THE CHILDREN'S INVESTMENT FUND
FOUNDATION (UK) ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
111
A03
27107r2022
COMPANIES HCiJSE
The Children's Investment Fund
Foundation (UK) Annual Report

Contents
Founde¢s Message
CEOS Message
Trustees, Report
Portfolio Highlights
FinancL31 Highlights
2021 CharitstAe Actiwties
Slrate8ic (herview
ReBioro1 Athwties
23
Strategic Report
33
Recent Developments
36
Sockil Impact of CIFF s Operations
36
Financial Review
39
Irwe5tment ￿"eW
41
Risk Managerrent PolKies
42
st￿￿tU￿ and fts)vernance
45
Remuneration Report and Other Goverr¥r
47
Trustees, Resp￿sIbili￿.es and Fir￿CIal Ststernents
Independent Auditor's Rep)rt to the Members
50
Consolidated Statement of Fin3nci31 Activities
53
sOl￿ated and Foundation Balance Sheets
55
soIK1ated Cash Flow Statement
56
Notes to the ConsoIKJate(l FinarKial Ststements
57
GrcrtJp Information
91
THECHILORENSINVEsfMENTPJNOFCiJMDATK114flFF u￿A￿ULPEvoRT FORIHEYEARENDED31 DECEMBER￿21
' The ¢￿k￿ren'$ Inwstrnent PL*id I￿¥*10￿￿11JlO￿FFj¢￿￿*Nrt<r.4J?c￿￿l Char*rvkn. 1091043
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TheChSldTen'¥ In¥estmeni Fund Fou[￿tiOn ICIFFUKI I Poge i

Founder's Message
When Iwfjding CIFF in 2￿2. my aim was to address significant in1L￿ticeS that affect the lives ol
children In low- and middle-income coJntrEs. While we depboy a rigorous approach to Brant-makin&
the drr￿Ing mission behi￿ CIFF 15 not of the mind. but of the Fra¥t For over 20 years. our approach as a
philantlwopy ha5 been lo eofflimne our mission with a laser-focus ￿ impart. to ensure that when we fund
pro8ramffles. the c(xnmunities we're seMnE truly benefit. l am excited to Sha￿ this veals Annual Report
which demonstrates this impact in acb"on.
Ourwork with grantees in 2021 irKludes many ex3mple5 of ￿0b￿rn5 that are gfflple in cor*ept but
complicated in practice - they reouire an entsepreneurial mindset from CIFF staff arxy partners. From
getb'ng services back on ttsck to delwer sight-S3V4ng trxhoma surgeries In Ethiopia after the disruption
ol Covid-19, to helping ensure that micronutrients - an interventy.on proven to TEduce prevalence
of low-birth-weight babEs - are recornmerKled in WHO 8uidelines for p￿nant women. CIFF has
the privilege of working with partners to support the im￿ementation of complex solutions to difficult
challenges. The highlights from this year 3150 demonstrate the imtxyt3nce of lon8-tem partnership.
The successes achieved at COP thi5 year. for instsnce, We￿ onty made possible through years of action5
and collat￿ratiOn between cAJr neiwork ol tt"feless pathr5. many ol WI￿ I h&1 the privilege to meet in
person in Glasgow.
We face a huge arnoJnl ol uncertainty in the world today, bul that strengthens my reS0￿e more than
ever. Climate change is the most uoent and complex challenge the world la￿. We a￿ already seeing
its impart. but under the c￿r￿nt ststU5-WO it's in￿ltable that large parts of the wodd will be become
uninhab*table in the years to corne. For all otjr ¥%¥Jrk on health, nutrikn"on. Sexual & Reproducbve Health
and Rights ISRHRI and girls, enwowefment to make a difference. we a150 need to address the climate
elephant In the room. I tEITeve that CIFF can have an impatt on a global scale and looking forwards, I want
us lo ffleanin8lully a(Jdress all protAems we worf( on at their root cause. CIFF'S CEO. Kate Harnpton aTh
l. therefore, continue to work with deterrnlnati￿ in furthering our vision lor a knnder. greew wodd that
enabl￿ chI￿ren to thrive.
NorE of our impact to-date WOU￿ be tx)ssible withwt the ccxnmitment of CIFFS trustees, aclvisors. stsff
and co.funders. as wdl as (xjr grantees 3nd partner& ower the past 20years - I welcome the continued
c¥)portunity to ¥vork togetherover the r￿t 20years.
Sir Christolther Hohn
Founder and Chairman
30 June 2022
TheChildren'51nve5tment Fund Foundation ICIFF UK) I Page 2

CEO'S Message
2021 was a hi8hly an￿1pated year for CIFF stsff and 8rdntees as it marked the ddayed COP26 surnmit and
Generation Equality Forum, and prTrm"Lsed to be the stsrt of effojts to recovef l(orn the pandemic. Oespite
this promise, the imparts of the pandemic c￿tinL￿d to wt further pressu￿ on childhood indicator5 and WÈ
saw 3 rebound to record ￿velS of energy-iel3ted c3rtx)n dtoxide eMissi￿s. Hopes oF'buikling back better,
re fading as rrrtJltiple crises- pandemic. COnfl￿t and climate change - and their socK)-economic impacts
combine and the fallout of Covid-19 alre&fy resulted in what the of the IMF ha5 (lescribed as a
'great diver8ence' between wealthier ar￿ poorer econorn￿.
In this context. the v40rk of our grantees in 2021 was more vitsl than evei. This was reflected in our new
multi-year commitments. with 2021 marktng CIFF'S hr8hest ever Itvel o18rant-makin& an Inc￿ase ol
over ICO% from 2020 to $772 million. (hjr thre lo step up was rmtivated by an alarmin8 and sudden
shortfall in funding to essential program1￿ in Sexual & Reproductr"ve Health & Rights ISRHR). Neglected
Tropical Diseases INTDS) and nutrition due to the shnnkn'n8 aid budgets of wealthier donor tountries. most
significantly the UKS redijced aid tsrget from 0.7 to 0.5% OF GNI. Moreover, with the outcome ol COP26
hanging in the ba￿nCe. CIFF was also ab￿ to provide a suoe in clirnate funding. well beyond our original
2021 Bugness Plan forecast. inc1L￿1￿8 to the prvdte financial flows from cfflipanie5. banks and asset
mana8efS that are fuelling emissions growth.
Thr￿JghoUt the year, we had the ryivilege of continuing to work with extraordinary p2rtnets to fulfil our
charitable objecb"v￿. Despite significant head￿nds. the successes acheved with these partners at COP,
at GEF and across èll our pro8r3tnmab"c w(Yk are evident through¢xJt this Annual Rep)rt. Partnership has
always been key to oJr approach. but mowng forwards we will do even more to wt Strateg￿ relationship5
al the centre ol our efforts to 501ve prOb￿rn$. whethei aignin8 around a prxtr.cal common purpose or
combining vosces on the urgent challengeswe face as a FKJman family. We continue to enable more locally-
led Erant-making, ¥yith strate8y IrKreasingly being led from cxJr offices in Addis Ababa, 8eijing. Delhi and
Nairobi. and strive with delerminabon lor greater diversity. equity an¢J inclusion In all 3spects of ourwork.
At the hme of wrih"n& the headlines In Europe are dominated by the disastrous Russian Invasi￿ of Ukraine.
Addin8 to e￿sting inftsbonary wessure5. the Increase In energy and f¢x)d prKes asS￿lated with the conflict
has created cost-of-living challenE￿ w)dth4ide, with ever-greater numbers of v(Jlnerable peo ￿e facing
fo￿ insecurity and energy poverty. If ever one were needed. Éhis conflict shwld provide yet another
cLgritin call lo accelerate the global e￿t from fossil fl￿15 increase our collectsve determination tts
protect the most vulneiable.
I hope that thrthjgh our work at CIFF we will be atAe to ￿0Y a part in this.
Through me3ningful co113b)ration, ¢>Jr aim is to have a positive impact on
the lives of chIld￿n and yovng people ￿ 2022 aTrJ c￿ate a better future
for the 8enerations d children lo corne.
Kate Hampton
CEO
30 June 2022
The ch￿￿ten.$ InvestsTheni Fund Foundat5onlCIFF UKI I Pay 3

Trustees, Report
At a Glance: Portfolio Highlights
CIFF'S strategies are ddivered by wr network of exceptiofjal partners who we a￿ proud to fund and Trmth
whom we a￿ excited to work on strntegy and programrTre design. Some of the highlights in 2021 iThclude-.
COP26 rnxked the (ulmination of5evera yeaws'vth formany ofour partnws, who
tUrr￿d tyjt in force in GL458OW to demand thatwortd l&Nlers agree to new tsrgets and new
actths to keep the 1.5°C goal ali¥e. Countries left havinB agreed 3 new ratt￿t mechanism
¢0 increase the ambitw)n of pkd8es everyye¥ but We￿ found wantingvknen it came to
finance fordevelopin8 clunattrvWlnera￿e countrie
The LaNlm*k Generat￿￿ Equality Forum IGEF) Secured a totsl of $40 bllion in
commitments to thive progres5 on genderequality. includ4ng significant new commitments
lor SRHI Key successes included the L4UtKh of SEWA, a new partnership designed to
Jild rrKJre reSi1￿t SRH markets. and the prLKluctIo￿ of the Afric> Ywng Women Beijin8
+25 Manifesto. by CIFF'S parther Nèla Feminist Collective. which 8 of its 10 pjlicy
demands integrated into the offici31 GEFAction Coalition bIl￿prints.
In 2021. our partners rdleLI out India's first •id1¥8est Skill￿&and employment irnpact
boNI. In this first.of-its.kind bond, the impaclwll bemeasured not by the inputs (how many
women and girls rective skilling) but by the ultirnate ￿$￿Its IIK)w Nony become engaged
long-term employment). This was led by the British Ayan Trust and in collaboration wth
India's Ma￿nal Sknll t)eveloprrtht cOrF￿ratIOn INSDQ, with CIFF a5 an outfLxne funder.
CIFF UNICEF tO4ettr•l*mKhed a SIQ) mllion partnership to End Chdd Wastin&
ikling on the Global ￿tiOn Plan IGAPI on Wastin& In 2021, 22 countries that a￿ part
of GAP and have the highest burden of wasbn¥ developed ro3dmaps to bring together
prevention. ear￿ detection and treat￿nt. CIFF and UNICEF'S Match Fund 3lbws these
countries to vnlock funding support- for É*ery dollar, naira or shilling each COLmtry Inve5t5
nutribon. the luTrJ wll match it
CIFF Ywtsnded tothe uryxecedented shortfall in fundi￿ for SRHR and NTD4 due t
5hrinkifiK financial commitments from iknnors nTrxt significantly the UK'S reilvced aid target.
To protect those in urgent need. CIFF partnered with the &'ll ar¥J Melinda Gates Foundation,
ELMAand phil•ithropies. to make an emergency ctNnmTtN*nt of $130 Million to
these areas. aiming to stsbilise activitie5. ensure pro8￿$ is noi losc and rrobilise additional
dornestic and intrmational fund￿)6.
Thechildten's InvestrneTht Fund Fovndalion ICIFFUKI I Pzse 4

Trustees, Report
At a Glance: Financial Highlights
Charitable Investment Approved
$772m
CIFF approved $772 mdlion of charitsble investrnents in 2021. The exceptional
level of approvals means we exp￿1 di5burse￿￿nts to ￿¢[ease furt1￿[ in
COlll1118 year
Grant Disbursements
$468rn
CIFF disbursed grants of $468 milli(m in 2021. Grant distrwrseryents increased
in 2021 by $124 milknn totryared to 2020.
Operating Expenses
8%
The F￿ndatiOn'S disiwrsements imsed at a higher rate compared to
¢)perah"n8 expenditure in 2021. bringin8 the r*•) of these costs togranl
d1strMwseft￿ts down to 8%.
Endowment
$5.9bn
Investment retwvs and inttyne from ovrendtywment 355ets remained 5tron8 in
2021. however expenditure slighttyoutweighed income resulting in a rnargtnal
reduction of Ihe endow4ment to $5.9 billic¥). The size of the original endowment
and the excellent in¥estwEnt returns achieved over the years give5 U5 the financial
strength and ststsltty to m*e 5ubstènhal lon8.term c¢y))nNtments tothework of
our grantees.
Thechildren's lThvestrnent Fund Foundatlon ICIFFUKI I Pa8t 5

At a Glance: 2021 Charitable Activities
U5S6TI
100
to￿1￿￿TrIPlyffjtn￿￿5$4&Irn
2011
2020
i15s31.4￿
2021. U5$39&

Climate Change
The Cmldmi's Investment Fund FoundationlCIFFUKI I Pagt 9

Climate Change
CIFF is comrywtted lo ¥celefabn8 sok1￿$ that￿n mibEa
di{r￿te chèn8e. te keep 15f tsrseia re3Stythcre3te
climaie.safe fuLure for{￿rent fuiwe 8￿￿rati￿ls. For
aFF.abn8Wth ojr p*knersin ihewhyelc&n￿￿co[r￿ur¥ty.
2021 wa5 a critical vex. The wblKatK>n of thE UN5 IFrc
report in Av8U5t pr(Nkled 3 8bbal re3fitychecl
thai climate change 1$w￿￿￿￿j ènd inrtr6itwnK with
im￿c￿ already￿[18 fdt Kn)55 COP20 wa5 tt
fitsr litmus tesl thi the *ris ayeerwL cvfin8 aoDSS ¥1
ur tlimate strèteg*s. fvc¥)) er￿aNj alr{p￿￿"ty to lotsj
syste￿￿ and finan￿.
coThlkacL ThstMNk550n thehi5l(xK YElIv￿l￿v. wh￿h C￿e￿
urw dats fron CIFfsp¥tnwCDP. where Ihe (xl want wa5
¢yd*ed lohafve Its em&v)rs by 20￿. Ac£ompawrÉ this
%￿C￿f￿1 chalen8e5 to f055il luel ￿fraStr￿LUre.
y￿UdI￿ ULeniEarths agairst a pla)t in
Bel6￿¥￿ ￿ FILE'5 to xts*rate ihE UKS shift away
Real Economy
In 21Y21 w l(K) cCwntr*sSB￿ the Glc4)al Methar
rie*e WKI commitieil to a 8oal of reducin8 global
th￿e emO￿n$ ￿at least Xjpertrnt from 2020 le¥4s
203) Tr￿r￿￿e3waY fromry*thane $ vtsl. 8i¥en thai
Lvler a 21kyear perKxI t1￿ nK>re tx)tent al warmn8
n do<Kle. Re£wiyrÉ tre irrwrtsrte of th
3 grtw of phiLinthropÉs itWinB CIFF.
WifKJe. He%￿ and m￿A￿tK)r Fou￿3[7(￿1$.
ynU¥fftatAitsJ Ihe Gbabal f¢ethane
tfv<xJ8hwhKh than $2CO
11 it t¥x)led to prowde te(hnK
A% part ot0￿*XpandIng amtxtiffion chTr*teand in Iwe*yth
our kKalisatiw ¢rNe. CIFF str￿then￿l Its teams in 8eij
Oe*i. Nairokn ￿th•Jd11￿Y￿l hwe5 in am
I￿1*1¢￿￿ We 3kn athed a direct(w￿th a res￿￿ r
sWth.East￿ E45fAsK3. b35ed wtol
Net Zero and Climate Attion Plans
Akty￿ d CIFF'stho) dwtefinèn¢e has teen to
eft$u￿ the integrity ol ctywdte fina￿￿￿1 Net Zero
p￿d8e5. CIFF%M)thed with partnersarMI stsw(Yted d￿l
•Jvocxvwhth heloed unkKk a rtv• UN eX￿rt ymup
tssked defin￿8 si**J*ds ILY Credib￿ tm.state Net
zero p￿d8e5. Thi5was a maiiw ￿￿)￿c￿TIent fr(￿ the UN
5eryelary.c￿eral ai COP26 •id CIFF wdl rM)woltya kty
ro￿ writh ￿rtI￿r$ ifi 10 estsi*sh sw.
pa¢n5￿0 *vera8e
dats n*th** satdlite
rewasatso
swifiGIrt fW5S
on phase outof
Other key initiaDves lo rt¥>È£trr￿3te ￿ fitwoal cknate
ta￿ets f1ixnv0￿rbtrry1Orn8￿laIory, fr(xn 2050net.
zero pkdges to sh¢)rt.ternidirnate acti￿￿￿￿ These
irKkhde Iniernational gJsiéYobility S￿dards 8owd
IISS81 comrK)n di5cb5ure sta￿d the IntematK*411
F￿an(K￿l Re￿rtIfi8 St￿darl￿ IIFRSL Ihe V(ALm￿ry Cwtts)
rrkirkets Integrity IKwDatNe IVCMII to er￿fft &tMty ur
rtM)n tnarkets bEC<m￿ an enab1erof4rKxvaTrFAt%￿ r
(Iwrare ￿ cowlry in ther oat
afds regularw. as well as the UK fre3￿ryT1•*I
PLin Taskforte%*thich define the 601(J staTrJard
nwdatory 91(rt.￿mj g
tHFC5]. Ke
vwse5 f(MwMJ in cix)k
eQuip￿nt. The Keah"
Arwthni to d
H￿treal 15*1
HFC& By the end of the ye3r. 129
- I￿￿13 ￿ 2021.
¥*4xh we of Ihe tw51 HFC wo(knin8 3rMJ
cfrsumn8 CO￿￿￿$ in the￿Id. 35 cwntr* ￿ve a￿0
gJtmitted natKmally dètertTynèd conltbi utiffis
INDCS) that HFC ern￿￿￿>￿5 re(kntiorkS and efficient
I￿x￿e$ Ihai are In Ire *éith IFt x¢pe
c4 the aVEWt*nt. Thiswa5 the result ol of wo¢* from
L￿r I￿uding the Institute for c￿￿￿(e atKJ
Toac£eleTrle th￿ ￿0CeS
CIFF 1$ 5upr*yDrÉ strnt
lit1$ati(￿ a8ait15t hEa￿e￿¥￿er5
ar￿ fwrKial ￿$￿t￿lly
to ltrce l.S°C.3W*d
CFAnateWork5 C1￿￿[e Lea(Serstip Initiab¥t led the
E*cts< carrvai8n.whKh is an ￿￿1￿r￿s. rkniiankhropy-
d. S￿bal elfLrt to xceb#3te ekcir¢Katits) ol al
road weW5 ty 209) Ths ￿mpa￿ was S1￿C3Sed 3t
TEDQWntth￿ in (ktober. ￿th the S￿lf￿ant
fundn9f￿rn theAu(Jacx>u5
oiett- er* scal*MItr in the￿arS to come.
Thechildren's Investrnent Fund FollndaiionlCIFF UK) I PaKe

Solidarity and Justice
2021 w aciw)D L*d use natuE. vAth CIFF grar*ee5 COP26 C(￿Nin￿nIS frtyn 141 cw)trEs lo Fgll
def0￿513￿n by2020. aFFakn c{￿tr￿Jted loaF)mltthrtrstst*n￿rt￿ l(xe5t5anda $) 7 billK>n fin￿e tAed8etts 9JPP)rt
IndiÈeTh)LS peorle ¥YJ fLYest terwe ntht*
CIFF and ow partn•3 a￿￿￿kIng toe￿￿￿ that ((￿nIr1e5 ttK15tVuk￿3lle to Imp￿t50f climate Ch￿se have3CCe%5 to
dethcated fmance for&Ydressu)g and damage. W COV26. CIFF arKI the a￿￿[e Emeoenry ColL4tvatiw Grwp ICECGI
supported kty these Ésues thre￿h Ihecll￿Ie C>tsrebrMTWI Ministwial Process, and the L0$5 &
Dama8e 05 a5 ts* the High Amt*ion co3￿"t￿)I.
In firol Fx)urs of COP. Ihese3r¥J ¢Xher eths pwtners iocreate a kick.5tart ftsndol
53 million io afvance the b55wMJ darna8ea8enda. sumtitB *e dea**with the trdwc Impacts
ofcluTh?iectsrEe￿ a doilyba$6. Htyew. nwNew>8re55 s wleY1￿ IIN53rpa fr￿ thewKJer￿ob￿Ic1N1￿1N1rtIty. Loadtress
futxjainental InEquIty 31 the of cffji>
TheChildren'$ Itkvestment Fund FouDdotion ICIFF UK) I PaKe ij

Sexual & Reproductive
Health & Rights
Thechildm's Investmertt Fund FoundatlonlCIFF UK) I Pa8e12

Sexual & Reproductive
Health & Rights
2021 markeo rdarof thefjenerntkn Equaity
Forum IGEFJ a ￿￿<￿￿rk to begin D*insire*w
ge￿er transformati¢MBI wfjrk IhfW8h Sexual &
Reprtsluchve ￿yth & R*hts 15RHP) Asa£o.kad ol
the 80¢ily p￿tr￿¢￿TrY & SRHR Acmn Coa￿b(￿. CIFF
anno￿￿¢ new In¥es¢fflty)Is tttwe(I ￿ 5cakrE
trdnsforrnatNe to c¢*traceprtii. safe ab￿tti)
and p￿l.3￿￿Yti￿ care sefvice5 These
prcyammes thai enwre Quality Sexual arxl Retw<x5utti¥t
F￿alLh15RHI ctrnmcNJittes ¥e avèibble èla k)wc05t aThJ
fvDnUine serv￿* reath milkns ofwrx¥*n
reached a CftKk41 mik5trre the suc￿$fUl corrpktion
of ftrJr.￿ with (kn5U￿ Tecmologes
toscale￿(e5S to the sahva.bhse(J 5elf.te5L A r(A)u5t
8rty¥i78 ￿et at 10 milkn tests peryeèr 15 now n pL4
arKI r*oved wtal during cth￿.19 paneeThc è9 5df.
te5twB became ev￿ trxjre Nnwrtanl for Ihe cty)tinuity of
HThi tests￿ * Ire¥*m￿l prwamnY5.
De-medicalising SRHR and support
self-managed care
inourSell.CatÈ%4trivthich kKuses
dtrmedkallskngSRH care and eThabllr8lndlviduals
to manlgethvrown healtl*are oeeds.was the Worfyj
Heahh CWnyah￿s IWHOI re￿aSe of r*w Buidancets)
cWv.￿<wnteT￿ceSS fw ern￿￿Y conlraception.
ry test% and avaii•tslity of lutsicatiw lorsexval
hEalth. To thL5 TT*fftntUFn. CIFF partner. Sdf
Cxe Traillazef ISCTGI. h05ted firsl.ever Self
C¥e Learn1r¢a￿ ￿ScoVery Sves ISCLADI io bui
a cLyf¥r¥Jntyofpr3cb￿2r¢w￿ sd1-C￿
Iwer ICAXJ p￿tK1pant5 5harin8 evvJerKe
In 2021 * aso ￿fired f¥Jr Lyhyity
are35. incrE35ingSRH tholte5.' de.nWtsSslngSRHR
and 5UPPOrt1n8sdf.n￿nJ￿ed Gare.. andthryioThn8
productlve rights rvr bokl SRHR investnEntS wll
rk to sÈYve tt)ose ètrtjitwand Styrye toédiv tre
pr￿lIseS made al the Intematiu￿I cL￿fer￿￿eThI
Pc0ulab￿ and Smi*tllCPF+251. ￿ 2019.
ar￿ at GEF.
Increasing SRHR Choices
launch of ￿MA Rerythknti* Health. ai GEF. wa5a
keyhi8hli8ht of 2021. Th4s nth¥global pathe￿h￿p￿vès
3M￿Ce￿ CIFFwith I￿r￿MentS of Fa50.
Uga￿¥1￿ the ol Fr
nd &ll & Mel¥*YaGaies FtrJndatiM. SEMAvrill swr*yt
CO￿thes lo de¥ebpdata.Ltristn 51r*w5aryJ ad&t5Stlt
rrw)$1 cruu81 market b3rrier5. ensurin8 e¥eryone can Kce
SLWted 10 cLxffitr*s to de¥eknL)
5df.&yE strBteg*s.
CIFFS Da￿)ng InnovatK)n5
mi se￿ Care (DISC) LYoiecL
future5.
aign in o¥ts*rshi
F¥.
In Cwfse ofthe wr. CIFFatso re¥￿￿ to tp
unwe(edEMted fundN¥ for SRH withCtr4id-19
mapr dw(Kcutbrfks shrinknn8 the fin￿&￿1
COn￿ltM￿lS CIFF 3pproved è sei ol invesbrenis to
preYentserV￿e dlsnJrkn￿. SRH t(xrytthityseti¥ity
and Lhe sector ioward5 a trKKe sus￿nab* futuo.
Trese h7cludedpartnwirev￿th the ￿￿c(A￿lY￿lth
and Oevdopnent Office IFCtK)I to SRH se￿￿e
d￿￿ery atr055 West atKJ Cents31 Alrica", 3 ne* 5tr&es
partrershio ￿th NSI Rewc￿l￿r￿e Ch)Kes." a
partr*rship wth the eilland Mekth C￿teS Fofftlèt*
andotherthilanthropE5 to MakEane￿er￿e1￿V $50ir*
corfmltment to UNFPA to stabilise ¥vJ
adthti¢Thl d(XTE5tK arKI i1*eTh￿IK￿l
Ye th•) 25 mi11K￿ stt41
Ihat efforts are
$￿f.￿Je£r1ty) has
tx*tered C(￿￿[¥jing DMPA.SC I
tsb* contracepthvel gbbal part(￿
ih &"1 & FOU￿ri)IL FCDO.
UNFPA WID. with millKkn %w)meo acttssing
iPMscMtrxeotfvechoiTr In 2021. and a growng trend
toward5 h)me sd1-in￿(lw)rn coJntre5wtrere 15
202141w 5aV4 svwthant new%MM* to exp3￿ the H
Pre￿￿ addit￿al n7ve5D￿t to
pwrt W￿jU(l and d4ivtry ¥lf¥Jvè￿Ths. Trms rettws
on the de¥ek￿nI of the Chjal Pal
andpL*nir* for8reawartiDOThO) HThl ￿￿tr)i al￿￿1
of the Gk)bal Fund replw*shment in 2022. ￿ t￿same
CIFFS Parge.sc3le work to HIVsd(.tesDr
Championing Reproductive Rights
2021 str¥)EtP*wJ efft¥ts ty fundws to adth55
(￿131* ￿ath5 Ir(xn unsafe atxjthn CIFF jty
ihE Svedish knterr*t*J￿l DtsebpYtntA8￿cy l&ctsL
114y•Y)•id The P&kard F(yJtxJatth to
The Chlldien's lib￿Lment FuThd Foundation ICIFF UK) I Page 13

84n￿ parb)tss and*n re>Jltof thswk in(IL¥leSco)￿u￿
the mcrfnentLm tov4ard5 qualliv-ès￿d care." 5lriwrcc¥ThrK￿t￿ efforts toaths5 fflixorwtions.. &da seniftani
Mrrit￿n[al the GEF5Umitvrilh 26 siv￿10r*S hThJtts CMI soc*ty.
eChildren'slnvestmeTht Fund Foundatfjon (eiFF UK) I Page 14

Child Health & Development

Child Health & Development
In recentye*& Iheie has been s￿L Wless to
under.five ￿)rtaity. the iffoact of Co4hJ.19
health services and has cts)r¥)L*d 10
5wihc3nl Obst￿le lo health W08ramn￿￿eI ￿t0
2021. fbtsny imkyowrerts In the wrVi￿, health
Y4ell-bein8 of chipjren are ur8enl Lxrt 3150 ￿hley3t￿￿￿j
aEf0rd3b￿. CIFFS Child Health & D￿l team tske
a holistic VEW of chikj heath. f(KUY￿11) matema
Interventi￿ts in wr nuirittl)
full ￿tr3St￿KlUre3prM3(h to owwaler. Sanitah￿.
hygw* (WASHI￿
Ir•&Jthtm thewr.CIFF p￿S[eSsed its ¥%vrk
a￿C￿ting for Muitspè Micro)utrtnr &Jw￿rr*Thts IMMSI
[￿[￿e&￿t wFuth tèn hève è drafflaiic impbct
on newt￿ and CW health ￿tc0￿S Chie of the kev
te55es ￿ JY21 was d￿h)￿t andapprcy4al of
MMS ￿ ￿BladeS￿L
CIFF akn$>wtT￿Wllh tl* Nvwy￿kAC￿eThV of
￿￿￿esINY￿s1. toset up the first Global Task
20 experts f￿8¢aL*M￿l.
thitkk tanksarKI ttE sectLw.
10 guide theEbbol catium
Nutrition and Matemal Health
Ckne of the k•+ ftKv5e5 of CIFFS wtritTh txwtf(￿￿i5
chi&J wasbn& the most extr¥Yt f￿7•f m3lrulitify).
anY￿ven tlme. an e$l￿ted 47 5uffEr
ffom cINldwa5tin& wttiryd them at ￿ 11 t¥￿ irKrea5ed
r￿k ol death conpared ¥￿th heattlty peers. E¥•)
thcwth effetDVÈ treaim8fit W3StiTrg 11)sts on
ar{X￿ $1￿ perctrw￿. onty an e5hTrted orE in Iwr
thik1￿n sufFerin8 fronwasDng can access IL (￿￿￿-19
has exacerbated probkni.with è twoiected 9.3
mfftcase5 olchildwastins in 2022 due io f(xxlarKJ hesth
strstems d￿tiOnS aThJ
easoj
Ta
io hdp P)I￿¥m*￿$
make Irrf0rtt￿d
decis￿15 I￿13k1￿n
CIFFa150 partnered with UNICEF to LILYKh the E￿1
ChldWastrfl8 ColL4b)rathe. I￿￿￿ey a sN¥ed
$IW Milli￿ c0nyrwb￿t A￿￿eWith ftyccunbv
pro6rartwre5 on of wa51wi& Iheco#BlxK3li
Inc￿￿5 a Maith Ftmd nutribty) ¢rArrf￿1lleS Ih3t
prorfides a I'.1 npittL so ts ￿ery th)Ibr. na¥a
eath couniry in¥e515 in Cornw￿￿7e5 lor the
preventi￿ ar￿ twtwit of chikSv•ast•u the fthy VMI
£￿trIbUte3n additi￿1 ￿. W￿h￿) w)ths. c¢thiry
dematxj for the l￿d hB5 èkea(trexceeded eA￿c13t￿.
Wilh nearty $4 mllun ￿ domestic
from countries incIL￿ing M*Jritsno. Nw*. Strwl. artl
UEar¥la.
¥yO￿h toCHO. NTDS
MIWASH 15 Ir￿lEas￿￿￿*
Jr CtrJAtryaThl ¢eg*)nal Strateg*s.
the Resi1￿nt c￿￿n￿leS
. Afr*a. the of Lhs in
2021 see 25 ftyAfrts. p4e 28 ftr Indki.
TheCh61then'$InvestTreTrtFund F￿￿04t￿on ICIFFUK) I Page 16

Girl Capital
TheChShlren's In%Y5tmeDtFund Foundation ICIFFUKI I Page 17

Girl Capital
CIFF'5 ca￿￿1 strdthtr is iK#fv
of evKtence that 8ivkTrg wrts 3rKlywrBw)w a8erKy
Opp￿rtUr¥tfits in the lorni ol *vJ ski￿ thi
I￿k11ng reEre￿Ne ￿31 h*tac3ta￿K irr¥wt
These acti￿￿ hdp (Kevent Chi￿ nwiia8e. (W age
of ¥Yst tyepparfy ar¥1 increase WtiC¥)ati￿ ￿ tt
Vi￿k1<yCe. in ha5a Q75t￿￿gertrect ￿0$5 all
Ihe lswes CIFF caresatN)Ut. Ifom r￿InVIn￿￿ ￿ C
Irdlkk￿&
e 8 to 12 ￿tWeen tl* aÈes of 14
¥vJ 18. in parwwslmp With the go￿lIT￿t or
P2445than io aulc(¥ne5 arvj pa55
rates.
Akn in KJ21. the tife&* coltst￿rafve d￿l￿￿ted
hx1&3's first lrfe 5kilk5 8tssary ol (JefinI￿n5 and wcrted
rnin8 eC05ys￿rtsa[MJ eIth￿YOu￿8 p￿>p￿ to thrive
OFF i4a key Q•11V￿1h1n thi5 LaThJrnarkcOlaborati￿,
h a￿0 incknles sch￿￿na GNin& m￿h￿l *d gjsan
Oell F(xThl3iiw. Ne1¥￿ Indw PortiCU5 as
aswell a$ 14 r*actifDIiYfsgaASaDOlS. ￿rk￿l8
the staieRtytrnments ol Mth*dshtra.
Rwsttrwn Uttxak￿d.
In 2021, CIFFS Cyrl ¢￿ts1 Indo ftKused
irru)￿Men￿8 its $69 ffiillKJn actwerthfolx)
vehwfft8 a pigel¥ie& troo1.of-c￿ert ￿$1m￿ls.
The yearsawthe le￿ ¥TKéJilfynB
fie￿. lewa81n8 si￿1￿3nt co.luTh4in8 and
collaborabves and phibnihrorAes 10 wtyi¢tst*ider
Èirfs. righ15 ar¥J *c¢e55 to dv&ital edutation. KJ21 also
5awthe 5i8nifitBntstepof estab1th￿S v￿G￿c1pit?It
in ￿rI￿. which m* its hrstrNe5bWts a5a odwof ihe
Alrts Straie8y
Social Nonn Change and Strategic
Prioritisation of Women and Gir15
C4)tal cTrithwJ ￿Cribc￿ V4vrk of tacklir
cial by ￿jp￿r￿n8 C*rL5 Firsi Fvrf, a dwr
co1￿L¥Ya￿ that chèr(ytr)s (c￿￿mUnIty.￿d efforts 10
etKS ttrukl rn3rrsy8k)b31￿. In 2021.work %Yith Girk Frst
Fmd Iwsed m sIrerBtha7￿8 I￿ltoring. ￿l￿tion
¥KJ to tharKe effective￿$
Of6raS5￿ts.1ed Eftort5. CIFFalgJ sup[￿ed Co.Impact,
ac￿nder Justice Fund to tackle 5v5lerr￿C 8aiderew￿y
barritrs treakwun?￿s forwortrn ènd girfs to
Theth8￿ 8*)b*thsK)n ofwr G¥1 Ca￿tal V4ryk is that
ontywhenoll¢iAs equal lights. ¢4VQrtunitiE5and
aÈencyto achieve IhEirfull pOtsTr￿￿. can we have
resiliert prosperou5and lustsociths.
Foundation of Education and Ltfe Skills
In ￿ L%t 2Ye￿ C(Md.19 WkEhEed
ir*rta*nÈ wban.ruralarxJ geT￿r d@it31
in India. This is m05t
u¢e If* cfyitexl ol dErt
learrirry. To wjdress IhECIFF
Liu￿hed 3n
(%8itzt ￿arr￿ to
The Childith's Investmertt Fund Foondation ICIFF UK) I Page 18

Child Protection
TheChlldten'5 InvestmentFund Fourtdatlon ICIFFUKI I Page 19

Child Protection
theCh￿ wotecboTrC(Thm￿ty. 2021. ￿ s
Ion5ecutp￿ ye¥oflNiD8 iTrvwEh a pandemK. wa5 a
¥*.up call like noth￿8 With trMkn8
inte poverty•d an ent*e gerwat¥￿ ye￿5 or
xhwlin835 manywere restricted al homewithwt
cess to onlRie eduCar￿. the vulnerdt41ty
to arvj expknitat¥)n i*came Sharp arKJ ￿ble. The
raphj shift io onlffte and (Sy"tal way5 c4 Imngalsow
ir￿fe3$e in the use of onllie lorewkntètKJn
i1￿￿ldIn8 rKrUit￿￿L￿￿d 8rwiwrg 2021 t1￿11￿￿1
pratsct￿n svslems resoo)se to chlthn in ctys cril
ffetted. It aso deDKX*trated the stsength of
d comrrmlment. 3sve1135 undenk41Ae imrffjarKe of
dtyThy)strdted that the ffodel.whrh incorpN31e5
safe Mlwatm￿ [￿t￿S￿lth 3 f￿$ on Iwdihc(*Js J)d
ay13ret￿> cwkl be i￿￿￿nsewer[￿ts￿ if betier
)ga8eTr*rt at¥J aW4?rKes ￿rO$S b)rOerSareestèb￿Shed.
Global and Online
CIFF also COntin￿d toM>rk in X)21 to increase 8lob31
aWArenessgf thlld exploitation and athrjns tt+protect
thl(kni. HEhlEhts from 2021 nilL￿e ourp*ner C3P5
attwrdn for ￿rvMJr5 of Child Sexwl Mate￿1
(Cwll arwndTwtyS 15th tsrthday. h￿hlIghted
tIE 5tru*5 of th￿ tryws lo Bel CSAM ￿￿ted Lo theffl
re1M￿ frofftT*itter.Ths(tE3thtcampagnw3s a l(Alow.
io C3W5 rerKrt thai st￿￿dTwiIter ranw
w(We0ther￿1IThe p1atl(YTD5Wh￿ it c*t to the ease OF
CSAM. C3P*J 3 tran5parencyrwt
sMMfa5Mry iKk ol_ taken 50 far by the
te£h N￿U$try.
In tIN5 context. nEed lor CIFF to rewiyt wrCl*kY
Protectim strate8v aThJ recmsider tl* tiasKsef
4)proach bec3me #sential. CIFF s Oiild knte[b￿ %
spwe5 to bri￿ the ¥oKe olthe thldcentre slage
kerhild ryotecbM everytoth's bjsirtss.
knti785 from 2021 than8es in wr
StyaLeEtsar¥l 8oinB ftyward. espe£olly n the
shift itrWat6s abusE *d pYpknts￿ft. keetxng
c(xnThJniiiE5 andth11 althe heart ol all thatwedo. The
partre￿hiD$¥•1lh all stakehokYer5 lorye￿t at¥Jse
exrd¢iiaroi while kewn8 SLStèw4bility. hxalisarti). arwj
di¥*rsity. eouity ￿ vit1￿c￿ ascort
India and South Asia
SLtstsMiaThJ ¢trNE Lwr xti¥it*s w) the time aWd.
TlwrMJththJt the ￿tYear. the ￿￿50f ￿r￿crfk
to ¢Jake. clwJknn8 deffland and brea￿n0 impurityi•
perpetratats. %*£￿ W(p*rr￿ied w¥￿ar￿Y tEY(vJ8h
in ènd Ay3. CIFF'saiffl in IrKkn ￿ tt￿vI￿er
th Aya re8￿￿ has io toge￿ ts rr4Ay
gnèu.scak chiky proiec*K*) r¥ogra[t￿$and Sel5￿10r.
de Stat￿31￿￿￿￿* witeyatWE 5u(ce55ful ITh￿15
80vLYn￿nI Oiryfar5U5tsKK41xlilv.(%EhEhl￿rfr(rffi0L
k has W the adopton ¢4 (wr *Kce55Ful ionwwiity
d p(th rxogranw¥* in Bharatrxw. Rai35than iry
C¢WKerned State c￿rr￿¢ for Sw¥hJe s(* up.
bwdertraffickirg *51 rnitex¥oyt to
The Children's Inve$tmeni Fund Ftyjrjdatlon (CIFFUKI I Page io

