Chrlty v•olKtrati 1137523 Company reglstr•llon ThuMr 7293440 (England and Wal081 THE PROFOREST INITIATIVE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
THE PROFOREST INITIATIVE LEGAL AND ADMINISTRATIVE INFORMATION Tru¥tee• IARSmyth M Hcs C A EMK)tt BALiTrJ IAppoint8d 18 March 20221 (Appoinw 18 March 20221 Ch•rlty number 1137523 Company nwnb•r Reglstsred offic• StyJth Surte Frein Chan*ws Frwn Court OX1 3HZ Audltor Crtch18ysAudrt LLP eeavtr Houso 2>38 Blty Street OX12EP B•nk•r• 6S Cornmat Street Oxlord OX13HY S1¢0 Blake Morgan stiacourt Imr 5t Bouey Oxlord OX2 OFB
THE PROFOREST INITIATIVE CONTENTS P*g• Trtee8. rnport Stalerr1 of trustees. resplI.115 IrthpoThJent 8uditorfs report Staiemeni of finanua 10- 11 12 Statement oftash fl 13 Notes lo Ihe finwcièl st#tom8nts 14-28
THE PROFOREST INITIATIVE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022 The Trustees zre pleased to &¥e5ent Iheir rBpyt tojetlw the finarKial statements of charity for the year ended 31 DecemiEr 2022. Legal and •1mini$trotNY inl<mation set fxji on 1 ftym$ part of th15 report The firsontxl ststements cArnply wrth thé Charitses Ad 2011. thè C<Mnpan5 Acl 20rE and Accounbng Repofbng by Charrties". Statement of ReCoMftnIed Prathre aWi¢abk 10 ¢hanlie5 wepanng accounts In accordancA wrth Finan031 Reporting Stondard aWi¢#bb in UK aTrJ R•putrliG ol Ireknd IFRS 1021 leffeth 1 January 20191. Obloetlve• and actlvltlo• 1. To promote for benefft ofth• publ cOnseNa1 aTrJ of Ihe physKal n8tur81 enwronm8nt by promtsbng sustaintho dekDent by". 1.1. The pr•s8fvalion. con58ryabon aTrJ protec ofthe enwrorment and tho prl uae of rgsour¢e$, 1.2. The Telf of poverty and the improvemwt of the cLdiOn$ ol Ife in seckY and ectsnomi¢ally di5advanlag8d comrnunitres. 1.3. The promotion of sustain8b$8 me8r$8 of achThJ et4nomicgrrywth Jnd regoneratron. Sust81nable develoF¥nen¢ means ¢¥elryTheni the the weseni compromlslng tho ability of luturtr g8neratKffjS to meet their thvn n8J5. 2. To advance thg ¢du¢10n of Ihe putAK In the lSeallon. proièttion and improvement of the physical 8nd natural envirwmant rela.[¥9 10 sus¢ainat4• do101 a1 the pr81. •thantrrwnt and rehabili8lion of the environment. Ouring tha ya•r ¢ndod 31 D¢rnbr 2922. Ghohty to¢<>ryod to out • Y•rety of actNits tg $upport iMpmentation of ts prcgrammes lo pro the envronmental and soual SLtstainability of agricuttum and fore$ty ommgdity piodv¢iion arKI soviuiw. Tls¥ yiuyidiiiii ¥vuih iii Arti, Léiiri Amerlca aTrJ Sgutne8sT A$ia on the Impthenlgtw ol sUStsinab pr0dL&t pr¢ckns lor major ccfflmtyylty crops. To this end, the Ch8rty supporyea siaxeThoi(Jers Indhn9 pnvaie seaDr. govenrneni aTrJ sooety 10 alKJn act w reduce de10$tatIOn, evelwed to8 to enabb agricultural commedity bu¥eFs reduc¢ the enTrAronm•ntal and Social impacts ol thair suppty cnains. and SUPPCrted large-scal8 cbOr0bWe approaches lo siistainsb laTrY manag&nani. Fdbwirg the recrneTht at the UNFCCC COP 26 ty tr)¥•MM of to countrns In IA5t Centr81 Al lo Sustainab commcéity production the Chanty $UPDo1eLI develoDment of a fomiAI drJ#rxtinn trs Amhndy this commiimeni. Th• Alnca Sustaina0 Ccfflmojrt3 Dedarabon was &gn8d by ministers of the 10 Countr at f.np ?7 in Foypt Thi mov8$ from onginal on palm c41 to a s•t ol Pnhe¢l•g that •n¢ompaM Al Mlèvtsnt ¢omrnoditsgs In fv WoduCb landscaFes of Ihese c(wJntr. The Charity contrnued lo support'l8Trascaw juriEcKonal' to la manwentwlh on•lhe4JrouTh Glivilies particularty aclib In Ghana. ¢or¢ d'lw¢ arKI Indo1. Iii Cv¢¥ U'lvvitv. t1 Lhaiily faEllllaie siakehokjats to develop a LqTrJ5caFe rnan*Jerrent InvesnI pkn for the San Peilro cncoa prtyjucing regions. In Irbdune51a, the cnarty 5UPPDneO larta a¢proacttes In M 011 paTh regions In Ine aim ol av0h1ng negati erNironrnentsl Impacts ensunry sotsal Induson. A pr($S ol $oual diabgue was develop8d In tne biaK ana peiaiawan DIstrS 01 Riau. Indones¢a. seek$ to ensure thal workers and ccffimunitse5 ha¥e 9ater voth In Ihe manag8rn8nt olc¥l palrn projucbon.
