## ## ## |||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|$1,668,052| |||||||(I(
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ON| ## ## ## ||||||Page|31 December|31December| |---|---|---|---|---|---|---|---| |||||||2022|2021| |||||||$|$| |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|