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2021-12-31-accounts

Company number: 8871642 Charity number: 1157318

CGD Europe

Report and financial statements For the year ended 31 December 2021

CGD Europe

Contents

For the year ended 31 December 2021

Reference and administrative information ...................................................................................... 1 Trustees’ annual report .................................................................................................................. 2 Independent auditor’s report ....................................................................................................... 17 Statement of financial activities (incorporating an income and expenditure account) ................... 21 Balance sheet ............................................................................................................................... 22 Statement of cash flows ................................................................................................................ 23 Notes to the financial statements ................................................................................................. 24

CGD Europe

Reference and administrative information

For the year ended 31 December 2021

Company number 8871642
Country of incorporation United Kingdom
Charity number 1157318
Country of registration England & Wales
Registered office 10 Queen Street Place, London EC4R 1BE
Operational Address 1 Abbey Gardens, Great College Street, London SW1P 3SE
Trustees Trustees, who are also directors under company law, who served
during the year and up to the date of this report were as follows:
Masood Ahmed Chair & Trustee (Appointed 1 February 2017)
Stephen Brooker Trustee (Appointed 28 February 2014)
Dame Sue Owen Trustee (Resigned 14 December 2021)
Ellen Mackenzie Trustee (Appointed 24 September 2014)
John Lipsky Trustee (Appointed 23 May 2019)
Shaila Leekha Trustee (Appointed 12 September 2019)
Lindy Cameron Trustee (Appointed 14 December 2021)
Key management Amanda Glassman Chief Executive
personnel Mark Plant Chief Operating Officer
Reetan Patel Chief Finance, Planning and Operations Officer
Bankers HSBC Bank Plc
16 King Street
Covent Garden
London, WC2E 8JF
Solicitors Bates Wells LLP
2- 6 Cannon St
London, EC4M 6YH
Auditor Sayer Vincent LLP
Chartered Accountants and Statutory Auditor
Invicta House
108-114 Golden Lane
London, EC1Y 0TL

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CGD Europe

Trustees’ annual report

For the year ended 31 December 2021

The Trustees present their report and the audited financial statements for the year ended 31 December 2021.

The financial statements comply with current statutory requirements and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objectives and Activities

The objectives of CGD Europe, as set out in its Memorandum and Articles of Association, are to promote, for the public benefit, education and research into:

Sustainable development means “development which meets the needs of the present without compromising the ability of future generations to meet their own needs.”

CGD Europe aims to achieve its objectives by carrying out rigorous, evidence-based research into a topic or idea, bringing together experts and stakeholders in a particular area to facilitate discussions and analysis, producing detailed reports and analysis, and disseminating the products of our work. CGD Europe’s research is carried out by a mixture of its own staff and external consultations, often with academics based at universities and other educational institutions who have experience and qualifications in the field of research, and in collaboration with other experts in that field.

CGD Europe’s Objectives for 2021

The COVID-19 pandemic changed the global economic and social outlook fundamentally and its full impact is still being understood. The immediate economic costs of the virus were high in 2020, but the longer-term effects going into 2021 were still unclear. CGD Europe, in close coordination with our colleagues at CGD, brought its expertise to bear in global health, pandemics, education, and development policy to the immediate problems faced by developed and developing countries in dealing with COVID-19. Our presence in broadcast and print media, as well as on the internet, continued at unprecedented levels in 2021 and numerous new funders reached out to us to support our work.

Progress towards the 2030 Sustainable Development Goals (SDGs) had been modest before the health crisis and 2021 continued to see major setbacks in low- and middle-income countries in health, education and social outcomes, jobs and economic growth, with the decade-long trend in

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Trustees’ annual report

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slow but steady poverty reduction being reversed. In two years, a decade’s progress was lost. While high-income countries have had the policy tools and financial wherewithal to “spend big” to fight the crisis, most low- and middle-income countries have been unable to respond with the timeliness and scale needed to protect their populations from the economic and social damage brought by the COVID19 virus. While 2021 brought great hope that vaccines could limit the public health impact of the pandemic, low- and middle-income countries struggled to obtain sufficient vaccine doses and to mobilise resources, while high-income countries, notably the UK, cut back on their development assistance.

