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2020-12-31-accounts

Report of the Trustees and Financial Statements 2020 Shell Foundation l O Annual Report 2020

AT A GLANCE
About Shell Foundation 03
Trustees,
Directors, Officers and Advisors		 04
Message
from Shell Foundation's
CEO		 05
Message
from the Chair ofthe Board ofTrustees
Shell Foundation
Outcome
Indicators		 08
Shell Foundation
Programmes
Access to Energy
Sustainable
Mobility		 16
REPORT OF THE TRUSTEES
Report ofthe Trustees for the year ended 2020 21
Independent
Auditor's
report to the member
ofthe Shell Foundation 26
FINANCIAL STATEMENTS 2020
Consolidated
statement
offinancial
activities
for the year ended 31 December 2020 28
Consolidated
statement
offinancial
activities
for the year ended 31 December 2019 29
Consolidated
income and expenditure		 account
for the year ended 31 December 2020 30
Consolidated
and charity balance sheets
as at 31 December 2020 31
Cash flow statement
and consolidated
cash Aow statement
for the year ended
31 December 2020 32
Notes to the financial
statements
for the
year ended
31 December 2020		 33

2020 2019
$000 $000
Grants 19,870 21,016
Direct costs 14,720 12,635
Support costs 3,006 2,241
TOTAL 37,596 35,892

2020 2019
$000 $000
Grants 4,757 6,218
Direct costs 841 737
Support costs 482 463
TOTAL 6,080 7418

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Unrestricted Restricted Endowment Total
Funds Funds Funds Funds
2020 2020 2020 2020
Note $000 $000 $000 $000
Income and endowments from
- Donations 14,291 6,835 21,126
- Donated services 666 666
-
Inve st
ments		 378 48 8,932 9,358
Total Incoming Resources 15,335 6,883 8,932 31,150
Expenditure
on Raising Funds
Investment
management
costs		 (510) (510)
Total Cost ofRaising Funds (510) (510)
Charitable
Activities
-Access to Energy (29,500) (8,096) (37,596)
- Sustainable
Mobility		 (5,475) (605) (6,080)
- Sustainable Job Creation
Total Charitable
Activities		 (34,975) (8,701) (43,676)
Total Resources Expended (35,485) (8,701) (44,186)
Net gains on investments
Realised and IJnrealised
gains		 on the revaluation
and disposal
of investment
assets		 (417) 55,164 54,747
Net income/(expenditure) before transfers (20,567) (1,818) 64,096 41,711
Transfers between
funds		 8,000 (8,000)
Net income/(expenditure) (12,567) (1,818) 56,096 41,711
Net Movement
in Funds		 (12,567) (1,818) 56,096 41,711
Fund balances
brought forward		 at I January 37,086 28,170 521,252 586,508
Fund balances carried forward at 31 December 24,519 26,352 577,348 628,219

Unrestricted Restricted Endowment Total
Funds Funds Funds Funds
2019 2019 2019 2019
Note $000 $000 $000 $000
Income and endowments from
- Donations 6,000 34,357 40,357
- Donated serwces 860 860
- Investments 340 523 10,469 11,332
Total Incoming Resources 7,200 34,880 10,469 52,549
Expenditure
on Raising Funds
Investment
management
costs		 (361) (361)
Total Cost ofRaising Funds (361) (361)
Charitable
Activities
-Access to Energy (22,691) (13,201) (35,892)
- Sustainable
Mobility		 (6,968) (450) (7,418)
- Sustainable Job Creation (67) (2,594) (2,661)
Incubator
Policy and Advocacy
Total Charitable
Activities		 (29,726) (16,245) (45,971)
Total Resources Expended (29,726) (16,245) (361) (46,332)
Net losses on investments
Realised and IJnrealised
losses		 on the revaluation
and disposal of investment
assets		 68,976 68,976
Net income/(expenditure) before transfers (22,526) 18,635 79,084 75,193
Transfers between
funds		 17,140 (17,140)
Net income/(expenditure) (5,386) 18,635 61,944 75,193
Net Movement
in Funds		 (5,386) 18,635 61,944 75,193
Fund balances
brought forward		 at I January 42,472 9,535 459,308 511,315
Fund balances carried forward at 31 December 37,086 28,170 521,252 586,508

2020 2019
$000 $000
Income 21,792 41,217
Gains on investments 54,747 68,976
Interest and investment income 9,358 11,332
Gross income in the reporting period 85,897 121,525
Expenditure (33,084) (35,705)
Impairment
of Social Investments		 (11,102) (10,627)
Loss on investments
Total escpenditure (44,186) (46,332)
Net income/expenditure before tax for the reporting period 41,711 75,193
Tax payable
Net surplus/(deficit) ofincome over escpenditure for the year 41,711 75r193