Cross Cutting
Thechild￿￿'S InTr￿tt[￿lItFUnd FouThJaiionlCIFFUKI I Page 21

Cross-cutting
Critir31 to CIFVS mssv)n tobt* irlwthi restK*NVe,
and cat3tybc funder1￿5 the role al cross.cuthrB
incl￿e$￿ Éwdu￿e. Me3wremw*& Evdkthtw)I IEMEX
Or8anisatioxwl DeVe￿p￿￿￿t IODI and Iwt IrNvknn8
ams. They wpp)r13nd le&1 grant.rn3knn8,
activihe5 such a5 newMeth￿S to etw k
StsketrO￿￿s audiwKe5. evalua￿8 itwt o18rarbt%
engJr¥ii 8raniees haveefte£ti¥* capacityand ¥nPaCt
cap3b*'ties. and nve5th8 n Corr￿er￿al enleryx￿5 m ine
wilh CIFF'sobje£ti¥￿.T￿sl5d(￿Ew￿tha nK3kffigoJr
strate8ies ￿ effecti%* and I￿￿￿3t￿e3$poss¢￿.
t¥xoath tOrn.Maki￿ tyjr role as thoJ8hl le•Yws. a5well
as w wdlirorESS to ￿.le[rn i￿(MentS aThJ fund
ritKKati￿ 3woa¢hes. We èbo heard the need to contsr
gmrthfyin8 (wr 8rant t￿n￿gett￿nt tK(Ke55e5 arKI calls 10
[￿er gr￿tee5 in strategy co.creatr4Tr7 and buiWin8
cornm￿N￿e5 of practsce. We %%ill trnl)eO the full results ol this
Impact Investing
CIFFS Impxt Irr4e￿n% team ¥e reswnyye fora (￿1040
of ￿￿tstMent& alw Y￿*h F(xJtKtstiDn'5 charit*
chan8e wme case5. [r￿vaL50 nvoh
pot*)hal The h35 the fie￿￿111￿
io Uti1Y￿ thE tro5taptwkti￿ instru[￿nts for ead) a
. to dale. locu5 Ik45 tg a tx)rtfdioof fu
i¥estmwis the itst.in.cbss for their par)cu￿r
Evidence, Measurement & Evaluation
IEMEI
EME 15 at thecoreel al itNesthB¥)
data 8nd evidence ran %st r¢wsure ts itnpKt ofwhatwe (k).
am 3ThJ coJrstrcorrecL ihswe EME
itrErefL¥E pla￿ è vitsl rok in ittyuvvE r￿r CIFF
$tratewe5 ar￿ ￿veStr[￿nts. Oneol the 5twIknntw￿ts
ttr4t EME supptyted ￿ 2021. was Sty w O¥rkale. tlyow 3n
ev￿*)(e Thiewof *welKth Xi1￿$M and itsefle£ts.
gathered •) 2020 has£￿￿ed in 2021.
ith the exLruiM)n of Six irr4est(r*nts. (her the year.
CIFF'S vAth Sect￿5 covervd SncludlnB
<athffttaptu￿. alternat￿ prntelnsand women's health
CIFF'5 I￿￿￿[t ItNekting team wothed In the year
Ih our Oitnaie arKI SRFIR team5 to ￿tase LechniGII
alw) vnth atreaOyeststAW strèlegies.
CIFF'S wiMty￿s. the EME team haLI *É£ess Ml
executing new pdicyan3ky5es. This expanthnttht
Green Pathwayresearrh pro8ramme. detsils Co￿[ry.
specific S￿en poI￿Y weas that could deli%tr
strong t￿rEfits forcI￿￿te theewtvJmy¥wJ we Ihewèy
i(Mard5 Sustanab￿ devebsrnt a pr05perw5 future.
CIFF also worked with academic to de%tbpa rrffvel
an3￿￿£31 awroach fty ￿derSt¥#JA18 inwt ol straieB
Cts ¥Nestry￿1$ I￿e alrethst•ted 10 achwe impxt. In
cage of the Gk)bal Health Investment FutKJ IGHIFI. the
[L￿dIs￿￿1*￿estlnaIed to h3we sav•J 2&(KX) I￿e5 to date.
ilwh inÉsting •) aLfv¥￿e￿)LS ¥1 heèkh iechnow SLKh
as vxcit￿ atKJ d￿81￿)St￿S 11 ￿ proieited ihat t
fLubJ bvill save 52 million li4wov¢rthe next lsyears. (
iF* swjt. in*siw)1s in the carb￿ Direct F(n
c￿ Erer8YVen[￿e ￿rKI * South&75tA5ia a&in En
F￿h.tyh￿ sw results il fyewlK)l￿e Ga5
In 2021. CIFF akn swwrtef5 thp L3tMth <Jf Ouldr*n
Al Fblicies 20X>lCAP.20￿I. miss¢n is to centre
thiklrens ￿alth0nd wdl-bebyln IN to enswe
an equit3tAe. susta1t￿ble future. CAP.2030 be
lo Imrlement recOnm￿da￿￿S of IheWHO.UNICEF.
LartttcoMmissi￿0) chill heallN CIFF ètso i￿n(w I
Ada￿5[entAtLl5. in partiier5hip wth thE PopuL7i￿ C¢￿￿.
a toc4 forsub.na)Mal polv.rfk*erdeuSA￿ mèknr& ￿tilCh
Iow5 LRt5 10 ￿ter[¢￿a￿ad¢4es£trt ￿1th data F) a S•T*
io corisuffle form31.
Big Win Philanthropy IBWPI
As seltxrt •i CIFF¥ 2O20AnrKj￿ the condihonal
38re￿￿nEtYthe F￿nda￿ lonwkeadwritsbleend0w￿￿nt
antof $3iQ miloi to Brdwin t4)dantlw IUKI18WP>.
an En81￿h re¥t5tered charity effective in De(ethr
203>.As ol JI Cjecentrr 2(>21. CIFF had fi￿r
¥tstslrY*nts of BWPGrènL iotalli￿ S?2 mill*)n The
ified wrwse of the 8rant to BWPts ihe inyovd
IY the 0fchiw￿ry people arKS fafflilE5 in
r*ed Co￿¢ne$ in
Iri5i5.
Organisational Development IODI
CIFF'S (Wnisabw Cltyelopw￿I team is ￿ fvx
hile 1ncrexn8theirresthe￿eand knrw.tenn irnpxL
The team 8rewin X)21. ￿lI01n8 its cèwty ants kncal
expertse i•Africawth the 3r¢tintt￿t t￿ a) OD
Nain)bi. We wY)rked wth a raryof8rartee5 to
tm xa*anda¢h￿ susiain¥ility. re￿￿e risi•￿￿
aderthp capaiity. Soffle of the 8￿[*5 thai ttr* tE*n
pported inc￿de Trwrise. C40 ￿ cl￿nt Earth.
tMJrwiE 2021 ￿ked wiu) tyJr Brtysp•) to
CefvJ￿t the 8lJltee 3rKI c¢>lLTrIws 9Jry6V to urthi¥*
the perception rrf aFF asa funder. rewted
ptssitNety￿ c1FF'sdtsbrKtwear￿ riyws ￿*Y¥￿e-t￿$ed
Thechildien's In¥estJnetLt Fvno FwndatioTh ICIFFUKI I Paee 21

Regional Activities
TheChildtell'$ In¥estmeDfFuDdFoundation ieiFFUK) I P4E 23

Africa
Focus- Kenya, Ethiopia and Nigeria
contracÈpOrm usin8 final*￿1 ￿*t￿tY&aS an entry
l tm)51tK)r¥n8cr￿tra¢eptron a5 a iorA ¢0 ach
r￿ cow￿. 5ell.def*Éd 8oaLs. IPe gwamme
delays in 2021 thJe to the p)lIt￿?4 ènd
se(urity chaNenge5 ￿ EthKwo. CIFFS KwlebT￿tinS
partw PSI tr* to reach its tar8etof ￿VIng
CIFF'S wcrfk inAfrKa. led by tEatn5 •1 NairrtA
Addis Ababa, is urtder(knnned by Ihe 0ver¥thK)8V&￿l
of a future wtherE ¢ir15 have ￿ health. eco1￿mi
opportunityand azerKyto tontribjtetoa thrivir¥aThl
s¢4f-d¢t¢rn4nln8AfrKa Thi5 W51￿ ￿5¢jO￿rIed Ilyee
ttxe pillars, 111 FuAfrica ByArr￿a swxKyt¥l% Afr
giWn8 se￿-fUndFTh￿ and equip￿nE insblutKW
to deliver their d￿lop￿t aS￿da. 121 Regleni
ComYwJnities, with uoss.cuttin8 across
WASH and NTO% ￿lding sustaw*b* f(K>d.5VSivns
iffote.5pecihc prowBmtt*". ￿dI3) Girf C#Mtal. Wir
8ir15 prepare &le.deierninhi8 dec￿￿ tss de¢•￿.
<]urC￿￿ Cap*al Sb3tegy o) oage 18k
(￿rIA￿m￿￿Afr￿ to R￿lientCOnWnUfiltleS
ms 10 chihkn ¥e tom healtPry. can ¢hft¥e in
KMythitfS. healih 5y5tern5 ihat are equipped to
epwe ar￿ testthd to shock& Goin8 forward. pilLir
%441 aim lo ￿te8rate wr ¥wk in CHD. NTD5. WASH
•ThY al￿te lo colecb¥ely dri* child trealih outcomes
¥J Sbwdthtrn systems t￿t are critical for
kng.letm >J$t3￿￿Tty. kn 2021 actiwtyc(xntnetKed
I Water4Life* one of CIFF'S L3rgesl inVestTh￿nts lo
date. Ths LYo8rrne èlms to provfde safewatttand
ekntwty 10 hea111Ka￿ facilibe5 and sth0O￿ across 8
le8#￿Of Ethiry)4. seMn8 550.Cm5tudents a(xJ
1.3 rnif￿ peop￿. the cwrse of the year CIFPS
p¥trtYs l￿di￿ WLwldViyty) Ethh>pg. ¢￿0￿c[ed
EpafarorywD￿. (SEvekw dEtaibJ de5EDs of the water
Y￿￿te￿5 a￿1 £oickntin8 r*k)t sO￿r eletlrihcation.
In WE year. CIFF alsoaL)u¢Tre(I the hr51 WAS
H)¥estwit N) K•)va, WI￿re v* wil iEcolLabcrfahn8 with
e ol the rth)st IN￿tful Af[￿ rwnisar4ty)s. ShinirE
fwCtyMMmii*5. FL￿u￿￿ ffi Kibera the iirBest
ITr thi5 irfve5tment wl1 pr<>vKle safe water
s 10 51 11 HCFS antj 36.222 pwle.
CIFF'S Glrl Caplta InAf￿ c<xnnErnl in
2021. This S*N a pivot across a n1￿ of (NJr ex6bre
SRHR Inv£str(wts n the io l*
hoI5ti1 appmach to inwesDrE in ckne
s￿h progr￿e ￿ the In￿r H￿d$ inpact
pfemenled prirThantythrou8h wrp3rtwTn88errse
and co-funded by the UKS Ftyew C￿￿Th￿talIh ar
Deve￿I￿n￿L0thtt ￿ tséeswd lo diptaI￿disruPt
the healthcare industry try new k￿d o15exual
heallh 5ervre lo teena8e gir& a¥￿￿8 to have
girls &cess sexual he*lh sepites. le2￿. This
rèrrme its mKI.kKAni in 2021 aThJ 15 *artir
to see iwt wth an itKrease in the TrJmberof wr
sirin8 sexual health t*Tr3rmac¢s The ta￿0 hès
al￿Wed the pro8orme 10 5c* to 32aLKK)gw*% iJ)%
of its ￿el.
Mfo px)rtfoh) ha5 a150 beEn ¥ry)Kled Lry the
h8htenins of InternaticAial donNs' aid bLvJ8ets. Th
Itical fun(firrfgap me*i thai loward5
I￿￿[13￿n￿ pifDs F) 5(NrE of t1￿￿￿r￿j,$ [r￿S¢vulnerab
co￿trE5WaS at tiskof U￿one. In 2021. CIFF.
lherefo￿. wth 8bto1 partrers LO ￿￿reSS thi5 8ap,
tY¥)bilisin8 a￿lt￿rt￿l fu(xlinB frfm the &"113nd MeliThla
C￿te5 aryl ELM*i To8ether. ow£Ygans3Mns
ynttySpeart￿3ded a new HY￿t￿t.ARISE.NTD
will tJ5e $IU) millo) to wr4Xrt 13 C￿ntr￿ to
htst their NTD dihinatth
ofCIFPs CaTrW
s the
mart Stsrt" rrdin
Ihts oro8ranmTre
Wfwks wth è
Kh
o in X)21. h*-wr 8{an¢￿th th2 C3rter Centre
to GthnEaWowm Erndk•tkn Prograrnme
io ai end. 20211n3rked the ￿WeSt
repy¢aJ nunttr ol h￿n G75e5 of
JnEa sintr the
T(epti￿ In the 1980s, wth
14 hLHT4n case5 reported. CIFF
50 pthred Ckbil
Eth￿p￿ and ihe EthK))on
Fedepl MinEtry ol Health
OpEratior*S1￿1, 10 clear
the Wb8of trathtM*atws
trthè>s lrn case5. In
tota, over 27.(￿ peO￿e
Thechlldren's In¥estmefttFund Foundat5on ICIFFVK) I Page 25

reteivedsuoery th￿&h tNiyammE in 2021.*ts)
otherbvise w(Nj￿ hawe been at riskot ￿llYd
We1iad se¥erBI in InAfrKa
maternal, nth¥born and chihl health 1MNCHlwtcc￿.
prEh￿l1¥Y results fror a w ranc&JTroed cts)trt4 ir
IRCTJ of Liviryd fmJ5 prO¥rth￿me M U8an(la a )YA
reducbon In undw.hve r￿lity¥￿ 27% tethJctK¥)
in ￿fant tmrt31iLy. Thi5 ts wwerful ÈwxJèDceof vknal the
dacious Proecl enaPJed Ihe past four￿ar$.
d again proveswlwt ¥veh&* k)nÈkncvA* tru
wdl.wwKte(I C(xM￿nity Health Wor*er5 CHWS Save
ar¥J can do 50 at xa*. Thts secmy RCTOI
Liv￿￿ Cthd'sw8r3m todewKy)stratea ￿lfi￿1 wtahty
re(lucbw: and ainine txnes the scaleof the fir5llwth 4.
CHWs*rsv$ 5W)¥hd 3mK1 a k￿er wau nKrftslityrat
tms malirry it hardertoknk* this knl Ot inr)3rt
IS￿)VId$al$ts or*Wtyld Prernaturity Cby. This
Krwkj.t*eakn￿ opw.wurce t1￿￿1 was CO￿1*al￿d with
WHO. UNICEF and¢￿￿J)e￿¢erts arOUr￿ Ihewtyld.
11 slwwth tOD15 infffjtnathn tts
the KT*mentation of SSNC Ebbalty. In the hrsr 2
week5 after I)￿ch. the l¢xAkil website ha(1 been wEwed
tryU5ers &ross 103 C(U)tnes.￿ final￿. owpartrw
80 W SUC￿5 develDPiD8 è Nabon¥ Artenèièl C¥e
￿KjEllne. hrsl of its khnd for impknrentaiion
in Ethx)[xa.1¥h￿h will h* to redLtr the KxeVaIer￿e of
kx.Ijrth.￿*8ht babie5 tNdL*k)￿ng an integrated wt*1
As P￿t (4 an hrte8rated approachto healihand dlmate.
CIFFv*y*ed with African Insbtute for D￿elopM￿lI
$1)ky (AFIDEPI and L(y%JM khts)l of H¥g￿ne and
Trorxca ILSHTMI to ￿U1￿h.mak178 the case
Flanetary Helth 4) ￿b.Sahar0n Afrra" Ir￿eStMent
The eym￿e gen￿￿ted byUHs ￿08raMnE¥￿II M)torTn
kty iThk*ors for t•Xh vuknerability and resilien
in the hea*h aJdres>o gap at the t￿ntry
31 ltstt. The teaffl ha5 be8un to eMt￿ the
u￿te-health fffik M) the Kerryan rgtional agenda throu
eweffleDts natiLYd leathrship.
2021 was IF* kstyearcl thgrtal C￿•￿endS Fik)t
e￿EnIed b¥￿[ p¥ther Fkn3ttnAtcess ￿T￿laIm￿.
O¥er the bst ye¥s. the woject s￿1￿1
impr(p/ed b￿tkn outcottts pre?￿antV￿￿(trryth Ly
re35￿8 <ce55 to MNCH serv￿e5- ttNs the
verage pre81iancyi0ur￿ x¢re la ffelric rrewi)8
the 4vèlityofra MottErs'i￿￿ to 78%cLYN*teiJ to
baseline of 48% A150 in 2021. iJur Ne%¥txwn Es5enttal
Sokntion52nd TechncAo8￿S INEST3enl wa8rJrff* rolEd
Jt in OS trosgiials ￿ro$S MaLwn. K￿3. Tan2ania •
Niserya. achitrw8 ICMJ% of th•r target ¥tsith 34 fKilibe5
fulty equipws v41th NESTnewtx)m e￿¥￿￿t Th
NEST3tOntsvb)m Icthl tssmall sKk nts¥tNyn ca
Health in ckn￿le Plans'wa5wbh5hEd
NLwe¢ts 2021.
ThtChRidren'5 Investment Fund Foundation ICIFF UK) I Page 26

India
Thechiltheh'slnvestsnenr FundFoundatiDn ICIFF UK) I P*8e 17

India
state ofuttar Pr*th (xjr p3rthers
sohew stste B¢hfmrfwl lo dW¥>a
Adolexent Health Operati(yo1 Plan.
dewle increditAy chalknw8 cw[u￿￿t￿Ke5 dwin8 2021.
th ttre dtwastatyn8secmJ vme cl C￿￿.1?. (￿r Giwl
Capiial work in INJO vrtsaffecied, the nati(￿al arKI
st31e.￿ve1 ck)wre5 015chwkaTh4 thllin8 centres akn
wth rfwJvar*nl ￿$tr￿f¥>I5 orcernmtr*s had ro
d to alter[￿te digtal and hybrd &nWt.
the SRH pro8ranThTe. F*a IF￿n￿L
yo￿h.IedAt￿￿)adapte￿ its Strategy. pNoLwE to delNer
comprelvBive 5exualityethvtiw thraryh
Tl*rt syykani dlmate
dki thrin8 2021.which CIFF and our partw 9JPPfrted
NrrytyrtÉr. the Go*mm•rt •)ncunced Ir￿￿8 revtsed
Nai￿lty tktenym￿d ContrbJtKJn INOQ with a k)tB"
leym straie8y ￿ be Net.Zeroby 2070aThdtnhan¢ed 2030
tsvtets. CIFF gtsftieesTERI. CEEW and WRI Indiè eng3ged
Wilh thÈ8(¥4rtYnmenL inWt5 ￿ Sectoral tar8ets
Kl 5cerk7rm￿ ttrt w.twm slrale8y EarlEr in Iteyear.
Prir(È MiThSter NWI amcvnced tht ol m8kinÈ Irx1k3
.a*8y-ifKJep￿HknI (frtsn inyxtsl by 2047. and launchetj
Natirn41 Hthgen Misy(Mi.whrh aim5 to makE Ind
a 8kW hJb fwyeen hydroten b) Indiè, nt*)5e
L￿r￿enti￿ heatwave ha5 exposed the and Ihe
ble C￿n￿ltieS to extr•T* warmI)8a￿ health
tts C￿r AlwÉe for 5ustsinaNe Hèbiiat.
Effic￿￿￿$TherlnaI ComfLYt forAI ISHEETAU 15
gwytin8 iffthe*Tental*￿ of 5U5tsinab*coding solvh)
rRI8 th•)n31 comltyi all. Intha ratified the KiBali
Ary*nthr*hi 10 Montreal Prth)col lo phase d(￿ HFCS.
partner5 ￿3Ved a kev rok midin8 the prAty
AnOihw98n*lcanimilesto￿ frK Glrl Caplta wa5
the èchi&vett*nt d UdaaThthKh ￿￿(e$S1￿￿ L
43,(M 3d(*bor￿1 B￿$ vi t￿t￿n 8rth 9 10.
It atso improved knowledge￿ attitth on SRH
ndef a(*ks¢ents aThJ Inc￿aSed usa8e of ￿Jectal
£onttscep￿n u5er5 In fv 38ewwpol 15.25.
theretrI5￿nifrcantly Chi￿ wiiage ￿ avethr
teena8e pre8nar(es. of the &*ar. CISFa
sur¥xrted L￿￿1￿￿Op[XYthIkne5 for￿*)￿￿￿
IGLOW) to 13 (vg4niyt￿s arKlcwte
oppwtUTrihes ta%Y3rds Increaslrp4xW•I'StsmF4ty￿￿*fil
(knrchlld Heahh 0￿￿*￿ent If￿￿tIr￿ts t￿se0
perinètsi heèlth have sak*d INes at thFtrJEh
d facility.ba5ed apw0￿e& FLAG IF¥ility. Le3mY*
and Acti￿ fyoupsl ￿VestM¢￿t. Ekyul
*id UnNersi* College Lmdort trotded comfrwrfty.
led Initt•t(¥es to rtduce rnortafrty. saw
impresswe results In 3)21 with 3 24% red￿￿ in ne￿lats1
rtalitv, ewaDn8 to Ilm3 ne￿n sèveo. tr4er
42.ry*)nih per￿d of Ihe8r•ts. CIFF ako
th Jhpr80 * the ￿¢￿tI￿1 F¥anned Parenl
Federatio) IIPPF) urKler the safe Chi￿"rth Cl￿tsi
Investn￿t. to imkwfft the4u￿rty01￿4re formother5
and newborns Ihrou8h a facili¢v.base(I woach To8ettrer.
we shared leamin8s in SyJth As* regth xK>ss
B¥w￿L￿1 Af*on￿tan. N*pal atMJ Paki51an.
urth-owTrdrYwtr)ec3rt￿nts3th￿ pDiec¢ wrpartrer
Rac￿ Mountaln I￿te IRMII rAa¥t¢ an Imrx)rt*t rok ifi
devek¥A"n8 Maharathtra's r*w EÈctric Oty. with a
ma)date to enMHe thèi IO%of all newvelide ￿l$￿ttiOn
in the 5tsLe areelEctrir ty 2025. RMI n ￿rtnerthp with
NITIAtyceaiso ￿￿hed tPe Shoorhya campaign. wh￿h
10 IM￿ arf (w3lityin IT4dki tNacce*tatirYd the
del*yffl￿t of ektr￿ ¥ehKle5 for ride.￿lI1￿8arK1 Lgsl.mile
In ¥dibon to tlw natM)tK41.*1 ￿lI7*iNeS atso Saw
Our part￿. the Centre fiw kie￿￿ ar￿ En￿￿mEnt{c5EI
ColL4t￿r3[￿X}￿th S￿le Polbtion Conrrol
Board (RSPCBI è polKrtion hotspot rnappin
extrtlse in JaiAJraThJ initiat￿1 3 new project with Nathnal
In$￿Ute for Utban Aff3w5 INIUAlaNI hd&4 Re5(wCeSTn￿t
to wprfficitY.le¥el clim)te acto) ptsnni￿ and soluti))s in
ilwee oties of Maharathtrè. Underour Prtsiett UM*t
Khett (Ner4CO) farmersadopted natuTrl larmin8lbv*
88rioJltwe wactices xross pih)I in ttrt states
of Uitar Pradeth. Gui¥at MaJ)y3 Prad*h.
rcoxttunity.based rrKthI. sca*$ ￿￿1pat(￿Y
LearrirB arKI IPLAI in JharkI*￿s ￿CeNe￿ a
frorn the 8Q¥trnmEnt￿ 202I In alkJith￿ io
our brv*meniaDW 5UWCrt in the 5tste ot the
governmeni has pThided lund¥)8 of 51.2 rry11￿
replicatin8 the PLA m(h*l to Iwottsr skatts Raia5tFw.
Uttar*hand. Madtrya Pradeth Megha￿.
Ethcatety. a (h'8itsl krw4*1
lvedLtst￿son aL%)lescent
reprod￿tIVe3ryd sexL471 trEalth
was a notewrrthyexaff¢
of wctrss.V*iih more
th3n I50,0￿ vw&15 3Dd
in 2021. OJr pJtrer5
In pw 3 V4t
rde fft Champ￿ning
this rdatfcm) *)0
wothj cOlLIt￿li￿￿￿th
the Gov￿M￿lI 10 secure
Thtchlldren's IrwestmenLFund Found•tloTh I Page 28

China
ThethiMtett'$IrtTrtstsnent Fund Foundation ICIFF UXI I P¥e29

China
CIFF5 %4YJth ￿ Chw47 ￿￿c￿nate
$lrate8y and p¢KtFdKJ.After tecomirE fu￿0[￿rat￿mal
in ￿20. B¥jin8 office Ctrlmued to thr￿￿t
2021. with erthatKed capatity. e￿alA￿S CIFF to
strengthen %￿th our pytnws and 8ran*es i)
the reyty).
secty Th5 Co¥e￿d 2.162 kkntYcc4mpan1e&wh￿h
coleitTrthiihitritxJte4.5 billK)n t￿5 Df CO e[n￿SlOn5
h partrv5 ￿ China hwe W ￿TkInS to
the Er5. In¥*r￿lats)n. incluthrE o¢yn6in8
t￿￿￿¥pr(graf1￿nes and urnler5tsnthn8amon8
se¢ ol siakEWer5 to l*lp 8ei com￿t9 pEpa￿d.
The team erthavows to 5UWYt ￿ >Th￿)Lh
imklefflentstits) ofchina's Cat1￿ peaknsat*J (3rtth
neutrality 8￿a￿. Fr￿ naiional ambiN)n
narior*l INcwbts) Iran>tio). Ircm intett*tiN4lT¢*-11
diakJ8ues to doffle5tK ￿1￿Y rec0tntn￿bD[lSa[xj from
8win8 fili¥(￿4 s)slem lo pha9n8dovm HF￿ CIFF
works closetywth wtners t¢ gJkWt CTr￿ to (￿￿th
d￿￿￿te￿ en￿r￿Mental(h￿￿t
C1w￿,5￿t1rat1m of M¢￿trEal Protocol Ki¥ali
Am￿(11￿￿ Ca￿ mto effect in 2021. whrh strwgtr*ns
co)tw)l ofnty)CO Bretr*we Bases and ￿[elerate5
tt￿sk)bal efFwi to thase Ixjl H¥drvflLxJrrortrf)ns IHFCS).
Iinewith tho CIFF's8rantee EFC has been working 10
iny£we the CLxYkn8 ewiomèntwhite
a￿D$do%￿ HFC5 ui Chiw will it5 efFort to
Chuvs 8<ew coohng transffjrm.
t￿l￿￿￿. CIFF hew Fxili131e Ctha.EU.UK
dkikyéues loaThJ dwingthe COW26. ￿er￿￿the
ccrtrnKti¥e exch*8e of th￿J￿15 ts) (niemari)Thèl dimats
Èo¥ernatKe and Col￿t￿ti￿ The Green D￿k)E￿￿ent
e byCIFF'SgTrnteeV￿o Resowce5 kn5titute.
rw4ided hnrKytant reconmendatti)s *ty8￿ning Ch￿35
Yseas ylvestrwrts. kn 2021 China cLwnmitied tostq)
tXjik1￿ toal PNYWDJects ￿ other C￿ntr￿S. will
wr the 8lc4>48reen trangti￿.
cIMrèie poly in 2021. k 3 r￿tIOnal CIFFpxtr
th Enry Fwndaiion China IEFCI ID su￿xt the
celera￿n ol Chws cl1r(￿te erKoL¥age
n through k4aLftyms gJch as the China cl￿
for Iniernèknwal CoDperatiw ￿ ETr¥w[￿mentaf￿I
oeydo￿lwl ICCICEDI. TheovttOYts¢Y t￿se elfr#ls
were seen in the run.LP 10 COP26 Chir43 ￿thhed
its usyjated NDC l￿wIth tther wbcyik)cumer*s
t1￿￿8 wincryAe5 rrf it5 cliffwie ambtiws.
CIFF also surwted to Slrawhen tIE
of its finar￿￿ 5V5tem. Specific*fy. ow partW5V￿£o
th Chifki. VK and the EU to hdpaS8n thty hrnartsl
sirate8*sand ILrt￿¢Str￿8thets) yeen
ross Èeogftphies The past ¥earw1i￿Se￿s China aThl
the EU a con¥non 8fwKJ taxoym. i5
ex￿ted iOSUPPOrt8rew fir*￿ec(￿r￿r3ri￿￿0r
Cross.￿<￿e[clIMaÈe finat*ing Ip< bwering theBrE
tertihc3hon c05t f￿(r￿Ss.1m)rder trdnsacDois.
2￿21 rywked the Liw*h ar*J of the
iompkntKe ty(￿ ot Emi5WnS TrJ(fin8 Scheme
IETSlwhich ol the p)
TheChUdYen's lThvestmeThtFund FowidatloTh ICIFF UK) I Page 30

Europe
ThEthildren'$ Irtvtshneni F¥nd FoundatiOrtieiFFUKI I PaBe y

Europe
Th￿1*1T. CIFF ELYDPEan and wowEs5 ￿ thp EU'5 Fit 55 ￿￿[ka￿e.
a serie5 01 lew51aii¥e packa8esai￿ at Ipt EU G￿ Deal Intoxth￿S re8u¥t*)n. Trov8h Ihe Eurwean
Clima￿FOL￿datio) IECF). CIFFhas Sup￿￿ed￿￿[essluI dipkntnatKdk3Westhat f(￿$￿ NLK rylefflent3Mn. levEfa8il)B
E￿￿e'S dipknmabc 1X￿r. Inc￿e5 WK5erts￿nS lordecwtrWJ￿ trade. ￿ as en5Um8 that the
Carbon BorderA0￿$1mert Ic￿mI ts hEh p)ts"ttJ 4et*la.
With ECF and pathers Ike europe Coal. CIFF has to the w5h for coal Phas￿￿t. 2021 saw
seniftsnl W8￿$S.￿lth 21 CtyJnlr￿thYw either co¥ {￿e. L¥ ¥1 y>5sessth ¢f a toal tthase fyJI P<ytU8al b2came t
rth ctx1nty￿ EurryJÈ tOSiLV co￿.￿X￿￿8 8el8KMTlN￿tr￿
The acmss CIFF'swth on Euttwan IndUstry￿e￿Ide ￿K￿lde c￿nary'S finan1￿8 the
tr8ngnw to low.rart￿n rechnol(w frY5ted ierrenL liffe ￿ affIT￿l4 thrwgh c￿traCts INdifferwre thr(u8h
ECF has alw mapir piceress losyl-freesteel thrrAJ8h HthL 3 8reen strel from Sweden.
arKJ ¢rl￿￿ first sw tèk￿ in tMJiWl￿ tF* i)fvastr￿￿ r*eded decathnKseinthJsty. in no STfiB*part enèNed
ttr￿￿h the tech1￿ thK3ry tx*y rBow of CIFF5 partsv. Eurvt>a-
ThrrMJk￿ul &*ar.CIFFs irNestsY*nts ¥1 dwmtr tr*d rtZe￿￿te8vitv. ID Frm. owp3rtner FIiE
5UPfX)rted SvntlYvrt(yy. in ¥*hKh the Fre1￿h (￿￿t￿nI wa5 l￿derlY1 to its ￿(￿Ct￿MI
tar8et> &fftLarty. In c￿rr￿anyW ￿rtr￿Sa(fvo￿te￿ ￿￿ase t￿£￿￿r/S£ll￿oÈe èw¥d IPe
government ressxwded try t￿g￿lE Its t*L.2tt0 tèiget fonyarrj to 21M5.
CIFF5 pr08rkffmatK￿rk in Euf¢re31￿1r￿Wed a *wa5 h)sied ty the UK in
IQ0￿mt￿r2o21. CkwCEO. K3te H¥nr*(y).wasa FheThl c*COP. ￿ing¢k)*1YWrth the UK 10 wDvKle
arKJ sirutiny ahead Df To8etherw*h t￿rtn￿5. CIFFI￿￿ to en￿e that the C￿[erenCe itself wa5 Lv
enablng the UK C￿rfernMent to h05t (￿￿IngsVAth rerntatr￿ Irfym climal￿vulnerable coMtiies •dwLN)g reople
J)d Inathyinon 10 it* manyous£uthngandgk)b3l<esvks f¢f¥nCOP26.wpart￿s3ts0hè￿ kxèlimpxt- ftsre￿p￿
eriDsh htsdemyof Pi&naryJTeltsfW)Arts184FfA) iF*Ckn)N3te c￿tent Wed8ev+ith 12 Lir8e51 tYoa(k35tersin
LIK(￿rmIttl￿g to imtxove rlimale 5tryy le#Y¥
Thecldidren's Inve5DnentFund Foundaiion ICIFFUXI I Pa8È 32