THE PROFOREST INITIATIVE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 The Charity carned out a raroJe of fpaoty l1ng In Ghana. tapa¢ity buikjing activit5 Were carried out around the identification and protection of HKJh Con5ervabon Values and High CarbM Stock forests. a5 wdl as the Imptsrtan of the Free. Prkv and Inf(vrned Consent of Wl ¢ommunifves to the u58 of their lands for commodity agricutture A comprehensive Pakn Oil Toolkrt was devekyd In English arKI Chinese during the year. whi¢h prowdes an accessibk sietrby-5tep guKJe for fxfftpans to IMpent Ih8ir m1Ments to the responsible sourang of palm oil. Among rer xtivth"e$, Ihe Chanty supported thÈ Mini$ty ol Agrarian De10¥ent and IrrtiOn in Pew to develop a national strale9y for susainab palm oil. and to deVep th8 Public Mulliannuèl Investment plan for Cocoa and Chocolate, whith fccuses on Ihe ¢¥ekwienl of sustainable cocoa produthon. The Chanty also focus8d In e¥plonrrfJ the Im1¢¥$ of the Eurw8n Union 08fOrlalYj Regulatson for srnallholder Pf(jur$ of cocoa In Ghana. Co d'lvtyro and Peru." arbj dQFIre operaty)nal gutyaanc8 to Support produc8rB and Iraders to ccffjpty vAlh fv requirements. Over the year, th? Charity conb"nu•J to prow $vJnificant techrtl SUFVOrt kn organisats'ons davaloping vduntary standards Systems and methodolog$ l< definirvJ. Impkn8ntsThJ and aS$rj the su$lainabl8 management ol agrultUral proouctoi. This Induded corsbnued $LW to the RndIable on Sustainable Palm Oil IRSPOI, Better Cotton Initiative, Ihe Glgbal Plaiiorm on Su5tainat Natural Rubber The Chanty al$0 developed an 94earni platforn to SUFWt the thi15 of th8 Accountatality Framework InibalNe. and Nvo stud5 for Oyfam on muttislakghokr Inibabv• sh8r•J r88pon$ilJtty'. and hlan rKdhlS du• d4wJeKyJ. The Charity was Involved In fvndrai$iNJ act5 for fiJture prcpcts r818t8d to thg 9PonsI1& managemeni of agricuttural etynrnodilh88 to onhance conservabon and irnpro¥e liwr¥J ThJIhS of workers and kx81 communitses •r¢und lh• worfva. Th¢ Trustees oversw irnFkn8nlalKJn gf kyo¢edures govem th> charty's rdats'onship vAth third pathes, and lo strengthen the man&Jemeni •rJ tranwarency of the ch8nty. Th8 Trust confinn thai have ccrfnplh8d wlh Ihe duty in g¢¢bon 17151 of tIK8 Ch8rib"e$ Ad 2011 to hav• du• regard to the public ben6fi1 gupJanc8 publishad by Charity CfynmissH. Achl•v•m•nts and p•rformn¢• Fln•nclal r•vl•w Dunng 2022. tho Charty saw a do¢rease In InctTr)e expeTrJrture on u0t0&thanIabKry 8ctwth5, r8sults.ng in a srnall i1year deficrt of £2k. c4ynpared 10 a sufFI8 of £21k in the previous year. Reduced net Income was due to a combinat of d8cre88ed net Incjjme on our sustainability inrtiotNg prc¥e¢ts •nd a decreased contribulion fvcwn our ky0grarnw5. Increased fixed costs. eXling forevJn currency gains, of £346k 12021 £277kl was due to Increased snding on staff development and capacity buihlirrfJ folbwThJ the likn"r¥J oftravel stron5 after CO and In¢#sel personnel ¢OSts. DurirHJ the year th8 tharity als0 berefitted fr ltyewjn ajrrew exd)aNJ& gains of £35k crmpared lo a lo$$ of £18k suffefed In 2021. In 2022 the Chanty's exrendrture on 2r actiwtses was £2k ¢cffipared to net ¢xpendrturg of £37k in 2021. Al Ihe end of Ihe year. th8 Chanty dJ not carry foswa¢d any ffjskn¢Aod fvrMts12021 ENIll Our wogramme dtrlNery was lurNIBd by grants from donor5 such as FCOO'S Ifrmerty OfiDI Fore81 Govgmance, Markets and Climate IFGMCI progratnme. Partnership for Fore515 IP4FI programme, and The Federal Republic of Gemany Minisiry for Ihe Environm8n( Nalura Conse3bon and Nud&ar Safety'8 Intsmatsonal Climate Inilialiva
THE PROFOREST INITIATIVE
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) ICONTINiJEDI
FOR THE YEAR ENDED 31 DECEMBER 2022
Reserves policy
The Proforesl InitiatNe has a of 11 rnaintainiry f8seNes approximately equal tD &x rnonths150%1 of
Ihe annual running costs In order to ensure the organisaiion can deal wrth fluctuatsons In Income and payment
schedule5. In addilK)n lo the agreed of oreralional feser¥es. ethanty also chooses lo relain a certain level
of ditIOnal SeNe$ approxirnalety equal lo 15% of annual Nnnirrfj eosts. as a buffer against significant
future forevJn excharse rale fluctuations and direet pwrammg lale expenses not eovefed by grant iy donor
furKing. Proforest Ltd agrees lo underwnte the Proforesl Iniliats¥ should aWu3te re5efves not be available.
The reserwe 18vels revkved annualty by Ihe Truses. as part of the reVN of the xtAJnts and, where the
unresthcted r8S8r¥e5 ar8 nol al th8 required 18¥81. a strategy lor ustiTra the reserves ¢)¥er the following year wll
be agreerj
Th& unresirthd reseNe$ WJ at 31 Oecwber 2022 are £450K.
In ldiliori to the nngf9ncd reserv and approved ctrfrjnding for the P15A IKI Landscspe proJramm8 1£22kl in
2022. lh Irustee$ apprtsved an additsonal albcalion of £6k to support the iveScynent of 8 rnobile appli¢ab"on
ISWARAI lo monitor partKipaon In programrnalic workshops and methngs.
Thè current SerVe bvel Is abovo tho annual operabng cost of the Chanty artyj th• truste any surr4us
Tp4uirgnnI lo be a useful bulfer shwt48rm fuTrJirvJ gaps.
11 1$ opinvJn ofthe trWt that tsre 8dnificant on ts tharty'$ going concem status.
Plan8 for futur• p•rlod•
Ourlng 2022 Ine inarity cowwieo grant {thrh LIK go¥emm•nt Forest, Govem8nce.
Marke15 and Climate Prcgrammesl and a second grant ree•Ned through the UK govarnmenl Partnership for
Forests. will end In June 2023. ThfOU9h the aCbVIe5 under fv In¢ernabMal Clirnale InrtiatNe PIUK wall continue I
. Support athon In prtrJuclh?n landscaF4S ogvgkp effedm ways for seclor uJmpan to ongage
meaninufully wilh oovemmenl aNJ olhftr In r)r1Inn IArvlyc8po$, to facilitat• th•
im eMentation of responsibb pr(xYTh Prnuices.
Facilitat• mullwtak•hokY•r 8uBtaina1lty In1•11 Provth tothnical Btspp¢rt for oryoniDation• dovol•ping
$landarés. PfOCeSSts and safeguards to promole tter m8na9ewt ol rtara1 resources
Dovolop toolkitg and 9uidonrK Svppm JOUrry from or Inv¢Jiiry In agricultural wmmodily dii¢J
lore51 prcéuctson In Latsn Amaru. Afll. aTrJ &xJlheasi Asia. to h•lp Ilw erssijre CL¥nm(MJty projuthn does
Gonlritryte 10 dtlortst4b thi1 thi WIVIiLYllliwil¥l #I ¥Wdl mpacts.
In addilion. the Charty is seekir¥J substanbal lurKJiNJ ftr lurther th on..
Supportina producer C(ntr to dmlcv MIdnISm$ vthich IhArn trn rnmply Intt•A#ing
consum•r eounlry due diligerts kn9i8Lthn. SUL as the EU Delorestalion RegUlafr and the UK
EnvironmntAcl
. Developirg approaches to ensure human NJhts respected In 8gricuttur41 comodity prtsluthon
landccJpoo. Thio indudrD lobour, 4ind. iftd4cno peoplts and QornmuThb. and gorthr N9htS,
among Olhern.
