THE CHILDREN'S INVESTMENT FUND
FOUNDATION (CIFF) (UK) ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
111
1111
*AA87ZQ2X'
A16
#3>)
COMPAMES H￿SE
The Children's Investment Fund
Foundation (CIFF) (UK)

Contents
Foundw's Message
CEO'S Message
Trv5tees Repc
Portfolio Highli8hts
Financial Highlghts
2020 Financia Rev*w
Strategic OveNew
Clirnate Change
AdolescerKe, Sextjal & Rewoduchve Health & REhts
Girl Capitsl
12
14
Child He31th & Development
16
Child Protecthc
18
Cross-cutting
20
Re8ional Actiwties
22
thica
23
Indki
25
China
27
Europe
29
Strategic Retx)rt
Social Impact of CIFF'S Orerations
31
FIn￿CIal Review
36
Investment knew
38
Risk Managefflent and l<* Polioes
Structu
39
42
Recent Devebpments
45
Remuneration Report and Other Gcprnnance
Trustees ReSponsi￿l￿S aThJ Fin￿131 Ststements
47
lThlependentAJdttorfs Report to the Members
Consdidated Ststement of FsnarKial Attiwtie5
49
52
Consdidated and Foundabon Balan￿ ￿eets
53
Conxlidated Cash Flow Ststement
Notes to the Con501idated FinarKia statements
56
Grwp Information
97
THEc￿lLoREN% IPIVESTMENTFVNO F￿N0￿￿ON (V￿(oFF)4NNv￿￿kEptsRT￿(xtT￿EYEAl ENOE031 DECEMBER 2020
Chbjrerfs hive5trntTht FuTrO F•Jndatk>nlCIFF UKI I ￿rte

Founder's Message
Since founding CIFF in 2LKb2.1 have been committed to 50hn"n8 PlOtAems. notjU5t ￿￿kIng gtsnt& I
arn exated to share wrAnnual Re￿rt for 2020 as we continue to strive on CIFF'S journey a$ 3 high-
perforrnin8. actiwst phi￿nthropy. We a￿ not afraid to take on some ofr the wodd's toughest challenges
and it is our Privi￿ge to support and work akn8gde instirin8 organisations and le￿er5 in ciwl society.
s the wtsdd ieels from Covid-19. we contr.nue to brin8 the needs of childrèn to the fo￿. CIFF'S CEO.
Kate H3mpton. and I contr.nue to work with deterrNnab"on in fvrthering our vision ol a kinder. 8reener
world that enaEAes child￿￿ to thrive. None of this work ￿￿Xjkj be pos5itAe without the commitment
of CIFF'S trustees, advisors, staff and co-funders. as well as cur grantees and partners. As CIFF looks
fornard into 2021.1 wouFd like to tt￿nk Dr Graeme Sweeney lof his dedicated service as CIFF'5
Chairman for the past six yeao and welcome Dr Mafko Lehtimaki to the &Mrd.
Sir Christopher Hohn
Founder and Chaimian
24 June 2021
We are not afraid to
take on some of the
world's toughest
challenges and it is
our privilege to support
and work along side
inspiring organisations
and leaders ID civil
society.
CthWr¢rfs kn¥estM￿l Fwd Fowdath)TrlCIFF UXI I Page2

CEO'S Message
A5 we enter 2021. the C*cale ol Delivery of the S￿s should be well and truly Underway, alongside
efforts to halve 8lobal 8reenhouse gas emi55i0ns. However. the Covid-19 pandemic has been a severe
blow to progress with children negatively impacted by the resw)se. CkJr partners and grantees have
seen this impact hrst hand through incwsed malnutrition, missed ethjcahon and disrtspted health
services. With to an additional 150 million people In developing countries projected to be living
in extreme poverty by the end of 2021. the ltsng-term scarring of Covid-19 will be felt lor years to
come. The pandernic has exacerbated the ￿fj￿d's existing inequibes. making tho)5e al￿adY most at
risk from the climate ¢risis even more vulnerable. While richer nabons that can finance their own debt
have been able to weather the st(xm. many developing countries a￿ ¢n 3 precarious %tuation which
in turn threatens Child￿n'S programmes, inclLMJing the sustainability of our own efforts. It is clear that
much more needs to be done to ensure the CovioS.19 recovery 15 equitskAe xro55 geDgraphies and
generations.
Despite thi5 di5rupbon. CMJf commitsment to irnprowng the lives ol children ha5 only strengthened. As
the pandenNc hit, CIFF was wdl prepared to ensure the continuity of operatiC￿S. The Foundation's staff
and oJr grantees continued to delNer innovation 3nd cesults thrcxJ8hout the year. During 2020. CIFP5
grant distxjrsements ir￿￿05ed by 28% to $344 million. the third 5ucce5SNe yeaf of signifitsnt step up
in grant spend- our trustees have fvrther increased our spending limits in the business plan lor 2021.
This grant rnaking activity is spread across oJr five offices in Addis Ababa. Beiiing, Delhi. London and
Nairobi. Our 5trate8ie5 and operatr.ons are InC￿3￿ng￿ local￿-Ied. as we further develop local solutions
for local contexts. Our Str￿￿er local offices We￿ pivotsl in en￿Ing continuity of programming durinB
the pandemic.
A green. resilient and indusive Covtd-19 recovery that ntyjrishes and encourages the world'5 chIld￿n
will clearly reouire the vnprecedented mobilisation of pU￿1C private resources, tslents and
innovations. Notwthstanding the challenge5, the past year has shown me that CIFF and our grantees
and partners a￿ extracwdinarily rV￿lient and committed. and are able to do so much more than I
thou8ht P055ible at this time last year. I wwld like to thank everyone that has played a part in our
2020 story aThJ invite ycu to partner with vs as we grow into 2021.
Kate Hampton. CEO
24 June 2021
'Despite the disruption
of the'pandemic.:.
..our commitment to
improviiig tlie lives
of thiiilren has only
,strengthened..
ONldrtn'sIfftrfes￿t F￿0F￿￿￿dattOn ICIFF UK) I Pa¥e 3

Trustees, Report
At a Glance: Portfolio Highlights
CIFPS Strategies are delivered by t￿r network of exceptional grantee& who we a￿ proud to fund and
with whom we are exeited to work on Stratety and wo8rarrune desiEfL Some of the highlights from around
Jr portfolio of programmes in 2￿0 include:
aFPs Bontees worked to end c031 financing fromjapan and South Korea. Bythe
eThJ of the year, both countries had 3nnounced a net-zero ￿ 2050 commitment.
while al three of Japan's biggest comrnercial banks introduced c031 exckssion
poticie& and of South Korea's lareest financial groups anntyjnced an end to
coa proiectfinancr
f-mana8ed sexual •nd reW0thKti￿ ￿81th¢art ISRHI be¢ame a key priority Of
ijuntries workin% to access to ess￿￿31 health 5er¥tie5. Ourwork to scale and
institutionali5e self-managed care for SRH made maj¢y progress ¢>ver 2020 wth
more than nine million Indi￿dualS across Sub-saharan Afvtta and South usirte
t¢￿5 s￿h as sdf.manaKed HIVtestin#arnd tontrateptive self.iniection.
Educate Girts enrolkd over 3￿.(1X1 4Xrt-of-school in kndia between the ages
of S and 18. and trained almost IOJ.C(KJ adolescent &rts in life skills through
in-sthooj and communtty.b3sed modds.
lft India. the RajPusht progwrne received an add￿01 $32 fflillw frctm
th¢ Rajasthan Govemment to prnwde dI￿rt cash translers to half a million
prE8nantwomen over the next five years al(x)g with ll)tsnsive behaviour ch3n8e
vnmuThcations.
aFF contifiL*d inve￿Ing in CkneAue Fund. a re¥enue-seneratin8 non-profit
tyganisation whith supportsAfrica's largest network of ynallholderfarmers to
iFrtr(Klure nutriti¢)n.5en5itw¢comrK4)ents into exi5tiTrg agrirulture intewventism
In 2020. 545.fKKJ famws were enrolkd. 63.8% ofwhich wertwomen.
CIFF. the Indian G(¥vemment and the NGO Freed¢xn Fund worked over the last
three months of 2020 on a programme whith resoJed over 21X) chibjren frorn
The CIFF-funded kceleraTE wo8ramme helped a number t>f￿ntan ctyjntries
to overcome the final hurdle5 tsf trathorna eliminati£￿. treatinB over 30.0
cases ovtrthe course of 2020. ThrouEh AcceleraTQ 11 African countries have
ntswComp￿ttd L4ndscape anatyses, which will hdp infomi best practice
coordinating neOerted tropical disease IKfDI acts￿be5 in the future.
Chthlren's kn¥esirneTrt Fund FoJndarknn ICIFF UKJ I Pa￿4

Trustees, Report
At a Glance: Financial H2ghlights
Charitable Investments Approved
$347m
After excepti¢)nal levels of apprtsv31s in 2019, despite the disruption
caused byCow&19.we approved 5347 Milli￿ of charitsble investrnents
in 2020.This of¥ppr￿* I￿n$ we exk*rt disbursements to irKrease
hjrther in year
Grant Disbursement
$344m
aFF disbursed Brants of $344 Million in 2020. Grant disbur5emNts
increased in 2020 by $75 mVAh)n compared to 2019.
Operating Expenses
The Foundation'5 operating ex4)enses were ata similarlevel to the pre￿0￿$
year. but the ratio of these costs to 8r*rt disbursements reduced to 9% as
our disbtsrsements increased.
Endowment
$6bn
1n4estm￿t rebjms and irKome wr endowment assets remained strong
in 2020. brinyngthe total endowment to $6 billion. The SVLe of the original
erKlgwfflent and the excelknl investment rtums achieved over the years
8ive us the financial strength and stability to make substsntial l(ry-term
commitrnentsto the work of wrgranitts.
Obddrth)% Fund FwTr¢atTan ICIFF IIK) I ￿8*5

At a Glance- 2020 Charitable Activities
$6
1 8
40
Th￿1 Iiaot gaythtrttsVS$J44
io
U5$3L
2019

TEGIC

USSi58m
Disbursed
Amd ￿lIa•ll0￿10FFUxj I P*Ae 9

Climate Change
Theclirrotecrigs ￿ alre*￿A￿a
children's INes CIFF
commwtted totscWirE dir(4te ettErgewtya)gJr¥*
¥rthl w¥mii8ts kmited lo 15°C in &r*v47th the Paris
eNtnL Ths Mea￿ invesJn8 in styategts
the w￿￿ away f¢ssls ar￿ twdrds renv*&qe
erw8v. dec3rfwThse Ind￿￿￿. wmpr(ve air wa15tyin (w
obes prcmote fr*)d •¥J l*wJ ￿e. Weaso
In%£si ¥) LYOSS-cuiDng ty&ewand systemic
from gJstsin*4e ffftarÉe tostrath￿¢ and
cl tsxi5 pri¥ate¥ehides aThJ
W)*lab"on of0￿(￿1a¢ed infr8stwue￿re.
As p¥t£*lheoty ￿ptsise to Cowd.19. CIFFS grdntse
C40 (an organtsatsonwthing tO((￿ne[t 97 OF th
cthes to tske W clim*e action) rapidly mobilise
to >Jpp)rtoties in resrA)n(Jin8 to the par￿eM￿. C40
LwJr*hed a Global Mayors Covid.19 RecoveryTa5k Force
to wpp)rt ma￿ ar￿ da￿3 8reen
etyit3L4e eC£wKXnica￿ SfKK41 rKty4ery.
Food and Land Use
Centrdl to JJr aptyoxh ig£natit￿ wh
oritiseth%Yth cwni%atNJns. In al <Jur
In 2020 aFF lntrthj￿ed cwugss.uJttkn8 Fogd and
LaThJ USE 51rte8y.Th5 5vate8y addresses the harms that
exbacti¥e f(oJ vse ￿tern$ drNe ryght xr0$5
i55Ue5 CIFF Ca￿3￿)lrt- dyTOte. nutritiory health.
￿￿er. a￿1 Takn8an Inte8rated
thiqstrategy lar￿ts the prAitical eccrfhimy dri¥
- uthJinB hn3rrt govemance. culture- thal must
￿der ￿ strthfrorn extrKb%* to re8erorative IDod
systtrns INat can d¥wfualL
with partnefs to rrthe wre that tra￿ti￿ to a
low cathn futwe is Ewiiable
live¥h(od> Ths Lxshin8 pro8ressl¥e
ThpflKnArp.knt*bon in W20. was
a key fry CIFF *ioineda wpof tnore
than 30maj(* lwndarK￿s ro vTh*dir*oJrc¢y(w)*wt
to dinNate solutions. CrA*cb*ly. iwi th
Finance
CIFVS ckrwte f￿ce
Energy
TheV￿dd'S energ¥sy5terns ￿estill dtiThnaied tyfosyl
fuds. We vtsnt to take Githn ot rxmvsect
ph2￿r* c￿t coa and stoprAre nÉw coal faolrties Irc*
bein8 bull. Thn)u6hwt CIFF 8ranteesworked to
endc0alfinanarv4fvcrfnja￿ and Styjth Kove4
resulted wi ￿)th countrie5arwK)uncin8a net.zero ty2050
COMW￿trnert th all th￿e of Ja￿S ￿￿Se5t()￿mer(ill
th￿8h supprmt
to aimatekhon
IIX)* agk*al
t￿-￿d knitiaiwe
Seekti￿ to ensure that
Thè Climatew." ¥,"
- Ambition.. Sumttlit.,.
in December 2020,,
was a key moment.
for CIFF whèn we
.joined a group.
of more than 30
"major foundations
to underline our
commitment to
climate solutions.
ga5 e*mitiers t3*e
additr￿.V4e tosvnificantylrue￿
uptake of enerEyanMhid theW￿ drNe
the tr3n5ition to rbpt ter0em￿&10￿5 WesuprKrt
enew programme5 in ChTh. IrKJki. S(xJth EastAsia. Sy
duTraieihange. kn XJ20
Iwer $52 èssets
to l(hw.cknn Ibwng ar(xMvJ the￿￿rkI We also hdped
L4unch the Ener%yTrans￿[￿ Partne￿ip lrn a mdb.
thrKK ttU5t furvj to the 5UStanab* gier8¥
transition in Ea5tAskl.
of 5harehoPJer we55ure.
COP. a CIFF-srantsE that rui15
obal dithLve system f¢f
5tor& CL¥ryiÈs. citie& states, aThJ reBirx)s
to mw tl*lrew<ts)m￿lal inpacts. supported 377
to set StiwKe 8asedTaW. irfreased
tot￿ (ksd05ure 15%.
aean and Cities
Intensi¥* life5tyt& We tarl arvj rr￿rt do rnL¥E to
redLKe emisyL￿s that pul￿te ourair, particuLIth fTL¥n
tra￿prt Ihe P￿￿r se(toY. hEavy ithtryaNJ LW-￿ 2020 *50 Saw tl* byCIFPsp•rtnersofthe'5ay
aycullLre. CIFF5 partner5 buildw a￿aren￿S of
crmats'lnliiatl¥Ewhich 15 ¢knviD8 cornpanie5 arLMJTh
air polution and its he31th inpac￿ irthin8a(kYKatin8
theworhj towe 5harelvJ(JeT5an vote lo tKWe
lor betterair quafItym￿1iMf￿ the (latr to
dimateihary. Seseralmmpatue5 ndudin6 SUSt￿nabIlIty
vn(krpn <3ls lor Sre3￿ xbon. WearealwxprK*tr
r UrMle¥er adopted thr5 tsan5parenry
mEthanrAn. With fr￿N)r ￿51)tUti￿￿ inve5tor5 and NGOS
In ciDes, in¥estrnert In 8reater transit.
ofwalknngand cydln& trarwt*btttrthuifj
O*ion'slrrrf*sbMnt FLmd FO￿￿tIOn ICIFF LIK) I Pay 10

Strategic Litigation
$57 blloi wp¥aMuabon (pens￿ fvnd REsffora
iYe&h of fi￿c1¥Y ¢￿tte$ by fèikng to adequately Cons￿er
clmate dwn8e In a ￿{gEt￿tilln of
the ii5k that the dimate CT1￿$ posesto $￿iety aThJ the
the tase was 5ellled. and RESf tommiited
todock75e its lvl ofhc4dn8s. condutt climate
scu￿rir￿3nth￿5 to ￿fOrM ts wwe5tmpnt stratw and
adwxate for the In¥e5ts in to comrty%tsith
o* ofthe ParisA8reemenL
strateg￿ dir￿te liligatiL￿ has an increa
important to¢* 8swe seek to Inf￿ and
enforce ￿ and ￿fluence oic1￿ Ultimately. ¥￿.
rkingwith partner5 to bnn8 chrnateo5e$ 10 the
cwrtrcthnwth the IK£reating than8e the t￿efit
ewrleof this n 2020vias ts case of M¥k fvtveeh
slraha Iwppcrfted ty CIFF yèniee ALE) aga￿1$¢ ￿S
lJkn?'% 1fv*st￿t Furtd FtrAatkin ICIFF UX) I P•8e 11

us$55m
Disbursed
(J•thns lTh¥e51th&)t Fund Foundarkn (CIFFUKJ I Pay 12

Adolescence, Sexual & Reproductive
Health & Rights
2020was an ¥￿pty￿r year lorthePth4escence.
SRHR team. as CIFFwa5 sdected to cO.￿d the
tanryand Sewal & Re￿j￿tive H2aNh & Ws
(sRHR>￿ti0n Coa%tiw for the C*ner3tion Equality
FL￿rn IGEF). al￿￿51de France. NoentN
Faso. and Ljnited Natir￿S Fuid fcrf Popd3tKA)
Ath￿ties (UNFP￿. The Generatioi Eq￿￿[1ty Frxum w
be a Landrrkirk forwn. p￿￿ing ffWWtum ftyge
tftn$torr￿tiQnal wotk to ￿ marstteaff*d the
SAHRsectorarKI btyotyj.
teeiw 8irt5 re¥hed vrith SRHRarKJ wwice¥
demrsb3tswthat scal2￿e Inter￿tiC￿￿ f0[adD￿scent
SRH ate teatle aThJ cost*ffec
2020*osJwthe af a newpartnErship on med(al
atthon pixknts that trmught t¢)8ethEr ￿￿nUf&turets.
al￿ dorKXS to ￿￿pr￿S for quality-
asgJred thrmces. Rdated to ths wort. CIFF LiurKhed a
L)rK1￿?1kpartneTsh1p￿lth otherfunder5and country
Ma￿e1 mar￿8eme￿tf0rworneTh'S health. Thi5 became
tl* kce5s hNtiative INWI. 31ms to ￿5￿1￿
lth resp￿Se to the pathxc. CIFFS SRHR
shifted Signifwt￿ 2￿2￿.
to accderate 5e1F-fftHr￿sed care p￿￿¥and
stren8thEn thearthitecture luyeater ￿prty
5upKth new5rAJtWS to rnake meLkal
ab)rtion m(we acce5ybk.
skits for Dew SRH orthjucs make user iThgghts mo
to 5upptydtCShDnS. at¥J imwove putdic-pnvate
cIFF￿￿k
Self-managed care for SRHR
todeg8n r*
At the cwtre otClFF5 apKwoach ttsSRHR to
gidsarKY with inf(¥r￿ality). t(KlsarvJ
choKes to er4t4e them to takettrtrd of thtir sex￿4 aThJ
to ￿ppfyt thwr
rE%5ence dum8 the
par￿J￿1& Vlorkl
ial loanswere
awE*J MSI
Ai the centte of CIFF'S
aPPToach to SRHR is
working to empower
girls and women with
the infotmation, tools
and choices to enable
countabk to Ihe
access tocritic31 hEath facilitie5. %¥IKh ha5 had serious
consequerKe5 for SRHR. UththEse c1￿uMS￿n[es
dwTrAnd for 5df.ffjanaged tod5- such 35 HWself.tests.
IFPF,. anda nty
them ID take rolltToI
8n1fiCar￿yarHI w*￿ed wavs fry nat￿￿1 health
5teibs access. For wrrde. CIFF5 to
uce costsaThl integrate H￿Se￿-te$￿rE into n3tymal
HIV Kvoyanmes C￿or￿e￿ to imrMes%e
¥blthdemar￿ across hEh Syiwty ¢￿ti)es exceed1￿£￿t
illion tttts arKY ￿￿k￿.up u>ng WhatsApp aNS
wrcha5e of
SRHR f
of theit sexual and
teproductive health
and make the health
i¢Yity courtrie5.
New approaches
system tar more
accountable to thern.
despite the ￿ern￿.
strntegK aw of
CIFF alw ￿￿oped r
fiekS.bJiklwi8
CIFFa150 bJrKhed a new lnNwth￿(￿l1e￿'F*StTvld(,
the World Health Org3nti3tion (WHO) the Sdf£*e
Trailb￿r5 (SCTGI. Fèst TTrck s nowirKwg
technical ￿L￿tart¢e pc4y to key ch•n
tOLmthe*Anthyt itrw%e is Uganda. the
ith QFF operate5. AneY3mk4E 15 (yJr newstratey"c
cty(murMcati￿￿ 5trate8Y to hdp erbable e￿de￿t.baSed
SRHR ￿"¢y￿￿￿ceWt in kty cO￿triE& l)Jr SEC.
ttr¥￿gh thwrTraCkIr￿ the Backjash, irwe5Wbon' the
Iwt medva in¥estP8atim w>to SRHR isgjes.
In the Cfoss<dlatrKrative of athvthes. CIFF
swrted an allk4nce of member5 %SithiTh thE IntEmaiiLu￿I
the of Nat*JrellUCNI to
SRHR Into policv. This resulted inthe
IUCN p￿￿thefirst polky In JO￿arSt0 referen
SRHR- ryDvidin83 man(late to èn
Commercial Solutions and Market
Growth
In 2020 aFF stren￿d cTriSUmeren8a8ew￿t an
Contra￿￿ti￿r C￿ceS. i￿luding ￿￿nJecbm. Lwnthr¢
the'DeIiverfn8lr￿O¥•1￿ kn 5tir.C•rf•iD15
t0￿Y [￿nrY￿>
Nirria. In additi(￿. knlwerts 3tn pr(wAfflrne
tered it5 final veartysufpassw￿jts 804 nu
Chlbjren's *Mstmeni Fund Fwnrf*lan (CIFF I Palo IJ

USSi7m
Disbursed
lTh•tstrnth)tFu￿ Fwndofjon (aFF UKI I P¥e 14

Girl Capital
is CIFPsntseststs3tegK ¢Ytt)rity￿ m*s
an ambiknou5 fflO%e to rrve 8Eth.transfIYrr￿¥P
proVam￿n83t CIFF. M￿￿(hame￿￿ yx
stsrt vnth the uneoval 51atus of whKh is su5faned
tlYryJEh éeeprocted. ￿reSS￿e This stra
ms to £banWw￿ thederrrf)warthK dt¥thNI. accdty
econc¥T* thatcan resuk Iffm
pulaknun age strwtuie.
Social Norm Change
(hv thecour5e 0fthe￿. the Captal tewn abo
st¥ied bul ciitical of *acklin8SOCi
tr￿Ilbor￿1 ￿ld￿Kewith beha￿￿￿
ec(YK¥nits aThJ media anthrO￿0gy. This Includes
gJppNtir*tt*GktsF*# Fund, a donort0llaborn￿VÈ
2020was z Iwrdational C4xtai fomw
IN311y on India. ￿NItin6 three r￿* t&im rn￿15
and buildin8 a pipekne ofexotyrg wOr44)F￿eQr
estr￿1$ $23.5 milli
ia8e8lobally.
Foundation of Education and Life Skills
A Trimary foEU5 forC*A Captsi is edLt&irxL By cffttly
trt trAa5 aqainst arml v+yxT￿ %41th￿ e(hJ(atr￿
and. twn. lrnpThwBth￿T5kfilsaTrJ the
strate8y aiThS w wert marria8e. ase ol first
Many challenges
facing society
start with the
unequal status of
women which is
sustained through
deep-rooted and
regressive norms.
In 2￿20. th￿%￿d$ èchie¥*d thfxgh workingwith Educate
Glr15. wl¥th o*r 30Q,QTr)out-of-s¢W 81rfs
between thEagesof 5 ¥K118 in lThli•. Trus Pfoyar(•
exernph'fie5 the Girl Capxtal akproath. byc(mtAnM
schod enrolfflenl wth an in-5cIKK4 cotnnvity-bA5ed
aowoach to life 5kils 2020. trair*n8 alrrK)5t Ico.r
addtscent Vrls. CIFF al￿1￿￿)rked vAth Porbcus DdL
Ectridna. (hT*Syar and 11 p￿titiOnly0r￿nIsaf￿s to
f¢rm the Life ￿ll5 c￿1akntNe. The cdlatxJrati¥e*m5
to define. a58ess We Sk•sed￿lt￿￿ INfkin
adL*cEll
Financial Autonomy
order to 3ccderatp an ifflwover￿t ￿W0n￿'S
fvel1hrx￿C1FF *Yy*5 thrwh LwAh thewC￿'S

US$86m
Disbursed
chm￿S FOw￿l￿on IUFF I PAtr 16

Child Health & Development
The heatth3r￿ %￿l.be￿ ofchHdrEn *
heart¢f CIFF'S fvour Heallh &
Oevelcwnt tsarn. ojr Ot fctus a￿ ￿lt
I￿￿lin85eN*￿ acute rrg1nutrltr￿n Wlwatw.
$a[ytatK￿. hygw* WASHI. asweH 35
ar¥J fflana8errftDt of t*gected tKr¥MtsI di5&75e5 INTOrJ.
r*JYcryAeted L¥ktrapeanaty•*thich wll hdp infom
5t lor cwd*¥bnB NTD acb"w¢Es in the Fuiuit.
Water, Sanitstion and Hygiene IWASHI
senKe5 in ￿h0￿5 to ertsurt cPuldten have continued
actess tOW3ter, 5JThtaitr) •)d hyÈitDe. ￿ part of
iTrVOVin8WASH wrlnteThtnUohsalw fo
on makin8 e￿(tr￿ powtrsupplies available for schools
healthcare faC￿t?￿n*Ar¢ that th•s•ylces ar*
compkte. A￿Wth ourpartnEts. CIFF ha5 %wrkedwith
Nutrition
Pwrrwtriknon is the undE[lw￿£￿$e of rrKxethin
40% Orchi￿ deaths g￿l￿and rwTh*ns a ￿gnI￿ant
irwiment to de￿*￿￿n& a￿tal. mi11K￿5 (*
cINldrw suffer ff<xn Ma1rVJtr￿ IrKkrt￿the*rySt
form5 Such ￿ knreNLute MalrvJtritw IW41. CIFFS
L￿.&.ft￿wwghtstrate8Y focuse5 on
inier.8enwatithNal c￿e of poor nutrit￿ heath
)thers and en￿1n8 that thklren a￿ at the n8ht
bme and ol a he31thyv￿Y￿hL As part of CIFF is
svprKJrhn8 Ihe Sca￿￿￿0f wrwctlul intewrtKmS wch as
m￿￿rIe MKrwutnent ￿pr￿tyMents. OFF ha$3150 teen
cham￿0￿￿ ol in
children wthin theo¥eiallWHO Chi￿ arwoxh.
CJFF. aknng ￿th cther pkners 15 fKYAfgJpwhr
the WHO to amend the wa5tiry8suK￿ll￿ ro
pitrention treat￿¢ olwa5ti
search3ssessiry the bjll irnpxtof C(p4id-19 on
This ffour￿ that CovAI.19 hid MYrea￿ the
pThaknKe of£likJTrwastin8 by 14% in 2020- whth
tr*Wates to ￿ addiDon4 6.7 rr*llK)n childrw. The
)licatiM by a joint cal to actr*)
the ExetutivE Iwr UN
in nUtrItiL￿ (WHO. UNICEF. W(Mkl F￿j
FcA)d ￿hdA8￿CLI(￿e CIFF wèsat the
Icrfefvent ths crisi5 on thepjort
an ¥ntAtiws in%*sbTtnL End Ch4YWJstM)B
Coma￿ratIVe. n parttwshp ytf*h UNICÉFarwJ ￿tsr￿ule
of Health MetrKS and Ev41Vat￿ IIHMEk
Neglected Tropical Diseases INTDS)
e in fiwe people alferted ty NTD& Th￿ equates
to ove¥ l.? peoplp. rnL¥Èthan thepr4xA3ti￿ r*
Ewope and Nrrth AJnerKa comLI￿. Thef*tr318031 rl
CIFF5 wty* tyi NT05 15 to ensure that chiklrtm
carws *e free ¢kthI1tat￿ <hsew. %thch
n hintkn nutrib￿ar￿ CO￿ltiVe de%tkxwL caiise
severe pan and peTI￿n￿t disability. and kywt
and fvum aFPs NfDs
5trate8y ￿Se5 on trach¢¥na (è b￿t￿l￿ e
infecixjnl. inte5tin* vAxm5 ￿l.tranS￿Mited lthntrs.
7A sclistowliysor tlttwzbal. and CxAnea vbwm I
acUn¢ulki￿l In2020, thlslnchthd
supptsrtAcceleraTExttw helped a numberofAlri
olthevear. Thwh AcceleraTE. 11 cO￿trieS

us$8m
Disbursed
Fund F04mdth ICIFF UK) I Pa8e 18

Child Protection
CIFF'sChikl Prt*e£tion t￿v*r￿kS totTh8￿ to the
ofchithn. wKbJthngtsckJ•l8 ch￿￿ LatAXW.
(hiky traffithn& the crril sexual expbtatim of
cbikjrw ICSErCI. Unethic￿ 5upply{hav￿,
thikj sexual exrdtststron IoCSE).￿r?SS CIFF'5 ¥4Yyk
J p￿tects￿. thwe isa l(Kus on core aSpe￿of
the CYC￿ ofwlLitatxul. The fwst L%chokir*dthnand.
Global and Online
CIFF4sowths to Yuea5e¥obal a%YarenEssoftfrikJ
£¥pk)rtaknc￿ ar¥J adp)n5 to protect chiklren. We and
JE8al cassthr(xJgh to r4￿n8 wawessof
U￿￿81 <k)tkn8 $w)p￿th31n5.
d￿and forchild expknrtatvJrK se¢tywJ i%
Impunlty4)f perpetrators. %VhEIELy￿WOrkw￿th partner
fxganisations to increase the precedent kgal acti
)d wnistwwt for cfl1r￿38lIfist clmthn asa methDd
The Sca￿ of rpsk tothldm (￿￿￿e ￿ pwticula
- challen8in& with an iryw ￿VIdeo ofa child being
SeKj*abJF￿d iEinE uphwjed to the Internetevery fve
rnin￿e5.1 Th￿risk requi￿$ touthe. SgDih￿t eff(xts
to addre￿ OFFS M)rk onlit* child protecDon acti￿lY
a8es in cwffiurxty tx)￿InG and cdbb)r3riw, brin&n8
iogeiher alig￿ dDFMX5 tD fortD a unihed
stsnce against£hild a￿Se and eX￿Oitation. A5 Part of
5worl CIFF stsworts WePROTECT GknbalAHian¢
maWr¢ tr¢frght¥￿S1 ￿￿nethlId
stwale¥pkntstioThstror¢¢r. Over ihe cwrse of 202Q
98 6Li¥elnnEn￿ 39 tech cow*s 41 civl soaety
the aliar*e.
throW ¥York in Ind4? StyJthAs*. as a5
infrastruciu￿ tt)rtsJgh Onli￿ acDwtres.
India and South Asia
With M￿chi￿1 wotectioTh prryarrffie5 M IrNJ4ti
S)uth Asia wc**ing ￿ Sr￿711.5ca￿ r￿je￿% QFFS aim
IN the reEw)) is to t*in8 prc4ects together at¥J sÈt
sovemmEnl br%tstsuNatsTity. 2020sW•i￿￿Sed
e55ure5 on to ￿tsi￿A￿s of the
pand￿￿. bji wr ETrrtees. ￿UdI7&the Freedrth Fu￿.
ere able to c￿tity￿e thwvK¥* hdpng to release
child￿n from ￿a¥ery. CIFF5 inve5trnent in Child Labwr
FreeJalpwha5 been of partk￿r ngie tfi addrt¥
the impunityof perpetrator5throuBh driving 5UttEssh
osectstkn4 bs well as h￿rA￿ thetsaffithr
and re-tr8ffi¢kK)B ofchddren.