The questions that were posed at the outset of 2021 are still being answered: Will the spirit of multilateralism be revived, with the recognition that recovery and advancement of low- and middle-income economies is not that costly at the global scale and are squarely in the global interest? Or will the countries of the world turn inwards and erect the physical, financial and trade barriers that may erode the global economy that has fuelled progress for most since the end of World War II? Will we look to build a future global economy that is sustainable and cooperative, or will the unsustainable aspects of production and consumption patterns of the last few decades continue? Throughout 2021, CGD Europe and CGD tried to shape the landscape of international development cooperation through evidence-based policy innovation emerging from independent, rigorous research, and effective partnerships.

The work is far from complete and 2022 will be yet another critical year during which CGD Europe will play an active role in shaping multilateral and national development policies and interventions across the globe.

CGD Europe’s staffing stabilised in 2021. Despite the challenges of remote work for most of the year, the programme teams worked effectively both within and across teams and recruitment experience for vacant positions indicated we are an employer of choice. We continued to strengthen our outreach both in the UK and in Europe, working closely with a variety of think tanks and international organizations on common analyses of and solutions to difficult policy problems.

Like most charities, CGD Europe has had to navigate the uncertainty and challenges of COVID-19, and the organisation made the transition to a working-from-home environment seamlessly. The offices were reopened in September, with staff working 2 days per week in the office. A heightened cleaning regimen required lateral flow testing of all staff, strict policies on wearing masks in the common area ensured the continued health and well-being of CGD Europe staff. With the Omicron variant surging late in the year, the offices were closed again in mid-December. Regular staff meetings and collaboration continue to take place and adapted accordingly.

Public Benefit

In setting the objectives above and planning CGD Europe’s activities, the Board of Trustees of CGD Europe have given careful consideration to the guidance contained in the Charity Commission's general guidance on public benefit. Details on the impact of our work can found under the ‘Results of CGD Europe’s Work in 2021’ section on page 4.

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Achievements and Performance

CGD Europe focuses on research which may lead to practical steps that can be taken to improve the well-being of the world’s poorest people. It is inevitable that the conclusions of research cannot be known before it is undertaken. Our research strategy recognises that sometimes we may not be able to identify practical solutions, and that those ideas may not be taken up. On the other hand, the ideas which we have developed that are successful will have far-reaching benefits for many people.

CGD Europe invests in analysing and researching the broader evidence base, to help to identify promising leads for the future, and in more specific research on reforms with direct impact. Our outputs are research which identifies practical proposals which would reduce poverty and improve the health and well-being of the poor or that would change the evidence on which policies to reduce poverty and improve well-being are based; our outcomes are the resulting changes in policies or behaviours; and our impact is the improvement in the lives of people around the world – for example, through reduced poverty and better health – as a result of those better policies and behaviour.

The intended audience for much of our research is policymakers in governments and international institutions seeking to identify ways in which they can adjust their own practices, policies and behaviour to avoid unintended negative consequences on developing countries or make faster progress on their policies to promote and spread prosperity globally.

Results of CGD Europe’s Work in 2021

In 2021, CGD Europe produced research and ideas that have contributed to improve the evidence base and its use in policy debates, and have generated ideas that have been discussed and sometimes adopted in international agencies:

European Development Policy and Leadership (EDPL) Programme

The EDPL programme’s European development policy and finance workstream continued to inform the design and allocation of European development finance instruments and investments, putting forward recommendations for the European Commission to steer greater investment in human capital through its European Fund for Sustainable Development Plus (EFDS+), including the creation of an Accelerator Hub, a single access point for targeted support to identify, prepare and develop investment projects. The proposal was received with enthusiasm by a variety of African partners and trade associations, corporations and development finance institutions.

