## 

## 



## 

## 

||_Page_|
|---|---|
|Trustees'AnnualReport|1|
|ReportoftheIndependentExaminers|5|
|StatementofFinancialActivities|6|
|BalanceSheet|7|
|Cashflow|8|
|NotestotheFinancialStatements|9|





## 

## 

## 

|Directors|NicholasCournoyer|
|---|---|
||RichardBrass|
|Secretary|TempleSecretarialLimited|
|RegisteredOffice|16OldBailey|
||London,EC4M7EG|
|IndependentExaminers|MooreKingstonSmithLLP|
||9AppoldStreet|
||London,EC2A2AP|
|InvestmentManagers|TheDirectors|
|Bankers|CHoareandCo.|
||37FleetStreet|
||London|
||EC4P4DQ|





## 

## 

|Objects,Objectives,|TheFoundationprovidesfundingtoorganisationswhosecorefocusistoseemeaningful|
|---|---|
|Governance&Management|incomeupliftforthosewhoneeditmost,aswellastofightclimatechange.Thesupportthe|
||Foundationprovidesisstructuredasgrants,loansorequityinvestments,andfunding|
||decisionsarealwaysdrivenbythesocialandenvironmentalimpact.|
||TheDirectorsareresponsibleforthestrategicdirectionandpolicyoftheFoundationand,|
||subjecttoanyprudentdelegationtoadvisersandagents,makeallsubstantivedecisionsin|
||relationtotheFoundation.|
|ActivitiesandAchievements|Inthefinancialperiodending31December2022,MontpelierFoundation(ME)continuedits|
||livelihoodsgrant-makingtoitslong-standingnon-profitpartnersintheUKand|
||internationally.MFalsofoundandfundedmoregranteesworkingtotackleclimatechange,|
||whichamountedtonearly£738,000ingrant-making,oraboutnearlyhalfoftotalgrants.|
||Totalgrant-makingremainedsteady,at£1,567,450,whilecostsstoodat£298,535afterthe|
||additionofaProgrammeOfficertotheteam(thisincludescostsofgeneratingfunds,staff|
||and supportcosts,aswellasgovernancecosts).Sinceinceptionin2011,i.e.overan|
||eleven-yearperiod,theFoundationhasnowdistributedatotalofover£10millioningrants|
||andprogramme-relatedinvestments(netofrepayments).|
||Programme-RelatedInvestment(PRI)activitycontinuedtodecreasein2022,withnonew|
||PRIsmadeandthetotaloutstandingbalancedecreasing byabout6%to£65,082,thanksto|
||repaymentsfromTalentFund(Peru).MEcontinuestocarefullymonitoritsPRIs.|
|FuturePlans|TheFoundationintendstocontinue itsworktofightpovertyandclimatechangegloballyat|
||similargrant-makinglevelswhichenablecapitalpreservation.|
|Grant-MakingPolicy|TheFoundationmainlyprovidesgrantstonon-profitsworkingtoimprovelivelihoodsandthe|
||environmentintheGlobalSouthandtheUK.TheDirectorsreservetherighttomakegrants|
||thatmayfalloutsideoftheseareasinastrictsense,asdescribedintheGrant-Making|
||PolicyapprovedbytheBoard,suchastocombathomelessnessortodealwithahealthor|
||humanitariancrisis.|
||Allgrantsareapprovedorpre-approvedbyDirectorsbasedoncriteriasuchasimpact,|
||leadership,andpastandpotentialgrowth,followingastandardisedduediligenceprocess.|
||Wedonotacceptunsolicitedproposals.|
|PublicBenefit|AsrequiredbytheCharitiesAct2011,theDirectorshavereferredtotheCharity|
||Commission'sgeneralguidanceonpublicbenefitwhenmakinggrantsandProgramme-|
||RelatedInvestments.|
|FinancialReview|TheFoundationreceived£88,094(2021:£82,673)ininterestanddividendincome,aswell|
||as£0(2021:£38,922)ingrantsanddonations.Outgoingscomprisedofcharitable|
||donationsof£1,567,450(2021:£1,587,057)andrunningcostsof£298,535(2021:|
||£217,064).|
||Inaddition,theFoundationhadunrealisednetlossesonitsinvestmentsof£506,464(2021:|
||unrealisedandrealisedgainsof£1,158,504).Itgained£190,602onforeignexchange|
||(2021:gainof£36,511).|
||Asaresult,thenetmovementoffundswasanoutgoingof£2,093,754(2021:outgoingof|
||£487,511),andtheFoundationendedtheyearwithCapitalandReservesof£5,921,199|
||(2021:£8,014,953).|
|RiskManagement|ThemajorriskstowhichtheCharityisexposed,asidentifiedbytheDirectors,havebeen|
||reviewedandtheDirectorsaresatisfiedthatthesystemsinplacemitigatethoserisks.A|
||RiskPolicywasapprovedbytheDirectorsaspartofthisprocess.TheRiskRegisterwas|
||updatedasofDecember2022.|





