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

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





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||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|





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||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|
|-<br>Inve st<br>ments||378|48|8,932|9,358|
|Total Incoming Resources||15,335|6,883|8,932|31,150|
|Expenditure<br>on Raising Funds||||||
|Investment<br>management<br>costs||(510)|||(510)|
|Total Cost ofRaising Funds||(510)|||(510)|
|Charitable<br>Activities||||||
|-Access to Energy||(29,500)|(8,096)||(37,596)|
|- Sustainable<br>Mobility||(5,475)|(605)||(6,080)|
|- Sustainable Job Creation||||||
|Total Charitable<br>Activities||(34,975)|(8,701)||(43,676)|
|Total Resources Expended||(35,485)|(8,701)||(44,186)|
|Net gains on investments||||||
|Realised and IJnrealised<br>gains|on the revaluation|||||
|and disposal<br>of investment<br>assets||(417)||55,164|54,747|
|Net income/(expenditure)|before transfers|(20,567)|(1,818)|64,096|41,711|
|Transfers between<br>funds||8,000||(8,000)||
|Net income/(expenditure)||(12,567)|(1,818)|56,096|41,711|
|Net Movement<br>in Funds||(12,567)|(1,818)|56,096|41,711|
|Fund balances<br>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|





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|||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<br>on Raising Funds||||||
|Investment<br>management<br>costs||||(361)|(361)|
|Total Cost ofRaising Funds||||(361)|(361)|
|Charitable<br>Activities||||||
|-Access to Energy||(22,691)|(13,201)||(35,892)|
|- Sustainable<br>Mobility||(6,968)|(450)||(7,418)|
|- Sustainable Job Creation||(67)|(2,594)||(2,661)|
|Incubator||||||
|Policy and Advocacy||||||
|Total Charitable<br>Activities||(29,726)|(16,245)||(45,971)|
|Total Resources Expended||(29,726)|(16,245)|(361)|(46,332)|
|Net losses on investments||||||
|Realised and IJnrealised<br>losses|on the revaluation|||||
|and disposal of investment<br>assets||||68,976|68,976|
|Net income/(expenditure)|before transfers|(22,526)|18,635|79,084|75,193|
|Transfers between<br>funds||17,140||(17,140)||
|Net income/(expenditure)||(5,386)|18,635|61,944|75,193|
|Net Movement<br>in Funds||(5,386)|18,635|61,944|75,193|
|Fund balances<br>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|





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||||||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<br>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|





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||||||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<br>undertakings||||12|||15,020|16,930|
|Total Fixed Assets|||||629,100|577,279|635,239|588,447|
|Current Assets|||||||||
|Debtors|||||||||
|amounts<br>falling|||due within one year|13|5,076|11,813|5,076|11,813|
|amounts<br>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'<br>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<br>Funds||||18|577,348|521,252|577,348|521,252|
|Unrestricted<br>Funds||||18|24,519|37,086|24,519|37,086|
|Restncted<br>Funds||||18|26,352|28,170|26,117|27983|
|Total Foundation|||Funds||628,219|586,508|627,984|586,321|



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|||||Group|Group|Foundation|Foundation|
|---|---|---|---|---|---|---|---|
|||||2020|2019|2020|2019|
||||Note|$000|$000|$000|$000|
|Net cash used in operating<br>activities|||20|(7,647)|7,750|(6,122)|9,850|
|Cash flow from investing|activities|||||||
|Cash expended<br>on endowment<br>fund fees|||||(361)||(361)|
|Investment<br>Income —unrestricted<br>and restricted||||426|863|378|708|
|Investment<br>income from endowment<br>funds||||8,932|10,469|8,932|10,469|
|Endowment<br>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)<br>on foreign exchange||||175|(271)|176|(272)|
|(Decrease)<br>in investment|cash|||(5,199)|(904)|(5,199)|(904)|
|Investments||||||||
|Purchase of programme|related<br>investments|||(8,261)|(17,708)|(4,761)|(13,708)|
|Sale of programme<br>related<br>investments||||909|1,272|909|1,272|
|Investment<br>in subsidiary|||||||(17,000)|
|Net cash fram investing<br>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<br>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<br>at|the beginning|ofthe|year|22,774|13,456|11,431|13,169|
|Cash and cash equivalents<br>at the end||ofthe year||16,198|22,774|9,833|11,431|