Together with the European Centre for Development Policy Management (ECDPM), CGD Europe cohosted a series of interviews with key stakeholders exploring the future of the European development finance architecture. We also focused on analysing how COVID-19 is transforming international development, outlining trends and future approaches, with presentations to Norway, Sweden and EBRD.

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Research under our UK development leadership workstream focused on the future of aid and the UK’s status as a development superpower. The team analysed the impact of the UK aid cut to 0.5% of GNI, anticipated the HM Treasury’s approach to aid, informed the spending review (also here) and international development strategy process. Our research was considered helpful by partner organisations and Parliamentarians, and received significant media attention featuring in Devex, The Guardian, BBC, and other media outlets.

As part of the development leadership benchmarking and metrics workstream , the programme published a revised edition of the Quality of Official Development Assistance (QuODA) Index in May 2021 and the eighteenth edition of the Commitment to Development Index (CDI) in September 2021. In our climate and concessional finance workstream , the team supported the work of the UK-Fiji chaired Taskforce on improving Climate Finance Access launched at COP-26, which commits providers to new principles and recommendations which were developed from initial proposals, and a full evidence paper, from CGD Europe.

Global Education (GE) Programme

A survey of over 900 education officials in 35 developing countries was published. Foreign aid donors and international organizations supporting education in developing countries have increasingly coalesced around a policy agenda prioritizing foundational learning, measured by test scores in primary school, based on a diagnosis of deficient school quality, and a growing body of empirical evidence about effective interventions to improve quality. The survey gauged the alignment of policy makers in developing countries with this agenda.

In 2021, the world mourned the loss of partner and friend, Girin Beeharry, the founding director of the Gates Foundation education program. CGD Europe hosted an online symposium, “The Pathway to Progress on SDG 4” to draw attention to an essay by Girin and published in a symposium of essays. The essays lay out concrete policy actions to improve learning, limitations to progress, and alternative viewpoints on how to accelerate progress on SDG4. They also reflect Girin’s influence on so many people in our sector; he will be deeply missed.

The GE programme launched the website of the Partnership for Research on Progress and Resilience in Education (PREPARE), which supports research organizations to generate contextspecific and policy-relevant research to help education policymakers make good, data-driven decisions following the COVID-19 pandemic. The partnership has grown to include research organizations in Kenya, Ghana, Malawi, Senegal, Pakistan and Bangladesh. Initial findings in Ghana and Senegal showed that, following school re-opening, dropout rates remained low, but repetition increased and poorer children were at higher risk of losing out on education compared to their wealthier peers. Other work on Covid and education includes a new working paper that shares results from the evaluation of a COVID-19 distance learning initiative in Sierra Leone.

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Migration, Displacement and Humanitarian Policy (MDHP) Programme

The Migration, Displacement, and Humanitarian Policy Program’s migration workstream achieved wins in three areas. As a result of our research and policy engagement, the U.S. reserved 6,500 visas for people from Central America for the first time; the UK and Nigeria are about to sign a Memorandum of Understanding to

expand nursing recruitment; and the European Commission’s newly announced Talent Partnerships have a strong focus on development and “mutual benefit.” Our displacement workstream continued to work on our two large grants—expanding labour market access for refugees and exploring what works to improve urban refugee livelihoods—with pilot results from the latter’s RCT in Kampala and Nairobi due in late 2022. Finally, our humanitarian workstream concluded its grants in September 2021 with an array of final publications, events, and animations. Many policy stakeholders applauded the work and pledged to take forward the recommendations in their programming.