Group Group Foundation Foundation
2020 2019 2020 2019
Note $000 $000 $000 $000
Fi~ed Assets
Endowment 10 577,348 521,252 577,348 521,252
Social investments 51,752 56,027 42,871 50,265
Subsidiary
undertakings		 12 15,020 16,930
Total Fixed Assets 629,100 577,279 635,239 588,447
Current Assets
Debtors
amounts
falling		 due within one year 13 5,076 11,813 5,076 11,813
amounts
falling		 due after one year 13 200 200
5,076 12,013 5,076 12,013
Cash at bank and in hand 14 16,198 22,774 9,833 11,431
Social investments 11 3,528 3,604 3,528 3,604
Total Current Assets 24,802 38,391 18,437 27,048
Creditors. amounts falling due within one year 15 (23,010) (27,860) (22,975) (27,827)
Provisions 16 (2,000) (2,000)
Net Current Assets 19 (208) 10,531 (6,538) (779)
Total Assets less Current Liabilities 628,892 587,810 628,701 587,668
Creditors'
amounts		 falling due after more
than one year 17 (673) (1,302) (717) (1,347)
Net Assets 628,219 586,508 627,984 586,321
The funds ofthe Foundation:
Endowment
Funds		 18 577,348 521,252 577,348 521,252
Unrestricted
Funds		 18 24,519 37,086 24,519 37,086
Restncted
Funds		 18 26,352 28,170 26,117 27983
Total Foundation Funds 628,219 586,508 627,984 586,321

Group Group Foundation Foundation
2020 2019 2020 2019
Note $000 $000 $000 $000
Net cash used in operating
activities		 20 (7,647) 7,750 (6,122) 9,850
Cash flow from investing activities
Cash expended
on endowment
fund fees		 (361) (361)
Investment
Income —unrestricted
and restricted		 426 863 378 708
Investment
income from endowment
funds		 8,932 10,469 8,932 10,469
Endowment
Fund		 10
Purchase of investments (197,519) (64,164) (197,519) (64,164)
Sale of investments 201,608 72,372 201,608 72,372
Gain/(Loss)
on foreign exchange		 175 (271) 176 (272)
(Decrease)
in investment		 cash (5,199) (904) (5,199) (904)
Investments
Purchase of programme related
investments		 (8,261) (17,708) (4,761) (13,708)
Sale of programme
related
investments		 909 1,272 909 1,272
Investment
in subsidiary		 (17,000)
Net cash fram investing
activities		 1,071 1,568 4,524 (11,588)
Cash flow from financing activities
Transfer out from endowment fund (8,000) (17,140) (8,000) (17,140)
Transfer into unrestricted
funds		 8,000 17,140 8,000 17,140
Net cash used in financing activities
Net (decrease)/increase in cash and cash equivalents (6,576) 9,318 (1,598) (1,738)
Cash and cash equivalents
at		 the beginning ofthe year 22,774 13,456 11,431 13,169
Cash and cash equivalents
at the end		 ofthe year 16,198 22,774 9,833 11,431

2020 2019
$000 $000
Cash and accrued
Unrestricted
BGGroup
Ltd		 5,568
Royal Dutch Shell pic 61
Shell Energy Europe
Ltd		 6,000 6,000
Shell Transport
and Trading		 Ltd 2,662
Shell international
Ltd —donated		 services 666 860
Restricted donation
—Non Government		 related
Toyota Mobility
Foundation		 200 200
Restricted donation
—Government		 related
OPEC Fund for International Development 150
Foreign, Commonwealth
8		 Development Office 3,978 8,885
United States Agency for International Development 2,657 25,097
Inter-American
Development		 Bank 25
21,792 41,217

The top 20 Grantees
in
2019commitments.		 2020 (exc)udin g re paya ble
 gra nts and so cial investm ents)
are listed below, toge		 ther
with their correspo		 nding
Grantee Name 2020 2019
Purpose of Project Programme $'000 $'000
Iraq Business Support Facility Trust
Provide business
support for		 the Nomou
Iraq Fund and Northern		 Iraq Investments. Access to Energy 1,500 2,100
Apollo Agriculture
Inc
Expanding
the Apollo Radio		 IVR service and Enabling the Transition from Subsistence to
Commercial
Farming		 Access to Energy 1,360 50
Africa Minigrid
Developers Association		 lnc
Building a sustainable
sector		 association
for African mini-grids		 Access to Energy 1,120 500
Sustainable
Energy for		 All (SEforALL)
Building a Results Based Financing
(RBF)facility		 to support the scale-up of mini-grids
across Sub Saharan Africa. Access to Energy 1,000 50
Dharmalife
Foundation		 GmbH
Business Resilience
Funding		 to continue
creating		 positive social impact to rural Indian
communities
through
the Covid-19 crisis.		 Access to Energy 950
SIMA (Social Investment Managers and Advisers LLC)
Pilot ofthe SIMA Angaza
Distributor
Finance Fund, a new		 approach to providing debt
investments
to small off-grid		 energy providers. Access to Energy 875 300
Subtotal fs,805 3,000