Strategic Report
TheUJlldreTh's trwestrneTht FundFoundation ICIFFUKI I Page JJ

Strategic Report
Section 17211) Ststement
In wepèriryd the 5tr3tegK Re￿r¢ the Trvstew thtyrduty to c￿ote ￿$￿(￿550* the Fwndamn U￿er
section 17211101 the C•TYwesAci as Int￿eted in *tc¥d¥Kewith sect￿ 1721216ryen 5 tFhiriiaJ
. The interests ofwkwes
. The pthlr berefit of the FcwThJatr)ns w
. Iwts the comryvJnrty the ermffmmeni
MaifjtainiD8 a rewtatK>n for Iw8h 5tsThJards of cov
Engage￿nt￿th F￿[￿O￿n.55taWIrAdersL5ln1e8r81tQ￿tsf￿KA￿8￿￿eyttUtynS￿t￿$1r3t￿tO8ChI￿e1[SchèrIIèb1e
obRctsves. The ol its bene￿ilries, gr￿tee$. D¥trws*J trnknes we rtt rnty F*ard but ￿0[noted lo wKrea5e the
effecii¥eness of its wtrk for the beneht Th￿e￿>￿e5 fo￿ part ol Ihe Fou￿atiOn.$(0rTy[W[fflefit to c￿hn￿al ￿aMing
arKIdevelwtn￿[ inthecwiextdspecthtstt4rilat4e r*08rW￿QLIecOye$bJt*50￿ terMsofh￿trÉ operates
and 115 aim to ad(kess rrwttws xth as dwgty. etyity•ThJ il al Its
In mak¥w deCts1￿$ O*TnJ5te25ci￿1thr￿&￿ faclor5arhJ I￿St ￿pytanuy.
in reLHtion lo its 8ran¢.m*ing activthts. the c**rths aThJ of il(*rwtht èpromlted to its Investment
ConThnees tss desuiw furthtr beh>￿1. c￿rt.nK￿￿ attmty $ a&0 ttrneh rtyJL)r enÈag¥wit with
gwiees. KKlud¥)B through a ￿tte gJryey etLab*5 8rantee5 to WDw1dpvaluab￿ inwt re8ardin8 the Fowllatk￿'5
prDgrarrffies fyantee5 ¥e 3150 trrwa8ed at *1 ￿ to rase ssues w c(YKems these are lo trtTntstees
tsnd ¢t￿ra1￿$￿S) thugh re8ubr pothlio tyÈWn￿￿. tl* Fwndati￿.S(￿3rrtbb￿ w)rk continued
10 tÉ affected IWCL c4 Ccww&19. The We￿ priY4thd With reB￿r utxlate5
on the wnpact of the pa￿e￿Nc m ils ch3fitatde rtytiwe5 to nfmn decw.mAkrg8eneraty ￿ a150 in itec￿teXtOI
pro8amrrE5 INIt wtre dI￿￿Y ètleaed. ￿(h * those A)thA￿Ck)Se co)txtèetw) The InfOr￿ti(kn prow¢JÈd
Invesltt*ni C¢)nminees and the Board was t4)t3¥￿ tlww wLlèrenSa8￿ wantee5, iTKJepetxJenl
expertsand Oth￿ IlxNxtsh￿S.
d￿08 the >*ar. ￿ UK rS>￿Try*n[m3de its bLtyt
had the potenti￿ to i￿￿e￿al￿ i[D￿L the F￿￿￿t￿￿'s(h￿1r3b￿ ot4eclTries. Expert corwllants were en8a8ed to pmwde
MiftKtnakn iny8htsatwt wiential 8rantee5we uthstand the di￿[ on ttrt
operab￿5 The It* rJ)Vert￿ inrd0r￿ toth1ssrÉo￿ ¥ea.èswellas specilt ry08ramme%
to mvide inltYMati￿ the HWt5 on charitable ￿efit￿leS￿￿1 akn mre ab￿l CANernmenl pd1(￿. Tli5
If(K[nali￿ wa5 rdayed ro eoard 50 they COU￿ lr&4kedecL5V￿ that suppryted h)rB.ierm cN41itable
5traie8v and s￿15. This led ￿trea￿d clk)lil*ee¥rthLfiture b•rE3￿￿0Ve￿ ￿￿17% i*ar c(m￿red to
rrioJs yearwlh avw to both prDtechD8 the of eli5￿- ad(tre551ns 5(Mne of IhE dama8e
Ir<wn tundins cuts. In therto tyw5 type of (*cwn.rTrikry exwia(fvKe of the FO￿￿atron.$ Finance. Audit
and h*sIm￿t5 tsnmiueewass￿l. incl￿￿78 reL3Dty) 10 of and sp*K1 scenarios.
Dectsitr)s 8oard In rdatv)n to LhE F￿r￿Ja￿'S t*n fok)ww¥ advice the Finance.Audit
and kn¥estM￿ts Cwmittee who 04tr5ee the m￿8￿￿tar￿￿trs furt￿ L*xr1￿0 teh)wl. Ths
crucial so that Ihe Board ofthe FfyJn¢I3tY￿'s straie6ies.
The Tw5tee549) rttyoTr the eXt￿n￿ ￿ffitrS re8ardn8 ottw tr*tters ￿￿ted
to the m3A48ewent Operati1￿ ot the Fcuidalk￿. rece￿ Irom exrwts thai are ab* to 8th￿$e on n￿deS
ofgoverrt¥￿e. ot*ratity) ¥pd transxt¥y)s in a rnarwrthal fvlyrefietts rEguLIt£VyQqU¥ErnEn15. Charity c(wnMi￿
guthrKe and ￿eral I￿St ￿tiCe. Apwwri3te le8al th otherted￿￿￿l the 15 from l(Kal experts ￿ rElation io
the FrAjThja￿n,S wseasopwatKins [YoyarM￿ This aswtlas from the Genwal rdied upon
by 80￿￿ In m*inÈ thcwns that ensu￿ Fowthti(￿5 ret4Jtabm lor high 5tatHtsé5 of conduct r￿a￿tal￿e￿.The
Fourthon'5Genera C￿S￿arMI Head ofCunphJKe pr￿ the Pthrd ¥Mth ￿￿te5 on wryitthent5 tt￿[take tAace in the
contextof Ihe Fwndaiiry)'5 aLe¥w eo¥d Legal c￿[Alar￿e a￿ atso integraty nvdved Al all pro8raTrrfnes
thal IF* FtyJDdaiV￿ d￿eb)p5 at4J Impl￿ts.
The is actNety en8aged ￿th its SI￿ atNI è dei•kd des￿￿)￿ or gwgtyiEnt is sei wt thl Pages 30 10 37.
inforsnation oblanoj from emph)vee svrvtys £iKKlucied t￿1 theooanvation Thi5 Mife<mation 5eThe5 a5 a baCkd￿p
Io 8o¥ds ¢Iecspon.m3k￿ •K#wvers tnatter5 3$ %*tsk4ile ba￿r￿ y)bsarisf*tw)n cullure.
The Chlldren'$ Inv￿ment Fvnd FwN4a¢son ICIFFUKI I Page 34

The Fwidation. like manyi)r83nsatrit)T15. hès been Fxmty in re￿t￿NI to dfftrsity. equityènd ir*lUsion￿d
nti.r3osm. Thi% Kvmtyha5 iwi infcKmed by a Tuthrof Slak*dders. from efflp*e5 tts8Trntees benÈhciaries.
eknshaVer￿￿￿ b?￿lre￿ t￿ls￿l*?th tI¥w8h thirOwtyexp•tsèryl advfaors.
Covid-19
d.19 has signihwttyc￿ge￿ theWaYV￿I￿YKkwL[hthtrMa￿x1tyo[thp ￿[￿lati￿O￿t￿￿wtoth¥r(Th￿)tr￿f1Xthe
paslyear I￿r focus thr(vJ8lvJut the has r￿￿1￿1n1vd ltrt andwelltwE ot *afl.8rantees ￿rtnerS
while maknn8everyefft>rt Lo ¢￿t￿lue to del￿￿ (A)RChvÈ of thithns INes.
Dwin8 2021 and inio ￿22 wEh3ve VTrY)tsd (wEwtees lo undvst*)d the wrpact ot the pandemr and
seekSolJtiJisiothe(hall￿￿e5t¥ed. Ins1xne(a5e5.delNeratAes.twndK￿$a￿jCmJtt0￿￿Shakerth tothan8eb￿WÈ(o￿tir￿IÉ
10 be ft(Ltssed on fr4￿mI)B the ot61ac*s arny 4Jeli¥erirÉ w¢Ywitab* obpctive5. Despite theihalkn8irBenvironment
we are happy to have W￿￿35ed ￿r(h￿tible gr￿t disbJrs¥nerts vl 2021 to U5$468 m¥lM)n1202(k U5$344 millionl. This
crease #i disP￿r5en￿r5 reflectaj a 51fdte8K shift thrin8 thE impKts of UK fvmment overseas
vj cvts on ￿ FOUThYa￿,S ￿Y08r￿S and rkniects￿ n additim to w￿rea￿r￿ toiwnwli￿5 cofflmitted lo
addre￿￿ the clwrèie ttr*oency.
TheChitdren'$lnvesthieThi Fund FouThdation ICIFFUKI I Page 35

Recent Developments
Grant to Big Win Philanthropy (UK)
As set wl in FoutMlabon'5 wual rewyl frwthe 31 t￿Cert￿ 202Q the C(￿lto￿l a8rewrtni ￿ the
Foundation to make a cNiriiable •*￿m*% grant of US$3éQ tn1￿ to &8Win [thd￿throW tUK) BWPI. an ￿EllSh
tered ch￿ty rthE 8WP &ant) b￿￿ne effeciNe in Decty￿ 2020.As al 31 Oecwnber 2021. ihe Fol￿￿•b￿
pa￿ four in5tatywr5 of Ihe 8WPGrart totalkn￿ U5$72 èr41 ptyl￿ts to BWP Crt* ère reptrt*l as fy3rt 0¥
ihE F￿n08￿M5 rwfftal chantable ex(￿OI1￿e.
tXJrin8 the ¥tar. costs arisN* tr*arV￿te ￿￿Kee￿WaS res￿￿. the mak
to MsJ>n* Ctr¥*fafwJ Dr Matkn Lehbffd¢i. as orderaj ty tIE &orLYne C(xJrt amwnts agreed betwee
the re5pectYwep3rtie5 The Fourthtionwas (Yttered ¢0 paythele8¥ costseff theAttotrevGtsYralwhowasaknapartyto I
proteethr*sbul 31 tkcemtw2021. thtAtttrntyC*)etslhadwt mèdeanyctswll frJrsuch£05ts. Whtstthe Fovndatx)n
lia5 takÉn acknce that it ha5(¢*TW￿dWth all itsiWtK)n5 ￿ re13tm￿ to tIM)se c05ts.an 3￿M)unt of £25(Nc reserved
in e¥enl that 3 clamn ￿ I￿￿e. for ￿ matier or1￿￿￿¢￿C￿ieraIS tegèlcosts. the *al E￿O(eed1￿53re
comrlele and thve a¢ no lurther reNs ofaote¥¢ymiew•) retstvji to LtrK)se
The lolal *1 C¢￿15 the FwThJ3tio7 in ￿lati￿7 lo ￿ 8fhtrr0￿e issues Ftrjn0a￿ I0*rwth￿h its
Cthernince ComN¥ttee had its estabri*￿1*Tht inADril 20151. I￿￿MIl￿¢1n1etst*Jn to the BWPC*3nL fromyear
en(Jed A￿uSt 2014 up ta the ¥*ar etwjed 31 DEC￿￿)er Ir21 5tthat US$12 87(* the wr prte(J 31 DEC￿)er 2021
U5$4.(M)Jk131 December 2020 us51.￿1k￿ totslaffrAnt USSJ.181k n Wl let5￿￿e￿O C￿rtS to
rwd to certain oarbes in the at*)*.wtrJ￿ Lyoceedry to Irt BWP Cmt.
Social Impact of CIFF'S Operations
Improving our culture and championing diversity
Oyw￿l18 of the F￿￿atrol.5 PeOe Slrntwik Yo *tybJ-dass t*iaTrJ £ap3kn"ityto transform the
INe5 01 chiklreh. prov￿e aTr al n*mI￿5 of CIFF Fami￿(￿ be al the￿ bp51 aThJ rEali5e Ihwr ful
ooiwt&i1"Worki￿ tO%Ydrd5 awratiN. n 2021 FrAmdathcm wc*ked io st￿th￿ the base of ow HR￿ceSseS
to furth¢Y i￿110 IIE HR team arwThJ ¢he Pew* StBie8y. n¢bJin8 ￿ intrc*JLKro) of kxased HR 8usw)e55
rtr*ts in India ar*1 Kenya.
Over thecwse of ttrtyear rhe F￿dath)i *0 bLUKtsd ￿ cc*EdASaied ￿lf￿?¢￿e$ ￿se8Ch of the IrthHR oilars As
part ol the LeaLtr¢thip ￿0￿MEnt p4Lir. the Executi¥eTeaD'5 karV¥wNxj￿{Lw￿nUed in 2￿1. with e%￿uti￿ coaches
g)wced ar￿ obRd74e5 all8r￿ ro CIFFS knder5hy IranNxrt as lo tts cwe A•rrxJse The F￿j￿3￿On
alw Co[￿￿ted an cxwisah￿.￿I0e trafftng needs anatyyswKI LKoyanMIE5 needs Ths widuded
LIE Comr¢llffil¢atic￿5￿adWnY.enabll7g Start to th￿￿W￿llEn *wJ verbal IL¥T¥txJntsr*v5 skills. To fLthEr devdw a
co¥hing M￿d$et8£[D5S the(Wwi5at￿.C1FF bewwM*U￿W￿aneXtern￿ partI￿tolD￿0Ut￿3lb.$tsff hoffis￿ co¥hinE
amins ff)wney. v4hich wil ￿10 2022.
Hdpr¢ r*0¢￿$5 CIFFS￿rNrÈC￿k￿E. the t￿> r*wirMtikne5 ￿ 2721.vknth ￿11 hdp
(wni5at￿fi to with staff aNI furliv￿￿ a cvltwecl w trar6￿arer￿. a￿$ cdiatW3ts)n. ￿r￿￿ed hi
Septwttr. Up @ CIFF is an inieed part t* the ¢Y8anisatr￿s io tsJild thts oJltute enablè yeèier
Psychol￿￿315￿fety- it[KIy4￿e5(￿ar6u￿l3￿e0n1XW￿xyhVknalSca￿SpeakUp. tovAKwn.aTr4whatyotsc3nexpecttohari)en
rtofihi5 pr￿eSs. In Deremter. ErryjkryeeFr￿￿￿h yo￿yes8 ptsttormfr*staffto
dixuss CIFFwth iswes *)d intiarNes the twsm
wt (* wr &rdte8ic Ta*nt the a rwi ￿t￿at￿Y Wgit revi￿ LY£Kes5
bes iogethtrdtreknpTr￿t. SLKcessw)n ¥vJ 14annin& <￿er￿T0￿ni MeebrEs a￿ NJW￿b&ddgO ano the k¥we5S
hlenbfied èreèSWh￿ w￿￿lItyar￿j 8uthKeM¥xJkJ be L*nehc*l. HR ie•n ètso ￿¢￿VilMent
5trèie8y. whrh Out￿ as a reCwitn￿t for manasff5arKJ p￿Il￿ts. ThE F￿H￿l￿)n ￿50 ￿￿eShe￿ its
apry￿(h 10 r•vm3ier*. 74 sraff￿r the courseof the year.
Keyhi8hlL4hts from the Fouth*tiw's eft(￿ts toerweit s a rewardi￿ fAate to%4tr* Itt￿ fourth pil&r of Peop￿ Str3¢e8yI
iiÉlude Ihecwin8oflt* newofhce in Nair0tsar¥Jaskn￿1a$theinlrc￿￿￿tim0fa h￿tr￿v(￿n18[￿[Cy. aflrAvn8Staff Èowork
The Childten'$ InvesrmetLt Fund Foundatiorb ICIFFUK) I Page 36

fÈxjiAy TIE t4tnol ttr*5 %*Yxk itt0￿￿(yt thèad**neeL&OfcLY￿vrWD(ffj. tx￿a￿￿, in 2021,CIFFt0n￿￿tsd
extengve wrapproach lo reward& expected in ￿22.
cUttin8a￿ 41 the plwsof the PÈcv* EtyAty IrK1￿KM) IDEI i4 at the IEartof HR
wtyk.aswework ￿ ￿$forM0￿¢T83r￿sè￿tr￿l¢￿1ture. È*Jethlovake5w￿ bth￿r$ peopk yctes$esa￿ wp(hyt
5ysiem5 throush this kn. ID 2￿21. the F(￿laiM)n ￿ternal OEI w5ith*d strate8YWith kryactivitEs inclvdint".
the contsnvanon ofan al￿513￿ Anti.RaCI￿ L￿n￿8 knmev.. a re¥iew and ￿￿te0f oe* atxj the reuultw￿l
tKocesswtha DÉI ￿s".3￿J(l*dt*kY￿*tofa DEI ￿￿10￿0￿*￿at1￿l￿wre$oV1Ce>Tre¢bie¢tyVe0rthls￿kIstO
ensure that OEI ￿h￿r￿￿￿￿1 the organ￿￿t￿ tDenaL4E u5 lo d4imwtr) dNer5ity in its brO￿eSt set￿.
Reducing the environmental impact of our operations
CIFF retDans ctsxmitted to protec￿ thÈenvw£W*)￿I cfy)rfft￿ 10 t(QE fyl irrrrin8 the fwtprini
rh wr ￿1￿1[￿ and 0woperati￿S. We atso reciww5e of il* FcwtKSknsvalue Cha￿ ￿ rew¥e(S to
fultyasse55 the enwrwThThytsl lffWCL
a 5T8niknt clcww4uEchJM'5 yiyvor¥wital wwt sthe oTrs%onsasx*iatedwth r¥Jr
endO*ffl￿t tywe5t￿t p￿ttl￿*1. this emtssths yi retsmn kn ￿[MIN￿ ￿Ulty rthtions f
firsi Drrt.
Buildings and Operations
Acbvitses in 2021 (￿or￿e￿ to be thyupted covid.lg rvyAtin8 n IE55 office use and ne8fY•blE tra￿1 We
recognise tt)e iMp￿t of a Ml ents5￿$ not be refiecDve of a Sta￿8￿ Yearol
In rdaD)n to CIFFS ¢rÉYats)i* wl a r￿￿1Ye¥￿jr s<weof ernssKyswM COnDn￿ ¢0 be flEhts a5%%T VNt (xjr
Jje£tsaf¢ur￿ 2￿22. We￿11 bexith reprrirE wrfli4ht emissHY6 internaty.encoura&n8
thE u5eol vitLpI atwj aiErnative oFtsarwrt
CIFF hasatvmnted cart￿ army ¢￿p￿. to UmlE￿￿knt￿3ssQsS ils
GrewhtrJse Gas ICWGI tYThissions for(vbuihJirEs ar￿ oKfatiw5 inac¢￿[131￿e*rth the UK G)￿er￿n￿5
The GHG emi55iW5 tse￿ a55e55ed frknre ￿19) 14064.1."XJ18 hJ5 Used the 2021 emBsTh
conbersK*) f*ttrsgJb16hed by CWrtD*nt fty Enwny*￿)l. Fooy •id Rwal AffaY5 (Detral the Departm￿1 for
Bu$￿e$S. ErwÈy & Indusir&3151rate8YIBEISI. Theas$esw￿l I￿￿)w$ ￿ hxaw-ba5ed aKyoxh for*se59n8 knpe 2
eiTrs5ions from eleitrKity usage. TheW3knr￿a1 c￿rTrA￿AND￿h1kl5 bEeh used.
We have been aSSe5sv￿ojr(arton￿)$so7s￿i1h 2019.ind￿in8baC*tsteIe5knrn3les
lo aid the pwchase ol tarbtr) c¢dits l%ck 2016 CIFF &YEv¥￿$￿¢1￿)$e to cakLéate our emi55icns ￿ing a
yearthatdiffer5 fromourAnrKJal Rwt Ilstj￿￿1I? to kKy*fftrh*eèh￿1ed the ￿per￿d5 (hJrinÈ 2021.
bek)w5tsnYnorw ￿GHGe[rI$s￿mis￿c￿t￿￿￿w￿W￿y watK)r6kxrerywiin8ye¥2021 t08etlvts￿th wiorpel￿d
Acivity
lul'19 ¢0 lun'zo
(A2month5)
lul'20 to IuDaJ
months)
T4*al en￿ consumed Ckwhl
T¢tsl Gross L￿at*￿.BaSed EMS51D￿ ttco el
244.920
174,679
1.705
325
CIFF wrclkise cariw ¢￿artSeQU￿ to cartoi *Kliwabuis. pkn5 the yews estitnbted c3rt
emiiied. rdus 8% ¢0 ¢￿te o rEI poytNe impxL cat￿ OFF or*rat￿￿￿ have cakulated lor
the peri￿ friNn 2016 to t￿¢￿Tts 2021 ￿eStiMated ￿. tot3llnE lo.4￿ tco e. Duri￿ 2019 CIFF pu{c￿Se￿
carbtyi uedits ￿ 11.520 tCO* up of YJ% Cth sl￿d 50% EurKw L￿b￿Al￿Wan(e credits.
Thechiidren's lthvestment Fund Foundaiion ICIFF UK) I Page 37

Investment portfolio
CIFFha5 an ifwe5tment ￿r[fo1￿> of $6 that charitab* eX[t￿l￿re CIFF'5 erXkhV￿t ilsutsert io
tsicDOlS to enswevie rw4in in%tsted Il that lo CIFP5 ethK4values. FiThJ out moreatx)vl wr
In￿$b￿ent ttlicy￿ page 42.
CIFFap CCMnffMtleO to worknn8vrilh cwr to we In￿t in 10 mil￿te clmaie
th8rYdt. We ¥e SUPWthve of thehorkour ybve5rffl￿t ro date. S￿h as seek￿8 8reaterdisc105ure
of greethwse 835 Onl59￿5. eyKwa8r￿ rhe of plans some instances hlinB
sh3¢hO￿ resobJlwJ)s.
The outcome d wr in¥wT￿L rwaBWS *vahJE 35 3 kry enabler to dimate thrEe is ￿t
deiNcted by repNtiD6 oF(Jur em¢s5x￿s. h￿el￿r falTr*in8be5t WaclKe8￿nce have started
t%￿0￿n8 finarKed ￿l$yor￿ bekn¥.
TheClFFn¥estN￿l￿lf￿DIsrna￿￿j0rp￿￿￿eqL*bes{2o21.. 7Cthofin%*5bnents)tO8etherwIthu￿￿ted debt.equityand
fLmd inV￿tm￿ty TheavaiwtyaTrl ac£wxyol d*3 ft*wlisted N￿esEm￿lSa￿ bThted the￿1￿￿ ￿pthn8
incbJdes wblK lisied e0tri￿ DJrin6 we ¥wll to ¥￿ESti￿te ap{m￿ to capture emi5510n5
For OLY Putlic eouites. %4e recorded a sccwe l •KI 2 £tM5iw of 69,097tCO.e as at 31 t*£kn)iÈi ￿21 which
15 siBnific3nkly bdow the emi55ions of the MSCIWorfd far a rAYtrol￿>0It￿ 5am2 ￿Ze 31274.724 tco e
TheeTh$s￿n footJr#ir s based gUthr￿e set cwt ty tt* Partnership¢Y Carton fv£coJnDne F￿*1$ IPCAF)I
¥rfl cd*cted directty fv¢m cthY¥)•y fvwt411 ftrwbn8 31 Decembw 3)21 ￿Where
Ihe re￿rti￿& al￿￿. t1￿ cknesl to 31 2021 that is availab￿.
Public equities Carbon Footprint ItCO,el as at 31 December 2021
CIFF
Benchmark. Msa Worbj Index
In addibm to ￿ts9¢￿% CIFF IF* %0fU￿w¥1f￿Kj*ith tfThaLe lawe￿WI￿rE m*lE lo i1*or￿n￿a￿￿ BèsedTa￿ets.?
% of investments with Climate Targets
45%
35%
25%
15%
io%
5%
Netzero committed
term SBti TarKets
We a￿ 5wrM)rri%t cl ￿Jr ￿￿e$b￿nt wc4ch lo cknète ri5kan¢ tr84ement %*yth in traded
equities [￿rtFoliO Ihis VICk￿$ seeknD8 full distkthre (kf wethxtse ￿$ trThssK¥)& ￿￿nn8C￿￿￿S and Imp*wt
stience based 5.yearclwnaie p￿5 arxj Yi S￿ne insrancsv4l*fe necesw. l*)8**tehoider reS0￿￿￿53￿d VODng
aga￿st direcltys a5 O toc4 to h)hY *c1￿13b1e.
TheChildten'5 Investment Fund Foundation ICIFF UK) I Page 38

Financial Review
Five-year summary of income and expenditure
Summary of income and expenditure
2017
2018
2019
2020
2021
USS))
283
491
US$m
82
VSSM
106
US$m
97
US$m
29
Inconing resources
Net Investment 8ainslOossesl
Forei8n exchan8e
131
1.013
431
695
131
101
Totsl Incoming resourcès IIKI
rernlnlsed Ilosses)
781
211
L121
527
724
Inv#trnent man38errEnt cost5
Charilable actimties
67
98
14
19
247
247
289
369
828
315
387
Netmovement Sn luvKb
734
144
11241
Summary of assets and liabilities
2017
20
2019
2021
US$rn
5.233
550
15991
uskn
5.342
VS$m
VS$m
5,973
232
12Ct>i
US$m
5.909
454
14BII
Investffv&nts
Current assets
650
12721
15211
Totalassets lessTotsl Ilabllllles
S.183
0,￿5
5,881
Sumjnary of financial and operational information
2017
2018
2019
2020
2021
Grant disbursements Im)
5-Yeaf dIS￿r$ement ratio"
Average headC￿nt IFTEI
Operating expense as a % of d'Sh￿*M￿ls-"
232
4.8%
95
12_1%
269
468
5.4%
167
8.3%
44%
115
11.8%
132
9.1%
11.7%
"" Fwths rarooperarry¢tytthrntrdth rtb￿l ￿2017 XI1& ￿?.￿5)•￿1202X.
The child￿,$ Investmtni Fund Foundarion ICIFFUKI I Page 39

Charitsble activities
The comrnitted US￿29 r￿￿1 toth*t*lèatiivth517YXI.U5$369 rr111K￿k %%thKhc￿s[eo ol US$783 millK
of£haritstAeÈrant c¢MnfflitI￿￿ts(2O2crUsS33S fflinK￿. US$3 of aC￿tieS dU￿￿(￿J.us$2 mth*)nl
and US$43 mill￿7 ofoperatng cost1202fr $32 mdkn).
Activities undertaken directly IDCA)
The d¥ett exper¥11￿￿ of U5$3 TWIIK￿l202fr.vSS2 millK)nl ￿ dwt*k3CtNi￿w35 ma￿￿t0 furtherCIFF5 mi55X)n by
CryNen￿ c￿ferences￿n￿ wts. Whntsl assiSt￿t ￿lA￿E ￿8[&)teeS￿￿ 0￿r charitsb* organEat*)ns.
d publishing ano 06$￿Ir￿￿￿rch f¥Ktre
Grant Disbursements
The F￿J[￿t￿)n m￿e US$468 millKmd charItab￿￿t th7VT￿ts ￿ 2021. ¥¥h￿h ￿rth 5ucce55Die￿roflr￿e4Sed
disbur5em￿ts 3rKI ￿￿eSti￿a 36% rKKease wirwr1202tr. VS$344 miknk Tre chart bdowth ltrt grant
nts m￿e in 2021.
Charitable grant payments by sector IUSSM)
200
iyo
158
150
Tolèl paymenr%
loo
2021
U5$468m
2020 V5$344m
50
17
21
The Childten'5 Tnvesiment Fund Faundation ICIFFUKI I Page 40

Investment Review
Investment Strategy
TheTrustees ￿ve devdcped* Y￿br*it strate8y%4IKhwDvK*5 ￿lI￿e5￿8 in 3dfy*t5e K¥Jrfd¥)offinancial I￿￿*S￿h￿lS
wth a bTrk.terrn Wbve5tment ￿rI10n.The thrthtr)nS ¥pdestwtetiecD¥e is to
seek ￿ Infiakn￿.*1wstÈd le￿M (M èl *3St 6% a Il>rar rdlin8 peri(xi'
irninage its try￿$1ment tK)rrfolio toenwre apwwoie ri&k £￿tre15 whi* akn cwmittiro i1￿￿1k
IFwestments with the pol￿t￿lI è heh retum..
Is tt* Intenticm cl the t¥)ard lo rnania￿ Wh*tOntirKJ￿ tolLThI CIFF'5th .
Asset growth
&r(e Inceobon. the FoundatKJn ha5 4dunt3ryir￿[￿. ¢j￿%10)s3nd d￿a)¢￿IS.1n.kn￿ ofovwVS$24 billion.
the bsi io year5. the F￿nd&￿S net a55eLs h3ve 8iiyè4n ltr¥tW to US$S.g trallkin as al 31 rktember 2021
12020 U5$6.1 bill￿n). after ch¥iiatle xrNitie5. Ety*m￿e cc6ts at%J In￿t mana8eff￿tw5ts of¢Jw US$3.$ bill￿n
12020..US$2.7 ￿111￿￿}.
Investment return5
To￿1 irKoming rEsowce5 we US$29 nNIIKJn1202(1-. US$97 ffullthl. crkn*Dn8d. intfxe5t ryeNetS and r￿tal
Incotne Iron Ihe GrtyJp's eouity fr￿ed Investment tO8Etherwith i*)r•tti)s. IrNesfftnt ￿1n5 in the ye¥
w￿e LJS$695fflillM)n1202Q. USS431 tNIK*)l. Tr CcrfrtJ￿eo rtt rel￿￿ for the yew *Kled 31 OecemtÉr
2021 w35 12%12020.8%1. refle1tin8c0ntit¥￿dst￿ ￿¥*5￿￿[[￿*￿Mar￿.wlth pert(¥man￿or471%9￿e
2C09. equN3￿￿ to 15% perarnJm rebxn knet ot ree5). CutrwtstNe in¥*stwt pty*￿r￿ ts nEaSU￿ fromApril
2010.
Investment management costs
Inve51rnent rnana8e￿Ent C051s ￿ 2021 wert U5$19 US$14 rnknnl, thrh Main￿ rd3led to Inaro8Y
Subs￿￿r*S endow￿[ I[Ne5rr￿t5 wclJdin8 tmrknke 3r¥J charEe5 fees accrwj to a thit.partv
re31 estate èdwsortsee note 25 Iwthudetsilsof servi￿￿￿kn). NO fees 3￿Ch*Be￿ tyTCI FL470 Maryn￿t Lwnited
in reL￿t￿n lo tDanaSery￿( of the endOw￿rtt a%ets.
Asset allocation
The in*simeit ffk3wer. TCI Fl￿ LiTrMtedffo FM). wive5ts FLwThJath)ns assets in differaii cl*se5
5eclar5 wthin the paratnElets sd rE5tsKtKxTh a(*)pted Wt￿tTrL￿tee5. The
Undat]￿ armt its thdK4ries (the"CIFF ￿rate è dffttsrfÉd p￿trO&). rNeS￿ In a number of (lifferent types of
fffj>icol nstruffertsxrossa %¥KÈ￿8eQ1Sect￿s[Tr￿th Cuts￿ fimitaivJ)s. see uN*Sin￿t t*)kyoipage 421.The31￿Cati
asset is set out in t￿(h¥t set Lwt in ch•X tek￿.
Percentage of rotal asser allocation by asset type (including cash)
InvESlirtertt Futhds
itX5
US$6J4billton
TheChitdreTh's Itwestrnenr Foundatlo)) ICIFFUK) I Page 41

Risk Management and Key Policies
Risk Management
TheTruslee5 arere5tXmNb￿fUr the Ma[H8er￿(l tIE f￿ed￿IheFC￿tst￿5I￿s hweeVnIr￿ the n￿￿r$traie8+c
busire$53nd ¢petst￿01r￿k5towh￿h l￿F¢￿￿￿t￿nIS¥Dd Trwbeexpx)5ed TlÈwtKpal r(*na8eable r￿kSidentif￿d bythE
Truste¥ are thDse reLited 10 safegu¥ditYg ol l￿Def￿￿￿r￿S and staff ol Bran￿. eWsU￿ to rytW.31t3ck% arKI traud and the
impactsolco￿.19 ￿ the￿￿lI.b￿￿0f Staff WKI ¥wxtofNrÉr>))7￿.fftT￿stees4￿0l￿entshe￿CUts to ttEUKo¥erseas
elopneni aid PAQet osa r6k to its tharil4JeoWtrye5 in CLMJntTw, whik ￿gL￿atorythWEe5 re83rdiT
Lhe rec•Dtof fore￿nch3￿￿tA￿ furx15 ètrA) risk￿ S￿e$S r4 SQTe
TrtTruslees aresausfied IhatSLO<tyr¥nittee& SYs￿n*(Cl*w￿arwjty￿￿*are ptscetofThttate*d m*a8eextx)5ure to
Dsks thitihed by the Twstee5 through the ￿￿eSS dexrlml Thrycontrnue to current pr(Ke55e5. recegn&
that onlywtr4iJe Th)1 abgyute. thai nK•y rEks been adeouatety m3r*Èed.
The rt*na8ement of r￿kS i4 carrrd in xC(yd•Ke￿Ih 8wL4rKe ￿ the C{rnv￿1a￿. Tr FrAJndaton
has e5tablthed organ￿¥)￿al rtsk 8roup5 thaLreve•i. thitifyand nNina8e n5k5 thTW8h tIE Foundan￿. The risk
workin88reups are fft each case Cor￿Sed of te￿1 Staff Ircm Ihrwtrtht the 3ThJ cover the fdbwing ¥eas."
C￿J￿￿1[(￿31. Le631 and C￿p1￿1￿￿. hhtstments. fyraii￿￿. Partne￿. PeotAE ￿ Fblitical atvj Rew13bon31
These 8rouDs ￿et semi.anrwlly In cases atteknl Pryext￿41 •Ywiws. suth as exterrol *8al cwrsseD to I
risks Izced tythe FoJThYarw and miWtv)8aCtw.Tr8roupsexh ￿Epare rE[￿ts thatassenfatinBs ￿ theri5ks idenhfied
based ￿ the likelikMKxJ ￿ IW ol the risk. v*hKh ￿ th￿ aJpJ5te(J for rE*¥ant mityts. Thp final ￿￿rtS fffJm the r￿k
Wotkinggrouw a￿ m(*Yer*ed l)y teambefo￿beMg to the Biwd ftwreWtwa￿ ad(4knn. alw
serni.anrx￿ bag>
The Foff￿atiOn n*intain5 a comtxEkn5ive 5etolcowkne that are ￿te{thI to ath55 tnatry ol Ihe risks it
f￿e& These irrlude re8arySn8 ￿fe￿rd￿7& Imtery. cwr147ron¥￿ fraKI use ol IT The Fowdati￿ publÉhe5 3
Mcrtyern gavery Siatett*nt ty) ils *tb>te. whith IEfÈcts its kx£*ess f£x assessry rfyksin it5 %M)rk.
The strietnent ¥vas on a bY4￿t￿yb￿sls despite that FWtKjatw￿Wasn0i lèrtPk31ty Teouwed 10 wtrAish
such a 5taiernenLyn(*rttE VK)dern 2015. ￿kn￿￿t￿ofthe M(Mlem SL4¥ary9aiet￿lfeflects ÈhE Foundaton's
comffi1n￿t to r￿ttyern slavtry ths OC£iK its ctr4ins or its thèritsble ¥Yts* The FO￿darl0￿ wll
seek to cortinue to rtrew. trd•11￿ ar￿ m￿lt£* 69￿wIth5n the Foundati)n lis pro8rammes. Its
compliarfe PDlicie5 and tMIKe55P5 ba515 loe[￿ reflect P¢Xbtr stsff ¥e pro￿lded
ular traiiin& in wKkKtion aknat re8ul¥ interva15 there311£r.
Investment Risk Management
Investment Policy
The FtyJrthtK>D impkn*Dts its Invest￿*￿t PdKy ￿ KciNdwKe with *siharila*¢￿ ar￿ ¥Y*Sbneni we￿. a5 seloul
its ME(rKtsndvrnC+A$5rKiaticknaThYinaccLThtsrKe￿lth￿É¥￿wIo￿¢efrc￿n ￿CharitycOr￿1Wn1Ir￿1udfftscharlfy
Corrffli%K>n 8uvkrÉe"Charities In*sbh*4 M¥ts¥S' rcc14?l ihrw dwect •d ￿￿SIn￿t$. r(luding vk?
i•vestn*nl subs￿￿a￿lEs.
The Trustees remain mr¥Jful of duty to (evw ¥41 {ftsNt¢x￿#U18th the m￿￿￿1 ol the FoLnth￿'S in¥estr(*nt
The Fwi¥Ke.AtJdit and IrWe5br￿￿ts CiyNDiltee lthe"FifkNKe C¢yr¥Drfleel. thoir8J ty Mr £￿￿?)￿e1 acts as an
vis(Ny bcAtr to eoard fyi fin3rKe. ath1t3￿ Albtslr￿t m3ttty* Ina*JitYrfK February 2018. fv Twsiees h
ele8ated to tl)e Investr*nis S￿1.cO￿￿ttee certain 10 the Foundati￿.5 etXknWff￿l InvestnEnl
su￿CoMMitteewaSC1Xn￿￿￿dO[￿¥Ofthe rX￿￿C￿fl￿ted ar¥J w.t&XU5edTrustees In December202I. Ihe &)ar¢ ￿50￿e￿ to
di550￿ethe kn-C0rnrr¥ttee.rk*￿s that￿thEe￿￿t0[a1vW￿Elalcc￿fiIctS In ￿&b￿)toOec15l￿s ￿￿￿1[Ya(￿
en(knwrrthL tr¢se￿rU&j te m¥￿8ed i) aCctyda￿e Itsilh ￿ re￿)lpr￿S￿￿ n the FuJndatitr)'s O13$5(K￿hO￿.
. GtrthtÈ atytum(wfrDm t￿lM￿￿￿$s of tobxco t<kncco
• Matkel bw5[mi￿ 5vb5titules ur*55tswlwecorn¥tt￿ 10akwtt*Kts￿l￿ea[th (*exa￿n.5 knternationalcode ol
MatheDD8 ereasi Mak knsDiutes
.GerLefdte ICtsortrKMe ol ￿r[￿)Verf￿N￿ extsKtirB Si￿￿¥¢. di%thtwJting ￿t￿y￿18 fwgl fLEts.
*Generate 25%or mwe L4 tumcw devekKThent (wixlwtKXL ￿￿￿F￿LurÈ. d6trbJtion. transfer c
sale
Thechildien's lThvestment Fund Foundation ICIFF UK) I Page 42