Global Health Policy Programme

In 2021, the Global Health Policy Programme conducted timely analysis, provided targeted support, and created global public goods to advise governments on optimising their pandemic response strategies and strengthening their health benefit packages. The international Decision Support Initiative (iDSI), for which CGD Europe holds the secretariat, continued to expand its country partnerships, further institutionalize priority setting, and increase political buy-in amidst intensified budgetary pressures caused by COVID-19. A key aspect of this work was the launch of the Health Economics Unit within the Africa Centres for Disease Control (Africa CDC), which held its first public event with CGD in October. The CGD Europe team and Africa CDC worked with iDSI partners to generate evidence for decision makers through Health Technology Assessment (HTA) in Nigeria, Ethiopia, and Kenya to inform cost-effective procurement and allocation of COVID-19 vaccines. The CGD Europe team presented these findings at multiple high-level government meetings, conferences, and public events. The team also created a toolkit to support African countries with vaccine procurement. Experts in the iDSI network also supported the launch of the new and ambitious HTA Strategy in Ghana; advised policy makers in Rwanda on health benefit package design; and worked with new partners in Ethiopia and Uganda to identify opportunities to strengthen their priority setting processes. The CGD Europe team has also continued to support the Government of India in institutionalizing systematic priority setting and health technology assessment. Highlights include the generation of cost-effectiveness evidence of strategies for COVID-19 vaccine allocation and distribution, the development of novel “adaptive HTA” techniques and a robust National Health System Cost Database to improve the availability and quality of cost data in India for analysis and to inform price setting within the national health insurance scheme. Building on work at the country level, the CGD Europe team also helped foster global learning and coordination by creating knowledge products, including a systematic review on health benefits packages and case studies on Zambia and Kenya that gained traction among donors. The team also weighed in on global health spending decisions like the approach the UK government unveiled in December to strengthen health systems through aid.

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Sustainable Development Finance (SDF) programme

In 2021, the Sustainable Development Finance (SDF) Programme focused on the financial and policy response to the COVID-19 pandemic in regards to developing countries. They engaged in discussions on the aid pledged by developed nations, international financial institutions, and development institutions to meet the needs of developing economies to assist their recovery. A key area of work was new allocation of Special Drawing Rights (SDRs) at the IMF – pushing for the allocation to happen (it did in August 2021) and for rechannelling of SDRs to vulnerable low- and middle-income countries. The SDF program hosted a variety of panels in which IMF staff, governors and country officials debated these various issues surrounding SDR rechannelling. These rich exchanges led to the publication of a series of blogs and notes, highlighting the core issues and possible solutions for a reallocation. The programme deepened its work on the macroeconomics of climate finance. In addition, the SDF team pursued work to strengthen strategic and policy collaboration in fragile and conflict prevention situations between UN, World Bank, and the IMF through analysis by hosting joint events. The SDF team also hosted a high-level group of experts in the international financial system, dubbed the Advocates for the Reform of International Finance.

Financial and Operational Review

Financial Performance

Income

Our income in 2021 was £5,785,270. Despite the ongoing challenges and uncertainties presented by COVID 19, CGD Europe continued efforts to leverage relevant expertise in areas such as global health, education and, sustainable development finance to raise funds from a range of funders, including a number of new funders. In addition, we have also benefited from our continued efforts to diversify our income base across other programmatic areas, which includes grants from governments and foundations. In addition, CGD Europe receives funds from the Center for Global Development to support operations and deliver elements of grants it has received.

Expenditure

CGD Europe spent £6,397,777 in 2021, with the highest proportion of expenditure on staffing, after a couple of years of significant increase in staffing, the average number of employees in 2021 remained broadly the same as last year, with a slight increase over the past 12 months from 40 staff in 2020 to 43 as of 31st December 2021. Our achievements with this expenditure are set out earlier in this report.

As at 31 December 2021, the overall results show a £612,507 deficit for the year, which is explained by the fact CGD Europe received a large amount of restricted income, as an advance payment in the previous year, for use in 2021 and subsequent years, as was the case for the Bill & Melinda Gates Foundation funded iDSIPlus and HTA in India projects.

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CGD Europe

Trustees’ annual report

For the year ended 31 December 2021

The total funds carried forward at the end of the year was £3,208,969. This includes £2,782,975 of restricted funds for use in future years and £425,944 of unrestricted funds.

COVID-19 has again resulted in a slower than planned spend of some restricted funds, due to a reduction in travel and face-to-face events, as well rescheduling of some activities and partnerled deliverables to 2022. Restricted funds carried forward at the end of the year will be used for specified purposes as agreed with funders. A full description of fund can be found in note 15a to the Financial Statements.