Grantee Name 2020 2019
purpose
of project		 Programme $'000 $'000
Brought forward subtotal for top 20grantees from previous page 6,805 3,000
World Resources Institute
Systems-based
approach
to address barriers to advance
sustainable		 mobility serving
low-income
urban consumers.		 Sustainable Mobility 850 750
Aceleron
Ltd
Accelerating
Innovatwe
Energy Storage Solutions
in Africa to enable Off-Grid		 Solar
companies to reduce their most signiFicant cost, the battery,
and		 reduce the amount of
e-waste generated. Access to Energy 850 700
Konexa (Reg. Energy Company ofthe Future Limited)
Funding
to support
integrated
rural
utility pilot project in Nigeria		 Access to Energy 750 1453
CEEW (Council on Energy, Environment
and Water
Supporting
early stage Energy For Business social enterprises		 to create rural micro- Access to Energy
entrepreneurs
and rural jobs through
clean energy innovations.		 Sustainable Mobility 678
Tugende Global
Supporting
a longstanding
partner
providing
asset finance, service,		 support and training to
informal bode drivers
in Uganda
and Kenya to optimise operational		 efficiency. Sustainable Mobility 650 30
CrossBoundary
Energy
Supporting
CrossBoundary
to raise funds exclusively
for rural mini-grids		 for low income
consumers. Access to Energy 620 1,150
Equatorial Power B.V.
Supporting
Equatorial
Power to finalise the proiect financing
to build		 twenty five mini-grids,
continue
developing
pipeline for 2022 and close Series A funding.		 Access to Energy 617
Ampersand
Rwanda
Limited
Electric Motorcycle
Pilot Phase
II in Kigali		 Sustainable Mobility 600 500
The Sure Chill Company
Ltd
Business Resilience
Funding
to continue
supporting
the development		 ofaffordable cooling
technologies
for off-grid markets to help address the waste ofessential vaccines and food		 for
low income populations. Access to Energy 506 656
BboxxCapital RDC
Business Resilience
Funding
to sustain the business through
the Covid-19		 crisis Access to Energy 500 850
Open Capital Group Ltd
Building an Off-Grid Energy Market Accelerator
in Uganda
(UOMA)		 Access to Energy 500
Odyssey Energy Solutions lnc
Testing Powering
Health
Platforms
(PHP) by powering
up to 15health centres for		 our learning
in rural, offgnd, underserved
communities.		 Access to Energy 500 880
Hello Solar (reg. Power Solar International
BV)
Bridge funding
through
to their seed round to continue to facilitate		 solar energy access for the
rural, offgrid, underserved
populations
of Ethiopia.		 Access to Energy 500
Subtotal 14,926 9,969

Grantee Name 2020 2019
Purpose of Project Programme S'000 $'000
Brought forward subtotal for top 20grantees from previous page 14,926 9,969
Safegoda (reg.Guinness Trans)
Business Resilience
Funding		 to secure the livelihoods of drivers and the provision ofsafe,
affordable,
accessible transportation		 to low-income passengers. Sustainable Mobility 500 700
Subtotal 500 700
Total Top 20Grants 15,426 10,669
Total: Other Grants (incl. repayable grants and social investments) 9,201 18,665
Total: Grants 24,627 29,334

employees,
including
salaries and taxes. The salary and taxes paid
as follows:		 by Shell Group companies
in relation to these employees		 are
2020 2019
$000 $000
Wages and salaries (2,967) (2,830)
Social security (331) (366)
Other pension costs (297) (254)
Performance
Share Plan (PSP)		 (323) (429)
(3,918) (3,879)

Finan cial
O		 fficer s and a Deputy CEO, are as follows:
2020 2019
$000 $000
Wages and salaries (651) (704)
Social security (91) (120)
Other pension costs (28) (36)
Vesting performance share plan options (323) (429)
(1,003) (1,280)
The number of Shell Group employees working on Foundation activities whose emoluments were above $60,000 is as follows.
USD $000 2020 2019
60 —70
70 —80
80 —90
90 —100
100 —110
110 —120
120 —130
130 —140
140 —150
150 —160
160 —170
170 —180
180 —190
390 —400
400 —410
28 24

. 2020 2019
$000 $000
Market value at 1January 521,252 459,308
Purchase of investments 197,519 64,164
Sales/withdrawals (201,608) (72,372)
Realised and Unrealised gains 54,986 69,248
Movement
of investment		 cash 5,199 904
Market value at 31 December 577,348 521,252
2020 2019
The year end value
is analysed		 as: $000 $000
Bonds —overseas 49,605 46,798
Fixed income investments —overseas 28,299 25,711
Equity investments
—UK		 24,515 24,796
Equity investments
—overseas		 361,592 313,659
Hedge funds —overseas 57,285 53,333
Real Estate 48,165 53,129
Forward
foreign currency		 contracts (1,231) (123)
Other assets 1,244 1,273
Investment
cash		 7,874 2,676
Market value at 31 December 577,348 521,252