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



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





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





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|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<br>Funding|to secure|the|livelihoods|of drivers and the provision|ofsafe,|||||
|affordable,<br>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|



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|employees,<br>including<br>salaries and taxes. The salary and taxes paid <br>as follows:|by Shell Group companies<br>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<br>Share Plan (PSP)|(323)|(429)|
||(3,918)|(3,879)|





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|Finan|cial<br>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|





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|.|||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<br>of investment|cash||5,199|904|
|Market value at 31 December|||577,348|521,252|
||||2020|2019|
|The year end value<br>is analysed||as:|$000|$000|
|Bonds —overseas|||49,605|46,798|
|Fixed income investments|—overseas||28,299|25,711|
|Equity investments<br>—UK|||24,515|24,796|
|Equity investments<br>—overseas|||361,592|313,659|
|Hedge funds —overseas|||57,285|53,333|
|Real Estate|||48,165|53,129|
|Forward<br>foreign currency|contracts||(1,231)|(123)|
|Other assets|||1,244|1,273|
|Investment<br>cash|||7,874|2,676|
|Market value at 31 December|||577,348|521,252|



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|Programme<br>Related Investments||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||||Group|||||||||||Group||Foundation||||||||Foundation||||
|||||||||||||2020||||||||||2019|||||2020|||||||2019||
|Non-Current<br>(continued)||||||||||||$000||||||||||$000|||||$000|||||||$000||
|Factor[e] loan receivable||||||||||||||||||||||||||||||||||||
|Factor[e] identify<br>disruptive,<br>high risk technologies|to solve||critical energy||bottlenecks||||in India and Kenya||||||||They|||provide<br>risk capital 8|||||engineering<br>support|||||—to||test,||||
|de-risk and attract investment<br>to scale promising<br>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<br>from 2026-2030.||||||||||||||||||||||||||||||||||||
|Cost less impairment<br>brought forward at<br>1 January<br>Purchases||||||||||||9,050<br>1,500||||||||||6,744<br>3,006|||||9,050<br>1,500|||||||6,744<br>3,006||
|Sales||||||||||||||||||||||(700)||||||||||||(700)||
|Gajam Group Limited (Dharma life) loan receivable||||||||||||||||||||||||||||||||||||
|Operating<br>in India, Dharma<br>Life builds and trains a network|||of|rural entrepreneurs,||||makes social-impact||||||||products|||||accessible<br>in rural|||markets|||and conducts|||innovative||||||
|campaigns<br>to create market demand.<br>The loan is repayable|||in|full by December 2022.||||||||||||||||||||||||||||||||
|Cost less impairment<br>brought forward<br>at<br>1 January||||||||||||942||||||||||963|||||942|||||||963||
|Purchases||||||||||||||||||||||||||||||||||||
|Sales||||||||||||(23)||||||||||(21)|||||(23)||||||||(21)|
|Husk Power Systems Inc.loan receivable||||||||||||||||||||||||||||||||||||
|Husk is a leading<br>off-grid<br>utility,<br>providing<br>affordable,<br>reliable||||and renewable|||power||to rural|||communities.||||||Operating||||in India, Tanzania||||and Kenya||it|designs,|||builds,||||
|owns 8 operates<br>grid compatible<br>plants,<br>providing|A/C power, which<br>is suitable for||||||||all appliances.||||The|||loan|||is now expected||||to be paid 2021-2023.|||||||||||||
|Cost less impairment<br>brought forward<br>at I January||||||||||||758||||||||||866|||||758|||||||866||