US$20m
Disbursed
ChldreTh'slri•estrnth)t F￿TrI KIFFVKJ I Page20

Cross-cutting
CritKal to CIFF,sTh*5￿ft to be ￿ irnpxthjl
)d ot*tic furK¥trl*s the rrAe of cffjss.oJt
te8m% indL¥Jes the stratw"c En8•8eYeni &
Communications ISEQ. E￿￿Ke. Measurtr￿1 &
EvdL47tiw IEMQ. (￿￿èti(￿al 0￿￿(p[[￿t IOD)
and Irnpxl Irbve5tin8 tearn& lead
yant.Mèkin& dd1ver￿S ￿l￿tieS 5Uth as de￿Nn
Ir￿ligentt ft￿h1￿ *arnir%and adva￿ed data￿na￿tiCs
I0￿p&￿t w ￿￿￿aims and irnrrne try)th CIFF and
VJ*tees'aLxlities to 3coJratel¥ evaluate. and
ey*cute itnpactful Vogramr￿ £xafflples of th$ indude
%thogwth 6Ohtmments other partrws to inuease
rclimate affl￿￿. adoptin8 insithts frLKn Earth
Ob￿vab￿al (Sa13 in the fi8hl 38ainst ch"rnate thange.
EME h•sa150 inve5tsnents In the3rea of
d￿ty.￿￿￿e￿ m¥￿Eer(￿nt of coM￿￿jr￿ty
heatth wortws InAfrtsn countrw.*ith a partojlarfv
r¥e-xate itmt1at￿e in Ethiopo.
Iuèbng the impxt o18rants.eD5urirE P7btee5 h
elfecti* cap80tya￿ ryxtcapatrxlitie*￿ in
commertial enttyprtses In I￿e ￿th CIFFS c4)iecbve& Thi5
dorEwith a Fotuson strntew aseffecti%
and iM(Y4ath a5 FKJ55
Organisational Development
Strategic Engagement & CommuTricatlons
00 team 15 ￿LlefDr5tonstbe￿l[l8 grantee
capKityto IM￿ement ￿￿￿graMme5. Ir￿r&i￿£ the
lience and ￿￿S-terM impacL Building momentum
2019. the OD teamfocusedon two broad area%
str¢Trzthenin¥Krantee capabilityand developing bert
The SEC team L* 2￿￿1. LukSre
its capaCItya￿ knrAb5ed experbse in Keny3. arKI
China. SEC COntin￿d to 5trerwthen ￿ ￿nd5(al*
wFKh CIFF rwates thr￿jgh L¥)th ri5kmitig3kn and
thoushtle*rship.Ths i1￿￿ded ir*rexin8 its ciosS-
lore&istand mafta8efisk in ourprimaryreBions of
operatlgn*dc£rfe lfr*matk area50f focuk In ￿dItI
SEC secured CIFFS ctrleadership rrf the BfyYlyP4Jt
ar￿ SRHR Co￿ti￿1. as partot the C*neration
Eqvality Ffxum.
ComrAexmentirEw priwamme irwfftments. (earn
d Ly8ht￿￿￿￿it PK4ects ￿th stftte8iC gr￿tee5
acrossvariw55edcKs luthering wrabilty to enattCIFF
5tsatw.es and gjcceed M mèh?r irrtstrftnts including.
al￿te IC40. ￿5. 3500ry, CDPI. EME WHRC. GPSDDI,
A¢￿e$¢￿￿ (fri88wtse). and CHO IPONI. OD also
prx)rted w08r•)￿ rewr6 CIFF to conceptualise
and de98n Or8aThsaD￿S thatwH lurthef strengkhen
in thè a￿aof SRH w)rked With GSCC
Ipwt of EuoyEan aHPate F(xm¢ationl on pbn5 to
ieTr8ani5e aSp￿ts QF theif¢JrganisatioD. The teèm a
SEC and EME. tlwJ8h deeptyiirgotsr LKKJtrstand
keyyoun8 feMin￿t moNtynents and prtential
t#)sitive impaci CIFF (l)iecb¥es. aswEII as NKrw
trJr under5tanLkng d h(yw soci* inWtsCa) te 8•neO
throuth ￿n${lI￿ts1 tQL4
ieam5 set entities.
Evidence, Measurement & Evaluation
Impact Investing
EME c(￿tir￿d to critKal wi
ewdence and awn8 the quality of 5tr3te8ie5and
nding deosKAlS. drMn8 Cr￿ti￿loUS of
investmenty thusi thluaticffl5 01 impxL 1nfvenc1￿ arxs
lea¢Jin8 t￿de￿e 8erwatim ￿t￿de of CIFF.3nd
the capatityotowststr aTrY g￿te
In 2020, aFFs appr￿￿ three inve51TneDt
th*me5 a5 part ol ow Irwe5bTh8 achwtie5.' aean
Tethnokny. Sus13in3trAe FrA)d. N￿￿tion and W'cultute
tFNAI. ￿ EsswN31 Pfrthcts and to pe(ylE
in k)W- arxj rA(hje.1nc￿ countries. E￿h in￿trnent
th￿ s ￿t￿d to hdpathj￿s$ spetific societ4
8ht•fCovhl.19.theEMEt¢•• kmv¥ttrff rytymtotynenta Wb1￿)& throu$￿ a prNatr.sec¢or
rwe¥tch In 2020toW￿1Utegrw ￿0¥trY rdl¢y
apwlL TTr¥5 ¢s in additim to tyJr ￿5[Ing wrtrolio of
Ihway5for thna, India Pr)l¥dThi5 reseatch
lrfe f(￿tsing on ne8￿cted dtseèses.
)mwises of rTh*lirg ￿ w>kYana￿l￿￿th an
o￿the course oftheyear. thEteam completedan FNA
to di55eminate cthDVate fr￿)re thdin8S in 2021 h 15
in¥￿tment irlto theAcurnen Re5illentA8riculiure Fvnd.
broad in xcw. tr)compassng GreenhoL4se Gas rnth8akn￿L
whith focusedon scalingsrtMII￿d￿r farmer 5UFvIy
hea*h itllPThEment as1￿ aspbueatth. Ths Myk
ch•rts It)Aftha¥rftWrfSimate resille￿. We continue
reflects EME5 5ts3tryC visiL￿ to fLthr
to a$5ess and pro8fESS proposa15 1
upth"Il w3ntee& enat*mg them 10
￿￿eSt￿ in 2021 pathts)￿￿In the wea of
I￿[k in ath3bn8 for Ihe upta
(hjr effjr¥eirfft$bM￿ts pwtormed par￿uL￿￿￿e11 in
2020. SLth aSsW•)t makn8 Sthdes in the areas of
nEn'5 heath and rfecLed dwase5 and deVelo￿n8
toNity8ate the irnPKt rl cO￿d.19.
devdop1￿rt eyp*in8 thp team to i￿ude a tkn£tt¥
forTechrnlwand Data Ana￿tiC5.Th$*f￿*
0￿r¢￿'s1￿%￿tm*rt Fund Ftyjnthtlon (CIFF I P4Ee 21

Africa
2020wa53 5wNfKantyearfor CIFF ￿A[riC4 m
the firstye¥ofexecUtV￿ for cIFF5￿}￿ Stsa
pwoved in 20191. The fve.yslJate8y fiK￿￿on
ildin8 wt￿1¢ w￿￿(his. re￿I￿tc&mrMnitse5 and kKal
capacity. Thrw8hwt ￿lE¥C1FF to expaThJ
its preserÉe in Kaiya. Et￿?[ma aThJ Ni8erw. athSn8 ryne
ol stafl t¢ its offices In N¥obi
Ab*. director to W cw Eth￿￿rta office
ctsmrN)nents into aBr*tultu
interwtiors. In 2020. 545.(XK>tsrmers ¥Yere enrclled,
63.8% Of￿￿ch were and 30.8% LttNJer the a8e
35.
aFF ren&¥ed to One In 2r120.
apwwinga $20 mli I￿ investmentwth the of
reathrB new￿l￿filth ofal f¥mers w) eght counbie5
(Kerya. Rwanda. &JruTrJiTaToarNa. Ug¥rvJa. Malaw.
Etriwia and Nig￿1* tnaknng a meèningful dent In
ElimirBtin8 NTlh 15 a i(¥E ofaFF5 Clikl Heath
& DevelOpJ￿ WL¥k inAfrica. In 5upwi?nBa
gfAfvican countrie5 to overcary￿ the fir￿1 hur(ks ofr
trachoma ￿lMInatiOn. aFF continL*d to sukwt yantee
kneleraTE treat overJO.CO) tases of Trach(￿ In 20al.
TI￿gh￿cele[aTE, 11 African ctrjrrtries ha* r
)T)55 OFFS Adde5cerKe PDrtf1￿￿￿ in Afrti. the fttus
ha5 beeTh￿ stet3tive and Ir￿u$￿t prog1￿me ¢Jesign.
SE lthe Roadmap IDtewabng knart stsrt in EU)ioE¥al
a deare￿￿￿￿of ttxsapwoath. Launched in February
2020try LK4 TaOE55e, the Fedetd Minister of Health in
EttrK)rAa.th￿ inve5trnent has been adapted throuEh deep
and e￿8er￿t ¥*ith govÈrDmeTh
￿sE. the Ministry of He￿th wll scale.up"Smart
St¥f to L¥￿ mllion married adoleKent
access th fin￿￿131 plannng ITh rural area5. AtvJlhEr k
￿h￿str￿e in 2020 was th2 apw)Ya ofAddescents 360
rAify, CIFFS first adoknt-ienlred irNe5tment in
4which wll enaLqeover mmon Bir15*
best wactice for c(thw*tM#WASH aTrJ NTD
in the fuifft.
To breaktr￿[￿ of NTD trmH5sKxLaFF has
been suppothng prwarnme5thch iWLNe dtCE55 10
clean ¥vaterwd othere55ential ￿li1)e& In EtIiLW
ddi¥eRd Ihe<knlin6 of d*Pw￿￿ toad(trESS
ChaI￿nge, and the pro6ranwne ison Irth toad¥È
85% impr(Ned wateracce55 ￿ CIFF5t•
r055 &•￿5*￿￿nA[r1(l 59 ch*J￿ ¥e sbffjied
dL* to a lifetynE of 1nadEffj￿te ori1￿￿￿r￿￿iate ryJbitwyL
This h* been EyAcerbated fyrU￿ WEas facDE a Lxk
to fa￿ll F￿arKe ￿K1 rnatkets.
farwryg families in è perpEt￿ (￿le atNI hL•VY.
aFF hès beeD inve51w¢ in Cknektt Furxl. a rÉwutr
raiinE r¥)nyofit (YEanisknn vthich
fN a&ile5cent sexua aryj reprOd￿h¥￿ health in Kenya.
CIFF haswthed Itathng heath NGO Arthtf to
5th11y navigate these challenÈes. This hès ￿*D achieved

India
aFPs Mxk in lThY41 th CW He•lth & Dtrekxv￿Tht
c￿)t1￿je￿ ttsprioritise d￿0p1￿8 s￿utiOnS f
Ical £ontsxt& OJrwth w*h FLAG IF￿¢￿tatin8 le￿r￿
￿tI￿ Group5) slVJV￿ 3pwo¥h tyenabkn8
SU5tainth CLYnmunity-led iniiiati¥rs io rec￿￿*
mortality. Hi6hli8hb from aThex*wnal twa1￿4￿01 FIAG
in 20201￿lU¢￿d a 24% re&Ktirffi in rwytal rn(rtalty.
Kh tran5tstes into sawn8 an estmnated I1.￿31
In Rai3sth3ry the S•le ChI￿t￿rth c￿￿1
h35 further Knrrfa¥ed o￿l￿off?￿e
rns. has reduced the ore of still frtyn 25
IiXK> I￿e births to 11 rw l(XX) in I￿1￿"￿￿5 that
Ihe ￿￿Jerte base tsi thtertentand irry)¥tof airquality.
inforrn armj supt*>t of sectoral
and cwte F¥eswre bybiAWin8
narrati￿ar¥j I%￿dr￿S am¢J)8 kty stskeholders. Two
Pr￿1 of Concept Investmwtswere *0 Initiated.
(AY fNe5tment fiKU5e5 LW tsan¥*yt decatbonisèr¥)n aThY
throuth accderated ¢Jeployment of ZEIO
and W￿al thifL The second ill¥E5tffleDt
focuses on creati￿ the eVide￿e that will bE npeded tu
4pe kn8-ierm aclion. ensase market aitors
k(w*atesa￿I coJw3tive4 aThJ adopt nalural far4llin8
h ha5 scaled sjp the safe ChibJJirth 0￿{k55t
in 24 Indw *tes. was as a notatle
Iwvation by the in tewt
ntsry Na￿￿81 ￿e￿I1vNRI 2ry20ofthe ￿$￿anatIe
Mctt Iwtsadty. 2020mwk£d Ihe third yearin a row that
op vrytapacity15.9 GW)wds added
co*13.9 GW) in Ind￿. Thtgovtrnn*nt ￿p￿rted
Ihs byaM(xJncI￿ new g￿ddineS to &cderate
the9Yar&i1ion of agrittAbJre and. in Tamil N3(kn and
M*orashtr< aFFs grantee5 asSi%ted Llthbution utlities
and rc6ulJth in d￿[ting 5Lite PLlity and scheme5. At
State lJd. jharth￿ ￿trOdUCed rEwclEan awacti
piarts lor ￿ht a(￿li¥J￿al atie& CIFFS 8{￿tee5 been
pThi(hrg tec1￿L wlicy and regu￿tO￿9J￿pDrt to th
2020 Ihc ￿1￿￿J9ht reCti￿d
$32 milkon from the RajastTr￿ rfftrnr￿ fwcash
wlll enabk P4Affjht 10 reth over h*a millity) rye￿nt
chry CTrTffiwcation% h￿￿n8 Ih*n iiprtye t
their ¢Mn antl their Wes. rwthtw)n. Central gO￿r
OFFS Clakl PIDtec￿ ¥fvork focuses on opiimbsin8 the
pr￿￿ of partnpr51wp5 aThJ local clwydtrmakers to drjve
pro8re55 tLW4ard5 Chi￿ expbitation. TIvwBh
the Govtrt¥neDI WHJ thE Freed(yn
F￿d.￿R hdpEd rE5tue 450 between Marth
tkemter 2020. a￿￿1$ithe restr￿0￿5 of the
iron SUp￿en￿ti0r4 a5 a trial. ￿(￿)ng
Go¥*mrnenl's ￿tent t¢ StW8then rKrtrib"onal stattts
pregnantwY)mEn in In(¥A. CIFF's r(K)dd to irrwo¥e tri
trition thrwh Matrrx of C￿an8e IfNesth￿tWas
a150 reC06n￿ for its 5￿ceSS ty Ihe Inthan
Tribal Affar5.
nrx)rt3nt step tQ4rfaTds tt* etsdi¢atioThof Child labour.
a $14 Nuuim fund to gJkWrt ttys wor
In reLiti￿ toCIFFs hrrkijn Girlcawtsl in IrK*d
Stand Up is the firs1 mawmelftyt tovth knith addesc•
bry5 in R4"3sthan to tr￿e3￿ p3triarcNal ￿)￿$. imwtye
over Illjj) kn and arTh)st 751)teths
ewity thr￿gh a Curr￿￿￿ aprytytd tythe R4astr4n
80vernmEn¢ th￿ pro8fdmwe a150 re¥W 4.8 millw
onlinewith Masa￿n1￿ContenL Similarty.
Eftect reached l.émlXX)3dC4es￿t*rts w sooal
Thjs year in Paiasthèn. CIFF 8rartee UOAAN
milestwe otwrrJlin8 43.9￿ athJiDtyvI in x￿xI
(wce its IrKep)￿ in 201n. unhxknn8 $29.5
8ovemrrEnl to atso errtled
I67.0(x)￿￿yw to srart usir4inlectat*c£￿tr3Ce[rtl¥e
auos$ 14dtstr￿ts ¥i Rala$th￿. ir￿d a (
St￿￿￿e$, fr￿ S¥Th)lifwrypr(*ess lor sdK4arsf¥ps. to
bJilthng (￿r￿mIty1¥*re￿s$&￿￿ actessto
£¢ntra¢eptive Kwtyjuct
8rDw. *ith the Ir¥Ja CleariAirpro8ramme exteThfed
with an 11K￿se￿ marmlate to¥thxKoss fwr stsies
cNr&en¥ IwrtSi¥Nent Fund F￿￿latIon ICIFF UKI I P•E¢ 26

VNIIHO

China
W<rtin8 in (Thina s an inteyal OFCIFVS c4m8te
strdtegyand pcrtf¢Ah). ownew8eil4￿ o￿t betamefuly
cyetaDonl in Jure 202Q4*lh a 8rWnÈtt￿ bèsed yi
both LLl)d￿ and BtijifeciF•*rfng EM& SEQ
fiNan¢eand operd
of W￿￿]rt Frryn OFF Er•)tse- Erwironmental
Deftyw FuTrJ IEDF)- a5wel a5 tnany uther stakehDlder%
M)8s national G4rtx>n Marketv￿5 offici￿lyapo)ed
ftybJsl￿S in earfy2021. Trmth thE powersector as a
ifKYu5try. Thi5 Cart￿ mtht wll bt an effedive
methèDism to hdp¥hEve chi[￿,5 carbun peèkNig and
neuttalrtytsrye&Tr¢aim is l￿fUrther ndustr*s. such 35
sted to tE induded 50DfL
In Chint. CIFF'S is tO￿￿v>t
d a bwtarL¥)n ettyvyty. Oxchina wrtftliospans
15t31nab￿ iitie5 kjw-tth tran5Wrt 3￿qUalitY
the Bdt and R(yad Ir¥tlat￿". aThJ kwI￿arb￿ ￿ d*nate
2020 saw Clina mak* l¥*Jm*k
to rt•¢h<*tsn ¢misskJnpe*ln8 b¢f¥¢ 20￿¥r*I
n¢utAlitybefore 2060- a c£MNf￿tMeDtwth￿h
ds foknved up ty ¢￿uett taoets arml staled
Detem)ined Cth)tribj￿rts1NOCS). Tl¥s
Impoyknt mi1esrMeu￿ks extra¢xdifWYkYJthntsal
in thebobal arnkntiffi to knit ttyiwerdth irKrtase lty
0.2￿.3 degrees Cdsius ttllscen￿ry. It waswxjrted
1ryd.Cen￿ry strate8y resexch. SOErtrba5Ed
pdicyrecorNAerKlations3nd f30lit3ti￿ niemati
tngawrent. CO-EYganised bY£ner8y Chy
aDJ the China C￿￿11 InlematKMW
8round. CIFF ha5 been 93rtws
In over20 oties. across five rewons. c(A*cti%tty
acctrjftt for ONtr ￿ of Chinas cart￿￿ ￿￿$s1or￿. (k
pibts in these citie5 aim to reduce cArboi by
neart¥ 5(X) millKJn tom try 2025 meamth1￿. we h*e
rked to forinternat4?nal d•tE.
facilitabn8 Ch¥H.EU.UK tafA5 ￿ c*natediF4omacy.
to stM8th ￿ Ctina O￿the pa5tvear. cwtnlwtrw5
from CIFF.wxKted grantees. nat￿n Insta￿ 12CGW
of new￿Thd and solarcapaclty in 2020. rrK)rp
dwble coffl￿￿ with 2019 - the that these
enerwes ￿WcO￿￿ri5e of the total al￿ saw
an wyi2Ledented WKr&ise. aFF'swthakn 5upw￿l
Chirws Rene+vable avr
to 5i8nific3ntyredutr ener8yiurtailmentat
prov￿￿￿1 ￿. R￿l￿ryd China'5 r*w climate Commi)n￿rt
possbvetyre5P%4dins ￿ [w￿der￿S tsr8et53nd rothHp5
8rEd the nation'scarkn peakn8 W ntyrto&ty

Europe
The aFF team in iLNth 8m4fr(wn 78 staff n Ckctyr*M 2019. to g) ￿ D*emter20>1 Th19 I￿￿ded the
intr0thJC￿ ofan ExecutNe t￿￿tor￿ People. based (xrt ol t￿((￿ Offi￿,￿r￿>￿t yowth sector ar
Lwational team
r055 Eur￿. CIFF¥￿￿kS %*iih a Tar￿e of p3rtner5on 5tsval rr¢py cffimate.Tdated Nwesimertts. In tEtrnt CIFF
8rantees ￿￿e P￿￿1 a mw ro￿ in sha￿n8ec0rKXTlC Stfftikns packages ac1c￿5 Europp. In additim to a El I trilhon
8.term for the t4ot. Europ￿ Union Wa-s afsoa8rted loa V5(>billK)n extTrL¥dinary tEctr4ery packa8e in Juw.
tiued the N2xlGenerati￿ EU furKJ. TW ach￿ties ofCIFPs stratewc 8r3ntee. ￿ EurDp2aD Clin￿le Fwndation
IECF), ¥￿V*￿E aL4eto erbsurE that ￿01 the furth- É5X) t4krm- *111 be conwrmtted to (li￿te act*)rL
202OCIFFconti￿ed todr￿* effarts io decathwze Industy il E￿￿. CXK8rarte25 helkEd establLsh the rules
derpMin8 the 9J5tsl￿￿e FKk¥KeTaxDnomy. for8uNJing QVEr£l trilliDD uf
spendin8 ￿der the new EU ￿get arxj EU reCO¥￿ypaCtr28es into chmate-friendly pwiects and Infr*truCb￿. With
suppxi Bekna hdped Secure a $2.7 blhon In￿*M￿litrorn the G￿n￿t intoa IWip C¥tKJn CAPture
and St<)ra8e ICSSI woiecL that*il c4)bJre CO at a maNKcement factffjf.
C￿r funclir¥ has a1soen*4edBFEater￿￿K pxtwation ￿ ￿Hnate￿￿ée5￿L In p3rtnerth47knith ECF. we
supwrted 8r(NJnd-LwkinB fjtizen'5A5sen*lu on dKnate than8e in Fra￿e arKJ UK.wth 0th￿P￿nned in Spain
and othEI citie5 acr055 EuropE. These 0ti2en5Assernbr￿ wt rffjleat theheartof the re¥wse to climate
*Kk an str•teBiclitiBatI￿ a50 contin￿1 KryJ55 EwDpe ￿ 3720. CIFF g￿tee cr￿tE¥th a numberof
d-iYE*in8wcttwiE5 V*ilh CMI Soc￿tyWtnerS. In Bebum. cIv￿tEarth sewred an indehnite deLiy to
a E3 ￿11￿￿ plrt vthKh Ihakn8e5 the rthin thaleli c<XTy￿Y￿5 can fvrn to rthchefftv15 as tharro
in thE 5Ettor dim￿¢*￿> C*EntE¥th *5D 5Utce55fth Challe￿ IwbThYIt ¢wer its to
Srant a tTrlh)n for lhet(￿StruCtM￿ ofa LNLKna55 p￿t in Spain.
cIFFC￿thr￿ed to supm eflots to and F)tyrOJ¢ea￿￿liLrrdattd rx)Iy.v*th CIFF8rantees sEcvrir* 5Éveral
majo¢ legal wctones. In &rrnany. Ihe HI￿r￿￿￿nIstr￿i* of 8erfin and ￿￿e*l￿r8 reiecteAJ attefflpts towtaken
airwalitystandèrds. aThY ￿ Ewrwn ktht¥ted invtygabons into PrAaThl and Bu*aria for reththng acttss
toNsbce (m ara￿1¥ ff4ttvs. ¢￿ti￿je￿ in ￿ UK a UK cortyrr I￿nd th￿t the death in 2013 of
9-ye8¢.0￿ Elli Kity-oebrah was cavsed by •sthnv. crX1tn￿￿ to Lty FWex¢x)Su￿ to Very hi4h levek of air p)Ilution
) rdabon to the finan￿ 5ertrr. CIFF 8r3niees wprvted the firtd&m•tr resolulion ata maSorEuwopt8fi bank Bardasts.
garne￿ 24% suprKrt from sh3rthkler& Tr#$le￿oI fu a Spec￿?1 rEsdutI￿ 15 vnwetrdented in the UK In
the Evrwean Unim. the ECF hnance ie3m p¥tnff5 to secu￿¥ 8thJ stsndanj fossl fud exclwts) Wicyat the
Evrorthi IM￿Stment 8art *Tth a rewiew at the Bank in 2021 OfF￿aTri￿OrtL￿ty to 4)tegrate climate
into the bank's ￿era￿n5.

Strategic Report
s Irts*strn¢￿ ICIFF UK) I Pa8• 31

STRATEGIC REPORT
the Strategic RerrttheTruste*s tt￿lr¢s￿Yto ¢Yornte the wccessofthe FouTh43tion un(Èr
t¥￿ 17111oftt* CoY¥xn*sktas int￿￿Eted ￿*[0￿1ar￿*ith 172(2) &ven FwThdati￿S charitable
m3kng decriLYT5 regarfK* tl* Fourthtiw's actiwtiE4 th2Tfu5tee5have cfyisidered a numlMoffactots and most
nwtanuy wi rela￿￿ lo its gtani-making xtiwtie¥ the ofindeptyident eXwtsap￿nled lo
its Inve5trr*DtComfflittee5* LIE5cribEd lurtI￿r in pa8e 441. Grait-malir* a¢￿ty is •￿infOrMed thTuW rew1¥
a8emenlwth grant￿ indLYJingthThBh a res￿¥￿ee 9Jrweywhereby8trn&es are able to tai5e concemsand
cunments abaul the￿t.ma￿￿s ￿￿eSS Wogra￿ Grantees are atso wKwra8ed at all timE5 to iaise iwes or
cuicem5 and these￿￿ to theTnJstees (and oth2r th￿￿8h portfrAKJ rewiewffleetinES.
The Fwndatx*i reBuLirfyryge5expwt ccrwJhw*s to it undert*e5 adwse¢)rt th
iM￿￿ètiOnS3￿ impaci particular rm8r3mme5 C￿ld in 5eekbi8 toache%* its ¢harit3Ne objective5. ()eoyons by
the rel￿ to CIFF'S e[KNj￿ are taken fc￿￿ exFerts ¥wnted to th2 Fin￿(e. Au(ttand
descnljed in page 441.
certaincircums￿le5. the r¥)n￿C￿1￿ted Tru5tee51thrwgh Ihe FIr￿￿e Cornritteel take 3d¥ice frtm independ•)t
third.partycon5ultsnts in relab¢￿ to the1nvest￿t manwent in order io en5ufEthe mènwent thE
TheTnntee5 a150reÈukrty thon the ￿￿e of chwity rEwthn8 re8ulatoryand matters rdated to
the mana8ernent ar*J op*rdDon Df the Foundati￿ Thi5athice i5 rKewl frtsTr expert5 in arEa of tharity I￿ thalare
ab￿ tDa(fv￿e on modes of 8owtynarKe, Operati￿ tran5xlK￿ n a rrkmner that fu1y￿ects￿8UL1tL￿ feourrrtnts.
Charityconwntsgty) widxe aThJ g**ral i*st ptaciice. Akyowète *1 arKI other techrAcal a(kntr ts obtaired from l¢xal

Brexit
31 Decem￿ 202a Acornwer*nsi* anatygswas to 3S5e55 Ihe risks Éo tt* Rwndation èsa result ol ￿xit and ths
analY￿5v￿5 reguw wxjaied and to theTrLstees the F￿Ar¥jat￿Jn ha5 no oK*ra￿S
European the ffipactwa5 CO￿ {r￿n1r(￿. Imp)rtW. there has been no n)aterial iwl on the feceipt of
8wts and (￿(￿1rt of pro8ramme5 tythe F￿d3b'On$ Krantees in the European Unl￿. S) far as the knrvJatiDn 15 aware.
t th not given rise toanyrestriEtir*) crf costs asx*iated vAth MakI￿8r8￿5 io Ewopean 8ranteE5 orto
The FtyJndatr¢ns Ftnarfe C¢mft¥ttee%*4s wkdyupdated on the ￿te￿tial ￿part of 8￿Xit the investrrent
anag￿ent to the er￿tW￿￿t thpre h3we beÉn ry) material impacts co the 8rran8ern￿ts
as a rEsuK d 8rexi¢ thp WWESthIEnt irwtsvrth-reguL4rmivw. to the Finantr corr￿￿ttee
vthere w¢Jpr41te.
PAexit ha5 however. lrtrrAl￿ed sre31er rela￿ to hKir* staff f￿ffl the Europeln UnK)n arKJ ha5 pjlentièfly
affected Ewopean U￿n residents based in the United Trt Fo¥ntstion actively ￿8￿sed with #aff ar￿ external
dw5ers to ty75ure that afferted stsff %*tre Wtr•*ded *?th al rEasc¥thk a$95tance to d•rifyth•r optiw5 ststU5.
Covid-19
d-19 h3$ Y8nificanitych*)8ed at the F￿r￿Ja¥￿ Itsith tF* malcxity0f￿ Fwnd4tK)n's 5tsfl %4Y)rkin8
f¥c*)Tr h￿e pa#￿r. C￿r Ictus t￿8￿)J1 pan(knroc has m>nts￿￿n9 the health and wellb•r* of the
FoJndatth's staff. wantees *J p*1￿$ %thlt e4Yry efft)rt to((￿t¥** to de1NeroJrCharitsb￿ obiecbwe of
chId￿$ I￿
DuriDÈ 2030 ènd into 2￿11 ha¥*￿1)rked vath ow81￿tteS3nd pwtner5 to ￿ter$I￿￿ irnpattef the panL*mic
a￿$ seek ￿uti￿$ tD thè chalknges f*ed. kn some cèse5. ¢Je1[￿ble> 8t￿ c¥Jtc(xnes hève had to chan8e
we corknnuE tg f(tus on o¥ercLYniryg the ObS￿e5 ￿e￿ b¥￿.1? arKI delvering (￿Ch￿l￿ble (IJjECtwes. Despte the
chalEn6ln8eYiw¢ormert W￿ are hakyyto hawe ir￿Tea￿ (¥Jr th41itatrAe Sr￿d￿l￿¥se￿ts ￿ 2020 to VS$Y4 Mill￿rt
(2019.. US$269 fflillK)nl ¥¥hKh in %Jrneo5es inchJde5 Cl7￿￿8 costs to alkn¥th to be ctynkleted %rti
di5ruptttJ ￿C(￿rIj.19.

Social Impact of CIFF'S Operations
Improving our culture and thampioning diversity
OurPeople *ètswwasgw I￿rease0 stratew r￿Jn ￿20￿￿tt￿adthllon c¥ •) (Nerarthing3spr•bon.' To build
w(Od.dass a￿j caD3bdity ¢0 transfrm the INtS**dqdttyK P(tNvJe ￿ envir(y¥nentb*e￿a11 ol ts CIFF
Fami￿ Can beat ihey bestaTrJ re36se ￿1r ful thi5 S the need F￿ndknon to
Jikl a cultu￿ oFtNSL trartspa¢m•*J acu1bj￿Y￿I[h 15 ifKILP5rt arKlwlve a th*rseran8e of tndivKIu81s
can ¢￿ve. 58nifKant p¢ogw was m•* n bJiW 2020. plws 2021 ain to fthther 5traisihen
Jr cul￿￿ thamkxon di%Vstyv￿th￿l F￿￿￿3￿￿7.
HIgNi￿ts ¢4 th￿ %Y20 i￿le Ihe WxKhof a Lex*r51ip 8Ehmffs frawthwrk across ￿ Foundation.
rbcutstin8 the eYpE(ted le￿￿r$ urthpMi￿3 culiuTe ￿ tru5L tsartsparency and ¢d14t*)ratwy These Le*rship
formed pwt of •) pwI(￿nce W*FKLKess f£Y 2021 *4)ich also widv*s a form31 oprortunity
for stsff to dixuss leamireaThY debt10pm￿ 1vbJ￿ awotir*)s.These le*ership t*havKvtswdl urderpin all of
SI￿￿¢¥nt elf(*ts￿e m•*I￿lrE 2020 both to k5t•) totre'mdse, oFtre FtyJndabw.These inseNs have then been
used to shape a people *il in￿10* rw O￿all trend In empbsee s3tisfaction data is
th posibve arLI Siibn8 aknn6sKJe tli5 listening W*e8ythrirB 2020. 0 rew iniemalconmunicatians klatfom
'C*e CIFF. One F￿1￿,WaS L4unched ￿K(esSfully(l￿￿￿cts￿E the Fotsithticfi fe
shèrm8 siryies k￿r¢s. a5v￿1 a5 C￿ebrati￿ wccess.
GnM turk*nt natu￿ OF 2020. the￿wE0F￿r r￿h35 been mrAE inrpxtant than ev￿. The CO￿d.19
panderr*L ha5 necewtated an Ur￿eC￿jEnteIl pate of ch3n8e. v*th both OUT pe￿e having toadapt
cpJKklyto a ofworkingatwj cdL8Lts3tin8 As part ofa wide ran¥e L4 m&75ures and supkwJrt irytiati¥e%
we have rLn a serie5 of¥R1￿￿￿ar￿1 5PEcifiGIty al PELple rT*nager>
the a￿3 cfdNe￿ty. Strides*vethk*Ye 3)20. to è contrned prittyaFtyJthI ensurin8 aur
wtrk 6 lOcal￿.1ed. with Stsfff based in ty* we aDb.rao>n ha5 been a kry
focu% a team of irth1d￿l% al crmwsof Fojndabon byextemal exper& An anty.rac￿M
leaMnEi￿ Wil W￿(¥Thpas5 a ￿K￿der￿ewOf tlivtr>tythrrin8 2021. C￿der
and ethn￿ paygapan*sesw¥e crthrAetrd 2020 wtyKJir¢ ￿phJI ifty8hts ltyacboThwhth we shared and
discu￿ at Boa￿ &xh racial ktyareas otlftsts. and 2021 will see the imrAeTh*ntstion
ofour tivergty. EouityaThS stratewW￿ WKknJes a rtmewotal w peor4e w0￿$e$ pcAioes lo eThsure
w¢￿ iS¥*tl thidtyway to eslathh a Set¢f(￿￿vj ￿￿fvJl rnebics ¥*il th deosp)n maknrB ￿ enabk us to
CTrdldrnVsknvtment FL￿d FtyJfvYatknn ICIFFVK I P￿¢ 34

Reducing the environmentsl impact of our operations
CIFF rema￿￿(￿mmitted to v0teth*b￿ W￿r(m￿ntas￿ contr￿ to tt* envw¢Thnental foot¢xint
r3cbvitie5 in 2020 bEen sw1fican￿diw1Ied tyC(Md.19 rexébr% n *5$ olfte w •id dose ts) nu travèl dLfft
Q2'20 toQ4'20. We reco8ritse the rEsdiry pryaiti￿ i)wiofa be teflectNe
of a si*itsrd >*arOforeratio￿.
In rElatiM to CIFF5 ￿￿r￿ of errl55iLY6*rylu￿1I¥je to bE llights a5TM& wr pDierts arwnd
thEworkJ. As *tsvd re5tittiors *wil *ti%**YMkwth ow Board to re￿￿￿thE Cartx)n Pc4typiArM*d for 2020.
CIFF'S endovment 15 5L&iECt to restriti￿t0 enx¥ev&t rem3WI in%t5ted inc¢Jmwue5 that are aliEned to CIFF'S ethical
QFF has 3pp)nted Carlth F(￿nIlt&8 rr4iw9en￿t (xjwrry. to Kxlewdendyasseknr
C￿E￿h￿se Gas IGHG) effl￿L￿5 in ￿(Ol￿arKe V+ith ￿ VK ResxJrtinB &JVjelir￿. IndLd
conVers￿n factors wblished ￿ Department for Ermronmrt F(￿ aThJ ￿ralAN31rs IDe1rala￿ the Dep3rtfflent for
Bugress. Enew aThJ Ir￿￿$tr￿ Strale8y IBEISI The asse5Ytyit fdltytss tF* btstitr)-bèsed aFyroach fwassesgn8 2
i$$K)￿ from dectricity u$38e. The arvatir￿al¢Mtr￿ arvoxh Lw) used
toj￿ 2016. OFF to cakUl*twK*mtsS￿ns Ihat drffers frorn (xy Amual Rep(rt
The lab* bdow summarises Ihe GHG ￿￿55￿1$ fCrfrewyti￿￿r 15tJuty 2019 ¢0 2020 t(8etherv+ith
cornparatives r*rityJaci￿￿￿J estima
Reportir* 5tsndards rEqU￿ CIFF to tepyl an Inten￿ty￿17O. T(¥wR5 COP ptrVSS dlsbJrs￿￿t has been used
h in ￿ 191x1 was otOn￿ CO,ell8119." 11 tON￿c04).
Arivity
)ul'i6 to
Jun'i8
Estima
Jul'i8 to
lun'19
lul'x9 to
lun'20
Cumulatlve
Net poslti(*n
NIA
139.772
214.927
NIA
4J37
2528
111.5
8.570
CarbDn£fE￿ts ItCO,e)
111.5201
In 2019 CTrFF (xjrthased £arborTr trediis ftrthe ptsiryJth2)16tothJnE 2019. toEetherwith the Derityj July 2019 tojune
the 13tter0fth￿hV￿re then to take oJtef the sy5tgm.
tkn to rn￿h ewthssKn5 frLvn ju￿ 2019 tokn 2020. wrcha5ed to date fenert th2 inyact oftyji JLIrfI6
tO￿ne.20eMls90rts e5tiirk*ed ILY 2tr20tokne 2021 ai 8% u￿1ft to ￿crease owoverall
contri￿tiM LO Wbgaboixr
CNltherfs ￿Nestme￿t￿fid F•MdatknD I¢IFF UKJ I P•8e 35