Grants Payable

Grants payable are payments made to third parties (‘sub-grants’) in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.

CGD Europe uses sub-grants to partner with other institutions that can bring different and complementary skillsets to help us achieve our education and research objectives. These may be research institutions who can offer local expertise and/or offer different skillsets such as specialist knowledge of a research area outside of CGD Europe’s fields of expertise. Subgrants ensure that CGD Europe can achieve policy goals effectively through broadening the scope of our research and bringing it to new or different audiences. All new sub-grantees are subject to due diligence checks and sub-grant monitoring takes place throughout the year.

Pensions

CGD Europe contributes to a WorkSave Pension Scheme with Legal and General.

Operational Performance

We continue to improve our processes, systems, and information-technology services to aid our charitable activities and objectives. To support our new hybrid way of working we have updated our audio/visual equipment to support Microsoft Teams and Zoom calls. We continue to review and improve our partner due diligence processes, and also rolled out our new HR performance management software that allows us to streamline performance reviews, goal setting & management, and provide feedback all in one place.

Throughout the last year, CGD Europe staff members have adapted to a hybrid way of working with teams attending the office on specific days of the week. The offices are open 5 days a week and the requirement is for staff to be in the office a minimum of 2 days a week. New staff members were hired and on-boarded remotely. Managers were instructed to allow flexible work hours for those staff members who had new family obligations as a result the closure of schools and some care facilities. Regular office-wide and team meetings ensured that staff members were healthy and able to work productively.

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CGD Europe

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Principal Risks and Uncertainties

To fulfil CGD Europe’s objectives, safeguard its staff, and to meet the charities’ obligations to those who give it funding, in 2015 the trustees of CGD Europe established a risk management strategy. This strategy comprises:

In 2021 CGD Europe’s executive team reviewed the risk register and the levels of risk probabilities and impact were discussed and approved by the trustees in April 2021, with further amendments approved in December.

Financial sustainability remains a medium financial risk for CGD Europe. Additional resources to support CGD Europe’s fundraising efforts have been allocated to help address this risk. Key elements in financial risk management to ensure solvency and sufficient working capital include:

CGD Europe’s executive team and the trustees also considered the potential risk associated with the ongoing litigation matter, as well as the impact Brexit. This is reflected in the risk register.

COVID-19 and its impact on CGD Europe’s operations and programme activities, and on staff morale and well-being, is also reflected in the risk register, along with our mitigation strategies.

Statutory Fundraising Disclosures

CGD Europe does not engage in public fundraising and does not use professional fundraisers (external parties) or commercial participators, and instead we have a dedicated fundraising team that focuses on institutions such as foundations and government bodies. CGD Europe nevertheless observes and complies with the relevant fundraising regulations and codes. During the year there was no non-compliance of these regulations and codes and CGD Europe received no complaints relating to its fundraising practice.

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Reserves Policy

In assessing the overall level of reserves, the trustees aim at all times to maintain sufficient unrestricted funds to help in safeguarding CGD Europe’s ongoing work. In 2019, the trustees set a target for reserves to cover three months’ future expenditure (£225,998) with the aim of reaching this level over 3 years. As at 31 December 2021, net current assets (‘free unrestricted funds’) were £225,998, thus meeting the reserves target. The Trustees will continue to monitor the level of reserves and are confident that the reserves will be maintained at the desired level for the next 12 months at which point they will review the reserves policy again.

Designated Fund

At their meeting on 14[th] December 2021 the trustees agreed to create a designated fund to support costs associated with the renewal or termination of the lease for CGDE’s current offices, additional details of the fund can be found in note 15a to the Financial Statements.

Going Concern

We have set out above a review of CGD Europe’s financial performance and the general reserves position.

CGD Europe’s planning process, including financial projections, has taken into consideration the current economic climate and its potential impact on the various sources of income and planned expenditure.