C¢)niinvifg our support ¢0 la3(ape juiK¥JKthJid aw11MY
THE PROFOREST INITIATIVE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORn {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 The trustees, who are akn the direttot5 the purpose of company law. aNJ who duriThJ year up to the data of Signatu of fiTranc4al staiements r." R J Cooper M Abreu EJFnpp IARSrnyth M Hobtsy C A Elliott B A Lindhe IRe5vJn8d 6 Juty 20221 IResKJrd 18 Marth 20221 IResv4 1 March 20231 Iwnted 18 March 20221 IWJ¢'ntsd 18 Marth 20221 Undor tho Momor3TrJum 8nd Artths olAsstrJabDn. Chanty has to me any Investr)enL but only fter obtaining such adwce a finanaal exwt as Ihe Trustee$ (x)n$KJ&r wessary. having regarrl to tho suitsbility ol In¥eslments and need for dNersificobw No Investr))eni has been madv to dats. Ply pollcy for ¥onlor•tsff The board of direciofs. who are the Chantys TN5tees. and Ihe SeTh)r m•nogemeni team ctynpnsa tho koy managment personnel of the chanty In eharye of direcbrJ a1 rAJNtrollifig, rufining oper8tsng the Ch8rity on day 10 day basis All Tru5te8s give ol their lime Ireely aNJ no Trust0• receiv•J remurer8tion in the year. Details of Tw5tees' expenses are disdosed In 7 10 the ar£ounts. The pay of the senior staff ts rev annualty WJ rKThalty inu••wJ in Inflab"on. Board ol TnJ$too8 8wan off gn pay rpvioW5 for sonK)r staff. Rl•k M•nag•m•nt The major nsks 10 which Ihe Charity is exposed. as by the Truste. have been eWed and systems or procedures have boen established lo manag& t)$ nsks A nsk man¥Jemeni maknx detaib n$k$ and ¢i)nfirm$ the procedures in pl8c8 and Is and aM)roved ea¢h year. As sovoral prwramrn•s Indude Work in high risk countr3 Ipcst-conflict or Iimrted Infrasir to spO to a¢tsdents aTrl ern0rgen5l woth plan5 are reviowed and, If rce5S8ry 8mand8d. to r•SpO tts any risk whith c¥nnot t• ayequatety Audiior In accordance the a re801Lkn prc$w ttwt Crrtthkny3 Audit LLP reappointsd a5 8uditor of the company will be Put at a G8ner81 Meats"ThJ. Dl•clo¥ure of Inform•tlon to audmor Each of thè trust has ¢onfirrned that Ihere is no information of which tIEy are aw3 which 15 relevant to the audit. bul of whKh the a)rtar Is unwware. T ha¥ frJth8r cfirMed that ihey have taken aFpropriate step¥ to kyenbty SUL reknnt Infom)ath 8TrJ to e5t4th that Ihe aL&Jrtor ts 8WWg of such Infcffjiatson. The tNst88s' reportwas apwo%d by tr* Bo•rf tsf Trte•S. C A Elliott Trustee (5. 1 6 L: LS..........
THE PROFOREST INITIATIVE STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2022 The trustees, who are also the director5 01 The Proforest Inbbati¥ for th8 WryKSse of company law. are responsible for preparir¥ the Trustees. Report aThJ the financ4al siaknnents In acrdanCe wrth applwbla law 8nd United Kirbgdom Aecounling Stsndard$ (United KI GernIty Ap Accountng Practs(l. Company Law requires th& ¢rtee$ to prepare finanoal Stsfrments foreach finanaal year Which 9 a twe and fair view of the S18 of aifairs of the charity and of Ihe Incomity resources and apF4catYJn of rèsources, induding the Income and expenditu, of the thatab company for that year. In pr•parirrta these financHI statsments. Ihe trustaes ar8 wuired to". . 50knt 5UttsbK8 accounting pdia8s then th c•Moty". . observe the melhtsls 8nd pnncjplgs in lh8 Chantss SORP. . mak¢ judg•ments and esbmales that are r8as0Tr8ble aThJ pnI". - ststs whether 8pplicabl8 LIK AcCjnI1n9 SndS1$ h•v• hJlkMYJ. t¢4 •ny rnateriil departure d15closed and explained in tha financial ststgmgnts.. aThJ . prepare Ihe financial stat•mènts on Ih c¥nc•m basVJ Urtess rt Is Inappropriate to presum& that th8 ¢h8nty wlll coniinue In opera1. The Iwstees are responsible lor k•w"ng 8dequate acrAMMtrry recorth thar dY8d¢)ye with Trasonablè accuracy at ony time the finanoal positth of charily enab Ih8rn to en$ure that the financ481 statements comDly wilh the Compan18s Acl 2(. They arg also rwonsIb lor safe9uarding lh8 assets of t charity gnd h•nce for takirq reasonab S$ lor prèveniion dotectTr of aThY nlhar IrTroiJl4nbNs . Inere Is no re¥aN auair Inromaoon the ¢lp0ny' arg Un, and the tru$lees have taken aA steps Ihal they ought lo ha¥e taken to rnake thmlfvès re of 8ny relevant audit nlermatw and to establish tt Ihe gudrtcn are of thai infDrmation.