Financial Review
Five-year summary of income and expenditure
Summary of income and txpenditu
2017
2010
US$m
62
2019
us$m
2020
US$m
97
US$m
315
US$m
In¢ominE ￿5￿rCeS
Net Investment 83ins100$5esl
FgrwBn exC￿nge
283
266
491
131
1.013
431
1151
Total Incomln8 resou￿￿ In¢
re¢ii8Thlxd yin5 aTh41105ses)
781
211
527
In¥￿trnent Manage￿￿nt Costs
Charitsble actiwties
67
98
289
14
243
247
247
369
315
281
387
N¢t mo¥em¢nt In fvnds
276
734
144
Summary of assets and liabilities
2016
US$m
4.813
186
12811
2017
USSM
5.233
550
15991
)18
USSM
5.342
307
15211
2019
USSrn
2020
US$m
5.973
232
Investsnents
Current assets
Total lia&lities
650
12721
4,718
&183
SM62
2010
242
4%
2017
2019
269
2ty20
Grant disbursements (US$ml
S-yeardisbursernerbt ratio.
Average he3dcount (￿E)
Operating eX￿nSe a5 a % of di￿r￿￿￿5. 11.3%
232
4.4%
4.8%
132
9.1%
95
12.1%
115
li.e%
11.7%
Chlthens lThYWnentF￿& Fwnd•don ICIFF UK) I Pale36

Charitable activitie5
The Fo￿￿a￿)I USW9 to (￿￿ble act)￿lies(￿J19..Us$28? rr￿HI￿j. of
US$335 millon ofcwtsblern comrritments12019..US$254 mffjcrf. US52 oFacliwbe5 Utxfertakn th"recUy
12019..US$2 arKJ 115$32 of cwatir¢ cost12019. $33 rrfloi).
Activities undertaken directly IDCAI
Ltsett exptorfitwe d US$2 million IXJ19..US$2 thtslIe￿b￿iies wa5 mair￿Y to fLxther CIFPS MI￿0n
by converun8 confewces antt tethrical asystaye aThY tranin8 to 8raTrteE5 othErth3ritsble
Grant disbursements
Fwndab"on made US$344 Thi1lKMbofch¥itaL*Br￿￿pryll￿ts isthe thwd succe55Neve¥ofl￿reaSed
dffknjrsements a 28% rKrea5e orb the w￿ve￿I201*. US$269 Tl* d￿t bd¢yw the 8Wt pay4T
made in 203).
Charitable grant payments by sector (USSM)
160
158
120
11
Total payments
80
2020 us$344m
2019 US$269m
40
12
¢Ntslr￿¥ IrNe51wrtrt FurtdFoundatbn ICIFFUK> I Page 37

Investment Review
Investment 5tr3tegy
TheT￿￿tee5 haTrR de*k)ped*) i)veSb￿StraIe@V￿tAch ￿￿￿yeS lor*M%5￿In a dw5e offin8r￿141
in¥e5tmEnts %*ilh a ￿￿tErM 1nvE5tr(￿¢ hcrfizo). The in￿tMent0t4eclive ts to".
' 5eekan infiatl￿.ad￿Sted rEtwThof at*ast 6% ￿r •)ThJm tytya I(>￿ rollin8
. manase its In%￿nt to efwe 4ycwiate 1￿MY1￿¥￿ rtsk<Mtrobwhdeal￿ permitiT¢ illiouid
IrMestm￿t5￿lh potenti￿ for è ￿ty$n".
. investments 3cr055 a rary ofasset (￿5$e9 aryl iThXstrysecror*
The ¢f the TnJsiee5 15 to ¥wJ iroease (t* lund to beale to 5UStsin aThnL￿1
th3ritatrJe distsJrgem•its of at least USD$370fflilbts) in 2021 arKI m￿ge the ovwal speThJ in Iinewith the ncreased
spending tsrgel. adopted trtythe Board in Lite 2019. of th$t¢￿Alr¢uP to 7% ofav•3ge assets t)bera five-year pErpJd.
pkns aYditityBI orwrtunity lund5 wherEdetrned netts*ry.
Asset growth
Strye incepts￿ ha5 of w LIS52.4 billv)n.
(hefthe iisl Ioyws. the ￿1￿latiOn'S a55ets to USSO knIIKJn3S at 31 Oetsryjbw 2020
13)19..V5$5.9 t411K)nl. atterchantsb￿ ￿l￿tIeS g(ry￿r￿tr costsaThJ rNesrffl￿t M￿serrent£09ts of over U5$2.7 knllion
12019..V5$2.3 b￿1￿.
InvestmMt ￿tum5
T*knl rescwce5￿e VS$97 IK119." U5$106 n¥knJ. C￿51*￿ ¢kndeid53nd interE5t re£ei¥ed fvum the
Grow),5 eqiAty 3nd fixed KKixne In￿5[1[￿￿1 P￿1f￿10 togetherwithdwatms. 1rNeS￿nt 8ains n theye3rwetE U5$431
rThlhon12019.. $1.013 Inillwl.The C0¥nbM￿ nel um$￿eThIre￿rft frx the ￿al ￿￿rended 31 December 2020 y4as 8%
12019.. 21%). dewte the market tur11K￿ due ￿ Ctyid-19. ol 8%1n 2020 exceeded the k)n8 tsrBet of 6% plus
inflaiiory a cunHJlative performantr of 4(P%grKeWa x￿9.e•1Naent to 15% perannum retum (￿t of fed.
Investment management Costs
In¥e5tment Managen￿rt￿Sts in X120we US$14 mlAM12019.. U5$98 millicd which maln1yrE￿ted to managing
jb5￿1￿es ￿j￿ing en(kr￿ IT￿Stments t￿￿3￿charges and ￿Vestr￿￿tfftaOaseM&nt tees accrued io
i￿est￿￿t manager(TCI FL￿￿ or ttrird-pthreal E5t31e￿I￿7x)r fee IsEe rK)ts 25 for furtrerdetsils
of 5ervKe pr￿derS). The FwndatiW Catties ￿rtan ¥fAJal revivwof the inNE5tsnent fflanagerfees. benchmarked against
peer5, and hasaffirmed the fee5 a￿ ￿a$¢r￿*￿￿ rerKesents *rwvalue for f￿5 pa￿ reLitrveto perfcmance of
the iDveslment wil01￿. ￿$trUct￿e of ￿ ￿k￿l&Str￿lU￿ f(K ihe FOur￿ti(￿'S èssets dLWnB 2020.TCI FM
no longff recepR5 any11￿￿$t￿ent mar*¥tttnl fees fu the marwgem8fit of tIN15e a55ets. A third.p*tyreal estateadvi50r
Awe Capital ￿rnIted tr*ab￿tr to e•n lees deterffllr￿ try the ￿F￿r￿of certa￿1 real *tate assets in the
er￿0%￿￿￿t. These Fee5 L*scrited In page 95.
Asset allocation
TCI FM invests assetsin drfferert classe5 ￿¥j sedtysTfvith¥i U* wameters settythe F(￿tsti￿¥
investment tnanaBemEmtrtsknction% adr¥)ted b/ theT￿￿tee5. The F￿￿JatiOn its >JbsKfiaries Ilhe"GroJpJ operaie
Oiveryfied In*sted in a rtLThter ol (*11￿Ent types financ￿1 iftstwmert5acrossk w￿e range ofsectors Iwith
teitsin ImtatiL*ts. see in*stmt whryon 39. TheaIkKatI(￿ ty assei type tsset ¢>Jt in £hart bdow.
Percentage total asset allocation by asser type lincluding cashl
sh
CNl&ens Fund F￿ndIt￿m ICIFF I Page 38

Risk Management and Key Policies
Risk Management
7heTnJ5tee5 are rESpL￿1b1￿ lorthe ffl*aEefY*nt ¢f the risks fxed ￿ thE FouTh4ation aid ha¥e exarnined the major
5tr3tewc. ￿￿rosS ￿ Lwatimal ri5k5 toww tr* F￿￿KIall￿ is be exrM)sed. The prirop31 marwame risks
jdaibhed by the Trustee5 are th)Se￿ to safeguardng ol tr￿et￿l￿and stsff oFyantee5. eYp05U￿ to cybeT.attKk%
and fwd and the imparts ol Cowd.19 on the￿.￿1￿ ofstaff.
Trustee5arp 5ati5frEd that$￿ern5. conlRI5 and prAKie5 tkneto mwe Mar￿eXp￿￿ to KlentifiÈd
the Tfustw the Ilw*ed belLW. TfvlonljTh￿ to rew4£wrent wcttsses. ￿08n$ing thar sv5tem5
The mèna8•Ttnt ol m¥or risks 15 wed out in a(C￿￿¥￿e *ith 8uk*rKe CharItyCcm￿$1thi. D￿ne 3)20 the
FOUndatK￿ adwteda to risk assess￿ and rrk1rk48err￿t tl*t e$￿￿shMent oforean1￿b.0nal
riskV4￿k￿g trtyjps.Ttr￿ 8r(wps¢iw the IrAlrhMn8 Cwntry/Lcd. LW and CLwpliarKe. Fina)ce aTvJ
ITr¥EsbnEf*% (￿atr￿￿s. Partrvs. Peop* and PclrtKal Remrt3tK#pl. TheseBTOUP5 ffleel Sem1"am￿ly1in some cases
aitended bytxtern4 &%vsw51 to Lltscuss risks faced ty the Fw)dabM •)d athon5. ThE EfoJp5 each prepa
p￿ts thètas$￿ ratings to the nsks thbfed t)a5ed tFt kkdiF*>)d mpact ol ihe ri5L which is thenadiusked for
any rdevant mitigaticff)>Tht fin￿ reptrts hrrn the riskthjrÉ￿ are ff￿de￿ed bythe Execub%* tewn betc*e beng
The Ftyjnda￿Ort Main￿1(￿3 rnmber of mfoes r*> TW InC￿e polties reKarLlng safe8u*di￿ bribery.
Corrupti￿ ar￿ fraud u* ef tr. In X)19 rhe aso a mLKs￿ %avery St3teTnent whKh is published
ihe FthJrtdaDtr)'s vebsiie. 8￿WIth an Int￿ pr¢Kess frrfas*s9n8 rrKth Ti5Ps in its Thest2tern￿t
s p￿lished ￿ a ￿ntsry basis f01lw￿a￿e the was fiDt fOr(T￿lY requitEd to pubksh such a
stslement underthe ￿Very*￿2015. ¢1 the Mcthts 9avry Statement Rllects the FouDdaotyis
(W￿v￿￿ent to ersurirÉ nYMJerD SI￿¢￿)eS Ml r￿0￿1Th its W) supthth•n5. Tr F￿￿lAti￿ wll seek to continue to
IEW. prOV￿e tranvlg arKI nvJtytot is9￿ knTtFyn the Fwndèb)n aThJ its WDsramrne5. tt5 ￿rrI)I￿￿e p)lic*s
Investment Risk Management
Investment Policy
(yJi in its MenK)tan(hJm OfA5xKia￿ •d in x¢ordar*e %4ith awkaile yidance fron the Charity Cofflffl￿s￿n fj￿￿d1nB
Charity guthrte'ChariliEsar41 Wryesiment Mattws" rcc14"11 thrw8h direttand i￿1[e[l inve5tmmts.
ir￿udIn￿ via irNe5tment yknidrarie
TheTrustee5remain minthJl of thar(kntyto review and rTrxotor the man¥eft￿or the Fwndats)ns irn￿Stme￿*&
The Finantr. kn¥esbnents Comwthttee the.Fift¥￿ CorrrfTAttee". thaifEd ￿ Mr EITyna￿l Roman. a5
an *lwsory to the Board oi f￿¥￿e.￿MI1tand in¥estrnent In alditi￿. in Fe￿ 2018. the Tntsiees
established *)vestments ￿coMmIttee firht5tm•* WTrConmitttt'l to lake deosK¥ts in rekabon to Ltrt F<Kmdatims
•TrJowrnenL C<xM)ittee kKJksat ¥¢ofic relatYEto the erthYwtwhErE theFE fflaybE cL*Aicts ari%rYd hDmTCI
Fm's rcde as mas1a￿.
WTrMlÈ the Tru5teesdo not%*ish to re5tsitt thè erpJ¢fv￿￿rt'SlI￿eS1Mts iv (X4¥t￿*£unpanIe5 r￿Se(lorS ¥Yhith reflett
harmful to ￿ FwThlation'5 msso) to trarth the h.￿01 thldrEn acr055 ￿ gkte In 2019. I(Al￿ing recapt
ofadvice FIna￿e Con￿￿ttee. ioapTr7K3metheTrts tothe soti* ewronmtntsl •id ett¥cal
ltsl1LtWl￿ W the kn¥e5ments POTY. As a rewlt ￿$X*Y IrNestmEtts in CL¥vwniE5 orentities thaL
. ￿rkelt￿e0st milk subsllbJtes crynrrltted to alW￿W￿￿1 Health ¢knnlsètw￿.S Intemat￿l CfyJe
of PApast M*￿tibj1
Chkn¥ Inv*StrhEntFuTrJ ICIFF iIKI I Pay 39

. rwwate l(N wmore ef DJrrKwfw extr3cW 51¢x*¥Mll￿ dstrkntin8ar tr*lir¥f05￿l fue
. r￿ate 25% or ot turrKhv fr￿n th2 fflèt¥JfaciuFe. dtstribknx.st<Kkwlin& trar6fer or
sale of arrr&
Ifa coftyany thE ¥Nested falls inw (#*ofthese Categv1￿ tr* irwtrnent manager ha5 12 months
to dive5L Howev*. rnana8w rw ifNest in camp¥￿$ or wtie5 thai bTra5t milk 5ub5titutes as
dexribed abo¥E if the ¥ivestr￿t mèrw encwtsges tt* féevanic<xnP¥W of ￿tit¥tO adopt a pub%cly awalable
ctynmiitiryd io the of MartetY)B Mi* 5JbStitU￿ [￿jring 2021. cIFF￿￿11 perform a ful rev￿ of th￿r
Emronmentsl. knal and c￿e￿an￿￿￿tI￿* to in%*sty￿ best WaCti￿ pol￿￿5 ￿ fol0￿￿.
althou8h the WH continue to ML￿AtOr and ￿¥t5￿￿Ent Stsategy. thrw Finance Committee.
the irnpaclof the tiwid-lg pandemK Ca￿t￿ markets. FI￿ar￿e CotNnittee is rt8vi)rty ￿￿ew1n8 the
perf¢Kmance of the illvestfflents and enaa&ns￿th the irwe5tFTEnt mawerto the impact and xbons of the
manaw. Tr* of the Fir￿￿ Comfflittee besh￿d BoaTLI $0 that the Trusteescan assess
The Trn51ee53re of the wtenhal crMflKtofinteR5tt￿Kh ￿￿Sts iEtvfftn the FtyJTrJation arvj &"r CMstopF*r Ho
3S tolh a Trustee Posibon 3s W"n8 partI￿r ofTCI FM. the itve5bntyii mark4Eer to certain ￿titie5VIl￿1n the
F￿ndati￿'S Cw. aThS xcardinth apwwiatetyfflary the (see restrucbjre. pate 42k
The rnefflb￿S OF the Finartt GiffYThitee C￿r￿￿ete a ful tsf tt* Irweskn)ent Poly at least •)w81￿. Includes
a re¥￿¥ ofTa FM. bertharkn8 its reÈJrn5 and feesagainst its peers. Fol￿n8 thecorry)letion of the
last re￿eW in May 2020. the wKonflided ffleM￿ of ts* 8oard TO FM as sole investment manè8tY of the
assets OFCIFF s G￿p.AS Mted abo%*. in to eststeassets that oart of U)e FWndaty￿'$en￿O%yMenL
Cash Management Policy
The ￿ndation has a Cash mana8esr￿t Fl*y. ￿t￿cti %*sath)DteO ￿ theTrustees tyi 11 M¥ch 2013 and ¥Y35 m05t
retendy U￿￿ted byTrt￿eeS in Marth 2021.The Cash Mar*gen￿l Pdiryis revertd allea5tanr￿￿ty ty the FinarKe
niLteewKJ thÈTrustee5 if￿.
. The orin0￿1 o*"ecD¥e ofcash marwTent F￿N￿bL￿.￿￿¥S to t￿L￿e that the FtyJndath)n sufficient cath
avadab* to rneei its w(thn8 Wtal ￿￿1r*r￿nts.TrE ￿Jr¥J￿v￿ does not seekto maxiM￿e It￿￿$t￿ent ￿bjMs I￿1)jg￿
its cash rnana8em&ii thties".
. The cath mana8ement a[twil￿ thal p￿rtled and the ar¥￿e limitatvs upon ¥tivitse
nd
The F•Jrtdaben irw*ir*)ts thecash M¥48W￿l PoKryin ￿{erdar￿ *ilh its tharita14e oL4ects and n¥t5trnenl powets.
a5 sei out in ils in xcothe apk4KaNewMJaKe from thE CharityComM￿s￿n
(Inthdng CC141.
Financial risk management
Internal controls
The Fr•xthtiC¥)'s intsrnl c(￿¢45 to J55ur*Tr to the Board ofTILStees tha1th￿￿te proce&JFE5 *E
The F￿r*￿tiOn intets*1 (wat1￿￿1 1￿cKe55{(￿￿1$£* an OTh.￿¥￿8 ba5i5.with extemal support
e￿ap(K￿late. atKJ iMp￿￿entS Fcrttiulatj￿contirvje to irNest Si￿¥fiCan￿Y in IT wurity. itKludit
to tot31 pYant*d charIta￿e￿￿b￿rseff￿ntSto erI￿￿e arxj pro￿K)na￿. The Execuh¥e Direciors
remewand approve for txwhow￿5 aTrJ skff to IT￿￿or ￿ (￿tr£I operabn8 c05tard go¥erTrmgit.rdated
exp￿dit￿re. FurtherdetaA5 of risk mwefftsrtc•) Note 15 of the consdidaied stat￿n￿L
ch￿kn￿5 F￿nda￿Tr￿ ICIFF UI¢J I Pa8e40

Granting Policy
pErmit& fLKexaryAe. a fi￿year to te c<w*rKted lor the full INtr￿r term ¢f the prograrnmE. bJl gJbject to
Pro8ramme fAPRI aFvJ ￿l¥jiL￿dIty S￿h that itrernains ¢¢yw#ent Statemert of RecomtDended
Practice I'SORW) guKJatKe. ￿the%[￿ltu￿ (tt08rised arrrt1a1￿ in the Con5didated StaterTh￿t of FnancKBikDwb"e>
and the F(￿dati(￿ wograttwr* teaffs (knrirg the due dilwKe ph￿ ordwto obtstii the ne£essaryapprcNal by the Board.
F¥ogr¥nme I￿eStment C￿Tr￿ttee$ IWCS). c￿. in the case of in*Sim￿oI a pro8wrre a bJd8ei of $1 mAlion or le55.
up￿ ap￿￿0v￿ ty the Board or PICS. the FLI is aweed FtYthE full.temi ef ihe wowamrne. subj'ect totke
APR that takes durirg exh￿aroF npj￿..Ye￿￿rW￿rnrn￿. Duri￿thE API the tEknnt Fwrdation pro8ramff
rel￿￿ the p[(¢￿ ot the8mtaThl. if ap￿￿te. as￿5 thpconNng ￿r,5 woth.pLin. trA￿Se￿ KPl> mle5tones and
TheAPR w((tss ts set (yJt3sa (C￿01t￿)n ol thea8reeffentY￿th the 8Miee, with r*ase offLndin8 ctyirf1tiM￿ up
adh£yer￿ to they1ork.￿ bJtJgeL ms. mle5tones afyj dehwaFAe5 ty a dale setout in the rtsJltryear contraLt
FathJ￿ to ctyrdete the APR pKKe55 atwj to t￿￿￿k.pl&ls bJO8ets KPl& n¥le5tfYE5arvJ ddweralles bythe relev7nt
dats ¥*cif*d mav result in L￿Cella￿L￿
Reserrfes Policy
ExpendaNe Endowrwt FurAI arKI l%ireStr￿ Fund& The1￿￿ ofthe5e Re5eNe5. COnside￿d on a five.year I￿￿1￿).
15 the ktydelerr1w￿rtt in ¢he aAKwnt of raptal wtrKch the C￿> to distntyJte &ich yearto charitatrAe actimties. The
Trustee5 fLWiew ¢styves are sati5h&J that the aFF srwp ￿ ina p05thon to meet all its currenland anliiipated
Unrestricted reserves
Designated funds
A5 at 31 rkntw 2020. the TnJstee5 earrrwked $643 rnl&thf201*. $658mifvJTI of re5er¥t5 as d￿s￿ated funds n
rec(y4Thtion of [￿d$WhICh rntybe Gil￿d to fur¥1 appro%*d nwjti-year wD8ratnmèswithin the ￿xI I to 5 years.
Operational Reserves
The Fwndatyons ￿les￿LIe￿ fiJnd5h*t *0 u5eO ￿ 2020* 1Xev￿A1S wrs a5 Peserye5" to h[￿rynce the
FoUrKlaD￿S gtant expw¥J1￿¢3Thj ¢J¥ectCharitableknityexr￿thtrlrt rwathl8 cost￿ 8wnance costs and to provide
3 th¢rt.1￿ buffer for8rdDI.fflth￿ athj other cost
Cath Ikm woiectrffis for income ex￿￿1bJrta￿ to enwre that of disposable net assets ts adequate.
and th3t the FOUndatt￿ a Fositicnto meet its8Wt.maknganLIthA¢ wtal cofrwnitrnents. In theevent that tre
Fwndathn 15 unatde to meetitscommitwts frun res¥￿ d ￿NeSti•￿ fvrN15 3t th￿r(&s[￿l. the F￿nd3￿n￿lI. as
￿￿Ofthe high W ol Iwwjityof a kn MyDL￿ ofthe FOJndè￿'s a55ets. ￿TrUStee5 th t￿t cty)sthr that it.
r*c#sary (xju5tihab* ￿ Carry￿reStncted Lwabonal rE5erves and theththng Cak*t￿ 5urplu5e5 ￿e transferred to
the eXper￿ble￿￿M￿ Theur￿estn£Led rI)uat￿l reser￿aSat 31 D￿ernL￿ 2020was US$ril12019..Us￿.0.
Chlbjrerfs IvNe5bNenr FLthd Fa￿dItIon ICIFFUW I 41

Restricted Funds
Restricted funds are to CIFF stiwlatesTrty•th•r mtyL* swrt. In rTh)stCa5es there ¥%ill
be 3 time bet¥￿ s￿h lunds *e i££eNed arKI thtyareexowsed.The T￿￿CeS ikn$u￿ that ttrt5e funds are
expensed in accvthnce with tht terryts LYvJervknKh thty t43ve Lw ¢lonated to the G￿￿p. Tl* ￿$th¢te￿ fLmd bakince as
at 31 Oecenknr 2020 wasVS$7 (201*Us$n￿y￿u￿CL￿sts￿ t4 fE*d a55ets rElatingto equiDrytnt for water
Expendable Endowment Funds
ol thi5 end(hYment inio an I￿ty￿e vknch ran be utfjsed by F(¥J¥Jatv)n io lurther its charitable 0￿"eCts. TheTw5tees'
irtertion 15 to nvJnitar the value of thewwMJab* fL¥vJ ￿ real ierm5 ¢P•er a rrAJlti.year to ensure that tk
oup its e¥iSi￿ ofanr¥4)I chèritsble e¥4>￿¥jitLyE arwj irKf&4se it 8rak4lly a5 Ilwsee necessary to meet
the Fou¢￿1￿,5 charitable L*ry"ectives fwfutv￿)￿lr5.A the tsEv*Je of the ey4)erMlable end¢￿¥ment fvnd wa5
US$S,356 milwJn (2019".US$5.2t>l milloil
Structure
Foundation Structure
FLM•datiM ss a CLvnparyknNted tr48uarantro irKyxwat￿y LI) 8 Fet¥uary 20)2 a5 an EnBlith tharity
"12 Mwch 2Q)2. (l￿￿ty[￿mnberIs 1091043.
Subsidiary Companies
The Foundation ha5 it¥fvecty(Atsi*d*hKÈsw•ithn its Gnxjp as ar 31 D￿rnber2020 ih3t have a mixttjre
of purposes i￿lL*ll￿8 kn hdd enth)¥W￿ ¥NeSti)￿ hapactrth￿ the ch3ritstrk ob)ectivesof FoLKd•tion. For
the year to 31 Decamber2020. the rep￿d of the Subs1￿￿ry underts￿ngS af CIFF are disclose¢ in the note 19. The
rtSL4ts of the OFF Groupare (c￿￿￿ated ¥¥J *e wewted fft th2con501id3ted fvAKki15ts1wr*nt>
Restructure
2020. CIFVsTNstees W swt tosmrAfy the CIFF hdd5 ts endolwnent irwe5trnent assets.
*0 ensunng that the $￿Cessor￿njrtu￿ in OFFS test ¥)le￿$ts. kn fwtheTr￿E of thatot4'ective. the Group
implemented a restruthte OF its r￿lIn ￿￿tment ￿1&￿8￿￿1￿e.T￿o$￿￿.tsI Actiwty Coryanvffa1051. invoknnÈ
. On 29 May 2020. 3 tran5ftt￿ certail ￿lets hejd ￿TabJ5 to a new ErWi5h &"rr•ted rArthership. CIFF
ca￿t￿ UK Lp1aFFca￿ts1) (Re$b￿￿￿e l*.
OFF C¥Mial (Restnthre ￿.
i. aFF is the scde liry41ed p¥tnerofOFF CWI toaryiÈbJrn orsharE in the
I￿￿ent assets of. aFF C¥"tsl.
2. wbS￿r￿ ofCIFF. OFF Genetal Pdrtw Drrited (CIFF GP). i% ￿ 8W*fdl pattrerof aFF Cak¥tal.
. OFF GWS t•wd tscwshtuted of h¥0 aFF Exeofft (I"rectN5 foJr indepeThknitthreCt￿S. CIFF Capital at all lime5
acts CIFF GP.
3. Takn Ktsas a rY*riree cert•n ii¥*awt assets t￿￿t fiYOFF C•ital. It fecel¥ts a
remLnerati￿ frrffi CIFFCaiMtsI for th￿e Ser￿CeS￿￿' basis.
Cwreffj's Inw5¢ment Fund Fo￿tst￿n ICIFF UK) I Page 42

Investment management arrangernents- Charity Commission
PrhJr lo the Re5tructWE& TCI Fwwj Manwent Liwuted ffCI Fmk an ￿￿a[￿sation U￿)rnat￿Y cOntrol￿d by Sir Chftstq)her
ohr4 had (wwded in¥e5tment ￿￿[￿SerV*e5 toTab51fy"r¥l InveSbn￿ M3na8emPntArranWnent￿. Thjring
2020. the tyiginal In%t5trrtnt Managementknr*e*w*s afyj ¥ryrelèteO ￿￿1efitS to SirCfvstorthrHohn. h*$ been r
auth￿Sed. ts in the be5l intwts rrf OFF. w to 31 CttLthr 2020.
from anycdyigatityis loTO FM. as￿1 a5 toAVE C4¥ial Lwi*tEd (AVO.
s partof Re5tnKbJrE l. on 29 M•y2020..
I. TCI FM wa5 also ¥wxnted * irwestrnent rrwwtoCIFF Ca(xtal. TCI FM is rpjt atyfee ft*these inwestment
manasemant servKes. Furtt*r. TCI FM. for itsdfaThJ fyi belkill of SrChri5topherHthn and other parties rEkted to
TCI FM Sir Uwi5tqther Hohn. LTrlaternUyvrdNed ￿ rWta receive any of beneht (whether financial or n(tr
fina￿￿41 bul in eath case havin8 a rrK¥￿￿￿￿lL*I in rrnion of investment rAwement seMce5 to
CIFF Qpital.
s partof Restruc14we ILon 300rtober2Q2tr.
l. Certèin perfom*tsfees in relaDty) to e5tste a￿ets partle iyT*)s toTCI FM. bjt thJe fromYCI FM to
its sthcontrKted third partyapFKiDted reoresentati¥t. AVE %•*rE twsfefTtd io be direcdy between CIFF Capi181", and
2.The rerfc*mènce fee aryan8w)wts￿IhAV£ were s￿Sethd byaD IntwrTth￿Y5wV1res agr*Th￿t between CIFF
Cwtal and AVE for based lees relats￿ io al Wcy. exi5tingaTvJ atry oal estate assets.
Nme of Ta FM. Sir chr￿ttip￿ Ftr)hn crfany(4her pathe5 rel￿￿ totheffl hèVeanYfin￿tsèI interest inAVE.
The Oroirwl Investmert M¥48errt*itknan8ernits thetÈfotebew replatr# in theIr￿tirefy by Vi￿$trneDt
nvna8emer* and seNicesarrargements set wt alK￿.
On the tsa5￿ ofextemal ￿1 thKe. aFFc¢re4dws thwefue ￿tn0 ber￿fiLl¥￿EtheI OrrK￿-finan(1al tyjt
each case hawn8 a mnetsryvajel a45e5 to &r c￿$t((￿r Hthn in respect of iheTCI FM s prowl￿on of inve5tfflent
man38ement services to CIFF Capital. (li of Re$trUth￿ 11. the C￿ty Cunmission confirrne(S th3t
a8ement in re5oect OFCIFFS irhtStr￿t rnanaganent arrang￿7￿￿ts Nad been ¢KKK￿dea. &yn8 f(Thard. *dlo*i
the extemal W •lic¢ CIFFwill no l(wr 5eekthe Ch*tyccM)￿￿9￿'S3Ut￿5abCffi lor its ￿VestMent m3na8emEnt
aryangerrwts withTQ FM.
TCI FM an ￿n￿$￿￿ted dw3tity1 to CIFF of StO.615k1201*. nrf>¥AY restrthdthab"￿s of $10.711k kn 2020
12019.. nil) to suprtst cF*ritsbk acbwbes of OFF. As at 31 December ￿20. TCI FM W ccrtnffwtted additiwal
reStrtI￿ furth￿ of $3.139k [2019.. Sr4110 tre PaKS ￿ futureyea
￿rChr￿t0pher Hohn ￿ a150 the fwThler and LI￿1££ of1￿ CH w￿￿1￿ch TrwdedonaiiDThS to aFF of $7.85Ok
12019.. $3.7<ThJ if* 2020 as rest￿ted ¢kna￿ to the ctwtable activibe5 of CIFF.Aszt 31 Oecember2020.
CH IVKJ had crmrrAtted •Ythtionl ￿ICted of$lO.91(*12019.. SI8.￿} to be in fUtureVe￿.
Foundation Governance Structure
The Board of Trustees
Thefftmb¥s¢f the Board ofTrustee5 ¥eset FcftheWp￿es ofc(ryanylw. the iTrthwldu* h.sted are Cireciu5
ofttE Foundat¥Jn a￿1 a￿a￿tynted in xcC¥dar￿e￿th the FrAMdati￿'5 tor&1b￿c￿1. The Boatd ofTntstees meets to re4eW
and update the Fr￿￿atiOnS stw3trwa￿j thty. con5Yleration of grÈnt.fflaknt4& in¥*>tmpnL ￿SerVeS and risk
m¥￿seMent￿l￿￿¥nd p¥f¢rm3nce. TrTnJstee5 in cffte tsEyear3nd up to the date OF the ￿3￿411
rChri5tQpP￿r Hrhn
Or Graeme 13 Mty 2￿11>
Mr Ben Cddsmth
Mr Mosiocw Siddiq
Ms th MarsN411 tsrvrAnie(S XJ September 2020)
Qr lehtiTr￿￿ laprtinted 13 May20211
TheTrustees wE$d￿ted on the b￿0f thls ¥*1 p¥ticuL7￿1￿ thernof IxJsw*ss maWe￿nt TheTnJstees
deterrrone the strateey ¥hd Oices Oft￿ a￿1 r￿litt￿ and impact TheTru5tees a150 serve3S
resources to the F[￿r¥Jati￿ nEwaThJ re5e¥ch WNJ ar¥J dweth SUppYti￿ k*aS￿¢ts ofortratiois
Idrerfs knw5tywent Fynd knndatlon ICIFF SJK> I Page 43

JITru51ees 8ive th•rtiff* rK•Tnth rErNrfftalioiv&75 paKI in theyEw. tknikof Twstee eypenx5 arxl related
party transactiors are dixkJ5ed In notes 9 * 24 to the fin￿￿￿71 stalemer¢ts. Trustee5arE ￿VIre￿ to dtscL￿e all rdevant
intEre5ts and miew ihE Board MemLvs' Re8ister ol Interests aieath Wrd ￿￿etir41 T¥u5tees must ￿lSter all re￿nt
intere515 with the cc¥Trp3￿ SecretaryaTvJ. in aCcr*thnceb￿th ￿ F￿1¥Yal10n.s￿ OfA5S￿rdti￿￿wj Ms poly c
The Fouid3h(m kKmal indtsctiTri piyamrne fwnvwTDJ5tee5 arws ccKMttyttee ffleM￿, ￿dud1[Yd the
rovisKJn rrf the Fomdabois kty8fPrfemance. fThnaal4knJmenL% tdevaTht Charity cornm1551￿ guidance Th￿e$
and det¥A15 ¢* stnKth r*th2 (Wegated I￿$).
Inductioi s￿>C￿5 ¥e*so wr¥Éed to e¥4w rt418at￿sOfTruste￿s￿￿￿ cfymfftttee werrlkrs and yowde
brehn8s Iro)) senwycyraticwl pe￿nr￿ ￿￿e$S￿)ial athu5.
The Finance. Audit and Investment Committee
The Tinante.￿wit a￿$ *￿eStrn￿t ￿MItteeWaS estabb.sw in 2(Kk4 t5CCfi5tituted bynol le55 four mernbe
akyoinled try the BoanS.iTh oflth rr#Jst L￿aTrL￿tee. Otlv Thvntvs aprmtxhite skills and exkErti5e, %%thD need pot
be Trustees. may be ap￿nted to CoThMttee by Bo3￿. ThEcurrent trustee member 15 Masmr Siddiqui and the th￿e
i￿epetht member5 01 the Committee are Eirmarxjd RLVDan (Chairl. Rithard Hawlen Jacob SchHnmel. In November
2020. a new member. Elkn Schuman. was aprrfjmied 05an itthEndty)t member. CIFF'5 CFO. Trrectorol Finaniil Contml.
General C(xJn5el and C*neraIG￿Th￿. are reguLwatter¥kts OF Ccfftrrit￿e.The F¢￿ar￿. A￿lt arKI Investment
Commiitee has dde8ated reS￿￿trAity on bthatf rrf the PAwrd ftr ad¥fyn8the Trnstees on audit finarKe and investment
Investments Sub-cornmittee
The In¥e5trnents ￿t￿c￿nMtheW3Ses￿AlShed in Fetw 2018 thJrin8tr* 5wrwas constiiuted W the F0￿datiL￿s
and ull￿r￿J Trustee% bwn8 C¥aeme swe￿i0￿rt. Masw SiddKiul and BeTrCthJ5mith. The
Irfvestments Sknttee dele8ated res￿l51tH￿"tyc￿ beh￿f￿ ￿[d to take cert3n deCI￿onS in rdahon tr) the
Fwndakn'sen(1￿n
Programme Investment Committee. Climate
The terms rrf rfvence of the In%t5tr￿1crymIttee. Cknate rpic OinkAkl %*reIprK￿ed in October 2015
ènd recently uodaied u) Oe£￿r 2020. The Acannate i5COtistituted ￿at least tW Tritstees. tr FouThlation'5
CEO. CFO and at leasi lh￿{￿￿ rK) nve e￿ht) aL￿ser&The AC Climate dele8ated ￿59￿sIbIlity
tthalf of the eoard forafvgrrf ￿ yant.nkknn8¥cb￿tl￿S in r￿at￿￿ to tt* Foundab"ons wwronrrentsi obiecbves l¥fvancin8
enwroiffenral protectAM ty ir¢4)rov￿L i￿V￿lIv& Jvj corw¥è￿ of the nalural ethironment) the
pnlnotion of develOpn￿t0 mffj8ate d1nk4teth4￿eramète NJrpc6eslTr* AC aiffwie has deC￿0Th maknr
outh(￿lty fry 8r&it (Ye￿1$￿￿￿(￿Male ￿miseS to ￿ wthdin8 $30 mill￿n
Programme Investrnent Committee. Children
ttms of rtference ofthe PrC8r￿nn￿ Ir￿￿$t￿t C¢mmitiee. Chddren rwc ￿1￿11￿)￿￿￿¥9pr￿ed in ￿uSt 2015
atvj most rtcenttyupwjated in D￿e￿L￿ 2020. Tl* PIC Cwren isconsiiiuted byat least th￿eTrust￿5. the Fourwjation's
CEQ CFO and èt ka5t itrwEe mLwe ihan athrisff5. The SIC Chiktren has delegated respO￿bIlIty
Lthalf of the BOa￿j kwadWi5￿gc￿ wt-tnaknnE knbes in relatim to the FoLY¥Jations rvJ).aimète Purposes. The PIC
has ￿tI￿￿1tyfLKEr￿rt re￿Or$ Sljrposes up to irKhJdinE $30 mIli¢￿.
Impact Investment Comrnittee
The In%￿rtC(￿nrn￿r1Ici￿T$e5Ithw with thetwmsoffeferEKeakyo¥ed in Mty 2020.The Ilc
i4 ((￿5￿t￿ed by at least th￿e Tru5teeA F￿￿tiL￿'s CEO. CFO and up to indepEndEnt advr5erstsubièct to
m8ximuffl ofgx ￿￿.The IIC ha5d*ated be￿1 ol the 803rd thE Fowdations impacl
¥•nts tss defi1￿ in'Ctrwrth5 ￿ th4p5tmenL Mattels &*def4yTNstees' ICC141 or Charitie5 IProteciK)n aTrJ Social
InvestmentlAct 2016. 05 rnaybe arrvTrYedl. ￿ IIC ha5d￿r￿￿￿-tt*k￿É autknity forimpaci Inve5trrtht5 UP to and indudbns
$20
CEO Delegated Authority
upTrsals up to and $1 TheTertn5(rf Reftte￿ fortheCEOs ￿dega￿ authwty1tse￿ apwtr*d ty ihe
eo¥d un 11 Feirt￿ry 2014 arxl amerK*d cn 4 Fe￿U￿Y 3015. 15 W 2015. 23 M¥ch 2019 and 10 kne 2019. In 2020.
thi5 authoritywas sL￿t to a maxirmm lomit OF 1LNoffore￿St mukn.yearvalue fmm of w prograinffjes set
wt in the rel￿t financialyears ￿in￿srA3n. TheCEO 3tso ￿￿￿e¥ated a￿￿￿rity to apr*¢ve me3surement
and as ks grantee rwrA5ational Ètslts. in e¥h ta5e w) to 1% of MYV.
ath'slrhY5bhtnt Fund Foll￿1￿￿ ICIFF UK> I PaEe 44