We are confident that with a strong pipeline of confirmed multi-year grants and the ongoing support of CGD in Washington, we will be able to safeguard CGD Europe’s ongoing work. We have a reasonable expectation we have adequate resources to continue in operational existence for the foreseeable future. We believe that there are no material uncertainties that call into doubt CGD Europe’s ability to continue in operation. Accordingly, the accounts have been prepared on the basis that CGD Europe is a going concern.

Future Plans

CGD Europe, in close coordination with our colleagues at CGD, has already brought to bear its expertise in global health, pandemics, education, and development policy to the immediate problems faced by developed and developing countries in dealing with COVID-19. Our presence in broadcast and print media, as well as on the internet continued at very high levels and new funders have reached out to us to support our work.

In 2022, there are new threats on the horizon. The invasion of Ukraine may have significant negative knock-on effects and even existential risks for major economies around the world. The implications of these developments for development in low- and middle-income countries requires careful analysis and mitigating strategies. That said, there is also hope that much of the

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world will move from dealing with the acute short-term impact of the pandemic to a phase of recovery and rebuilding. International policy discussions are increasingly focused on the transition to a more resilient, sustainable and equitable global economy, with increased attention on limiting the impact of climate change, establishing global health systems that can respond quickly to future crises, and ensuring that the great progress that had been made in reducing global poverty is resumed and the path towards the 2030 Sustainable Development Goals is re-joined.

Through evidence-based policy innovation emerging from independent, rigorous research, and effective partnerships, in 2020 and beyond, CGD Europe will help shape the landscape of development and other kinds of cooperation to meet these new challenges.

In 2022, CGD Europe will focus its policy and research expertise on the following strategic areas:

European Development Policy and Leadership (EDPL) team

The EDPL programme’s work agenda for 2022 includes:

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Global Education (GE) Programme

The GE programme’s work agenda for 2022 includes:

Global Health Policy Programme

The Global Health Policy programme team’s work agenda in 2022 includes:

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methods are appropriate for LMICs; and how best to diagnose strengths and weaknesses of priority setting systems.

Migration, Displacement and Humanitarian Policy (MDHP) Programme

The MDHP programme’s work agenda for 2022 includes:

Sustainable Development Finance (SDF) programme

The SDF programme team’s work agenda in 2022 includes:

CGD Europe will also look for areas to improve its operational performance, including: the transition to a new financial management system and strengthening its human resource and financial management processes and policies, as well as continued effort to strengthen its network with organisations, individuals, start-ups focusing on international development and open government issues.

CGD Europe will continue to seek flexible financing, enabling it to continue to pursue high-quality research and evidence-driven policy proposals.

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CGD Europe

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Structure, Governance and Management

CGD Europe (the Charity) is a charitable company limited by guarantee, incorporated on 31 January 2014, and registered as a charity on 4 June 2014.

Appointment of Trustees

CGD Europe is governed by a Board of Trustees, chaired from 1st February 2017 by Masood Ahmed (and by Nancy Birdsall before that). The Trustees of CGD Europe are appointed by the Center for Global Development (CGD) based on nominations received by CGD Europe staff and current Trustees. The leadership of CGD Europe, with input from the Board of Trustees, are responsible for screening candidates and making recommendations. CGD Europe aims on having the appropriate balance of skills and experience on the Board Trustees, whilst ensuring diversity. The Trustees hold office for a term of three years – or until he or she ceases to hold office in accordance with Article 26 of CGD Europe’s Memorandum and Articles of Association; they may be reappointed twice. At least two Trustees must be individuals who are not on the board or governing body of CGD - nor paid employees or consultants of CGD.

CGD Europe regularly reviews Charity Commission guidance on appointment and induction of new Trustees and strives to keep policies and practices consistent with best practice.

The Trustees set strategic direction and ensure CGD Europe achieves its objectives. The Trustees oversee governance and are responsible for ensuring that the Charity pursues its charitable purpose effectively. The day-to-day running of the Charity is delegated by the Trustees to the Chief Executive, Amanda Glassman.