If a coffoany in*h￿h the F￿[￿la￿ is ¥i*sted f¥L4 *lto4yed these Cawies. ir*tsim•rt ffl￿er ha5 12 rn￿th5 to
dI￿L Fhjwtrer. the ￿￿estrnent ffWP8ermay itwest that ￿￿rket txeasi mi* sub$bt￿e5 as Oescnbed
a￿Ve if the investment m*)4er tr(OLwaBes the retwl£(ryarryu￿bty 10 acw a ￿1c¥CO￿￿￿￿ng 10
adophn8 trt Code of M•*ety ￿east ￿S￿l￿1
T3kin8 inio aicourtl iFÈadv*e¢f the F￿￿ec￿))￿llttee. 6sèhsfied wth the Current Kwestrnen15 and th￿ra410[ahOn.
althwgh ￿ Board crffjmue io ￿￿￿tara￿d rE¥iew in%fstfftht Sb3tw. through the F￿a￿e Conmittee ft)lowin8 the
itswttof IheCtyiJ.19 parttsrnKfrt ¥dMlcapital ffkirkets Fin￿e C£>TrwnitteE ￿ w￿reV￿¥￿E the ptrftymantrof the
end(Nrtnent ar￿ Wth Inveslmwi 10 the invctsand aCti￿S ol the man38er.m)ewews of th
FinaiKeCtyThnitteewll be￿are￿￿th the 80a￿￿ that ￿￿T￿￿OnflI￿C￿TWStees¢èna$seS$whethlYtheyb￿￿We*}VCtronseS
The Trustees a￿aWare rk the pottyity￿ conflict of wrterest extsts bel￿ the Fc*Jr¥Jation Christwher Hohna5
both 3 Trusiee and h$ as P¥rner ofTCI FM. tr￿ investment r[W￿er io certain enhtieswithui 11
FoUn(la￿n.5c￿. xccYdin8ly cartrU￿ *wowiety ttrt re14b￿s￿￿.
membets ofthe Conmittee conweiea ful re￿¥0[ ts It￿L Pc1KYaL￿èsl0rW￿QYY. %￿A)￿h ¥)dudes a revie
of the In￿st￿ent mana8er, benChM*k¥￿ ils rttums ar¥1 4s0 the ￿ten￿lary fee5 of the thth￿ pwtyreal 25ts1e
acknsor. Furtherdetaib of the in¥eSt[￿lt seen theooths to the cor6c4*Jaied fina￿1 5tste￿n
Cash Management Policy
The has a Cash Mat￿L Pc*y. tyV*TWstees￿ 11 M¥ch 2013 aThY w•5 r￿st recert
updated byTrtÉteesin M¥ch 2021 TheC05h KaWer￿FtdryiS￿IV￿￿￿at￿35t￿tWjafvbVthe FirwKeCc¥nmiteeaThJ
Trustees ar￿. If ￿￿eSSary. an￿￿e￿.
The Cash Managemenl PolKyse¢s¢xi'
•The prffjcipa ebRcfveef cash mana8emo* at the *lKh ￿ to eryue that FIL￿ri￿) has sufficiwicash
avakble lo weet its captal rewireow)Is. The (knes seek io M￿lm￿￿ in%e5tm2nt retLYn5 thrL¥J8h its
cash fflarw8eff￿nt actiwties..
. ￿ cash ￿nage￿nt acbwtie5 that 8￿ perffmrted by the ￿ndat￿￿ ihe limitah￿l5 Ljroi those actiwbes.. aTh
reouii£d ￿ authtyise cash r(*nagewt *Mties.
(Includin8 CC141
Financial risk management
Internal controls
The ￿ndah￿'S iniernal conlrnts de￿8￿$ to to the ¢fTTusiees that (WfKedures are in
p*e aThJ operatrng effecti￿￿{ to*Trtrgate the of rrotvi* finar￿ k)55￿m￿s￿te￿1L
The FOun￿ah￿ internal operati￿￿ WMI finatKial On.￿rE bays.with exterrwl supwrtwhere
rO￿ale. and lny1eff￿ts wrrfK(weffents. OFF c(mtIF￿ to invest ITse£urty. I￿Ud￿8 ￿nUal ext¥nal revew5
J ihe MtN)ardlrE ofan resoJrtr fr£used secwrty.
The FouThJahcn's ￿tsare F(xwMlatian'5 ￿at￿l gthtrnarKe is set bY￿[l￿ce to totsl
planned ch3rltstded1stsws￿&￿ts ￿enSure il raTrins rea5o*•idL¥OWkYk4te. The Executive DirettLY5 reviewandapme
guid￿Ce forbudgel kKIWersand staff Lo Ir￿lLoratMS ￿tr￿ OPEratr8CQ51 exp￿ditY(e. Fwtherdetai15
ol financ￿ r￿k be sttn We 15 d the coiy*thted ststefflEnts
Granting Policy
pem¥lS. fer exarrpk. a r￿e"Ye¥ yo8raff#Te to t￿ contractay for ￿ fLII Lerm of the pro8rJnwne. bjt sthiect to
program￿￿ re¥￿￿5 èNJ Cl￿1tK￿a1ity￿￿h tl*t il corsi#wt￿th S￿l￿% of Rttt)nnYThJed Pr￿tile fsoRPI
Euld*￿. vlilh eX￿1&￿e reccenise(I CotstilKtsied Stkn of Fil*￿￿al
F￿t￿h rewBrdnl pruwam￿. ￿.￿%￿5trnenr. a full mwdwt*k rlan is d￿C￿ed by the 8rartee
nd iPÉ CIFF Sect￿ ieaffs durin8 duell￿8￿ce (thase io d)tain ttE tkVS5ary 3ptxDval lry the &Jwd, Pre8rame
Investrnenl Cmittées (Pl￿. or. ￿ the￿Se ofin*sim*rts of8 wramtr*v*ith a ￿￿et of US$1 Milk￿ ar *5. the CEO
(see akn co4w)3rKeStrLthwesec￿ 4)I Pa8e451
TheChildten'$ lrtvestmeni Fund FO￿ndation ICIFF UK) I Pase 43

aw(y4al ty thE PAwd or WC5. the ff￿1 wa8r3rr#)E Wel i5 full.ILYfft of trt pro8tsnNre. S￿)￿¢1 to the
oertorrrk7n￿rev￿ thai ioke thri18exh*8rol ihe mukn".Yts¢ [￿￿me C￿￿Other5pWfiC Condi￿nalityOr.Sating
reovitmens ¥Ywd Ly the Board or PICS. pvforTht*e thÈ re￿1 CIFF SeCl¢y team revitW5 the pro8¢ess of
the 8ranl ￿. ifapproprk4te.we thEvK*k.pl•i 80Kefrth3￿. ￿8e( Mdest￿3141 d￿￿2￿bles.
The ￿rf￿￿T￿le ￿l@W Is sei out a5 B condirtii of IhE3weewiwth rdEase of b￿r
C￿￿1￿0[￿1￿0￿alherw￿e ￿ ￿e￿rk.￿lan.￿eL specihcdao seioul B}them￿h.
£￿tract
FaibJre the ￿rIlym¥￿e t*ocess•*l ath*re 10 theth.t4¥ts. Wets. Mi￿$10￿ delNerab￿S
rEkn+ant date 5peafied may re5dt yant a8rEerr￿l
Reserves Policy
The Fowdation fflanrairs ￿eeinter￿ reSer￿(0a5￿9¢ Fi¥1mev￿g1lESe ttyctNey P*icied F￿0&an Exoendatle
Endo¥vmeni Fund ano Unrestrttsd FU￿ts The trfthe* ReseNts. cty)ydwed tr) a ien.ytsr bme horizon, ts the key
deterfflwt ofcatxtsl the 15 to ea(hsEar to charitatle activitie5 TheTru51ee5 reV￿W
re5etwe5￿r￿altyantl we s)tshed that ￿ ClFFmw s M)a tonwt*l itsCLrnI w￿*1patel hJIU￿ ctymml￿ents.
Unrestricted reserves
Designated funds
As al 31 DKetrt)er 2021. theTnJ51ee5 &¥rrwked US$951 miifvM1202Q. US$643 T[MIl￿}Of rEse￿e5 a5 dE51Sr￿ted knd5
in fecD8rihw ol funds %vhKh Ir&aY￿ cal￿￿ ur*)I to IvThJ rrn1h.￿Ar the r*xl I to S
Operational Reserves
The Foundation's un￿tr￿tea fwds i*en LÉed in 3)2) (￿￿X0¥earS as"OWaD￿al Reser¥es' lo fin¥￿e trt
FLwndatiODS 8rèntexp￿￿itUre d¥ecl charitth ￿t￿tye¥￿*"￿jre. ope¢abn8WSt and 8oNenvr*e costs •d io wowde
5hrrt.lerffi ￿lIFer f￿￿￿t.m3￿￿goThJ othtrcos
Cash fl(rw mieiticKts for i￿{￿ne atKS eX￿lture rev￿￿ toer)9Jre that the I￿1 of net assets is adequate.
Ihal ttE Fwndatioi is n a to rreel all its wt.makn8wNI %sY)rkin8 Ca￿tal crrnffmtments In the IhBI the
Foundarioi s unab* 10 meet its CCfftn1trr￿is Ircxn reserves o* ￿[￿$￿[e￿ fthi05 at their dsposal. the ft)UTrJati￿ w"Il. as
Invew<* ￿ hBh le*1 c4 houirfify ol a Ly8e L¥(¥>y￿ the F(IN￿aLK)n'5o9sets. ts Tr￿￿e￿ do not conyder Ihat
r*cessarytyiusbhabè 10 carry LwestrKted restffts¥￿ Uveforethin8WtsI SLwplu*s are ttsn4erred to
exp2Th1ab￿ er￿L reseTh*asai 31 DE(enkn 2021 w35 Us￿111202[￿. LJSStuD
Restricted Funds
Restricted h￿d5 S￿￿Tated S￿￿￿￿e5 Mty￿ speTht. kn It￿$t 13se4 will be a t
b8 tse￿¥een when S￿￿ furxls a￿ ￿e[ved they a￿ exp￿￿. Tr Tw5te25 eywre that fLwKSs are expens￿1
accordarKe vAlh the terr￿ L￿¥jerwh￿h they hève been dL¥oie(I to the(￿p Trt restrtted lund ￿or￿e as è131 Oecant
202t W35 US$8 m111K￿l2020. US57 fflillhx) wthich cwsi5ted of fiAtd assets{e13￿ to drillW￿£￿￿vme￿t forwaterwels.
Expendable Endowment Funds
The Groups e￿o￿￿￿nt s e¥rwthb* ai treTrLStees'dÉC￿lK)n.TheT￿trSteeS h*e the io c<xwert ￿ reoL¥red amwnt
ol thi5 ervjownent inlo an ￿CO[ne %¥hKh can thai ￿ Utilis￿l by ￿ Fwrthtion lo further its charitabk th"ects. The Tru5tees'
tenthon ￿ to wrwt0rthe￿alle of tr exp￿JabIelVthWtt￿t wi ￿31 terffts ovtra r￿1￿"￿e3r per￿￿ to er￿￿ ttrkit the
GroJp can n￿￿1811 Ils ex6Dn8 ￿Val tha[￿alle ex￿1￿￿3￿ it 8radualtya5 they se2 necessèfy to meet
the FoUnda￿n.5 charitakAe ¢A)i￿t￿e5 f￿f￿reveX5.M tt*yEareTh1. ihe vah*of theexr*knJ*È erNlwtnt fwd was
VS$4.922 miliM120Xk. v5$5,J56 MI￿￿4.
TheChlldreTh'$ InvestmeDf Fund FO￿ndatIon ICIFF UK) I Page 44

Structure and Governance
The FoundètKn ts 3 compwy by ￿7rantee. 8 Fthwy2tsf2 ￿ ￿ts￿red a5 an charityon
12 March XQ2. The ch3rity nuwd)er is 1091043
Subsidiary Companies
Thè has ten direcityer ir￿￿ect￿ Ovmedvthcle5￿lhln its c￿35 at 3l Oecernber2021 that have 3 mvxture of
wwesfftclud￿st0l￿￿er￿kh￿tlrwe5lr￿)1sa[YJt0￿￿h1EvE trEc￿talle0bJectI￿eS ofthe ftyJndation For ltrtrtrifyj
to 31 Decwter 2￿11, the feyjlts of the SUt￿d￿Y u[Kkn￿nSs ol CIFF d￿￿se0 note 13. These re$L￿ts¢F
the CIFF Group are cOn￿*￿ted arvj a￿ wesentsd I￿nC￿l SEatenwts.
The Board of Trustees
ol ￿ FOU￿a￿l￿ and are a[￿￿ted in Kt(wdarKe with F¢wwJatitr)S C¢MIStiluDtyI. ofTfJStees to rwew
and upda￿ the Foundèh(ms strate8yand ar&35 ol xtDlity. I￿￿￿11￿£￿51deTrtm)n of want-maknB. ifhvE5Lmtrt. resernes ar
risk managewl goIK*s •NI oerttrnvntr. TheTruslee5vtho ¥we ￿ ofve thring perKKJ up io l￿date ol si8nw)È the
fnanckil state(TYlts %*we."
srchr￿￿er Hthn
DrGraeme sw￿￿￿eY 13 Mty 2tr211
Mr Ben Golthfflith
Mr MasroorSMYdKfv¥
Ms Ana Marshall (ap￿)1￿￿tt X) Se￿ert￿r Th)
Mr Markn Lehtimaki (aw)iited 13 Mty 20211
TheTnJ5tees aeseknied¢)n of iWSW*Je￿￿tsse. oarDcuiartyin tFe•Easof mwment TheTnJsLees
determine the strate8y aDd p￿IC￿ off the ￿rNI￿l¥j￿ WKJ ￿￿ILL¥ it[￿et[￿n￿tth irwxl The Trustees also 5eNe a5
<esources lo the FoLmdabw. 9knn8 research ￿ Wol￿t5. atxjthettywffjng ktyaspects of 00eraD￿*
All Trustee$8ive thew fft Ireelyarn4 noTru5teerfftwerakn was￿￿ in ￿%￿ar. DerBdsofTrtJstee ewsesaid re￿taY par
tr8￿CtiMS t￿ disclosed n Th*es g a*Y 24 10 hn¥(41 Tru51ee5 ￿ rewIr￿s to th5ck>se a¥ rewdnt w)terests
and re%ryew the ￿ard Menthrs. Rew5terof Inte￿%1$¥t each e4J*d T[uS￿ mvst re8i5twall felevant interests with
the Ct)npany Secretaryand. n accord3nce vhth tts ￿ndat%￿S An￿￿￿ASs￿1atK￿ its P(*yty) ￿flictS oFTnltYe5L
th(traw hvffl deci90r￿ *•wea (￿￿￿t0t intwe51¥
The Feundats)) LTh￿e$a Iml ¢ryrar￿ re*ToJ5tee5 rewoynmittee indL¥lin8 theprw>
of thè Four*Ja)￿'S key Étr4emance. kx4.cYar￿ ¢*xumefits. re￿nt cwtyCfyiThss*)n8um￿￿Ind detak of the
83ni5ati(Th15truttwe of ￿ F0thJati￿ dewted aJttthty kve
In(￿Cti￿ se$5￿$ are zLs0 arrdryd loexplwn the *gal (1)hga￿s01T￿tslees ¥MIc￿￿ttee and ￿￿e brtfng5
fr(M)) senior operaoty)81 r*$0￿1 ty0res￿￿ th>ys.
The Finance. Audit and Investment Committee
The Fir￿nce.A￿￿it and h*stmwt CtyThrM¢tre was estabw 41 2Q)6 15 C(N15tiiuled by N)t less than four rrtmber5
apwinled try the Board. oneeFw+on nvJ5t be a Ta￿tee Other arwwrièle >*iltsar￿ exoetr, who need t
te Tru5rees. rroybeapW￿red to theCryThniiiee bythe Board. trttstee SKldwi the hve
Indeper￿eThi r￿￿t￿r5 of ￿ C(*nmirtee ¥e (Chair). Rth3rd H3wJen, JKob khimrnel onLI £lÈn
Shuman aFF'5 Chief Fin¥Krdl Offitef. tlirEctsy Cts)biY. GenLYJI Q￿nsel and C*￿al Coun5d. are regular
att¥rflees of the C(vNntr. Tr Finan￿. ￿1131￿ Irp*5tmeTht C(MThTrttee ￿de￿ted re$w￿%￿litY on l*halfol the
for ¥Jvtsw)8 the Tntstees &vlit, fin*Ke in*str￿1 ftk3ttefs.
Thechildten's InvesirneD¢ Fund Foundati¢)n ICIEE UK) I Page 4$

Programme Investment Committee. Climate
The terM501 relererKe of the Prograff￿* Irwestr(*nt C(wntniltee. rpic ap￿￿ed n Octolkr 2015
Dd n¥)st recenuy ut¥Jated in Oe¢￿t￿r X120 The Pl Oimèie s (C*￿￿t￿led at lea51 thrEeTru5tee5. the ￿ndatiOnS
CEO. CFO at le35t IbutlK> rn(Ye th￿ eBhil 1r￿￿￿ent￿sers. The14C Om?te dde8ated R5pwbililY
behalfoflhe Board lor*kninKon wi.￿￿n￿l¢t￿￿tIEs￿ relat￿ Io Ihe ft￿￿3￿0￿5 en￿ron￿k31¢bi&Ct￿tr$ tslvartln6
erbViffjDtDental protecknon or I[Dpr￿rnl xKkMlirB preservatsj) and Conserva￿ of the natural ￿vIron￿￿tI&nd the
prmoon ol ￿￿taIn4b￿ deve￿￿nI tomity8ate clinyte d*nÈefowtwte t4Jrw>sesl. Ibe Pl Chmate hasdecLSK¥) m*inE
utI￿rIty fer grant proposa￿ reK*diNdCknaie Fivp05e5 W to V5$30wi1￿.
Programme Investment Committee. Children
The termsof ￿ference ol the In¥￿by¢nl CL*ThYMttee. ch￿r￿ rp￿ Chthnryweo WfNEd in kn6USt 2015
rKI rrK)si recentyuwJ3ted H) Oe(emt*r 2￿. The Chjklren 15qx￿atu¢ej tyat *a5t three Tn&ees. the Foundati¢MIs
CEO. CFO￿ * least tfrree m(we than a8htJ &idertThknii advtwg The ￿ Chihjreft delegaied resronsit4lity
on behav of the &)ard forthisw)E on grant-￿￿￿￿E thties in ￿Lit￿)n Lo the FINJtKlatK)n'5 ￿£&[naLe IlJrpD5e5 The PIC
Children ha5 d£￿￿1￿.MaW a￿th(￿ty lorBrant WW5als te8ar0w%r￿.O￿T4te to *xl Incl￿￿8 US530
mdkcm.
Impact Investment Committee
The lryyact Irwestmeni Comffytttt riic)WfdS V•ith or￿fe¢￿t￿ea￿0￿ ￿ May 2020. IIC 15
CL￿stituted ty at ￿5[ threeTrustee5. the F(X￿all￿5 CEO. CFOwxl ￿ to t¥w ￿depe￿ent advisers
Isuwt toa rThixl￿M of gx membv5) The1￿ has re¥￿S￿rItY￿ i*halfof the Board for athNngon tF*
F0Jnda￿n,S YYWI Investmenislas defv*d p) fP*rit*S Imt5tmEnt Mattets ￿TnI5￿etS- ICC141orCharibe5
(Prolecti￿ arvj SL*HI I[NeSt￿￿n[jAcL 201& a5 ￿be The IIC ￿9s￿e()51￿.1TWk￿ ￿t￿)rI￿ lor iwt
irwe5twents up to ￿l￿fIng US$I(K>miifoi.
CEO Delegated Authority
The has dde8aied te iP* CEOrespwbfjty for re£eMrK and maknn8iSeusths upffi cert*n
prop)sals LP 10 in(ILKlin8 US$1 milknn. TrTum5 of Refer￿Ke futtECEO'5 deWtedautknriLywere apwove(S fy t
eoard ￿ 11 Fetruary 2o14andaM￿de￿￿4 Fet￿iry201s. 15Wt 2015. 23 M￿h 2019and IOJuneX>Ig. In 2020.
th6￿l￿rItyWas ￿Jt￿ ￿ a maxmm aEyegaie fy'mit of 10% oft¥e12St ￿ti.*￿val￿ fmm of newprLVdmmes set
oulin the relevant financial￿ar5 bu5¥*5StA￿ TheCE03knhasdetyled ￿lthO￿ty103(￿jrcfyee1KIence. measur￿T￿rt 3Th1
eYakODon. as well as 8fy)tee or￿1$8￿)￿ ¢th*W￿￿t •) case up to 1% of MYV.
Risk and Impact Committee
fv.sk & Inv¢ Ccrnittee r￿c? Mty 20x1¥￿th firt31 terms¢f ¢fewe in ￿[ch 2021.
RIC 15 C￿S￿luted byt1￿c*neral Cwn5el (Chawl. theCh￿*￿t Ofhcer. CFO. Headol knte8￿ E￿S38er￿nl
Communratio￿. the￿"￿tr￿rI Irwt ol ￿ F(thy￿,$ Exttufve Ch￿l0r$and ch￿(terS8$
the Ctrniitee thall deiemiif*. Slkniect t03 nwmLMnef stren Tr* w(y4ides4ualtyas5urance rEwew5 00 the
Foundatxjns iwt inveslfflent5 ￿ ha5 de￿￿ated dec￿.￿3￿￿3￿￿￿r￿Y for xnpact Ybvesbnpnts up lo and I￿￿ding
vakne ol VSSI milkm %Oie£t toila a88Wte of USS Iomdlth ￿ èny f￿￿￿lIve¥￿￿1 ill tke ttrmsol ￿lerer(t.
Remuneration Committee
ftenbJnerat￿ Cc*r¥nitt*evias ÈStsNished in Fe￿ 2015 ar¥J 15 conslSluted byat knt t¥voTIu5tee5. The currert
T￿stee members ire grthrfjt￿ Hthn and kn m￿11 ICW. The P¢MUwath￿ CoThnittee has ¢¢*ied
re5rrtxslyhly ￿ bthall of the eoard for ¢Èiennirwg ￿ reviwn8 p￿rY for exeoJD%e rty))uner3tyon. agmilg kyincvks
and pOl￿*S0f rt•4èrd Ihreu8Pthi theFtyJrKJèrtii INK￿41￿)8 thedesgn ofanvperf¢ymanctrtelaied pay $th¥￿5 opepted
the F￿￿dètr￿) detfJminry the tikal pth8e Oftt￿ CEO IwKhJd*i8amual Ixxwsl.
TheCh¢ldreD's lftvesrmet)l Fund Foundation ICIFF UK) I Page ¢6

Remuneration Report and Other Governance
The principles of the remuneration policy
The FO￿￿at￿)n io tJ*elcp ￿ matht*n strat￿$ ¥¥1 whcies in I￿e the corpxate sNe8y.
Cultu￿ aThY obiectyves ol the OF￿1￿53t1￿ and rvccwmtion strate8￿5 pYKies a¢ desgned lo attract
nd ar￿ ia*nted Wewiu rty7K?￿ c0hr*ti￿ vrilhn the m**ets ￿fjrk to manage
5kiUed and clversewkferte. Sobr*5 are tsert￿M¥ke￿ extem4 mtht data. ExCep￿r￿1 pets￿31
elfom1an￿. dw cijn5ilknti￿ lo eath refi￿ted in aw￿d5 aThJ aMu31 *L4ry re¥￿￿
Remuneration of Key Management Personnel
31 December2020
uss'c
usst
Exe¢uth"ve Directors
3,248
73
Ern￿0ver Pen%ty) Contributi¢
Ern￿0ver Natifmal Iwrance ContrikntiNts
61
374
Tot4 Con*¢Jer•tton
The Key mana8e￿￿nt ofciFF thsdcwre deFrfth a5 thp..
•The Board of Tr￿ a￿ Th)1 ¥emL•*ntel ¥) Trustees)
*The Executive Direcitys of the v4K> ae ftr the dty 10 dtyrwmof theugar¥satity).
benefits ¥) kiNI. ttsNJses. teY<rirwiion aY4Strrfr ¢enso) cr¥)LfibJTh)r&
Relationship with Other Charities
The Foun(lJtiw ￿ 3 (frfow￿er ￿ C￿1*￿&<￿1n3 tunbEraf txOi￿￿￿lh 3 r￿se ofth UK4￿ ntemaiiThBI Lk)rw)ts.
cludbi& ￿t lirNled to foMdJtvJrB 8rfvwf#Tthla8erK￿S aNI wvate lid￿￿kn￿.
Foundation Objectives and Public Benef it
The FoLKthiionsdiettwes. as stated in its81p1emw%d(K￿￿l are the g￿1 wrGose5 01 Slth charitabk bodies f(
s￿h othervtA)se5 forthe ￿￿hlI￿￿(W•rn￿￿a5Sbè1 be ￿r￿￿￿th￿nta1ye¥S theTrtts*es rwfrryn tim2.to.iNne
determ￿￿.
settingtt￿ F(Xm￿ti￿5 thiectNe5 the FThwKl3tw'sTrttstee5ha¥f conshyered secbw 17 of the
kt 2011. h doing sotherfare Sa￿￿eLl ihat ccM))pledvAth iheirduty lo ha¥e tEswd tLTr the fknyic Benefit
gum13r￿e wblshed ty the Chanty F(MJ[￿t￿￿'S athe￿nents a￿ ￿li￿r￿d thn)uÈPwt this
T￿tee$. Report and fUl￿def[XY￿[e that the 15 WtY4iding benehL
Charity Governance Code
cIFF3p￿￿5 the maiorityof the I￿￿¥)1e$ ffi the tharitv c￿A*-nanCe Code (the.G￿.> In soffe c￿. knclurfm8 tIU5tee
eng8ger(tnt.de¢ision.nvkirea￿l thlu3tK)n of ttkirity Iiwt.CIFF 6in tsk3nyways exceedin8the best ￿tIceStated in ltre
Code. lTr(kherar&75. s￿h dsawaity. dNerytywKI KKIu5K)ry CIFFha5 beÈnuKlwthwac£xn(wel￿EasseS￿nt to help
it tyjdd effechve wxtices Èo ftsrthw its cwtsble pJrF4X>
TheChildren'5 Invesrmeni Fund Foundation ICIFFUKI I Page 47

Trustees, Responsibility and Financial
Statements
Statement of trustees, responsibilities in respect of the tru5tees' report and the
f inancial statements
Irusiees a￿ ￿s￿r&b￿ for kycp3r￿8 LnJ5leE5're￿tth￿￿ts stra￿￿ re￿l￿d the fina￿1￿ 5t31ements
1nacc0rdar￿t %Yith appLubk Lw4￿ resu￿tK￿ls.
Cc¥npany tEquifE5 the I￿￿tee5 to wepwe fi[￿￿￿1 Stai￿￿n￿5 each F￿￿131 Sear. ihider th31 L3W they We el¥ted to
preoare the financK41 stataiYn15 ffiacr￿da￿e￿*lh FRS 102 The Fr*￿411 Rewtin8St¥#l&* awtible n the UK ReputA
UndercO￿ny* ttrt tr￿lee$ll￿$t Th)1 apwo* f¥wcd sakn5￿ thattheyswe 3 trUe￿d fair
vth¢f stake oF¥tèvs of the F￿da1￿)￿atxJ of thE i[Kom￿S reSO￿a￿applicah(￿ of resour￿5 IrKlU￿ its and
ex￿lture Ihatye¥. In these State￿t& the trU51ee$a￿ requi￿ 10
* Sekt sUitaNeacc￿ntir$ aid ttten ath th￿￿(c￿51*￿t￿".
makeJu(*emEntsand e5tsmate5 that are rea%x4bSEarkl wdent
5tate%4thetl￿ wlicableAccounhn8 ￿ardshavetrts1 fr*Med. to ￿Materi*¢Ye￿￿bJE$ths¢lO￿ expbined
in the financial 5LilemEn
* a5se5s th2 Fwn(laiioTh'sab4ty i0(￿t￿mI￿a5 a ￿￿18£￿0￿. mèttus ￿￿ted to ￿￿n8C￿em." 3ThJ
Use IhE WNrydc¢K￿ern ba￿5 ofac(￿th8 unkn io the Fol￿ab￿0T to ￿se
operatwJn& ￿ have real￿alternative io th y>.
The trusiees are reSp￿th for keepin8&l&waie thai ate sufficEDI io SI￿at￿y explain the knn(lation5
t[a)5actI￿5and diK105ewlh rea￿￿Cw￿ata￿Ytwne thefin￿￿kII rxs9ti0noft￿ erkHb￿thern to en$￿e
that the hnanoal Statements c(Mwtywth thec(Arw￿￿K( >YJ5. T￿3￿ re¥Njl￿e Intemèl contrds as tlw
deternme ts ne(￿sary 10 w4ble the k¥e0arar￿rt0f Statw￿lS that a￿ fr* frtm mètetial ￿￿tatemE￿¢ whether
dL* to or tri￿. have s￿￿(31 for S￿h step5 a5 are re￿￿{¥)￿ to to safewwd the
assetsof FoutK1ab￿ wid ro detxt aThJ irre8ulari
trustees a￿ for ￿1Th￿rt￿ 3￿j ￿tegrity01 the totkKyatE atvj fy￿￿1￿1 ￿￿Or￿￿tiOn included Dn the
FfyJndètKJn's y￿￿te. LwL#it￿ in Ihe UK governi￿thE hwi31 state￿ts ma¥difler
fram le8￿LitIOn in other1this￿1ws.
Independent Audit
The audittys. KPMG. ex1¥eS￿ th•rwdkry5S to rtitw_
In 4)rxowrn6 Ihts Tntsthes. A￿31 p￿￿l ts*T￿S¢ee5 Stratew Rer(rt in fvircarkxty ascorryary
direci(Ys.
On teholt of the B￿1
Ch[￿tt*￿￿ Ho
Chayman
Jojvne ￿21
The Chlldren's lThvestment Fund Foundaiion ICIFFUKI I Page ¢8

Independent Auditors Report
to the members of the Children's
Investment Fund Foundation (UK)
TheCILildten's I￿￿trtlettt Fund Foundauon ICIFFUK) I PaK¢ 49

(FSC
D￿nI
ortl F6F5
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CHILDREN'S INVESTMENT
FUND FOUNDATION (UK
R•port on the audit of the financial 5taternents
Opinlon
We have audrted the financial statemerts of Tl* ch￿dr￿'S Inve5tr*nt Fund Foundation IUKI I'ihe FouThJatKJn'l
and rt5 subsidkqries I'the Group'l for il* year entsj 31 c￿rnber 2021, compftse the Consol￿ated
Slatemenl of Financial AdMtEs, Cuw4idated aTrJ Foundats)n Ba&n￿ Sh￿. Consdhjated Cash Flow
Statement, and related notes, Ind￿￿1￿￿ swnmary ofs¥Jnthcant accovntiry Fo1￿leS set out in note 2 The
fina￿la1 reporfy'ng framework Ihat has teen appl￿ in their weparabon is UK Law and FRS 102 Thè Fiftanuol
Rwrting standa￿ opplicable in Éh¢ UK and Rwibk ￿1r￿and.
In ow opinion".
. the fina￿la1 statements give a true and fair of stale of Ihe Grcyjp's aThJ F0uThjat￿n's affaifs as at 31
De￿mber 2021 and of rts irKLYniThJ r6sourLYS and aP￿1£at￿)n of induding its ino)rne and exFenditure
for the year then ended".
* fina￿•81 statements have teen proFerty prepar￿ in ¥mYdan￿ wth FRS 102 F￿￿nClaIR6PortM9
Slandard appI￿able in lh8 UKand Republ"c 011￿lantr, aThJ
. the fina￿la1 statements have been wwred in aco)rdanc•wth lh8 r•quir•m•nts oftl* Comparrie5 Act 20%.
Basis lor4winion
We conducted our audrt in ￿￿rdance International Stsrylards AL*Jrt¢ro (UK) IISAS IUKII and applicab
law. ()Jr resrhmsibilits.es under those standards are fvrther descnbéd in the Audrtors respwsitJ'litie5 for the audit
ofthe financaal statements section of our report. We a￿ iThJepend8nt ofth• Group in a¢￿[(la￿Tr ethical
reqU1￿MentS that arè to ¢ur audit offina￿l81 ststenEnts in fv UK. induding the Finanoal Reporbng
Counul IFRCI'S Ethi(al Standard. and fiJfi1￿j ourother ethical reswJns*Jik￿ in accorda￿ with tl**
r•quirtrm8nts.
We bdieve that ihe aLxJrtevideTh2 haNE othn&J ￿ sffttent and aFprcwte to wov*le a basis for cyjr
opinion.
Conelusions relating to golng
The trustees have prepared the finèntial statements ¢Jn the going eoncem basis as they do not inten(J to liquidate
lh¢ Group or the FouThYatK)n or io cease their cwrab"w6. and as they have condvded Ihat the Group and the
F￿ndatIon'S finarKial posibcffi rneans thal this 15 re￿1$￿¢ Try have also ¢x•rKluded Ihat the￿ are no material
uncertain￿e$ that ¢ould have cast signrfunt doJbt overtheir a￿"11￿ to continue as a 9ing conc8m for al kast
yèarfrom the date of approval of the finanrial ststemenls (Ihe going ¢C*￿rn peri¢>J'l.
In our evalua1*￿ of ts trustee's c0￿￿Jered the inherent rsks to the Group's ar¥J F￿ndatIon'S
business mc>del and analysed those risks mv*t affect the Group aThJ the FoundatKm'S financial resources or
ability lo continue operations Iwer the goiThJ corThn periLKI.
In auE1ibng the finanaal 5taternents, we have rnndtyJ8d Ihatthe trustee's use Of￿ ￿￿cern ba515 of
ac¢x)unbng in the p￿paration of the financial statements is appropriate.
Basod on thè Mjrk w8 hav8 p8rfowm*l. ￿ hav8 IKX *JgnbW ary rn*erial relating to events or
ndilK)ns thaL individually or col*tively. may cast signffiwl ¢Joubl ￿ the Gr￿p and the F￿￿￿ation'S ability to
continue as a going concem ts a of at least mnths from Ihe date the finwAal stsiements
are authorised lor issue.
Our r8spJnsitN1th5 3rKI Ihe res[￿￿111￿5 01tt* trust88s vAlh r8speLI to arg deS￿bed in th8
rdevant S￿1￿1￿ ol this reFort.
However, as we cannot pfedtct all luture events or condiborts aTh1 as subsequent events may fesull in outcomes
Ihal are incO￿lStent with judgenEnts that We￿ reas(mable at the tirne ty were m•Ye, the absence of reference
to a rnatÈrial uncertainty in this auditorfs let￿ ￿ not a guarantee Ihat thg Grow ry the Foundation will conb'nue
in opemfjon.