THE PROFOREST INITIATIVE INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE PROFOREST INITIATIVE Oplnlon hav8 audited Ihe finanual ststernents of Prt>fore5t Inibatwe Ithe 'charity'l for the year ended 31 Oeotnber 2022 which CLxnprise the statemeni of firwnaal actswtss. the balan sheet. the statement of cash flows and notss lo the finanoal Stslernents. Ind1rj sontficaTrt accounth"ThJ finanual repDrbng tramewotk that ha5 been aOEd In their preparatson is applicable law Un¢ted Kiwdtyn Accwntirg Standards. Including Financial Reporhng Standard 102 The Finanei81 Reprmlw Stwthd ap in th8 UK and R8wblK of lTrlanrl Iunited Kingdom Generally Accepted A¢¢ountiry Pracbcel. In our C¥)Irs)ft. Ihe finarul1 statem8nls' giv8 a and fair eW of the Stats of the thantsbk (xmpany's affwts as at 31 08carnber 2022 and of 11$ Incomiryj rnsource5 and appk8bon of tesLKJrces. irL•Ia its irKome 8nd exp8nditure. for the year then ered. have been prepody preparJ In •xydanc• Vlilh Unrtvd ngdOrn Gvnerally Acrtj Auntsng Pra¢bc4,' arKI have teen prepared in Kcordan 1h Ihe tho Ctmp•r¥•sAct 2C(6. B481¥ for oplnlon È conducted our 8udit in xcordonc• Intem•btywl StarKlwJs Audith'ThJ IUKI IISAS IUKII and aFplicab law. Our responsibilities urthi those s¢ar¥JaTds are lurfher doscmbed In the Audj'loffs r8wsibilili8s lor lh8 8udil of Ihe linanci81 st81emenf$ se10n ol our report. are iThJependent of th8 chanty In ac¢ordance with Ihs ethical requirements thai are relevant kn our 8rt of the financjal statements In UK. Indudiw Ihe FRC'$ Ethical Stsndaré. and wa have hj1fi1d our other elhvl r¢wgtsliDes In a¢cordanc with the#e requirernent5. belwve that the 8udit èvthn¢ vn h•ve obtained Is suffiuent and apprwatè to Pfold 4 Wi$ for r wnv)n. Conclu•lon• rnl•tlng to Molno ¢oncorn In auditing the finBnual statements. we have u)ndLthd Ihat thtr trust•o8' u8• 01 th• goirJ e4ntam ba515 of accounting In the preparab.on Oft finanual staloments 15 zFpropriate. 803ed on th• wort ha¥• perfonned, havg thnb"fig1I wy moten¥l Urertainl¢S rel8tirvJ to wents or conditions thai. I1val or cc1¥. may east synific4nt do on the ehanty's abilty to eontsnua as • 901 ncern for o wned of al aSt monlhs frcrfn %then thg finaro81 $tatements aulhorise# for Issue. Our r•sponsits'lthes and tha ot respect 90irv4 cefjc•m ar• doicribod in th• rekwant sectKffl8 of Ihis rewt Other InfonnaOn Thtr Olher InloallOn ecrfnprise5 the Inform Ind annual rerKI other Ihan Ihe fin8noal $totwnents our auditorfs port Ihereon. The twslees are respJnsib$8 lor Ihe other Infonnalion ojntained within the annual repcKt. Our opinion on the finanrial $iatements Ij noi ¢o%tr Ihe Qlher InfomiatK)n and, except to the ertent olhewise exF4iciUy staled in our report, we dts noi express 3ny forTn of 35surance ndUS1Or1 the0. Our re$wn$ibility Is 10 reaLI the other Infornatson aTrJ. tn doiThJ so. conshler whelher the other nIOatIon 15 materially Inconsistent wlh Ihe finanoal statements or our kntr•AedgÈ I)blaid In the course of the audit. or othe1$e app&ars to be materially misstated. 11 we KJÈntfy sych rna¢enal ItKQn31slenoe5 or app8nt maienal misstatemenis, we are required to detern)Ir whetr this give5 nse to a matenal misststement In the finanual $teMents Ihem$Èlves. Ir. based on tht work we have perlorrn9d, wo condude thal thero a matenal Mlatent of gther infDrtnation. we are required to report Ihai lau. hava nothry to repJt in thi5 regard. Oplnlonj on other mattern prnscrlbed by th• Companl•s Act 2006 In our opinion, based on the work uTrJertaken In the course of our art. Ir information given In the tWStees' rEFXXt for thE finanoal year for whith the finanrial statements are prepared. which IrKludes t direfjors. report {epa forts purposes olc£rnpany law. is consistent with the finan¢ial $latements, arKI the directcrs, report within the trLtstees' reFO)rt has teen prepared in accordanc8 %ith applicable *al requirements.
THE PROFOREST INITIATIVE INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF THE PROFOREST INrriATIVE Matterd on lch requlred Io TEPQrt by ex¢epllon In Ihe light ol the knowkdge and underslancjirwj of the tharny 3TrJ it5 eTrwrOnffn1 obrained In the rx>urse of the a)11. we have noi matenal msststsmgnts In Ihg diredors. reFy¢ i1¥Sj ¥Alhin Iho tru5teus' report have nothing to report In re5rd ol the ftAIlj maller5 in rethjn to whith the compan Act 2CX requi$ us lo report ID you if, in our opinion." adequate accountiry fecord& ha txen kepL or retums adtyuat aLKhl I1 l[1 (¥uysivwJ from branchtrs not vBrted by us, or the financial slalemenls are no¢ In agTrnt Ihe aOunrj fecorrjs and TEtum¥, or Certain disclosures oflrustees. remunerabon swfied by law art not made". or we have not received all the Inlrmmaiion ar¥J eXanaOn$ we wuire for our audi¢ the trustees were not enlitled lo prepare tho finanrJal &tatcmeTrts In aw)rdanfje ¥ilh Ihe siiioll WTlVdll regime an¢1 take advaniage of the small C(mpan. exempts.ons In prapanrvJ th? trustees. report and from the roqulremenl prepar• a Straw reporL R••pon¥lblllll•• of tru•t• As explained more lulty In tho Statement of lrntytws, resEnSIb.68. Iha trtssty•s. wlx> 8rg alK the direclors of tha charity for the purpose of company law. are responsib for waparab¢n of Ihe financial Statents and for beirg satisfied that they give a and fair and lor such Int8mal control as Ihe trustees csetormine Is nacessary 10 enab the preparation of financial staknments that am tr8• from rnat8rial misststernenl, wheiher dutr to fr8ud or Iii yi¥ydiiiiy Ili fiiid11udl bidllydI1Lts. It ¥1¥1 i¥¥puii¥itJl¥ fur &tsse551ng ine cnantys 8DIIIry 10 conlinuts as a going concorn, disdosirYJ. as zthicable. matters relate¢ 10 9oing concorn and using the goir ¢oncern u831s of accwnurg unss