2022-12-31-accounts - Climate Bonds Initiative

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

				Page
Charity Reference and Administrative		Details
Report ofthe Trustees				3 —9
Report ofthe Independent	Auditor			10-13
Consolidated Statement	of Financial	Activities (including	the
Income and Expenditure	Account)			14
Balance Sheets				15
Consolidated Statement	ofCash Flows
Notes to the Financial Statements				17-32

Trustees		Mr Nicholas Silver
		Mr Simon Cooper
		Ms Doris Honold (Chair- appointed				Chair 18November	2022)
		Dr Karl Mallon (resigned		17November 2022)
		Prof Cynthia Williams	(resigned		17November 2022)
		Ms Karen Kearney
		Mr Jonathan Stone
		Mr KSteels (appointed		18August 2022)
		Dr R Roy (appointed	1 July 2022)
		Ms E Grayer (appointed		1 July	2022)
CEO		Mr Sean Kidney
Company	Number	07455730
Charity Number		1154413
Registered	Office	First Floor
		Queen Street Place
		London
		EC4R 1BE
Bankers		HSBC UK Bank pic
		1 Centenary Square
		Birmingham
		B1 1HQ
Auditor		PKF Littlejohn LLP
		15Westferry Circus
		Canary Wharf
		London
		E144HD

				Unrestricted	Restricted	Total	Total
			Notes	Funds	Funds	2022	2021
				F			6
Income from:
Charitable activities			2	3,075,697	3,504,589	6,580,286	6,266,252
Bank interest			3				7
Other trading income			4	245,543		245,543	277,338
Total Income				3,321,240	3,504,589	6,825,829	6,543,597
Expenditure on:
Chaditable activities			5	2,491,818	3,536,551	6,028,369	4,957,729
Trading activities				312,336	-	312,336	152,397
Total expenditure				2,804,154	3,536,551	6,340,705	5,110,126
Net income			9	517,086	(31,962)	485,124	1,433,471
Transfers between	funds
Net Movement in Funds				517,086	(31,962)	485,124	1,433,471
Reconciliation ofFunds:
Total funds brought		forward		1,629,817	107,594	1,737,411	303,940
Total funds carried		forward		2,146,903	75,632	2,222,535	1,737,411

					Notes	2022 f	2021 6
Net cash	flow provided by		operating		20
activities						2,545,238	2,076,863
Cash flow from investing		activities
Payments	to acquire tangible		fixed assets			(29,518)	(15,161)
Bank interest							7
Net cash	flow used in investing activities					(29,518)	(15,154)
Change	in cash and cash	equivalents		in		2,515,720	2,061,709
the year
Cash and cash equivalents			at 1January			3,245,592	1,183,883
Cash and cash equivalents			at 31 December			5,761,312	3,245,592

Unrestricted	Restricted	Total	Total
Funds f	Funds f	2022 F	2021 f
3,075,697	3,504,589	6,580,286	6,266,252
Unrestricted	Restricted	Total	Total
Funds	Fundsf	2022f	2021f
			7
Unrestricted	Restdcted	Total	Total
Funds f	Funds f	2022 f	2021f
245,543		245,543	277,338

xpenditure	on Charit	able Activities
			Direct	Support	Total	Total
			Costs F	Costs f	2022	2021
Projects,	advocacy	and
guidance			5,751,757	276,612	6,028,369	4,957,729
Totals 2021			4,209,795	747,934	4,957,729

irect costs
		Unrestricted	Restricted	Total	Total
		Fundsf	Fundsf	2022f	2021f
Consultancy	costs	1,423,023	1,782,795	3,205,818	2,527,537
Other direct	costs	14,708	28,616	43,324	18,775
Travel and	subsistence	55,608	141,978	197,586	22,097
Staff costs		1,198,616	1,106,413	2,305,029	1,641,386
Total		2,691,955	3,059,802	5,751,757	4,209,795

upport cost	s
				Unrestricted	Restricted	Total	Total
				Fundsf	Fundsf	2022 F	2021f
Conference event		costs		5,145	37,250	42,395	3,814
Establishment	and		general
administration				143,375	446,221	589,596	600,697
Support staff	costs						35,868
Governance	costs			11,011		11,011	65,377
Depreciation				11,182		11,182	9,711
Amortisation				5,624		5,624	28,571
Foreign exchange		(gain)/loss		(376,474)	(6,722)	(383,196)	3,896
Total				(200,137)	476,749	276,612	747,934

