| Page | ||
|---|---|---|
| Annual Report ofthe Trustees |
1-8 | |
| Independent Auditor's |
Report | 9-11 |
| Statement of Financial |
Activities | 12 |
| Balance Sheet | 13 | |
| Statement of Cash Flows |
14 | |
| Notes to the Financial | Statements | 15-23 |
| Page | Unrestricted | Unrestricted | ||||||
|---|---|---|---|---|---|---|---|---|
| Funds | Funds | |||||||
| 31 December | 31 December | |||||||
| 2022 | 2021 | |||||||
| $ | $ | |||||||
| Income from: | ||||||||
| Investments (note |
2) | 17 | 6,890,326 | 3,883,637 | ||||
| Charitable activity |
(note 3) | 17 | 118,304 | 8,308 | ||||
| Total income | 7,008,630 | 3,891,945 | ||||||
| Expenditure on: |
||||||||
| Charitable Activities (note 4) |
19 | 9,769,888 | 9,083,595 | |||||
| Raising Funds (note 5) | 19 | 1,562,574 | 1,668,052 | |||||
| Total expenditure | 11,332,462 | 10,751,647 | ||||||
| Net (losses)/gains | on investments | (note 6) | 20 | (92,009,272) | 87,968,346 | |||
| Net expenditure | before other recognised | gains | (96,333,104) | 81,108,644 | ||||
| Other recognised | gains/losses: | |||||||
| Other (losses)/gains | (174,438) | 29,261 | ||||||
| Net movement in |
funds | (96,507,542) | 81,137,905 | |||||
| Total funds brought | forward | at 1 January 2022 | 536,282,364 | 455,144,459 | ||||
| Resources carried forward | at 31 December 2022 | $439,774,822 | $536,282,364 |
| Page | Unrestricted | Unrestricted | |||
|---|---|---|---|---|---|
| Funds | Funds | ||||
| 31 December | 31 December | ||||
| 2022 | 2021 | ||||
| $ | $ | ||||
| Fixed assets: | |||||
| Investments | (note 6) | 20 | 436,864,382 | 526,864,603 | |
| Current assets: | |||||
| Cash at bank (note | 7) | 22 | 3,081,501 | 9,633,460 | |
| Debtors —due within | one year (note 8) | 22 | 55,696 | 93,514 | |
| Total current assets | 3,137,197 | 9,726,794 | |||
| Liabilities: | |||||
| Creditors - |
amounts | falling due within one year (note 9) | 22 | 226,757 | 309,213 |
| Net current | assets | 2,910,440 | 9,417,761 | ||
| Total net assets | $439,774,822 | $536,282,364 | |||
| The funds | ofthe charity: | ||||
| Unrestricted | funds | $439,774,822 | $536,282,364 |
| Page | 31 December | 31 December | ||||
|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||
| Net cash flow from Operating Activities |
$ | $ | ||||
| Net movement on funds |
for the year | 12 | (96,507,542) | 81,137,907 | ||
| Less: Investment income |
and deposit interest | (6,890,326) | (3,883,637) | |||
| Net loss/(gain) on investment assets Decrease in debtors |
92,009,272 37,818 |
(87,968,346) 2,640,486 |
||||
| (Decrease)/increase in creditors |
(82,456) | 278,225 | ||||
| Net cash used by Operating | Activities | (11,433,234) | (7,795,365) | |||
| Returns on investments |
||||||
| Investment income (note |
2) | 17 | 6,779,241 | 3,882,214 | ||
| Deposit interest (note 2) | 17 | 111,085 | 1,423 | |||
| 6,890,326 | 3,883,637 | |||||
| Capital expenditure and financial |
investment | |||||
| Purchase ofinvestments (note 6) Proceeds from sale of investments (note 6) |
20 20 |
(90,815,019) 88,805,968 |
(237,859,683) 249,396,575 |
|||
| (2,009,051) | 11,536,892 | |||||
| Net (decrease)/increase in cash in |
the year | $ (6,551,959) | $7,625,164 | |||
| Reconciliation of net cash |
flow to | movement | in net funds | |||
| Net cash resources at 1 January | 2022 | 9,633,460 | 2,008,296 | |||
| Net increase/(decrease) | in cash | (6,551,959) | 7,625,164 | |||
| Net cash resources at 31 December 2022 | 3,081,501 | 9,633,460 | ||||
| Analysis of net funds: | ||||||
| Cash at Bank (note 7) | 22 | 3,081,501 | 9,633,460 | |||
| $3,081,501 | $9,633,460 |
| INVESTMENT INCOME | INVESTMENT INCOME | Page | 31 December | 31 December |
|---|---|---|---|---|
| 2022 | 2021 | |||
| $ | $ | |||
| Net income from | investments | |||
| Private Equity portfolio |
3,493,385 | |||
| UBS porffolio | 3,255,016 | 3,189,090 | ||
| Deposit interest | 111,085 | 1,423 | ||
| Fidelity Investments | porffolio | 30,840 | 693,124 | |
| Total investment | income | 12 | $6,890,326 | $3,883,637 |
| CHARITABLE ACTIVITY | ||||
| ESG advisory services | 118,304 | 8,308 | ||
| $118,304 | $8,308 |
| Page | 31 December | 31 December | ||||
|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||
| CHARITABLE ACTIVITIES | $ | $ | ||||
| Grants payable: | ||||||
| Save the Children —Emergency | Health | Unit | 1,517,500 | 2,051,250 | ||