## 

|fortheperiodto31December|2022|
|---|---|
|RiskManagement(cont'd)|ThemajorrisksasidentifiedbytheDirectorsintheRiskRegisterare:|
||-Economicorgovernanceriskatagranteeorganisationlevel.Thisriskismitigatedbyan|
||extensiveduediligenceprocessandrigorousreportingrequirements,andbystaggered|
||paymentswhicharecontingentuponsatisfactoryreporting.|
||-Economicandpoliticalriskatacountrylevel.However,theriskisspreadoverawide|
||rangeofcountries.ThisportfolioisreviewedbytheBoardonaregularbasistoensurethis|
||riskremains mitigated.|
||-InvestmentRiskinEndowment.OutsidetheProgramme,theendowmentisinvestedina|
||diversifiedportfolioofassetswithappropriaterisk/rewardprofilesfortheCharity'slong-term|
||goals.|
||-Particularrisksassociatedwithgranteesworkingwithvulnerablegroups(childrenin|
||particular).Verifyingtheexistenceandapplicationofachildprotectionpolicyispartofthe|
||Charity'sduediligenceprocess.Thisincludesensuringthatpotentialgranteesorinvestees|
||oftheCharityperformthenecessarybackgroundchecksandtrainingofemployees,|
||volunteersandotheradultswhointeractwithvulnerablebeneficiaries.|
||-InvestmentRiskinProgrammeRelatedInvestments(PRIs).PRIsaremonitoredclosely|
||bothfinanciallyandontheirsocialoutcomes,andtheyareimpairedand/orexitedas|
||appropriate.ThebookvalueofthefivePR'swas£65,082asat31December2022.|
|InvestmentPolicyand|UndertheFoundation'sArticlesofAssociation,theDirectorshavewidepowersof|
|Performance|investmentinrespectoftheFoundation'sassets.Inrecognitionoftheirgeneraldutyof|
||prudenceandtheneedtohaveproperregardtothesuitabilityofinvestmentsandtheneed|
||toconsiderdiversification,theDirectorshaveadoptedthecurrentinvestmentpolicyto|
||maintainacertainlevelofincomeandcapitalgrowthwhileavoidingspeculativeor|
||hazardousinvestmentssuchasfuturesortradedoptions.Theprudentinvestmentofthe|
||Foundation'sassetscontinuedwithabalanceofcashandinvestmentsprovidingboth|
||incomeandthepotentialforcapitalappreciation.TheDirectorsreviewedthepositionsof|
||thenon-PRIinvestmentportfolioandnotedthediversificationintermsofassetclass,|
||sector,geography,andcurrencyexposure.Whiletherewasanegativeinvestmentportfiolio|
||XIRRof-3.78%forcalendaryear2022,thisreturnremainedhealthyfortheoverallperiod|
||thattheFoundationhasexisted,at11.34%fortheperiodfrom14September2011to31|
||December2022.|
||RegardingtheProgrammeRelatedInvestment(PRI)strategy,itisalignedwiththe|
||charitablemissionandobjectivesoftheFoundation.TheFoundation'ssocialinvestments|
||aredesignedtoachievethefinancialsustainabilityandscaleofthetargetedenterprises,|
||whilstseekingasocialreturnoninvestment,althoughPRIactivityhascontinuedto|
||decrease.In2022,therewerenonewPR'sandwerevaluedat£65,082.|
|CharityGovernanceCode|TheBoardhavenotedtheupdatestotheCharityGovernanceCode.Thecharityaimsto|
||embodytheprinciplesofequality,diversityandinclusion(EDI)throughitsinvestmentand|
||grant-making,forexamplebyavoidingfundingorganisationsoflowintegrityandchoosing|
||granteeswithparticipatorypractices(suchascommunity-leddevelopment,representation|
||ofthepeopleservedbythecharityinprocessesandadvisoryboards,etc).TheBoardwill|
||alsobemindfulofEDIwhenappointinganynewdirectors.|
|ReservesPolicy|TheTrusteeshavedeterminedthatMFshouldmaintain50%ofitsannualstaff,support|
||costsandgovernancecostsinreserves.Thisfigureamountsto£141,147(2021:£94,106),|
||whichissufficientlycoveredbyunrestrictedfundstotalling£5,921,200asat31December|
||2022(2021:£8,014,954).Lookingforward,thegrant-makingactivitiesandthecharity's|
||costsareexpectedtoremainatthesameleveltoallowMFtocontinueitsworkforthe|
||foreseeablefuture.|
|AppointmentofNewDirectors|NewDirectorsmaybeappointedbytheshareholdersorbytheDirectorsthemselves,tofill|
||avacancyorasanadditionalDirector.Inrespectoffutureappointments,theFoundation|
||shallselectappropriateDirectorsandprovidetothemwiththenecessarymaterialsand|
||trainingtoacquaintthemwiththegovernanceandpoliciesoftheFoundationaswellaswith|
||whatisexpectedofthem.AdditionalinformationisprovidedtotheDirectorsonanongoing|
||basis.|
|IndependentExaminers|MooreKingstonSmithLLPhaveindicatedtheirwillingnesstocontinueinofficeandin|
||accordancewiththeprovisionsoftheCompaniesAct,itisproposedthattheybere-|
||appointedindependentexaminersfortheensuingyear.|