Risk and lrnpact Committee
The Risk and com￿tteer￿￿1 ¥ras May 2020 *ith ter￿￿ ret￿￿ approved in Mwch 2021.
The RIC 15 consbknted WheC*neral (Chair). Chief Impart Offttr ICIOL CFO. Head of Stra¢e8ic Engagement and
c0mrwn￿tiws. the OirEct(Yof Irrvact In%vtment53nd sKh oth¥ofthe F(wAYa￿S Ew¥Dve and Directors a5
the Corn￿￿ttee 5h311 de￿rrn￿e. sutiiect toa rfwmum of wen mEfflLEts. The RIC rrfwdes walityassutano reli￿ On the
' Fcundamn's impact invesrm•*s has dde83ied for¥Tyad Inve5bnEnts up to irKbding
valL* ef US$1 t[41￿. Y￿jECt to ija rr47Xw￿ffj agg[Egate￿ USSIO rr4kn in anyfinaniwlyear ill the te￿n50f reletEnce.
Remuneration Committee
The RemunErknTrn Committee4￿ e5taNished in FetYu￿2015 arxj 15 (￿5￿{vIe￿ ty at ￿tt￿%￿rrlSteeS. Tr committee
mwnbers durin8 the ¥£arwe Sir Chri4tothv Hohn arkl OrGraem2 ￿and May 2021 consisis of Sir ChristopPÉr
n.Ana Mathall and (k M*0 Lehtrrf*￿ The RerMnerat￿￿ ComrThttee has de￿￿3t￿l w5iLllity￿ bthlfof thE &Jary5
rdeterminin8 XMI pdKyfor eX￿Ut1￿ ￿¥t￿r￿atio￿ aNXoVM￿ princ*s arHI yJKie5 01 reward th￿)u￿Ut the
FourthbonOr￿hJdIDE ihe desgnoraryF￿￿1￿￿c￿rdèted pays¢h￿ rffjuated lyl the aThY determ￿1ng the
tota indpridual rtsnunè1at￿ ol the CEO lirthjing¥￿l4
Recent Developments
Grant to Big Win Philanthropy IUKI
set tsjt in the FourvJatiOn5 a￿rI￿ for the yearervjed 31 December 2016. the Tru5tee5 of ￿ Fwndatton eniered
into the aBo￿￿n￿L inNxl 2015. to rr￿1￿ è d￿rrt￿￿ yantof $3th to 8￿W￿ thi￿nt￿￿(luK}
IBWPI. an Englith regL5terEd thanty BWP&antl 8WPwas tyJamE Coopv. %vho forMer￿a trustee and
member ofCIFFarxJ Vilx) t5 Oe mtyrtjerof 8WP.
These rnatters I￿rned part ol legal proceeth8S in the HL8h Cwi(Hc-201￿1BI0). CtyJt of A￿31 IA31X117122681 and
s￿rerne Court IVKSC 201810150) ¢Jur**wityJ 2016 - th XIXJ.
abtyt carknThied leeal ps£*eeth"w ha* Th)Wt￿h￿fyarnj F￿dEterM￿*d tsa* irts£*ar3s *1 costs ofthe ap￿￿te
Trt cMditiors to the 8WP&ant nov4 iwi satisf￿d.. c￿tycOMMIsSI￿ prcwxled its Cfjnsent tothe
8WPGrantFursuaYt 10 5.201 Chariiies P£t 2011 aryj a•Jse 5.2.5 ol the Fcwnd3b"rffjs memo￿Um ofA550clati￿ on
9 Ntr4emL*r 20ZTr. and lill awte fythe ￿￿lep￿ mEfflber OF the under s217 01 the Crthparies Att 2(X)6wa5
cast on 11 Decetnber2020 3pwovin8tr* 8WPCrthiL That tO"P(S￿ Detwmirn4trH)n"Witrn ￿ ￿anIng of the Hi8h
CoLWt Ckder la5varied twthe Court(ktsl arxj M5 CryJws *te•rtsble re9watioi ¥r(*m CIFF became effective oi
22 DeCe￿ber 2020. Ttve we no fwther WtsoFaprE4iY ￿ ID resk*rt ofts Suprwne Cojrt de£iso). or the (h•ty
commis￿0￿ C￿s￿lts.
The BWPErant akn ccnianed a ¢tr￿aTrt vrts met ￿ 19 Jwry 2021. The grant ot4iÈation %*il tx)t be&c¢xJnted lor
ithin the 2020 FTh￿31 Slatem￿ts thje to the £(￿n￿ltc￿O￿Msl￿t knng rnet a5at the rEtx)rbn8date of
31 December 2020. htr+I*%*rtht￿t ￿￿￿￿111 be dtsck)sed I*7¢h￿ tt* ￿)St b*rKe 5heel e￿ts as a r
adju5tingevenL page 96.
The BWP G￿nt is schedAed to te paKI fft equ31 ty￿￿51￿11￿0w2￿[￿￿r5 ftsn Janu￿XI21 toLkLober 2025. and
is not rrnjerted *0 hbt a swfic*i the atrAlity to mEet ts (mt 0￿￿liOn
tctsl leEal costs I￿￿re￿ the F￿ali￿ in rdation tothe Ètr*tYnar(e w afffftrs the ￿nd•ll￿ (overwh￿h d5
ma￿e Ccmrntiee had tr4vg8ht frryn itse5ta¥di5hmEnt 3)15X incknSn8 in r*Don to the thwsed Grant ffom
year ended August 2014 up to theyearended 31 Dec￿1￿ 2020 stsnd at USSIO,168k In theyeèrended 310ece))ber
2020 US$I.s)Ik131 Lkctrni*f 2019 US$515kDwF¥ch indudes V5$836k Itn thEyearethled 31 DecembEr 2020 US$nil (31
De￿mber 2019 US$ninl in wl fee5 by the cwis tote pa￿ to cwtsin wbe5 in the alx)¥e.rnenboned proCe￿Ing5
Telating to the BWP Grant
CNItho's knY5tm?nt Founts￿ ICIFF UK) I Pate 45

Remuneration Report and Other Governance
The principles of the remuneration policy
cuItutE and otyectives of the ryEar¥5atiw. and rewitson stratep25 and pL4Kies a￿ io attrad
fetain motivated and taknted people. Wewil corry>ebliYe %￿lh1n tl* tT47rkets in %ts4ich weth to wna8e a ytilled
and dNerse ￿rktre. salar￿ *ebend¥rwked extetnal market dats. Except￿al personal p+￿￿M￿tr.
WIn8d￿ con￿eration to exh (ele. i$4eflecied in ¢kntxwtx)nu5 aw*45￿￿] anrvjal salary r￿e￿s.
Remuneration of Key Management Personnel
31 Dec¢mber2019
USSY)XJ
USSIXL)
Z782
73
3.150
. The ExecutNe Dyerttysof the F￿atiOn. arp restyy6*4e for￿daytO dayn¥MI￿ of the Lwnisatith.
The total reMurTreTati￿ tr> ￿ Mana8errtN Pery*￿1 s>Jnr(*rised in the IAtHe abM. Re￿NIneratts) i￿l￿deS saL4rie4
Relationship with Other Charities
The FLwdatkY) is a ctrfwnderand colknboratLYin a rnnmberef wciectswith a of L*Jw UK * int*naLi0￿1 d¢kn)
￿d￿JIng. rK)t limited to ftyJrxlatKwgoverirnla8enw ￿ kyl￿te indwithja
Foundation Objectives and Public Benefit
The F(x￿dation'S ￿lect￿e& a5 Stated its8V*vrMr¥¢Axunrt ¥e the8er￿al Wry￿50f chariFatAe bod¢e5 orftjr
such ottErpNpJses benefit c(xnrMityas be ￿￿sNe￿￿￿rirat￿e a5thÈ Trusteesmay from bme.t
In 5ettwig the F(wJrKlatiois rtiechve5 pIary￿ its aCtb￿kn￿ the FwThJaiion'sTrustees have Con￿ete4 se£tiM 17
ol the ChèritiesAct 2011. Ind￿rg SD satisfied thal ctsnohed %wth tFtirduty to have to the
Bwehl8Vtd3nce trrfthe Ch*ityCcxMM55wJn. Ihe F{wd3ti￿.S artN￿e5 •id athleV￿nts a￿ cvuintyy
Charity Governance Code
OFF r(&4p￿tyofth￿ thech3ntyG￿Tr#Ke CLxle (the-cL￿I. In s(x))e casex Inclu￿Ing trust*
erygemenc ¢Jeo$oTr￿knn£ arvj ev*4knofcharity impxL OFFi% ￿ manyways exeeding the besi wathce str￿ ift
the Code. In otherareas. wch as ewality. thve￿tyarX1 indus1￿. aFF h35 vThJtytsknn83 comryehensi¥e assessr(*nt
CNktren3 knY5bmert Fund ICIFF UK> I Pase46

Trustees, Responsibility and
Financial Statements
Statement of trustees, responsibilities in respect of the trustees, report and the
financial statements
The tnOt￿ are resp￿￿b￿ for thE trk￿. ￿￿￿YeS the stBte8r rEi*xt) aryj thE fi￿￿(￿1 sfatements
%4ith arK5 re8U
Cc¥Mpany law rewires IhE trustees iorKewe finawl state1￿$ foreath fihancol ￿. Vndty t￿t L4W they hawe e*cted
to kyepare the staiements in aCCtyd4ntt￿ FRS IIY2 The Firnancial Rekxjrting St¥rfJa¢d ar￿￿trAe In the UK and
lthjer CLwnparry Lvi ihe trustees tDust ry)tar¥Nove the tmkn theyare ￿tiSfied that thtygNea t￿¢
and farwew of the stste ofaffairs ol tF* FtyJndatityi ot the rES￿rceS ￿)￿lc8￿0n vtl¥SUUILe5 ¥icILQing
irKomE and exk*rHJitute for that >tar. In these finatTrl ststsm*r* the trn5tee5 are requir8J ttr.
. make iA8ernentsaThJ estsr*ths thai are rEayJryablearMJ
Statewhe1hera￿KJI￿e￿(L￿tsn￿ Standard5 have be￿ f0lrrt￿. 9￿Jett tD•iymaterial depxtsJre5 thsd05ed and
exrA3ined irs the ststernents..
. assess the Fthaiions a￿litY ¢0 cOntiTh￿ a5a8wqciJncem. as¥Wtsble. nNitters re13ted to going c¢xYem,' and
. use 80in8 concem basis of Kc(xhitin8 ￿￿eSS t￿ether￿t?￿l t47 IK)L•date the Gr<xJp Or￿ orto tt3se
(p¥aD(￿ orthe m ￿al￿tKa￿¥rn4ts¥e to dos0.
The tyustees ￿ rewnsitAe lor keeprg *quate aCC￿nty rECf*tts that a¢ xrffits￿lto Show￿ eypL4in the FothidatiW'5
ar6acDons di5cI¢)5e*ith reaStyiableaccu￿ al￿time the hnarKial of Foundatyon aThl ena)le them to
e thai Ihe fir&arrl315tsterr￿ts comptywith CTrmpaniesAO 2(￿.Th*are respy)yV* lor such interr￿1 contrrAs a5
tlw detErtnH* is necessary io enable the rKeparation of fina￿￿ that are frEe frDm materia misstalemwt, thether
due lo frathl ot errty. re¥AYfytrxSty for %Kh steps a5 are￿3￿￿￿llY¢pefft to them to safe8vard the
a55ets (* the FtyJndatim &id 10 Pfewt deiett fraud •kl
The trustees a￿ reS￿$t4e for the and iw.tvof the ctyrKnte*KJ fina￿saI infornvtion ithded on the
FoundaMn's*bsite. LeS￿l&li￿ Bi trt UK8tywThn8 the [ryaraD￿ dissefflinaMn of finarKi¥ #aterrEnts may differ from
I￿￿tiffi Wi ¢JthtrjurfsdK
Consolidated Flnancial Statements
The Trust*s wesei)t th Ihwr reFtstar￿ a￿JIted ¢￿￿Kyated firnancK4 State￿￿￿15 fur the year erKSed 31 D￿err￿tr 2020
ThisTrvstees' Reprt wirired Ctr*ritesP£t 2011. satso the (irector5' ReportVEp*ed in aCcorda￿e s•ith seC￿n
415 of the Compan*skt 2(K>O.Ths Trustees. Re(tst *0 i￿leS tre str￿e￿ Rep¥xt prepared In xclydantr with the
Compa4)*skt 2LYJ61Strèie8K Rep)rt ￿ DwectNs' Re8lrfatic￿ 2013. Thè Ctynkw)y lnfcmb.fyi on pa8e 97 a
￿rt¢f rer(rt
Each of the drecLefS confinns helsht has tskenal sieps that sFw)Jld taken a5aTTU5tee to mèk£ themsefves a¥we
ol 3nyr4￿3nla￿1l irt(¥ThaDonarxl io estaL4th that the are a¥¥are ofthat inforrllatw￿.
Independent Audit
In awrtyFl8this Trustees'knual theTru5tee5 ar(M￿n$t￿ Straw Rqjort bi theYGipaiity aS£lhlWV
d*ertors.
On behay of the Board
STCMstwher H(thn
24￿1* X)21
Chiftherfs hThe5tn￿ F¢Jnd F￿n￿￿On{clFFu1ll I PaRe47

Independent Auditors Report
to the members of the Children's
Investment Fund Foundation (UK)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
THE CHILDREN'S INVESTMENT FUND FOUNDATION (UK)
Report on the audit of the financial ststements
Opinton
We have ￿diled hn¥Ko1 statements crf trtchhkn's kThfstmenr Fu￿1 FO￿NIall0n lu￿ FtyJndaMnl ar￿ its subsidiaries
fthe Grwp) ft*the year 31 DeC￿r 21r20. ccwrtse C￿￿￿dated Staternenl of Pinar*olktiwtyes. C￿$011d8ted
and Founda￿￿ Balance Sh*is. Consc4¢lated Cash FhJwStatemwL rm)￿. 1rdudl￿the suffffiary of sEnihtsnt
3ccountirB ￿k￿Set out ¢n Mte 2.Tr finatKval rE&Kyti￿ that has aprAtd in tsir wEparation is UK law
FRS 102 The Financial Re￿rting Stsndard ap￿4￿L￿2 ￿ the UK arxj Rewi4*of helaThJ.
Intyir•pinion'.
. the financ41 ststemtyits a thR and larvw ol ￿ st•eol the Cw)'5 and FoJrvJatiMS aff•tsas al 31 Oecember 2020
rK1 of ils i￿Orni78￿$￿I¢eS aOi¢atron ¢Y reswrces I￿￿￿elts irmre arml eYoetKJituit for the >*ar then enoed".
. the financial statem￿ts ha* been accord￿e￿*h FRS 102 The FinBnaal ReportitE S￿dar0 ap￿1(a￿e
in the uK￿d Re￿￿Kof Ird¥é." ar¥J
. the finanaal State￿￿nts hast i*en t¥epa￿d the rÈtyirtwtsoF the coTr¥ja￿kt XC*.
&7Sis foropinion
We C￿dUcted wa￿lt in x£ordance*7th Internatvx￿ SlarKlwi15 lu￿(11￿$ (UK)) •id aprth"G4Lle law. lJJr
resp(hisiknf1tie5 umler tIx)5e 5tandard5 ￿e furtl*r de5crl)ed in reSpY￿￿10es for the ath4itof the financial statements
secbon afaw reporL Weare Indep￿￿]ent01 theG￿P in accordartt*ith TEqLven￿ts that ￿ reknnl to ouraud* ol
hnarrd stsieffents in the UL ith*n8 the Fr￿￿11 Pepr*ti￿(¢xffir￿ IFRQ5 Etlyd Standa¢d. the fvlfil￿d 0￿01her
eilical rewr6iblities In accryd8n￿￿th ￿1r￿mits.
We bditre ilot the a￿lit ev[derKe￿ tr•tc4)l*ed is xthtyitandwowk4te to cyiryon.
Conclusion5 relotin8 tO8Oirt8¢on
The ttU5tee5 havE WEparEd tF* Str￿￿ts0￿ theE￿ ¢£￿￿M bassas thtydo not intend to Iv4uidate the Gw) or the
Foundaticn Orto cease thtir cperatir¥)s. *J35 that the FwndètK>n5 fir%intial rw)gtion means th*
th15 is realistic. They haveolso cry￿ed that thuE are r]omateri81 untertainties thatcouly hal￿ rAst￿s￿lfic￿ntdQUbt over their
atmlity to a5 a wtKetn kastay￿fr[xn thedateofakywdl of firwroal state￿￿nts ("the￿n8
penadl.
wev31uatkM of the tru5te¥s Cor￿kt￿￿￿￿ can5K￿ th2 wtherenl risks ta t￿greSs fM)dd aTraW thDse
s mi8htaffect and the FryJThYakn's re5Trre5cK*Aity to conthueryern￿)rS the concem peri(xl.
In 8￿j￿ng the ffi￿n¢￿ Siaiemfyitx￿? that￿ £(**em of aCCOLmtin8 in the
preparation oftr* firtanc411 st*rrents isaFwpriate.
8ased on the vKrk WE have FwfomEd. vrè hfft wt i¢knbhEd Jw untrrtainbe5 rdatin8 io events orcundibODS thaL
indnAdually wcallectith. rrwycast $iEnfftKantd￿Jl￿O￿ therw ar￿ FwrMtstA)ns atylity lo continuE 35 a goirik concem
lora of al*a5t Irixn the dalE%*then stater￿ts￿e auihys•Y tsi%5ue.
Hoswer. canrot p￿ttalI rutts￿ tstntsor ard a5 evetls ¢xJtcom> that are incon5I5teDt
%Mth pjdeen￿ts thaLbwe reasonaWe* tr* I￿￿￿e made. rhe oFTefwerKe toa thtsrtaintyin 3￿y1t(<S
rewrt 15 tiot a waniee ihatthe GrrMJp or the F£￿￿8b(l)￿((Ikn* ￿ operatir
We Identyfed theareas of li￿and that C￿Ad ￿x￿beeXpected to have a matetièl efFert on the financ￿ staternents
d nsks of material r(O*tatwn￿t io tra￿5. ugn8 (xjr m1ustanthneoF￿ entilvs￿d￿. tegukatwenvironmwt and other
extemal facttrs and iNLirywth the d¥ect£￿ In r$kay￿S>￿t prcKedure5 ncluled." ifNumrÉ with directors and
managefflent a5 ta Gtoup's p¢4￿esaI¥j PWD(Edu￿5 fe8uLition5 and we¥wtion arKI delecbon
of traud.. i1￿￿1￿￿ whether ￿ d￿￿￿t￿5 krK)vAed8e of LYgJ5pected nw<ompSance wth13w5 or reBulaiions or
ale8ed tra￿1.. 1n¥eCb￿ fv FwTrlati(xi's re&Aatfnfand le8* ayj reathn¥ at¥J Finance Committee minutes.
We discussed ￿entified law5 ￿LItiL￿% f￿J￿ risk factor5 to WK4in *rt arroi8 the audt team. The Gmp is
wt4ect lo Liwsark4 re8uhtiQ75 that￿￿e￿VIffert the fina￿la1 5tatarnaits financkil rerx)rtww leÈi4atiDn.
We assessed the extent OfCcrfnpka￿e With these and regu￿¢￿$85 part of (xJrprttÈthJits rm) the rdated finawiHI 5tstement
CNtyJreTr'skYrt5t￿t Fufvj F0th￿all0￿ ICIFF VKI I PJie49

amtyJtts<* Llxk)gJre5 in the ststtyythts
Auditin85tarvJa￿l￿nit ￿11] ryrKedwes tu ￿th these ncffi.direct LThs arvj resubtA￿S to
uiryof tIE (hrECtor5 ott*r irtskEiticffl ofrwlatorv￿ *8al C(￿eSpOnd￿. ifaiy.The5E limited wotrdwes
dvj nat idenbfyKtual or su5petteol n(¥pc(KntA47rfe.
fraud. As Tequired by auditingS￿d8￿$. V+E ￿￿(Led￿re5 toad(kess the risk of rnana8ernent c￿rr￿￿ of cwtfds. Ckn tlis
In reSp￿e to Dskof fr￿￿. k*rfermed pr¢tsduos entr￿￿ to te51ba5ed ts) rtsk crite￿ ar
comparing klentified entr*s togwnK¢kn?mehtsliM'. £valuatin8 the b￿1r¢s5 of ggnificant unLrsual trarsaciKins,'
3ssess¥iÈ sly¥kant￿C0U￿ti￿ esiiwotes assesstii8 the (Isdoswe5 in the firk7rKwl statew*r*s.
I￿1￿B to the In￿rent Ilffyt3t￿ of there is an unav(￿￿ r￿th￿twe may ￿t hwtdet￿d SLYne material misststerrtnts
in the firtanoa stalert*nts. w thwh ha* ryoo•ty pLW¥￿ and our￿lt in accordatKewth avdiong stsndards. For
examp5t. further rertth*d ¥•ith I￿ a￿] re8￿atK￿S{ifrewaritieS> 15 frvm events and trwsactrons ￿nected In
additim. a$&￿th any audiL rtynains a Wr ri* OfrKTrdetedI￿ of irre8ulariiRs. as Lhese 4nayur4ofve colknsiory forwy.
•)*ntional (m$5irm% mlsrtwes￿t￿Yfyor rwNJe Lrf int￿n￿ We not Te¥tsisiblE forpr*gitir% ￿jn.¢0rnprK4￿e
d canr￿t ￿eXpected io deiett roTrcomr￿eTr￿th all1*¥5 a¥J
0therlftfom￿On
The trusteesare f￿the OtherlnfL¥rna￿ k¥e5ented ￿ theAnrwl Rer(*t together wlih financial ststemEnts. The
other inlormation uhnrrrise5 the Inf￿rnat￿ inctyJded in ¢rustees' rerA)rL *thich Ind￿*$ Strate8￿ ieporL The ￿ant¢81
statement5 and our wditorfs wort do rvJt corywse partof infr*mati￿ on the finarKi¥l Sta￿ments
Mt covEr the otherinformation ￿￿*. acc¢¥dirÉty. ￿ (kn exryess an athyitwnk￿ w, exceptas e¥l)I￿l￿V$tated bdow. any
OJr rewsibilily ￿ ta read Iheoti*tinftymar￿ aThY. in c(r6K*rwhetr￿. based ￿ our financkil statemty)ts avdil work.
the infDrmation 15 ￿a￿allyr￿M$st3¢ed (* ￿￿￿￿$￿tent*1th the filw￿la1 statemEnt5 LYOUtaudit kJ¥￿It￿8e. 8ased xldyon
that w¢Ykvée have ThJt thtsfied matefi¥ nysststewts In theolher inf1xtnatj(￿.
Based So1￿￿7 owvts* ￿ theottrw thJrir¥ thec(wJ5e uf the audit
. ¥Ye have not i(knDfied material rThsstatamrts in the trnstres. repyt
• ￿ our opir4w inforrrwtion gi￿ in the tnJ5tees' remis the fin￿ statemert& and
. *4wate ￿coJn￿8 rewrd5 hwefiL*tew) kept. or thrrs *￿tel￿r Na¥tn0t1￿ from
bra￿he5 nL￿￿￿ted by v5." LY
. the finanaa 5&tewts arE in agreÈffi￿t V*ith theaccwitsi8 rerrKd5 and rethrr6'. or
* we ha¥enot receival all theIrtsrna￿ar>Y eN$4anabOn5 ￿ rwuye for(￿￿￿1
(hud￿n* Irr•*sbm¢nt FowdaiKin{¢IFF I pl￿ 50

Respective responsibilities and restrictions on use
As explair)ed mve in the t￿￿e<re￿￿trAIties Staternit5et￿l ￿ pa8epv47. the tru51ees are te5PDrriblètr. the
eparati￿ of trt hnanaal statements ￿n8 53ti5hed that give a aid fa￿￿1￿￿.. ￿ch intemal contrL)l as thty
determinp is necessary to erth Ihe wew3tion of 5t3tements that a￿ free frnm material rr455t3tement, whether dle to
fraud orerror. asse55ing the GttyJpsatih"tyto asa CtrKwn. disd05rs a5 aPtAi(a￿e. m3tte15 to 8trrgcOr￿trn..
reai%tic altemative bjtto 9).
OWotyeCh￿sar¢ to olkain rea5or43ble a$$wa￿e1L¥Mrt s4￿therthe fina￿4?1 stateM￿ts aSa**￿e f￿e rnèteri
rn1$5tstementwhether ￿e to fra￿J. other inE&Aarities or errtr. to w an orArMm In an a￿litOr's rewt Reasonable a%￿ance
a high lthl efasSwat￿e. but isnot a yJatarytee th3tJ) •JJTt cor¥Jurted in ISAS IUKIWHI (le￿t
materol rnisststernentwhen it tsst> mlsststE￿nts(on fr￿. otha-irrEguLirits* or em)rand ère corw¢ereO mater
fjr, u*JImd￿ty0r in the ¥we8aie. (ea•be eywted to inllJEtKe the de£i*msof users ta*n on basi5
of ttrtse hnancol stètt*)￿
Afuller desctiF45c*)L*ourrewr&b"litie5i5 the FRCS wthbte at w￿1￿.fIc￿Lw¥AIIt0r￿ES￿S￿lItE￿
Our repJrt i5 r(*de 5L4ety to F¢urKJatiM5 ffletnL*o a$3 Chapter 3 of P¥t 16 ofthe Companp5 P£t
2(XkS. Ouraudil %Myk has vn¢¢rtaken so thatwe mw Str￿10 FtyJThJ3t￿s mwbers t￿￿e a￿ required to
state io ttrtm n an reprrt fOr￿0th￿ rxKpDse. To the file5t extent pthitted ty l¥rt. we ￿ not accept ora55urne
respwsiknlitytoanwre rts than the FO￿a￿On aid its I￿¥4)￿5. a5a fty (xJraud1t￿. lor ths reprrt OT for ihe wnims
an CJa¥in
for bthalf of
KPMG
StatutwAuLItcY
l HaTbwrllaster F1ace
IFSC
Irdand
24 ￿n? 2021
CNh*en's Irf4e5bnert F￿nd F•Jntslkn ICIFF UK) I Page 51

THE CHILDREN'S INVESTMENT FUND FOUNDATION (UK)
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2020
31 Dec 2020
Totsl
Fw
u5$￿[
U5$ XXX)
uss M)
60.165
79.176
17.496
17,496
17,496
96.672
Totsl 1ncomlryr￿OU
6Q015
18561
hJtvts
1¥56
357.360
371JJ16
13*56
369210
382*6
Chartsile thtses
iiwo
Netfja￿s on ufftstrnents
13
4>J.914
43Q914
11,1971
13
11.ign
pl￿90)
41a410
143J23
ni
143>23
53HO
4b61Ja9
711
￿￿$12
Clthrfs FurA F￿￿0011￿ ICIFF LIK) I Pale 52

THE CHILDREN'S INVESTMENT FUND FOUNDATION (UK)
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2019
Yearended
ExÈ*ndab
£￿￿¢Y￿1
31 Occ 2019
Totsl
Funds
USSX
VSS'fXXJ
ussy
Cknatic￿$jnd
3.740
3,740
102.366
106.106
I￿om￿froM i￿￿e$￿y￿
102,366
102.366
Tgtsl InctyDln8r¢5gWf
3.740
ExpendrtUr*Cdrt
Rai5ingfw￿5
Chaiitab￿ actiwtses
98J76
9B,376
288.931
387.307
285.191
3.740
1740
Netgain ¢￿inVeStrnthits
13
IJ)I3.￿S
1,013,>J6
13
496
496
Cu￿r￿V owab¢mS
1.312
1.116,984
1.312
733.913
13BJ.071J
Tr￿sIerS
471273
1471.27
645.711
731913
Fundbaanwqrrf4 IV￿[datIJThxV2O19
569.769
4.558.J)7
S.128M76
657.971
5204.018
s.861.￿9
ChWm'slri•*Strntrt Fund FO￿dalk}n ICIFF LIK> I Pay 53

THE CHILDREN'S INVESTMENT FUND FOUNDATION (UK)
CONSOLIDATED AND FOUNDATION BALANCE SHEET
FOR THE YEAR ENDED 31 DECEMBER 2020
FLwJnd*ityi
Ji Dx2n20
31 C*c 2019
31 lJtc2020
31 t)ec 2019
U5SIK
ussr
IntawNe assets
li
12
837
L030
0.137.140
5.49P.737
7.103
837
Inve5tw*nts
5.964.867
2.489.243
5.4B3.124
?.￿8.753
1274.37t
5.887.07a
3.475.024
5.887.070
972
5.484.461
4iJ8,170
5,887.913
CurreTrtAssets
Debiors
33.￿1
104.371
18.689
3,3111
$5.942
24.497
46.445
C65h jlbankar￿ I14ti
17
555.515
75.980
Cath pledBed a5colatu
17
95.0
Total utnent assets
Z32.45B
650.184
59,261
70.942
CrEdltpr5'. falrryiiue
1226.6701
119JA621
(91.9911
67.101
423Jr
IZi.049)
S.￿7.909
6.L¥JIY69
SM66.964
CredIto￿. a￿Trts fall￿0
after{￿e
19
145.9
5061.989
6.t￿531?
6m1969
SB66.864
T0tslfrjr￿$oI Ihe(haffirr.
356222
S.2￿.018
5.361.390
S.2￿.993
Re5trKted fu￿5
6.711
un￿tr￿ted fLfftd&
D¥*￿ted fvrKts
657.971
441579
657.971
TotaltharltyhJnd5
O.OW12
5*61.989
5B66.864
The fitMrKial 5tatsments on pa8e5 52 to 96 tytt*Tntstees ¥41 auUw)ttsed on 24j￿e 2021. arwj on Y)e*
behalf by.
&r Christopher Hohn
ChairtDan
24June 2021
The aCcaUntin8pL4K￿$￿ld thefiote5￿ pa8e5 56 to 96 Icrfm the 93tefflen
ChMdr¢Tr¥ Fund F￿￿￿•t1￿￿￿ I¢IFF UIQ I Pa8e S4

Consolidated Cash Flow Statement
310142020
uss'r
31 Dec 2019
US$
Neteash used in opvatlr¢adibrybes
(390P39)
1180.0341
Dividends receNed
Interest recsved
Dividends paid on investmentssokl short
14,816
5.430
44,275
5,209
12.0851
pr￿e¢d5 from thesalegf..
Inve5bnents
IA70.6n
2.783.457
Ptsrchaseof:
Intangible assets
T?n8ible fixed assets
Investfflent5
N*teash used In Investfngattfvltks
iyx))
1851
12.242.6681
587.603
f7.0261
11,743.5881
159.697)
C•5h floY￿1[0MffiM￿in￿aCtr￿1jes
Intwest
Ne¢ca5h infiwndnBartiviti2s
11.0121
11,0121
(21¥
chan￿ In (ash ￿5￿ equlvalents In therlpwdr¥￿r
49,947)
406.557
Cashand ￿$h ¢qLl￿entsatthebry1ftn￿1otthÈTrVWti￿ytar
555515
147.150
(Ll971
1.808
104.371
555.515
The aCCo￿ti￿ KKJI￿￿Sand the rvites kW8e5 56 to96form p>t of theC0￿Cl¥l0ttd FI￿)4 Staiamty)
Reconciliation of incorning resources to net cash flows
31 Dec 2020
ussy
31 Dec 2019
us$ rx))
Netyin/11054 fOrtherep(Yb￿ytar{•s￿evthest4tem￿0ffibW￿￿athItlts) 143.523
Adjustments lor=
Net lossl(8ain) on iTh¥estmeAts
Dividends income
733,913
08,8261
1142
1682,7151
144.899)
Dividends expertse
Forei￿ e¥chang¢ Mtswe￿nts
Inte￿$t irKome ￿ Ywtrrthts
1.197
2341
11.8081
154,5671
713
Interest expense
DepreC￿tiOn charges
Deuea5e/lincrea5el in deblor5
Oecreasellinuea5el in cash pl*ed35coifateral
IDecreasel/inc￿a5e sn creditors
361
270
U7.1321
119,0361
rJ2.8141
43.324
72.035
1246.3001
Netiashusedln operatlThAacttTAtles
1390.039>
1180.0341
CNbJr*)'s 1rfft5tmentfvJ￿j ICIFF LIKI I Pale SS