Programme
Related Investments
Group Group Foundation Foundation
2020 2019 2020 2019
Non-Current
(continued)		 $000 $000 $000 $000
Factor[e] loan receivable
Factor[e] identify
disruptive,
high risk technologies		 to solve critical energy bottlenecks in India and Kenya They provide
risk capital 8		 engineering
support		 —to test,
de-risk and attract investment
to scale promising
solutions,		 since entrepreneurs working on new technologies often cannot find the technical and investor support they
need. 6 loans have been made to Factor[e], repayable
from 2026-2030.
Cost less impairment
brought forward at
1 January
Purchases		 9,050
1,500		 6,744
3,006		 9,050
1,500		 6,744
3,006
Sales (700) (700)
Gajam Group Limited (Dharma life) loan receivable
Operating
in India, Dharma
Life builds and trains a network		 of rural entrepreneurs, makes social-impact products accessible
in rural		 markets and conducts innovative
campaigns
to create market demand.
The loan is repayable		 in full by December 2022.
Cost less impairment
brought forward
at
1 January		 942 963 942 963
Purchases
Sales (23) (21) (23) (21)
Husk Power Systems Inc.loan receivable
Husk is a leading
off-grid
utility,
providing
affordable,
reliable		 and renewable power to rural communities. Operating in India, Tanzania and Kenya it designs, builds,
owns 8 operates
grid compatible
plants,
providing		 A/C power, which
is suitable for		 all appliances. The loan is now expected to be paid 2021-2023.
Cost less impairment
brought forward
at I January		 758 866 758 866
Movement
from non-current
to current		 (433) (108) (433) (108)
Persistent Energy Capital loan receivable
Operating
in underserved
African countries,
PEC identifies		 high potential, early-stage PAYG energy businesses, invests and scales them with critical knowledge,
experience
and networks
in business,
governance		 and financing.
This is in		 order to address access to energy in smaller, or unproven African markets that existing market
leaders have no plans to be in. Loan I:$0.5 million repayable in full by December 2026. Loan 2:$0.3 million repayable
in full by March 2027. Loan		 3:$0.5 million
repayable
in full by December 2027.
Cost less impairment
brought forward
at I January		 1,250 1,250 1,250 1,250
Buen Manejo del Campo S.A.(Sistema Biobolsa) loan receivable
Sistema combine manufacturing,
sales and service		 of high quality bio-digester systems with consumer financing to enable affordable biogas solutions for productive
use. They create innovative
distribution
partnerships		 across Africa and India to reach low income smallholder farmers reducing
their		 fuel/fertiliser
cost, enabling		 clean
cooking/heating
and improving
access to electricity. Loan		 I:$0.5 million repayable in full by March 2027. Loan 2: $0.04 million was fully impaired in 2020 since the
project did not achieve the outcome for which the repayment condition
would		 be triggered.
Cost less impairment
brought forward at I January		 925 925 925 925
Greenlight
Planet loan receivable
GLP designs and manufactures
affordable
solar energy products,
including		 consumer finance component (PAYG). Creates innovative distribution
partnerships		 and direct
sales network
to reach low income consumers
and		 businesses. Loan 1:$0.5 million is 50% repayable in 2020 (received) and 50% in 2021; Loan 2:$0.04 million was
fully impaired
in 2020 since the project did not achieve the		 outcome for which the repayment condition would be tnggered.
Cost less impairment
brought forward
at
1 January		 290 500 290 500
Movement
from non-current
to current		 (250) (250) (250) (250)
Purchases 40 40
Impairment (40) (40)
Cardecho B.V.loan receivable
Cardecho
is a carbon financing
company.
Loan I;		 $0 5 million will likely convert to equity in 2021 as per clause in loan agreement. Loan 2 $0.2 million
is repayable		 as
per the terms of the MOU.
Cost less impairment
brought forward
at I January		 700 700
Purchases 700 700
Nayo Tropical Technology loan receivable
Nayo Tropical Technology
has operated
in Africa's		 solar sector since 1997.Their three core business lines are solar mini-grid utilities, EPC contracting and warehousing
and sourcing. The loan is repayable
in full by February 2029.
Cost less impairment
brought forward
at 1 January		 700 700
Purchases 700 700
Shortlist loan receivable
Shortlist seeks to develop
new approaches
to attract and develop talent —one		 of the biggest challenges for social enterprises trying to scale. It is using technology to
identify candidate
skills and attributes
through
real-time competency-based		 demonstrations rather than traditional CV-based methods. The loan is repayable in full by
December 2024.
Cost less impairment
brought forward
at I January		 350 350
Purchases 350 350