## 

## 





24 July 2023 



## 

## 

||||||**2022**|2021|
|---|---|---|---|---|---|---|
|||Unrestricted|Restricted||**Total**|Total|
||Note|Funds|Funds||**Funds**|Funds|
|||£|£||**£**|**£**|
|**INCOME**|||||||
|Investments|3|88,094|||**88,094**|82,673|
|Grantsanddonations|4|-|||-|38,922|
|**TOTALINCOMINGRESOURCES**||88,094|||**88,094**|121,595|
|**EXPENDITURE**|||||||
|GeneratingFunds|5|16,241|||**16,241**|11,774|
|Charitableactivities|6|1,849,745|||**1,849,745**|1,792,347|
|**TOTALRESOURCESEXPENDED**||1,865,986|||**1,865,986**|1,804,121|
|**NETINCOME/(EXPENDITURE)**||(1,777,892)|||(1,777,892)|(1,682,526)|
|**NETGAINS/(LOSSES)ONINVESTMENTS**|||||||
|Realised|11.1|||||181,003|
|Unrealised|11.1|(506,464)|||(506,464)|977,501|
|||(506,464)|||(506,464)|1,158,504|
|**OTHERRECOGNISEDGAINS/(LOSSES)**|||||||
|Gains/(losses)onforeignexchange||190,602|||**190,602**|36,511|
|**NETMOVEMENTINFUNDS**||**(2,093,754)**||••|**(2,093,754)**|(487,511)|
|**RECONCILLIATIONOFFUNDS**|||||||
|Totalfundsbroughtforward|15|8,014,953|||8,014,953|8,502,464|
|**TOTALFUNDSCARRIEDFORWARD**||5,921,199|||**5,921,199**|8,014,953|





28 June 2023 



## 

## 

||**Notes**|**2022**|**2021**|
|---|---|---|---|
|||£|£|
|**Cashgeneratedfromoperatingactivities:**||||
|Netcashprovidedby(usedin)operatingactivities|seebelow|(1,855,135)|(1,751,754)|
|**Cashflowsfrominvestingactivites:**||||
|Dividends,interestandrentsfrominvestments|3|88,094|82,673|
|Purchaseoftangiblefixedassets|10|(5,255)|0|
|Purchaseofinvestments|11.1&11.2|(16,744)|(553,652)|
|Proceedsfromsaleofofinvestments|11.1&11.2|7,219|2,966,606|
|(Profit)/LossonForexdifferences||190,602|36,511|
|InvestmentManagementFees|5|(6,197)|(7,010)|
|**Netcashprovidedbyinvestmentinvestingactivities**||**257,719**|**2,525,128**|
|Changeincashandcashequivalentsinthereportingperiod||(1,597,416)|773,374|
|**Cashandcashequivalentsatthebeginningofthereportingperiod**||**2,569,137**|**1,795,763**|
|**Cashandcashequvalentsattheendofthereportingperiod**||**971,721**|**2,569,137**|