me tyu5wes ertner InteThJ ty IqUale the cnanlaDk ?panY or to ceas• operations, or have no ¥¥ti¢ alternat but to do 50. Audltoe• v••paMlblllll• for th• aud of th• Ilnan¢l•l •t•l•m•nl• Our objeclives are to oblain reasonable assurance abrArt Trwhthr financial 5taternents as a whob are free from l?Idl¥iidl 111lbbidlil¥lIt. ¥VIlI1 tu fi¥tsJ LH ¥IILH. dIj Iu #ii #LXIIi'¥ I¥wii thai IncJutsS our opinion. Reasonable assurance Is a hvJh k¥el of assurancts tJl Is a guarantee thal an aULlIl ujnducied In aeeordanc4 with ISAS IUKI wll aayS delect a ma¢enal misstat8mern when rt ¢XlSts Misstatornonts can anse traud or •rror and are COnsered matsnal If. indmdually or In lh¢ aggwate, th ¢oubJ r•a8onabty exFected to Influonc the economic deaonS of users taken on th8 basis ol b)ese finanoal $tsieftKnts. Irregul8riti88, ind1rj tra1. InStar of no[cnl0n vrilh and rngulats"orM. IAts desvjn proc•dur•J in line wrth our re$ponsibilrfie$. ouuined above. detea matenal misstatements in spe of Irregulari1105, Includir fraud. oxteni 10 whith our pr¢xedurts S capat4¢ of delKb'rg irwuiqntss. Induding fraud is detsiled bdow" Our approach to hntifying and r701rJ tha rkS of moicrwl mi))tottyn¢nt in reapeca of 1rr¢9ulont. induding fraud and nofyeompliance law3 aTrJ regulat)[. was as fdlws.. . engagement partw ensured Ihat th& •ngag•mant le the apprwate compe¢enr. CapAItt5 and sk115 10 or rec03ne nor0pIlan ano re9ations.. we K1entsfied the aThJ ryulabs Wtal)Ip lo th8 chant>k rxjmpany through disDJssions wth truytees and olher man•Jement. and fw Lwr ccmmèrual aThJ experignea of the clients bUsIsS seuor. . we fi)¢used on speufic Ws arwj ryulatn5 we cOJerj may have a dirBct rnaterial effect on financial Statents or Ihe operab'ons ol fv charitat4e cJJmpany. Indlir¥) the cpaTr?$ Act 2006. Charrtie5 Acl 2011. taxation gL%lalJn. dala proteclkM. anti)rthry, empknyrnt, environmentsl and health and safety legison, . %¥tt yAl¥til ivKI IYgulaliLvF KJEntiW uve Ihrough makifg anquines of rnanJement." and . Identifiwl laws and wulaDon5 comrnunicated ¥•thin the atyjit ¢e•n and th8 team remained alertto inStsn9 of n-Com¥ IhroLWoutth? a1
THE PROFOREST INITIATIVE INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF THE PROFOREST INITIATIVE assessed the suxepiibility of th8 chantsbk campanys finanoal statements to material misstatern8n( induding obtaining an undetstandiThJ ol hthv frawl mvJht(xxJJr. by. makirvJ enquiries ol manJement as to Whe IW Con$th Ihere wa5 Su5pts.bIlity to tra. their kne? of adu. 5WeCted alw fvawj. aTrJ . cortsthring the intemal ¢or¥trds in plac8 to mrtvJalo nsks of fra1 a1 nOndC(Mplan wth L4ws and regu18ts"ons. To address the n5k Offra Ihrow man•Mnt bws aTrJ olttffjtr0, .. . Ferfomied anatyiical prot8dur88 to bjanbfy any Unusu w unexraed rel•btyutt4)s'. . lestsd journal entr5 to thts.fy unusual transt$.. . whpthArjitywfi8nl and a¥¥umpkns fflad• in d•t•rrnwwry Dccountiry •Bbm•t•g w•r• indic•tiwa 01polen bws.. aTh1 • in¥esb3ated bghirnl [aTrt tra1•c. Iii Iwxi¥tt tu IhD of aTrJ r¥)rty10n ifft laws •rbJ reguiauons. we aesignea pr¢xeoureg whith indude£l. butwere nol limitsd to." • agreeiw finanoal slai•ment dithures to u1th.r9 suppfftI dowTrwnt8ti0n.' . rnad1 tho minut•8 of meeb'rw ofthose chamed wrth qovern•.. aTrJ . •nouirirvJ ofrnan•wnent x tr Athwjl rJir There aTr inhefenl limrtatrens in our pradur•S descfjbed above. Thè more removed that law5 and regulations are fr llnancJai traWCTK)ns, ine Iikety 11 Is thai wouk) Dec(me awa 01 nonMplianc. Auditing sianrSard5 a150 Iimil the audit woceilures to Kyenbfy nOndCAynqnCe wlh laws anol regulatsons to enquiry of the trustees and 01 maThag•mènt And the 9F•cOn of regulatory and al eorrnspond•nt, If any. Material mtsstataments Ihal due to froj can harder lo dete(a thaTh tho¥e Ihat ari¥e IT error as tlw may Invofve delib&raie cort•8knant or A further dexiiptson of oui rtwiauitw ¢5 wi FIii¥iK4dl Rwtiiw CuuiK41i b¥¥ble al. littp3.11 www.frc.org.uklauditorsresponsibilit*. Th (Won forrns part of our auditorfs roport.
THE PROFOREST INITIATIVE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE PROFOREST INITIATIVE U88 of our report This ptrrt Is made sow to Ih8 thants8 companys members. as a tx)dy, In a¢¢OrL1an wlh Chapter 3 of Part 16 ol the CornpaniesAcl 20[. Our 0Irt woth ha$ been urKlertaken so Ihat we rnh1 stale lo the charil8bLg tompanvs members those matters we ar& required tri slate to b)em In an 8rt{S port and for no other puSe. To I luISt extenl pertnrtted by law. do or a55ufnE fe5ponsibility to anyone other than the tharilab company arn# the tharrtaty fxmpanys memb&rs a$ a t*yty. our audit w(wk, for this report, or for th8 opiniDn$ fo•d. //k/ • Robort KIrafid Isonlor Statutory Audrtor) for and on behalf of Crltchkny• Audlt LLP 201612023 sthtutory Audltor Bemr House 2>38 Hythe 8rhSJe Stroet Oxford OX12EP
THE PROFOREST INITIATIVE STATEMENT OF FINANCIAL ACTMTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 310ECEMBER 2022 Current flnon¢lal y•ar Unrnjtrlctod Restrktsd fund• fund• 2022 2022 Tc+t•l Total 2022 2021 Donaiions an(J gr3nts Charitabb 8CtMts Invesiments 2.rJ38.597 2.098,597 1.702,170 520,6 469 15 Total Intt>m• 465.459 2.Cv38.S97 2.564,056 2,222.839 Ex ndl Charitable athvth$ 465.729 2.ICQ.372 2.566.101 2,215.S Not loutyolngylncomlng rmOur¢ hl<)r• tr4nsfor¥ (2701 11.7751 12.0451 Gross tra[fer9 beN¥een hjnds N•t l•xp•ndNur•ylnGom• for th• y•wl Not MrnIn1 In fund• 12.0451 12.0451 6.934 Fiinrl hHLHnrM At 1 .IAniJAry A52.145 452.145 44S.211 rund bIn¢ at 31 D•¢•rnb•r zozz 450.1(Q 450,1CIJ 452.145 Thg BlaI•ml rJFfin•nwl int4udoa al gaino ond hiotros rooogniDod in tho yoor. All Intomo aTha empeKUr& ¢Jen¥e from confrnuing $taterngnl of finarA?1 acbvths tho mquir•nants an irthM and éXFthditurè ac£ount und•rth• CompanBAC 20C*. 11)-