| Oceana Inc | 1,425,500 | 737,500 | ||||
| Blue Ventures Conservation |
1,000,000 | 1,000,000 | ||||
| The Nature Conservancy | 700,000 | 250,000 | ||||
| Client Earth | 612,398 | 556,017 | ||||
| Greenwave | 550,080 | 300,000 | ||||
| Potential Energy Coalition |
500,000 | |||||
| Only One | 423,999 | 125,000 | ||||
| WWF | 400,000 | |||||
| Rare, Inc. | 354,961 | 351,372 | ||||
| UBS Optimus Foundation |
—Ukraine appeal | 298,091 | ||||
| The Pew Charitable Trusts |
250,000 | 350,000 | ||||
| Oceans North Conservation | 250,000 | 250,000 | ||||
| StGeorges Hospital Charity |
198,600 | 208,980 | ||||
| Greenpeace | 172,187 | 435,453 | ||||
| Seas at Risk | 137,500 | |||||
| Irish Environmental Network |
102,763 | 100,000 | ||||
| Mangrove Action Project |
100,000 | 100,000 | ||||
| Chem Trust | 75,000 | 75,000 | ||||
| Sightsavers | 66,406 | 69,660 | ||||
| The Universtiy ofChicago |
—Booth School | 66,406 | 50,000 | |||
| High Seas Alliance | 50,000 | 50,000 | ||||
| Fairchance Foundation |
39,096 | 89,920 | ||||
| Room to Read | 23,630 | |||||
| OceanMind | 15,773 | 524,610 | ||||
| Lamoille Community Food |
Share | 15,000 | 15,000 | |||
| United Way of Lamoille County | 15,000 | 15,000 | ||||
| Other small humanitarian | grants | 7,827 | 15,383 | |||
| International Eco Fund |
688,900 | |||||
| Elemental Water Foundation |
314,464 | |||||
| Conservation International |
Foundation | 100,000 | ||||
| Total Grants payable: | $9,367,717 | $8,823,509 |
| Page | 31 December | 31 December | |||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| CHARITABLE ACTIVITIES (continued) | $ | $ | |||
| Governance costs: | |||||
| Accountancy fees |
39,484 | 43,821 | |||
| Audit fees | 2,198 | 6,074 | |||
| Bank charges | 628 | 1,098 | |||
| Total Governance | costs: | $42,310 | $50,993 | ||
| Auditor remuneration for the year ended 31 December 2022 totalled $5,075 excluding VAT) |
$4,530excluding | VAT (2021: | |||
| Support Costs: | |||||
| Staff costs | 338,467 | 204,226 | |||
| General expenses | 14,246 | 1,357 | |||
| ITcosts | 7,148 | 3,510 | |||
| Total Support costs: | $359,861 | $209,093 | |||
| Total Charitable | activities: | 12 | $9,769,888 | $9,083,595 |
| Investment management |
fees: | |||
|---|---|---|---|---|
| UBS | 793,211 | 1,158,728 | ||
| Private equity | 1,000,600 | 843,733 | ||
| Goldman Sachs —rebate | (231,317) | (334,409) | ||
| 12 | $1,562,494 | $1,668,052 |
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| Page | 31 December | 31December | |||||
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||
| $ | $ | ||||||
| 7. | CASH AT BANK | ||||||
| UBS Bank London | 1,518,340 | 3,240,306 | |||||
| Coutts &Co Bank | 1,425,793 | 5,931,714 | |||||
| Fidelity Investments | Chicago | 13,082 | 146,062 | ||||
| Goldman Sachs | 124,286 | 315,378 | |||||
| 13 | $3,081,501 | $9,633,460 | |||||
| DEBTORS - DUE | WITHIN | ONE | YEAR | ||||
| Investment management |
fee rebate | 55,696 | 78,258 | ||||
| Trade receivables | 9,969 | ||||||
| VAT recoverable | 4,590 | ||||||
| Other debtors | 697 | ||||||
| 13 | $55,696 | $93,514 | |||||
| CREDITORS - Amounts | falling | due within one year | |||||
| Investment management |
fees | 189,198 | 238,395 | ||||
| Staff costs | 14,972 | 23,835 | |||||
| Accountancy and |
administration | fees | 10,271 | 37,511 | |||
| VAT payable | 7,786 | ||||||
| Audit fees | 4,530 | 6,089 | |||||
| Donations commitment |
3,383 | ||||||
| 13 | $226,757 | $309,213 |
| FINANCIAL INSTRUMENTS | Page | 31 December | 31 December | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||||||
| $ | $ | |||||||||
| The carry amounts ofthe charity's |
financial | instruments | are as follows: | |||||||
| Financial assets | ||||||||||
| Measured at fair value through |
SOFA: | |||||||||
| -Fixed asset investments -Cash at bank and in hand |
20 22 |
436,864,382 3,081,501 |
526,864,603 9,633,460 |
|||||||
| Financial liabilities | ||||||||||
| Measured at amortised cost |
||||||||||
| -Creditors | 22 | 226,757 | 309,213 | |||||||
| The income, expenses, |
net | gains | and | net | losses | |||||
| attributable to the charity's |
financial | instruments | are | |||||||
| surnmadsed as follows: |
||||||||||
| income and expense | ||||||||||
| Measured at fair value through |
SOFA: | |||||||||
| -Net (tosses)lgains (inciuding |
changes in | fair | value) | 12 | (92,183,710) | 87,997,609 |