||||**2022**|**2021**|
|---|---|---|---|---|
||||**£**|**£**|
|**Netincome/(expenditure)(asperthestatementof**|**Notes**|**SOFA**|**(2,093,754)**|**(487,511)**|
|**financialactivties)**|||||
|**Adjustmentsfor:**|||||
|Depreciationcharges|10||1,608|404|
|Dividends,interestandrentsfrominvestments|3||(88,094)|(82,673)|
|Loss/(profit)onForexdifferences|||(190,602)|(36,511)|
|Revaluationofinvestments|11.111.2||503,726|(1,154,461)|
|InvestmentManagementFees|5||6,197|7,010|
|(Increase)/decreaseindebtors|12||2,736|2,720|
|Increase/(decrease)increditors|13||3,048|(732)|
|**Netcashprovidedby(usedin)operatingactivities**|||**(1,855,135)**|**(1,751,754)**|





## 

## 

## 

## 

## 

## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

## 

||UnrestrictedRestricted|Total|
|---|---|---|
|IncomefromInvestments|69,990|69,990|
|Interestoncashdeposits|18,104|18,104|
||88,094|88,094|



||UnrestrictedRestricted|Total|
|---|---|---|
|IncomefromInvestments|73,486|73,486|
|Interestoncashdeposits|9,187|9,187|
||82,673|82,673|



## 

|||UnrestrictedRestricted|Total|
|---|---|---|---|
|PeruCovidReliefProgramme||||
|SupportLaoChildrenFund||||
||Yearto31December2021|||
|||UnrestrictedRestricted|Total|
|PeruCovidReliefProgramme||37,000|37,000|
|SupportLaoChildrenFund||1,922|1,922|
|||38,922|38,922|





## 

## 

## 

|Yearto31December2022||||
|---|---|---|---|
||Unrestricted|Restricted|Total|
|Travel&Entertainment|1,168||1,168|
|Subscriptions|8,421||8,421|
|BankCharges|455||455|
|InvestmentManagementFees|6,197||6,197|
||16,241||16,241|
|Yearto31December2021||||
||Unrestricted|Restricted|Total|
|Travel&Entertainment|56||56|
|Subscriptions|4,255||4,255|
|BankCharges|453||453|
|InvestmentManagementFees|7,010||7,010|
||11,774||11,774|



## 

||Unrestricted|Restricted|Total|
|---|---|---|---|
|**Analysisofdonationsandgrants**||||
|Climate2025|300,000||300,000|
|GreenAlliance|250,000||250,000|
|RighttoSucceed|150,000||150,000|
|ResurgoTrust|100,000||100,000|
|BOMA|93,165||93,165|
|ProximityDesigns|93,020||93,020|
|DriveForwardFoundation|75,000||75,000|
|UniversityCollegeLondon|71,331||71,331|
|BridgestoProsperity|67,385||67,385|
|Medha|55,812||55,812|
|SupportLaoChildren|55,541||55,541|
|DepaulUK|50,000||50,000|
|TheGeckoProject|50,000||50,000|
|UniversityofLeeds|36,196||36,196|
|Anonymous|30,000||30,000|
|ConservativeEnvironmentalNetwork|30,000||30,000|
|Anonymous|30,000||30,000|
|DisastersEmergencyCommittee-PakistanFloods|30,000||30,000|
||1,567,450||1,567,450|
|Twogranteeshavebeenanonymisedfortheirprotection.||||
|Staffcosts(seenote9)|233,736||233,736|
|Supportcosts(seenote7)|41,760||41,760|
|GovernanceCosts|6,799||6,799|
|TotalCharitableactivities|1,849,745||1,849,745|