Group Group Group Group Group Foundation Foundation Foundation Foundation Foundation Foundation Foundation Foundation
2020 2019 2020 2019
Non-Current
(continued)		 $000 $000 $000 $000
Social Investment
Managers
and Advisers		 (SIMA) loan receivable
Shell Foundation
has provided
funding
to SIMA to finance		 the set up and pilot of a fund targeting
early		 stage distributors of Solar Energy products
with smaller		 ticket
financing.
The loan was cancelled
in		 2020 and the funds were used for the investment in SIMA.
Cost less impairment
brought forward		 at
1 January		 200 200
Purchases 200 200
Sales (200) (200)
Bboxx loan receivable
$40k repayable
grant to BBOXXto test and scale		 two gender-inclusive strategies. The loan was fully impaired
in		 2020 since the project did not achieve the outcome for
which the repayment
condition
would		 be triggered.
Cost less impairment
brought forward		 at
1 January		 40 40
Purchases 40 40
Impairment (40) (40)
Science for Society Techno Services (545) loan receivable
$40k repayable
grant to S4Sto test and scale three		 gender inclusive strategies. The loan is repayable in full by August 2024.
Cost less impairment
brought forward		 at
I January		 40 40
Purchases 40 40
Amiran
loan receivable
Amiran
Kenya
is part of Balton CP, a		 British company with operations in eight African countries,
distributing		 agricultural products to farmers and agribusinesses.
The loan was fully impaired
in 2020		 since we are not expecting to receive any return.
Purchases 300 300
Impairment (300) (300)
Metro Africa Xpress (MAX) loan receivable
Metro Africa Express is a social enterprise
using mobile tech 8 financial		 inclusion to transform
mobility		 systems
Ik supply		 chains in West Africa. The loan is repayable by
I June 2027.
Purchases 1,000 1,000
WherelsmyTransport
loan receivable
WIMT maps formal and informal
public transport		 networks in emerging markets and uses its data and technology to make the end-to-end public transport experience
more reliable, predictable,
safe, inclusive
and accessible		 for billions of people. The loan is repayable by 30June 2030.
Purchases 1,000 1,000
Nomou Iraq Fund investment
The principal
activities ofthe Company
are to invest		 in small growing businesses (SGB)within Iraq to further employment in the country The Company
was		 established
under a Cooperation
Agreement
with USAID. GroFin		 has been chosen as the key strategic partner to further the aims of the Company and manage
the distribution		 of
funds to carefully selected SGBs in Iraq. Shell Foundation has had a successful relationship with GroFin in a number ofventures for many years. Impairment is assessed by
a comparison
to the net assets of the		 fund.
Cost less impairment
brought forward		 at
1 January		 3,763 2,247
Purchases 1,500 2,000
Impairment (382) (484)
Northern
Iraq Investments
investment
A sustainable,
development-impact-orientated
vehicle for		 the provision of business support, start-up and early stage growth capital essential for the development of
sustainable
small and medium-sized		 businesses
in		 the Northern region of Iraq.
Cost less impairment
brought forward		 at I January 2,000
Purchases 2,000 2,000
Provision for Doubtful Debts
Shell Foundation
expects that the effects ofCovid-19 are likely		 to affect the whole social investment portfolio, as these debts become due. SF has made every effort
to assess impairment
on each individual
investment		 In some cases where the impact of Covid-19 is ongoing and there is an absence of reliable
information		 available
in order to estimate
future cash inflows to SF, a general		 provision has been made taking into account factors such as instrument and tenor. It has therefore estimated a
provision
for doubtful
debts as at 31		 December 2020.
Provision for doubtful
debts		 (2,626) (2,626)
Total Non-Current
Programme		 Related Investments 39,352 43,027 30,471 37,265

Group Group Foundation Foundation
2020 2019 2020 2019
Note $000 $000 $000 $000
Amounts falling due within one year are:
Restricted donation
—non-government		 related
Toyota Mobility
Foundation		 200 200
Restricted donation
- Government
related
Foreign, Commonwealth
and		 Development Office 1,414 4,754 1,414 4,754
United States Agency for International Development 3,451 6,417 3,451 6,417
OPEC Fund for International Development 100 100
Unrestricted
debtor
The Shell Centenary Scholarship Fund 490 490
Prepayments
and Accruals		 52 52
Amounts falling due after more than one year are:
Restricted donation
- Government
related
Foreign, Commonwealth
and		 Development Office 200 200
Total debtors 5,076 12,013 5,076 12,013
14. Cash at bank and in hand
Group Group Foundation Foundation
2020 2019 2020 2019
$000 $000 $000 $000
Cash at Bank 5,006 22,774 4,833 11,431
Short term deposits 11,192 5,000
Total cash at bank and in hand 16,198 22,774 9,833 11,431

Group Group Group Foundation Foundation Foundation Foundation
2020 2019 2020 2019
$000 $000 $000 $000
Grants Payable 18,845 20,774 18,845 20,774
Trade Creditors —Shell International Limited 3,160 6,987 3,161 6,987
Accruals 1,005 99 969 66
23,010 27,860 22,975 27,827
All programme support expenses, investment management costs and Foundation management expenses are initially incurred and paid through
Shell International		 Limited.
These expenses are then recharged at cost by invoice from Shell International Limited to the Foundation on a regular basis. Shell Foundation accruals are booked as
payable to Shell International Limited.
16. Guarantee Provision
Group Group Foundation Foundation
2020 2019 2020 2019
$000 $000 $000 $000
As at 1 January
Charged to the SOFA 2,000 2,000
As at 31 December 2,000 2,000