Notes to the Consolidated Financial Statements
I. BASIS OF PREPARATION
a) Basis of accounting
mr￿lfied bythe r￿&￿tiOn of Ir￿e5￿m￿t& I￿n in aCcOrda￿t %*ith Stster(*ntof RecommeTrded fvartice
rsoRtY'kcwntiDE and RewbD8 Lry Charities. ￿￿tshed 20151. the ch￿tieSA￿ 2011. FinarK&il Reportbng s￿d￿r￿ IC)2. The
Fmar(kil Rewrting *K*Aein the ihted fFPS iorj the reouirements of
Tre Ctril(tren's lnbvtm￿ Fu¥J (￿￿ fv ThJrKlatm? its gJW4iries Ur￿￿n$5 lthe'Greup'l applied the
Kecwition atyj mea￿re￿I￿o￿rts of Intwnaknyd Finartyl RepcKtir* Stsrwjarth fiFRS7 9'Pirwtg1 In5trumenLs' and the
disclosure 3ThS pres￿tabl￿ reqL4￿rnents of Secti(Th 11 arvj 12 of FRS 102 to aCco￿t for al of its finanoal instruments.
FtyJr¥jatic￿ isa has•Sèpted ￿ Ctyrp3ThesP<i f￿rnats to Rflect the CN¥ties SORPand the nature
Qf the FwNktion'sactivth
F￿j[￿ation rT*ts ¢£finit￿ ofa quafifwnÈentityvThler FRS 102 has tlYElt¥e tak*) adv•)tW Df dixlosure
e¥Ernptions aval￿ble to it in re5pectol its sepw*e SlBtemtht
ThETw5tee5 madean asswent of ￿￿&￿p.$¥￿￿.tyb)rC￿ltr￿ asa 8finB (￿￿ema￿j i5 Satisfied thattr￿ Gn)up has the
0￿e5 to continue in ￿5¥￿SS forthe f￿￿seeaAe lulu￿. FWItr*F￿￿. the Tnthare aware ofanymètetial Unce￿AntieS
that ￿y(aSt9￿1fiCant￿ctht the (knps atxhty io ￿￿tir•Jea5 a 8(Mn8 ¢￿tern.The￿Ore. the financial ststements ¥e
bl Functional currency and presentational currency
These financial statew*nts in LtrAted Stste5 C￿￿rUsSi. ￿¥th is thE Cw&'S furKLiLwI uJrrew. Functional
Curre￿ istr￿cu￿er￿Y¢rf thE eYNirwmtr)t Cw*operate5 TheG￿)up'5 i￿tM￿¢s. 8rants
eNpenditures we deryyr¥nated p*d rnstyin U5$ the Board ha5 dEtermir& thatttt furthnal currency
ol ihe Grwp is Uryted Slate5 Lh1¥. Al hève t￿ io ￿arest thw5and. unle55 Othe￿Se indicated and the
twMI￿O&￿￿, will bE Used to thto ttwarKts 5tatewt
c) Basis of consolidati(
The c￿￿)￿dated Staternentsof Flfkinoa￿￿￿¥¥I￿s I'SOFA'I. 8aLIKe and Cash Flrm StAtemErts incotpwate trt results
ofThe Children's Inwestment ￿jnd F￿dab￿ IUK)1tt￿"F0Ur￿tsthl￿NJ Lttidertakin8s. cIFFlU￿￿w1Ing Llmited
rciFF Tradi1￿1. CIFF (UK) Newco ￿rnited fciFF ple￿0?.Ta1)S CW OeS￿Le(SActi¥ity Coryany rrabsl. Talos p￿pethe$
miled fTFLI, Takn Prcyertie5 H(￿d￿$S rrpHLI. CIFF PJuthtKx) (UKI Limiied fciFF NUthbL￿.j. CIFF Capital UK LpfciFF
ca￿ts1.1. CIFF Irt4e5tments LLPI'CIFF Irwl. CIFF IrTh*51n￿II fciFF 11?. CIFF IrNestmEnts Ml LLP fciFF III'I. OFF IP Co
mited fciFF IWI. CIFFWatEr knmited fciFF Watvl aFF Geval Parbw Lwniled fciFF GW. 86th Strtrt Lender LLP1'86th
LLP'I and IIthAvenue Le￿r LLP riith LLP). t￿$(￿￿1ared •ititv ts refenEd to a5 the'GrDup'. No separate $c￿Aar￿ Cash
Fkw Ststernent have Lwi kXEsented for F￿r￿tiOn a￿￿￿¥$>￿￿1￿td 41% of the CrntsAct 2(Th and SORP.
lntfa.youp baknes arE e1¥ni￿ted wtts(A*Jabfy). wh￿￿￿$3ry. adiu5trnEnts MWJE tg tk* fina)clal statements of
sub5vJk7ri￿ io aign theattcdJnlins wliuE5u%dwith th)seir*d tw
d) Reorganisation of subsidiarles
rin8 2020. the Trusteesha¥ew8httrth%rry)￿fy thE theGffwJP hc4dsits end￿rn￿lt in￿strI￿ta$Sel*
vihile aso ens￿ing that the yjccesw 5tnKiure ￿Tha1n5 in &tyJp¥ best interesL In hjrtherance of that objEctive, the G￿￿Jp
in¥)￿rnenIed a festnKture of its man nvest￿t }￿l¥￿e.T*s. ¥m)￿1n8 ts+o￿n&￿CtiOnS ItWer.'Restrudu¢"k.
. ￿ 29 May 2020. a tran5trofcertan wht51rnenta55ets l*bJ to a new lirriied partr￿￿1p. CIFF Capitsl
rRestrtKtu￿ I"I,' and
aFF Cas*ta rpE5t￿￿bfft 11?.
A53 resultof the Restruclure".
l. The FtyJrda￿n t5 the ￿eknte￿ p¥tMrofCIFF a)J 15 Ihe(#*partnerenkntlEd to any frvm. or sharE in tk*
investmentassets of, CIFF Captsl.
2. Awhdtrov4ned subs1fk7ry￿ CIFFGP. 15 p￿ts￿rofC1FF Cakitsl. aFF GW5 bDatd is co)5tituted
ot iwo eyEcutive dirth ol ￿ Fwdat>C￿ f￿Jr dreit(¥5. aFFCa￿tal at all timE5acts thwBh and by
OFFGP.
3. T*os ¥tsas a rM)TW IE8xy trust for aFFCaFita. T￿05 recave5 3
4. In Re$￿JctrJ￿ l. the d*ved variatrk r*e K*e5 byTab)5 to ￿ F0uTrlatyw￿re bytl
ChWren% Irwesbm&)t Fund FMd•tl¢D ICIFFUK) I Sé

5. Talos wep4d a tola ot US$5.9 FAknn OftsLXrtSWn8(¥w￿1jJl Under￿ ddayed dra¥thn variab
rdie note5 toCIFF Cawtal. irywtyofmakins 5pKietr¥derof irteTESt OfC￿￿kn of its investm•rtassets
to CIFF C3
The￿￿t1paI ac£<xMtsw tt* weparabm oftlr5e •¥J sepwJl* Fin¥Kra1 Ststefflentsa￿ setwt
below in parayaphs tsl to (rlThe ￿KIeS been c(￿￿1￿¥[￿1ed to ¥ wir*I5 presented. un￿S Oil*￿Se stated.
2. ACCOUNTING POLICIES
a) Critical accounting estimates and judgements in applyin8 accounting policie5
In prepariw the financial 5tatemwts. tt* Gr￿p make5eStx￿ates* aswwrtir￿s thataftect re￿ed wa￿3l1￿[ls ofassets *)d
liaknlitie5wthv the finanaal year. Actual r￿A￿ts maydiflerfrom those esibThltes. Es1¥natesa￿¢￿lV7U31ty evaluaied and based
on hi5t￿n{al eXper￿ceal￿$ Otherfxi￿S. i￿u￿￿ngexr￿Cra￿S of ￿J￿￿ edty)ts that are belwed io bp rea50natrAe under thE
irhvestments.
b) New and arnended standard5 and interpretation5
The Pinanckal RepDrbD8 co￿1 fFRC) h35 I￿￿hed ArnerKlnxits to FRS 102- kitUE5t rate benCh￿la￿k fefornK effecti¥* f
financtal perxK15 beg￿nIrE l 2020. tketo incwsed W*Ertairtyin use ofrinteresi rate tenchrnarks such a5 the Lotmlon
Interbank Oflwed Rate fLlbOR?. weol suth t￿l*S refwmed It ￿ antipated that benchmèrks wil noi
be avaI￿￿e until after 2021. ThE afflerKs￿ affert soecifK hed8e ￿¢1)￿hn£ r￿IreM￿lS and relief that will 3vfAd
uThiecessarydisconbnuatityi the WiDdof urKertaitty. Enbbe5 rnayappty soecihc hedge accoJntin8
requirements that the rdeydnl inte￿t rate h3$ r#)Ilttn 3ltved bvthe•men(knenLA tyJthon ofthE loan
inwestments he￿ Iw the Grw>have th•r to U80
The Gn)up ￿ptEd th￿arn￿￿￿effe£t￿e lJaNJary 2020.TrathX￿ has nrrtregjted kn a g8rMficar* to thE loan
be expKted to ￿ a swiknt Thpatten theG￿
cl Incoming resources
Al irKamiry8 res(4￿CeS are G￿p ￿ W•ititW to the incureand the arn￿￿nt can be quaniihed
¥￿th reaso[￿1￿￿ certainty.
kje. Interest irKaffle oricash bala￿ is rEcc¥ded in SOFA w•ith1n'lr￿ frcffl in¥eStm￿ts'. tividerd iTKome and exptrses.
%¥hen thp urvjetknng secuity tythe 15 recW1￿ ￿ ex4th %Jate. 8rosSQt laxes
SOFAV41th￿ IncowÈ from 1rNe5tm￿ts..w￿h￿d1r* tsx 15 acC£￿tea for￿ an xcrvls bas& Fry those 5ecuritres held via an
I)iermedi￿, the ¢JMdernls areaccwrrted F(*￿then ￿tified iKome eatnEd frfyn +nve5tfflenl propertre$ Is ¢cordedwithin
Inccme frtyn in¥eStrn￿'. LkJnre 3J19. am of in¥*$t￿l WOPtrbes*￿tsO1￿ Peferto Note 3 for1urthtrdetsMs on IrKeme from
vweslrnents.
D0natsySa￿ recoEntsed enbyed to Ir￿￿3￿j te (•wbfiedwith
attL¥acy.
dl Resources expended
a￿ser cOstCateg£￿ts Fty exr*ryStwe UKUr￿ the seclu5.amrA￿ts are attrRJuted to each based on the grantir
a£bwtie5 U[￿rtaken fina￿1 CO[￿ fhirhJdin8 grants payable) areaccounted tora5 liabiiroes
%¥he￿ it 15 wobable ¢N4t the￿ wll a transfer ol ecommic berthts arKI the •￿nt ol the obliEab"on ran be rdi*)tye5timated
afid ctyTrmurbKated to the reopenL Mults.￿ yants We￿b￿￿t0 (otxhtsonèb"ty t￿1 liab￿￿tY 15
rwt C05t& Othert￿ rfwectcosts secttyal xtMty•ea eyxhjd￿￿ m ￿StriCied expenditur¢ ¥e ￿.allr(aied t¢
2020
2019
Ckniate Change
452%
42.6%
18.9%
22.2%
4.7%
IB.O%
Gid Capitsl
Health &
3.1%
25.0%
AYJtecDc¥)
Cw Cuttyr
4.4%
8.1%
Fund Foundation tClFFUKI I Pale 57

2. ACCOUNTING POLICIES (CONTINUED)
CXJrin8 2020. th2 FwThktion sel up a nth¥secioral team. c￿ C•"t4. 1rxusl￿ M educakn byCty￿¢m# the bk4s against
irts and edu￿￿ 5y5tem5. other5￿t￿￿ team5 fvt to wpr*yi the Foundation'5 acbirytie
i.e. Strdtewc Engag￿)￿[￿ ComrtyJnKaom Evid￿e. Mea￿￿nt & Evaluatrm.(*wi5atiO￿ D￿￿￿Thtand knpact
Irt4esDn8 a? Ja5yfie(l ￿r￿er Cro55 Cutbn& ￿ 2019 If￿10￿￿ tew res¥ated acC(￿iDE￿.
Exp*NJiiL¥e IrKUr￿ in r£4atKMI to F¢wdabon¥￿5tsKt￿ attMbes¥e costs spec•fra￿ wJentihaL* reknnt to the
stricbms as$￿ed to tIx)5e athtie5 ￿ therefNe w trt4kKated to rEskncied [￿d*
e) Financlal assets and Ilablllties
i) Financial 355ets
Initiol recognitton 17nd meosurement
As Per ￿ragrar*S 11.2 12.2 of FRS 102 the cw1ha5ekn￿ to ad￿ the aThJ r[t￿r￿￿Tht rewirerrtnts
of IFRS 9.
Under IFRS 9'Fina￿￿71 Inst￿ents.. fina￿la1 assetSarEcLw￿fied, at tecornbw. sub5equenlly measured at
amorbsed ca5L Fairvolue othEf((¥nF¥e￿y1* WK(¥*ef(Xl'L w faw value thnxjgh prvfit orbss fFVPLI. Putchases
aThY ￿e5 of inve5trrwts are reco8n¢e¢ M thtyr tr•Ye dat¢ the date onwhKh the Fwrthtion cornrrxts to wrchase
orsdl the a55EL lrNe51￿ts ￿rtial￿ atfwtharwj trartsacts￿ costs far such Investn￿￿￿4rP eX￿Sed
Icurred. Investrnents•E d￿¢￿)￿ed when tr* nghts io wver35h floNYA fr￿￿ the lrwests￿ts have expl￿ or ti
Fwrthtion transferred yJb5tart4￿1¥ all risksand ofwRfslwp.
seweTht to wmtial rffQ8rrit￿. fir4rKKal assetsxe rreay*Ed * FVFL G￿n$ h)sses ar*yn8frornth4rees in the fair value
ofthE illV£%trTthlS Cètegtyy*e indudEd in the SOFA￿ theye* yi arise Ind are bB5ed ￿ the Fir5t-In. First-out
I'FIF(yl
The dassifi¢atiM of a55ets ai rec4w¢wy) t￿￿On a5seVsc¢ntractul cash llw charactefbfjcs
The GroJpdassi￿s its fiwi4 a$5etsasxo5ewathmeax￿ *arnorti5ed Mea9j￿ at FVPL basis of toth..
• The ¢￿tractu1 fiow tharxterisrKs ofthe assÉl
Inatcc*thr*ewwth IFRS 9. thefJrHJp dasSIfi￿ ils fina¥ial as*ts ar￿￿&31 reccwukn the(ate￿*S thsoJssed ￿k>w.
Finoncial assets meosured ot omortised cost
Adebt ir￿￿￿enti5 Me￿￿￿ at anKitsed cost rf it ts a tAsne55 those obiectNe ts to h)10 finawèl assets
In order to cr*ci cTritrkn￿1 cash its crKtrthal tetm5w* rtse ￿ ¥wf*d date5 toca5h fl¢)ws tlk4t are 5de
paymentsof printspal aThJ inwestfsFA"l.The wi ths catW5h¢yt.term nL￿.firt￿w￿ re£eivaLqes 1rKIL￿1ng
cash al baAk aThg in haNi r•h pledged 3$ and debtus.
Finonciol assets medsured ot loir volue throu8h profit or loss
A￿an0a1 a5sel ￿ rneasw￿ at FVPL*.
la) Its c(rtractual tertysdo not£￿ rise to cath t1￿ ￿ ¥*ofied date5 that SP[4 th) the t¥irKipal anv)Jnt oJtstarwJing." or
Ib) Itis not heklwithin a tx)￿nE&S (*4eth i5eitt*rtOtC￿ cor¢rath￿l cash fkw6, or io tx)th collect
cwtrdciua fI(w￿ ar11 sdl.
irKludes contr4cts n an as%er
Impoirment of finon¢ral ossets
GityJp355e5se5 oi a ewcted crethtkjss fECLlawwt•J with its fTh4nck41 assets tsrried at
arnNtised c05L The impairmEnt rretlxKkkn ap￿le￿Ide￿￿ ￿ ¥¥￿Tth￿ ha5 Lwi a $i￿lfiCant incie3se ￿ cretht rBk.
Forthese financ4al assets. the f4trJpaw4E5 the aroro¥h permitted ￿ IFRS requitE5 Expecied lrfetime
sses to be recwised fIr￿ Initial re￿N￿On of ts rec￿￿ The Q￿Jp dèssifies f￿￿￿￿r¢finarKlal assets under
•nortised c05t' rMh at bank3nd in ha￿. cash ￿e[ge(l¥S¢r1IJteraIWIJ debttys. at bank and ￿ harxl an¢ cash pledged
CNkn's 1r*￿sb￿rt Fund FtyJnd*tkn ICIFFUKI I Page 58

2. ACCOUNTING POLICIES (cowfINUED)
corryxise cash at banksarxl h*KL P￿ringde￿o￿tsth3 mavrityof thfft months or
5% %thith are 5ubje(t toary in5iEt¥ficat* risk ofth*5 w>Yalue ￿ th￿r carryffiB an¥￿￿ts appr0￿m￿te amrbsed c¢sL The
s llowarKe is based ￿ lilei*mee¥wcted rrethl materil tOLrtwa￿eS tw¥e an ¥Kestrrtent 8Bdecredit r3tin8 by
5/S&P￿AlIA+ there is rm) Iw5toryof*Jef*JtslrOi.pa￿t and al rEreI¥atAes.bats￿es are temi
1<1 year).
cost 8rKI ltrwefoo has a(bpted trt apryoth to ECLS. ECL iTnp3itmerttallow*Ke has been recorded against the
Gr￿p.5 recavawes theyear. The ECL 15 mt rE*wt assets a¢ ¥a￿val￿ tFw£w8h ryoht orloss and fir￿n￿al
labili￿ ¢Je98nated at tsrvalue ihrwgh kYoht*y bs
DÈrÈco8llltion of finontittl assets
The Gffjup dereco8rA5esa finwKial 355etwl*n thetrffitraCh￿ rehts to cash Ath¥5 fvDm t￿aSset eypire.or it transferstr
rights to receNe the cath fkms in a trartsKti￿ subslantially al of the ri5k5 tewwds of ￿ner$I￿p of
the fir￿r￿Val asset are twsferrwl orin the ￿taInS ￿￿tantiallyal of ri5k5 and rewafds
ofownerslxpand ¢kns TWJt retain {￿trE1 of the fir￿￿1￿ a5seL Cm dere(08nitiorsof a 35set, thE LlfFerEnie bEtween
the tsrrwng •ntyJnt¢f asset the CanwngarrK￿tal￿¢￿d ¢0 robon of ￿￿3$$et th3t ts dereCOw￿e￿j and the
consderation rec￿￿￿ [￿lIdI￿g newas*t Lthined batMlIty recr8Th￿ in the SOFA undèr'Net
8arf/(&)sses) on investrwts'.Anyln￿rest trdrthrrwj assets that a￿c￿ated or ret•rEd by the Group 15
reco8ni5ed a5 a separate assel or tiaL4lity.
ii) Financial Liabilitie5
Initiol recognition and me05urement
Finanaal I￿L￿rItieS are da59fied. at initial tEtt0¥br￿. Isfin￿￿31 l￿dItieS at FVFiand inckKle loar6 and l￿r¢￿Vin8¥ payab￿&
ar¥1 deri¥ative5 ￿ 3141W pogtity7. as aporryKikn. liabiitE5•e reco￿)￿ed int11￿ at far*dI￿.
Frnancial liobilities me175ured ot amortr5ed cost
FInalK￿l￿￿11￿e5 measwed at arnLwti5ed c05t itKbJeall f￿&31 Otwth4n those measured * FVPL The Grtyjp
Indudes in th￿ caie8ory arwnts due to grants. a[in￿lS arKJ deferied irK¢ynE other Pay*￿$.
Ftnanciol liabilities measured ot fair volue through profit or loss
Fir4Tri4 l*knkbes ai FVPL irKW hr4rK&al kth1ities arwj IKibli￿es d*yg)aied up)n ir*tial reco6niboTr
as al FVPL *nancial liablities are cLwfiedashebJ for if tware incurred for the wryxise of repU￿hasing in the near
irntruments Ga￿5 or k>sse5 on I￿ltieS hEtrJ for tradrg ¥e reco8nsed m SOFAin theywin which theYari￿ and ¥È
based on the FIFO mettvyj. Finartial li**sties deg8nated wx)n irritid leow1￿ at FVPLarede5ignated attF* initial date of
reco8nition, afKJ orty rf thecrirttka in IFPS 9 are satrfif
Ihe senity delas*d &**thnvarotAe rnte notes fNotes"IN4ve deswed at Fvrt at irKeptiLN).The dkl not de￿Inate
anyderivdti¥e5 in in th￿￿teg9ryderWatWe contrartsin a liabllity pJ%tiofL
f) Investments
Listed ond unlisted securities
Securities listed orqwted anyseC￿l)eseytha￿￿ re￿I¥1r￿￿&j ther￿ We ¥aW attsrvab*.Ihe fairvalue ofan
inVest￿l is based its woied ffla￿t wice.
un￿sted securitie5 or li%ted securitsesnot regularly trajed. orKI rewt of rxices 8sde5Crit*d abfft art avaiL3￿e.
other Ihan receivatde% 3ttherfarv*Je based infc*mètion wided byTCI Marw8ement
miteds fTQ FM" ￿"111￿eS￿ wwrrent tw a5 14te5tw￿￿L4e rederwt#)n
prKe fo¥ in¥e5tmEnt funth.
Bec￿01 their intrwent estxfft￿ IW￿lIe￿Ir0ffl thevalue5 t1¥t￿￿ h￿ets￿
matket for ts securitrs eAi5ted.
Unfunded ¢ommrtments
The Group may inwe5t in th75 aNI sK￿lIES￿Kh a commitment that itwill be oNi8ed to payata tub￿ date if
calkd up)n ty the c￿t￿party. tiri￿ anThJJrbtsof setuement ofthÈse are uncert•n atwr end.
31 ()ecember 2020was e5bmated as V5$1.02&X17k12019.. uS$L4￿.95sk).
IrNe5trneTht Fthid Fowl&￿onIcIFFvK> I Pale 59

2. ACCOUNTING POLICIES (CONTINUED)
Oerivative controcts
D¥iv3ti¥e ¢mtracts f¢knvatNesn xe re￿Thsed at fair¥ah￿on the date on the derNab¥e i5 ente￿ into and a
5equentky re￿e3￿rnI at th￿rf¥￿ake M •) ba>> Fairvalues art cljtained fyom qLh)ted market price5 in
Iderivative5 ¥e carrie¢f3s assets vkn fairv*Je as fair￿alUe iq ne8aDve.Thebest eviden
of the fairykn of a dwNabve at inthi rew*D(hl ts the traiwtifyi price li.e. the tarvalue of the con5idet3tion given or
The G￿p eniers into frTh3rd forÉy8n eXha￿e(On¢t￿l& FO￿￿d eXth￿Be c￿traCts a￿ Pdirv*Jed a O•ly basis
us+ng the ILY¥Ywd c￿rtraCted rate deri*d kn readi￿¥¥21￿ Trw*etdats. Wh•) ￿ ccffttract is dosed. the Group records
realised gainslknses eq￿1 to the difference I)elv￿￿ thÈvIk￿ Df the c¢ntrartattrE itv￿% opEmed aThJ thevalue al the
tiffle itwa5 d05e(S. F(ThaFd thign eth*)8e cwlrac1sa￿ farVa￿ u5*78 the for*Yard C￿tracted raie deri￿1 from re&Jily
av8ilabk markeldats.As al 31 Decerrt)er2020 the Grtw hdd fLYword fortyBn tKchaw £ontsacts%*ith an a8￿8ate fairvabje
arvj nel liabilityp05iiionof U5$54.974k12019". rela$setptytrA￿ of US$705k).
Investment funds
The Group invests in trNestfftrtfwdsfkn¥e*ee knJ57whthare tothe temis of the Inve5tee
Fundg ofFenryd(*Urr￿￿tltiD.Yhe ifvesiwii in ￿ ￿￿￿tee are wnL4ritywkned based on the late51 avalable
demptiw r￿1￿￿ urmts fry the ￿￿￿tee Fu¥J. a5¢Jetwmr*d ty the adtnintstratorof the Invest* Fund. whe￿ 8 re¥li
ascertairwile tr*ketvaluats)n is Thx *aAab*. ￿ ￿tee Fuids areVak￿ alc0st￿ any expected1055e5 (see Note 131..
a ￿arel￿nIt is xAd tre Cw> rEco8nise5 8￿￿(b)s$￿. Other in foirvèk* of the In%e5tee Fundsare
recorded &5 Wwtaltsed 881r￿1￿$SeSj.At 31 Dec•ts2020. thecw) Tht5tmert pomb￿S of US$66.482k1201*.
US$80.575W.
Leosed 055ets
The annual thar8edto thè50FAthi a straw.11￿ bagstyw the lease term.
Investments in subsidiories
Loans
The ￿￿eSt51n PE31 Estate￿c￿￿￿Y3te Lo•7$￿th¥e xcountthl lty ￿ a fair¥￿e basiy F•"rvalues are calcuhted
Vlith ￿fe￿￿ to dtsc<MJnted cash flth¥ the eX￿ted futvo cash li0￿ of e*h ID3n investment constructed by
external valuer5. The rnrh*me￿ in the fawv*Jes ¥e KKkthdvritM'Nel 8ans M ￿¥eStJnents. ift ￿ SOFA AeasE ¥efer to
Note 14 byhch cÈtsls w)furrkitK)n sWr￿thng the L¥K1j￿￿e iw Df these I￿ itNesty￿wts.
Privote plocement
vate r*vneilsecurtbes ￿ nrt rystered fiYpJbfic s**vJ *e <atw*d at * Estimated fairvakntat eachvaluètion poinl
asdeterffl¥￿d by ihe Cw. in (￿Su￿all￿ 4ts7th tr* Ir￿￿b￿ltMala￿s prthAA? mana8ement team. with reference to
recent fuTrlin8 ￿rtUrn3(￿ urylateSWth•￿d ￿ tt* il*SbY*nt Ma[w￿t$ ttsn. 31 Oecember 2020. the
&wpheld one prlvate pl￿￿￿t FWtwxi1SX9'. Wivaie pl￿￿tp￿tiM}. been lairvakjed at US$Nil12019..
VS$NqI.
Prosramme reloted investrnent
FYografflmE related investmentsarE a tvreofxK&¥ irhvtsnent madedffEcfyin of the F￿ndati￿5 charitab
rpose> The pflff￿ry moDvaw rnakm8 a rdated wNe5bnEnts ￿ not fjnanckil gain bjt to fvrther our
Charitab￿ obie(ts. P¥(yarrrfpe fELited can S￿￿ate some hn3nck?I rthrn. and the rnay Nrnay not be
rfKJed¢ntr*nft*tcial t£nr& Tr CLKrenl pryarrrnE ￿latEd if￿ll￿ts fKYtftth cortsi%LS of a rvJnLYr of fund and wvate
31 Oectymier 2020 atrthnted to V5$25.439k (2019.. us$18￿9￿.
Conce55ionJry Loons
Is to lurther the acCom¢￿tt￿t of t￿1r ww)5e5 Jlwh faoll1ati￿ the9xce5s ofthE of Ftsrammes.
The F￿ndation ha5 elected to recowyse at the •rnnl pa￿ ¥%ith the repayments ￿flected in
sUb￿quent￿rS. CLYKe55ionary tr* ￿¢￿ed 31 D￿ember 20Y)aaKxrted to US$8.Cm(12019.. US$r4dl and
a￿1r￿n% trNo5trnont Fund FoundatknrnfCIFFLIKI I Pate 60

2. ACCOUNTING POLICIES (cowfINUED)
Mixed motive investments
Mmed fflolNe IrNeSbn￿ts•t m•Ye in Kwwiof wtFWJ5es finanoal eains. The alr￿t fflixs
moD¥e *i¥esimert portfolio ¢￿sISts of a rKJmberof in￿estM￿lS fdlow the Inve5tmeTrl wAicy. Mixed motwe
in￿t￿e￿5 as * 31 20Kia)*JJnied to USSI1.41(*I￿1fr. U5$3.42W.
gl Foreign currency translatlon
A%sets arml li*iliDe5 0￿￿1n31t￿ Cwre￿Its ¥e Ir¥tsi*ed 4)to USS at the ffftign currertYSWt Yatr ef eXc￿￿￿e
at the baarKe sheet date. Tr￿Ctir￿S in curr￿* ¥e rtcorde(l atthe ttyti8n Cur￿rKY spotrJte5 of exth￿se at tl*
date of INaN￿¢bOn. LlffererK£sarisir* on SetYthit￿ traisLitian of JrthetaryJtem5 ¥e recognised In the SOFA
Theyearoid iale [KeY￿lIng¢n the tsl3nce4￿et datewa5 US$I.. ￿.￿ (2m9.. US$I.. CO.76). For consdKlation purpos￿.
balance sl*ets ofsLOgdL3Ties teroted ￿ PwThJ &eding oJrrw fGBW ¢y"ri hb¥e L*eTrcc¥werted into ils doll¥at ttre
fore8n exc￿4￿e raieas * 31 C)ecerrt)er 2020. For all GBP rerxyteo ryoftarxl h)ss accounts of 5ub5KIK?ries the aver*
for￿8￿ exchan8eiate ftrthe has been appl￿ at USD rate of USSI .. £0.7812019". U5$1.. É0.791.
h) Intangible a55ets and amorti5ation
Intansiblea5sets that a¢acquired tytt*Gw*a¥Jtth* ￿lte￿seful ate Nwsedat costkss
accuo¥Jlaied arKJ •W¥W￿nAated In￿71r￿7*y
Atrw)rristhn ¢￿¥ yJ•W* kne tJay5 9)as towfi* off thcost Clan asset esimateduseful ecorkyric life
Subsewent exp￿thre Is￿￿ts1￿ tx*Y4hEn ititKrea5e5 the hrtLY2 tenefits in the 5peufii asset to
whKh itrdate& Attother experxkiure i% rEc(wI￿ in SOFAa5 WKuf¥Ed.
i) Tangible fixed assets and depreciation
T3Wtts fixed assets are c4wèlsed at C05t fwec+atkin ts calcuL4led on a stra8ht bne basis SD3S to ¥vrite off the c05t ofan
asset over the e51im3ted e(L¥KYnKfie. ￿e￿imatEd li¥Ysof fv¥iure5 fiÈlinES is S yEars p13nt
and is 8
Ta￿ll￿e ￿￿ed 8tset$￿ tkryety" methcxx useful b*$￿￿ reth￿￿1 vèlues are rev￿ed
il the￿ ￿ an ifKIKabon 5irKE13starYrtd rEsxxti￿dJtel￿ ￿ pattttn ty%¥hith Grwpexpectsto
sume an asseysfuiure ter*fits.
j) Cash and cash equivalents
Cash cash eoui¥aknts ir￿￿je due Irum theGrw's C￿￿#erparbe5 on a￿1 interest bearin8 dep(>5its
makntie5 of le5$ than 3 rrxjnths. Foreach sepaTrte 3te&h broker. c3sll On￿ be￿thdr￿ so long
k) Cash pledged as collateral
of these ¥￿nts ts re5tricied ba￿ upw UPC￿.5 rewYerr*rtsyriih each brc&er at trevear￿nd date.
l) Amount5 due fromlto brokers
m) Debtors
CNIthDS Fund iaFF UKI I Pw 61

2. ACCOUNTING POLICIES (CONTINUED)
n) Creditors
ol Funds
c￿￿￿ted funds art thè urKestrided hJrKls thathm te•) seiaswye è p￿u￿r ￿eTr￿es. Un￿StrICte0
fiJTh4s ccryrisethuse theTnLsiees ￿tree to Use n x(ordance wth charitable 0tr4"ective5 of th2 FouThlaiiDn.
Rewicted Cfjnwse lunds thèt trparrf￿3r re5tricW pxrxxe5v*thin ¢bjxbvts of the
5trtted wrpose
The Expervjaile End(bbV[rk￿t FuThJ rEPrt5Wrt5 tlw)seassets ￿TrUstee5 wnopally In w)*str(*nts. l￿ween
irNe5trnents is accwnted Exo￿tAe Ethvment F￿￿. When the Fwidabon is to meet its
c￿￿mItM￿ts frDm re5etve5 of l*h￿ed Ful￿. thetewtyJhJ be a ￿$[er frcth the Endwnenl to L￿￿r￿ted
Funds to rreel th￿e comErf1m￿
pl Delayed drawdown variable rate notes
Tak)s a ￿b$*￿ary of the FtyJr*Jati(Ni rA*d dra*trmwiab* rth5fthe Note5"1 in 21X)g.whth were subsequent
amended in 2019. As of 31 December2020. the [%￿te5 V+ErE(W￿￿ tyaFF Cak¥tsl12019.. Foundaknl. Nate5 are
das%fed as a finanol asseiat FVPLwilfvn CIFF separate hnarKkal st*emert512019.. FwThJation's 8alan￿ Sheet).
5 of 31 D￿e￿￿er 2020and 2019. the Trk?tes*wed￿8￿￿ied a5 Its?￿litiES al FVPL in Tabs. Separate hnancial
. Statel￿ts.As wt of tF* w2020￿d Cktrtw X>20 the 0¥￿T￿ShIp of the notestransfentd to CIFF Capital.
Refer to page 42 for fun￿￿￿ti￿5.
ql Taxatlon
The FrAj￿￿￿ ts consithd topass the tests set rAJt Para6rKth I Schedule 6of the FwwrKeAct 20LOand therfore
meets the ofa tharitaLlec(MwAwyforUK ￿rpOSes.￿¢(￿￿rE￿. the F£thJaMn is Èxempt ftom
taxati￿ in respect of Irr￿ ￿£¥kWa1681nS lecei￿￿th￿ rate61￿5 covered by Chapter 3 Part 11 ofthe CorwrationTax
t 2010trSectth 256of th￿TaXat￿Of the CharyeaileGaifS kt 1992. to exknt that or 8ains are
exdusmety io Cttaritsb￿ rvrFw>
r) Operating Leases
nEce5W tc reducecrethl risK ￿ Cw) rr4yrknbank8uxdnlee5 furthe termof the lease.
Jthugh the is exr4)sed tocw ￿MI￿al￿a￿ att￿e￿I ofthp current ￿se5. the Grwp typcally enters
into rtw ￿ase5 a￿$ thErefO￿ itturtckèthty reatse any re(￿￿D￿ in reydL41 Wdlue 3ttht end of these bEases.
Expeclabw$atr￿Utthe furwe ty(balvalw a￿ ￿tk￿re￿ layth ofthe prLwtr& The frn) h3$ into aTr
operatin8 kne for pLintaThJ USSNil
CNktren? In¥*Stn*nt Fuhd F￿d￿tIOn10FF I P¥84 02