## 

## 

## 

||Unrestricted|Restricted|Total|
|---|---|---|---|
|**Analysisofdonationsandgrants**||||
|RaspberryPiFoundation|15,000||15,000|
|BOMA|109,369||109,369|
|SheffieldFutures|7,500||7,500|
|ClientEarth|350,000|-|350,000|
|SupportLaoChildren|50,658|4,565|55,223|
|HelpingHandsBolivia|79,737|-|79,737|
|GlobalGreengrantsFundUK|143,771||143,771|
|ResurgoTrust|100,000||100,000|
|GeckoProjectsInvestigationsLtd|15,000||15,000|
|RighttoSucceed|152,000||152,000|
|DriveForwardFoundation|75,000||75,000|
|DepaulUK|55,000||55,000|
|ProximityDesigns|73,137||73,137|
|BridgestoProsperity|54,789||54,789|
|AmalAcademy|95,078|-|95,078|
|PeruCovidReliefProgramme|109,453|97,000|206,453|
||1,485,492|101,565|1,587,057|
|Staffcosts(seenote9)|188,212||188,212|
|Supportcosts(seenote7)|4,994||4,994|
|GovernanceCosts|12,084||12,084|
|TotalCharitableactivities|1,690,782|101,565|1,792,347|



## 

||Generating|Charitable||
|---|---|---|---|
||Funds|Actvities|Total|
||£|£|£|
|OfficeUsere-charge|23,751||23,751|
|ComputerSupport|5,828||5,828|
|Depreciation|1,608||1,608|
|Postage|10||10|
|Supplies|867||867|
|Insurance|1,236||1,236|
|Couriers|19||19|
|Legalandprofessionalfees|8,287||8,287|
|Telephone|154||154|
||41,760||41,760|
|GovernanceCosts|6,799||6,799|
||48,559||48,559|





## 

## 

## 

||Generating|Charitable||
|---|---|---|---|
||Funds|Actvities|Total|
||£|£|£|
|OfficeUsere-charge|2,668||2,668|
|ComputerSupport|344||344|
|Depreciation|404||404|
|Postage|26||26|
|Supplies|22||22|
|Insurance|1,266||1,266|
|Couriers|110||110|
|Telephone|154||154|
||4,994||4,994|
|GovernanceCosts|12,084||12,084|
||17,078||17,078|



## 

||**2022**|**2021**|
|---|---|---|
||£|£|
|Accountancy|||
|Auditor'sfee||2,220|
|IndependentExaminer'sfee|6,053|6,000|
|Legalandprofessionalfees|746|3,864|
||**6,799**|**12,084**|



## 

|**9. STAFFCOSTS**|||
|---|---|---|
||**2022**|**2021**|
||£|£|
|Grosssalaries|196,626|155,926|
|Socialsecuritycosts|19,627|16,532|
|PrivateHealthInsurance|7,995|6,637|
|Pension Contributions(ScottishWidowsWorkplacePensionScheme)|9,489|9,117|
||**233,736**|**188,212**|





## 

## 

||£|
|---|---|
|**Costormarketvalue**||
|At1January 2022|7,805|
|Additions|5,255|
|At31December2022|13,060|
|**Depreciation**||
|At1January2022|7,357|
|Chargefortheyear|1,608|
|At31December2022|8,965|
|**Netbookvalue**||
|At31December2022|**4,095**|
|At31December2021|852|



## 

|**11.1.FIXEDASSETINVESTMENTS**|||
|---|---|---|
|**ListedInvestments**|**Quoted**|Quoted|
||**Investments**|Investments|
||**2022**|2021|
||**£**|£|
|Balancebroughtforward|5,376,695|6,616,840|
|Acquisitionsatcost|16,744|553,652|
|Less:disposalproceeds|-|(2,952,302)|
|NetRealised(Losses)/gainsondisposals||181,004|
|NetUnrealised(loss)/gainonrevaluation|(506,464)|977,501|
|**MarketValueCarriedForward**|**4,886,975**|**5,376,695**|
|_HistoricalCost_|_2,689,686_|_2,672,942_|
|**GeographicalAnalysis**|||
|UnitedKingdominvestments|2,249,615|2,395,678|
|Overseasinvestments|2,637,360|2,981,017|
||**4,886,975**|**5,376,695**|