THE PROFOREST INITIATIVE STATEMENT OF FINANCIAL ACTIVITIES {CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022 Prlor Ilnancbal year Unrn8tr1¢ted fte$¢rl¢i•d lunds funds 2021 2021 Total 2021 Donations and grants Charitab ac¢iwtses Investments 1,702.170 1.702,170 $20,654 15 15 Total In¢om• $20.869 1.702.170 2.222,839 ndltur Charitob ac¢iwiies 476.272 1,739.633 2,215,905 N•1 loutotslngVlnc<)mlng mourcm b•forn tramfgrn 44.397 137.4631 6,934 Gross tran81ern be6 fuTh 123.3251 23,32S N•t I•xo•ndltur•Vlnc¢Jm• lor th• ym N•t mov•m•ni In lund• 21.072 114.1381 6,934 Fund babncès ai 1 Janu8ry 2021 431.073 14.138 445,211 Fiinrt halanrpA at li fJ*e•mh•f 20X 4S2.145 452,1rf6
THE PROFOREST INITIATIVE BALANCE SHEET AS A T 31 DECEMBER 2022 2022 2021 Curr•rtt •M•ts D8btOfS Cash at bank aThJ In harnj 447.529 608.949 158,104 754,554 1,056.478 912.658 Cr•dlt•rn: •mounts lalllng du• t*lthln ono year Other credilQlS D8f8rred Inc¢Yne 10 11 594,678 11,7C 359.416 101.0>7 .378 480.513 Not current assets 450.1C 452,145 Ineom• funds Unrestricted nd5 4S0.1C 452.145 450.1C#J 452,145 The finanual stalemonts apprj by Trwt••s on. C A Elliott Tru•ts Company r•ll•tIon nurnlxr 7293440
THE PROFOREST INITIATIVE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEM8ER 2022 2022 2021 Notr• Cash flo from op•rallng •¢VItI• CBsh 8b50rbed by opefatior 16 1146,0741 125.3501 Inv88tlng a¢¥tIl$ Investment Incorne r8C8iV8d 15 N•t ctsh 9Dlr¥I¥d from Inv••llng actlvltl•& 15 Not caah u••d In Iln•n¢lng •¢tlvW Not d•¢rn4•• In ¢••h and c••h •qulv•l•nts 1145.6051 125.3351 Cash and cash e4UNaThts ot bwMiThJ olyear 754.554 779,889 C*¥h and c•¥h gqyfv•loTrts •t •nd oly••r 808.949 754.554 13-
THE PROFOREST INITIATIVE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 A¢¢oynWno poIIci Ch•rlty Inlormaiion The Proforest Initsath¥e is a WiV8ts panY IimiteLI by guar8rnee Incworated in Engla 8ThJ The registered office s Soth Surte. Frewin Chwnbers. Fr8wn CourL Oxtsd. OX1 3HZ. 1.1 ACCOUnng Connts0 The financial $latLYnenls ten prepartsj m actothcs th8 tharity8 document. Companies Act 20Ce, FRS 102 -The Financial Re)rts.1¥a Standard in the UK and Republic or Ir81and' I"FRS 102.1 aThJ Ihe Cttarrt SORP 'Aontr and Repotyry by Chartle5 Statement of Recommerthd Prattre applKth to charities preparirvj Ihwr accounts In a¢cordallce with the Finanual Rewrbng siaryjard aFyllcab In Ihe UK aThJ Rewbk of IreLand IFRS 1021. leff8thv8 1 January 20191. Thg ch8fity ts a PublK 88rfft Enbty 05 by FRS 102. The financial siai•rnonts are pr8pwad in sterlir4. wh¥ 4 the tyncbonal of the tharity. Monetary amounts In them finrla1 Stateth ar• foUj 10 th• fi•ar05t £. The flnandal slatents ha¥• prBparad under histowl cost o)nvenbon. urfe$$ otherws8 Statsd In tho accountirvJ pdicy les. The pnwpal accn"rj pc4iu8s •J¢)pted sel out tselgw. 1.2 Golng eone•rn Al the tsme of approwng thè finar statements. the trus¢ee5 have a reasonabkn expectstion that the charity lid¥+ dd¥yudl¥ i¥¥vul¥ iu ¢xMIts"riuu iri wttrill¥Jl¢il VI¢5nce for the lor•588db18 luture. Thu5 Ihe tru51e89 conb'nue lo &Jopl t wng corwn bgsis olaccijwtry in preparirrtj t financi81 statements. 1.3 Charltabh fund• Unrestricted lund$ are ovalatle for use at the discrnbon of Ih inAst••s in lurth•rAnc ol thèir tharlbI& o¢¢tives. Restrpcied funds can bg wed for parbvJLgr resth'ded purposes 1n ctycts of the Chanty. M8re a dor has speofi•d a PaJ13r purpos¢ for a donab'on. ts irwne is shown as rtri(ed income in th? siaiemenl ol Finanaal A¢)wbes. Any sh Inccrfw ur4xnded ai the year end Is s)Wn as a restricted fund In the balancè sheet. Restlica arise en swfiRd by d¢yKJr or fuThls 8r8 fAi%•d fnf PArtip.ul%r restricted wrposes. Details oftha rtstrthd pro¥thJ in noies to tts accounts. 1.4 In¢om• Income Is COgniSed whèn Ihe chanty Is alty ¢ntstled to rt after any perf0rnan conditKn$ have bgen met, the amounts tAn thAMJrAel rAlkryhty Ar¥1 it NnhaNrt thAI inrrTh ¥AII hA rAfAivArl OI•TII iiwiiy r3 yVllVl¢illy IryGggni5Bd on a leiab ba3 atvJ 15 tppuriBd gTU55 ol Tvlalvd vxpvndliUI¥, where the amounts a reasonabty certain and when there is quate certainty of rectipt. Funding recewtrj tor luturn perK#JB is foThvard in [Br[8d wKJJm8 until thè fèlai•J •yndituTtr has en inojrred. 14-
THE PROFOREST INITIATIVE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 ACCOUnng pollclos 1.5 Exyndhur• Expendilure 1$ a¢ctyJnted on an a¢¢rL41s bays and gr¢tss of any TBlat8d wrne. They a dassttsd under headings that aggregate all costs related to the cale90ry thore costs cannot btr dir8dy attnbuted to particular headings, tly have been aloL31ed to acbvtss on a basL5 corwstent with use ofthe $OurCes. . Costs ol charrt8bkn xtmty ojmrrfs direct exdI[ure. kn rA)$ts car0t be directy attributèd. they ha b•en alkrated lo on a bas DJnsv8teTrt ith ofre50urces. . Governance costs Ihose costs. Sh a5 aLhlii or iThpendeni exninabon f885 8nd bJal aTrJ professional f8as. assocjated wlh rx)n$btution4 8Th1 requiremgnts. . SuFpy¢ costs and gmrnanc costs. upthr"OUw Chwrtabkn Exwdj¢ure' tt8ve not bo•n appOrtned across the reported chantabk ApportrUng they8 D)5ts wouk# not any fvnher benefit to interLveurvJ Ihe accounts. In the opnion of the thanty. 1.6 C••h •nd ¢••h •qulv•hnts Cash cash equivaknts IndLMJe cash in har¥J. d•pow"ts h8bJ at ¢811 ¢h banks, othèr Short-le INU Inv&sim6nis wilh or¥inal matullb•S of three monttB w bs5. ba oveT¢lrats. 84nk o¥erdr•ft3 ar8 sh¢)wn within borrowings In oJtr•nt Iiatslrthts. 