INDEPENDENT AUDITOR'S REPORT TO THE MEM8ERS OF THE CHILDREN'S INVESTMENT
FUND FOUNDATION IUKI (Continued)
Detecting irregulariti88 ineludino fraud
We Iden￿'r1ed the areas of la￿ arKI regulaticrB th*wukl reawnably b9 exp￿ to have a material effect on
the financial statements and ￿kS of rnat•rTal misstatement to fraud. ugng tyJr understanding of the entity's
industry, regulatw environment and extemal factors and irojuiry wlh the d¥ecI￿. In ad(Jitit)n. our risk
assessment pro￿d￿￿S induded: inquiring wilh the directo￿ and managernenl a5 to thè Groups policiès and
procedures regarding cornplk4nc8 law5 and rwJuklths and prevents"￿ aThY deteciion of fraud.. inquiring
whether the directors have knowledge of any actual or suspecW ￿￿-￿Mpl￿An￿ with kn or regulati￿$ or
allgjed fraud.. inspecbng the Group's a￿1 F￿ndat￿'S regulatory arKI Wl corresp￿￿$e￿.. and ￿&￿ing Board
and Finance Committee minutes.
We disrAJssed idenlified laws règulatiorts. fraud rtsk factors aThJ Ihe n*J to femain alertank)ThJ a￿lIt
team.
The Group is subieet to laws athj regulath.ons tlwt threctly affect the fina￿al stslwnents including cLvnpanies and
nartbal reporting legislatKJn. We assessed the extent of¢Trmpl1a￿e wlh Ihese and regulations a5 part ol
our kywluces on the related fina￿1￿ statement item5, induding assessing the finanua1 statement disclosu
and a9reeiThJ them to supwtiThJ d￿￿Tren￿lI0n *then rttessary.
The Group is not subi8ct to other lavts aThJ wulations the corBewences of nort￿pI￿9n¢8 could havg a
maten.al effect on amthjnts 0rijksd0su￿ ¥i the fi￿nC691 3tsterne￿.
Audibng standards limit the reouired atwyit procedures to identify nc￿4x￿Thpl•a￿8 with thes8 non-direct laws and
re9ulations to inquiry ofthe dir¢ctor5 and other management and iisr*ctNM ol and legal
)r￿p(￿rIenCe, il w. These limrted dKI not Klenbfy actyal or n￿-0)MplI￿¢8.
We assessed events or (£¥)ditiOThS that c%)￿d inrt￿ an ir￿￿t￿e or pressure to c￿nMIt fraud or yovide an.
opportunty to ￿rnrnIt fraud. As requirgd by auditing slaThlards. prttethjres ￿ a￿d￿sS the risk of
fflanag8m8nl ov8rnd8 of controls. On Ihis aut1it ￿ do not believe is a frawl r6k related to revenue
Ogn￿"On.
In r85P￿se to risk of fra￿1, abo perfomied wO￿v￿$ incI￿lIr￿. *Yentify'ng froumal entries to test based on
risk criteria and rnmparirg the idenbfiecl entrie5 to 5UPFQrting dt¢JJmenMion: evaluatsng Ihe bugness purpose of
1gTh￿an1 unusual transaoions". assessing win￿￿ant aco)untiThJ esb"mates for bia5.' and assessing th
disclcswe5 in the firta￿￿91 stalements.
Ow'ng to the Inhe￿nt linNiat¥)ns of an audrt. there ts an unavoidable risk Ihat we may havg dgt8Cted so
material misstalemenls in the finanual statements. evEn t￿)￿3h we have propety ￿anned and perfc*med our
audit in aCcOrda￿e authbNJ stsndards. F(* examtAe. the further removed nOn-￿M￿lanc* wrth laws ar
regulatir￿S lirregularitiesl is from the events and tran5a¢tion5 r￿￿etsd in thè ffina￿al ststements, the less likely
Ihe inherenuy limited wocedures required by audiliry staTh1arils would •Jentsfy rt.
In addition, as any Ilwe rem•ns a hb*gr risk ol non-deteclwm of irrewlarities. as these may involve
collu&on, forgery, intentional 0rniSSiL￿. rnlsrepresentats"￿S. or the override of intemal Controls. We are not
responsible lor prevenb.ng Th)n<ty7Wianc£ aTrJ be exped&Y to detert Th)r￿￿P11anC* ￿1h 411 I￿￿ and
regulations.
Oth•rinfomiatson
The Injslees are re$r￿s￿)le for the InfOrrTrati￿ weserrted in the Annual Report together ffith the finanoal
statements. other inforrnati(￿ CLynp￿Se5 thè infomiation irtlLthd in the tnJstees' repcrt includes Ihe
gtratggic repxjrt. The finawal statLynents and (wr auditorfs rekKJrt thereon th) rKJt o)mprise part of the other
inlomiathon. l)Jr w.nion on the financial SlateMe￿ does not Djver Ihe othw infomlation arttj. aeeordiNJly, we th)
not express an awlit cpinion or, excepi as expl*ty stsbj beknv. any lonn of assurance (￿d￿k)n there¢xb.
Our ￿pong￿lA￿l is to read ￿ other infom7aticm in dotr¥J so, [￿￿der %thether. based on our financrdl
8talements audr( work, thtr lnftxrnati￿ therein 15 materialty mtsstated or ifwtsist￿t with the financial staternents
or our audit know*dge. Based sdely on that have mt NIenti￿d mats(i* misslatements in the ofvr
information.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CHILOREN'S INVESTMENT
FUND FOUNDATION IUKI (continued)
Opinion$ Othern￿tt0￿pI0s¢nbedby1he CompanlesAct2006
Bawd $c4ely on our woth on Ihe othef inform*"on undertaken dur¥wJ ts cthmse of the *Ait'.
have not Klentyfied material m￿taterne￿ts in the trustees. report".
* in our LyillK)n, thè informatiL* gTv8n in the trustee5' rewrt Is ￿￿Stent wlh fina￿al statèmènts., and
. in cyjr cynion, the trustses. report hab* been prepar&J in *£Orfan￿ wih Cry￿pan￿ Act 2Cth.
Under ihe Cornpan￿s Act 2(Th are Nuired to report to ycoj if. in our cfjinion..
• ad8qUate accounknng records hab* not t•*) kept. or reiLwns aJ8quate Iw ojr •JJit have not been rec£Ned
Irom branches not visited by us.. or
. the financial ststements are not in ag￿rnent with ts ￿￿Tr￿rg recor(ts and relurr6.' or
. ¢¢rtain disclosures oftrustees. femur*ration ty l*v are not made", or
' we haye not I￿Ne￿ ￿1 the inkrntion aThJ e¥planatims reqithre forw wJit
È have nothirvJ to report in these resFeCts.
R•sp8etivè r•sp4)nsibilitit5 and restrictions on us•
ResponsilJil•ties ollrustees lof the financial slatemerts
As eyplain&J rnore fijlfy in the trustees. few&kn"lths ststement set ¢xrt on p￿e 48. Ihe trustees are responsible
lor. fv weparab.gn of the financaal 5talements indudin9 being satisfied that they give a true and fair view.. such
intemal control as trw detem7ir￿ ks necessary to enab￿ the p￿parat￿ of finanual statements that are f
from rnaterial mi55tatement. due to fraud or error. a5sessiry ts Group $ and F0uTrJati(￿'S ability to
cont.nue as a going concem, di5dosing. as applicab￿, maiter5 ￿￿ted to g(xng con¢*m", aThJ u%ng lh8 going
cx)ncEm basis of aCLYJunbr*J l￿leSS tsy tither InteThJ to IK4uKJate the Group or io ￿se operations, or have no
rèalith allernative bLrt to do so.
Audltvrfs responslbllhles foTlheaudft of th• fin•ncl8lsl¥tements
Our objectNes are to obtain ￿Sonab* assurarKe abcxrt ¥thether the financial ststwnents as a *thole a￿ free
Irom materia1 misststernent, due to fraud. other irwularitEs CK error. and to Issue an or4nion in an
audiLor'$ r¢p)rt. Rtrasonabb assura￿ is a hKJh bgvd of assurance. txrt is not a guaranieè that an autht
conducted in accLJrdarKe wth ISAS IUKI will 8￿mY$ detecl a material misstathent when it exists.
Misstatements ¢an anstr frryn fraud. other irregu&rrf*S or error and ao ¢onsh*rtd mat•rial if. Indiv￿U3lly or
the agg￿ale. Ihey could ￿asOnablY te expected to influerts the economr deosions ol users t*en on
basi5 of Ihese finanual stalwnents.
A fuller thscn'Fthn ol our respons￿1￿5 ￿ prowjed on the FRC'S ￿ts$ite at
Th•purpos• ofour•utht work •Rd (o whom ourresponslbllldes
Our repc4* is made to Ihe Found*"on's membets, as a bc￿. in acecrfar￿e vilh Chapter 3 of Part 16 of
the COMpan￿S AL# 20Cts. Our audit*ryk has been uThJertaken so that WE rnight stsie to the FouThYation's
members those rnaiter5 VR arp required to state lo Ihem in an aLwJitorfs rwort aT¥J for no other purpos•. To t
lullesl èxtènt Femiitted by law, we do not accept or assume reS￿S￿l11ty to anyone otherthan ￿ FouThtsfy)n
and its rnernbers. as a tK#Jy. fw our audit Wc￿k. for repyi. orfor thè 0￿"n￿)n$ havè formed.
Brlan Clavln
S•nior Statutory Audltor
for ond on behalf of
KPMG Ststulory Auditor
1 Hart>oum)ast•r Plac•
IFRS
Dublln 1
Ireland
30 Jun• 2022

THE CHILDREN'S INVESTMENT FUND FOUNDATION (UK)
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2021
Vearended
EXp¢nd•￿¢
31 Dec 2021
Totsl
F¥nd5
Notes
ussy
USS to)
us$.￿0
Uss'rxKJ
24
4,29Q
24.46
I￿est￿ents
24.468
Totsl Incon4Th8resow¢
24.
28,758
Expendknre drt
RariDB fU￿S
l9J35
19,33S
caarilab￿￿tsWtie5
825.349
1902
1902
847.586
Nel8awG on ifNesbiienis
13
694,914
094.914
Fo￿l4Th Exchangeknsses
13
561
EArlK4n8e(*fference507 lTrn51Jtir¢
oji￿r￿v operali<
Netwrtomellexpen¢
719.382
1124.3701
TrdD5fws
IIS1414
IL1514141
8274
l￿Be
1434,0321
1124J701
FuTrJ balW$¢￿e￿ F0Th¥ardati￿>y21
711
X356222
IX)5512
9X)￿S3
4.921190
SM81.142
The Children'5 1nvestnLent Fund FL¥Lndatiorb ICIFF UXI I Page 53

THE CHILDREN'S INVESTMENT FUND FOUNDATION (UK)
CONSOLIDATED STATEMEwf OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2020
Yearended
Exp￿d￿• 31 De¢ 2020
Endowment
Totsi
ussw)
Fund5
usst
VS$t
us$D
Kom¢ Iw•m
D(thti¢nsand *a"e5
In￿Stments
24
60.625
14561
79.176
17.496
Tatsl incaming res0￿￿(¢5
60,615
14561
17A90
96h72
Ra&r￿ lund5
iJh56
13h56
c￿ts￿e aCb¥ibes
357J6Q
369310
371P16
382066
Net in4Yslmwt5
13
4>J,914
4>).914
11,1?
EKhan8e d1ffe1erttsc￿ translat#¥
curwcywwab
Net1ncom￿¢*y¥
13115981
&711
448,410
143523
Translers
¢2962ts61
(is
4711
152204
143523
lJ4rwy2020
657.971
5204fft18
5061.989
711
SJS6,222
4SO05.512
TheChildien'slnve51rneTht Fund Foundation ICIFF UK) I Page 54

THE CHILDREN'S INVESTMENT FUND FOUNDATION (UK)
CONSOLIDATED AND FOUNDATION BALANCE SHEET
FOR THE YEAR ENDED 31 DECEMBER 2021
31 fv 2020
JiOÈt2021
31 C*c 2020
USS'(KX)
US$'(KX)
FlxedA5sets
Intan8itye assets
T1￿1￿4￿3ssets
1th￿St￿entS
li
9234
SM99.Ui
1.554.900
7.￿2
5.964.867
1.030
6.J37.140
5.499.737
13
6.788.913
5.934.320
854.5P3
2.489.243
cfwh￿hothyW￿e$t17Wts
4.344.161
475024
037.403
Total fix¢4*sstts
5.904855
5.972.809
6.790,117
6.13&170
C¥rr¢ntAs￿ts
Ueblors
Cash al bank and in hat
14.5n
424.100
14.770
33.071
104.371
95.016
993
3.319
55.M2
17
64.284
Cash pwed as colate¢al
17
Yotsicuwrentassets
453.501
222.458
65,277
59.261
Cr¢dilvr%
thin
1257.349J
1165J5
56.6641
1193.4621
Ne1c￿r￿la$SetsII￿atrAlties
190.152
1691.3b71
1134.X)11
T•tsiAssets ksscuTrent IWitiP5
105J¥J7
6AK19.970
094730
6JK13.969
cted1ta￿. amounts lalr*d
19
(22&065>
S.B61.142
(34.4581
6.CtIS.512
1217JJ))I
S.881.730
Net*ssets
0.th13.969
Totalfu￿dj01thech￿tr.
Ex*nJable endofftnt fw
ReStr￿le￿ funds
Unre5trKted
4.922.190
5.356222
d711
4930.877
5.361290
cle98￿ted lunds
950A53
642.579
9X*.853
642,579
TotalthJrftylwd5
5ffi1.142
6KtIS.512
S.881,7JO
6.W3.909
Tr* finarKi￿ st3tÈxnents on pase5 53 t)91 *ve theTru5tets S5￿0) Xljure 2022. and 5iwed on d*ir
l)ehalf by..
Sir Christopher Ho
20JLA* 2022
accounJn8 p)kies a)d tt* 57 to tkirtof thec(w￿￿ stste￿
ThÈChildren'$ ItLvestsnent Fund Foundauon (CIFF UK) I Pagt 55

Consolidated Cash Flow Statement
31 Dx2011
uss'i
31 Dec 20X)
VS$'OCKJ
Net cash used in operJtiniaclivitie5
1223.811)
1390.0391
Cash flow from Investln8aedwttes'.
tXvidend5 recewed
Interest received
Rental incorre recwved
20.817
1.574
1.085
14.816
S.430
Pro¢eeds Iromthe $4¢ tsf:
Investment5
2.318.3e4)
1.670.671
Purchaxof:
Tangible fixed ?55et5
Investment5
Netcash used ininvesting activities
12,1831
11.796,0441
544.209
17.0261
11.743.588)
159,6971
Cash flows from financing aCti￿tIeS
Interest paid
Neteash used infiMncir*aetfvltlts
11531
11531
12111
Chan8eincash and cash equIva￿nIs ih th*reportlng
320.245
1449.9471
CashaThF cash equivalentsat the *inringofthtr*portlAiyear
104371
555,515
Effe£t of exch￿• rate M9￿Ments on cash and (ash equlvalents
14561
11,1971
Cashand cash equivalentsatthe end ol thereportin8 y
424.160
104.371
Reconciliation of incoming resources to net cash flows
31 Dx2021
USS'IOJ
11 Dec 313)
Us$'orK)
Net ¥ainlllossi for the reporting yearlas perthe ststunentof fi￿￿la1 activitie4 1124.3701
Adjustments for".
Net Bain on investments
'wdends income
143.523
1456.5701
121,209)
456
1408.8261
114.262)
L.197
13.2341
Foreign exchange movements
Interest income on investments
11.5741
317
Inte￿$t expense
Degreciation charge5
Ilncieaselldecrease in debttrs
Ilncrea5elldecrease tn cash pled8ed ascdkteral
IDecreaseMinuease in creditors
4SI
361
17.207
80.240
281.235
117.1321
119.0361
(72.8141
Net ￿5h used Sn operatlTh8acil¥rytles
1223.811i
1390.0391
wlKies note5 ￿ pa8e5 57 to90 fvxm D¥t ol the CensolKlèted Fin￿￿￿1 Staternents
TheChiidreTh's InYestmeThL Fund Foundation ICIFF UK) I Page 56

Notes to the Consolidated Financial Statements
I. BASIS OF PREPARATION
al Basis of accounting
The Conwlidated F*vrK&41 Staiernents have been tsa￿$. Wxlert￿ c￿1 ctywen￿n as nx)dihed
the reVa￿a￿￿ ol investments. and hove been in accc*dy7ce wlh the Staterwr ol RecomTr*nLW Practice I"SORWI'AccoJnbn8
and ReporDng by ChanDes' Loublthy 20151. tFÈCtsfitieski 2011. F￿nCial RetKvkn8 Srandaro 102. tre Fin¥KKal Reportityd 513ndar(I
aFplicè)* in the UThled of IrE+￿￿$ fFRS I￿2.] a￿1 fynpanie5Acl 2(XM>.
The Chil(ka)s Investment FLmd Fwndation (UV (tit"Fo￿￿abw1 i1￿￿￿n8 its ￿dertaking$[￿"C￿oup-}
recc8nition and measurement txtY4YA￿5 of Intematir*wl ReWXt¥￿ 5￿J¥d5 fiFRS?9'Fitwnci31 h5trument5' arKJ ihe distlosLYe
pre5entaticn requ*w￿￿oI secr￿$ 11 12of FRS 102 to￿(¢￿1 flyal ot its fwial
The ￿nda￿On is a wblK L￿￿fit entity￿ ￿ted formats to oflert fv Char5t*5 50RPand tl* natu￿ of tF
Foundation's aCth￿t*S.
The Foundation m&ets defitr11ti￿0f a QLditw8 ertityL¥th FRS 102 has t*en*fv*ia8e dts(b)9J￿ exemr0￿5
avaiLa￿e w It In respect ol its separdte finan[K41s￿￿￿t5.
The Trustees made an a￿e$$7￿t of thefr(w's *JthlYtoC￿hrK￿ a5 a 8org c(￿cern and ￿ $3tished tN4t Cmup has Ihe resowce5 to
continue in t￿s￿eSS for khe foreseeable future. F￿tt￿[￿. ￿TrUStee5￿￿ tK)t aw¥e of¥yrnaterkil u(Kertaifitie5 thal nkiyC*t Signif￿t
dwbl the Grouls ability to gO￿É c£¥Ktrn. the staterwts a￿ prepared on ltrt 8on8 C￿cern
b) Functional currency and presentational currency
These ffianckil ststewthtsa￿ r￿ted in Vnitoj Lhywfussi.wW i4 the Cw)"s Cur￿l￿¥..F(Y￿tiOna1 curr￿,
is the currw(y cl the prI￿ry ec¢yKynK in fy(YJp1)pera￿. TheGrw)'s B¢ants expeThJitures are
d¥bDminaiedand p3vJ mosttyirt US$.kc¢ydin8ly. 8oard hasdetero¥rod ihèt tF* fU￿￿n01 twrmol G￿p is United Ststes Dolar.
l afflounts ha￿ been rounded to tl* t*•est tlK>wt￿.￿e$51knErfft •¥J tel￿N[M)k￿y￿1I to ￿fert0 thou5a)ds
throu8h the fina￿￿71 5t3ten￿nt
cl Basis of consolidation
The Consoh'thted StatemÈntsof kTNitiesfsoFA?. ShÈets Cath FkJw5tatrfftntS￿￿￿￿Jrate re9Jlts ¢fThe
Chil(l￿n.5 It￿Str[￿t Fund Foundatitin IUKlltt*"FthKMJaiw)nl gJb5rfkiry urthrtthiw. CIFF (UKITr￿1￿S Lwited fciFFTradkn81.
CIFFlu￿ Newco fCIFF N￿0￿. Tabs Capital Ck&gN)ied krmtyG￿p3rry fTak)5l. CIFF Nutfition (UK) Limited I"CIFF NL*TitvJril.
CIFF Qpilèl UK LPI"CIFF fvt*'I. CIFF Ir￿ub￿ents LLpfciFF W. CIFF lth¥¢m￿ts 11 LHnited I'OFF II'I. CIFF In¥estrnent5 111 LLP
I'CIFF III"I. CIFF IP Co Li￿ted fciFF IW). CIFFWater fciFFWaWk CIFF Gtrval P¥trw LimitedfciFFGtri. eoih Street Lend
LLP f801h LLFY. Ilth AvenuE LÈThJer LLpfiith LIWI andCl¥swKk RNer5ilt LLpfchs%ts%ki. Theionwfoated entity ts refened ¢0 as
the'Grow' No separaie SOFA ￿ Cash Fkw %atelY￿1 ttti (Ke5enteO for the F￿ndItI)n akne a5permitted by SEctK)n 408 01 the
Corr¥)a)eskl 2Q)6 and SORP. Intra"8r(w b8hntes are d￿r￿ted fUIty￿ C(￿l￿tt￿l. VVTrwe èJp5trwits are n￿le to Ihè
fin¥b£ial stsiements lo3￿ usedviith tlw used Prythe GrtyJp.
2. ACCOUNTING POLICIES
ThE wincipal acco￿tin8PD1v￿e5 thE COn￿)r￿13t￿l arxj separate FinKK￿l statem￿ts are Set out bebw i
parwath5 la) io lo). The bwi cMsister*fyaW to ¥1 we5enteiS. ur*ss Otte￿￿e ststed.
a) Critical accounting estimates and judgements in applying accounting policies
In pre￿r¥lE the h￿t￿lI ststeffi￿ts. the C4(￿p make5 e51wnatesaMJ thèiaffect rewmtedvèkJa￿$0f assets •id IBknlties
within It￿ year.Actual results rnaydi￿ frtym IWeslJtThBts Estimates xe (￿lin1￿1￿e¥alu3led and based￿ INsioritsl werience
andolher facto￿. incWin8exgectsti)nsol hJ￿reeWe￿tsihat8re￿Ik￿ to be reaxMBb* w￿￿theor(Vm$I￿e5.The key35sumriiw5are
explained in the¢ewti¥* 8cctsJntirepofKyrn)te5 in 13 aThl 14 for Th￿￿(r￿lS.
bl New and amended standards and interpretations
There been no adwmrsof S￿￿t&￿re202l ttst fe9JW ￿ a wkani to the CThp.
There are tye5ent1y￿ 5Iandarfs￿rV￿knts or¥i￿￿e￿I(￿ ￿ tsi5knn85tarwJards that YeteffettNe that￿)￿￿ itexpected
io ha￿* Si￿lficant wwion ihe f4w).
ThtChildren'$ Ittvtsiment Fund Founoaiion ICIFF UK) I PaKe 57

c} Incoming resources
l inctyniryd resources arE a(i(KJrted thefr￿ ts to a￿1 ttE anwilcaTr be 4U*bfiEd wth ￿8y)natIe
Certair￿.
IFKomeeained ￿ knan 1rNestt￿ts ts wthMn'Nei EWSO) ￿￿t￿[s. to the tt)￿5 b￿￿8 hEkJ al fairvaue. lrterest
ir(tsme on cash bala￿e$ 15 rec<Kded in SOFA%47thfft'lruwY* from It￿￿[￿￿6.. tJ¥ideThl ir*trne3r￿l exr*)ses. ¥%tten theUr￿edY1rE security
15 he￿ diretdy the Qrw. is re[08n￿￿ ex.1￿￿￿ da*. rei ol I0￿1n wilhhdOinE taxes n SOFAwlhhi'lrK(ry from In¥u￿nts..
Wilhhcddin8 tsacctyJnteé fcrftyian XULoIs￿Ys. F¢r ttK)sÈ sewbe5 W ¥iaan Intwttydkiry. the d￿ld￿ndS are *t(xjnt￿ forwhen
rotified Pentsl from the ￿VestrnoTrl $ rec￿￿ witlHn'kK(fft frw inweslwls, on an accruèts bèsts and is
reCe￿rAe month￿In Atha￿e.
rthatK)n5 arE[e￿n￿￿ %¥hen thecTh￿ 15 to wKLNre theaffwilw quant￿￿ with rea50rotAe accurxy.
dl Resources expended
RestyJKe5 exwded ¥e accoLrted •i xcru* baris. tOtiil*r ￿ se£tod cthants￿e atiiwtyarea5crc05l
ate8orie& ForewditweirKurred 3Ct05s theseCtlK5.anM)wt5a￿attri1￿r￿ r0eth￿basEd ￿￿8￿ting8Cbyil1esun￿ertaken durin8
the hnancial per￿￿. C¢￿t￿￿ti¥e¢bIyb¢nS (IrKILKll￿B￿￿s ¥e a(cO￿ted ftras l￿bilit*S￿etE it 15 prob3tAe IhBI there will be
tr3rthrofecorKMnic t￿l￿fil53nd the3nwnlof tsE0tAytw￿te￿￿eStyil￿¢ed CLNThnunKawiio Ihe wpent MLAti.yeargrants
are subject to perKJdic wewsarxl t{￿1￿nallY ￿ that tt*14*llity￿ re(Iwi15ed in rnsl ca5e5 anrxjauy. when the Iriter￿ forreco8ni5ing
ttE Irability are nEt.
prortcosts, othwthw dwect Costs fw each secitwal aThJ ethkn8•iy res￿le0 eyrnlitvr<are re.¥bcated 10 each ol the
attivitiE5 trn tt*fal1(yhi￿b3S￿whth1Sane5knTh￿tebaSed ￿￿1*￿I￿an*C￿rrAntMEntskn￿.exCl￿￿￿ &'gWn Phikntlwopycommitments.
2021
C1in3teCh3n8e
Sexval & ReprodLKttYe Health & R*hts
Gyl Capiial
chi￿ Health &
50SX
45.
18.9%
15%
7%
3.1%
25.0%
ChiW Protectk
CtDss Cut￿¥
02%
1%
Achvithes thdertaken to ex¥*￿j1￿￿e bytF* F(xNkYatth ltw￿￿ ¢￿t￿t s@￿e s￿￿K)n orw)tk urKlertsken Iw
FoL¥éaiic¥) that conthbutss d￿tty 10 the FoJThJètr)n's oiieciwes.
Other sectcKal rws thal W Cori￿d losupr(rt the IE. *ategK ErBa&￿ta￿j EV1(￿e.
Measurement & Ew3knati￿. (kB3nisakn [￿elD￿￿t Iwl lrhvtilg￿ CL3551￿ CrD55 Cuitin&
ExpenditL¥e I￿U¢re￿ ¥) rela[￿7 to tl* Ff¥xwJatvJ)s ¢£strtted ￿t￿l[leS a￿(oSts$￿fi[8lty Kkntifiaiqe re￿ant to the rest[￿tionS
3s98ntyJ 10 those a(tiW￿3nd thweforec* te altK3ied to
el Financial assets and liabilities
il Financial assets
Inrtr(Jl reco¥nitron ond measurement
As per paraer¥fr6 11.2 12.2 ol FRS 1172 the Cw h3$ ekcby the recrermtion rreawrwrert reWI￿rn￿ts of IFRS9.
Urmjer IFRS 9'F￿a￿￿1 Instrum￿ts., finanoèl assets ￿￿cL155￿￿. at itmtia rewiLx)n. SLO&eq￿ntfyI m23Sur￿ 31 affl(kn5ed 105L la
value th￿MIgh olhercomtxEF￿s￿t irtc¥ne I'OCln.iJf f3irvatsE SWDfit (K1055 fFVPLI. F4Jr(hè5es of inve511t￿ntS are
reco8ntsed M Iheif trade ￿te. whth ts the da* commits ￿ wrchase usdl assei. Inyestmenis aE IniD31
CO8nÉed al lawvalLt and transactv￿ coas fcrfyxh i)kestr￿ts a￿ex￿$¥j as wKunYd. Ithesb￿rt$¥e de.￿c¢*nEed￿Vh￿ the nehts
to recebe cash fi￿4$ IrcAn the in￿tr￿lts wyed FrA#*tsDon ha5 tW5fwred 5ub5tsnN41fyall risks •id rwd5 of£wnvthip.
b$eq￿nt to nitial rttwiitiw. fin￿￿1 a5setswe KEaxKed * FVPL &*754rMJ k)sses frcffi in the faIr￿￿e of the
w)¥estfflents cate80ry 2fE in the yjFA￿ the y ￿VI1￿h t1￿*1$e basedoi First.In. Fitsi-C>Jt fFIFOI n*thod.
TrÈckssifKètion ol fina￿￿1 asseisai Ir¥Nal recwitNJi*oLts£w) fv)•Kg1 as8efsuntrxtLd cash lknvtharxtertsticS￿d
bu5wiess fc* manag￿¢ ihwk
The GroLP cbssifie5 its 3$5els as X￿e￿￿t￿rt￿aYJ￿ at at FVPLon ￿ b3515 of b(th..
. The Group's buyne5s formana8Yb8 the assets
. The Co￿t￿£￿alCa5h tkw*characleri5Msof [￿l*asSet
aCcordan￿V￿th IFRS 9. the(ktyJp dawf*s its a5￿$al wMli4 rEc(wMi*Y) irto catefvM dtscu55edbekn¥.
TheChildten'$ lThves¢ment Fund Fo￿ndal￿On ICIFFUKI 1 14ge 58

2. ACCOUNTING POLICIES (CONTINUED)
Financiol assets measured at amortised cost
Adeb¢ MistrLThenl 15 me3Y￿e￿ 3t 3rnutised cost l il ￿ heldwth¥i a LxJwe55 tr￿￿￿ %th15e ￿￿e(ti* B to hsd hrknc*l assets ordex to
col*l c￿trac[￿al c￿h tlows its cwttKtual terms we lise on $￿tIfi￿j tsies tocath t1￿ are solely payrrent50f ryincigal and
Inter￿tr5ppi.g.The I￿￿￿e5 in thtscatevysltrt.1trmrthFwry￿wablesl￿kth ca5hal ￿rI< •id inw. cash ple(18ed35
coltsteral 3n(J debtors.
Financial assets meosured ot loir value through profit or1055
A hnar(*l asset is meawe¢t al FVFt Il..
(al Its contractual t￿ do rK)t 8￿* r￿e t0ts5h srwf*ddates ¥e SPA 01 thewirKwl amunLoutsta￿1Vi%
(bl 11 is not held￿thIn a bJ5iie5S ttKthI to cd*IC￿traCt￿0Sh flowx OT lo knth cdlecliontractualta5h flows
and sell.
TheC¥ouoir£lude5in the FVPLcale8ryvall Ir￿￿t￿ts in kwb.t(m*es￿k4￿]s.[e￿eSi8te h)ars(winOKglarnLmtplu5acc￿d Inte￿51
eivab￿l. listed eQ￿ties, derDrntrts n an assel ￿￿li￿￿. irhestmEnt ￿t￿lieS.£￿E￿ate toThJs. fv gLYa￿l ￿ in%t5tment lthid5.
Impoirment ol finoncial ussets
The Gtoup assesses ￿ a forward hjokwlg t4ss fv expecied crEd* Pos5 fECII 3ssttKated wlh its finar￿￿ assets tsrried al amorti5e(I cosl
iinpairn*nt methodology t*ptyid5cn ¥4thether there h35bÈep a ir*¢ease ￿ credit risk. ￿se hn￿Cial 3ssets. the
r￿u0 wplies the simthified approath wmitted ￿ IFRS wuiresey4)ectsd hfermel)wstobe ￿02￿Sett Frcth irltsl recognibon of
the rKew3bles The Grw) cL7551fies the fdtsJwMI8 fina￿￿31 assets under •iKffjsed cost cash at bank and in h￿d. G45h ￿edged a5 collateral
and debtor5 C3sh at bank and IA hand cath ￿edged 3$ colbttral clywise cath at b3nk5 demand and Inte￿5t bearinE
depwts with a nx31urityof vrtKh are wtlecl io an w￿181¥[￿3nl rtsk ofchanges ¥iv3bJe their cèrryiig
aoowmaie awrtised c05t. The b55 is based on lifet*me expected ttedk k)sses. Wl nk)ttrial couniergartes an lnvestff￿t
8r3de crediLrahn8 tNmo(th51￿pcfA1IA* or hts¥41 rK) Fustfyryetdefaulwn￿-payi￿1t￿da￿ re￿￿V3b￿5, a￿ slpjrt
term 1<1 ￿art.
Trt GroLv¢JrdYknkJs recewatAes Wkth ro C(￿r¥y￿ent ef *sS 12 ￿th$¥t OTh￿[t￿e￿ c￿1 and
thwefore ￿5 ad[pt￿ the simplified apwo&h to ECLk No ECL inwtrr(¢nt a&Thv•Yehast£en re(￿ded aga￿51 the c￿￿p,5 reteivatAes
durin8 thp year. The ECL 15 rK)l ￿&vant lo fvwrK47l as5ets3t wht ty kn55￿d firK4￿kil Ikibrfrtie5 de5iwaled at fair val
th￿gh syofiliy k)ss.
Derecognition of financial assets
Groupdereco8nise5a fyrknvbcialassetthen thects)1￿￿3l￿hlS1o fkAv5 from th￿asseteWre, orit tr3n5feF5 the[Bht5tO￿ce￿e
the£￿1rd(tUal cash flows n a transaction in substantN3ltyallof rtrt rths ￿ febya-ds ol OWI￿rShIp0tr thp firW¥t1￿ asset Jt transferred
or in whth IheCthprÉilher transfers rews sUbst￿b￿a¥0f the rtsks ar￿ rv*4arySs ol own2rship not retain control of Ite
hr*ncialasset. On de￿oenIty￿ of a ￿¥￿la13$$et. thelmweyebet*￿￿ thecwryryatt*xmtofthe asset (c*thec3r￿ng)￿ountaII￿ale￿
to the of ￿ ?$5et Ihat 15 dereco8rXwJlw￿ ¢he cijtw(kn3L¥￿ ￿Ned IwKIL*Ju)B any rw è55et obts4Ed ￿55 any Dewliability
a55vffledl ￿ recogn￿1 in the SOFA under'Nel 83in5 OD ¥i¥e5tmts'. AtyintLYesi in 9Jch ￿SIer￿ oset5 thatatEc￿3ted or
retswied bythe Group is reccenised asa separateassei LY ￿"￿ty.
ill Financial Liabilities
Initiol recognition and meosurement
FiD3fKial147blitiesare ck59fied.3t ￿lti31 reco8TriK)n. as fit4waEablitiesat FVFi*KI i￿￿&)¥$arn￿ payaLqe5,andderivatives
in a IrdblitYsKsioon. as 3pm)ri3te. Wl fiftancN71 lotrfliteswe mityaI￿at fairvake.
Finoncial liobilities measured at omortised Cost
Financial Iiabiliw meawre¢ at amcffjsed cosi finarKL31 haINlIt￿5. ott￿than measL¥edat FVPL. The in thi5
category amthils lo trK&er5. V3nts, accruals and deferred Incl￿ aThJ othErpayal*
Financial liabilities measured at loir volue through profit or Ios5
F￿anCIalI12bil1bes at FVPL IndL¢de finantol Ik3tHlibes for trèding and l*t4res dtspvted utw initi35 ret(wthon as at FVPL.
F￿￿￿131 lja)th'he5 are cL45sified ès l*kJ ft*trwJin8 if iW3re ffiCLwred purrose ol the near term. Separated embeLkJed
derivèti4es3rea￿ c￿$￿the0 * hehJ ft*tr•Jir¢ unèsstW¥e des¢￿31ed as efftttrve hedgfftgin5trum*its Gams or10￿5 lobiliDe5 held
fortradin8arereco8nised in SOFA￿7 theye¥inwhKh IwarseaThJwebased￿Ihe FIF0meth￿. l￿bIl[leS tynated Up￿ ￿l￿al
reccEnibon at FVPL a¢ deyenaled ai fv ir￿traI dale of rECOEThtion. and the Criteria ID IFRS 9 3re satisf￿.
The senicY(Waveddra¥¥down vark1b￿ra1erO*e5rNote57wel￿deSul?￿ll FVPL3t i*eptw)).TrtC*oJpdil mt L*signalearryderivati
hedges In a hedgng re&tion5hp incl￿ fft thi5 caLegovderThfatweC(x￿￿ts in b lthbilityFrf)sitirm.
The ChildteTh's I￿VestMen[FUnd Found•tioD ICTFF UK) I Page 59