8.	Governance costs
					Total	Total
					2022f	2021f
	Accountancy fees					28,173
	Legal and professional				11,840	14,104
	Auditor's remuneration
	audit				18,000	13,000
	other services				7,680	10,100
	overaccrual in prior years				(26,509)
					11,011	65,377
9.	Net income for the	year
	The net income is stated after (crediting)/charging:
					Total	Total
					2022	2021f
	Depreciation oftangible fixed assets				11,182	9,711
	Amortisation of intangible		fixed assets		5,624	28,571
	Net (gains)/losses	on foreign exchange			(383,196)	3,896
10.	Staff costs and employee		benefits
	The total staff costs	and employee		benefits were as follows:
					Total	Total
					2022f	2021f
	Wages and salaries				2,013,730	1,339,377
	Social security				241,865	161,010
	Defined contribution	pension costs			44,459	33,566
	Redundancy payments					3,264
					2,300,054	1,537,217


Cost		2022	2021
Investment	in Climate Bond Services Limited	100	100
Investment	in Climate Bonds Initiative Low Carbon World
(Shanghai)	Business Consulting Co., Ltd	50,000	50,000
		50,100	50,100

Current	assets	288,676	188,198
Current	liabilities	292,856	(188,098)
Net (liabilities)/assets		(4,180)	100

		2022f	2021f
Turnover			88
Administrative	expenses	(25,895)	(12,536)
Result for the	year	(25,895)	(12,448)
		2022	2021
		F.	6
Fixed assets Current assets		1,716 186	27,677
Current liabilities		(27,797)	(27,677)
Net (liabilities)/assets		(25,895)

Cost	Website and
	database	Totalf
At beginning ofyear Additions	152,717 50,000	152,717 50,000
Disposals
At end ofyear	202,717	202,717
Amortisation
At beginning ofyear Charge for the year	152,717 5,624	152,717 5,624
Released on disposals
At end ofyear	158,341	158,341
Net BookValue
At 31 December 2022	44,376	44,376
At 31 December 2021

Tangible Fixed Assets (Group)
	Plant	&	Office & IT
Cost	machinery	6	equipment	Total
At beginning ofyear Additions	424		73,735 29,518	74,159 29,518
Dieposals
At end ofyear	424		103,253	103,677
Depreciation
At beginning ofyear Charge for the year	424		48,590 11,182	49,014 11,182
Released on disposals
At end ofyear	424		59,772	60,196
Net BookValue
At 31 December 2022			43,481	43,481
At 31 December 2021			25,145	25,145

				Plant	&	Office &IT	Office &IT
Cost				machinery	6	equipment F		Totalf
At beginning ofyear Additions				424			73,735 27,574	74,159 27,574
Disposals
At end ofyear				424			101,309	101,733
Depreciation
At beginning ofyear Charge for the year Released on disposals				424			48,590 10,954	49,014 10,954
At end ofyear				424			59,544	59,968
Net Book Value
At 31 December 2022							41,765	41,765
At 31 December 2021							25,145	25,145
Debtors
					Group			Charity
				2022			2021	2022	2021
				6				E
Trade debtors				1,104,552		854,345		1,015,053	836,345
Other debtors				14,020			7,132		6,849
Prepayments and accrued income				197,996		406,254		197,996	406,255
Intercompany debtor								295,759	168,885
				1,316,568		1,267,731		1,508,808	1,418,334
Creditors: Amounts	Falling Due Within One Year
					Group			Chadty
				2022 f			2021	2022	2021
Trade creditors				203,817		242,912		192,428	224,142
Social security and other taxes				106,644		57,882		106,644	57,882
Other creditors				287,272		258,803		287,272	258,703
Accruals and deferred		income*		4,345,469		2,241,460		4,334,044	2,235,013
Intercompany creditor								100	100
				4,943,202		2,801,057		4,920,488	2,775,840
*Deferred income:
Brought forward at 1	January		2022				1,908,853
Incoming resources deferred			during the year				4,081,316
Amounts released from previous years							(1,908,853)
Carded fonvard at 31		December 2022					4,081,316