1.7 Fln•n•l•l In•trym•nt• The charity has el8cied to apply pffjwons ol Sethon 11 '88$ Finan¢J81 In$trurnonts' and seOn 12 r Financial I1ments IS5. of FR$ 102 to am of IIS lInaal InsrnJm•nts. trinanc¥al Struments ar¢ In fv ¢hatys balanra th8•t tharity becorne$ party to t contr8eal pro¥iJv)rw ol irBtruwit Finanual assets and liabili1s a off. wrth thè nel zrntyjnts msenied in Iha financ4BI s181em&nt8. whftn thèra Is A legally enforceab rwjht 10 9¢t off Ihe recognise(l amounts ar¥J there v4 an Intentson lo Strtt on a nèt Basic financial asset5. wtich debtors a1 cash and bank balances. are inits.alfy measured at transathon price IndIng Iransaaion costs and sUbseqnty Mell ai amortlS8d cost u51rs the effective Interest methfyj Unle arraThJemeni consbieS a finan[vJ Iransacbon. %th•re the Irans8clion is measUd at the pr8senl value of Ihe hrture receipts dBcr)wleil at a math•i rate of inteTrsl. Financial 9SS&ts ¢JA8d XA rfTrivth ¥Mlhin yr ArA nnl AmnrtthAd Basic financial Ilabilrts. IndudirvJ credth¥ and bank Iwis we inrti• r•ttgn¢sed at transath'on pnc unl8$$ the arrangement conStrtu$ a finanong transaction. whe¥e the debt Instrument 15 measured at the present value of If future pavments discounted at a maFk8l rate ol interest. Finanoal Irabilit5 das81fi2d as payat)I wthin ore ¥r not 0rD¥•j. Debt instruments aro subs&•¢am•d at amorlNèJ cost U5irw ts eIrec illtere5t rate method. Trade creditus are Obligatio to pay for gr or semces thai have been ar4Uld in the ordinary course of rats¢ns slerS. Arnounts payabk dlf¢d as Guent liabililiys if VdylTiyiiI i¥ Llu¥ wilhin one year or 5. If not. they are present as no1rn1 Iiatslbes. Tfade C11¢($ ao recognised initially at iran5aClk)n prtce arwj Subseqnty measured ai armrnsed C$1 usiry me errecllve InreSt me00. Dere¢¢)onlrion of Iln•n¢1èl•bIIil1S Fin3nG131 Iiabilits96 are d9recognised when the thanty.: cancelled. 15-
THE PROFOREST INITIATIVE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 ¢rlUeal acc<>unting •stlmate¥ and ludgemenls In tho applKatK)n of (anty5 accwntirvj pc10$. Ihe trLLsls are TEquired to maka ju(S¥ments. est'mates a1 a55umpbons abrAJt Ihe c3rryirvJ ount ol assets aThJ Iiabiltbes that are not reèjity apparent from other sourees. The esmaies and assoaaied assumpbms aB based histoncal expenenc anrj other factOf5 that are c¢ndored to te vant Aaual may drflar trom te Th8 eslwn8tes a1 undertyiryJ assumpts.ons rEYEw%d on an oTraoing basis. Revisions to a0unti estimates are recognised In penc¥J in whth Ih8 è5tsmats 1$ revwd tre rev1510n affects only that nod, or penc<1 of the re¥lOn and fvre peric•J5 there the r8¥i8ion affects bth current and future periods. Crltlul ludgomonts D•hrr•d Incom• No new grani$ wa$ reced in resp8cI of fvtU pe$ Ihis year. The 0Ment which reLqtes to oxts which haw8 noi betrn Incyrre(J at ¢he balar0 sh881 date are carned lOard to be matched again51 the c0515 wn they are Incurred Manag8rn8nt exerus89 ILWeni tc cJJat• the 0nts to be deferred by refergnco to budgeted e¥pondilure and grant mlilions. A¢¢ru•l• ManJern8nl exerc4ses judgorrnt In caloJlatsThJ year ac¢yuats referenc4 to tOrnI•ll0n rol81iry to costs incjjrred po$1 year ènd, budgeted exFenditure. Don•lbon• •nd gr•nts R••trbctsd Restrictsd fund• funds 2022 2021 Grnnt in¢om• 2.c68.597 1.702.170 Gr•nts ree•lvbh for ¢or• aclbvlil•• - US GEF Soy Brazil DFIDIKPMG- FGMC 201&21 IKICall 2016 US- GEF Asi8 LeamvJ CPD 2020- BEEF TIkIt FCDO P4F TFA Phase 111 FCDO-FGMC extension 2021_2022 IIVEF 2021_ TFAAPOI &urpJrt Other 40,141 105,495 514,830 96,692 14,432 423,9s6 478,746 27,878 636,74S 719,864 707.739 34.249 2.1)98,597 1.702,170 16-
THE PROFOREST INITIATIVE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Donatlons *nd grants Icontlnuedl The lolkAwiry aLYonyms have btrvn used aTrJ in note 12 to I1 APOI Afnca Palrn Oil lnilia1 DFIO Deparmeni for IntematK)nal OtsvehJpmerbt IUKI FCDO ForevJn. cM0weath & De¥ekpm8nt Offic8 FGMC Forest Govemance. Markets and Climate PrLyJramme GEF Gth31 Environrrent Fatylity Infrrnatbonal Clirnale InrtwtNe PJIF Partnerships lef Forests RSS Regional Sustainability Stra TFA Tropical Forasl Allian WEF IAt>rtd Eeonomic Forum d Vwje Fwl for Natyr• In¥M¢m•nts Unmtrictod Unwtnctsd funds fund$ 2022 2021 Intsf•st rncoivab 15
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THE PROFOREST INITIATIVE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2022 Support ¢o•ts Support Gov•mance costs 2022 Support Gov•rnanc8 C08ts costs 2021 Prografflrne develop Management af min151ratsve support Office and astablishment costs OlhBf 8xp8n58s 6.393 6.393 223,417 223.417 171.643 171.643 65.382 1.293 .431 96,431 Audit fees Trustees. meetirvj K4ts 6.850 5.407 6.89) 5,407 6.150 23 6.150 23 2.485 12.257 ,742 289.593 8.173 275.786 Analysod betseTh Chgntst)le aCtstS 2.48S 12.257 308.742 269.593 6.173 275.7e6 Go¥emance cc4ts Indth paymenty w th• 01£6.85012021- £6.150 I lor audit feel. Tru•t• None ol Ihe tru$thos lor any peOn¥ ted tmth InI rx4N•d any remuner8lby or tenefits the chanty dunThJ the yew. Six trustees recwved £935 rtrntr•Jrsed dunTra fv year12021. Three trusts88 ware reimbursed exp8ns8s of £101 In 2022. lh• InJste8s al had £4,451 12021 £NIll eMPgnW on Ihgir Wolf for lunchgs and trovgl. St•ft ¢o•ts 2022 Nurnr 2021 Numb•r ManageftKnt Operatsons and IT Finance Total 10 amount olE223.41712021." £171.6431 lsee rth 61 tfftrs the cosls forManagenI atKI admini$tratr¥e support forThe Proforest Inibatwe WOVhd by staff whose c05t5 re paKI by Prolorest Ltd . Employees of Proforest Ltd have joinl contracts of emF4oymenlwlh The Profore51 Inrtiatsve. Key management perS0Th tt Trustees. tr chfexeaJtive off%xr. a woJramme director, the Afrw regional director, Ihe operabon$ direuty arnf the finan director. This was also the case in 2021. Rwnuneratron paid fo fv thallty's key man*Jement personnel In yearlots1 £417,29512021. £424,971 l ofwhith £121.72712021. £120.1331 is Ind1j as an 8¥pen58 in thpse a¢xounts.