|Movement<br>from non-current<br>to current||||||||||||(433)||||||||||(108)|||||(433)|||||||(108)||
|Persistent Energy Capital loan receivable||||||||||||||||||||||||||||||||||||
|Operating<br>in underserved<br>African countries,<br>PEC identifies|||high potential,||early-stage|||||PAYG||energy|businesses,|||||||invests and scales them||||||with|critical knowledge,|||||||||
|experience<br>and networks<br>in business,<br>governance|and financing.<br>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<br>in full by March 2027. Loan|||||||||||||3:$0.5||million|||||
|repayable<br>in full by December 2027.||||||||||||||||||||||||||||||||||||
|Cost less impairment<br>brought forward<br>at I January||||||||||||1,250||||||||||1,250|||||1,250|||||||1,250||
|Buen Manejo del Campo S.A.(Sistema Biobolsa)||loan receivable||||||||||||||||||||||||||||||||||
|Sistema combine manufacturing,<br>sales and service|of high|quality bio-digester|||||systems|||with consumer|||||financing|||||to enable affordable|||||biogas solutions||||for productive|||||||
|use. They create innovative<br>distribution<br>partnerships|across||Africa and India|||to|reach||low income smallholder||||||||||farmers|||reducing<br>their||fuel/fertiliser<br>cost, enabling||||||||clean||||
|cooking/heating<br>and improving<br>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<br>would|||be triggered.||||||||||||||||||||||||||||||
|Cost less impairment<br>brought forward at I January||||||||||||925||||||||||925|||||925|||||||925||
|Greenlight<br>Planet loan receivable||||||||||||||||||||||||||||||||||||
|GLP designs and manufactures<br>affordable<br>solar energy products,<br>including|||||consumer||||finance component||||||||(PAYG). Creates innovative|||||||distribution<br>partnerships|||||||and|||direct||
|sales network<br>to reach low income consumers<br>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<br>in 2020 since the project did not achieve the|||outcome for which||||the repayment|||||condition||||would be|||||tnggered.|||||||||||||||
|Cost less impairment<br>brought forward<br>at<br>1 January||||||||||||290||||||||||500|||||290|||||||500||
|Movement<br>from non-current<br>to current||||||||||||(250)||||||||||(250)|||||(250)|||||||(250)||
|Purchases||||||||||||||||||||||40|||||||||||||40|
|Impairment||||||||||||(40)|||||||||||||||(40)|||||||||
|Cardecho B.V.loan receivable||||||||||||||||||||||||||||||||||||
|Cardecho<br>is a carbon financing<br>company.<br>Loan I;|$0 5 million|||will likely convert to||||equity|||in|2021 as|||per||clause|||in loan agreement.||||Loan 2|||$0.2 million<br>is repayable||||||||as|
|per the terms of the MOU.||||||||||||||||||||||||||||||||||||
|Cost less impairment<br>brought forward<br>at I January||||||||||||700|||||||||||||||700|||||||||
|Purchases||||||||||||||||||||||700||||||||||||700||
|Nayo Tropical Technology loan receivable||||||||||||||||||||||||||||||||||||
|Nayo Tropical Technology<br>has operated<br>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<br>in full by February 2029.||||||||||||||||||||||||||||||||||||
|Cost less impairment<br>brought forward<br>at 1 January||||||||||||700|||||||||||||||700|||||||||
|Purchases||||||||||||||||||||||700||||||||||||700||
|Shortlist loan receivable||||||||||||||||||||||||||||||||||||
|Shortlist seeks to develop<br>new approaches<br>to attract and develop talent —one|||||||of the||biggest|||challenges||||for||social|||enterprises||trying|to scale. It is using|||||technology|||||to||
|identify candidate<br>skills and attributes<br>through<br>real-time competency-based||||||demonstrations||||||rather than||||traditional|||||CV-based||methods.|||The|loan is repayable||||in|full||by||
|December 2024.||||||||||||||||||||||||||||||||||||