17. Credito rs: amoun ts
falling due a		 fter more t han one year
Group Group Foundation Foundation
2020 2019 2020 2019
$000 $000 $000 $000
Total grants payable 19,351 21,652 19,395 21,697
Less amounts
falling		 due within one year (note 15) (18,845) (20,774) (18,845) (20,774)
Grants payable falling due after more than one year 506 878 550 923
Accrual for employee benefit 167 424 167 424
Total payables falling due after more than one year 673 1,302 717 1,347
Represented
by:
Grants payable
in greater than one		 year but less than two years 506 878 550 923
Grants payable
in greater than two		 years but less than three years
Accrual for employee benefit 167 424 167 424
673 1,302 717 1,347
18. Funds
Balance Incoming Resources Investment Balance
Group 8/f wcl
$000		 Resources
$000		 Expended
$000		 Transfers
$000		 Gain/(losses)
$000		 C/fwcl
$000
Endowment
Funds		 521,252 8,932 (8,000) 55,164 577,348
Unrestricted
Funds		 37,086 15,335 (35,485) 8,000 (417) 24,519
Restricted
Funds		 28,170 6,883 (8,701) 26,352
586,508 31,150 (44,186) 54,747 628,219
Balance Incoming Resources Investment Balance
8/fwcl Resources Expended Transfers Gain/(losses) C/fwcl
Foundation $000 $000 $000 $000 $000 $000
Endowment
Funds		 521,252 8,932 (8,000) 55,164 577,348
Unrestricted
Funds		 37,086 15,335 (35,485) 8,000 (417) 24,519
Restricted
Funds		 27,983 6,835 (8,701) 26,117
586,321 31,102 (44,186) 54,747 627,984

Unrestricted Restricted Endowment
Funds Funds Funds Total Total
2020 2020 2020 2020 2019
Group Note $000 $000 $000 $000 $000
Fixed Assets
Endowment
investment
(at fair value)		 10 577,348 577,348 521,252
Investments
(at		 costs less impairment) 11 33,584 18,168 51,752 56,027
33,584 18,168 577,348 629,100 577,279
Current Assets
Debtors;
amounts falling due within one year 13 5,065 5,076 11,813
amounts falling due after one year 13 200
5,065 5,076 12,013
Cash at bank and
in hand		 14 8,796 7,402 16,198 22,774
Investments
(at		 cost less impairment) 2,461 1,067 3,528 3,604
Creditors: amounts falling due within one year 15 (18,108) (4,902) (23,010) (27,860)
Provisions 16 (2,000) (2,000)
Net Current Assets (8,840) 8,632 (208) 10,531
Total Assets less Current Liabilities 24,744 26,800 577,348 628,892 587,810
Creditors: amounts falling due after
more than one year 17 (717) 44 (673) (1,302)
Net Assets 24,027 26,844 577,348 628,219 586,508

Unrestricted Restricted Endowment
Funds Funds Funds Total Tota
I
2020 2020 2020 2020 2019
Foundation Note 5000 $000 5000 5000 $000
Fixed Assets
Endowment
investment		 (at fair value) 10 577,348 577,348 521,252
Investments
(at		 cost less impairment) 11 33,584 9,287 42,871 50,265
Subsidiary
undertakings		 12 15,020 15,020 16,930
33,584 24,307 577,348 635,239 588,447
Current Assets
Debtors
amounts falling due within one year 13 5,065 5,076 11,813
amounts falling due after one year 13 200
5,065 5,076 12,013
Cash at bank and on hand 8,796 1,037 9,833 11,431
Investments
(at		 cost less impairment) 2,461 1,067 3,528 3,604
Creditors: amounts
falling due within one year		 15 (18,108) (4,867) (22,975) (27,827)
Provisions 16 (2,000) (2,000)
Net Current Assets (8,840) 2,302 (6,538) (779)
Total Assets less Current Liabilities 24,744 26,609 577,348 628,701 587,668
Creditors: amounts
falling due after more
than one year 17 (717) (717) (1,347)
Net Assets 24,027 26,609 577,348 627,984 586,321
20. Reconciliation
of		 movement movement movement in funds to net cash used in operating in funds to net cash used in operating activities
2020 2020 2019 2019
Group
$000		 Foundation
$000		 Group
$000		 Foundation
$000
Net movement
in unrestricted
and restricted		 funds (14,384) (14,432) 13,249 13,094
Deduct back transfer
from endowment		 fund (8,000) (8,000) (17,140) (17,140)
Deduct back investment
income		 (426) (378) (863) (708)
Add back impairments 11,705 13,233 8,518 10,627
Increase in net debtors —unrestricted 8 restricted funds 6,937 6,937 (3,837) (3,837)
Increase in net creditors —unrestricted &restricted funds (3,479) (3,482) 7,823 7,814
Net cash used in operating
activities		 (7,647) (6,122) 7,750 9,850