2. ACCOUNTING POLICIES (CONTINUED)
n Investments
Listed ond unlisted securities
Secunhes listed orouoted tr) any se£urths ex(hary*xJ ryL1r￿ tr*d thwn ¥e vaknl at Ihe fèirvah* of *) investfflent 15
based on its quoted market
Unlisted stturiDe5 <Y listed secwitie5 rwjt re>daAy Ir•Jed. rweci otknthth no as descrbed abrf* are *al&b￿. Other than
ban5 and rece￿ab￿. te valued ai thtyi lawvakt based 01 Inf(￿Mati￿ LYMied byTCI Fmd Management Limileds IYCI FM" ly ttrE
"Invesrment Marwfl wtr&io ffw7a8Wr￿t le￿$wha5 13les¢ *èdai4e t¥Ye fcKwwe5tM￿I
BeCa￿Se of tk*ir ut*ertainty. e5twTrated fawYaue5 r￿￿lffer1rOrn ts¥a￿s that￿A￿l have bEen hada ready market for the
securibes extsied.
Unfunded Commitments
The Gr¢w mayinvesl in Ic*n5 ¥d securiteswhth ￿ty￿rate that il Y￿11 be cbliged 10 w at a futtKe dète ifcalled upon by
ttEcountwpartY. The timnE of 5ett*rreniof these rr4eiti¥rt4ga￿￿$¥e vncertan ai wr er¥J.
Due to these uficÈrt31nhe5 the Graup doe5 tx)t tE(08n￿￿ tt￿Sea￿l*ts a5 its c￿5¢￿￿ted BaL￿￿ STr￿￿t. h(￿Ve¥ertI￿5e
an1X￿¢S a￿ dÉck)sed as contin8ent ctsnmiin*Ns in Note 22.
Derivi7tive contract5
DerivatlNtionl￿cts fderNatwe5l ¥e ¥eco8n¢sed al FaYv31￿On (late derNatibe ￿eTriered ￿t0 are 5th5equeThUy
re.ry*3sv￿ at thtir laIr￿lue an ba$6. Fa￿V3h￿saI￿ obtaw*d [￿N￿qUOted market txKes markets. recent
mark£1 1rdnsacti￿s. Where twoied pl￿￿e Thx the ¥e vabjed Us￿8 Iilcwtity) w0v￿ed byCoUnter￿rtre$ to the
£￿tr3cts.
I dEllvative5 a￿(￿rr￿￿ a5aS5etsw￿ fairvalueis a5fdMliiiE5 whEn fairvknis ne8airoE.ThE bp5t eythnce of the fairvalueof
a de[￿aTr¥e 21 w)iDal ￿£￿i￿n ts the pr*eli e the fa¥vak* of Fecei¥edl. 5￿uent chènÈes in the
farVa1￿ ￿ arrydwvab* uistrwrtiiière ￿CenSed il tt* SOFA
Thp Gr(w enter5 IntD l￿War(s forei8n exc￿￿e(l￿￿3(& [￿e18n are fawv3W on 3 ba5￿U5￿8
fiKward Contra[t￿ r31e derived frtxn re￿1￿ w4althle market (lat3. Im￿ cortract t5cb5ed. record5 ￿ar5ed 8anslk>s5P5
equal to ltrÈdiff¥ence between valLeef the cOnt￿t al ihe tme itwas opfftd ¥vJ va￿e at Il was ckJsed F¢￿r￿ fO￿￿n
exch•)ge contractsare fawvaL¢d usi)E the crntracted rate¢JerNed f￿￿aditya¥aibb￿ r(4t*ei data. As 3131 Decethr 2021 the
Croup hell fowd tora￿eXCh2ngec￿ir8Cts￿rth￿ ag8re8ate l*rvai**hY rtt I￿￿11￿￿)>￿nofuSs4ook(20￿. ret1otMlityposih)nof
US554.974kl.
TrÈ &oLP ertws In￿ swapa8rewienls vlwch feprewt ¥reeff￿ts thatowle iwo 10 e￿h￿$t3 ser*s ofcash flcws ai speofied
)ter¥als baged uwn t*cakuL7ied ty ￿￿trence to ch*8e5 In swfEd rale5 ftYa 5peofEd aD¥)unt of a pwt*ul¥ se£urty or
and a srecified nobonal amwnt The payM￿t nr￿s￿e usu* r*tted ynsi each oth¥. ¥Mlh ihe d1ffwen￿ tell￿ paid ￿ ore party lo the
¢ther. Therefore affic￿ntS rewired far ihe ftstures3ti5f¥tiC￿ rl swap te yeatw ￿ ￿$$ than the ￿)Unt ￿C(rfded The realised 8ain
k)SsdeW￿$U[th tl* prKÈsalYknth In5rrurn*501the5wapisV31uedattheswap'55ettk￿￿ntda1eand 15 included
the SOFA Unrea115ed sains ￿ k)55e5 are fairv￿L￿ n3rMJ the rests1ti￿ 1rK>bemEnl￿ tt*unreaIr￿ 8aM1 or1055 15 recijrdedin SOFAA5
at 31 (kcerfl)er 2021. the Croup tr*kJ eovrty swaosvnih an h)ss of US$222k120ZTr. US$ rHD.
Investment fund5
The GroLP Kwe5t5 in in¥t5t[n￿t fvr¥Js rI[p￿t* FwdslwhKh ¥e srt¥ect to the t•ir63Th5 Co￿11￿)n$ of the In￿lee F￿d$. ¢4fwn8
ck)turnentab￿. The ilp4e5tn￿t ￿ the ￿￿*StEE F￿￿5 ￿m￿l￿Vak￿based cm the lateSt￿iLth raJemptx)n of 5uchunit5 for thE
InV￿te@ FurKI. as detenr**d by &lminisDaterof thè IfNestee Rjnd. WhÈre a (p￿111￿3￿ert3i￿th Market valuafvn ts not ￿alIbble.
Investee Furth are valL*d ai cost *ss arry ex￿le￿ k>sses (see Note 131. Wlw a sharelunit is SO￿ the tetD8ni* tl* ￿alised 8ansI
(losses). Other changes 4) fawvalue c* the Inktsiee ￿V￿e8￿"sed R3¥)slknses). 31 2021. the Grwp
iwesiment lund rosiDons ol us$61.￿lkl20￿￿. us$66.482k).
Investment property
The&oup inV￿led In an inve5tynait rry*rtyctyWfyr8th￿OfVK.ba5ed Ireew L￿3ftd leasaj to thré parbe5.The r￿D￿P5
icyis to include the ￿Vest￿￿t tKopwtyv*ithn ￿Ne5￿n[Sar they f•rvaht. %*lich 15 UWal￿ ro tsopen marstiwalue.
Leosed assets
The a￿L￿1 r￿ts1$ feroperaME *aseS3￿ ch3rR&1 to SOFAon a Sb•Eht.W* boss the kne term.
Investments in subsidiaries
Investments In subswJ41¢*sarel*kJ 3tCOSL*ss ¥ry)aim*nLNI theFcwr*l*wy) BJ￿r￿ ap¥t ir* ir￿e$￿￿t n CIFFCapital UK LP
wh￿h ts held at 1airval￿.
The Childitn's Investrnent FuThd Foundation ICIFF UK) I Page 60

2. ACCOUNTING POLICIES (CONTINUED)
Loans
Thp Group invests in Real Esraie3nd Crwaie LDan5wluch are3t(￿nted 3 larvalue ￿s1$. F3* Val￿ are calcuiited ¥tsith relerence
to discoJnted cath ￿e¥pected fututecath fiowsoleath kw in¥esD)￿l c(knstructed byeKlernalv-Juer5 The M￿r￿￿ts in
the fairv3knes we itKlvded witlin"Netg3￿5 I[Th*sb￿nts. w) theS(FA t*ase refw to Ncle 14vknKh detaiL4 sl￿r￿n￿ the
sEnifiwl Uwts5e￿ablP inwts ol these k)an 1n¥estrf￿lts.
Privole plocement
Pr￿ate p1acett*nt securties a￿ ￿t re8tstwed frKmtdrs*arKI a￿£3￿￿d at￿*S[That￿J fairyd￿ at eèch v3kthtiM pcint. as determned
by the &oup. n c￿￿lIa￿On wth the 1n%t5trr￿[ Mws pJrIfO￿ twagwwt lean. wilh ¢elererKe 10 recent lurdire rourd5 wd
erf0rnP￿e updatw pThéed ￿the Ywtment rnaIwD￿t's tean.At 31 Oecetyljer x)21.t￿ ore pr￿te pL3¢￿rt￿S1b.
1202Tr. one txwate pL4cemenl Pjytitsl. whth hks tÉen f¥vaW at US$￿ t202Tr. VSW).
Prosrumme related investment
Pro8raffjtDE ￿￿ted In*tm￿lS are a tyreol sffkil )Id madE wr$￿t Oft￿ FDjntst￿fi.S Charit*￿ ourposes.
The orimary moiv8bw IIK pr￿{T￿ related inve5t[r￿nt5i5 not Baifttyjl to lur1h￿ wrchariiable ot¥"ects. Progranwr
led investments Ser￿rate Same rett1r￿ arxj [L￿di￿ nw not be on comfferoal term5 The current
prL%rafflrnp ￿￿ted ￿￿*%(ments 00rtfcd￿ CO￿lSts0f è nLKrthr ol fur￿ and ￿l￿ate pLvfft￿t itwe5ttnpntswhiih follLV4 the respective
in¥estff*nts xc£u)t5n8 pc4y and asat al Ckcerter XY21 ￿￿ted to VS512.633k t20￿. US$25.439k).
The FoU￿ja)(Mi also cia55ified conce55iorwy loan5as prov￿1￿ rdateo Mh*SLrt￿t ès wmary wrrN)5e thi5 investment 15 lo further
theaccomplishmenl of the￿(harital42 tXV$￿5 thro￿ f￿11(ab￿g the *K£ess£4 r￿￿(of *ograrrfi￿. The R￿ndati￿ ha5 electe(S
to iDibally rEco8fjise 2rKI Measu￿ at thear[￿nt paKI with r￿￿t5 renecied in sth5equenl yEar5. CorKe55K)nary loans for
the￿ar ended 31 Ekcen*r 2021 èwoJnted to US$3LKXA1202Q. U5$8tKf*) a￿$ arewE5ented wthn p￿￿mMe Relaied Hwesbnertts
IhroughoL* notes io the account&
Mixed motive investments
Mixed rtuti¥e ￿h￿St￿entS ￿ m*Je el ￿ FfpJrthD￿'sth¥rtètAe [lK￿$e5 and firwKkil Saw￿. Tr turrent mLyed rnoti
I￿EMent oortfolh) c￿SISt5 of a nurr*erol %rf*ch the Invesbnwi t￿(y. M￿0 motive irfvesth%nts a5 at 31
Dec￿t￿ 2021 ￿￿lled to US$34.26*120J>. USSI1.41￿.
g) Foreign currency translation
A55et5 and1￿bilitieS￿Er￿)rnffjaÈed 41 fLYeiRn currtxKtsare tr>isLateJ into USS at th forew cUrre￿YS￿t tate L*extto)ge3t tre bal*)ce
$￿t date. TrarÉxticffjs wl fuergn c￿r¥￿E53￿ ai ￿ r￿gn curretKYgX>t tale5 01 exchayat date of the trar6actioi.
DiFf¥en(￿ arigng on setueffent and tran543￿ ol mwew iletr6 arereco8ntsed ¥) ihe SOF
The yearend rale pievailn8 the baLirKe ￿ date was US$I.. ÉO 74 (20Xk. USSI £0.73) FwcrKb501hl3th purposes. baLl￿e $￿tS
ofsthKl4iries tep(Kted In Povnd siedine£urrwofGBW c*"E'l h•de be￿ cTri¥trted ￿tfj ￿ (k)ILir at thp ft)r￿s￿ exdorEe rate asat 31
Dec￿t￿ 2021 For ￿1 Gep reptyted wofii and b5s3ccowts ofxJb5Mli¥& a¥era8e exckwy ta* for the felevaN oeriod
been aoolEd at VSD rate of USSI.. £0.73120XI. USSI .. CO.781.
h) Intangible assets and amort15ation
Intsng1b￿a$5ets thala￿ xqwed dtstbjped ￿thec￿s￿h￿e fiThteu5ehJl I￿￿e Th*3￿me￿atC0st1e5SaCCum￿l8tay ar￿Nbsati
3n¥¥cut￿￿Ied 1fflp3Th￿nl b59
Amo<Dtston is CakUkt￿ c¥)a siwhl ba>s soas Lo￿1￿0t￿ ￿(Ost a5set¢%eK￿e5i￿led u5efLI life of 10 yeas.
The 3[nQrti5atr￿ wll [c¥rwrEn￿¢YKe ihe 4)tW dtst%)pw)I ￿£￿leted.
rti5atsn meth&tts. usefu1 INesaThJ ￿5"dual vaKes ￿ revtAtd at eath rep¢YtirB (Sate and adjusted ilapty£wote.
SubsequenLexpwKliture is cwtslised or4y %￿h￿ il ￿￿reaSe5 the lutwe ecorKwrAc benÈhtseTrknthed ul the asset to it reL*e5.
l other exrenditure is recogr*5ed in the SOFAa5
i) Tangible f ixed assets and depreciation
Tan8ible hy£d assets 3re wtslised 31 cost. De[￿C&3b￿l isc*ubteil w 3 b*s soas off tt)e cosi ol an 3S5et o¥tr the
estimated ￿￿ul life. TTrEe5twna￿ useful of[￿LUreS**I frtth8S 15 5 ye•5 Gkntwd {whi￿ry ￿ 8 yw.
TanÈible fixed assets a￿ anr￿￿ luimpaKJren¢ C*ryKk4ti{￿ tretFKxIs.ttseful INes aThJ ¢siJLOlvalLeS are rwewed if Ihere 15
n indica￿n ora wiftcant th￿ge L451 an1￿￿1 rewtin8 (tste in pattern bywhtti expects to an a55et5 futwe
econcmK boiehts
TheChildten'5 Investrnent Fund Foundation ICIFFUKI I Page 6J

2. ACCOUNTING POLICIES (CONTINUED)
j) Cash and cash equivalents
Cash and cash eouNaknts wLu)tsdue fron &wp.scLXMrterpth￿Ikn￿VJ￿m1 interest ￿arin8 de￿1￿ ￿￿th c*iwnal
maturibes of I￿ than 3 months. Fcw eath sew*excw)lot ekn bro*￿. (3sh ca) ￿thdr￿ so as there s a suffiowl
collaieral ey£essh￿thin accofftt.
kl Cash pledged as collateral
sh pledged 35 coIL4ter31 inckndes ￿l¥￿e51￿￿j atyear etKSv*th the c￿.5 ￿￿TE iKokv5 WNJ other cla￿terpart￿5 ol Ihe5e
n(MJnts is reStr￿ted based uKx)n the C￿￿).$£¢n1ratLUal JEqvWEments￿th eath thEyear"et]d date.
l) Amounts due fromlto brokers
ArTh)un15due fr(xD brokEf5 incIL￿eCash ￿ve51￿￿￿ts￿￿ Ixjt%%th￿hh￿ Th)lyet 5eitWand Ca5hforf￿rd exchan8econlract5
£I￿ed but awaiting settlen*nt. knurtts dLe to ir*We c35h fr£m whch hwe yet settw and tssh for
forward lor*8n extt*nBe contr￿15 ¢￿se￿ but
m) Debtors
AnM)unts due fmm debto￿Are Ir￿￿ed at trdFtsxtiL￿ pite. iryjawment.
n) Creditors
ounls th to C￿￿*￿S￿e aithe tr*￿t￿ ryKe.
o) Funds
Desi8roted fLnds are the unrestrcied fu￿6 Ihal teen seiasNle tsa owpose by ￿TruSt￿ Uryesmed fLthThJ5 comwse
those furKl5 Trusttts are free to ￿ inXcrrfd￿e Itsith tts th¥itatde C￿e£t￿￿of the FcHJ*tstK#7.
Re5tricied fu￿15 c(Yr¢rw those tK41 ran used I<Kpar￿￿L3r restrKted trtoF4'ecti¥e5 01 the ￿￿￿jation.
Restncted hJrKJs artse the ful￿¥￿ swif*d as byt1* fu￿$ I(￿ P￿Li[ testlltied purposes.
The ExpendatleEnLknYThV)t FLrnI rerye80)ts t￿￿Se8￿￿￿￿eTruSteeslm1￿¥￿ty￿l WNesbnents. IrKLwEonw)¥t5tr(entStsXWLklted
Wllhin the EXper￿ab￿ £￿J￿￿TE￿ Fund. When the F(Wda￿ ts unat* to ffeet its cCthnib)￿ts Irom reservesof UNestricled Funds
p) Taxation
The F￿noahon is cengdered tOPa55 lestssetoui InPw3y￿ I *h￿￿￿Orthe Fr*nceki 2010and the￿I￿e¥r rreetsthe dehnition
of ? tharitabecoffloany UK tax purtM)5e* Acc(Ydkn￿. the Fr￿a￿l￿)n Is eX£￿t from ta¥4￿ n ￿59eCtor incryrei
pital 8ains r￿eNed wthin cate80r￿s covered Iychapter 3 Part 11 of IhE CupDWatK￿TaxA[t 2010 or 5ectiDn 256 of theTaxatNJn of ih
(￿￿eable GairisN<t 1992. to the extent Ihbt a￿&.￿￿ txwses.
q) Operating Leases
The Ir￿*511rtnt prcothw35 to tenant5 underopeTriwi8 kne5￿th rEnta5 pay*IEfflmth￿. ha5a&i entered into an
￿ase fijrpkniand machulwy fc* UsSnilcc￿tsWJer3LIjk
thoJgh the Grou) tse¥x)5ed tothal￿e$ in reydualvèke3t ofthecurr•ilka5es ttre GroJp typKallYwter5 into tYwoppr8tin8
es and Iherefwe ¥MII nrrt mmed4?te￿ ￿kSe ary re￿￿tr￿ n ￿SK￿41 vak* at the end of le3se5 Exoectaths alx)ul the future
reydu* values are reflecied ￿ the ta￿¥*Ye0f
TheChildren'$ Investn)ent FtsTrd FoundatioTh ICIFFUKI I Page 61

3 INCOME FROM INVESTMENTS AND EXPENDITURE ON
RAISING FUNDS
3 laj Income from investments
The in¥esiNwi tilCOtF* arises Interest receNed cash rfewAS, iTrterest b•5 and ￿el￿atJIES 15 pcoided. rent
otne fr(Nn investment properhe5. 3ThJ diTrMend I￿ornE fromequty5eCvritie5￿Ilin thE p(rtfdohekY by the &oup. The div￿le￿ irthfft i4
recorded31 e%.d￿￿￿o date. gr￿01 for￿En tats.WilknhJM* tax 6tt£tydedoi an xcnMtsba>s.All rwtal it*tyne isden*d
from O￿tm￿l mpwties In the Lknited Kngdrnk
GrDupyexended
31 De(emb¥2021 31 QeceD*Ju2020
uss ￿7
us$'coJ
21209
1574
168$
14.262
3.234
Inrerest income
Renta ￿COme
24,468
17.496
3 (bl Expenditure on raising fvnds
The eX0en(htu￿ ol rasint lurLds of U5$19.335k120XF. U5$11656kl exwK&tLryE rdating to tTOnègN)g SLI)s•Jaries
h￿di1)S wdowmeni in¥*stmentS llKbJdi￿ bro*w38e char8es. fee5 and Ir￿￿ts￿¥)i Tr￿aBe{T￿l fee5.
The ChlldreD'$ Investmeni F¥nd FoundationlCIFF UK) I Pa8e63

4. EXPENDITURE ON CHARITABLE ACTIVITIES
Grnhtfundi
Support
Co
20211*
uss Thx)
Totsl Charitsbbe
Actlvltle5
2021
us$'cx)D
2021
ussv
2021111
USS ￿LX}
aimate Change
Sexual & Reproductive Fleath & Rights
213.494
440
18,065
7.707
838
0.183
994
8.984
231.999
92,699
11,531
102,356
1,682
387.976
10.693
95.919
Child Health & DevebpmeTht
Child Protection
Cross Cuttin8
262
377.242
782.742
2.738
42,771
828.251
Support Total Ch¥ttable
Activities
2021Y
20
vssr
usswj
uss
aimate Change
Sexval & Res)roOJckn* He3￿h & Rffdhts
Girl Catmtal
Child Health & 0￿()prI￿nt
Chld Protection
Cross Cutb
151.397
63.226
10.251
83.737
0.431
19.734
oil
281
25
lJ.275
5.836
605
6.?14
1.165
6.786
163.283
69,343
10.881
90.530
7.596
27577
1.057
334776
1053
32,381
369210
IISEEAXeJ
5. ACTIVITIES UNDERTAKEN DIRECTLY
The dI￿rtex￿￿KIllyreQI US$2.73￿￿(202O.. VS5105Ww clwtsNethtse5 wa5 ￿r￿￿(IFF5￿￿S5￿', Ith1￿1
a￿ls￿￿e Irainiig toyanm ar￿ otrv aThJ •xl Oss•Th)aMRffFwts on research findings.
TheChildTen's Investmtht Fuftd Foundatkon ICIFF VKI I PaKe 64

6. GRANT FUNDING OF AcfIvITIES
Sexual&
ReprothJctTr¢
Health &
8hts
VS5'(K
ChlldH¢arth
Group and Foundation 2021 0"
Chlld
Capltal fJevelopmEDt p¥9t￿tIO￿ Cwoss
uss'ooo
U5S'000
uss'ooo
us$'ooo
Total
us$'ooJ
us$'ooo
Grantees recelvtnitharltabltyants
Becton DKkinson
5.750
5,750
.8 Win Ph131t￿0pY
C40 Crties climate
Leadership fyoup Inc.
CDP
360,IXKI
Is.
15500
Clean Fund
6.7CI)
264
6.964
Client Earth
5.455
341
5.796
13.128
Crown *nts
DKT 1nteMab￿aI
13.128
4,680
Enef8Y E0J￿8th0￿ Chna
European aifflate F￿ndè￿Tr
Foundatiiy) for14)te¥national
Law for the EwrOn￿nt
li.t￿)
42.959
12.500
43273
314
21.955
22.255
Gobal Fund lo fi8ht￿05.
Tvbercubsi5 and Malaria
5.931
5.931
4.686
Irtstilulo aim3 e Sxiedade
4.686
IPE Global Limrted
3.618
5.946
9.564
wng
6.247
752
6,999
19.441
Marie Stopes Intematsjrol
Meridian Institute
19.441
4.450
4.450
(heAcre Fwtl
5.372
5,372
Other Gr•teesl&l
57h86
21.
7.075
27.120
14.771
128,428
psi
9.422
9,422
R￿kefeller Philanthropv
Advjsors Inc
18.767
19.267
4,915
4,770
4.728
&8htsavefS
Splash.or8
Swi55 Philanthrupy Fourtdab(
Sunrise Proect
Tri8gerise
United NationsChIld￿n's FutTd
4.915
4.770
4.728
7.164
7.164
8.394
8.394
10.818
10,818
United Nations Populathjn Fur
Wodd Resources Institute
io.L¥J)
10.0
WoddVIsK)n EtINopa
16.703
16.703
Totsl Rrants
213,494
IOh93
95.919
377.242
782.742
The Children's Inve5trnent Furbj Foundation ICIFF UK) I Pase 65

Child Health
Health &
and
Chl
Ri8hts DÈ¥QbJp￿1 Protectfjon Crosscutttnx
uss'o
uss Th)0
USS'OOQ
USSYIOO
uss'ooo
Group and Foundation 2020 Clinkyt¢
Chan
uss'o
Tot
us$'ooo
Grantees reeehini tharitsbltyants
ALMA F15calA8enl, Mèkria No More
CDP
3.749
3.749
8.431
8.431
OEnt Earth
8.468
8.408
aimateworks Found3tic
3.214
3.214
OK[ Internation
4.988
Educate fsrts
Energy Foundation Clina
Eurooean Climate F0JndJ￿
Federèl Ministry of Health. Ethiopi
Found8iN)n for Interrwtr￿aI
Law for the Environrnent
7,250
52,214
7.250
its)
52.374
4.436
4,436
12.754
13.054
3.992
Qobal AllkAnce for 1rryX<w￿ ￿trition
fjobal FurKI io fight￿D5,
Tubercu109s Malaria
3.992
Instiluto ama e Sociedade
4.614
4.614
IPE aoba Limited
1.124
17
4.041
Jhpiego
Liwn8 &￿$
One Acre Furnl
3.029
3,029
7.247
7.247
7.424
7.424
4.893
111.468
Orbi%
4B93
other&￿t￿t￿l>
36.465
25.493
17.921
5h27
22J24
6.431
15.128
17.921
Splash.or8
The Fbwer of Tr&rtritK
5.830
5.830
3.491
75
3.566
TIE gjnrise Project
Triggerise
iknited Nath)ns child￿n'S Fund
7.487
7.487
5024
55
5.879
3.595
250
3.845
United NètK)ns Office f
Project Services
Wilk3m Marsh fv.ce Univwsity
wor￿ Reswrtes Institute
8.1
8.150
Wo}r￿ Visim Elhiooi
5£26
5.826
Total ¢hawitsblÈyaAts
151.397
63226
10251
83.737
&431
19.734
334,776
11 The8rants ￿lIl￿d￿tt￿n,￿artstOOt￿rL¥￿a￿s0lio1t5'for￿l k55UwUS$4.thnlJ)3J. U5$3.lknJin 1¢xeach￿N￿rlOTh The
forthscbsweol i￿J1v￿Ual gwtee5 145been ¥￿reaSed ￿ >)21 tork¥ewiatKThl wryws. T￿ 2020 d￿￿C￿lre has been re5Ialed to a48n to hwher
threshrjd.
Thechildren's Investment Fund Fovndariott ICIFF UK) I Pa8e 60

7 ALLOCATION OF SUPPORT COSTS
Se¥M*&
Reprodwti
H¥lth$
RiEhts
Chm Healtfv
Cllmate
Chan$¢
uss'TrJo
Chl
Tlcawta [kVdaprn￿t PTtsteciion Cr054Culiihl
ss'ooo
uss'ooo
Tot•1
vs$'ooo
2021
uss'000
5upportcosts
Staff cost5 (Note 91
Office exren5es
G)verfia￿e costs (Note 81
Travel sU￿Stence
11.079
3.328
2.242
4.736
501
166
3.370
1.479
7.155
322
27.601
6.619
16
112
28
42
24
1,303
187
Consultancy and contractorcosts
Total support costsallocated
tocharitsble ad6vltles
1.336
745
283
3,924
1&065
7.707
183
994
8.984
41771
SExual &
Chld Heatth
Olmate
Chan8e
ussTho
H¢41th &
Chlld
Rlghts C•iial De¥elwfient Protectfjm CrossCtsttbTh8
ussyx
ussytyjo
ussTho uss'oo
us$'ooo
Total
U5S'000
2020
&Jpport costs
Staff costs INote 91
Office expenses
Cyjvernance costs (Note 81
Travel SLO*stence
6.987
2.267
1.146
234
3.790
896
342
142
78
4.146
1.185
853
5,410
314
21.530
4.911
2.533
789
107
49
478
156
io
191
78
78
120
cons￿[anCY3ftd C￿tr￿tOr costs
Total supportcosts alsxated
to ¢hwitabteac¢ivitses
641
S16
556
794
2h18
11275
0.714
1.165
6,786
32J81
8. GOVERNANCE COSTS
C￿pyear*nded
31 OecembEr2020
uss'ooo
31 DecernbEr2021
USS tui
ditors, remL¥)era￿n
Legal fees
ProfessB)nal fees
296
4.074
70
358
1.919
250
2,533
The auditory. re￿reration. for the 31 Oeceth X>21 s Wil KPTr￿ US5274k1202tr. US5340k>. S.P. NaEralh Ilndia liaLs
office a￿lt0[$) US$I<*120Xk. USSIOk).MaM (Chinè ¢ffte ￿litLy5) U9$8k1202). U5$8klaThJ MSE Audittr5 Partne¥shv lEth￿p0 office
audiLorsl U5$41k1202Q. USSriD. In 2021 nw.audit lee5paxI to KPMGwere uSSnll￿2Tr. US$13k) in relatth to othff prole55ional setvices.
ThtChildTen's Investment Fund Founda15on ICIFF UK) I Page 67

9. STAFF COSTS
r4wp and FwndatK
Group and Foundatlon
yearended
31 December 2020
us$'oc
31 tYecernber2021
uss'c
Wa8eS 5al3ries
Social security costs
Other penyon c<)sts
22.701
1.924
i.OS4
16.830
1.436
762
25.679
19.028
Other st3fF costs
1.922
2,502
Total staff costs
27A)I
21.530
The averJ8e M￿thty ￿mber of errvkpKesl￿Sed OTh the I2.{￿th •mpltyKd ￿year totsltrj". 1671202Q. 1321
The $￿ff S￿1t bekveen direcixtMD* I3212¢￿. lo21¥￿ iror￿L s￿[￿yt." 3512020. YJ.Tr* nutthoferwkryeesof the
GrLxJpand FO￿l0￿0n ren￿wai¥￿ paKJ n the hDarKial ￿ar fdl the rdkmi￿ bands were..
Total RenvJneration
8andir*s
¢￿JP a￿1
Foundation 2021
Group and
Fo￿datiOn 2020
$85k - $99k
$99k- $113k
$113k- $127k
$127k- $141k
$141k- $155k
$155k- $169k
$169k- $183k
$18Jk- $197k
$197k- $211k
$211k- $225k
$225k- $239k
$239k- $254k
$2S4k- $268k
$268k- $282k
$282k- $296k
$296k- $310k
$338k- $352k
$352k. $366k
$366k- $380k
$394k- $408k
$408k. $423k
$423k- $437k
$437k- $451k
$451k- $465k
$465k- $479k
$521k- $535k
$591k- $605k
17
12
li
li
Ch*tysoRP requwes dtsclosureolthe nurt*r ol *wlty*es %tsthtsse ieia {ex£￿Iln8￿￿pW￿ costslexceeded £6(N¢
Ourwl8 the period srA¢ ￿ bar￿$ of El(k CIFF use a fwcbtiw currwcyot USD thtreTo¢ a threshold of $85k and
téndin8s of $14k have been ￿5￿1.￿li￿ matffl3lytw5￿te lots G8PSORP rewirew*s SaLirie5 benefit5 in knd and ¥e Daid In è
Thjmber of CLfftncies iKILwJ¥)B GBP. has been tr•W?ted at il* aw rateof U5$1".£0.73l￿3J. USSI".£0.78).
The [￿tr￿￿ti￿$ ¥1 the year For the of a defir*d KhETne to rykryee5 ofthe Fothutstion W￿re US5981k12020."
US$684kl. Trt nwthref wwe the Xh￿ was 211120x1. I￿1.
The Trv51eesLld not 4eceNe thew Se￿e5{￿￿￿E LIS$ni￿ Tr TW5tee￿ expty75es re1M￿r5ed fer travd and
sLthiStht*ethr¥￿ ihei*araryKyJnted to Us$l2k12￿1O". Vsslk). In 2021. iF*re￿￿t￿¥SedeXwses￿erdaLed to(￿ trusteelX12(F. one trusteel.
ThtChildren'5 Investmeni Fund Foundaison ICIFF UK) I Page 68

ReowDeratlonofKey m1rwm￿tPel5onnEI
3.248
73
oi
Ernpw Nah<Nwl Insurd￿*
374
JD9
TotslCon4deratkn
The Key Mana8emg)I person￿ ofCIFFPwe dehned as the.
* ￿¥d efTwgiees Ivtho ¥e I￿t 1efflw￿[aLÈd in tl*w cwtyas T￿￿tee$}
+ Execvtive th"￿tOr$Ol the Fowthf*Ji. aE re4wyb* for thy to ¢Jty np)rMrÉ c4 the t)zanr*3¥
The total refflUnÈrnti￿ 10 Key Ma￿er￿t Per50nrEI Is M¥nènsed in the tsblEatfft. Ir￿￿leS 5akwiÈ> benÈhts
kind. bofiL￿￿. term￿ati(￿ Payments aNJ aTthr tortr*Njt￿.
io. TAK4TION
The froup cornpan￿ CIFF Caiii*. CIFF Tra&n8. CIFF fknro. CIFF Nuirition. CIFF CIFF 11, CIFF111. CIFF IP. CIFF GP. CIFFWater. 86th
LLP. Ilth LLP and Ch1$w*kd￿ rntrealtseany laXatAe orofl in Ihts th¥d¢yeh3be ￿ tèx li8bihty Tre￿b9￿Wry corwarty.Talos.
incurred US$lk1202(k. U5$1klof InshtCwarv￿ tax3￿ V5$rM"lofwithl￿I18t3XI2o3￿ U5$672kl In3)21. subsioarycunpany. CIFF
11, incurred US$3k defeffed tax exp￿1202(*. US$3k deferred tsxa%ets).
11. INTANGIBLE FIXED ASSETS
31 Det¢mbe(2021 31 De¢¢mb¢r2tr20
USSWO
vss'oc¥)
Cost brought forwÈr#
Additions durin8 the ye
AtyearerKI
Amorbsatson brwght f(Thard
Charge for rhe year
At￿alend
Netbook value
Atye*t¢nd
The1ntsr¢thaSsett￿￿l¢st0beLHh￿deth￿￿￿￿X1testy0i￿7S?j21.A5[VFRs I02.ro￿*j￿sath￿lsrec￿Ie￿
the Int*￿I￿le asset is not reètr Ils s)ieThJed use.
The Chfjidren:$ Investment Fund Foundation ICISE UK) I Page 09

12. TANGIBLE FIXED ASSETS
Filonv
31 t)Erernbtr
2021
ustrooo
Total
31 December
2021
uss'ooo
Total
31 D￿￿rnber
31 OttefflbEr
2021
uss'fy)o
Gr(wp
2020
us$.￿0
Cost brou8ht fward
Additions the v
Oisws8Ls durir￿ theyear
6.472
1.558
1.982
025
8.454
2.183
1.428
7.020
At yearend
2H17
IQ637
8.454
De0￿cvJTh￿ brought fLww¥d
Char8e for theyear
952
451
952
451
591
361
Atyearend
L403
952
N¢t bo¢)kv4uE
Atyearend
9.234
Fix￿resand
FvAture5 and
riMn85
riitkn8%
31 December2021 31 De£ember 2020
uss'ooo
uss, 000
C05l broJ8ht Fmvard
Additions dLMn8 the year
Diswsèk duri￿ theyear
1,982
625
1.428
554
Atyearer
1007
1,982
DepftcKytion brought foThvard
Charge for the yew
952
451
591
301
Al yearer
952
Net bookvalue
At yearend
1,030
TheChiidien'5 ItNestmeni Fund FouTrJation ICIFFUKI I Pa8e 70

13. INVESTMENTS
r￿uP Inve5trnEnts
TrÉ westy)l ihe Gr*M) In*str￿ts35sei￿ Ik4bikiycomr#)y
310¢¢¢mb¢r2021
uss'c4)0
31 De¢trnb*r2020
uss'ooo
Group FIna￿lalA$S1￿
N0tr5
&wities
Inveslmenl tunds
Investment yoperDes
Mixed motive irwe51rTEnts
Programme rdated investments
Forward foreign exchange contracts
4.147.104
61.(J)I
71,945
34.265
12.633
17.213
4344.161
3.372,112
66,482
13W)
131d
131bl
11.410
25,439
180
3.475.623
Loans and receN2￿e$
1,554.9Lg)
2,489.244
Total FinarKialAssets
5M99,121
5,964.867
31 f*£ewA¥er 2021
uss'ooo
31 Decernber202
us$'ooo
Group Fln*rtl*lLl*llltSes
Ewity swaps
FO￿ard fora8n e¥cWe conts3cts
222
17.619
18
55.154
Totsl FlnancSal L￿￿lItIeS
17NI
55.154
Ywend¢d
31 D*tthmbeT2021
uss'(h)o
Y¢arÈnd¢d
31 DÈc*mber2020
uss ￿00
Galnsluossesl yet0￿[Sed in rel•tI￿t￿f￿•￿￿tkn*ets
and Habllltles at￿rValUethv0￿ghthe SOFA
Rtah5ed gain￿￿0$5¢$) on financial assets Itabditie5
Unrealised gains/llc6ses) cn ￿arK￿l assets and IK)bl"tie5
645.569
49.345
694.914
14501
616,642
1185.7281
430.914
11.197)
Forevkn exchange gainsllbsse51 on finarK￿lI assets
694.458
429.717
Thechildren's Inve5trnenL Fund Foundation ICIFFUKI I Page71

taNe beknwwe*nts U*rt￿mEnt of thEVlW a55ets fr¢￿ the 315t of tknrt*r 2020 Éo the 315t of C*cember 2021..
Group
falrv*Jeat
31112120
us$'wo
IrNestfflent
Di5po$4s 8alns/lknsses>
uss'ofy)
us$'fr)o
Fairwalueat
3111Z121
uss ￿00
Costat
31112121
us$'ooo
Additions
U5$
UK
2.137
1.790.438
318kL17
65.965
1736.0231
1484.8281
12.0851
119.2161
382.446
1.352.359
477.090
1.518.910
erseas
Totsl uTh]uoteil
2592575
384J82
11220MSII
12L30
1.734,805
1,996,1)00
UK
66.114
1.345.548
6.801
471.070
72.915
4.CFI.401
66.114
3.292.273
Overseas
3,372.292
11.(Tr7.SCY41
Totslquoted
3371292
1.411.662
11.097.509)
477,871
4.164,316
3.358,387
Total
S.964.867
1.79&1)14
12318,3001
456,570
5.899,121
5.354J87
Ill U5$456 s7{*￿ thpSOFAqanL*USS69445& ol USS694,914kanJ
tatde beky4rf presents theryth*mwt of assets Irfym ￿ 31siof DeC￿r2￿19 to the 315t of [￿rnber 202Q.
Group
F•irv4tyJeat
31112119
us$'o
Inv¢stmu)t
Di5pps* pin5111055e5>
uss'oc
uy'c
F•ir7AIw¢•i
31112120
U5S'000
Cort•¢
31112J20
uss'ooo
U5S'0C¥J
UK
É1)2.558
1.709.CrfJ3
156.839
767.979
111.598)
1616.597J
2.137
1.790.438
1.385.626
1.815.610
r5ea5
196.9461
Totsl uTh4uotsd
2.311561
924.818
1628.1951
115.609)
2,592575
3.201,236
UK
Oversea5
3.171.563
818.770
11.042.476)
424.435
3.372.292
2.814.233
Totsl quoted
3.171J63
81&770
IIM42,4761
424.435
1372,292
2.814,233
Totsl
5.483.124
1.741588
11ffj70,6711
408,826
5.964,867
6,015,469
oFUSII.1gTh) iS•Jetothell*trtSl¢n r0¥6<IUSS))4.307* Lfft*Std w0nkntf￿3rd ftwzthinBecorQt¥tsrfUS$l83.470k ¥ed1%￿Se¢ wi
TheChbldren'$ Invesimeni Fund Fou￿48t10ft ICIFF UK) I Page7Z