|Cost less impairment<br>brought forward<br>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<br>(continued)|||||||||||||||||$000||||||$000||||||||$000||||$000||
|Social Investment<br>Managers<br>and Advisers|||(SIMA)||||loan receivable||||||||||||||||||||||||||||||
|Shell Foundation<br>has provided<br>funding<br>to SIMA to finance||||||the set up and||||||pilot of||a fund|targeting<br>early|||||stage distributors|||||of Solar Energy|||||products<br>with smaller|||ticket||||
|financing.<br>The loan was cancelled<br>in|2020 and the||funds were|||||used for|||the investment||||in SIMA.||||||||||||||||||||||
|Cost less impairment<br>brought forward|at<br>1 January||||||||||||||||200||||||||||||||200||||||
|Purchases||||||||||||||||||||||||200||||||||||||200|
|Sales|||||||||||||||||(200)||||||||||||||(200)||||||
|Bboxx loan receivable|||||||||||||||||||||||||||||||||||||
|$40k repayable<br>grant to BBOXXto test and scale||two|||gender-inclusive||||||strategies.|||The|loan|was fully|||impaired<br>in|||2020||since the project did|||||||not achieve the outcome||||for||
|which the repayment<br>condition<br>would|be triggered.||||||||||||||||||||||||||||||||||||
|Cost less impairment<br>brought forward|at<br>1 January||||||||||||||||40||||||||||||||40||||||
|Purchases|||||||||||||||||||||||||40|||||||||||40|
|Impairment|||||||||||||||||(40)||||||||||||||(40)||||||
|Science for Society Techno Services (545)||loan receivable|||||||||||||||||||||||||||||||||||
|$40k repayable<br>grant to S4Sto test and scale three||||gender|||inclusive|||strategies.|||The loan is||||repayable|||in full|by August|||2024.|||||||||||||
|Cost less impairment<br>brought forward|at<br>I January||||||||||||||||40||||||||||||||40||||||
|Purchases|||||||||||||||||||||||||40|||||||||||40|
|Amiran<br>loan receivable|||||||||||||||||||||||||||||||||||||
|Amiran<br>Kenya<br>is part of Balton CP, a|British company|||with||operations||||in|eight African countries,<br>distributing||||||||||agricultural|||products|||to farmers||||and agribusinesses.||||||
|The loan was fully impaired<br>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<br>using mobile tech 8 financial||||||||||||inclusion||to transform<br>mobility||||||systems<br>Ik supply|||||chains|in West Africa. The loan is||||||repayable|||by||
|I June 2027.|||||||||||||||||||||||||||||||||||||
|Purchases|||||||||||||||||1,000||||||||||||||1,000||||||
|WherelsmyTransport<br>loan receivable|||||||||||||||||||||||||||||||||||||
|WIMT maps formal and informal<br>public transport||networks|||||in emerging||||markets||and uses its||||data and||technology|||to make the||||end-to-end||||public transport||experience|||||
|more reliable, predictable,<br>safe, inclusive<br>and accessible||||||for billions of|||||people.||The loan is|||repayable|||by 30June 2030.||||||||||||||||||
|Purchases|||||||||||||||||1,000||||||||||||||1,000||||||
|Nomou Iraq Fund investment|||||||||||||||||||||||||||||||||||||
|The principal<br>activities ofthe Company<br>are to invest||||in|small||growing||businesses||||(SGB)within||||Iraq to||further||employment||||in the|country|||The||Company<br>was|established|||||
|under a Cooperation<br>Agreement<br>with USAID. GroFin|||||has|been||chosen|||as the key|||strategic||partner to|||further||the aims of the Company||||||||and manage<br>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<br>to the net assets of the|fund.||||||||||||||||||||||||||||||||||||
|Cost less impairment<br>brought forward|at<br>1 January||||||||||||||||3,763|||||2,247|||||||||||||||
|Purchases|||||||||||||||||1,500|||||2,000|||||||||||||||
|Impairment|||||||||||||||||(382)||||||(484)||||||||||||||