3. INCOME FROM INVESTMENTS AND EXPENDITURE ON
RAISING FUNDS
3 (a) Income from investments
rec¢)réed. rentsl IllCCJme fw In￿￿trnent dividend I￿¢￿Te frcAn etyjitysecvrthes %%ithin the hehl by th
Group. 2019. the (fi5p￿d all of its Vbve5tment piwDe5. is recorded at eX.di￿den￿ d3te.
8r0$5 oFfora8ThTrMthWingtaxey is recortsl an acowls basfy
Gmupyearended
31 December2019
31 December 2020
U5SYAY)
usSTr
14262
44,899
54367
terest irKtyne
3234
Rentsl income
17.4
102,366
(bl Expenditure on raising funds
The expendiknre oftsisn8 fwdsof U5$13.656kl2)l?. US$98.37W incknles expe￿i￿re relatw)8 to manawg subgdk4rE5

4. EXPENDITURE ON CHARITABLE AcfIvITIES
Adi¥itie5
Totsl Charitablt
Actlvllles
2020
us$(
2020W
usstth)
2020
USS t￿)
USS
01mate Change
Adolestrnce, Sexual & Reproductive Heath & R
Girl Capital
ild Health & Developw*nt
Child Protection
Cross Cuthng
151.397
63.227
10.251
611
281
25
11.275
5.830
605
6.714
1.165
6.786
163.283
69.344
10,881
90,529
7,596
27.577
6.431
19.734
I.OS7
334.776
2.053
32,381
369,210
ppryt Totalcharftable
201
U5SW
201P
Usst
201
ussr
2019,
us$
aimate Change
I[￿.287
56.403
11,SY)3
45,797
11.096
20.613
11.238
5,968
1,297
5,490
3,072
5.474
120,367
62,630
13,215
51,548
14,324
26,847
259
Is
261
156
760
Gid Capitsl
Child Heath & De¥ek￿t
Child Proteth
Cross Cutiin8 Ul
254m9
31539
288.931
1115ttr•*¢S
l¥Se¥r*7
5. ACTIVITIES UNDERTAKEN DIREcfLY
The ¢fl￿t e¥endItu￿￿ U5$2.053k1201?. Us$229￿) th*ilth aC￿￿waS rr4th to CIFFS prOwd1￿ techn￿
stsntt a￿￿traI￿n8 toy*7tees￿d cthercharitaL4e and Llisseninats% reptyts on rese*ch firwji
ChWdrtn% &)1*$t￿ Fund knndaiitsTh ICIFFUlg l *e 64

6. GRANT FUNDING OF ACTIVITIES
He4th
Gro4) and Foundatton 2020 Climats
Heatth&
Chl
Totsl
us$'ooo
5$.1￿ USSXM)o uss'rA)o USSWO
uss xw)o
uss'ooo
Grantees￿<*1¥1￿ charitable y*
kcentyre [kvelOw)￿t partn￿sliPS
Active Philanthropy
Adoison w￿￿treY
African Institute for
Dgvelopment PclKy
AfrKan Pcwktion and Health
Research Center
a K￿n FouFKi3tKJn India
A8ulhasAprl*d Knowwe.
AIDSVacaneAkncy Coalition
AKR5P INDIA
378
822
I￿59
1.059
329
329
533
533
138
359
201
098
750
750
500
1403
liance for an Energ
Efficient Econimv
liante for Su5twntheEnei8y. LLC 1.196
ALMA FI￿ *nt. Malaria No N*)re
knref AfriGI
520
520
1.190
3.749
1421
3,749
1,447
753
Asar Sotièl Impartkni5U5 .
.Bxhpan 8athao Andc
Bill & MelirM* Gate5 Foundatr
453
349
349
2.741
2.741
BUSAPA Center for
Bahaviotsl Economr5
123
287
410
C40 Cities aimate Leajership
GrryJp Inc.
. Camber Qdle<twe
92
250
342
Can&lian Centre forchld Pmtection
345
345
Capital For Go￿1 US4
CDP
8.431
q431
Center forCoJnterift8 Oigital H*e
Center for &udy of Scie￿e.
TechnoloByand Pd
Centre for kEnce3nd Envircfiment
408
749
91
493
493
Ce￿$ I
ild RIghts￿d You
Qean Air FLnd
750
ai*mtEarth
8.468
8.468
Iclimate Policy InitiatTve
aimèteworks FouThYation
3,214
3214
ainton Heathkne55 Initiati
i.(Mi
1.041
Coaition for &Jbal F￿0￿rity
C4ncept FtyJndatioTh
c￿r￿lI on EnTh, Ermr{￿r￿
and Water
330
476
476
423
423
635
635
CWr•ns knW5tffj￿t FundFwr4atknn ICIFFVK> I pa￿ 65

Group and Foundation 2020
Clhnatr
Char
uss'ooo
HÈalth&
nd
Chikl
Totèl
Uss'ooo
ussyh)o
V55YK)O
uss'(*)o
uss'o
us$'ooo
Developrrent Sdutions
DGDA Swit2edaThJ Sa
iio
Ico
118
397
328
328
DKT IrtternatiDnal
4.988
4.988
509
Doc Swety
E3G
2.370
2.376
Eddcyve FowKlati
417
417
EDF EuroFe
Educate
357
357
15C4)
EdutatE Gwls iJSA
s￿
Ekjut
Energy F￿n￿atr￿ China
Ernwrmr￿ta Defertse FLThJ
1.935
L935
7.250
1,183
7250
1.183
52.214
497
5Z374
Exeter UnIve￿ty
Feder81 Mini5tryof Health. Ethw
FHI Partners LLC
497
4,436
4.436
965
965
Enwronmentsl Coowration
Center. Ministryof Ecdo8YaTrJ
Ellwronm￿t
330
FoundatKn for International Law
for the En￿￿￿Trt
12,754
31X)
13.054
Freedom Fund
F￿DA
413
413
FSG Ir
970
970
Girl Child Concerns
Glcthl AlharKe for Imwo%td Nulriti
Global ￿rtd forwomen UK
3.992
3.992
Global AJrKJ to fi8htAos
Tuberc￿*$ MalarkA
9.000
Har¥*st Aus
691
691
Hattskyay c￿nMunicat
HD Envirorffiental Coi%)rtium
301
In Th￿Ir ￿d5
436
lrtepta tharmaceutica15 Ltd
iciatiV4 al￿ti￿ de Mé<Ko
750
500
stitute Enew Ect)r￿N
and FinaMal Ana￿￿5
Institute fLY Gtsvern￿ aThJ
gJstainat4e DeveknpM￿t
Institute lor Health MetrKs
and Evaluation
500
1.125
1.125
Institute Strat￿C
Instituto Clima e kn￿d￿Je
499
529
4.614
4.614
temat'onal Center for Research
oThWorr*n
933
knternational Centre for Diarrkeal
Cisease Researth, Ban￿adesh
IPE ac&1 lirrAted
418
418
1.124
17
4.641
trAD ￿rr￿ted
331
18
349
Chudren's kn¥e5trneni Fwda¥oTr laFF UKI I Pale 66

Adolescence.
Sexual &
ch￿ He4
Group and Foundatlon 2020
Heallh &
Chlld
Chafflxe
USS'Ofy) USS'OL*)
Totsi
uss'ooo
ussD)o
us$.￿0
U5S'000
US$￿00
kntelnatK￿al Unw f
conserv4ti￿ of Natwe
491
491
Jhpe80
Jthn Snw. Inc£Yporated
Jthn5 HDpkins un￿£r￿ty
School of Public Health
3.029
3.029
150)
754
Kaila5h Satywthi ClxldrEn's
Foundaknon ofAmerica
Kawa￿ Educ*iw Fowdati
KAntsr Publ
1.1
1.1
423
423
Kenya Red Cross SOc￿ty
KybelE
Last Mile
141
310
928
928
1,425
694
1.425
694
verpwl Schod ofTrcytsl Medithnt
Liwn8 Goods
L(￿dOn scho￿ of Hywwe aThJ
Tropical Mediune
LTS Intematr(ml
7.247
7.247
629
629
107
430
537
Maisha Meds
Mann Global He2￿h LLC
329
329
Marie %opes Internat￿7
Medic Mthle I
1.356
1.256
749
749
Milj05tiftelsen Be￿)n3
Mylan
Naari
2.381
1381
797
797
350
350
Observer Research FcwJThJati¢
OrE kre Fund
7.424
7.424
1.690
Opts)
Orbi
4.893
4.893
OtherGrartees
4,118
1497
1.678
146
3,941
975
13,240
PATH
1363
1.574
Pham ktrss Fwndatr
1,574
Pclcy EXthar￿ Ltd.
Pcpulation FouThJakn of lThJia
Praya5. Energy Gro
347
347
L649
1540
17.921
32
17,921
327
QultAI
Re5utt5 for tknlaprnent Instibjte
Rockefeller PhilanthrowAdvi5L¥5, 2,142
195
995
995
1142
Mwntain In51itute
s Strate8
Ill RTI Internat*)nal
(4581
14581
313
Sandholt Hddng
Save the ChiklrEn
313
504
Sedi3 Biosciences C￿n
1.045
1,045
593
SH..24 CIC
593
ChWwi% kn¥e5tywfttF￿o FtyJryJ•don ICIFF UK> I Pw 67

Sexwols
Group and Fo￿datIon 2020
Health&
Rlghts
USS'(
and
Chlld
Totsl
us$'ooo
us$.￿0
ss'ooo
ussTho
USS'OQ)
U5$'C￿0
Shape Hist<ry
souths￿thN0rth
455
455
1.703
5F4ash.￿8
Sknchting the WePROTECT
Global Aliance
5,830
The Cart¥ C*)ter Inc
I.2￿)
1,250
518
The E￿ary$ ReyxJrEes Irstitute
The Piy•er of Nutrition
518
3,491
75
3,566
7.487
1.635
The Sunrise fr￿.ect
Thomasjefferson UnNeNty
Transparent
Triggerise
T5irEhL4 Ur*wsity £d￿ation
Fixjndation
7.487
1.&35
5.824
55
5,879
Vnited Nations clik1￿n,$ FUTr
3.595
250
4,545
345
United Nations Foundation
345
United Nations Office f¢r
Prr4ert Serwces
Uni¥er%ty 0fTaM¢e￿ FOL￿datiC
Univergty ofWaslin8t£
Washington UnIve￿ty
William Marsh ￿"te
5.5CKI
1,234
1,234
753
753
350
350
8.IX)
8.150
Workl 0￿mar￿ngAjI￿9r￿¢
Wodd Health Or8alisatic
Wodd ReX￿r£￿ Insti￿te
815
815
262
253
2.035
5.OCrf)
Wold Vision Ethiopia
Young LNes India
Totsltharitsble grnrts
5.826
5,826
569
569
151.397
63.227
10251
83.736
6.431
19,734
334,776
Sew1&
Chlldtrleallh
and
Group and Ftwndatlon 2019
C￿mI
Chan
uss'w)
Chffd
Total
U5S'0ty)
uyyj
usswo
uss wo
uss'ooo
enture
416
416
Active PhiLènthropv
Africak1
634
Africèn Powlaty"¢n and Health
Research Cethter
245
138
AIOSVoccr*Pthocacy Co31rt
Stonebridge Gro￿ LLC
for gjstauwtle Enew. LLC 3,
APCO I￿13
1235
1.235
378
131
431
Bachp3n Bachao
Bdl & Melir￿a Gates
Fojndation IBMGFI
855
855
1,997
Chlh4rEn's Iw+Txtshent Fund ￿ndalkn IQFF UKJ I Pay 69

SeAual&
Chihl H¢*h
Group and F¢xmdatlon 2019 UJ
lrnal¢
ChaTr
uss'ooo
Hwlth &
Chlld
Tdtsl
uss'ooo
uss'c
U5SWO
ussTho
uss'ooo
8RACUK
C40 Citie5 Climate Leadership
&oup Inc.
Campaien kademy
Captsl USA
CDP
7.041
550
7.591
2.000
731
1520
(7891
Centerforstudyof ki*xe,
Techndo8y and Policy
Centre forSuerKe and EnMrcfflmErt
158
558
789
789
cH￿s
251
251
Chin3 l&ti￿la1 ReT￿able
Er*r8y Centre
China Renew*e EnerEy Soc
Clean FuThJ
839.
839
345
345
9.140
6269
9,146
6,269
ClientEarth
Clirnate PolKy Initiative
4.128
4,128
269
C¢althn forfJcèal Prowrity
Comms Lab
269
342
342
C(xKept Foufvjation
Ctykery GrDUP Unlirrrfted
Crown Wts
2￿
210)
2.ICKI
Oeutsthe Geselschaft lur
Internatiu￿￿ Zu5amrnentht
IGIZ) GmbH
Ckn£lopment Scluticns
oKrinter￿tv￿al
469
475
5.532
5.532
Ooc Sc(iety
E3G.7hir<5 Generats
Environmentalism Ltd
25
512
EDF Eurcpe
Educatecyds
643
643
2.850
1,150
EGPAF
5¢))
1,449
1.5W)
1.449
ENDfvnd
1,590
8.423
ErEr8y F¢LThlation Chin•
Envmnmentsl Deferse Fund
8.423
4.096
4.096
EThwonmentsl Ifwesbgknn
Agencylu
European Climate F￿dati
EwderceActi¢)n
398
398
24.932
428
25.340
2.986
2.986
FHI 360
Iij FMOH. FedeT31 Mirith ol
Heahh.
14,5¢Y))
1.231
13*91
ftjundation for lntemtiti￿￿ Law
for the Enmrwrnent
5279
5279
2.457
Ffftdom Fund
2316
141
Fllt)A
CNk1reDS IrNeJtr*ntFura FtyJnthdofi ICIFF UK) I Pay69

5exuJl&
Chik1 Health
Group and Foundation 2019 ia CThmats
Health &
Child
Tptal
uss'ooo
uss'i
uss'ooo
uss'wo
ussTho
uss'oc¥)
Funthon Norti(rteQL*lada
447
447
Gid Effect
790
obal lrnpactAdMsor5 IGIA)
Gl£b31 March India Fwndatic
225
245
470
625
625
fs)od Stuff
IP56
1,056
aduate In#itute- Global
Health Centre
531
531
Guttmacher1Thstitute
375
375
HakerE5A5xKiates
452
452
Ftsrward Sthool of Heath
259
259
Humanitas fJ(Jbal 0￿k)prr￿t LLC
S- In5tituto alma e Socth1e
ILARCI Brazill
ID Irtswht Piivate L*i*ted
Imperial Col* of scie[￿e,
Technology aThJ Medicir
lThaaknva Climati¢2 de MéxKo
519
519
514
514
600
1,070
1.070
3KIJO
Irsbtute for Goveman￿ and
Jstsinabk Devekyment
International c+￿terf
Research on Worren
5,275
5275
812
812
International Council c
cleanTranspOrta￿n Iiccn
IPE rA)b&l Prwate ￿Mted
800
4.853
1.818
6,671
ITAO limited
499
499
Jal kna CharitaUe FrwJndatic
520
520
Sahas knval D*eh)ynent S
Jhpie80
John Srow, IrKoryated
Kaiksh Satyath ChihlreTh'5
undation oftherKa
434
434
3.433
3.433
500
1523
467
3,371
467
<arrw)ha5hi Project
s In￿t
281
281
iverpool khoL4 ofTropKal MedKine
i*ing Gorx15
ndon &hoc4 of WrE and
rrowca1 Med￿ne ILSHTMI
LTS IntErllation31
51S
515
103
259
259
MANA Nutritwe Aid Pr￿UrtS
corp￿￿e4
ann Global Heth LLC
6S4
654
arie sto￿ IntunatxThl
ematica Pdicy Research
Meridkin Emnarn￿ (Ptyl Ltd
12366
11366
261
261
911
911
Metrics l¢r Mar4grrent
Miljostiftdsen Bdkna
335
335
1,147
1,147
270
270
aiural Re50urtts Ctfew Courol 3.057
rfventure Fthj
3.057
810
810
Ndren% Fund knTrd4Uon ICIFF UKI I Pa40 70

Sexual &
Child Health
. Gft￿P and Foundatlon 2019n C4mate
Change
uss'oc
Health &
Rithts c￿rICa￿lIa1 Developmtrt PMte¢tlrdTh Cr•ssCwlfj
USS'L
Total
vs$'ooo
uss'wo
uss'c
us$'ooo
us$'ooo
127
147
274
fo(kne￿[e PLnY
(789)
(7891
(9161
9,535
19161
1.493
OtlEr &antees
1.$20
3,179
301
ford Policy Mana8ement ICfMI
PATH
301
1.025
1,025
3.175
3.175
tharrn ktss5 Foundatkjn
Flayverto
Populalion C0￿clI
Population F￿nda￿ of Irth
Praxi5 UK
2.279
817
242
1521
817
523
523
psi
iOB88
72
10,888
690
Quilt.Al
Re8ulatiyyA5%5tsrKe Ptoiect
Rcthfdler Phsl3nthropK Cc41aiorativE IRPA)4.483
Ross Strate￿C
RTI 1nternab.onal Intha
4.483
897
sand￿li ￿￿oIng
Satellite Applicatiws Cataw
rn) SedKa 8H)saerKes Corporaknon '
321
321
421
421
1323)
492
13231
492
SH..24 CIC
Shakh Sustaina￿e Erry Fojndatic
8htarKI knfe
Si8htsavers
Sirrpints
Ill SO￿11 kience Re5earth CowKil
655
655
5,125
5.125
3.191
15OJ
3.191
5.330
5.3JO
1250
The Carter Center Inc
1.250
The Energy and Re$￿jr￿ Irtstittrte 2C
The P0￿rof Nutrthon
ThorTh
L5CI)
TranSpa￿teM
Tri88erise
Urmted Nati￿5 Chli dm's
Fund (UNICEF)
united Nation5 Fwnthtitsi
1.1
1,1
7.074
97
7,171
11,(M7)
11.047)
496
490
Univefgty Colle8e Lond￿ IUCL)
Vnwyty tsfTarryere FO￿￿ation
WdlTdd Story
William Marsh Rice
280
450
456
1.409
1.469
3222
3.222
Wits RHI
Worfd ECC￿￿1￿￿ Fonjm LLC
303
W￿d He4tth ck8anisakn.on
d Vi&Tr) Eth"OF4è
Tot* charitable
713
713
lQ8287
IL903
45.797
11.096
20.613
254.099
Grant COrnrnittnent5ex￿yed Ina we*ifw5fir￿i￿l vw.1￿e•￿o thtsfinafvia￿r*￿l￿rritten b3ci
019 figures rÈstated. thto We2 (d)kYfwllv<W•
Cltll*th5 ITrve5tmEntFunO Fwnrfadon ICIFF UK> I Pa8e71

7. ALLOCATION OF SUPPORT COSTS
5exy4&
Odld Heath
Cllmate
Chan
tjsswoo
He4ltsh&
Rryhts
uss'ooo
Chnd
Gidcawtal Deve1w￿t Protertian CrBtsCuttln•
uss'ooo
Total
us$'ooo
VS5'(
uss'ooo
us$'ocrt*
SupportC05ts
Staff costs INote 91
Office expenses
vernantt costs (Ntte 8)
Travel and subsstence
0,987
2.267
1.146
234
3.7
896
478
342
142
4.148
1.185
853
io?
49
5.410
314
21.530
4.911
2533
789
146
156
io
191
556
78
120
794
sultsncy aThJ contractortosts
Totsl 5UPPOrtcosts altoeated
641
516
78
2h18
IL275
4714
3.165
Stxua¢
OMThIHealth
Cvma
Chan
Us$￿00
Heallh&
Rlghts
Child
T•¢•1
U5S'000
2019
ussTrJo
uss'oty)
uss'ooo
uss'¢00
Staff costs (Note 91
Office expenses
Go¥tmance costs (We 81
Travel and sub￿sten
6282
1.943
824
1.184
3.232
726
212
92
3.123
1.533
743
3,687
18,583
5,026
1,952
3.523
3,455
429
352
98
157
516
714
132
135
581
Con5dtsncy ￿ntractOr costs
Total SuppOrt￿ts alhxated
todwitableacknvitx¥
573
194
11238
L297
5.490
3,on
5.474
32539
8. GOVERNANCE COSTS
Group yearended
31 Detember 2019
us$'(
31 December 2020
US$ YKX)
Auditor5. remL￿er3tit
Le8al fees
Professional lees
358
1.919
2S6
274
1,276
402
2.533
1.9S2
Theawjli￿s, r•ThJn¢ra￿. for the yrthded 31 Oer•ts >)20 i<￿￿ bet*wi KPMG V5$341*12019." U5$2W. S.P. Nagrath
Ilfvjra Ikiison effice audiiofl VS$1&12019.. US$8k) Mazws (OM"nè ofte ussek12019." Us$8￿. In 20X) r￿Tra￿lit lee5
paid to KpmG￿ US$13k12019. US$3C*> in t00t￿r w¢feSsI￿
Ildm's In¥e5bment Fund laFF UKJ I Pase 72

9. STAFF COSTS
Groupand Foundatio
yearended
31 December2019
US$ fl
31 Oecember 2020
uss'(
Wage5 and 5al¥ies
Social security costs
Ottrw pension costs
16.830
1.436
762
19.028
IS,104
1.213
16,797
Other staff costs
2.502
1.786
Totsl staff costs
21.530
1&583
#h￿ra￿e rnnthWwmber of (tyased on thE duriDE theyeartotalleLt 13213)19.. 1151.
Tre stsff Mfflber5￿Ere spkt bets¥￿ direct ath(be5'. 1ry212019". 92)￿ Indi￿ 5UPPrt ￿[2019." 231. The ThJrrtJer of ern￿0￿ of
Grwp ar￿ F￿￿tic￿l paid ￿ the fi{WKi￿ YEar fe•￿tFIn the fdkn*ing bands werE.'
Totsl ReThineraikn
Bandin¥5
$85k- $99k
$99k- $113k
$113k- $127k
$127k- $141k
$141k- $155k
$1'55k- $169k
$169k - $183k
$183k- $197k
$197k- $211k
5211k- $225k
$225k- $239k
5239k- $254k
$254k- $268k
$268k- $282k
$282k- $296k
$296k - $310k
$31(k- $324k
$338k- $352k
$352k- $366k
$366k- $380k
$394k- $408k
$408k- $423k
$45lk- $465k
$465k. $479k
$521k- $535k
Group and
F￿ndatIOn 2020
Group and
FoundatSon 2019
li
12
The stsff rerrrtJnerats)n apobed baThSn8sis fr*theyewserNJ8J 31 OewrbEr 202)arxl 31 December 2019. The above Sa￿1185
were paid maill￿ in GBP and inckb* benehts *d hove Lw tr*￿ted￿t theaverage late ol ussI".£a7812019'. VSSI".£0.791.
The ct¥)tribJtB%)s in theyewfLKthe a thhned tounthees of F￿ndation ¥￿e
U5$684k (2019.. U5$480k]. Trenumbercf staff WIK) were oftr* 150 (201tr. 113L
TheTnj5teesd￿ not f£cei* artyrWTrjneratk￿ for th￿r5er¥￿￿rw￿ tr*ye¥12019.. US$NIT). TheTntsiee5'ewses reimt￿[Sed
lortTavel and subsist￿e dwif*8 ttsyear¥(oJnted to Ussik IXJ19.. iY5$15kl hi 2020. trt re1M￿jr$ed ewses is ￿lated toonè
tru5tee12019.' tr￿tee).
Funrt FLWAnd•tlon ICIFFVKJ I Pale 73

3101￿ni￿ Z020 31 De￿nthr2019
vsstu)
USSYK
3.248
1782
288
3,150
Kty Mèn*ement P£rS(fft￿ Lrf CIFFhM dePrf￿a5 ￿..
The 8oara ofTrustees {who4￿ rvx <em￿ra￿j ￿ thewcwIty￿Trt￿£￿j
. The Execvtive D1￿CtOrS￿l trt FWidakn.W￿) ¥e res￿￿]$￿￿e fofthe daytodtyrW￿I￿ofthe rwThs3t>Jn.
total remureTrtyor* io ￿48￿rt is ty* Remwvabon ir￿￿￿S saL4ries. b￿efits in
io. TAXATION
The Grwp c￿￿anIeS. CIFF Cak*tsi. OFF CIFF N*Mco.TPHL TPL CIFF N1Jtriti￿. OFF Inv. CIFF 11. CIFF111. CIFF GP.
CIFF Waier. 86 LLPand JI LLP dK¥ not realise •rytax*le mfit in trM5 firyarKi4yw. t￿retr￿e no tsx Its?￿1￿ty.The
conwny, Taks, incurred US$ik12019.. VSSNiDof Irish£rKrKfitw)n tax aThJ $672* of %%ith)klin8 w12019.. US$2.295k). The
sUbS￿lary i￿npa1¥. OFF IP. irKvried tsxclw8es of UsSNil1￿I9. U5$3W. due toa tayalAe loss of U5$3k12019.. taxaLqe wof&of
11. INTANGIBLE FIXED ASSETS
31 OtteMber2020 31 Decefi*Èr2019
uss'ooo
us$'ooo
C05t ￿tfOrWard
thItsc*￿ during the year
Atyvarend
Charge forthe y
AtyVaTend
At￿arend
The in 2019 relate5 tt> MtelEctt￿ Hwsth.testi￿ The inweitrAe hès remained in its devdopmÈnt
and testing fv ¢JJr¥w 2020. As por Fis 102. rx) arrA)trab￿ 15 recorded as the in￿￿Ye assetis rvJt ￿adY for ILS
NkJreD's InwsbTrent Fund FoL￿dation{ClFFvKI I Pase 74

12. TANGIBLE FIXED ASSETS
Fknturesand
FOirry5
31December
2020
us¥(#Jo
Machlr
Total
31 De£eMber
2020
usFooo
Totsl
31 December
2019
us$'TrJo
uss'(
Cost brought fL¥ward
ltiws during theyear
Dtsp)sals dwing theyear
1.428
$54
1.428
7.026
472
85
At)Earend
4n
1.982
8.454
1.428
591
361
591
361
321
270
c￿rge for the￿r
Rever￿1 ￿ disposa15
Atyeareryl
952
952
591
Net book valu¢
Atye*w
472
1.030
837
FtrAbJresaDd
Fixture5and
Fthi
31 December2020 31 OeryrntyFr2019
USYOOO
uss'o
1.428
554
Addition5 thnng the ve¥
DtsFosals during ye
85
Atyearend
1.982
1.428
Dep￿lation tKW8ht (¢￿Ard
CharxÈfor the
R￿e[SaI on dispo5315
591
361
321
270
Atyearend
952
591
Net book value
Atyeartnd
837
F¢Aid ICIFF UK> I Palt 75

13. INVESTMENTS
31 DecernbET2
ss'ooo
310EL*mber2019
U5S'000
Eqthbes. Overseas
Inve5frnent funt
Mixed motive investments
Proerdmme rdated *Westi￿nts
3.372.112
66.482
11.410
25.439
3,157,346
80.575
3.426
18.809
d)
3.475.443
3,260.156
14.215
14,215
180
Loans ￿ retr￿¥￿e$
2.489.244
2.208.753
Total FlnandalAssets
S964.867
5,483,124
31 Derwnber2020
ussy￿0
31 De¢¢mber2019
us$'ooo
fO￿l8n exchry contrad5
18
55.154
55,154
13.510
13.510
Y**r*nthd
31 D¢tembEr2020
uss'ooo
Y*ar*hd¢d
31 D*¢¢mber2019
us$.￿0
Realis¢d Ea1ns/llus￿) on fiTran￿ a55ds fthkbe5
Un￿all$ed gainslilossts) on fin￿￿11 assets Ik*Mlitie5
616h42
1185.7281
430.914
11.197)
720.999
292.307
1.013.306
496
Foragn exchonge 8airSAkn55e￿ ￿ fvwncial assets and ￿￿tieS
429.717
1.013,802
31 Deiembw 2020
31 D￿ember2019
U5S'000
In¥e5trnent 9Jbydiaries
Pro8ramme related invests
Investrnent in V￿able rate Th)te
13ts)
13
13
556.414
25,439
41,882
18.
5.757.604
3,420
11.410
5.491.737
52.140
L<Jans to 5ub5idYwy
IrNe5bnent fiJnds
13
05,355
&137.140
5,887,076
ChWdren¥ Irfftstmelrt Fund FVJtsda￿on (OFF UK) I Pay 76

Trt tatle bebw wtlneSthecate8(￿Ies C*•h*stii￿ts held the at 31 Deconfkr 20x)￿ 31 OetrrrO¥2019:
I￿￿tMent11th
Liwn5
sthidiary
Rate Notss IrY•Ystrefftts
T•t31
us$'ooo
uss'ooo
uss'ooo
vss'ooo
uss'o
uss'ooo
As at 31 December 2019
41.882
18.
3.426
5.757.(lJ4
65.355
5,887,076
Additi￿
"s￿al$
Irwe5tment 8aillsAlosstsl
6.712
141.7631
$49.5&3
9.587
118.4981
15.541
7.112
(2.1891
3.061
5.491.737
5.515.148
16.017.564)
752.480
15.943.4Tr11
185.KO
111.7101
11.5051
A5at 31 Derember2020
556A14
25.439
11.410
52.140
S491.737
0.137.140
. Costas at 31 Decem￿2020 . 6.831
18m3
9.961
.110.(K)3 - S491.737
5.630.535
Inyestmentln
Variabl*
Ung4
In¥*stments
uss'oTrJ
Total
V55'(K)O
V5S'000
USS'OC￿l
uss'ooo
uss'ooo
A5 at 31 December 2018
41.882
12.965
5,073.412
65.192
S.193.451
2.766
14.6Y)I
3.509
52,OCO
(370.8141
11431 iD)3.
1.526
59.861
1375.4441
1.(Th.208
Oistx)sals
trwe5tment gair￿l￿O$S￿>
11.3631
Asat 31 December 2019
41.882
1&809
3.426
5.757h04
65,355
5.887.076
Costas at 31 Decwthr2019
41
IL631
3569
4.754597
121.713
4.933.392
The ftlwn8 tat4es the ￿mme￿of the F￿￿￿at￿￿'S uht5t￿lS35 at 31 20Tr.
Group
Falr¥alwJ•t
31112119
uss'(
Falrvalueat
31112120
us$'otr)
J1112120
us$'ooo
uss'ooo
UK
É02.558
1.709.C03
156.839
767.979
111.598)
1616.59
54.337
169.9461
802137
1,790.438
1.385.626
IB15.610
Overseas
Totsl w4UOt•d
Z31L561
W18
162l195J
IS92.575
3,201230
UK
Overseas
3.171.503
818.7K)
11.042.476)
424.435
3272.292
2.814,233
41n503
8lQ770
IL0414761
424.435
W2292
2,814233
481124
1743588 ILéll671J 408A26
S.9￿.867
6m5,409
afLI5$1.19Tr)i5d￿wthtIi￿Qn US$1￿.4>6￿¥￿tha
CNh*èn's Imwunentfwd F￿m￿￿O￿laFF UK& I PaRe 77

F*rvalueat
31112119
F4rvah
At31112120
us$'ooo
Costat
3V12120
uss'ooo
Dl4>asals gth51fjoxts)
uss'ooo
uss'ooo
uss'ooo
UK
5.491.rJ7
549.563
202.897
6.041.320
88,989
5.491.737
137.967
5.845.194
(s.975.￿￿
Totsl w4￿ted
5A4&194
&5DgA36
15.975AW
751480
4IM309
5.029.704
¢o5tat
31112119
us$%￿0
41.882
41.882
C05tat
31112120
uss'ooo
6.831
6.831
Ot5pw15
uss'o
V55WO
141.7631
141.763)
UK
Totsl
6.712
4712
The fdlowing tables ￿￿eSent the movement of the Gwj's and FoJThJation's irwe5tments as at 31 tknber 2019..
Falf vaknat
31112118
In¥￿¢M¢￿t
DISp￿al$ plnsffjossesl
ussyjoo
115S'000
Falrvklue at
31112119
uss'oTr)
Cost at
31112119
US$'000
USS'OOD
UK
581.ni
2.391.923
.837
12296
002.558
1.70?.OC13
508.616
1.653,814
498.057
11,1912731
Total un¢yJrted
1971644
498￿57
IL193273J
X133
1311561
1222h30
UK
2J21.132
1.744.611
11.532.633)
638.453
3.171.563
2,675,243
Total quoted
132L132
1744,611
IL5316331 634453
1171563
1675243
UK
Totsl
46.422
4&422
157.5511
511
11.129"
li.￿9
Totsl
5,341.198
224Z668
783,457)
68171V s483.￿4
4,897.673
Tr%dittrJVKebe1￿￿ LlSS&8Z7lSk¥Altr*￿jFAY￿lL￿ ussimJ.w2L(VamofrnttaY6on ￿h￿lrn￿￿￿uSS1m1j.￿a￿￿ld for
Fo￿￿all0ft- Hekl at FairV4
FalrvahRat
3111Z118
uss'c
Investn*fit
Falrvalue
DlwaL* latr￿o05*eSj At31112119
usswjo
uss'o
Cost Jt
31112119
USS'000
uss'ooo
(kneas
5.151.509
59.861
(37S.4441 I.CKTr.X
5.845,194
4.891.510
*15L569
59*1
1371444) J.(M)92C4
&044194
4891.510
C+)Stat
3VIV18
C05tat
31112n9
uss'ooo
41,862
41,882
0￿￿4$￿1$
US$￿00
uss'rK*J
UK
To
41.882
4L882
a￿d￿'S In¥estrn•)t Fwd IC¢FF iIKTr I Pape 78

13. INVESTMENTS Icontinued)
13 la) Investments in subsidiaries
F%vpose Profitllloss) US$ Tr)0
2020
2019
aFFIUKITrathoE bmited rcIFFT￿￿l
aFFIUKI Newto Llmited raFF Nev4CO
E￿d &v￿￿S i(A)
13)
T3kn5 Caw t)￿￿￿ted*b￿tyComPXtyfTalOSry
fabs Prcpeths FlokliTry Limiw IYPHI?.
Talos Prtiw1￿$ ￿Tr￿led fFPL1"
CIFF NutrfJonlUK) Limited fciFF Nutrit￿7
CIFF Caph31 UK Lpf'ciFFCaptsn
CIFF b)vestm￿ts LLpfciFF h
CIFF IPCotimited r'aFF If)
CIFF knvestments11 Limited{￿FF In
CIFF knve5bments111 LLpfaFF in
aFF GenErnI Partner LimitedfaFFGf)
aFFWater Lxnited fCiFFWat￿j
Ic
Enttsnd & Vlales IC(S
En£tsr￿ &Waks I(￿."
En&aThJ &Wa￿S ic
14)
111,1831
111.1561
EryknTrJ &V4•ks ICQ.""
En￿and &￿•￿$ it￿.
EnBland &W•les
1549.5831
181
7,926
10.688
19)
117)
15.707
773
En￿aThd &Wakn its)""
Eng￿nd &￿ts￿5
iioi
nla
4.713
nla
En￿ &Vak5 IQ)
Enwand &VAb25 lty)
En￿nd &WabES ICQ."
1151
86th Street LenderLLP r86th L
Ip>o
nla
Ilth Avenue Lender LLpfiith LLf)
En*nd & Wa*5 iCK>"
611
. Ir4kett nddw5
De£ty¥tsr2trX). itst&&a5¥etsaDw*ed ioU5$17.674kQ019". itsS5.K7535kl.toUh***E5Inwthd t0L6$l7ts56kl￿I9.. USSS.937.523WI
a￿1 ttsLBSIOkfJnp. uss12kJ tb*¥the ￿}*￿.￿¢ tsan5Fvred ¢oCIFFCaritsl
5tolalass¢ts•I￿￿*e￿b)U5s&I4OjW*0Ea1l￿¢Say(Athkn uS$5.5511785k￿￿1￿II5*ts¥ftsJ￿ bj US$549.se
o) aFF Irwi58 IhTittd ￿aL￿p•￿*•pte￿*EnaFFCty* •*1 CFFI ptyi1￿.￿mry2O5j.the
tranthrrt0twoFFT￿Iwl8 kooFFIL
OFFca￿lI
CtrAldren'5 1rwo5trMntFW￿ FowpJatknnlCIFF VK> I Pas• 79