All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 7 to the accounts.

Trustee Induction and Training

In consultation with existing trustees, the Chief Executive, agrees to implement an individual induction programme for each new CGD Europe trustee, covering all aspects of the role and the organisation.

Related Parties and Relationships with Other Organisations

CGD Europe was established by the Center for Global Development (CGD)- a U.S. non-profit think tank based in Washington, D.C., USA. CGD is the sole company law member of CGD Europe. The Trustees of CGD Europe are however responsible for CGD Europe’s management and ensuring that the charity fulfils its charitable objects. Conflicts of interest and overall governance of CGD Europe are managed in accordance with the Memorandum of Association. CGD Europe and CGD have closely aligned objects and the Trustees of CGD Europe therefore consider that it is in the charity’s interest to work with CGD on joint projects and initiatives. CGD Europe also receives financial

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support from CGD in the form of donations and sub-grants. Further information is set out in note 9 to the accounts.

Remuneration Policy for Key Management Personnel

Key management personnel of CGD Europe are the board of directors, who are CGD Europe’s trustees, and the executive team of the charity in charge of directing and controlling, running and operating the charity.

The pay of the senior staff is reviewed annually. CGD Europe pays staff a fair salary that is competitive with the charity sector, proportionate to the complexity of each role, and responsible in line with our charitable objectives.

Statement of Responsibilities of the Trustees

The trustees (who are also directors of CGD Europe for the purposes of company law) are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

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The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Auditor

Sayer Vincent LLP was re-appointed as the charitable company's auditor during the year and has expressed its willingness to continue in that capacity. A rotation of audit partner and team took place to in 2021 to ensure audit quality is maintained.

The trustees’ annual report has been approved by the trustees on 13 April 2022 and signed on their behalf by

Name: Stephen Brooker Position: Trustee

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Independent auditor’s report

To the members of

CGD Europe

Opinion

We have audited the financial statements of CGD Europe (the ‘charitable company’) for the year ended 31 December 2020 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on CGD Europe's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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Independent auditor’s report

To the members of

CGD Europe

Other Information

The other information comprises the information included in the trustees’ annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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Independent auditor’s report

To the members of

CGD Europe

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

19

Independent auditor’s report

To the members of

CGD Europe

financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Jonathan Orchard (Senior statutory auditor) 22 June 2022

for and on behalf of Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

20

CGD Europe

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 December 2021

Unrestricted
Note
£
Income from:
2
1,200
3
543,319
544,519
4
143,764
169,490
4
313,254
231,265
4,222
235,487
Reconciliation of funds:
190,507
425,994
Donations
Charitable activities
Net income/(expenditure) before net
gains/(losses) on investments
Total expenditure
Total income
Expenditure on:
Raising funds
Charitable activities
Total funds brought forward
Total funds carried forward
Transfers between funds
Net movement in funds		 Unrestricted
Note
£
Income from:
2
1,200
3
543,319
544,519
4
143,764
169,490
4
313,254
231,265
4,222
235,487
Reconciliation of funds:
190,507
425,994
Donations
Charitable activities
Net income/(expenditure) before net
gains/(losses) on investments
Total expenditure
Total income
Expenditure on:
Raising funds
Charitable activities
Total funds brought forward
Total funds carried forward
Transfers between funds
Net movement in funds		 Restricted
£
-
5,240,751		 2021
Total
£
1,200
5,784,070		 Unrestricted
£
2,167
650,212		 Restricted
£
-
7,606,349		 2020
Total
£
2,167
8,256,561
544,519 5,240,751 5,785,270 652,379 7,606,349 8,258,728
143,764
169,490		 -
6,084,523		 143,764
6,254,013		 114,561
366,803		 -
5,032,146		 114,561
5,398,949
313,254 6,084,523 6,397,777 481,364 5,032,146 5,513,510
231,265
4,222		 (843,772)
(4,222)		 (612,507)
-		 171,016
3,546		 2,574,203
(3,546)		 2,745,218
-
235,487
190,507		 (847,994)
3,630,969		 (612,507)
3,821,476		 174,561
15,946		 2,570,657
1,060,312		 2,745,218
1,076,258
425,994 2,782,975 3,208,969 190,507 3,630,969 3,821,476

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 15 to the financial statements.