|Northern<br>Iraq Investments<br>investment|||||||||||||||||||||||||||||||||||||
|A sustainable,<br>development-impact-orientated<br>vehicle for||||||the provision|||||of business support,||||||start-up||and early stage growth capital|||||||||essential|||for the development|||of|||
|sustainable<br>small and medium-sized|businesses<br>in|the|||Northern|||region||of Iraq.|||||||||||||||||||||||||||
|Cost less impairment<br>brought forward|at I January||||||||||||||||2,000||||||||||||||||||||
|Purchases|||||||||||||||||2,000|||||2,000|||||||||||||||
|Provision for Doubtful Debts|||||||||||||||||||||||||||||||||||||
|Shell Foundation<br>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<br>on each individual<br>investment||||In|some||cases where|||||the impact of|||Covid-19 is ongoing||||||and|there|is||an absence|||of reliable<br>information||||available|||||
|in order to estimate<br>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<br>for doubtful<br>debts as at 31|December 2020.||||||||||||||||||||||||||||||||||||
|Provision for doubtful<br>debts||||||||||||||||(2,626)||||||||||||||(2,626)|||||||
|Total Non-Current<br>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<br>—non-government||related|||||||||
|Toyota Mobility<br>Foundation||||||||200||200||
|Restricted|donation<br>- Government<br>related|||||||||||
||Foreign, Commonwealth<br>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<br>debtor||||||||||||
||The Shell Centenary|Scholarship||Fund|||||490||490|
|Prepayments<br>and Accruals|||||||||52||52|
|Amounts|falling due after|more|than one year are:|||||||||
|Restricted|donation<br>- Government<br>related|||||||||||
||Foreign, Commonwealth<br>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<br>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<br>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<br>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<br>by:||||||||
|Grants payable<br>in greater than one||year but less than two years||506|878|550|923|
|Grants payable<br>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<br>$000|Resources<br>$000|Expended<br>$000|Transfers<br>$000|Gain/(losses)<br>$000|C/fwcl<br>$000|
|Endowment<br>Funds||521,252|8,932||(8,000)|55,164|577,348|
|Unrestricted<br>Funds||37,086|15,335|(35,485)|8,000|(417)|24,519|
|Restricted<br>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<br>Funds||521,252|8,932||(8,000)|55,164|577,348|
|Unrestricted<br>Funds||37,086|15,335|(35,485)|8,000|(417)|24,519|
|Restricted<br>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<br>investment<br>(at fair value)|||10|||577,348|577,348|521,252|
|Investments<br>(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<br>in hand|||14|8,796|7,402||16,198|22,774|
|Investments<br>(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<br>I|
|||||2020|2020|2020|2020|2019|
|Foundation|||Note|5000|$000|5000|5000|$000|
|Fixed Assets|||||||||
|Endowment<br>investment||(at fair value)|10|||577,348|577,348|521,252|
|Investments<br>(at|cost less|impairment)|11|33,584|9,287||42,871|50,265|
|Subsidiary<br>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<br>(at|cost less|impairment)||2,461|1,067||3,528|3,604|
|Creditors: amounts<br>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<br>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<br>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<br>$000|Foundation<br>$000|Group<br>$000|Foundation<br>$000|
|Net movement<br>in unrestricted<br>and restricted|||funds||(14,384)|(14,432)|13,249|13,094|
|Deduct|back transfer<br>from endowment|fund|||(8,000)|(8,000)|(17,140)|(17,140)|
|Deduct|back investment<br>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<br>activities|||||(7,647)|(6,122)|7,750|9,850|