13 Ib) Programme Related Investments
is nc* bjt tofvtherth2 c*￿ts L*the FoJThtsti
The FoUr￿￿on inVes￿d US$1.5 Mill￿ (201P. USSI.O MiirK￿ in ￿L￿ted ifNestment fund5 wch a5aobal Hellth Investment
FUnd.Wo￿l￿8 Captsl CQ. LLP and ASt￿a Inc Tl** ir￿$bytnts suFwt chariiabk obJ"ectives of the F￿￿lAtI0n.The Foundation
committed US$23.8 milknn. of %*Kh USSI.o rTh71￿(2019-. U5$2.3 rwwns (yJtsts￿1n8 to be éraw do￿11a5 at 31 DecEmL*r 2020.
In 2020, the to US$9 ￿￿￿)[￿tts fv￿le knten*ticthal fM51l hjrbdinggap fora project
related tovb)mw's sexual heth*hith is W tothEihartki42oLiecD*s¢f the FtyJTwJakn.Tr totsl loan to MSI 15 ci)Thtsacted at 0%
intexe5trate. and V5$1m rernairs￿ts￿thn8 to be a58t31 DecemL*i 2020.The repèKI during 2021. There 15 fiD
accrwd interest ￿paIrffienereC(￿￿￿atJJ 0eEerrt￿3)2Q
13 Ic) Variable Rate Notes
D￿n8t￿￿ar. the RthJètiN al c+its tiilwestin the NLrtes ￿aFFC<4ta insettiw*ntof its ¢t4￿n to tuNI a draw*l¢Y*n.
ralos. as the Note& setued ￿ i￿e￿$t tN4I haS￿Rd and arrya&JiiwJial of princya tryw3yof*i in s￿Cle
t￿$f¥ ￿ CIFF C•ta.Taloswl ¢￿tir￿Je ro its owi83tK￿￿ ￿ relalion tod1￿7￿8 Te4L4yte lunds fvom CIFF Captsl and Mll
I be ￿llYrekned from its Wllq tt* Nr*eS￿h￿￿ ￿d.
13 Id) Mixed Motive Investments
The FtsJrd3ti00 da￿fied these iThe$b)￿mS as a Mrknt fmmn.as the IrThestn￿ fvth5 CIFPS charitsUe ain5
swel as anbopatE financial rEtum& lry CC14 (CharitiES￿d 1trrfe5b￿rt mattvs". a 8uide fortr￿￿). the Fwndati
consklered the of wivate ter*hÈ to third patescreated ￿ Th*thr¥to te reas(A*Yeand aowowate.
The FwrKjati￿ itlvesied US$IO.7 milw (2019.. US$3.4 N4xed lrfvestr￿ftts •) fLThYs Slth asP4u¥antadMI
Health Technokngy FuThS. LP. Ckan Ewtrvwbjre FuThl. SrAth Ea5tAsa EntsgyVty*LvesaThJ Resd*nlA8n"culture Fund.
The invests v) eaty-swcomp•i*s that hwe PL%￿rtial *d at¥lityto•Jdre5s¥rthl ￿1th C￿41￿ngeS
akngwth climate rctsy arms rwJtrits)n IS￿￿￿*th c(M&stent￿th tt* ch¥iVs cty"ethe>The Foundakn C￿MItted US$32.0
Mill￿ towards mixed r￿)tive iffvt5tmen￿ $18.6 mli lion(2019." US$21.3 milh)nl remains wtstan(fing ￿be drawndo%%n as at
31 Dttemtrw2020.
13 lel Unquoted Investments
As at 31 C)ecember 2020. ofU5$522 mllimW19.. US$65J rTh1knJ I￿ed US$43.9 m111K￿{2019.. U5$43.9
w￿re the undthin8assets ire tsndercrffistr￿t￿ thE fawTrfibRof tt* G4mtbereliatrfy determir&. the dir2ctor5 are required
to m3ke theirbe5testiff4te ol the f￿r￿l￿e. S￿￿ert ￿8[E55 beai rnade s￿h that3 reathl¥ a5cttl*nablE market Wdlue can
be obtsned lorthe undethin8 assets. the investment isvalwd at faifvkn third pathfvaluatiDn5 lwd byindependent
experts CBRE knth Aga Ud. Fairv31ue is dEtttrrAned of valuabon methrxth8ies. hic1￿￿kn8 comparable precedent
tran&4cbDns and d￿COUnted cash WserffAtiwi￿s Ir￿LKIE tiiyr*of fvtvre cash dwount r*used to deterrnine thp r*t
esent vakneof ffu￿re fl¢M>
Urquoted imie5trna)ts aknc¢wsed US$8.3 mar￿{201?. US$21.4 miwof assets he￿ ¥￿th an unquoted
Nesbment fund The irNe5trnents are had at markEt v&Je bJ5Ed rerKrtsupplrd tythe invest￿l fund 3sat 31 Oecember
2020¥wth anYg•r$￿ bsses b•r* tsken to ￿ SOF
13 (fl Loans to subsidiary
Fc4k)wn8 the restnxbye of the in 2mtsee page 561tt* FaMKlakn US$5.49 b.111￿ (2019.. Nio to
CIFF Qptsl The is thesdeknW p¥bvofaFF C4Mtal ¥pJ is the partnerenlide(I to4nyretim from. or share in the
' investrn&)t assets of QFF Caoal.
Clk**effj's kn%*stmtyit FwndaWoD (CIFFUKJ I Pay89

14. KEY INVESTMENTS AND UNCERTAINTIES
The fc41owiThg presents3￿￿X)na1 Ir￿rTh￿ at￿1 ¥&- technknts * gy¥fr•)turN)bsaNth inputsused (or urli5ted
assets arLd l*t*libes. whth are ￿￿ed 3tfawv*ea5 at31 tknn*er 2020aThJasat 31 Decembtr 2019..
31 December2020
RJngeof
Iwer8hted
a8elfor
S*nifKant urbDbservable
Input
inp
FairvaluE al
31 DÈcwnber2020
Vss'r#)O
$2rthvttyt(•
than8e51nslBnlfiunt
ob5prvable input
va￿￿tIO
Assetui*É•ty
An increase
Ihediscount rate
re5uk in a
lower fairwdlue
Loan5
Cash fk
2.489.244
DwNJntr*e 7.12%to 20.74%
An i￿rease
in the drscount ratE
¥Yould result in a
lower fair va￿e
Investrnenl F￿￿$
cash flow
57.575
31 0Ecernber2019
RanEt•f
Iwel8hted
ragelfor
Sen5ilfvityt•
SyafK•rt wthwv•bJ¢ Ch￿￿1 ijJw8nlficant
untsbservable input
Fairvalue•t
Assetcate80ry
Uss'f
An I￿reaSe
in the dixcvnt rate
would re5￿t in
Iijwer fair v*ue
Loans
c•th flow
I2￿.752
%to19%
An increa5E
in the &L4COUnt rate
wouW result in
loyRr frair value
D￿CoUnted
cash flow
WÈY8l*ed
Investment Funds
57.576
18%
When deteTrYinw)g farvaluE. thE GttyJpusesvthJatK¥i techwes that max¥ntse use of obse￿￿ inputs arKI minimtse the v5e
urobseNable wiwrt> techr*wes Ltsedby the to the f4tKvaluE are cOns*je￿ 10 be an iff￿C￿e
in*strnent Èener*e w rime. The Lsed the yths cab"kno￿ Me￿ to the dist￿nt rate5 ofthe
¥estsM•)ts. kn apthn8 thEy￿k1 ca1iLx3tW￿ meth(KJ. ¢thscoffitr•tr bsdetemiined tyfirst estirnatir￿ the yiekl.to.maturity.
d.to•L er y*ld.ttr*￿r5la5 of tstest ¢Yatev4lYe knan vfds in an arm5 leTW tr*)5Ktion (Lhe
ransackn￿ Oètsn.They￿￿ as oftt*Twsxtim Date provides an meawreY*nt of£omkkxsaDon a Ma￿et partKlpant
uires to hc4d a se£L*ty. ¢￿1rfYi￿È trans￿ often cws¢oF.111 tr* iThiièl N4rket tran5actiOn.121 secondary transactions
d131 JnendmentsvA￿ Wwestr￿n1 was ki itwts used undw tts 14bi Tai¥Jn rnÈtfKxJ intlude
assessment of the cre¢itspread oft1￿￿￿ab1e ar¥J changes in Cre￿rt￿￿rtY0f the bm¥veras * 31 Dewter
2020.
d to dIffe￿￿t fr￿3￿￿ts c*fairY
The Gr￿p bE1￿5 that use ofLiffeMt indetwmirMr¥the f*r¥a￿¢&the I)￿e finarKK41 in5thJments
result to irr•Taierial in Pdirva
The Gr(￿p.5 rewtR)8 SVStem5 and thE nAiL¥eofthe 1rts1nrnts•￿ the*dlu8t￿￿ mtthkdo it tO8CCUrtetyfanètyse the
totsl Emual am￿nts that a￿att￿lMI￿bIe tD LthervtharKI urxJb5ervabfe inw
Chlthen's In￿StnIent Funé FoundaihnlCIFFUK) I Pay 81

15. FINANCIAL RISK MANAGEMENT
Principles of Risk Management
ThefroLP'S [n¥Estmentpro8Brr￿re seeks ta ￿£￿bjrn$￿￿r￿J fry ihe L*¥isk to*thlch the Gr(xJp is exposed
Seeks to miThrnise a￿er9e elfedson the p*rfI¥Tnan￿lthe"lrwEstrfi￿k Pro8ramme?.
InvesthEnts These servw. as partof the investrnentmx￿Srnrtt (the.ItNest￿t Mana8ementA8reerMntl.
Include M￿li￿n8 maAa&ng the risksassrxiated vrithhok%n8S￿h investments thr￿ the aOication Of the Investment
Pro8ramme asagreed with the FtrJrntsti￿￿TrLstee>
I Investsments wesent a riskof loss ￿ caritsl. The rnaXirNm105sofwAtsI ￿ kwg eQ￿and debt seoJiit*s ts limited to the
lairvalue rK Gx)gtiC￿5. The maximum bss ￿ capta on th￿ents carried èt arntrtised cost is the tsnyingvalue of tPose
vesbnents as %Yell as *y assocrdted accnRd intere5* recavatrAe. On Vrriit￿ c311 optw))% ¢*)gtionson equity debt sold
the M￿Th￿m loss¢f can te unhyated. The k)55 of cakxtal %%rtten PA 4)Dor￿. e4u1tyswa￿ and forward
f￿gA eKhwge contyacts is luiNt£d to the co)bwlvthes oftlK)5e posthns. F<* loans se£unties wh￿h i￿￿orate a
future c(Thnibnent thue is a ri* ofr bss of c*1 in exessof ￿￿(ar￿lrEa￿C￿t of those positions the C¢r601idated Baance
Sheet Tr fyouo may be c4)liyd tosettk ltrtse cthmn*t￿ts ata tirnew￿n the i(￿5￿(￿nt is imwred ar￿ thereftye the maximum
is the tctsl th¥jr￿ ￿ Note 21
The Grwp is exp)sed to risksgxh as settknlarKI cu5todyrtsk CLStodyrisk is the risk of bss of hnancK41 assets
ar￿ *atrMlitio hekl n cu#ody ￿¢asK￿￿ w1xkn￿orll￿tg￿*eQf oJstcMI&3n. 5eWemenr riskis tre rsk that
a counterpartydoo not de￿￿¥ securitycK itsvaluE as* trt seoJritywas b*d ats the (knup ha5 already
delwered sewrltyc￿caSh as wthe tr* apryoDriate W frameth is In p14ce that ￿d￿￿5 the of k)55
of wakne Of￿ fin￿￿31 a5setsaThg lthilitie5 held by the cU5t0rf￿n trctyJn*rparty. in Ihe ol its faflure. any cash balan￿5 held
the Gr￿p￿reat riskof k75t3Th5 of thecw to securities rN8ht be teMpor￿ty wnpaired.
respect tothe ￿1￿dt￿thed k>ar• a$reerr￿ts Gw) is e¥￿e0 ¢0 a wxlevanetyof Operab0￿ risks specific to suth
inve5trNents. These llsks are mmg3ted tythe erigagrnt of le8al ￿50r5 and indeper￿ent Ii>an serv￿1￿8 agents
duri￿ the dli ￿r￿eSs￿vj hfe
The GrDup Ir￿15 in tr￿￿e equity5￿￿￿ties fo￿ard forw exchary canlFact& Thp5e inve5tmentsare generally
t￿jed in kne Seco[￿ry the taen to exit a kwtion aThJ the vahje rec￿¥*1 depend upon fKtor5 induding
the si2e ofthe posit￿Tr relative to the total ￿e Size. the datyaw tr*dwkne 3NI rxewdWin¥ mtht tr&ids of the period
in the tTrde is executed. TheGrwpakn wivaety t<aded eouty securib4 bank debt and ￿)3￿ The market For the5E
types of in¥tstrT￿ts 15 illiquid arKJ secLTh*ary market transxbtys¥e infrerwL ti i5 mre difficult to pred￿ the knmearvj eiit prKe
of these type of ￿veStMer￿&
The r￿Jp'S activiliEs exw5e il lo a ￿etyLrf finarKial tth." r(4rtdiisklithin8 other prKe interEslr3ts r¢5k and torEi8n
curtEncyri5kJ. crEditri5k End liwwthty risk kn ac1l¥ts￿e Yblth the IrNestment PrD8rwnmE. ￿ Irwe5trneTht Mana8er u5e5 drfft￿t
Impact of Covid-19
In tk£ernbEr 2019. a new SARKcV.2was N*nbfied in City. HuLty PID￿￿e. Ch*ia and reported
to the WLYkJ Heafth clEan￿alTh￿ fwHOI 31 Dectyrtv >)19. The ccrDrwntswas known Js Ctr4id.19 3nd was declared
lryWHO èsa ￿Qbal pthc
TheTwste* a55e55ed the Iffl￿ of m¥ket ¢(Ththb￿$Wi$I78 Irorn the Co￿J.1? ¢yJtbte* on the froup's Jbiltyto meet its
we5tfflent obiEciive5. to cyerate W￿$b]I¥1t•￿jriSk paraffle￿ that h*e Èstatl￿hed.
ThÈvt4ablityof fv finarK￿lI rTh3thets coubj of the parbcdar the uncertairty
around fairvkn meagJr2ments.
VatelY￿*￿ ￿ ￿Nest￿ts ￿the *aYeLI ¢a5e5 aganstp￿t￿I assets in(knirÉ ￿1 e5tste an(J
property. Ckneto the ¥okih%tyThl ttre hnarD31 marke& this ift￿ an(xJTrt lenturthrthe ban t￿n88reater than the value
Of the ￿Vred assets irtsease tl* becomirg im￿re￿ orwns Into thfaultAs ￿rtof￿* (knup's
*rpairment %%ith thetxepti￿ d 76 Elpjerth Astr￿ •)d 151 East 86th street{￿fer pa8e86 S 871. it Iks tÉen
detemiwRd th31 Th) iThJKat*)n of irnpawrr*ntof theas5e*s a5 5eoJity L*£t*f*appar•rtdthro ttsyear.
ChThdren'5 lrfvestm￿f Fund ICIFF UKI I 82

ltha5ure5 takai by EO•*mmtr)ts to tsxJ.19 akn alfLr￿ ￿OrK)M￿ athty. ha5 resulted in ffwcerryan*5
expwiencin8 cashft￿chamen&es t¥orn thyuWQ)S to thwWatic￿. operatin8 Costs or decrease in deffland fv[t￿1r
WIN15t the C￿> ha5 obtairTrEd certan yJ¥•)tsts frrfft C￿ll￿￿athlate5 ￿ the l)orrrp*Y.3nd thp rEknntguatsnt(xs are
alw required to Satisfy a mirimun r*t%%twth armt h"wKSty C(wwI¢ ￿ rep3yment ol the a￿ Wendenton the con1p￿tion
of sales of tle underlyin8 c¢w*4(Thn￿m5 or ts retevantprcwy c*a Efinanon8 ol loan ￿th awtrtrcounterpart. 10
restrictir¥is in place Lo contain Qwid.19. ¢J*numLw¢f saks tr•￿r¥)n$ U)at could ¢￿)￿te has beai
reduced and the aya￿￿lity of ¢efiftar￿nB Wikne5 tkTh8thE first half of 2020wa5 Curtai￿. IvM¥er unit sales from cwtsin
The Investrr￿l Managv condwt5 re8ULirrevie￿ b)ans ar¥1 l￿Be$￿1th the k&3n Ser￿t0 m￿ltOr prowess. and n￿Y
alsoseek eypert partyorirwsTrkne req￿r¥I. The Tru5tee5 the In*sts?￿ Manager ttrrn8h the re8uLir
FvrthEmwe. the fr￿p.5 to ¥duerfil ri* dNer5ihrJtion3nd 5decbon o15ecvritiE5 and ott
hn3noal ir6tNwtswlth￿ ¥eofied h'rrmts Set ￿ the 1rNestr￿lI F¥Cer￿Nne.
Market Risk
)pri￿ r15k
The Grcrtjp is t0se0jr￿es r￿e ri* ￿ derivative prite r*kThis &ises ftom invesfftnts hdd by the Grwpfrrf ¥4thth
in the fvtLwe a¢ LvKertain. ￿￿e r0i4rKThtaryfinthKia￿slVrnls asewityseturrbes a￿ dts)L*))inaied in
Cur￿r￿*S other than the U5 dc4Lar. the eXwe55￿ In cutTw3TrJ then cofftrted into US doiarMII aL%o
fluctuate becaLtse of chrtes in fotetgn trXtt*￿e rates. Pawatth (b1'F￿ exthBnse ri5k' Sets out IM)wthis comw￿￿t of price
rith ss tnanaged arKJ ME￿11￿d.
The GrDJp'spdicyiS to marw ttYLK¥h iknikatio)•ThY $deCti￿OI securities aThY ol￿fina￿al ir6truments
within specified IAmits set the dKectry5 of the Ga￿1 P*trw r*CIFFCapital in the 1rNesbi￿Tht Pf¢8ramffle.The Inve51ment
ProgrammecwtsKs reStr¢bC￿$0n mtht expJgJre 1the"Exr￿re St4KYl. The Exwsure PolKy re8arJrg ￿Erall expJ5UFE
The use of the tEflll"RefetEfKe NAif V4ithin the rsk marwent refvs to u*Val￿ ￿ the net assets of the Group.
Grtyjp's ex￿sU￿t0 ￿[e risk in*$t￿t rrKtro&o try¥Kk￿l sector.
The tsble below is a sumrA3ryof ￿ sectore¥p05wes we in Rele￿nce NAV l¢r the wrpose OF monitorin8
the ￿VeStMent ￿trictions.
31 December
Sector
2020
36.8%
2019
Industrials
Real estate Soar
Con5vmer dixretK
Car￿Ate debt
Infonnation techwlo8y
32.2%
9.4%
7.4%
S.S%
9.4%
98.5%
9Zi%
by re8re5Sing the daily ￿tUrnS of the Equity against the daiW retsjms of the MSCI Worhs Equity Irdex includin8
net dMd*)ds ￿￿r￿ESted Ithe"IndExI I￿1￿￿*r8 ticker'NDDUWII ar¥J effect of movements in f￿n ojrrenry
eXch￿Be ratss on equity.wce& as at 31 2020 ￿ 31 Oecerth 2019.
Chldm's Irr•*Stff*nt F￿a Foundatlw ICIFF I Pa4e 83

ana￿￿5 use5 the aftthrf* ol the aJsduter￿Yea¢ffv*5 of ￿lih the Cw's firwual yezr
e the GroLPS incepbon as ￿ eStir￿le the ieasfyw rosgt*atYxJl in skknl eoiHty ¢W￿e5. Fty 31 DeC￿ber
2020 this x 29.5%12019.. 10.3%k Thi% the LE5testin¥te ofa tEa5LYth pD55ible shift w) tr* kndex over a period of
year. havin8 to kK5￿(al w)iAbiity ol tr irwJEX A5 at 31 D￿Ell￿r 2020, the exPJSu￿ oftheGroup to Equity
Invesbnentswas VS￿372.112k (201*. VS$3.157J4
17 2020. the beta of Eqimty In¥E5tsnwts mL7+￿￿ts in the IrkJex was 0.8412019. 0.3Jl. The figures beknv
8Ne ￿ e5timatiw rfa rEa5[￿a)le pos￿￿Eth￿ in ihe frdlrV￿ue0f the Grwp's Equity Inve5tmErtsovEr the period of onE
r. ￿n8 fv i*tsv￿L￿ 5tsted ab￿.
2020
2019
uss'(K
ed effett￿ the rJ0￿S lrhT5tm￿tsof
an irue*e in the ndex
031.599
131.695
a decrease in thp irKJEX
31599)
1131.6951
The Indtx ha$be￿ used as Ihe refererKe kLynt ¥1 deternMrYq the effect ofprice risk The ItNesbnent ManaBer doe5 not
manage the Gmp's YNestm*i 5trate8yt0t￿ck Ilus irth Or ext￿r￿ benchnark The 5eDsitiwty analy5n5
e5ented Is b3sed urm ttt Ewty I￿￿ts tc4rY￿t￿n J5 at 31 D￿nber 2020 arwj 31 t)ec•nber 2019 atvj the htstthcal
cowdationof retumg hrm ihE 5ewritES ihE Etyvty h￿tr￿lS to the ￿t￿MS. ￿ c¢ynpD5ition of the
Group's Ewity Investments. and the((￿E1atNJn therEof to ItKÈK ts ex￿Cted toihar*e Dver time. The 5En5itivify analysis
ared a53t 31 De￿Trber 2￿20 atul 31 2019 iTh*tatwe of the effect Group's irryestmenis
1￿chon31cUrrerty. the Usddlar. Frytjgn￿rtEr￿vItsk a5 de{￿e￿. ¥is# as y￿￿e of hJ¢u￿ transxtion5, recogni5ed m(netary
a55ets and Iithlities Ml oU*rCurre[￿e5 fl*t￿te to thatw in exChar￿e ratE5. The tsble
bekw¥s￿￿ the co￿entration of assets habiitieskn¥nated ￿ currerwoyv US &*rat 31 Qkcerrl)w 2020
and 2019 and has been ènaw i*t*tty) m(￿￿taryaNj iiem
Net
fgrward
Us$ Wl
15.0521
1451.6241
exposu
Us$￿
usst
us$ w)
15.0521
79,824
Awtralian Ddkr
Carwdian Dollar
Chinese
Euro
Irml￿n Rupee
Japanese Yen
K￿n thllir
Pound Sterfing
Itss Frdnc
597
5Y).851
382.480
1.5x1.734
11.477.971)
435249
11,5681
11.5681
133
81&563
1989.7691
1173.2061
340
Net
exposu
V5$ ￿J)
USS'oTr)
81.840)
(391.6¥1
11.313.916)
U5$
12.0511
19,4641
410.351
87
13,5421
11882181
311
trai￿ Dc4L3r
78.580
389.465
1.408,913
Canadian [￿lar
Euro
(7.2851
315.354
87
Indrdn RUF
Japar** Yen
nd Stedin8
iss Fon¢ .
13,5421
ie74.8261
311
The fcdknying We shm hthrica K4atility rate5 b￿￿Trthe US a Bnge of£u<rencies. ThE5e rates
Kywdea best e%￿r￿te ofa potential mrp•e exhry r3tew a rwojof 12 asat the statement of fiTraKial
p￿i￿date.
(Nk*en% IN¥eSbnent Fund ￿nd￿lIDTh ICIFF UKJ I p￿&￿4

2020
2019
Historkalvolathity Trtes
Au5trali¥s Dollar
12.9)
6.89
Canadrari Dollar
Chinese
5.14
4.71
7.57
4.91
Ind￿n Ril￿e
j￿eseyen
Kenyan 5hilWnE
Pound SttrfK
ss Ftsr
9.21
7.12
11.08
5.52
8.24
5.52
7.39
The fthlwn8 >J￿￿tiseS the attthnt ofthe if￿￿Se/(de¢re8se> In net ¥￿ts aftsing from an Increasel(dec￿ase}
the exctwoe rate in line %tsTth the %*ithal heNY ctyistanl The ar￿￿.5 beknw prE5ents Ihe
2020
2019
Chan8E in I￿t assets
Au5tral&in DdL3r
Canadv&n Dollar
Chinese
USS t)
U5S'OCK)
11411
14861
16211
6,737
Euro
32.948
IB
11441
20,149
IndkAn Rupee
J3paneseYen
Kenyan Shiifin8
pour￿ Steding
Sw5s Frar
11961
119.1911
25
115,509)
17
The objecbve ¢f Gmup's Man￿￿1 ￿￿tSt0 ￿e to retain its rxTher &)d ff4nimise
the risk that its wrChaY(￿ 15 lE￿￿ell a5 a rexdt of eth￿te nte flucttya¢ior& Trt Inbwt￿t pDce55 focu5Escn
Ddarr￿￿ aryj Wetnatic fact(￿ The Inve5tmt Manw n¥JThttys tt*omYKy rsk cffj ￿ wire￿$ and rEwrt5to the
Finance.￿￿d1t and InVestr*eirtC¢¥￿￿l￿ m a twarttytrbasi%.
tr)Ibrt•t*rtAt•rkk
Grojp holds liquid, intaprt.be3rin8 assets ar￿ Wibe5WEhas rash and ￿t*￿a￿e acctyffitswhere d￿ge${n interest rate5
chan6e theaM￿ntof interest recei%td or pa￿ in relatkm io the5eb3L4r
Grwp's in¥t5twits #i c•iied at f¥%*ue. h) detty)TTh8 tairvakje. the(W(￿Ik￿r￿ntaI cash now tethnique5
and ￿e8￿￿eS ￿1)me at a rate bèsed uTr)n theeffectibt int¥est rd¢eofaH e¥￿￿1 fash fkY￿ (Wer￿ life of the loarn For aN
irNestments. thedixount rate used o) the fair￿L•l)￿ iqc*ti Kated wn5t rnarket Interest fttss and cha)8es
in ¢￿￿1t9￿ar1tyorthe t#ytOW.
the ear￿er￿ cL￿traCiL41 r￿pIlar￿ aid maturitydates. The s￿￿￿¥Ity3Tr3￿ wes*ited ts based U(￿￿) the cclnposition of th2
OUP5 a55et ar￿ Irdbilities al 31 C)eceJrthr 2020aThY 31 C*ember 2019 arvj ￿ not ￿essari￿lI¥JKatiye oftlE effecl on the
NOTh"
J months
3months
-lyear
USS TrXI USS'C
InterÈSt
be¥rnE
uss'ooo
' 31 December 2020
ItsS'IM uss'wj
Total
U5S'000
Cash at bank and in hand
Cash pled8ed a5 ccllateral
IrNe5trr*nt aS￿ria￿lStie$)
104371
95,016
104,371
95.016
5.964B67
1489244
1475.623
Oths kyotment Fund iaFF UJO. I Pogq as

NoTh-
Int•r*Strate
Non-
I￿terest
bearfTr8
uss'ooo
*3mwth$
31 Derynber 2019
-l>Y4r
USSThbD USS'(
T¢)tsl
uss'ooo
uss'(*)o
ussyjoo
Cash at bankaThJ
Cash pled8ed as cdlateral
InveStM￿t assetsllliabilitses)
555.515
555.515
75.980
5.483.124
45.9
2x￿.?53
3274,371
Credit risk
The Grwp ts expo*d to crthtfsi t5￿ rok thHt¢xe pxty to a ￿￿tr￿￿¢¥All cause a Fryaioal I35s for the other
party by failing to (fisch4r8e an ON183￿. Tr C￿p 15 abo extx)5ed IOCuKentsa￿ risk and wew5 thpcredit concentration of
debt securib.es h4d based ￿ counterwb.es ￿ irnk&rie
The Group's woath to manawrecredir r￿k reco8nw tlwt tlwe 15 a risk of ad¥erse firki￿¢1 Impart regJthn8 fvum fluctuations in
uedit quah.tyof third parbe5 indudwl8 def￿￿ rab.rgtra￿t￿￿ * {r￿*t5￿￿￿] NM)k*N*)ts.The Group's credil risks arise principal
l of the I￿n In¥eSt￿t5 the Grwp are secuied ￿ mC￿lL75e5a￿a￿￿ ￿*Y$￿31¥s5etS inclth4KY8 estate an(1 woperty. The
lue of the seufflty reLatin8 to a ban irYEsrment rnayb￿ eojal toor le55 thev** of the loan that it secwes. Accordin81v.
the eveit ol a deta￿ the fyoup mtyinr a afterall costs r￿ti￿t0 L4JtsiniTwg and S￿1￿& secured 355ets have been taken
¥cthinl Althou8h the C*(wp ffonitors ￿ value of the secwed a55et5 w a perityJ￿ bags. as there is no aciive Market for
posibons t￿1r fisk ￿managed ¢Ji an e4iosure basTh ￿1th not mare th￿ 55% of ihe Refewce NAV io be thawn under kxns
cbssified as Real Estste Trebits5 ￿￿lled ￿ the 1r￿￿b￿￿it mar*seff￿l￿reement}. to the i1￿￿k￿ naiure af kw5 and the
varietyotlisks attactr￿1 I￿￿ding[WOpetyd￿7￿It and corttntratiDll tT5i gv¥fiwt10s￿ couw anse.
At 31 Oecernber 2020. the Gnxjpheld in%t5tsTrents in k)an5 ￿lUed at V5$2.489.24J¢12019.. US$2,208.7531. Thp key risk rElabng to
eath rrf these bans is p05sbOity that the txyY(Mw%*ill rEpaythe Vlkrest aThJ rriropal rEL4tin8 to in fum. To prutect
ihe Group agai￿t this (x)￿￿11tyof def3￿ seC￿ty15 50uthI ITUD the iKM¥owes wa55ets ￿¥)rth more than IhEvalue of the loan
outstaThliru Th15 seiurity the fom ol wme e5tateassets w) rnarke￿ The &Dup fflonitor5 thevalue of
the 35sets thsed a5 5￿Urty lryeng￿r¥ in(*petKknt expvts to mvje wa￿atiorS m the a5setson a p￿0dIC ba515 and cotisidErs
TW the a55ets win5t %slxth k)an5 5eaJred the has an i￿1rett exrK>wre to reductiLV15 In 0$5etvaluaithS as
3 result of a market crath w(thr tal ever*& Thi5 thean**Jrt knt L￿￿er a kan beir￿ 6realerthan ihe valL* of the
secured assets atKt increase the wcoablity al the irrto OEI•J
The Grojp wutecied ￿lIt ￿t0 *s Ifflrned￿lte repaYn￿t in the event that thè
baT0v￿rbfea[hes cwtsin a)vpnants. These awEed ￿ a bass ar the￿￿￿lah0n of &ich deal and may intlude
wih as loan.ttr¥alL* ra￿. ntsrest Cover￿¥j cther bwd metrK* Asof 31 De£embpr 2020. the b)rrLYWfX5 under the
bans I￿ted bek)w%**re in mèieria iyE￿h of tlwknan ((P￿￿¥S{201￿. m￿tiP￿e%￿￿Of dEfault haww
The G￿￿PalsO 5eek3 to obtan Cert￿ wJwwtee5 fvtyD cretht ￿(￿1•ry￿aèteS ol the brn. GuaTrnteE5 ftr.cOrn￿etv￿'. or
and rEcour5e dAvdations' guarartee fil the l￿free[(￿le¢¥￿O¢ project the p3yipentofan e4L¥valent arnL￿ to the
lender to allow it tocompletel.liil the payrr*nl of cwryc0515 untl tl* e*lw of loan repa￿nt and Comp￿tIon (irKludinE ￿te￿5t
C05ts1 fii)i aiy105se5 wKurred Lry the ￿T￿lera5 a ￿5VIL0f5pK1fyed acisof the b￿rth¥erer￿ated parties. The re￿antguar8￿tOlS
151 East 80th Street LihiTrf80th5trttt Lom?
With re5r￿ to 86th St￿t ioao the bunmwfaI￿ to rthy(Oa of intere5tdue ￿ the k>an In March 2020. aNJ (ill the
interest the on the roan Awl 2020 up to (laie heml￿ Lhe there10re￿ deluJtL Tr Investment Manager tIK>k the
decigon. %*ith effect fffjm fknmber 1. 20J). tOc&y￿ t0￿c￿le intertst on the k>anthle theexit 5trdtegy15tiang dptrrminej.
CNlthtn% In¥utrnenr F¥Dd Fwnda¢Sw ICIFF UK) I P￿¢ 86

7a W¢¥¢•thAv￿￿e L047fi1"IIthAvernieLoafi?
With re5pett to the Ilth Ave￿ io•). a potential b*tdthotYtYWa5 ￿kntifi￿ i￿￿u#2019 8Th$ the SO￿ht ￿ fdise
additiDnal equity. FLnding otloan att¥¥KES tmrt a re*rYdfK• of n8hts rotice wa5 tKINKled to trorrtyver. ￿Se￿n8
the nght to Stop fundMwarMJ call an e¥L￿t Bv Marth 2020. the Ilth A%trtr Loan had been alfr￿$t fully funtSèJ and the
¢Jgetdeha￿¢¥hWl 11K￿ased as a result of c05ts.Tr swnyjr wniirvjed to raise equty but
cess. During Ntyember 2020. the lr￿bT￿t decthd to 51q) rE(08wrygany IwthEraccDJed incomE on the kjan and
updated the Net Prewivalue I'NPW) cl the f¢r theathlibc￿l funthrBneces5ary to CL¥Dk4ete the WLyect whith on an NPV
b3sis in a the loan
The C￿up is *0 exoosed to cowterp¥ty ueoht ri%k tlwh tr* I￿r￿?￿￿ r￿Dd￿ts. cash and cash equivaknts. G￿h
Jgtd as c¢Ylateral. dLE ftum brokw5 and Ottr*Trett￿dble ba￿e$. One elementofcounterparty credit riskis th
fflmrtoring of rhe credit of ￿rbe5 %•1￿rEal Mat￿1311(1￿￿7ts dL* from brrthEr& cash arns shcrt.term dew5its xe hekl by
partie5with a credit ratingAI/A
311)er*rnb*r2020
31 December2020
Countewparty
vss'ooo
HSBC Bank FYC
JP Morgan Chase
UBS AG
8artlay$ Bank
ABSAGr￿P ￿Mited
Wdls Faryo
. Citcts knk Nededand NV
Al
A+
196.316
15.632
146
3.171
133
3.16%
0.25%
Al
0.05%
Aa2
NIA
NIA
0.01%
216207
3.47%