21. A nalysis ofchan ges
in Ne		 t debt
Balance Third Foreign Balance
at start Cash Net Endowment party exchange at end
Group Note ofyear
$000		 Rows
000		 Grants
$000		 Investments
$000		 Drawdown
$000		 payables
$000		 movements
$000		 ofyear
$000
Cash at Bank and
in hand 14 22,774 18,040 (28,360) (4,046) 8,000 (210) 16,198
Creditors' Amounts
falling due within
one year 15 (27,860) 1,980 3,027 (157) (23,010)
Creditors: Amounts
falling due after
more than one year 17 (1,302) 373 256 (673)
Total (6,388) 18,040 (26,007) (4,046) 8,000 3,283 (367) (7,485)
Balance Third Foreign Balance
at start Cash Net Endowment party exchange at end
Foundation Note ofyear
$000		 flows
000		 Grants
$000		 Investments
$000		 Drawdown
$000		 payables
$000		 movements
$000		 ofyear
$000
Cash at Bank and
in hand 14 11,431 18,018 (26,860) (545) 8,000 (211) 9,833
Creditors: Amounts
falling due within
one year 15 (27,827) 1,979 3,030 (157) (22,975)
Creditors. Amounts
falling due after
more than one year 17 (1,347) 373 257 (717)
Total (17,743) 18,018 (24,508) (545) 8,000 3,287 (368) (13,859)

The Group a nd Fo undation have the following fi na nc ia l
inst		 ruments:
2020 2019
Group Note $000 $000
Financial assets at fair value through
the SOFA
- Endowment 10 577,348 521,252
Cash at bank and in hand 14 16,198 22,774
593,546 544,026
Financial assets that are debt instrument
measured
at amortised		 costs
Debtors 13 5,076 12,013
5,076 12,013
Financial assets that are debt instrument
measured
at costs less impairment
- Programme related investment —Rent to Own Loan ll 300
- Programme related investment —Lightning
Hybrids
Loan		 11 1,500 1,500
- Programme related investment —Redavia
Loan		 11 941 1,218
—Programme related investment —SparkMeter
Loan		 11 560 560
- Programme related investment —Factor[e] Loan ll 10,550 9,050
- Programme
related
(Dharma
Life) Loan		 investment —Galam Group
Ltd		 919 942
- Programme related investment —Husk Power Systems Inc. Loan 1,192 1,300
- Programme related investment —Persistent Energy Capital Loan 1,250 1,250
- Programme
related investment
(Sistema Biobolsa) Loan		 —Buen Manejo del Campo S.A. 925 925
- Programme related investment —Greenlight
Planet Loan		 250 540
- Programme related investment —Envirofit International lnc loan 25
—Mixed motives investment
——Aavishkaar
Ventures Management
Services convertible
debt agreement		 10,000 10,000
- Programme related investment —Cardecho B.V. loan 700 700
—Programme related investment —Nayo Tropical Technology loan 700 700
- Programme related investment —Shortlist loan 350 350
- Programme
related investment
Advisers
(SIMA) loan		 —Social Investment
Managers		 and 11 200
- Programme related investment —BBOXXloan 40
- Programme
(S4S)loan		 related investment —Science for Society Techno Services 11 40 40
- Programme related investment —Metro Africa Xpress loan 1,000
- Programme related investment —WherelsMyTransport loan 1,000
- Programme related investment —Provision for doubtful debts (2,626)
29,276 29,615
Financial assets ment measured
at cost less
that are equity
instru		 impairment
—Programme related GroFin Africa Fund
investment—		 investment 11 398 1,254
- Programme related investment —GroFin SGB Fund investment 11 8,700 15,000
- Programme related responsAbility
investment—		 11 2,025 2,000
- Programme related Nomou
Iraq Fund
investment—		 11 4,881 3,762
—Programme related Persistent
Energy Capital
investment—		 Investment 11 2,400 3,000
- Programme
related
(EEGF) investment		 Energy Entrepreneurs
investment—		 Growth Fund 3,000 3,000
—Programme related Northern
Iraq Investments
investment—		 investment 11 4,000 2,000
- Programme related SIMA Angaza
Distributor
investment—		 Financing 600
Fund investment
26,004 30,016
Financial
liabilities at fair value throu
h the SOFA
Financial
liabilities
measured
at amortised
costs
- Creditors, rovisions and accruals 15, 16, 17 (25,683) (29,162)
(25,683) (29,162)
Other financial liabilities
measured		 at fair value
- Contin
ent		 liabilities 27 (2,000)
(2,000)