## 

## 

## 

|21. A|nalysis|ofchan|ges<br>in Ne|t debt|||||||
|---|---|---|---|---|---|---|---|---|---|---|
||||Balance|||||Third|Foreign|Balance|
||||at start|Cash||Net|Endowment|party|exchange|at end|
|Group||Note|ofyear<br>$000|Rows<br>000|Grants<br>$000|Investments<br>$000|Drawdown<br>$000|payables<br>$000|movements<br>$000|ofyear<br>$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<br>$000|flows<br>000|Grants<br>$000|Investments<br>$000|Drawdown<br>$000|payables<br>$000|movements<br>$000|ofyear<br>$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<br>inst|ruments:|||
|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||2020|2019|
|Group|||||||||Note|$000|$000|
|Financial assets|at fair|value through<br>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<br>measured<br>at amortised||||||costs|||||
|Debtors|||||||||13|5,076|12,013|
|||||||||||5,076|12,013|
|Financial assets|that are debt instrument<br>measured<br>at costs less impairment|||||||||||
|- Programme|related|investment|—Rent to Own Loan||||||ll||300|
|- Programme|related|investment|—Lightning<br>Hybrids<br>Loan||||||11|1,500|1,500|
|- Programme|related|investment|—Redavia<br>Loan||||||11|941|1,218|
|—Programme|related|investment|—SparkMeter<br>Loan||||||11|560|560|
|- Programme|related|investment|—Factor[e] Loan||||||ll|10,550|9,050|
|- Programme<br>related <br>(Dharma<br>Life) Loan||investment|—Galam Group<br>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<br>related investment<br>(Sistema Biobolsa) Loan|||—Buen Manejo del Campo||S.A.|||||925|925|
|- Programme|related|investment|—Greenlight<br>Planet Loan|||||||250|540|
|- Programme|related|investment|—Envirofit International|lnc|loan|||||25||
|—Mixed motives investment<br>——Aavishkaar<br>Ventures Management<br>Services convertible<br>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<br>related investment<br>Advisers<br>(SIMA) loan|||—Social Investment<br>Managers|||and|||11||200|
|- Programme|related|investment|—BBOXXloan||||||||40|
|- Programme<br>(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<br>at cost less <br> that are equity<br>instru||||||impairment|||||
|—Programme|related|GroFin Africa Fund <br>investment—||investment|||||11|398|1,254|
|- Programme|related|investment|—GroFin SGB Fund investment||||||11|8,700|15,000|
|- Programme|related|responsAbility<br>investment—|||||||11|2,025|2,000|
|- Programme|related|Nomou<br>Iraq Fund<br>investment—|||||||11|4,881|3,762|
|—Programme|related|Persistent<br>Energy Capital<br>investment—|||Investment||||11|2,400|3,000|
|- Programme<br>related<br>(EEGF) investment||Energy Entrepreneurs<br>investment—||Growth||||Fund||3,000|3,000|
|—Programme|related|Northern<br>Iraq Investments<br>investment—||||investment|||11|4,000|2,000|
|- Programme|related|SIMA Angaza<br>Distributor<br>investment—||||Financing||||600||
|Fund investment||||||||||||
|||||||||||26,004|30,016|
|Financial<br>liabilities at fair value throu<br>h the SOFA||||||||||||
|Financial<br>liabilities<br>measured<br>at amortised<br>costs||||||||||||
|- Creditors,|rovisions and accruals||||||||15, 16, 17|(25,683)|(29,162)|
|||||||||||(25,683)|(29,162)|
|Other financial|liabilities<br>measured||at fair value|||||||||
|- Contin<br>ent|liabilities||||||||27||(2,000)|
||||||||||||(2,000)|