|QuotedInvestments|**Valueasat**|**31Dec2022**|
|---|---|---|
|SPDRS&P 500ETFTRUST|£|1,694,130|
|iSharesIIIPLCMSCIWorldUCITS(GBP)|£|1,419,330|
|VanguardInformationTechnologyETF|£|515,732|
|EmpiricStudentPropertyPlc|£|469,475|
|QuotedInvestments|**Valueasat**|**31Dec2021**|
|SPDRS&P500ETFTRUST|£|1,876,273|
|iSharesIIIPLCMSCIWorldUCITS(GBP)|£|1,548,360|
|VanguardInformationTechnologyETF|£|659,700|
|EmpiricStudentPropertyPlc|£|479,511|





## 

## 

## 

|TheScheme'sinvestmentassetshave|beenfairvaluedusing|theabovehiera|rchycategoriesasfol|lows:|
|---|---|---|---|---|
|**Asat31December2022**|**Level1 **|**Level2 **|**Level3 **|**Total**|
|Managedfunds|4,886,975|||4,886,975|
|Programmerelatedinvestments|||65,082|65,082|
|Total|4,886,975||65,082|4,952,057|
|**Asat31December2021**|**Level1 **|**Level2 **|**Level3 **|**Total**|
|Managedfunds|5,376,695|||5,376,695|
|Programmerelatedinvestments|||69,563|69,563|
|Total|5,376,695||69,563|5,446,258|



## 

|**11.2.FIXEDASSETPROGRAMMERELATEDINVESTM**|**ENTS**||
|---|---|---|
||**Programmerelated**||
||**Investments**|Total|
||**2022**|2021|
|Balancebroughtforward|69,563|87,911|
|CapitalRepayments|(7,219)|(14,304)|
|FXRevaluation|2,738|(4,044)|
|**MarketValueCarriedForward**|**65,082**|**69,563**|
||**2022**|2021|
|**ProgrammeRelatedInvestments**|**Total**|Total|
|TalentFundPeru|13,723|18,204|
|FutureShapers(Sheffield)*|325|325|
|lngaboPlantHealth|41,362|41,362|
|RumbukaSeeds|9,672|9,672|
||**65,082**|**69,563**|



## 




## 

## 

## 

|**Creditorsfallingduewithinone**|**year**||||||
|---|---|---|---|---|---|---|
|||||**2022**|**2021**||
|||||**Total**|**Total**||
|||||**£**|**£**||
|Accruals||||7,678|10,468||
|Othercreditors||||7,317|1,479||
|||||**14,995**|**11,947**||
|**14. SHARECAPITAL**||||||**Allocated,**|
|||||||**CalledUp**|
|||||||**andFully**|
||||||**Authorised**|**Paid**|
||||||**£**|**£**|
|Ordinarysharesof£1eachat1Januaryand31||December2022|||1|1|
|**15. MOVEMENTOFRESERVES**|||||||
||**1stJanuary**|**Incoming**|**Outgoing**|**Gains& **|**Fund**|**31stDecember**|
||**2022**|**Resources**|**Resources**|**(Losses)**|**Transfers**|**2022**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|**UnrestrictedFunds:**|||||||
|Unrestrictedgeneralfunds|8,014,953|88,094|(1,865,986)|(315,862)||5,921,199|
|**TotalFunds**|**8,014,953**|**88,094**|**(1,865,986)**|**(315,862)**||**5,921,199**|



## 

|Yearto31December2022||||
|---|---|---|---|
||**Unrestricted**|**Restricted**|**Total**|
||**Funds**|**Funds**|**2022**|
||**£**|**£**|**£**|
|**Fixedassetsandinvestments**|4,956,152||4,956,152|
|**Currentassets**|980,043||980,043|
|**Creditors**|(14,995)||(14,995)|
||**5,921,200**||**5,921,200**|





## 

## 

## 

|Yearto**31December2021**||||
|---|---|---|---|
||**Unrestricted**|**Restricted**|**Total**|
||**Funds**|**Funds**|**2020**|
||**£**|**£**|**£**|
|**Fixedassetsandinvestments**|5,446,706||5,446,706|
|**Currentassets**|2,580,195|-|2,580,195|
|**Creditors**|**(11,947)**||(11,947)|
||**8,014,954**||**8,014,954**|



## 

## 

##