THE PROFOREST INITIATIVE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 StsII Icontlnuodl The number of8fflpk)y885 whose annu r8mun8fabon wa5 nve than £60.(ts) Is as follow5 2022 Numbor 2021 Numb•r £80.001 _ £70,C(KI £70,001 - £80,C £80.001- £90.CO) D•btorn 22 2021 Amounts f•llln9 duo wbthln on• yo•r. Trade deblOIS Olhtrr deblN5 108.987 20,582 1?.Q1n 124.812 334.188 447,529 158.104 10 O¢h•r ¢r•dltor• lalllng du• wlthln yr zozz 2021 Trad• cr•dito Amounts due lo re1h gul>stytsw Ixe note 141 Accruals aTrJ deferred Ir$ 10,337 489,301 95.040 42.165 290.527 26.724 594,678 359.418 11 Deferred In¢om• 2022 2021 Arisirrtj from grants reC•d lor 4y•ak fuiu prooramm84 11,7 101.097 D•forr•d int4)m in Ihe financial ststsments a5 I7.. 2022 2021 Dtri¢rr•d ific0 Ya *thm'. CuTrent 1iats.lrtS 11 7ntl 101.097 Movements in the r. 21-
THE PROFOREST INITIATIVE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 11 C•f•rrod Incorno lcontlnuodl Defer Incott at 1 January 2022 Reased frixn previous n0d¥ Resour$ d&lettl in Ihe year 101.097 1101.0971 11,700 70,407 170,4071 101,097 D&farr¢d in¢m at 31 t)8C8mbar 2022 11,7C#J 101,097
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THE PROFOREST INITIATIVE NOTES TO THE FINANCIAL STATEAIENTS (CONTINUED FOR THE YEAR ENDED 31 DECEAIBER 2022 13 C¢)mmlkn•nts of th• Charlty A$ 0¢ 31 Lkcember2022 ts Chwty" . had rK• rnatsnal cL¥nmthAts not pro lor ITh Ihe ac¢ounts . gNen no guarantees to third parties had no IiabbtEs seoJr8d on its assets - had rnade no l)ans to connBGted persons or otreThw88 had rnade no ex4raba payrnersts in the wr than 14 R•latod yrty tra•¢100• and controlllng p•rty Tran•4Ctlons wlth rfrlatsd partl9¥ Proforesi Iniliatsve 1$ a 5ubsdiary of Protse$l Lld in acctrdance with th• provisn5 of section 1159 of the Companws Aci The reason that Proforesi In11ave tsll$ wlhin this definrtion Is that Proloresl Ltd Is the Sole member of ProfrKest Iniliatw. Each Inotee of Ihe ProfNest Inrtiabve has one vote. The sob memtyef cannot Overnu any dea5n rn8king by Ihe TnL¢ee$. In sde rrernbership entitl85 Proforest Ltd to res¥n the Board of Trustees. YVer ih pracbce thLB couka not hapFen due lo tha regulatory framework in whith the th4rity operales. Proforesl Ltd's pnnopal obJeclNe5 are to W people lo projuce source natural resouretss sustainably. PrnlnrAsI I trf pmvtsg ¢on$utt¥hCy E•fwc•B lo compan. d•wlowng practical approach•% to r•rkponÉibl• produthon sourgrg that support (JYnrlts in tsirtranthon pmcttss the wour*J. 24-
THE PROFOREST INITIATIVE NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 14 Rehtsd party traMactionB and controlling rtY (Conn•d) During the year eThJed 31 Dec4rnb8r 2022 Prof01 Limrted rvcharged Th8 Proforest Initlabve £785.473 12021 £683.9321 for costs of chantsbsg actswty pa# on Its beham As at 31 December 2022 £203.51612021. £112.4() was due to Proforest Lim Piolorwi Inityative. £NIl 12021.. £3541 w•$ due from Proforesl Linited to The Prolor8St Inth During the year eThJ8d 31 2022 Profryest Sdn la MaL4y&an subsidiary of Proforest Limrttdl r6tharg6d Proluesi Inibjtsve £212.79912021 £218.0111 for costs of chanlable 8dvity paid on its behalf. As at 31 Lknmber 2022. £35.956 12021 £NIll was PrOf05t Sdn Bhd to The Prolorasi IrMbgti¥tr ¥rKI £27.29712021. e19.0251 vrds to Proforest Sdrs BM1 from th• Proforest Inits"atNe During Ihe year ended 31 Dwmber 2022 Proforest Ghana la urba•r cornmon control bul Shares obiecbve$ wrth The ProlNas¢ Inilialive aTrJ works do8ety 111 rechargod The Proforest IniiiaiNe £8,885 12021 £21,3611 Iv co$ts of thanlab* patyl C ts bgh•lf. As at 31 t)8cember 2022 £2.92012021" £Nill was due Tho Proforesl Inilialive to Proforest Ghona. -2S-
THE PROFOREST INITIATIVE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEAIBER 2022 14 R•latsd yrty tranBa¢tlon8 and ¢ontrolllng porty Icontlnuodl During Ihe year eTrYed 31 Decem 2022 Proforegt Inthbve Alrta, a wthr8d charty In Ghana rKt under ccrnmon control bul shanw otr1ect wrfh th8 Proforest In88. retharged The Proforest Initiative w88 recharged £666,927 12021 £410,6501 for c0515 of chantsb acbvty paKI on its bEhalf. At 31 Decamber 2022 £192.66012021 £88.1961 wa$ due to Proforest InthtN&AIrtO. Dunng the yaar 31 December 2022 Proth51 BraJl lan Assoc#8bon ragistered in Brazil, whith is not under MmOn conlrotl. rharged Tr ProfrKe5t Inthab'¥e £8.057 12021." £75.6221 for costs of charitsb18 aLXiTrAty pa on its behalf. As at 31 Oec•mif 2022, t8.10912021. £44.1051 wa5 due to Proforost 8razil from The Profore5t Initith. DurirvJ the yeaf end•J 310gcwntw 2022 PfolorBSt La1 AmgrKa fft equnI ol a Imited trnpanY in the UK), which 1$ under ccfflmon nIr¢I. sharos cpcts The Proforest Inibaiive and WOTks c105ely with It) recharged The Profowt InrtBtwe £172.656 12021 £180,2121 for costs of Charitab acliwty pahl on its behall. As al 31 Decernr 2022. E54.801 w85 CAEd by Thg Protse$t Inrtolfftl to Proforvst Latsn America 12021 £26,927). 16 Cmh g•n•r4tsd frorn oyr•tlon• 1022 2021 Ir)AfieJlllMirrAfv fnr IhA ye4r 12,04$1 6,934 AUlTnts for. Invèstment inwn? recoJnss•d in ststefflgnl of acknt> 14691 OV•m•nt• in VKthrvJ caprtal Ilncreaseytytser•a in Increaseiiaecr•as•i In crethto (DecreNIne#se in deferred incom (289.4251 235.282 189.3971 107,989 1170,9481 30.89) ¢••h b•grb•d by op•v•tlon• 1140,0741 12a.JA*I 18 Anaty•li of change• In n•t fvnd• ch8nty debt dijrino ymr