease commitments

The charity had operating leases at end of the prior year with total future minimum lease payments as follows:

Amount falling due:
Within 1 year
Within 1 - 5 years		 2025
2024
£
£
-
16,800
-
16,800
-
33,600

19. Related party transactions Trustee donations

In the year, trustees made total unrestricted donations to the charity of £1,285 (2024: £5,940). These donations were freely given at arms length with no benefit received in exchange.

39