2020 2019
Foundation Note $000 $000
Financial assets at fair value through
the SOFA
—Endowment 10 577,348 521,252
Cash at bank and in hand 14 9,833 11,431
587,181 532,683
Financial assets that are debt instrument
measured
at amortised
costs
Debtors 13 5,076 12,013
5,076 12,013
Financial assets that are debt instrument
measured
at cost less		 impairment
—Programme related investment —Rent to Own Loan 11 300
- Programme related investment —Lightning
Hybrids		 Loan 11 1,500 1,500
—Programme related investment —Redavia
Loan		 11 941 1,218
- Programme related investment —SparkMeter
Loan		 11 560 560
—Programme related investment —Factor[e] Loan 11 10,550 9,050
- Programme
related
(Dharma
Life) Loan		 investment —Gajam Group
Ltd		 919 942
- Programme related investment —Husk Power Systems lnc. Loan 1,192 1,300
- Programme related investment —Persistent Energy Capital Loan 1,250 1,250
- Programme
related investment
(Sistema Biobolsa) Loan		 —Buen Manejo del Campo S.A. 925 925
—Programme related investment —Greenlight
Planet		 Loan 250 540
- Programme related investment —Envirofit International lnc loan 25
- Mixed motives investment
—Aavishkaar
Ventures Management
Services convertible
debt agreement		 10,000 10,000
- Programme related investment —Cardecho B.V. loan 700 700
- Programme related investment —Nayo Tropical Technology loan 700 700
- Programme related investment —Shortlist loan 350 350
- Programme
and Advisers		 related investment
(SIMA) loan		 —Social Investment Managers 200
—Programme related investment —BBOXXloan 40
- Programme
(S4S)loan		 related investment —Science for Society Techno Services 11 40 40
- Programme related investment —Metro Africa Xpress loan 1,000
- Programme related investment —WherelsMyTransport loan 1,000
- Programme related investment —Provision for doubtful debts (2,626)
29,276 29,615
Financial assets that are equity
instru
ment measured		 at cost less impairment
- Programme related investment—
GroFin Afnca Fund investment		 11 398 1,254
- Programme related investment—
GroFin SGB Fund		 investment 11 8,700 15,000
—Programme related investment—
responsAbility		 investment 11 2,025 2,000
- Programme related investment—
Nomou
Iraq Fund		 investment 11
- Programme related investment—
Persistent
Energy Capital investment		 11 2,400 3,000
—Programme
related
(EEGF) investment		 investment—
Energy Entrepreneurs		 Growth Fund 3,000 3,000
- Programme related investment—
Northern
Iraq Investments
investment
- Programme related investment-
SIMA Angaza		 Distributor 600
Financin
Fund investment
17,123 24,254
Financial
liabilities at fair value through
the SOFA
Financial
liabilities
measured
at amortised
costs
- Creditors, rovisions and accruals 15,16,17 (25,692) (29,174)
(25,692) (29,174)
Other financial liabilities
measured		 at fair value
- Contin
ent		 liabilities 27 (2,000)
(2,000)

criteria, and thus do not qualify for hedge accounting.
Th		 ey have been classified as non-hedging
instrument		 s
in the below table		 .
Contractual Fair value
Notional
Amount Liability
$000 $000
2020
Non-hedging instruments
—Foreign exchange contracts 26,918 (1,231)
Total (1,231)
Less: current portion 1,231
Non-current portion
201st
Non-hedging instruments
- Foreign exchange contracts 25,570 (123)
Total (123)
Less: current portion 123
Non-current portion

2020 2019
Entity Name $000 $000
BGGroup
Ltd		 5,568
Royal Dutch Shell pic 61
Shell Energy Europe Limited 6,000 6,000
Shell Transport and Trading Ltd 2,662
Sam Parker —Shell Foundation
CEO		 , R ichar d Gomes —Deputy CEO, Rachel Singh Da vies —CFO.
Outstanding Outstanding
Shell Foundation Grant Grant Liability Liability
Key Management
Personnel		 Organisation's Name Position 2020
$000		 2019
$000		 2020
$000		 2019
$000		 Notes
Sam Parker WRI Ross Centre for Member ofthe 1,300 750 550 850 Grants provided to
Sustainable
Cities		 Adwsory Board World Resources
Institute and Centro
de Transporte
Sustentable.
Sam Parker Stichting
Smart		 Board Member 489 735 246 112
Freight Centre
Sam Parker Envirofit International lnc Board Member 35 1,150
Sam Parker GroFin Africa Fund, Member ofthe 1,500 2,100 78 78 GroFin Managers
GroFin SGB Fund and Advisory Council is a SFGrantee that
GroFin Nomou
(MENA),		 belongs to the GroFin
Aspire Growth
Fund,		 Group ofCompanies.
Aspire Small Business Fund
Sam Parker GroFin SGB Fund Member ofthe Investment
of $15 million		 in GroFin SGB Fund at the 2020 year end
Advisory Council (2019:$15 million)
Sam Parker GroFin Africa Fund Member ofthe Investment
in GroFin Africa Fund of$0.4 million at		 the 2020year end
Advisory Council (2019:$1.3 million)
Sam Parker Factor[e] Ventures PBC Investment Committee Loan Receivable $10.6 million at the 2019year end
Member (2019:$9.1 million)
Rachel Singh Davies BIX Investment Committee Guarantee
of $2m to the		 Calvert Social Investment Fund Inc. for pre-funding
Member ofthe BIXcarbon fund

I