Foundatity) Invests7)erts
The ta￿e bdow present5 tITe FoLvNJats)n's in*rtma)tcwp)gtK*).'
31 Decemtew
2021
31 Dr%¢rnber
2020
UsS'000
InvÈstlT*nt in sub*¢fh¥*s
Pr08raoime reL4ted IrY4e5trnen¢s
Mixed motive investff*nts
Loan to 5ubsQiary
Fnvestrnent lunds
13(a)
764.2S7
131bl
12,633
13(d
34.265
13(e) 5.931.320
46.438
556,414
25.439
11.410
5.491.737
52.140
Total FSnancialAssets
6.7W913
6,137.140
The tsble bdow presents the movement of the Fourthbm's invesbments hekl at fairvalue from the 31st ol December 2020to
the 31st of Oecember 2￿21".
Fairvaluc at
31112120
vss'oo
In¥estment
DIsp05a15 8alnsllknsse5>
uss'o
uss'ooo
Cost èt
31112121
At 31112121
USS'L
UK
6.￿1,320
88.989
512.761
19.394
1549.5831
119.6441
082.731
4.597
6.687.229
93.336
6,C¥J4.498
153.721
Overseas
Total Ur￿Uoted
6.130J>g
532.155
1569227
687328
0,780.565
6,154219
The ta￿e below presents the mcverywt of the in*stm￿tS W at fairv3h￿ from tt* 31st of December 2019 to
the 31st of Dectymber 20YJ.
F*tv3lueai
31112119
ussy
Inv¢5trn¢Trt
Drypti5•1s Eains/V055e5)
vss'r
Farvalue
At31112120
ssyjoo
31112120
uss wo
usswo
IJSS ￿00
UK
5.491.737
10.699
9,583
202.897
6.LMI.320
88.989
5.491.737
137.967
S.845.194
I5.975.￿lI
T4)tal uThq￿ted
5.845.194
5508,436
15,975AOII
751
6.130.31
8629,704
The t*le bdow wesents the mo¥ewt of the Foundab"on'5 1rwe5trn￿ts hEkJ at cost the 31st of DecernEer 2020 to the
31st of December 2021..
Cost •t
31112121
U5S'ooD
311121X*
ussxJoD
Di5W￿lS
U5S'000
UK
0.831
1.586
1091
1691
8,348
Totaiquoted
831
1586
The talle tdow ￿esents the moverr*nt OF fv FO￿￿ation'S in*sth)ents W at cost from the 31st of December 2019 to
thÈ 31st of C)ecember 2020..
Costat
31112119
US$￿
Costat
31112120
uss'wo
6.831
6.831
AddltSDns
U5SWJ
0.712
rlisposals
uss'ooo
141.7631
141,7631
UK
41.882
To¢al quoted
41.882
0.712
The Children's Investment Fund FotrndatioTh ICIFF UK) I Page 73

13. INVESTMENTS (continued)
13 la) Investments in subsidiaries
The tsNe b￿0vI IhEiThthDts its
Entity
Irttyw4iEd th % Holthrrf I*JTr05e
ProfiVI1055I us$Yx)O
2021
2020
CIFF 1uK)TradN￿ knmited fc1FFTr￿in£l.
CIFF (UK) Ne¥￿0 limited I"CIFF NevKoT
(Ji
Tabs Cawtal l>esi8•ated ActiwtyC(wnyfTa%isl I￿￿)d
CIFF Nutribw (UK) l￿nIted fciFF Nutriti￿￿.
En*rnt &W*5 ic
&W*5 1(KJ'"'
Ic
131
141
CIFF Capital UK LPI'CIFF capit￿.)
1680,924
1549,5831
CIFF Irwestments LLPI"CIFF ItN"I
& WalES
ify)".
15.945
7.926
CIFF IP Co Lirrmted f'aFF IP
1201
117)
CIFF lrtvestsY*nts11 Lw)yted fciFF In
12.496
15.707
CIFF Irwe5tmnts111 LLPI"CIFF 1111
191
5.022
4.713
CIFF General Partner Limited IflFFGW)
En8￿nd &Wakn ic
iioi
CIFF ￿ter bmited fciFF Wate
86th StrEet Lendw LLpf66th LLPI
& W*$ I￿."
11
274
1.070
Ilth AveNe Lender LLpfiith LLfJ
Cliswick Rwer%de LLP fchi5wKk
Ery￿nd &Wa*s I(￿."
1131
142,127J
14611
1141
517
in 2020 ￿TakI5¥￿Eretr￿ts￿iOClFFC￿￿ A JI t￿m￿r*)21. itstot4 a55et53rnknnted io1JS$45.644k120aTr
LJ5S17.674W. totsi 14bAth5•TtyrW ￿ V5S45.624k12m VS517.65W. *J r¢iasgets*witso¢oLS52tr12m U5$1
151 CIFFQoitalw45 kThteo&*lrwthp¢eeo Fkn. T£4 P•1￿¢ imtyJ¥￿To Fuf¢ bntÈd. It Wblen
e51ab55hed 1gh&d Irht%trnthta5Sets PartnwLmr￿1Éd￿ Be￿apartner.C1FF C•taiat ¥itM)￿s3Cts
lats.tD￿￿4￿￿e N31 [￿￿￿￿)￿1.￿5￿3￿w￿T￿tD1fjS6￿7357?k12OXTrU5S6.J40j0Bk1.lCtsI1*bI1tieS
10 USSS.992.648kW•I LWS&gQ785kJJMtnEta5setsaiKxrAedtoUSSW.924* l¥MY.￿S￿?.S￿I
￿￿e￿p￿clFF hwwa5tr¥dwed￿OFFTfyiryto
3N¥l.wtitsoatiT*meThtsin OFF *w.CIFFIII.86th LLP￿ Ilth LLP.
(91 CIFF 11 wa5ifKwr￿atro¢?￿2oNThTth X19*fiffMt2d￿1Ity￿￿*0?d￿￿LYl¥*￿TIbtsw￿0FF11 toWa5setslruntl* P>lfokn CFFII
ithiedl4*djtyparb7ei*vbe¢hwCIFFC•* •*OFFlltowassets trtym IfAe5bTreMDythYo kn M*2o30.tr¢r•t<ik*ryn￿ M CIFF 111
wa5 toCIFF Capt*
It￿ OFFGPvMkwyated l? 203xtr￿￿￿W¥￿r￿￿￿0foFFc1￿3L
11• 86LhLLPw45 OFFts¥¢*tstrty*eafW ￿￿￿￿d￿nI￿￿eSt1Tra
1131 IlttIAVEwasi￿0WF￿K&t¢Oty) 7 ￿￿)Is>￿￿j4L￿tyfft%r￿1Jt1*¢￿oFf CIFFII ￿inte[EstIn
e￿0V￿r￿E1$SeifIrffjcIFFcèV44 IIknA¥f
TheChildreTh's Investmeni Fvnd Foundation ICIFF UK) I Page 74

13 Ibl Programme Related Investments
FoJndation das*fied these IrryeStr￿lll$ asa fpRn. 35 fortnakin8tke i)vestment is
nol financK41. to furthw tt* ￿leCts ofthe
FOUndah(￿ invested USSD.4m1202LF. US$I.Sm) n wogrwrrfT* retste(l fund5 the year These in¥P5tn￿￿l5 SUtpJrt the
charita￿e oty"ecb%fs ol the FouThlatl￿. The F￿r￿lat￿￿ comnNtted VSSTJ.&)).dwthith VSS0.&n120￿. US$1.Qkn) ￿mainS¢ut5tandinS to be
drawn dovffl a5 at 31 tkcember 2021.
In 2021. the F<Lmdatsnthmmitted to ￿ V5$3ffl 10 a t035Si5t hmd￿8 ftrè tharitabk kV£*rammewh￿h Éaligred 10
thecharitableobiectwesoftheF(MJndaro). ￿ icthl Sco*raCtedat(f%￿t￿esif￿t¢ and US$>nI203).US￿11>rwNa1nS0Uts￿at￿￿t0b@
drawn as &131 C)ecember 2021. The loanwill bt repa¥J durin8 2￿22. Tl*re is no XCfLÈd inieresi and ￿mpalMEnt recorded a5 at 31 December
2021.
13 Icl Mixed Motive Investments
The ￿r￿jaD(￿ cL3ssihed these IrNestrr￿J$a IrNe5trMtrsfMMn.35 fUrt1￿cIF￿5 t￿rita￿e ams èsvlell
a5anticiwle fi￿nCIal relum5. In aCCorda￿eW1th CC14 Ictrwties *d vl¥estwt ftk)Itws" è tr￿. the ￿5thed the
ol prfvaie be￿ht to wties c￿tea tr4 irhwng tobe rea￿)n￿b￿ 3rKI 4)m￿te.
The Foundation inve51ed US$2? 2m12020.. USSIO 7tD) t(wwd5 Mi¥ed •￿tI￿rtS in The Folnda￿ffi iwe5ts in e3dy.5ta82
cryan* thai have the and the h￿h.le%el ability toad[￿5 81￿1 heakh chalkn8es chmate ¥)d fth)d and nuiriDfyi issues
whKhareCo￿sLeD1 wth the(￿￿5¢tIec￿S Tr F￿n￿a￿c￿¢￿Tffitted US576.1kn12020. US$32.Om) t¢Mard5ffNX￿j in¥e5tmenlS.
of¥4fiKh US$42 7m12020." US$18.&n) rema￿$ outst•NMÈ to te as ai 31 De￿M￿l 2021.
13 Idl Investment Funds
A5at 31 Oe[￿nb￿2o2I. L¥¥4uoied YNesknentsefUS$46.kn(20Y>. U5$S2.2m)￿Je0uSs43.9ffl IX>20.. US$43.9ml nan ￿￿*StMent1Und
Where the assets *e ￿*￿er£C￿lS[r￿IX￿K ts l*valJe c*tt* If￿*b￿l c•iTh)t be rdwtYYdeternMned. the dirttiors are rewired
io make their best estimate Of the 13WYdlue. WhefE 5ufk*nt ￿pA￿ss has E*en ff*de s￿h that a reaOtyasctytsir*tAe Marke¢Val￿ can
be (blai￿ fty the ur￿￿￿y1n8assets. the in¥e5tr(wi fvJr￿ i4vW at larval￿. Farvalue ¢$ delem¥￿ Us￿￿ 3 corthnamn of %eluaDon
fflethothk>8ie% wKbJLID8c£xnparab* Weced￿t its)sactico)s*l OscoJntedca5hllrtrth KeYSty79bWt￿ I￿kAdetirr￿rBoffutU1￿C&th flowsand
thedixount raie vsed io deiermine the net tsf future c3sh fk>•
iknqvoted investiw)tsatso ctsnryised U5$2.&n1202tr. U5$8.3mlofil%t5tnEnts assets hEkl w(th èn uN￿￿e(S irvesknn•)t fund.
The inve5ttnents a￿ he￿ at ￿￿ket￿L* baSed￿tr*￿L4l￿ reFKM tythe ifNe5tywifund a5at31 t)ecen*)er 2C121 with aDy8ains
and losses ben8 taken to the SOF
13 lel Loans to subsidiary
The FcurKlatioi loa￿ U5$5 93 bllon12020.. V5$5.49 tAllhyltoaFFC4xral. F(Kndat*￿ ts the scle Inytedpartnerof cIFFcapi￿land 15
the0n￿p*tnef toarry return Irw4 Vwestti￿t assetsot CIFF C¥Aral.
TheChildien'slnve5tTnent Fund FLwndalion ICIFF UK) I Pa8e75

14. KEY INVESTMENTS AND UNCERTAINTIES
For In¥estrfÉnts n the helJ at law vakJe. rN*e thue mty be ifwts %1 ￿valUatiOn ol these invesbTtnts
outlined bebw.
The fdlowwi8 tab￿ presenis te(I¥w5 ￿ sywfKar* LwthserwdNe i(wts ￿e￿ ILY unlisied assets
and liabli itiu. Which￿ fflea5urEd al fa¥￿E1Ve.35 at 31 Oectynber 3J21 aThJ as al 31 Oerefft*r2ry2D.
31 D¢%¢ft*w2021
Ra￿e0f
estimated
(weighled
a¥eragtltfir
uth)bservJble
input
Sensitfvity to
th*ngts in
$18nithc*nt
unob5ervable
input
F*r¥alu¢*¢
31 December 2021
vss'wo
Valuation
method
SiKnTficant
bservabk inpul
Assetcate80ry
An increase
in the dtscount rè
wo￿￿ iesull in a
kyl￿ tèir vèlue
Dscr¥Jnte
cash
9.10% to
23h2%
Loans
1.554960
Dsccwnl rate
An oitrease
wi the rate
WOLld resull in
fair value
Dr￿cl)￿ed
cath flow
In¥e5tment Fund5
57.S75
D￿￿)Unt raie
31 Oecembei 2020
Ra￿ of
estiTr￿ted
IvRi8hted
avera8elfor
unob5ervable
Sensidvltyto
chan8es
in s18nlficant
uThobservaE4e
input
Fairvlu¢*
31 DecembeT2020
U5$'000
Va*Jatlf
method
Syificant
unobseThable ￿put
Assetcate8Ory
An increase
n the d￿t￿nt rate
wodd result in a
Iw lair value
Dwounted
cash flo
7.12% to
20.74%
Loans
2.489.244
"scwnt r*
An increase
n the d￿C￿Jnt rale
w0￿d r￿Ul1 In a
Ityer lair value
D￿Ounted
cash
we￿
Ois(￿l raie
In¥rstmenl Funds
57.575
When leterminn8 f31r¥alR LtsesVall*D￿ technk2L￿ Lhat use ofol5erva￿ vwts arKI mrimi5e the use of
unc￿￿¥ble valuab￿ iechnws L6ed 10 detrn we c<YB#Y&E(I to be ¥ryoach.
C(Xnea￿rOach wowde5 In estimation l*rvak* afan irNe5tment ba￿ expEctatK)n5 aLxxJt cash flDWS thal thE nve5tmenl
uld 8enerateover The Cwi used the yiehy calitKatsJ) to deri¥e the rate5 oftr ban investments In wplyin8 the
Yidd Clibrar￿ ffethod. disc¢xnt raie tyfvst esti￿)￿? the imphed ydI.to.r￿It￿rty. viekl.to.￿t as ol the
LAiestdatew￿re the loan Mve%trnentwaswwoW inan arm's*Tvdthtrar*acroiltsYranskn)ft0a*l.Theyie￿ asoftt*Transacrw Oate
rKovidE5 an [b5￿vat￿e mw45wettwt ol [{￿p￿t￿ a market tk¥t*ipani re0J1￿$ to hohj a secL¥)ty Q4lfyin8 trnnsxtions otten cortsist
'.111 the initial pr¥r4ry tr¥wctI￿. (21 Secor￿rytranW￿M￿ *dI3)*netyJm￿ts￿b￿e the was [t.pr￿trd. In addition.
¥ipJts useo under the yie%J calibtstitr) ¢Tr*thod i￿1￿￿je assessfi￿ of the credit S￿ead of ￿￿0￿ra)le securitie5 and hid￿e5 andchan8es in
Iredilwality ofthe Ix)rFIMwa5 at 31 Oeienkn YY21.
th(￿h ltrtc￿Jp bd*wes that its esti)ièles cl faYvaie•E ar¢wiatt theuse Ofdrfrerentth*tW￿ W8SSL¥npY￿ns ctyJbJ lead to
differert rfÈaswewts offa*value.
The that ofdifferenl TrElhCd)W5wawrnpt￿rf￿41 detem)•)i)Èt￿ f¥vakeof the *tye hr*wal i1￿tr￿r￿7ts
lo imrwrerial clww Il ta￿￿le.
The fyow'srerrfYhTh8SY5tews* the nalwed 1he475tnMnert5￿ ￿accL￿atety￿ty5e￿ lotsl amual
arrourts o18am5￿055es are att￿￿tab￿ to (￿ble3￿ ￿[x*s.
TheChlldTen'$ Investment Fund Foundais0Tr ICIFFUKI I Page 76

15. FINANCIAL RISK MANAGEMENT
Principles of Risk Management
GrtyJps iThesln*nt WQ8raffKr* seeks io maY#nr* the rEtwns of r￿k 10th￿h ihe C￿P 15 exp05edand Se￿ to
rise p¢thiknal ad¥Er5e elFe£ts￿ the Crfwps finarKial rerfty)we (trt"hp*sbwt PiCer￿7.
GtfMJP has awtynted an InVestr￿[ ro pr(We investn￿l rrwi*wrwt swvEe5 in relaiion to the ocrtldo of ￿vestments it
hdd5 These serhices. as part ol thtr investpwi nwr38ewI aÈie•wt IttrÉ"IrNestWl ￿n￿eN￿nt￿lleern￿l7. vKlude M￿lÈOr￿?8
and ￿n38￿ the Hsk5 aSs(K￿lted with S￿h ir￿LIT￿ts th￿￿ thp of the InvesbW)I Prov￿n[r* a5 asrEed %%ith U
FtyJrthtion's Trusiees.
The Group's Inve51rnent PrOBts[m￿5eeks todhvyfy45 ¥Nesb￿￿*￿￿￿r￿gF￿5sEt￿a5s￿ Ythtry%ct(¥5.andcw)terp¥tie5.￿
also io litrNI the use of knrase ￿ off Sheet Com￿￿tInents.
Al inve5trnenis m•)1 a risk of loss¢f cwi. b5sof debl 5ecurth5 is limiied to the Fairva￿e of
those positsixis. The rwrKim kJssoftatyl3lon wtrMts£arried èi ￿)rtse￿ cosrLs can￿￿&Val￿oI those iwtmttlsaswdl asanv
3550cwled ¥CFuEd nte￿streter0tyte.￿vmlLe￿cal1{￿￿s. *tstOty￿￿s0ne(NlItyB￿Odtb(￿￿￿Cxtthem￿Xmwm b)ssolc¥italc8nbe
imired.TrE Trlxirmm loss Orca￿1* ￿Writt￿ put (4ltxm. eryity swaps IrThiar(S forei8n exch&￿ cmlracts 15 lirniled lo the
(￿tract values of those kTh)SItrty￿. For k￿$ securitres vknch #Korpty*e a [VbJ￿c￿rnltsT￿nt tI￿re isa nsk of wiial in eKe5s of
the ctrry￿g anou)t of those oosi1ffi50n the c￿$￿￿ted 8aW¢e Sheet. The ￿ wbe ro settk trese commit￿nt$al¥ tyme
invest￿￿1 ts impaired tt￿er<￿e the k>55 is to￿ clctsnmilm￿ls as (*scW in Ncts 22.
GreLP is exkM>sed ￿ coerational rsks>Jch as Settl￿rnI aThY cuslc*tyrisk. rtsk is risk of kss ol firwoal a55ets and liatxlitie5
held in CUSl£yJyocca90)ed by the insofvm or c¥ the cusic<Jw SeWww)I nsk is risk ￿t a COLU)twi)arty do￿ not deliver
securityor its valL* ￿ £3sh as o¥eed *fien ihe sewrity vlas Itaded aftertt* r￿p has al@èdy LWNwed *£Lvty as per the trade
agreem￿1 ￿t￿sh ￿ apwowkiie le8al frrn¥(Yk place tlkit rEduce5 Iheii5k of k)$5 ofvakje of tt* frfwncK41 asset5a￿l liabilit*s hdd
tsy the cvstodkin orctwnterp￿ty. in ltrt wiof IS ladure. •lYG75h twawheld by are al rtsk of bwrE k)5tand ihe a￿lIty0[ the
OLry) te trarsfer searritye5 rri8ht lowarfy
With respett to privaiefy p*ed hjèn 4teeJ￿ts the s exrrfjsed t08￿￿Jtv￿efyofOQe￿4r1(￿￿ rtsksspectrhc t05thY) pweslmeThts.
Thesp ￿kSare mityied ￿ the of ￿UStrytXperts. Hhlep*hknl ￿li￿a￿lS &Jr￿% itÈ p￿.
coffrfrmtrnenl (kne di118￿￿e WLKe5s and thrThJ8lkwl the life deal.
The f¥oup Ai¥ests in reality tr*atde ewitysearFDes*ThJ fcTh¥tl fw*8n e¥than8e Cr￿tr￿￿.Tl￿ a￿ sereral￿ tr￿ed in
active 5ecty)d¥y maikets aThY the t¥nE taken to exit a rec￿ed deper￿ urA)n [&t0￿ I￿ll*J￿1B the SI￿ of the
[X)5ihc￿ reL3tive to the to￿1 iswe sie. the datya%trage the prEyalitE market the peiiDd the tr*Je is
executed TheGrwpalso IrNestsin wtvaielyrraded ewityseculltE& bank debtand k%n5.Tr*(natket fcwtkw typesof inve5tsnent5isilliouid
nd secondarymth£t are Mifrew¢. li s tklfrull topredtl and e￿1 of tFe5e typeof investn￿t5.
The Groups actmties exwse it io avwietyof hThitKi31 risks." nkittrÈiriskli[￿￿dI￿oth@rpr￿È InityEst rate riskar￿ fo￿￿n CUr￿n¢¥r15k1.
C￿dit risk ana I￿￿(lIty aCcO￿e tt￿ Pl￿&r3￿￿Te. ￿￿e5th￿￿t ma[￿SefUSeS{%ffew[ tnEthDd5 to n*asure
lrnpact of COVID-19
TheTru51ee5 hève a5se5sed ￿ imoatt ￿ m¥krt fr{￿ Ctr￿.19 t)Jttrea rm thp C￿5 èbilty to meei it5 inve5trnent
oblttDve& to Opera￿ wAthin the I)v￿trr￿t risk gar￿￿terS that te￿
There hbs bethi w rr￿tertaI to the r￿p 351 re5￿t oFCOVID.J9 thrbi8 the finar￿￿￿ yvdrended 31 Decamber 2021.
The Trustees aE mnitorng the situatth1￿￿1. with the ofthe It￿$t[￿L Marw, continue io ￿nage the Grougs asser5
¥Mthin their iFwestment èDd rtskwarytiers Ihat h￿e1￿￿eSt￿￿￿h￿J. ￿ Trustees contit%R to￿￿￿ thE ￿tL43h0n ￿ erdèr ionèwRaie
thrwgh this rerithy ol hty8htened u￿￿rtaI)fy
Irr￿s￿nt MarwcotKkth ￿￿￿rre￿oI k)an 5erMter tXOWe5% may*0 seek
experi Ihyd partyopniois %tse rew*ed. Tr* Trntsteesgail a￿a￿e IrcAn ts Ir￿l Man38er thw the wL4r re¥￿
a5 well as tlt collateral assttsm•)ts that are carried ty) •) ar￿￿1 bag>
Furttrwwre. fyow5 15 to m>)a8e prKe ar￿ cBthtrff4 aml 5ektYJ) L￿Se¢￿Ille5 aThJ cther fil￿n£la1
in51rutnEnts withAI specifieo Ivnits sel the Investff￿l tlDsraM*.
Thechildren's Irhve$tmentFund Foundation ICIFF UK) I Pa8tTP

Market Risk
I Pvice vis
The Gmup is ext￿￿ 10 secufiDes r￿k ¥¥J ¢knvath* p￿e r6k. This xse5 from Thest￿￿¢5 hèhy whKh prices in
the lulure a￿ uncertain. ￿re rK)Th-rrwt•vf*wcial irstftJr(wrt5 5Lth as ewfy se£witieswe derwmnated ￿ curre￿￿ rthr than the
US dolar. the Inir*llyexwessed ￿ ftrew) currtro then Cor￿￿￿ Into US dollarwll *0 flurtuate because of thanges in Ic*eten
exchan8e r3te5. Para6raph (bl'F(￿eV6n exilLw t￿. 5et5 [￿r this conyjwi of (Mi￿1$k is m￿8ed atKI measured.
The GrtM)'s polwis to r￿￿￿e pite risk tl¥wh d￿e￿￿all(￿ ￿ 5ekntirm of 5ecwt*s and othEr in5trufflentswthin spetified
limits 5etty direttor5 of the Genw31 Pwtherof CIFF Capital Ml the t4DV*ThYt. The InNfstJYenr progr￿ThE contains
strK¢or6 on wa11 market e%￿Th￿ It￿"Exp￿e Pcknl The ExpM*e f*kyrea*th*o*rall exposure states thai matsl exp)su
slk311 not exteed l(MfAof the Reference NAV.
The of the tern).Refere￿e N￿￿￿thi7 r￿* p)IK*s refws 10 v*Éof tt*net assets of the C¥oup. Èx£ludir* aty
rkn1i8ati{￿ ￿der the Delayed Variable Rate Trkjtes The Investment Prwamme 5eek5 to the fywp'5 expowre lo price
risk ty anatyyn8 the inve¥rnt C￿11(4￿ seckK.
The t*le below 15 a 5urrwTrary of the S￿l0r a￿ in the Reference NAV the puro05e of rMnit￿Ing
the investM￿t re5tricDons.
%of Refeiefice NAV
31 DecefflbEr
31 Dece
Sector
2021
2020
Industrias
Reèl estate k)èns
24.6%
32.2%
Informaiion technc408V
FinarKia15
Consurer dBcre1￿Th
Other
12.2%
6.6%
6.5%
9.4%
12.0%
95.1%
98.5%
The para8raph bd¢yw swrrfnarl￿ of ￿ fywp'sewitylthe"Equity IrweSt￿t57 to equityprice detroe(J IN
8resgn8 daIly￿lUrr￿ ￿ I￿￿0v0.5 Ewity I￿lM￿*sagair&LI￿d¥￿￿tth￿o1 ￿ MSCI Wcrf%J Eoitylndex irKlu(fin8reldKvideThYs
reinvegied IBkxJnbe¢g Dckef"NDLWWII.*wl ir*￿*￿effect Of$Th￿￿lts *) fore￿ cL*rew ey￿￿&e r*es C￿ equlty
price5. asat 31 Dttember 2021 a￿1 31 [kn￿b0- 2020.
The analyys uses atithrfetic of ￿ èbsolute of the afBned*ith lheGr￿P% hnartial year the fswps
nceptim bsan e5hmate fo-lhe r&i￿￿vpE>sSltiIe anrwl mve In81(*>al ery*ty wKe5 F￿31 X)21 thi5 ￿ 11 3%12020. 29.5%].
ThL4 ￿￿esents rhe W esbnple ofa ￿a$of9b1e Gossé)* shift the Indexwa cerKNJ of weveaT. to the hi5￿Cal
£* irwJe¥. ai 31 2021, the e¥ffjwJe t¥ theGroLP to Ewity ￿￿t￿l￿WaS uS$4.x￿.233k 120XF. U5$3.372.112k).
In 2021. the beta of the Group'5 Ewltylnvestff￿￿s38¥$I the Irth ¥￿0.54120￿1. 0.841. The hye5 bel(rw8we an
e5bmatio) ol a re?￿nable rossl)le chry ul the Fairv** ot ts rsw's Eouty IrNvfftntstr4er of ￿year. usirE the beta
wdkne 5￿t￿l atThE.
2021
2020
uss
uss'c#Jo
pl￿￿ted effeci (m C¥oup's [qL￿Y In%*stsw)ts of
an In(¥ea5e n the
258.1(
831.599
P￿d￿ted tlfÈtt on Grow)'s Eoiity InwEstrwits of
detsEase in
12x106>
1831.5991
Thechimten's Investment Fund Foundation ICIFF VKI I P¥e78

The Index has bew used 35 the refere1￿e wint ¢JelÈxm￿7irÉ elfect of risk ￿ty.The In*stM￿l M3n38er does not mana8e U)e
UW'5 Yive51fflenl 5tratEEY to track this arry other W￿¥{arextw[￿l benChI￿rk. The sefisitmtyanal￿s presented sbased uptyi
the Eavily hvestmwts 35 at 31 X>21 31 C*cwYthr 2020•NI hstortal ctyrdè￿n of the ￿turnS From the
*curibes tLNnpri>n8 the Ewity In*strrÈnts ￿ the I￿ retlWP5 TheciNryxJ5It￿ of C￿l￿p.5 Ewity In¥tslmeDts. and the ¢1￿10tiC
thewl lo Index. is exoerted to (￿Be0￿ twY*. Tr* sens¢Mty¥pa￿lg￿eO8￿aS èt Ji tk£emL*r 2021 axJ31 Cktrmber2020 ￿ rKJt
necessari￿ ￿dicative of If* elFecl thecw's y￿￿til￿5 ffltP4rnts ￿ thE ￿ve50f the kndex.
Ibl F•reiincwrertyvl
Group OkErates Intern3iT(Matyatxl nvy)ewaThY assets d•Krnated in currerrw othey than its functional
c￿rency, ihe US dOI￿r. FO￿l8n curferKyr6* as defi￿. ari5e5as the v&ue of fulure tra[￿cho￿5. rE(OBnFA monetaryèssets ènd
n￿netsry li*lli￿ den(minèted In Oihercurrertts fi￿l￿tethe ioch3n8es ¥1 forew exJwn8e rats t3Ne bek>w 5how5 the
£¢￿enEratIOn ol assers and liabiliiiEsdeThMnwted ¥1 Other than ￿ US doliir at 31 Dece￿)er 2021 and 2020arKJ has been
analy5ed bEiwetr) t￿)￿arn￿ nty7.r￿ne*ary itoms
31 Oe¢embv2021
Net
forward
exw5ure
Cutyency
AUstra￿n Odlar
Canèdian D(Alar
ussy
usst
uss'(JJ)
117.777)
1548.(K>31
ussr
117.7771
163.059
189
445.171
987
12.2291
92
1315.5791
115.1821
12221
146.1901
662
710.4a)
Chinese Remnit
Evro
Indian Rupee
J3paneseYen
Keryan Shillin8
Pound StedinB
Swiss Frar
189
393.070
1495.862
11.443.761)
12.2291
92
189.057
1504.6361
115.5121
Taiwan C&)Iw
12221
PO￿nd Zloty
146.190)
31 D¢¢wrdJv2020
Net
Monetary
forward
expDsure
vs$ v))
USS tly)
U5S'L
15.0521
1451.6241
uss wo
15.0521
79B24
84
Austr8lk3n
Canadian Ddlar
597
5J).851
Chinese Remnit¥
Euro
382.486
1.5S).734
11.477.971>
435.249
208
Indian Rupee
Japbneseyen
Kenyan Shillin8
Pound Stedin8
knss Ffar
11.5681
11.5681
133
1173.2061
340
133
816.563
340
1989.7691
The thildren'$ Inve5trnent Fund Fout¥Jation ICiFF UK) I Page79

The follow*￿ tab￿ show5 the 2{￿ day h5toKal ￿)lati1*Y rales betwten the US a range of (wi￿￿5 These rates prthfjde 3 bp51
esbmate ofa poLenti81 mtyt in tt* exCh￿￿e tste ptricx1 of 12 a5 al ￿ statwthi of ￿SitiOn date.
2021
2020
Historital volatlityrates
5tralian Dollar
12.X)
Canadw Dollar
Chinese knminLx'
7.01
4.71
Euro
5.72
7.57
Indian Rupee
Japanese Yen
Kenyan Shillin8
PoLmd SteAin8
Sw￿Ss Frdnc
9.21
7.12
6.53
11.08
7.39
6.51
NewTaiwan Cknlbr
Fb￿[￿ aoty
8.71
The tab￿ sumrnar￿ Ihp of wKTea5e/{dff￿5e1 Il r*t assets arfyrB frfm an i)crease/ldecttÈselof the eKchèn8e rate
line with the abo¥ew)khlty rates. vAth *lathervark*Ae5 W c1)n5￿1. The belowwe5ents tt￿Cha￿Se5 in n21 a55ets for each
£L¥rency in their ab￿lUte values.
2021
2020
ch￿ in net assets
Australian Dollar
U5Sr
11.61K)I
11.4X)
US$ YI
16211
6.737
nadièTh Dollar
Ch'nese Renminii
Euro
25.464
32.948
18
11441
Indian Rupee
Japanese Yen
Kenyan Shillin
pout￿ Srerlin8
4155 Frar
New Tawan Ck)l&r
Poland Zloty
11231
120.607)
19881
IL9.1911
25
14.0231
TheobiechveoftheC￿w[>5c￿rre[Kvr￿rnWseM￿t ￿>￿vIsIoa￿vts)e to￿Tri￿rA1[￿￿&tE werandminimisethe risk thai its
r(h￿Ill8 ￿￿eris red￿ed 35a rEsu* ol I(￿e￿n ey£W8e rate A￿luati(￿ Tr Wwesitr￿rtW￿es5 fiKuse50n fundamEntsl sy5temaLic
Facto￿ The Invesimenl m￿gerr￿m>)11tyS the£Ur￿cVf$kOl basi5aThY to￿ F￿4rKe.A￿￿lt In￿trr** Corfmittee
i a quarterly ba*
kl Ir+terestrateYlsk
The Grwp hohls interest.trear1￿3￿tsar￿ as cash ar¥1 Yi wilerest rate5V￿)Ukj
nge the ar￿1t of initresl ly pail in ￿￿tIC￿ to tt** baL￿e5.
The Grwps In￿t￿nts in kkn5 3re al fair￿￿. lThdereMAlw￿ fawvabje. ￿ Grw u*sthScty￿ted ta5h fbw tecMNue5 and
fewgnses incfNr* ai è rate based U(￿ the etsecti¥* ￿te[E5( taiEof all e*Kcted cath flthstyer ￿ life of the ban. Forall k)an inwestments.
thedisco￿t rate ￿e￿ th thÈ raflxat£d m**et int*E$Lra￿aThj tharees ¥) credit wèlity ol ti
The fiA￿li¢t8b￿ thef¥thM)5ex￿)#wekn interÈstrats* It categorsed ￿thee8dierof
contractual re.￿CK￿ and ￿￿￿fydatey rKew)ied is based UKK¥) cofftyw)gti￿ of the &<vp's assei IrdbilirÈs
al 31 December 2021 an(5 31 Deconbef 6 r*X rtte5sartyinrfKaii￿Qf the etsl on ther￿￿.$*￿t arKJ l￿bIl￿eSOf futu
m¢Nets￿l vi ￿terest raths.
Ned
Na
Ihterest
beariTr8
uss'ooo
< 3mtyth 3ffthiths
-lyear
vssyjoo
31 December 2021
seTrsitivt
Us$.￿
Ttstsl
USS'000
US$￿
US$￿
Cash at bank and in h￿d
Cash pledged as cdtsterat
knvestrrent assets/lliabilib"e5)
424.1
14.770
424.160
14,770
5A99.121
1.554.9
4244.161
Thechildren's Inve5tJnenl Furuj FoundatiDn ICIFF UXI I Pase 80

3mpnths
Intere51r•te
Interest
bearlnl
US$￿00
31 0¢￿mber 2020
Total
uss'ooo
ussD)o usstr)D
uss'ooo
uss'ooo
Cash at b￿k in hand
Cash pledged 3$ collaterJ
InveStment•ssetslOhitsliti￿)
I￿.371
95.016
104.371
95.016
5,964.867
2.489.244
3.475,623
Credit risk
The s exr05ed to credit r**. i% d*15sk thèitr* p¥ty LO a a th¥oal loss forthp otlv party
Pdiling w d￿harge an dYi8aMn Trefywp s akn eAry>sed iocoKentr3tiDnii5ka(KJ the cteOI ctyYwtrah)n ofdett Securiti￿
based on counLerpartiesaDd ityJJstr*s.
The GroJp'sapproxh ￿ mw&n8 cre&l rtsk reccenise5 that there risk ofknse ¥npatt re5ulbD8 fftyn fluciuatiws in c￿lt
quality ol tlird parhes KKluthng def￿￿ rar¥¢ tfdnyrity) uedii rrorfei￿ts. The C￿5 credit pr￿Cl￿1￿ th￿sh
All of the ban irNestmthts a￿ Se0J￿ il nKslca5esawt thsvl 355et5 Tea estate and pnwerty. The value
OF the 5eiwity rdatin6 10 a H}vestM•￿ tw beccrf(È ewal tow less Ihan thevake of tt￿1 il 5ecure5. A(Cordin8￿. n theevent
a defauli the Grwo may I￿Ur a k)s5 afterall costs ¥ELitY* toobtawg*J selling secLHtd assets hbe been t*en inio accwnt Althw
the C+DJp rfW)nitors the valueol ￿ ￿ured awtson a PWKth bas￿. a5 therE 15 no active matkEI fty the posthts)s, their rtsk is man38ed on
anexpDs￿e basis. with wt than 55%of Reffve￿e NAVIO te1Jrkn￿ uth kian5dawfiedAs Real E5t3tp Debt las(Jullined ID IhE
kn￿l￿ent Mana8•r￿l￿gree[nent). tkn io thE thKiuKJ naiwed5￿fi b*Sa)d￿￿e￿OtrlS*Saltthd inclLKl*i8rrnpertydtstbtxneni
nd concentrab(hi r15k. $v￿lfi(￿n[ k)sse511xAd arise.
Loans
131 Oecember2021. theGrixJp pA*Sv￿￿oiV5si.554.9(I*IJj2ts US$2.489243kl.The kty risk ￿￿ri)S toeKh ol
these bans is the oossbi ility ¢NIt the bOrrO%w￿lInot repaythe ¥￿er￿st fKi4cipal relatitvd lo loan u) fLII. To ryotect the &oup aga¥)51
this pts5iblityef def3ulL security is SOJ￿1 fron Ihe tW(Mero￿a$SerS wcth rr(Ke tlkin of tyJtst￿L1rÈ. Thts security
r￿￿71¥ takes thp form ol real estste assets in dèvekwed t￿rtets. The Cthjp woiitors Ihe value of a5sers tAed8ed a5 security by
en8atin8 independent extvts to Lyovide v3lJation5 on the a￿ts ￿ a pervmk thisis cortsic*¢s metrics S￿ as ￿an.10.va1Ve￿1uan.l0.
commitment ftuo.
Throu8h the 355ets a8ainstwhbth the We se£fftd. C4oJp has •) I￿￿e£t ex[￿ w redLrtirffj in a5setvalvabDfiS a5 b resu￿ of
a market crashw Olher tail event5. Thi5 rna¥re￿AL in the kntutKIETa ￿ b*r¢8reater ihan the￿ue of the secwed 3ssets4nd
rea5e the probablty of the h)ans 8tyn8ln￿ defaulL
t¥E8thes certain coven￿15. These are agreed on a bags at the ￿ls¥￿1t10n ofeach (Jeal arxj fflay Include as ￿an.
to.￿lue obo. inte￿1 coverand othe< p¥fOrF￿￿nte based r(eirts.As¢Y 3) 2021. the borr(￿ ￿￿er*I￿ wvatdy pL3ced
estsnent lisied was ID Niatuial of its ban C£￿￿n•￿(20y).- Lwol. resulDng Ml multty wts ol ¢efauYc trwin8ar15en.
ctrt3h enfwcemenlactyoi terÉ tak•).
The wiV3te￿pL1Ced k)3n *)Vesbn￿[hekl 86th Streei LethllPwa5 10 ￿rch 2022 ala h)s> As a result OF this (Jisw5al. on
10 March 2022. CIFF Captsl rtceNed a of u5$56.9)Sl￿2. Thve sadiimwh45t the 8U3Trrt0ts for tht rEThA￿lnE awunt.
The Group a￿0 seeks io obtain iert3n 8uaranlee5 fr￿Tr c￿1 affi147te5d the Lyxr￿Er. Gu¥anlees Iof'comple￿n'..¢8rry. and
're¢￿r$t oblEoMr6' 8uatsn￿e lil the Ir￿.*￿e completyoi of relevantprDiect lor the pay￿￿nt of an ffju1￿￿D1 èmuni io the *rthr to
albw iLto completel. lill pawl￿rt L￿tarry¢051$ unDI ttrÈeadwof k)an re￿?￿nrarnfj CtyTru￿etion1l￿kn￿ns intere51 ard cosisl and liiil a)y
b95es incurred by the ￿der￿ a ￿s￿1t ol sp￿ffied ￿t50f the ImYru￿{￿r2L1ted Fth5. ThE re￿tÉu￿tty5 a￿ usually reouired to
sabsfy a minimum nethyrmth a)d 1Kw￿ltyc(W￿￿ThL
Counterparty credit risk
The Group 15 abo exwed to counrerpwty c￿lt r& tra￿￿￿1 d￿Nal￿e t*o￿t> £ath and cash e9￿*￿nts. cash p￿sed 35
collateral. atnL4Jnts the frtsr brokeT5arvJ other re£eivable ba&￿e$. (kne eltrneni of Co￿terQartyCred1t risk ￿ thp of the ¢￿dit
rahnE5 01 parti￿ al matvial aTrKwnts (kn fr￿ twoNw5. (ashar￿ 5txwt.r￿ (*tx)sirs are hdrs bYpaTrs%￿th 8 credit rating Al/wt
The ChildTen'$ Investment Fund Foundotion ICIFF UK) I Page 81