## 

|||||||||||2020|2019|
|---|---|---|---|---|---|---|---|---|---|---|---|
|Foundation|||||||||Note|$000|$000|
|Financial assets|at fair|value through<br>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<br>measured|||||||||||
|at amortised<br>costs||||||||||||
|Debtors|||||||||13|5,076|12,013|
|||||||||||5,076|12,013|
|Financial assets|that are debt instrument<br>measured<br>at cost less||||||impairment|||||
|—Programme|related|investment|—Rent to Own Loan||||||11||300|
|- Programme|related|investment|—Lightning<br>Hybrids|Loan|||||11|1,500|1,500|
|—Programme|related|investment|—Redavia<br>Loan||||||11|941|1,218|
|- Programme|related|investment|—SparkMeter<br>Loan||||||11|560|560|
|—Programme|related|investment|—Factor[e] Loan||||||11|10,550|9,050|
|- Programme<br>related <br>(Dharma<br>Life) Loan||investment|—Gajam Group<br>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<br>related investment<br>(Sistema Biobolsa) Loan|||—Buen Manejo del|Campo||S.A.||||925|925|
|—Programme|related|investment|—Greenlight<br>Planet|Loan||||||250|540|
|- Programme|related|investment|—Envirofit International||lnc|loan||||25||
|- Mixed motives investment<br>—Aavishkaar<br>Ventures Management<br>Services convertible<br>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<br>and Advisers|related investment<br>(SIMA) loan||—Social Investment|Managers|||||||200|
|—Programme|related|investment|—BBOXXloan||||||||40|
|- Programme<br>(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<br>instru<br>ment measured|||at|cost|less impairment||||||
|- Programme|related|investment—<br>GroFin Afnca Fund investment|||||||11|398|1,254|
|- Programme|related|investment—<br>GroFin SGB Fund|||investment||||11|8,700|15,000|
|—Programme|related|investment—<br>responsAbility||investment|||||11|2,025|2,000|
|- Programme|related|investment—<br>Nomou<br>Iraq Fund|||investment||||11|||
|- Programme|related|investment—<br>Persistent<br>Energy Capital investment|||||||11|2,400|3,000|
|—Programme<br>related <br>(EEGF) investment||investment—<br>Energy Entrepreneurs||||Growth||Fund||3,000|3,000|
|- Programme|related|investment—<br>Northern<br>Iraq Investments||||||||||
|investment||||||||||||
|- Programme|related|investment-<br>SIMA Angaza||Distributor||||||600||
|Financin<br>Fund investment||||||||||||
|||||||||||17,123|24,254|
|Financial<br>liabilities at fair value through<br>the SOFA||||||||||||
|Financial<br>liabilities<br>measured<br>at amortised<br>costs||||||||||||
|- Creditors,|rovisions and accruals||||||||15,16,17|(25,692)|(29,174)|
|||||||||||(25,692)|(29,174)|
|Other financial|liabilities<br>measured||at fair value|||||||||
|- Contin<br>ent|liabilities||||||||27||(2,000)|
||||||||||||(2,000)|





## 

## 

|criteria, and|thus do not qualify for hedge accounting.<br>Th|ey have been classified as non-hedging<br>instrument|s<br>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<br>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<br>CEO|, R|ichar|d Gomes|—Deputy|CEO, Rachel|Singh Da|vies —CFO.||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||Outstanding|Outstanding|||
|Shell Foundation||||||Grant|Grant|Liability|Liability|||
|Key Management<br>Personnel|Organisation's|Name||Position||2020<br>$000|2019<br>$000|2020<br>$000|2019<br>$000|Notes||
|Sam Parker|WRI Ross Centre for|||Member|ofthe|1,300|750|550|850|Grants provided|to|
||Sustainable<br>Cities|||Adwsory|Board|||||World Resources||
|||||||||||Institute and Centro||
|||||||||||de Transporte||
|||||||||||Sustentable.||
|Sam Parker|Stichting<br>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<br>(MENA),|||||||||belongs to the GroFin||
||Aspire Growth<br>Fund,|||||||||Group ofCompanies.||
||Aspire Small Business||Fund|||||||||
|Sam Parker|GroFin SGB Fund|||Member|ofthe|Investment<br>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<br>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<br>of $2m to the||Calvert Social Investment|Fund Inc. for pre-funding|||
|||||Member||ofthe BIXcarbon fund||||||





## 

## 

## 



I