The anal￿5 bekmsurnmartses the fw?'sepwosfft ￿(￿nte￿pty￿ed1t r4lir¥al 31 Dewnbw 2019."
cred1texs￿ur•
31 Dr(¢thber2019
uss wo
31 Dttember2019
Counte¥p¥ty
A%¢ts
HSBC Bank F1c
598.831
25,816
970%
0.42%
JP Mow Chase
UBS AG
Aa2
Aa3
Barday5 Bank
ABSA ￿tiNted
167
Wells Fargo Bank NA
tco Bank Ne0erta￿ NV
Aa2
285
625.157
10.18%
le55 15%of its P*fer¥te NAV.
In the event ofarty trach ofthea1￿ rtt)I 3 ¥￿tS￿eSS days of the date ol sth ￿e1ch. the FoJndation
nagery*nt shall In ￿1r $ded￿￿tion detemiir* act&)n a￿1 seek toxhie%*..*lwe k¥acticat4ta rectificatiw Qt the brtsch
ithin a ￿SOr*t4e tirrefrdme and/￿ a c(xmfferual
In additw Cw) restrKts its eX[￿￿￿e tocrethtlThe5on tr tradA￿derIVal7￿* it￿d5 ￿ incjLAIi￿ retbn8
ree￿nts with co￿terparbes (apr￿￿ed trokers) it ts￿ertakes a ggr¥fiCanL%￿uffle of tr8￿ch￿l5. These nettMI8
P1tr46ions ¢Jo rKJl re￿Il in an 0115et on the Consdidated B3￿rKe ￿ 35 trarisKiiw5atE U5ualtysettled on a 8r05s basi5. Htyvever.
the uedit rtsk ￿sOcIated ￿th fa¥rUrab￿ c￿lIacts ts reduced to the exlent ttwt ifan eV￿l0Fdef3U￿ occurs a13rnunts
%4ith the¢￿nl￿partyare tefffl￿ted aThJ seitled ona net basi
The Grwp's overall exp)sure to rJedit risk on derivatweirtstnrnts wE4eLt toa *rangemwtcan thary 5ub5tAnb&lywthin
a short as it isaltected try exh 1r3rffj￿t￿￿ subject
l transactiwts in listed seLuiI1Esa￿ sei¥Edlwd fc¥}j￿ tmkw>The riskofdefault ￿ cons￿e￿I minimal.
as delweryof 5ecuritie5 sokj Is maL* LKKe the c￿Le￿>3rtyha5 ptyn*nL is made ona wrthase On￿ the
securities have been recaved by Cw. The trthwu fa￿ ￿the[p￿f8I￿to its r4Yryation.
The Grwp th a￿￿tsd HSBC Bart fHsBf) asLIJ5t(xlvan wvj brtkerand pThIderd0￿r%eN￿eS linthJdinE financi￿>
nder the term5 01 the HSBC PfMTE CusttyfyA8reern￿t HSBC xtas bar*er. oJstooj￿•Ml bnjkerofthe cash and
5ecurityesddNe￿ to HSBC arxl ¥&ill bere4yJn￿b12 forrecei)taTwJ dithTsetr*nt of cash bth41f oftheGtwp. forthe receipt an
Fe custodyand regisbaticryof securibesof ihE G￿￿ParKI tyan5ferof securities the Group. The r￿DuP ha5 bDth a I￿stOdy
and CrAlater￿ accountwith HSBC HSBC ￿[￿￿￿￿31K1 sÉcuribes krnlin8 to tre fmip wr5uant to the HSBC P¥irre
StodYWee￿llL The cdkteral to supwt xurrbes Iwding orotFereNp05ure ¢* HS8C to the G￿up w￿11
be hdd in the cdlateral a¢a￿Trt %Mth HSBC natne (* the Gtoup. At 311)ecember2020. 94%12019.. ￿%> of cash and cash
pkd8ed a5cdlateral atvj itwe5tments*fE pkxed ￿ cu5Lixty*ith HSBC
The Group ha5 3lsDaFwnted UBS a5 3 Iu5todk3tL Tht brr*era8e 38reementwth UBS AG states that the
cwnterpartyha5 the right to uthe. rt-lrywthcate tr* c￿.5 kn sub1￿1 toa limit e4L￿1 to ICKY% of
the indebtedness L* the Gruup to th2C¢YjntWP*ty.Theaw￿* Is0￿Yes3 net SeItle￿ in the evEntol an end to
the prThe br￿ge ag¥eemenL
Chlbjrenl Ir¢¥e5tsmert Fund F•JrAi￿on ICIFF LIK) I Pay88

Llquldity risk
lity risk thE ri&k that the Group rwbE Utth to Ber￿ate 5uffic*nt cash tEXMrte5 to 5EWt its¢bli8atsns in full a5 thEyfall due t
ID so on terms ihat ￿ materiafy d￿advan￿5. The G￿P ￿ eyposEd to the dal*5eWErn￿t Dfmawn ￿115 on dErivative5,
5eWement offundiDg rEqueststs) ￿￿5￿11th ￿ InfuThled commitwt (see Note 2(f) a[0￿ntin8 w)liy1￿.unfur￿d c0mTritrnen￿, for
further¢ktalsl. Note repa￿￿*￿tAu￿ and the3￿rn￿ payw* 0fMte￿$tthe to the
The Irwestrnent Marwrmanth5the Cfftv's hwtrfi¢Yposityon ￿ a darfytrass ac￿￿arre 38reed risk ￿ports to
the Gr￿p w a The liwKJity rerot has beai de￿g￿eLl tocr¥thm) that the Ckny has sufficient re50urtts to coverorqected
A5 part ofthemana8ament of ItqUKthty ri* tl* Irfyestsw Flwme fvn¢to the wuntol c£xmmitmwts
as a cethn percwta8e d its Reluence NAV.
The Grrw3 main swrces of We listed equity seoffitie& actthlJwJed ¢wyatedebt and cath The3ssetckss
In￿stment restDcbons a prr4kntim of Ihe Gr￿Jp'S a￿￿5¥re in¥t5ted in the5E tyw5 Df 355pts. %thichcai rEadily disposed.
Group *50 the ab￿lty io r￿t Note L*li8atio75 5peci2 de￿￿yo13 t¥0 rab ofthe wwe5tmetts
In the prrttlll￿ attre red¥npbcm date.
not traded ia ￿ active market.As a re5dt ther￿ may Mt te aNe to wthlwKJate these 1rNeSt￿tsat èn anK)unt c105e to thEir
fair￿kne to meet rts Ii(yJidity teWlem￿1ybe thto re5w*)J to speohc such a5 deth(TrtK)n ￿ ttÈ£reditworthw¥5 Qf anv
.The be￿￿¥t3￿￿eS3￿aty5e the Cw>'sfirw¥ into rdevant fflèbJrity8rti4#785 b3sedon therexmann8 at the e*n
Sheet date to rnaturity date.
Ito3
3 mwths
to l year
ItoS
Mtsreth•n
5years
I tnonth
TotJl
USSWOO
JI C)ecember2020
Creditors.. Amounts faiir
due within yeai
vss'wo
VSS'fW]O
uss'wo
U5S'000
uss'ooo
101,BSO
2.557
¢Y).950
165,357
credit￿.. 8mounts f*lin8
due in than one year
34.458
34.458
Totsl liabllldes
lo1￿50
¢50.950
3U58
199M15
Grwp
l•5s than
Im¢)nth
ussyNJo
Ito3
months
uss'r
Ito5
Mgre than
S years
tol year
USS'OOD
years
Total
vss'oLyJ
31 Decemb¢r2019
Creditors. arnounts faFA"nK
due within orE ye
ussy
VSS'000
214.401
71
12.204
220.676
Creditcrfs.. *nounts falling
due in than one year
45.980
45.980
Totsl I•￿tieS
214.401
45.980
272,656
FouThJètiM h'wdity risk
Asdiscbsed in note 13. the Cw*ha5in¥e5ted %thKh an ¢j￿ertain ¢crn￿tIr￿t that it TnayL* ￿￿1ged
to pay at a futu￿ date Tr likeliho￿1 thèt iF*5ec(¥rmitrnwis paid Lythe at the balance 5hee* date. The total
uncertainc(wnrnitTnents 3sat Ji fkcerter 2020 teen estimat￿ as US$I.02&307k12019.. USSI.460.955k).
hmoF￿¥Watkn laFFVK) I pa￿ 89

16. DEBTORS
Group
31 Dec 2020
Group
31 De¢ 2019
uss'ooo
FvJTrdition
310ec2020
uss'o
F(xJndation
31 Oec 2019
us$ D)0
Interest rectiva￿e
2.196
1.778
0.411
7.741
thMdeThJs receN3￿e
1224
19.2X)
11.869
2,543
33
223
23.722
552
Amunts due fmm.rel)ted p•trs
758
563
743
Totsl
33.071
18.689
&319
24.497
The debtorar(tsJntsduE fivm bro￿ wKluth5ca5h from I(￿3rd frryn e%th￿&e cwtr3Ctsch)5ed ￿awaIiing settJemEnt. cash
ftryn trades s￿d rKéitt sett*d artd IrterESt￿ce￿abbE.
17. CASH AT BANK AND IN HAND
Ih orr4inaJ maturibes ofJESS than 3 mLth.
Cash prfEdBed as£olL4teral 1rKbjde5CL￿terJ b3kne5 •ThJ ￿[h fywp's C￿%￿Jian artd brokeraThl otlv
Counter￿rtieS Theuse of tf*se *)KU)tsIS￿Strtho based the G￿p.5 contraciL41 fflarwn expD5ure5 at the dat
The totg of cash at bank and cash pledged as c<Akterai is on the f￿e of the cLnY￿idèted BaLl￿e SF*etaTrJ nwent
reflected wthiTh ih? Con5didated Cash FIN StaiamenL
The fi41u•Mll8 tth STr￿5 the breakdown afthEamount5 ¥￿th Custo￿$3￿1 other cryjnterparties a5 at 31 December 2020..
CashaTrdcxh
ewfvakrts
31 Oe< 2020
USS'(yx*
Cash pledted
a5 coIL7tsral
31 Dec 2020
uss Thx)
Cash4t￿nk ￿M￿fitsth
aThlin hathd
31 Dtc2020 31 Dec2020
vss'o
U5STh0
due
tobrokers
31 Oec 2020
USS'(K
Net<ounter-
pxty p05011on
31 Dec 2020
USS'DOO
Custodian and
prime broktr
HSBC Bank PIC
84.480
95.016
179,496
19.220
12.4CQI
196,316
Othereotsntewath
JP MorEan Chase
U85AG
15.632
146
3,171
133
15.632
146
3.171
133
15.632
146
3.171
133
Barclèy5 Bank
A85A Group ￿Nited
Wd15 Fargo
Citco 8ank Nederland NV
Totsl
104371
95m6
199J87
19220
12,4001
216,207
hlthen% I￿Ve5￿Ment Fund F￿datIon{C1FF UK) I PaB•

The folltr*ins tsb￿ 51KMS the of tt*amwntshith custeth OtherC￿t￿partieS as at 31 December 201?..
cash1￿(1*h
¢4thakn¢5
31 tk¢2019
uss'ooo
Cash￿¢48¢4
OS¢(*llateral
31 Dec 2019
vss'o
Cashat bank
and in haThl
31 Det 2019
uss'ooo
Amounts due
frombroke
31 Dec 2019
uss'oTrJ
An￿￿￿t5 due
to broke
31 Dec2019
uss'ooo
Netcounter-
partyposltlon
31 Dec 2019
uss'ooo
Group
Custodlan
HSBC Bank Pk
$29.189
75.980
rf15.169
6,411
112.7491
598,831
JP Morgan Chase
UBS AG
125.816
2SB16
25,816
8ar£kny5 Bank
ABSA Gr￿p Ltmited
-Wells.Farg*--
Citro Bank Nedertand NV
107
167
167
50
285
285
265
Totsl
55&515
75.980
631,495
6,411
ll2.749)
025.157
The following table shows the tweakdr￿M of the cash and ¢ash ewlval￿ts of the FOUr￿ti￿b hdd with c￿nterpartieS as
t year end..
Cashand tash equlvaltnts
310¢£ 2019
uss'ooo
31 Dec 2020
Uss'oth)
Foundat5on
HSBC Bank plc
37.lj
21.096
JP MorBan Chase
ABSA Bank
15,632
25.132
133
BaKkys Bank pk
3.171
167
55.942
46.445
18. CREDITORS: amounts falling due within one year
Group
31 Oe( 2019
US$'L
FouDdstiD
31 OEC 2019
us$'000
31 DK 1020
uss'wo
310¥ 2020
uss'octyj
12.749
Grants
74.095
83,629
74.418
63.629
Crerfitus
106210
1.213
Loans
iio,c¥)o
Duwative finarr*l liabilities
13.510
Accrua￿ and defer￿ ir*ome
IQ413
7.532
7.290
Interest payat4e
57
Taxes and srKial securtty costs
299
299
71
165J57
226.676
193.462
91,991
closed bJt awaitin8 settleme
CNldreTr'&lth*stAiert Fwd F¢￿￿&11￿ ICIFF UK) I PKe 91

19. CREDITORS: amounts falling due after one year
GvJup
31 Dec2020
Gr
31 2019
uss'wo
Foundahon
31 Dec 2019
us$'o(K)
31 Det2020
uss'ooo
Credtior5 pay7tr1e betsren l and 2 ye
Creditors partle belknyen 2 and 5 yews
Creditors pay*le after 5 ￿r5
34.458
45.980
34,458
45.980
20. MOVEMENT IN FUNDS
Funth weretransferred frcth the £m￿datIe Endth￿ FvThJ ti) De5Wted FurKtsat trE yEarerKJ.
Group
Ilame
Tran51er
Bal*ht*
b¢¢w¢rD
5•t
lunds 31 O*c2020
U5S'000
vs$'ooo
FX8alnsl dllferen
reser¥e
USS'(KK
uss'ooo
uss'ooo
uss'ooo
uss'o
VSS'(KW
Unrestricted..
Income f￿￿5
.615
1371,0161
11.19n
311,598
De￿gnated fvrids
657.971
115,3921
642,579
18.561
111.850)
711
Expentkble
endcmment fund
5.21H.018
17.496
4￿￿.914
12962061
5.356222
Totalfvnds
se61,989 W72 13610661 4x914
11.19
41X)5,512
Group
Balance
asat
Exchart8e
Transfei
ealanre
reser¥e
Uss'ooo
l￿d5 31 Dcc 2019
uss woo
uss'ooo
uss'ooo
ussTho
ss'ooo
uss L¥yJ
uss'c
Lhvestricted.. 0>
llxome fvnds
1383.S6n
.496
383.071
Designated fvnds
569.769
8&202
657.971
1740
11740)
E¥pendable
endcvth￿ntfu￿d
4,S58.307
102.366
1.013.3)6
1312
1471.2ni &204,018
. SW076
101106 P87)17J U113
496
5.861.989
ITJ Reser¥tt thined Ln¥trKW totsl U5$169.323k
12019.. US$192.9Th).
a￿dr￿.￿IrNI5tffifffflt Fwd FLwTrJadoh) iaFF I P￿?2

Foundation
Trnnsfer
asat
31 Dec 2019 R¢SWr￿ Expended Jal
us5￿)
usswoo
VS$￿00
Balanceas
310ec 2020
uss'ooo
lund5
us$'ooo
USS'OOD
U5$ ￿00
Vnre5trKted
IrKome fvnds
57,372
1351.4841
11.191)
295.303
De￿8￿ated fuThls
Restricted income f4id5
657.971
115J92)
642.579
18,561
118.5611
Expendable
end(Mtnent fuThl
S.20B,893
432.
1279.9111
S361,390
SM64864
75.933 137Q(
IL1911
4001969
Ftyjndatton
Balance
asat
31 Oec2018
vssTho
Trah#for
Incon¥n8
ReS0￿rreS
In¥estmEnt
FX ¢aiThsI
Balance asat
31 Oec 2019
uss'ooo
uss'om uss'oc
uss'o
uss wo
us$'ooo
Unrethcted
IrKoMe funds
65
1267.07
1397)
267.403
Dey8n3ted fund5
569.769
88.202
657.971
27.462
127.462)
ExPer￿al￿t
endowment l￿d
4.552.563
I￿11.935
I355.￿5]
5.208,893
*121332
27527 (2945331 LOIL935
139n
S866,864
A5al 31 DecemL*r 202Qthe Trwtees IwE3lLKate¢J U5$642.579k(2019." U5$657.971k)of de%￿ated funds %¥hith rewE5Wtsh￿¥Js
21. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Fund5-
Totsl
31 Oec 2020
uss'ooo
Fund5
us$.￿0
31 Dec 2019
us$'o
uss'oc4)
T￿￿ble assets
Intsn81b￿ assets
Inve5trnents
472
7502
5CXI
837
5.189.617
172.958
16.3531
S356222
775.2Y)
59.261
1193,4621
041579
S964M67
232,458
1199M15)
005.512
5,483,124
050.184
1272.6561
ShOl,989
Otherassets
239
abilib'es
6.711
IM*$bY￿F¥￿d F￿ndatkn IUFFiIK) I Pa&e93

22. COMMITMENTS AND CONTINGENT LIABILITIES
At 31 D￿rnber 2020. the c￿4)had ofU5$19.435k12019." U5$23.754k) in relabw to theuNuctsd irwestments
hdd %*ithin the YNe5tment
The Grw has YNested in b3n5arvJ *curibes 1r￿r￿y3tte • ￿￿ert￿n£{￿rIffllfy?W thai It be ot*8ed to pay at a futwe date.
The likdhu(wJ that these (L¥nmitJ￿ts we pad ty the Cw) is L¥*[th￿ at ba￿￿e str￿[ date. The tot31 Lniert*n Cfjmrnitments a5 at
31 Decembet 20X) estirn3ted a5 US$I.02O.￿7kI2ol9.. uS$I.4￿.95￿.
Charitsble y8n¢ fvn41￿ of $3tth to the &gWin ￿n￿l￿O￿lUK)y1as 5PEcifK (¢￿￿li)Un$ cw)ants *thich werE ryJt
met a5 al the 31 Oecember 2020. therefort rK)t IrKI￿je￿￿ittmft￿ h"abAitbey F￿lI￿r￿l¥lL%>l prwded ￿1n wst ba￿￿(e s¥tet events
treferto ￿￿te 261arKJ the r￿entd￿t sectrJ) oflts straie&K (pay 451.
23. OPERATING LEASES
The totsl rent charged a5 an elpense in the SOFA. 6dsd05ed bekJK.
Group
Y&¥ended
31 Dec 201?
uss'c*)o
F(wThlatiori
YeartrdEd
31 DÈt 2019
us$.
31 tkc 2020
ussYJc
Rent
1.688
1.388
1.688
1.388
The Group had commi(ments to fuiure rrmninum lease payments undtr non cancdw opeiating ￿ase5 atthe year end as follows..
Grg
31 Dtt 2020
uss'ooo
Group
31 Dec X119
USS'(N))
Foundat1(
31 Dec 2020
us$ wo
F¢undation
31 Dec 2019
U5$,1￿)
Land and &Ji￿l￿a
L￿$ than or* yearf
Bemttn one aTrJ five years
More than five
L363
1,350
3.974
1.922
1357
1.350
3,974
1,922
LxI7
1207
073
72
050
7,246
111 Indude53 ¢¢MnmilfflenlurMSEran ¢ytatMwtease ￿th TCI Fund LMIMW to renW5 t￿rir￿ the f•Wtr￿r*the period
of these aCC￿￿t$01vs57O2k IZOIP. U5$335kL
24. RELATED PARTIES
Investment Manager
TCI FL*d ￿tsnag￿rent knmitsd Irci FM) actsas th￿tMa7t manyto c¥tsin mtymt*s of tl* Grtw.TCI FM. its varhyJ$ 8roup erbtities.
are ￿)ma14Y ¢fy7trd￿ trySirChrstrWer Hohn. a menkn•¥J trttstee rA CIFF.
rnanasemenla8reeff￿nts %%ith TCI FM.TCI FM 15 er￿¢￿￿V1ee fo-t1￿ ¥Tht5tment m￿&$eIr￿t service5. FurthEr.TCI FM.
for itself and on behalfof &rChri5tokther k¢th •ThJother partes related tofci FM aThJ Sr Cmstophtr HLkn. UniLiteral￿Wo￿ed the right
to retyve any tweht {Whet￿hn￿o•l (yrw.ffina￿￿I tmrt ineath case hwn8 a respect of the ¥mvi￿on of
. investment mana8emert toaFF Caixtsl UK LP. a5the r*wrI￿1n ￿NEStinent trKA(hn6 C(X7￿yof the OFF Cnup.
Prior to October 2020. on an the fvJrMlaiiM swghttrEaNMoval efthe ClwTty c￿￿n￿sK)n Iri rEspect of3ny bEnÈhts 8ccruir
ttr&rChri5tother fr￿ the inNE5ttnEllt re&tiwthipaskn tke ￿ Int￿25ts of the F￿r￿latIon. The m05t tecent
appreval was¥alwJ wtii 31 O£tthr 2020. rutrth. 1￿Chari￿CC￿nrn$9￿ confirmed that its engager￿tIft ￿speCto*
CIFFS invesbnent rnanagen￿t ar1¥￿ts had£￿￿KIed. fward f￿04￿rY￿eXlernal legal aFFvhll no ￿￿8er seek the
Charity Commi5shY'5 lor4ts wh*5tment marwMrtarwMtswithTCI FM.
Prior io the ￿s1￿ch￿"t￿ltittes wthin ￿rr￿PwelP th3r¥ed US$1.￿7k(20l9.. US$95.&JW ￿Ta FM in respect offee5 farthe
m3na8emenl 5epiKe5 in feLition to its 1n¥e5trr￿I PLYif01￿ LKI Us$1.￿￿120]9.. us$￿.01$k) was charged for TCI Fm's Lwn account
and USSNil P019. us$24.988￿ wd5 thwBg¢l fc¥ IEesTa FM w5 f&r ￿j￿7￿￿ted irwestmÈnt manasetr*nt5WVite& USSNllTrm*rTred
Ch¥th*n'5 I￿￿%1r￿errt Fura laFF UK) I PaK¢ 94

tstanding as at 31 Qkcember 20XIII)19". Us$58.ctw￿ l￿feeS(har6ed toTa FM s account USSNil remairtd wtst•idin8 a5at
31 OeceN*ef 202012019.. $48.848k) fer f￿Ta FM ￿$tinent servKey
During 2020. an amtrjnt OF US$842k1201P. VS$69(Wwa5 CW to entitie5*ithin the Group from TCI FM. #) r￿a￿ to exFerses
incwred byTCI FM tehalf ofthe OFF C￿p irwtment Thin￿(On￿5￿￿E of rewrch fee5 injr￿dtyTc1 FM for the ￿h1of
CIFF￿th third ￿ties. U5$32k rernair￿ PVdtAe a5at31 DetethX)2012019.. us$￿).
rtf*m)ore. fortheye* ervjed 31 De£*tr2020 OFFwasakncharyd US$883k r2019.. U5$54Tr)tyTCl¥hL*JwiE c¢mpany. TCI Fu
Managern￿¢ IUKI L*iNted. rent￿ 85XKiated wrwty ci)5
Donations
Durin8 2020, TCI FM made ￿ ￿reStritted (kwtth to aFF£¥Us$￿.615k (2019." VSSNII and re5trrted donabons of US$IO.711kin
202012019.. USSNill to gjpport the chaiitaNeathihes of the F￿la￿. As at31 [)e￿nber 20XJ.TCI FM h￿1 commitsj a¢A[￿lOnal
fe5tricted funLlng of U5$3.139k (2019." U5SNill to be pakl in lubjre ￿ar¥
&rChri5tLY￿rHIthn is alststhe fuL¥￿ra￿l tJusteecf thechristopfv F￿n￿at￿￿ (v￿￿1￿h d￿r¥ 2020rn•de restricted donations
to the F0vnOa￿n of U5$7,850k1201*. US$3.7(K￿. As ai 31 C)e¢￿ber 2020. the ChristophEf Hohn Rufmjati￿ IUK) had coThutted
addiMftoI resirKted fth*irÉ of U5510.91(* (X>19.. US51&8(th) to be paKJ in futwe years.
Subsidiary director fees
IXJr+n8 theyear, drectU5' feesof V5$31k 12019.. US$29kJ thar8ed to T*s. fee5 d USSl8k12019.' nJi I forJacknÈ
Gilr(N. TristanvaNderVw%fft th¥#ed to aFFGP. ￿0￿￿￿re¢l￿5 ofCIFF 91t￿dI￿rieS were entidpd to fees.
Common trustee5
In thE nortDal ioyt5e ol d*ritaNtBrartiAi Il*o£an be theyants toC1w￿t5 that hwe tru5tee5 in mwrfrrtjn w•th thE
fourttsbon. The Fwnd8ty￿ does not disclose gr￿ts to twcharities as related party trar￿t￿M5. as the trusiees a￿ of3 Collective
ot r￿n.￿Ll￿d tr￿eeS aThJ are notrffs1de￿ to ￿ in a of inflwts. frLStees are $3tisfied thataFyropr4te
procedwe5 are in tu ensure thatary wtentia conflKtsof intetest are aKVrsY￿Wmanaged * avr*ded
Other transactions with Group companies
Tre Fmd3t1￿ has *Jv¥ntage ofthe ¢￿aIr￿d bl FRS 102. para8r4)h 33A ￿t to disdose ottEr tr3nsartirAts
crynies ￿ al are thyly owned gJb5NJ&3fies ot ihe a￿1 the t0rJ>J5d￿ fThrKLal StsteTh￿ts a￿ puwawdibbk. Ccy
¢an be requested froM the companysecretary.
25. SERVICE PROVIDERS
Administrator
Group entities ha￿ enter￿1 into ￿MinIst￿x￿aare￿T￿rtsth Otco knKe5 Ilrdandl Umtied. The￿MInIstrator
rec￿e5 from GrtrJp entit*s a wJmKM51rati0￿ f* wtrNch tscakndated * a percent38eofAdju51ed A55ets on a Kae.The totsi
admintstration fee fu theyearwas U5$2.01(k12019". USSI.73W. of U55397k12019. U5$156k) wa5 payable at￿rend.
Custodian and Prime Broker
The G￿p hasa <ustodya8reement wlth HSBC. Th2 Grwp rE￿nst￿l￿[￿l hekl tr/ HSBC. Cash 5ecuritie5
deposited wth HSBC are repaydble tr) dtrDarKJ. ITh addr1w￿. the &wp's cash he￿ %Mth HS8Cwill bp segrwtal frL¥n HSBCS own c&h.
H58C is not permitted to utiltse. re.hytw)thecate tr ottrthiise apryorKiate the a5*ts of the htrwever HSBC *yll a s￿lty
Interesi In anyassets t￿r¥e as cdlater* to HSBC ty the
Intermediary
Fdlwng restnthre of GrtyJp. trrtain rtrtsrna￿e fee5 to *cyrEal estète assets pa￿dble bYT￿o5 toTCI FM. butdue
fr¢m TCI FM to its sth%mtracted p*trdpronted lewe5a￿3ti¥￿.AVE Capiti Lmnited WVE). transfer￿ to be dirertw betyveen
CIFFC4prf31 arKJAVL
ThE p￿rfOrMal￿e fÈe a￿￿￿￿t5￿1hAvE W￿re supw5eW intermedwy 5eNce5a8reaThnt bet*ten CIFF Capital and AVE rEL4tin$
to 311 le6acy. exi5tin¥ any new re￿ estate a￿. N(Th ofTCI FM. srchrtstr￿r Fk)hTh Naryotherparties rdated tothern have any
finJnci31 intsfest in AVE. AVE wa5 erTrgaEEd to pllNidp intern￿y$erVrts in relatiw to t09etl￿rcIFF CBpitsI aNI otherCIFF
SLknSKI￿rieS. as the knding p*ty. with thitd paffje> ès potential ￿1 e5Late debt tsar￿[￿£￿5 pur>Jant to the terms
ofan iniermediary Serwcesa8ree￿)t in Cttot*r 2020. wtibe5 pay te AVÉ C4*ta Limited in ￿￿tion to the intermedkiry
serwce5 (the Iniermediab"M F￿. The total Internediaticfi Fee thar8ed to th2 co1￿￿]ated 5tateiT&)t of Finat*ial Activities rerM)d
was US$96k12019.. US$I,242k).vAth US$40.664k payatrAe asat 31 DEcefflLEr 2020(2019.. USSI.242kJ mainty c4y)ststingof the fees
OrYdin￿￿payabl￿ fr(xnTCI FM toAVE thuirsthe￿.
Investment Manager
rci FM is ro bn8w ￿ld ￿vfee fow irNe5ttllEnt managrnit Se￿￿ to OFF Cap13L fttrther.TCI FM, for itselfa￿l on behalf￿&r
Chrotopher Hthn and ¢ther paroes related to IhElrwestrfwt Mart<er￿ 5rthstothr uniLitetaltywaNEd the ll8hl to ¢eceNe
any ktndof b￿efit (whether thr￿7￿411 L￿￿￿hr￿￿1al exh case rEspe£t of the ￿on of INes*ff*
ma￿seMent services te CIFF CWI.
CWklreR% Fowdathn IUFF UKb I P￿* 95

Folkn%Mng thp restr￿[￿re 0fthefy￿p ￿ Mty to ptya perfrrnno fee toTCI FM in reLatioTh
Ta105 p￿K)uS￿ TQ FM è r￿rt￿Mat￿ f* alx*￿a %￿d rate equal iv I(fA0ft￿ nrt reaised and urwvli5ed
awreoation of theN£Iu5ted Net￿Set val￿ oFthe ￿0￿.$ Tabs duri)8 the Pate PerK)d.
The totsl noTr￿al estste (Wt￿Mar￿efee 1tytr*￿rW￿5 us$N￿ 12019.. USSS7.815WA of USSNil 12019. US$57ffj15klwas
P3yaileat w end.
Folbwng the reSt￿ttye ol thecryi in tknF*r 203). rK) kwa requvwwt towa perfomance fee toTCI FM i
relation t¢ fvl ￿tate ir￿￿t￿￿{￿f[￿￿r*e.
Entitiesvattyn the Group W1(x￿ ￿KITC1 FM w rEthat1￿ of￿1 e51ate5 a oerfwrrwrre fee ofyp lo ?% ol
realised prohL b35ed the PErfwmarte of b)ans Tr total ￿1 eststs fEE fLY trÉyearwa5 US$Nil12019..
US$24,988W. ofwhth US$NlI 12019.. U5$48.8W w4ès payable atyeareThl. TCI FM was CA)1￿￿ to pay ihe entiEty of the Real
Estsle perf￿1￿3￿￿ Fee Lo its s￿￿ContraCted lliid pknakwnted ￿tali￿e.AvE cap￿ LirThted (AVEL ofTa FM.
r chr￿tapher Hth t*arry¢ih¥ parties ￿L)led10 ¥ry f•lan￿1 ir*trest in A
Folh)win8 ihe restructwe d the Cttcts2m there ts m hywa requwefftnt topaya real esta￿ rnarwmert (Èe to
TCI FM.
Entityesw4thin the &DUP ￿￿￿￿￿pal￿TCl FM. t[w)nth￿ in atsews.? Real Estate Martagettknt Fee manawn8 a portfolio￿ Peal
E5tats Loans. The totsl Peal Estste Fee for thEyearwas USSIROThIU5$2.8(W. of U5$NIl12019". US$l93kl
was pavat4e atyearend.
26. POST BALANCE SHEET EVENTS
On 19 January2021 au conthth)nsaTh# CcNenartS￿t¢e mei fua to &'g Win thiL4nthrow (UK) IBW of $360m sche(knled
to be oaid in eq￿￿1 qu3rtwfy in5tafflentsoMfivEye￿5 ￿¥Y 2ry21 to CttLthr 3)25. Thegtant ha5 been treatEd a5 a rK
adju5tin8 e¥entVAUNn the fin￿&?1 sts¢enEntsdue totheffhtr￿nt corm1th(￿S met ès at the ￿p￿tyrnE date. The Trustee5
are satisfied that the 8r3niwll nrk irwitheaknh"tyofthe to c¢ntiwe a5 ègoin¥ corurn. Further ¢etsls the grant
27. ULTIMATE PARENT UNDERTAKING AND cowfROLLING PARTY
The ￿tIMath par￿l undertakth￿ CLIIi￿lIW* pwty Ctr4kn's FL¥vJ FourKkiiun IUK).4 Charitab￿ Cl￿Pa
limiied by 8uaran￿e a tse rwwated In En¥aTrJ ￿ wal￿ ￿r￿aTrI to*tc* 7 ¢f the FoJndatiw'sArtides
of A55LK￿li￿.e￿ery rne￿r w￿riseS that if th￿￿table c(wrwyi5dis%kW whdehe. She or it remains a member or%%ilh
12 ffonths aftetV4ard5. to paYuptou￿PXMd costsoF¢knC4rt￿ thE Sa￿tres incurred tytt*charitab
while tre C￿t￿￿￿￿wAS a merthr.
The Fwndabon B the pareThtthidert*ryofthe L¥8e5t to Cc￿￿￿￿1bte these financ*al stalen￿ts at
31 Decembw 2020 The ￿￿YJlid￿Èed finarwia Ststemlts￿the FMdatiM ts *é•laUe tl* Comptysecietaryat 7 cirftord
Strrt Londory W15 2Fr.
CthW*en's Imstrrtnt FMd FtyJndatkn ICIFF I Page96

The Children's Investment Fund Foundation (UK)
Group information for the year ended 31 December 2020
CONSTITUTION
ACty¥¥)arylrryted ty8uar3ntee ￿ an ErBltsh tharity8ovemeO
COMPANYNUMBER
REGISTERED cH￿tTy NLIMBER
1091043
-' IRU5TEES
Mr Masroor SiddkiL
M5NAa Wathers Marthalll3rw￿lted NJ September3)2
Marko Lehtim*i (akwnted 13 May 202
REGISTERED OFFKE
WIS2
COMPANYSECRETARY
27.28. EB5tcasd2 &￿et
WIWBOH
7 Uifff￿d 51wI
Lr*MknWIS 2
HS8C Bank pk
Level 18
E14 SHQ
SOLiaTQR5
MilLs & Re￿e5 LLP
10) Ro•J
C82 IPH
INDEPENDENT
AufMTORS
KFNG
INVESTMENT
MANAGEri
7aifftyd knet
iorxknWIS ZFt
awrnn's In¥e5rrnent Fthid ICIFFUK) I P•y97

HiIiLDR :,
IINVE.STMIEINT
FOUNIDATION