Trt HnHlyys bekJw 9sf￿rtses &w)'sexrxrAJre ￿tO￿t￿p￿ty￿e￿it 31 tkcts)trr 2021:
Credit r¥lMy¥t
31 December2021
Credltèxpostsre
31 Oecember2021
Counterparty
Is&p)
us$ 000
Assets
HSBC Bènk PIC
Al
A+
415.305
9.630
32
9.670
92
6.53%
JP Morgan Chase
U8SAG
o.Is%
Bank
Al
0.15%
ABM ￿MIled
Wells Fw80 Bank NA
Qt£o Bank NederLand NV
NIA
NIA
181
Awash Bank
NIA
NIA
434.925
The anatysts summarises theCTh¢s exposwe ai 31 De£tr)ber 2021".
Credit empo￿¢e
31 Oecernber202Q
31 Oecember 2020
Counterp¥ty
is&
ussTh
Assets
HSBC Bank Pk
JP fvbrgan CTr￿5e
UBS AG
Al
190,316
15.632
146
J.171
133
3.16%
0.2S%
Barclays Bank
ABSAGroup LHnited
Wells Fargo
Citco Bank Ne￿er￿[1d NV
Al
0.05%
Aa2
NIA
NIA
o.Di%
216207
3.47X
C￿dItrI$k tsèlso m￿aged tyarokycoita*W ITh￿ Irhtstfft￿tPf[y￿ to w•r*affiexpwre5*o4Ywoneco￿I￿Qartyt0 less than 15%
of its Refer*Ke NAV.
In Ihe of an¥tMvach ol the atThe rEStr￿t￿5 mt reffl￿￿d Wit￿ 3txJyne5s ￿ OF date of tKeacN F￿n￿at￿)rn
managerrtnl strwll il ￿￿5￿e￿we￿)￿deIerfflre seektoth0byh￿￿￿t￿e.4 rectificah￿Oflhelre9chWlthln
In ajdtityi the rest￿t$￿tSex￿XYe ro uedil k)$5esm the trad￿8￿er1Yakn¥e rtIKikJ5byincWbi8 nettirBagreements
with countefparrÉs14)kYoved WÈYsl %silhw4KNn il ￿hl￿e5 a si8nifK¥t of Tlw netbnB do not ￿￿1t
in ￿ otf5et w the Cw501th1ed *eL a5 are uwaly 5etiSEd on a gr05sbasi5. PkNYever. ￿ credit risk assoiiaied wth
favourab*contractsis￿lre￿ iyreitin8 totrextwt1hatil3nwtof(*FathtlKcvf5.al￿W)ts￿Ih￿C(￿nte￿￿tya￿et*fftInÈ￿￿and
settw ￿ a net basts.
(knuo'5tr4uJ- l exrN)swe to crerfrt risk ￿d￿tt0 4 sth1anti￿ty￿th1n a short
p¥iL¥J, as it is affected ty e￿￿ transacti￿ 9￿lect to trt arr￿T￿L
i tr￿Sacti￿$ m listed $ecWb￿ a￿ set[wpa￿ rsk ofdefault Is r￿S￿ered mininèl, ès
weryofsecLKiti* sold $ onlym*JeLMYe lheco￿tVparty￿?S rec￿ed Pa￿rt L4ffl>*￿a (The thesecwihes ha
been recewed bv thefvp. The trade fèll if tyther party f*ls to t￿t its£*Avdatitr).
Grow has ¥rrt)wited HSBC e¥k pk fHSBCI as CU5tthlk4n and rytyiderof thrsemces IinclLklKw LndEr
the terms of the HSBC Pritne CV5t(thtrn￿t. HSBCwillxt asb•1￿.0Jst£mI￿ èr*J rme tXOkerof cash $￿￿nbe5delIWered
HSBC a￿¥4111 be fOr￿elpt diStXK5et￿l0fCth￿ ithalfof ihe C￿(mI￿. lor the r￿1p1 and safe custoty*d ￿&St￿tron
securit*soflhef4oup and f¢*thettanSfvof￿ur1kn￿ TheC￿ ha5 both acuyrAYyaThlcolL4teral xcoufilwith HS8C. HS8C
%%ill a150 prO￿ld￿ finanting and setwibes to ￿¢4￿Jp to the H58C Ctht<ts*fAweerwt cdlateral ￿VIred ro
S￿￿￿tanY finaro￿.5ecUnmes ￿nd￿8 arott￿ex￿￿ME of HSBC to thpfyuJp%wil be hdd in the co113te￿I aC£OLM)I with HSBC in naffÈ
ol the Gffwp. At 31 2021. 99% (202Q. 94Wof cash •ThYcath W8eOa5 cfAateral * m¥estr￿l5￿ere pl¥ed in cUstOdy￿th
HSBC
Thethildren's Inve5tmeni Fund Foutvjation ICIFF UK) I Page 82

The Group has akn 3pp)inted UBS as a prwne txoker The WHmetyc*wa8e U85AG stst￿ that the
counLerptyhas the ri￿* lo utili5e. ￿.h￿the(ate t* C￿￿￿￿¢eapLry￿le C4cw's a55ets subiKt to a lunit equal to IW% OF I
¥Jebtedness ol io the c(Kmierp¥ty. Trasreet￿t a&) 4￿Ude5 a net 5ettknntryW5l￿ n thee￿nt oran to the priw
brc*etsge a8reemenL
Liquidity risk
LwV￿ltVr￿k tstFErisk thèl the Grwprwbewth IQ8erer*￿ffK￿¢CaShresOthThtO ilsotA¢athxtsin fthl a5theyfallthe orcan
onfydo So{￿ twm5th318e Notenal￿OIsth￿ta8e￿ts.The￿￿)SVy￿5edt0 ￿edal￿settle￿*nt0fWsYIC8llsonder￿i¥e5.settlÈr￿ThL
offund￿8 reque5E$l￿ thn5wilh an U￿v￿je￿ ccthrrytmwiisee We 2(f)accountir* p)fityi)n ljtthjtthd CL¥[￿DilMernts" further¢etraiL51.
Noie rep￿)￿t mu￿t5 and ar￿u* payv*nl of dueto IhE thielK)kler
The Invesifflent ManÈgermffiiiOts (￿￿.$ kquxhty ¢J) a da>￿ba￿￿3rIfj %*?Ih 4reed risk frawtth ￿POrts to
the Group on a MntI￿¥ tsa￿5. IquKtityiewi h3sbeen de5w*d tol￿fi￿ that tr*cr￿p ha5 Sulfic￿￿t rE5L¥Jrtes to c¢Jwprqected
wtflows In a stress scenano 8iven ore5et 1wju￿Ity hèirojts exh058eic￿5.
Aspartofthe m3n38emeniof IY4L*JityrisK the1rfftStt￿ K¥(er•￿ kyesthbesa knit to lhea[￿￿or￿Fl1IOed comifftntsèsatrrtain
FWteTkaÈe of 115 RefeFence NAV.
The Group's swrCesoflKJu￿lty¥re￿rety eqlMtys￿￿￿e$. cupcfjtedebl cashdew5t> a5setcla55 Invesin￿l
trictw)n5 en5urea ottheC¥tyJp'saSsetsarein￿ed in tTrE5e type5 offassetS.wh￿h &￿tse ￿adI￿+d1spQSed.The Group a150ha5
the abilityto meet rhknte rep￿￿t50b1￿t￿)thsknIaTh￿ 5pe(ie (￿l￿tryofa fl￿te￿er.$ wo rata slwreof Lhe YNe5bT￿nts In tht portfolio at
the￿9￿ption (iat¢
The Gsoup ￿VeSt in LÈmati*"Cty)tyXts tr￿t arE trth ¢>+W.tttrc(v)ter. debt sKun￿sar¥j wbsted eouity investrrtrts that are
t traded in an markeL Asa resulL the &tu) rwnot t￿ at* to (YM(k￿ ￿￿¥jate Ihese wwesttrwts atan èTtKxJnt cl￿ to their fair
value to meer I￿vi￿l￿requiren1entS, tore¥A)￿J to specific e￿It5 ￿ a5 d2terorati)i in ihecred*worthine55ofany particuiir
The bebv4 tables G￿p.$ li*ilities le￿nt ￿￿￿K1￿￿p1Yb￿Sed w the réJnainHigwitKI at the *bn¢e %*et
date to the maiurity date.
Ito3
rthDnths
ussvjo
3MO￿th5
to l year
U5S'L
Ito5
Morethan
5years
uss'(*)o
I month
usswo
years
ussThio
Total
uss wo
31 Oecornber 2021
Creditors amounls fall￿8
dLe Within year
1.925
25.7S9
29.665
?S7.349
Creditor5.' a￿K>￿ts fdlin8
due in nyjre t￿n one year
223.865
223.865
Totsl Ilabilities
201,925
25.759
29,065
223,865
481,214
Gmup
Les5tha
I month
uss'o
Ito3
3 rnonttr
toly
ussTrJo
Ito5
More than
5yea
uss'c*Jo
Total
31 OEcernbef 2020
Creditor5.' arnunts fallin8
due within one year
USS'CO)
uss'00
USS'000
101.850
2.557
60.950
165.357
Creditors amunts falling
due in more than one ye¥
34.458
34.458
Total Ilabililie5
101.850
2.5S7
00.9S0
34.458
199,815
lthcertaw) Iiatslitie5. V4hich are rK)t an the Ba*e arernt in tsb* pwpose of
Fwndaiion IKiiAdityrisk
Asd15c￿Sed In Note 13. the GrDUP has irNegtedTh) k)ans *)dsetmtheswknch 1￿me an u￿erta￿l ccmM￿)￿I tstii fr￿Y0e 0￿￿ett lo
pay at 8 fvwre dale. The lTri e1th000 are paid by the is vnknryhn at the baixe sheei dale. The iot31 uncertain
£ommiimtntsas at JI D£cern￿ 2021 h*e tÉen e5tiTrJted a5 US$629.9(Mk1202tr. LISSlJ)26.￿7￿.
TheChildTen's In¥es¢met)l FuDd Fwndètion ICIFF UK) I Page 83

16. DEBTORS
oup
31 Oec 2021
USS'L
Four￿150￿
31 Dec 2021
uss'ooo
FoU￿1￿)n
21 Dec 2020
US$'000
us$'((¥)
tiv*Jends rece￿ab
1,616
3.481
1.224
19.23)
Ilh69
Amounls dLe frerfn trxokers
Other debtor5
Aff¥yJnts due fr￿n rdated parties
Prepayff*nts
240
2.543
33
758
751
743
Totsl
14.571
33.071
993
1319
The an￿￿1￿5 due frrffi Wer5 rKI￿e5£a5h from *weenexc*￿trac[S ck)sed await￿ sett￿rr￿St.(ath from trades
notvet Sett￿ aThY •ltere5r r￿e1¥th.
17. CASH AT BANK AND IN HAND
C*h at b3nk ir￿LI1e$ thJe frcth the Cw's CL6icrfJ4*) •)1 (thr (￿rt￿p¥i]e% ￿ dern#￿ and ￿terest tear￿g dEWSitswith
c¥i8inal maiuities of *ss 3 r￿rth5.
C35h ￿edged￿ScOlL1te￿ hidude5cdlalerdlbalancesl￿￿ alvewend %*ith ￿G￿9'SCUsl9dl￿ arKI prinr brokeraTKlothercounterpathe5
The use ol these attK)unts is re5trKted based ￿￿(￿.$ co￿tr￿tual marw ey4x}5￿al ￿ar end date.
The lol* at b•kaThJ cash as ¢￿￿ter¥ Ixe of the C￿s¢&)a1eo B*rte **et and the refiected
wthin the Cash Fkw¥ Stst•
The fdowing table shows the breakdown ol the am￿nts *ith tustixthèns aThJ ¢)tlvcwnterpartiesas al 31 December 2021".
C•sh•nd¢•sh C•sh pW8¢d
equivalent5
as col￿teral
31 Dec 2021
31 Dec 2021
vss'ooo
usswo
C•sh•¢b•47k Aownts•ye
and I￿ hand from broker5
to biokers
31 Oec 2021
310ec2021
31 Dec 2021
usswo
ussY¥)o
uss'ooo
N¢t<￿nIer-
partyPo￿tron
31 De¢ 2021
uss'ooo
stodian and
me broker
HSBC Bank Hc
404.540
14.770
419JlO
3.481
17.4861
415.305
0therc0unte￿artte5
JP more￿ Chase
U85AG
9.636
32
9,670
92
9,636
32
9.670
92
Barclay5 8ank
A8SA Group LirThted
WelLs Fargo
Citco Bank NederLirKI NV
Awash
9.670
181
181
181
Total
424.160
14.rn
438,930
13.481
(7.4861
434.925
Thethildten's Investtnent FuThd Foundation ICIFFUKI I Page 8

fdlowne tsb￿ the txeakck)wn ot the ￿th cust(¥kn *KI otheraurterpth as at 31 Decemier 20Tr.
C15handcash
egulvalEDts
31 Dec 2020
USS'OOD
CashP￿dIed
Cash atbank
as cdlater
and In hand
31 Oe<2020 31 De¢2020
vss'oty)
uss'oc
Arnoyntsdue
frorn brpkors
31 Oec2020
USS'L
Amount5
to broker5
31 Dec 2020
vss'ooo
NÈtcounter-
partyp051llon
31 Dec 2020
uss'c*)o
&oup
Custodian
HSBC Bank Hc
84.480
95.016
179.496
19.220
12.400)
196,316
Other counterpartie5
JP Morgan Chase
UBS AG
15.632
140
3.171
133
15,632
146
3.171
133
15.632
146
3.171
133
88rclay5 Bank
ABSA Group LiTh￿ted
Wells Far80
Citco Bank Nederland NV
Total
104.371
95.016
199,387
19.220
12,4001
216.207
following table shows the breakdown of the cash arxl tash ffjJIVa￿ntSQf ￿ Foundation IEld with counterparbe5 a5 at year end..
Cashand tash tluivalents
31 Dee 2021
us$'ooo
Cash and cashequivalents
31 Dec 2020
us$'ooo
Foundotion
HSBC Bank plc
37.006
JP Morgan Chase
ABSA Bank
9.631
15.632
92
133
8arclay5 Bank FAC
9.670
3.171
Awash Bank
64.284
$5.942
18. CREDITORS: arnounts falling due within one year
Grwp
31 Dec2021
usswo
Group
31 t)ec 20ZO
uss rKK)
FrAndaUon
31 Der2021
uss'o
Founda￿￿
31 Dec 2020
U5$ (Mlo
Amounts due to brokers
7.486
Grants
172.777
74.095
172.777
74.41B
Creditos
4&638
28203
1.136
1.213
Loan5
569.992
lio.(
Derivative fina￿￿11 instrum¢nt 1kiknlib.es
17.646
528J)
Atcrualsand deferred incoff
12.618
12.575
7,532
Taxes arKI SOCAI security costs
299
299
257J49
165,357
75A664
193,462
The*nwnts due to tyotrtrs irÉ1U￿ cash ht¥th ttsdeswwctssedthKh noiyet settled￿j cath loJvrdrd fOre￿n e¥chanEe contract5
closed but¥•tsih'nE settlenwt.
Thechiidren's Irwestmeni Fund FouDdètion ieiFFUKI I Page 85

19. CREDITORS: amounts falling due after one year
Croup
31 Oec2021
uss ￿00
Foundation
31 Dec2021
FoundabD
Ioec
202W5$
31 Oec
)20U5S'C#X)
Creditors r>3yaNe t*t¥%ten l 2 years
Creditor5 payaue between 2 and 5 years
79.266
34.458
73.CO)
144.599
144.(
Creditors payable after 5 yeais
223M65
34.458
217.W)
20. MOVEMENT IN FUNDS
Funds w￿e transferred from the Expendable End(r*m*nt Fund to ￿ Deygnated FuThY5 at the end.
Ba&nce
asat
31 Dec2020
Exchan8e
difteteftce
Transfer
between
fvnds
VS$'OCQ
Balance
asat
310¢¢ 2021
USS'O
FX8alnsl
iIDSSEsI
Resow¢es
uss Y¥Jo
Expended ￿[n5/OD5Ses}
uss'crf
resEr¥E
uss'ooo
Lhfestricted.. D
Income funds
(844.6841
14561
845.140
Oesienated fvnds
jrLKxrE furKts &711
642.579
308.274
950.853
12.902)
8,099
EXpend￿￿e
er￿0￿ment fiJrKI
5.356,222
24.468
694.914
11.153.414) 4.922,190
Totsl furds
6.[￿5.512
28,758
1847.5861
694.914
14561
S.881.142
Group
Exchange
difference
Trnnsfer
bet¥tJeen
ltsnds
us$'oc
Balance
asat
310ec 2020
uss'ooo
asat
31 De< 2019
uss'ooo
FX8alnsl
lknses)
uss'ooo
expended gain￿lI0$Se$j
uss'ooo
USS'ODD
serve
uss'c¥Jo
uss'ooo
Lhirestricted.. W
Income fvtK15
60.015
1371.0161
11.1971
311.598
gna￿ funds
657,971
115a921
642.579
18.561
111.85J
6,711
Exper￿able
endowmenl fund
5204.018
17.496
).914
1296,2061 &356,222
Totsllw05
S.80L989
9&072
1382.8661
430.914
11.197)
005,512
) Pes•ves retaned yne¢4 uf*E5trKted fuThtsarethsd￿￿ *i to￿ in the taile5 aiKwe lotal US$135.653k
lJ)al". U5$169.323k).
The ChiMien'$ Investment Fund Foundation ICIFE LIKI I Page 86

Foundatlon
Balance
Transfer
IrKothin¥
R•s￿r(*S EXp*ft￿d pkn$11kn5451
ss'o
uyyx
ssYN)o
Balance as at
310È£ 2021
us$'ooo
31 Oe< 2020
US$￿
Ilosse5)
uss'¢x)o
fvTrds
uss wo
iknre5tricted
come furKIs
11.428
1825312)
126
B14.145
DeS￿nated funds
Restricted income
funds
642.S79
.274
950.853
4.290
14.2901
Expend3ble
endowment fund
5.361.J90
691.SQ6
11,122.4191
4,930077
Total funds
6.C4)3,969
15,718
1829.é021
691,906
12611
5,881.730
Foundadon
Balance
Transfer
b*tw**n
lunds
USS Yl
FXylD51
ISD55
uss'o
31 D*t2019
uss'ooo
RestyJr¢e5
EMpthd*d ￿￿5111￿$1¢$I
vss'oo
uss'ooo
31 O¢c 2020
us$'(xJ
us$'ooo
Unrestiicted
Income furkls
57.372
1351.4841
11.1911
295J)3
Des8nated fund5
Restricted income
funds
057.971
115.3921
642.579
18.501
118.5611
Expendable
endowff*nt fund
5.XQ,893
432.4C
1279.9111
5X*L390
Totsl funds
5,804864
75,933
1370.04
432.4L
IL1911
6.IY)3,969
A$3131 fkcemter2021. theTrustee5 havEaWed LE$9￿>.551*1￿￿Tr. US$64157WoFreser¥e5 astfjewaled IL¥Kts repre5eDts furyts
21. ANALYSIS OF NET ASSETS BETWEEN FUNDS
The taLqe bekywrye5entstheal0ca￿Olthe￿wb￿¥*e￿Ktt¥rosstr¢ th￿di[[ere￿C￿tW￿(*Iw￿>Ftyf￿rth￿rde**￿QfIhel￿m*.releKto
Qa8e 44
EXP￿datIe
Funds.
Des*Date
Total
Dec 2021
uss'ooo
nds
JI Dec 20%)
us$ Doo
U5S'0
Int3ngible assets
TansIb￿ assets
Investments
SLY)
l.X)5
8.029
9234
5099.121
453JQl
1481,2141
5A81.142
7.502
5.964.867
232.458
1199.8151
0,￿$.512
4.258.586
388.154
1.640.535
65.277
756.6641
Other assets
275.4%>
49211
95Q853
TheChildrtn'$lnvestment Futsd FoundaiioD ICIFF UK) I Page 87

22. COMMITMENTS
At 31 Oecember2021. thEGrwplwlout5r•Khi8ccrnNtrwisclU5$43.347klam.. V5519.435kJ in r*lirffi ro inve5tsTellts held
thin the irNestment wrtfoli
The Grouphasalso irrlesied in k*ns%rt*ih i￿1￿[x¥3tean ￿n￿rtaIn cotmxmt thal*inaYt￿0b1vd to pay3ta fUt￿Ed￿le.ThP likElihood that
th￿e iofflmittnents by the C￿up ￿ unkn(￿￿ date.ThE lot& uncertain (￿￿MIE￿￿￿t5 35at 31 Detember 2021 have
tÉen esrrn3ted * US$029.Thk I￿a￿. US51.02d￿7k).
The investment c0ffffttr￿[S a￿ Ptylhe F¢L*Klar￿n•¥j ¥e ¥￿e>￿ over ihe ve of the iwtmwts.
23. OPERATING LEASES
The total rent char8ed as an expense in the SOFA. is Ihstltss￿ bel)vr.
Gt
Year eThJeO
31 Dec 2020
USS'(M)O
Fowd•tion
Year ended
31 Oec 2021
uss
Foundabon
Year ended
31 De¢ 2020
us$'ooo
Yearended
Oec 3021
uss'ooo
Rent
i.n6
1.711
1.688
Group had commitments to future NNnirrnJm lease payments under rth operating leases at the year end as folk)ws.'
Grfj￿P
Dff 2021
vss wo
Gr
31 Dec 2020
uss'(o)
FouThdaUon
310¢1 2021
uss
Fwndation
31 De< 2020
us$ Doo
LaFKI and Bu1￿1n8
Le5S than ore Ye￿>)
Between o)e aThl fve ye¥$
Mor& than fveyears
L429
1.423
3.875
1,357
3.486
1.207
3.503
1.207
447
5.762
6.073
5.745
6.050
Ill Includes a c¢mnil￿ntUrth an *ylhTO Fund (UK) Lmmiled topty r•it* dyrir**he yrityj f<Akwin8 ihe ￿￿00 ol
these *cwnis ¢1 U5$765k12020." US$702kk
The trtal fenw incw Ir￿￿)ed witF•n tt*SOFA. isdstbseo beiw.
Group
31 Oec 2021
uss'o)o
Gr￿P
31 Dec 2020
uss xxx)
Foundatlon
31 Dec 7021
US$￿
Foundahon
31 Dec 2020
us$ r*xJ
Rental ir(OTe
1.685
The G¢fWP i% a kssor of VK irwtment vc¢e¢iy. The ￿ase pèyff*ntsexpected 10 ie recty%tdart
Gmup
Dcc2021
uss Trjo
GrrA
31 Dec 20J)
uss'rKM)
Foundatton
ai Oec2021
USS 000
Fryjrth￿Th
31 Dec 2020
us$'ooo
Less than one year
Between ￿e and five year5
More than five years
4030
17.066
2LtY16
On 11 AuAUSt J121. the Group￿lIfe￿ 9￿Or freelN)kl cla MOerly￿ Clywick. UK. T1￿ freemd Kwired ￿ *a5ed loa th￿d party. The lease
Com￿n¢ed￿ i July 2008wlha *a5e ierffl of 25 yew5 ￿tA￿￿on 30JuDe2033 11 irthdesa foi an annual rent revieweveiy
13th of July. rent cotKe5yonovvJd wll e￿j on 13 May 2024 te Th)rt*n8e to tenr4 term5after this Oatt.
TheChild¢en'$ Investment Fund FouThJaiion ICIFF UK) I Page 88

24. RELATED PARTIES
Investment Manager
TCI Fund M￿￿Èely￿ni Limited (rci FMlaCts45y￿vrnt￿￿Wt0 crrin 01 theC1￿. TCI FM. aThJ its vwou5 8roupentities.
a￿ uIDmathiy£entrolW by &r Chftstoph¢Y Flohn.a ol CIFF.
[￿nn8?02DlheSUb5￿i￿esèTrd invesD￿l ￿)￿l￿￿thin theGroupwe￿re$tr￿tu￿ tE5uIMg nch3nge5 to tl* in%estmentm3oaÈempnt
8reeti￿nIS with TCI FM. TCI FM i% tw) kneer etht￿l any fee ftKthe5e m*awnent Se￿￿5 firther.TCI FM. lor itsdf on
behall ol Sir Ch-istothr Hohn ind otl*r p*ties ￿laled toTCI FM atxl s￿ CknstwlwHthn.utMtsteralF¥warved the fFht to rEcei¥e any kind
ofbwefit (whet￿[ fina￿1* ¢y rv)n.1n3￿￿I but ine&htè* Ml respett ofrthe rjtr4LS￿n of H)vesimeni management
swces 10 CIFF Catital UK LP, as the ((￿r￿0[ ts CIFF
Ourin8a)21 an aiTx>untofUS$794k12020." U5$842klw35 charBaJ toenbbe5wikn itrÈ&w) fr(xnTCI FM. inreLibDn toexpensesincUr￿d
byTCI FM ￿ btha1loftheaFFc￿ in¥estmenLrxwrfdK>. rFW¥*c0n5￿t￿¢ofrÈSeJ{hfte5￿KW￿ tyTCI FM forthÈbenefitofCIFFwth
U)ird parhes. US$nl remar*d ptyab* a5 at 31 S)21 12020". U5$32k).
F￿tIlerrnOre. futheyearerthd 31 Deceffth-X)21 CIFF was*ottwyd USSI.144k1203>. VS5863k) byTCI'sholthrEcixTyany.TCI FLA)d
Mana8emwt IUKI Lmttyj. wl respect ofrer* ar￿ asscoaw uMr¢thcosi>
Donation5
Ourin8 2021. TCI FM m3dean ￿res￿l(led CIFFd Us￿111202￿. USS(A).615kl restrKled thtk4tiDn5 of US$2.2C6k in 2021
1202Q US$IO.711kl to 5UFWt il* tharitsL*actMtie50f the ￿rNIat￿.A6 al 31 December 2021. TCI FM had CLYlltnirted additiwl
strKied fthJin8¢f US$18.4Jlk IK>2Q US$3.139k) to ￿ pad wi fUl￿ye
5￿christOpher￿￿￿1 15 also the frAMNJer ￿ Iru51eeaf tr￿Chr￿ta¢￿T (UK)vth￿h durin8 2021 reStr￿ted (k)nations
io the Foundatsn ol US$I.8(Th f202Tr. U5$7.85CA].A5 al 31 Decetrthf X)21. the CFwistq>herPk>hn F(xxM$3t￿ IUKI hal c(¥rmitted
athjiknthal restricted lumjwwof US$9.11(IK (202fr. USSIO.911X) tobe ￿?￿1 ￿ hILu￿
Subsidiary director fees
ring the yEar. directe¢s' fees of US$22k120Xfr. U5531kl ILv￿Cke th3rged to Talos. fees olUSSl33k12021>. US$18kl fot
Jackie Gikoy. Sty)K3 @ro.Will&)m Tristan w ¢lerViiver ¥ye￿ Cl￿r8ed to CIFF GP. No otherdirecttys of CIFF $ubsMlv￿eSwe
entr1￿0 to fees.
Legal fees
[￿nn& the y. gJkKtrTr*CoL¥tor¢knYd the toptytr* *galcostsoftkNl*ka LEhtimth w[Sy￿ hs inW)I￿￿nt irT the
proceedings Lehbn*ki ar*JethersvCts)￿- UKSC201810150 F¢NJThJatirkn•kl LkLehtiFnakn atyeed **YNxJntof$l,062k to
such costs. This am￿[ rw¥ned unpaid a5 ai 31 Dec*rt*¢ 2021 was p•d Al Jwry 2022.
Common trustees
In the nortnal cow5e of charitalAE 8ranbn& thpre c3n be Instal￿e5 ¥¥he￿ the 8rants lo (l￿n￿5 thèi have rrustee5 ￿ c(xrfflon with tt
FoUnd3￿n The Foundabon disdosey3ntsto thue charit￿a5 fElated batwtiorfj. as the tW5tee53re partofè col*trNe ol
non.rdated trustee5 and are t￿L C(￿￿￿tErEd to IE inaswTrifi(3nt tK>siiion of The Tfu5tee58re 53ti5fied th31 apwuwiate pr£Keou￿5
are n p￿le io Ensure that any k¥Jtwt4?I confiKtsal A)tere5lweaTh)rwiatetywWwJ a￿1th1.
Other transactions with Group companies
Fr￿ Thyabon has l*n thnta8e of e￿pbtr) centa1￿ i) FRS 102. 314 rv)t to dtscbse cther fv5actions With 8rtwp
offlpaniesas all are ¥vlh)IFrfowr*d sutygdiare5of tt* FoJnda￿jaThj Ihe crrn)rthied frt￿31 stat*wts a￿ wtsKty3v8itsiAe. Cotxes
be requested from the corpany secrew.
25. SERVICE PROVIDERS
Administrator
&oup enj￿ have entered èdministrdticn 4rernt5wlh v*AdmitMStrèlL¥. Qtco FWKI Setvite5(Ireiondl Linited. TreAd￿nIStrator
ewes fmm enbties a (rthtb￿ fee%*thrh i5r3ky￿ted a5a pe￿&¥tOl￿rIUsted A5set5 on 3 sliding stale. The total
adm1rHS￿ti(￿) fee ttr Iheyeawas USSI.984k1202Q. US$2.01(￿.ofW￿wth US$169k12020.. US$397k)wJS PBY3ble atyeareTh1.
TheChildren'$ Investment FurAI Foundation ICJFF UK) I Page B9

Custodian and Prime Broker
The Gmup has a CuSi(￿38reonWt H58C. Grow re￿5 tet*fitial of assets hehj byHSBC. Cash arKI 5ecuritie5
deposited with HSBC a￿ repayable or¢ de{W￿ k) ath11t￿, the Gr￿.5 casb with HSBC be sepEgaied from HS8Cs Chvn c￿h
HSBC Is not PtrThitted lo ufiise. ￿.hyr￿fft(3te￿r0therwtfie3lvQryiate the B5setsof theG￿p. ￿Ver HSBC Wil XquI￿ è security
tere5t ITr anyassets that ao tyowded as to theC4￿P.
Intermediary
AVE Captsl Limited (AVEI ts 10 pTh¥Je re￿[til to iogethtrCIFF Cwial otr*rCIFF
sthidor*. as the party. ￿th thirrj partE5. as partes. in real ￿tate deL¥t tpnsacbws p￿￿aTht to U)e ierms
ofan intemedi3ry seNces a£￿ment swed ￿ Cthber ofTO FM. Sir Christqther Hohn or •Tryother ￿rtE% Ittsted 10 them
have a)y hnanckl interesi In AVE. Grtsjp entities pay fees LOAVE C4Ntal Lunited ￿ relation to ihe intermedory seNicts (the Iniermedrdtion
Feel. The total Intert￿￿11b￿ Fee chatBed to fv Y)FA l(w ihE kwic¥Jwas US$IOA)Sk 13JJtr. U5$96kl. with US$41.025k payab￿ asal
31 DeCem￿r 20211202Q. US$40.664kl.
Investment Manager
TCI FM is no longer fee ltrimestm*)t loCIFF C•)ital. Further. TCI FM. forit5elfa￿l on betK41fof &r
Christorhv Hohn and 0￿r parties ￿￿ted 10 Ihe In%vtrwt m¥vra￿ S¥ Cthstoth Fkjhn, uniL4tttaI￿w3lK￿d then8hl io recewe
any kind of berefit iwhether hr*r(431 ￿ W.￿na￿la1 ¥) eath c3se haw a thi respertof the of in¥e5trr￿t
managem￿¢ services to CIFFCaptsl
FolkF•Mn8 the restructu￿Of the CIFF (*lot￿r 2020. tfr*re ￿r￿) byyrè Nuirem*t to paya real estate m￿Sement lee to
TCI FM. Entibe5 %Mthin the Gmup TCI FM. n areats. a Real Estste ManaÈetnent Fee forfflawga tx)rttolK) of
Real E5Eale Loans. The total Re￿ Estste Fee fvwtheyearwas USSnil120X)". VS$1.￿7k). of¥vhth U5$r¥l12020." Us$n￿l was
Payab￿ al year end.
Other counterparties
The Grwp Irom 01￿￿18ted fefer io 16 fry
26. POST BALANCE SHEET EVENTS
TherEare no events rEwirireadlu5b￿¢ of the firorKkil Stat￿￿4 LI￿￿)>￿e.
27. ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY
The ulbmaie parent uttht*ng atwj [L￿troll￿g pkn i5The Ch*kETr'S trWestn￿t FuThJ IUKJ. a charitstle company Iirr￿le0 by
jaran￿ Iwithovl a thare captall incorK¥xèiaJ ui Eng13nd andWak> ￿r￿JanIto¥￿￿e 7 of F￿n￿an￿'sArt￿￿ ol A59Kwtion. every
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Thechildren's Investment Fund Foundaiion ICIFF UK) I Page 90

THE CHILDREN'S INVESTMENT FUND FOUNDATION (UK)
GROUP INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2021
CONSTITUTI¢
COMPANY NUMBER
437¢XI)6
REGIsTE￿D CfrIARryYNVM8ER
1(fv1043
TRUSTEE5
Sirthtsiorknr Hrkn
Mr Wsrr¥th
Math> {4)t￿t￿l IJ 20211
REGISTEREO OFFICE
7 Clilfonj StfEet
WIS 2Ft
COMPANYSECAEfARY
l m￿ger￿￿ Stiwre5 tru￿J 10 Fel)r￿ry 20211
27.28. EastcastÈ knet
WIWBDH
Brad* (wmbted 10 Fth*y 20211
7 Clifft)td St￿L
L¢th WIS 2FT
BANKERS
HSBC
Level 18
8 &n•Ja Squ¥e
Lorthft
E14 5HQ
SOLicrroRS
Mils& Re￿ LLP
l(x) Hils Ro
Cw*rKl8e
CB2 IPH
INDEPENDENT
AVDITORS
PMG
1.
INVESTMEI
MANAGER
TCI Mèro8en*rt
7 Clrfft¥d Street
LotthnWIS 2FT
Thethildren's InvesLtDeftr Fund FoundatlOD ICIFFUKI I Poge 91