und reconciliation	(co	ns	olidated)
Current Year					Balance as				Balance as
					at 1.1.22f	Income 6	Expenditure 6	Transfers 6	at 31.12.22 6
European Commission		(EuroPace)			(1)	(1,846)	1,847
UNDP					15,988	13,132	(29,120)
G &BMoore Foundation					1,033	352,873	(352,873)		1,033
Oak Foundation					3,473	140,394	(141,908)		1,959
World Resources Institute			(WRI)		17,380	9,981	(24,637)		2,724
BEISChina					3,905				3,905
BEISColumbia					9,460		(2,009)		7,451
Agora Foundation					185				185
ECF EU Taxonomy	2020				1,597				1,597
ECF EU Taxonomy	2021				24,130	12,795	(38,781)		(1,856)
ECF EU Taxonomy	2022					109,311	(109,312)		(1)
ECFTars					(9,126)	24,015	(14,889)
FSD Africa					2,490	30,359	(2,850)		29,999
GCA Standards					(144)		144
GIZ ASEAN					6,349	(4,858)			1,491
Growald Foundation					(7,935)	111,630	(103,695)
IPSF GIZ 2020					26,035		84,126		110,161
IPSF GIZ 2021-22						(111,655)			(111,655)
The Children's Investment			Fund			1,042,204	(1,042,204)
The Foreign Commonwealth				and
Development Office	—India 2021					121,426	(121,426)
The Foreign Commonwealth				and		36,204	(36,204)
Development Office	—India 2022
UK PACT China					(20)	143,343	(135,267)		8,056
UK PACT Columbia						417,228	(417,228)
UK PACT India						24,109	(24,106)		3
UNDRR						102,331	(101,302)		1,029
Laudes Foundation	2021-23				(170)	370,436	(370,266)
New Venture Fund					12,964	531,703	(531,703)		12,964
Tara Climate Limited						29,474	(22,888)		6,586
Total restricted funds					107,594	3,504,589	(3,536,551)		75,632
General Funds					1,629,817	3,321,240	(2,804,154)		2,146,903
Total unrestricted	funds				1,629,817	3,321,240	(2,804,154)		2,246,903
Total funds					1,737,411	6,825,829	(6,340,705)		2,222,535

Prior Year					Balance as				Balance as
					at 1.1.21 6	Income 6	Expenditure F	Transfers f	at 31.12.21 6
European Commission UNDP		(EuroPace)				32,120 108,526	(32,121) (92,538)		(I) 15,988
G &BMoore Foundation						288,941	(287,908)		1,033
Oak Foundation					3,268	218,226	(218,021)		3,473
World Resources Institute BEISChina			(WRI)		3,905	93,149	(75,769)		17,380 3,905
BEISColumbia					9,810		(350)		9,460
Agora Foundation					(310)	50,424	(49,929)		185
ECF EU Taxonomy	2020				27,692	13,343	(39,438)		1,597
ECF EU Taxonomy	2021					114,697	(90,567)		24,130
ECFTare					28,907	89,958	(127,991)		(9,126)
FSD Africa					32	39,619	(37,161)		2,490
GCA Standards					89	9,340	(9,573)		(144)
GIZ ASEAN					6,349	192,907	(192,907)		6,349
Growald Foundation					49,690		(57,625)		(7,935)
IPSF GIZ					625	162,615	(137,205)		26,035
The Children's Investment			Fund			779,966	(779,966)
The Foreign Commonwealth				and
Development Office						83,137	(83,136)
UK PACT —Columbia						374,827	(374,827)
UK PACT China						319,153	(319,173)		(20)
UK PACT —India						95,410	(95,410)
IPSF GIZ 2021/22 Laudes Foundation	2021-23					111,612 13,367	(111,612) (13,537)		(170)
New Venture Fund						10,424	2,540		12,964
Total restricted funds					130,057	3,201,761	(3,224,224)		107,594
General Funds					173,883	3,341,836	(1,885,902)		1,629,817
Total unrestricted	funds				173,883	3,341,836	(1,885,902)		1,629,817
Total funds					303,940	6,543,597	(5,110,126)		1,737,411

Current Year	Current Year			Creditors
		Fixed	Current	due within
		Assetsf	assets	one year 6	Total 6
Restricted	Funds		75,632		75,632
Unrestricted	funds	87,857	7,002,248	(4,943,202)	2,146,903
Total funds		87,857	7,077,880	(4,943,202)	2,222,535
Prior Year				Creditors
		Fixed	Current	due within
		Assets	Assets	one year	Total
Restricted	Funds		107,594		107,594
Unrestricted	funds	25,145	4,405,729	(2,801,057)	1,629,817
Total funds		25,145	4,513,323	(2,801,057)	1,737,411

econciliation of ne	t income to	net cash flow from operatin	g activities
			2022f	2021 E
Net movement in funds for the year			485,124	1,433,471
Bank interest				(7)
Depreciation and amortisation			16,806	38,282
(Increase) in debtors			(48,837)	(504,055)
Increase in creditors			2,142,145	1,109,172
Net cash provided	by operating	activities	2,545,238	2,076,863

			Unrestricted	Restricted	Total
		Notes	Funds	Funds	2021
			6	6	6
Income from:
Charitable activities Bank interest		2 3	3,064,491 7	3,201,761	6,266,252 7
Other trading income		4	277,338		277,338
Total Income			3,341,836	3,201,761	6,543,597
Expenditure on:
Charitable activities Trading activities		5	1,733,505 152,397	3,224,224 -	4,957,729 152,397
Total expenditure			1,885,902	3,224,224	5,110,126
Net income		9	1,455,934	(22,463)	1,433,471
Transfers between	funds
Net llllovement in Funds			1,455,934	(22,463)	1,433,471
Reconciliation ofFunds:
Total funds brought	forward		173,883	130,057	303,940
Total funds carried	forward		1,629,817	107,594	1,737,411