21

CGD Europe

Balance sheet

Balance sheet
As at 31 December 2021 Company no. 08871642
Note
Fixed assets:
11
Current assets:
12
Liabilities:
13
15
Total unrestricted funds
Total charity funds
Cash at bank and in hand
Tangible assets
Debtors
Restricted income funds
Unrestricted income funds:
Designated funds
General funds
The funds of the charity:
Creditors: amounts falling due within one year
Net current assets
Total net assets		 £
126,805
3,857,030		 2021
£
46,496		 £
528,709
3,614,854		 2020
£
32,792
46,496
3,162,473		 32,792
3,788,684
3,983,835
821,362		 4,143,563
354,879
272,494
153,500		 190,507
-
3,208,969 3,821,476
2,782,975
425,994		 3,630,969
190,507
3,208,969 3,821,476

Approved by the trustees on 13 April 2022 and signed on their behalf by

Stephen Brooker Trustee

22

CGD Europe

Statement of cash flows

For the year ended 31 December 2021

Reconciliation of net income to net cash flow from operating activities

Note
Net cash provided by (used in) operating activities
16
Net income (expenditure) for the reporting period
(as per the statement of financial activities)
Depreciation charges
(Increase) in debtors
Increase in creditors
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Cash flows from operating activities
Cash flows from investing activities:
Purchase of fixed assets
Net cash provided by (used in) operating activities		 2021
£
(612,507)
10,000
401,904
466,483		 2020
£
2,745,218
18,600
(292,544)
172,408
265,880 2,643,682
2021
£
265,880
(23,704)		 2020
£
2,643,682
(3,547)
242,176
3,614,854		 2,640,135
974,719
3,857,030 3,614,854

23

CGD Europe

Notes to the financial statements

For the year ended 31 December 2021

a) Statutory information

CGD Europe is a charitable company limited by guarantee and is incorporated in England and Wales.

The registered office address is 10 Queen Street Place, London EC4R 1BE and principal place of business is 1 Abbey Gardens, Great College Street, London, United Kingdom, SW1P 3SE.

b) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

c) Public benefit entity

The charitable company meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern. Key judgements that the charitable company has made which have a significant effect on the accounts include confirming the continuing support of the parent charity.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

The Trustees have reviewed the ongoing impact of the Covid-19 pandemic on the charity's operations and ability to continue as a going concern into the foreseeable future, and have concluded there are no material uncertainties in this regard.

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

f) Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

g) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

h) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

24

CGD Europe

Notes to the financial statements

For the year ended 31 December 2021

1 Accounting policies (continued)

i) Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party. It is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

The charity is not VAT registered, and as such cannot recover VAT incurred on purchases.

Support and governance costs are re-allocated to each of the activities on the following basis which is an estimate, based on direct expenditure, of the amount attributable to each activity:

k) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

l) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. Major components are treated as a separate asset where they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

m) Debtors

n) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Cash balances exclude any funds held on behalf of service users.

o) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

p) Grants payable

Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.

Grants payable are charged to the statement of financial activities in the year in which the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled.

q) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

25

CGD Europe

Notes to the financial statements

For the year ended 31 December 2021

1 Accounting policies (continued)

r) Pensions

The charitable company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charitable company in an independently administered fund. The pension cost charge represents contributions payable under the scheme by the charitable company to the fund. The charitable company has no liability under the scheme other than for the payment of those contributions.

s) Foreign Exchange Transactions

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the Statement of Financial Activities.

2 Income from Donations

Income from Donations
Donations 2021
Total
£
1,200		 2020
Total
£
1,200
1,200 1,200

26

CGD Europe

Notes to the financial statements

For the year ended 31 December 2021

For the year ended 31 December 2021 For the year ended 31 December 2021
3
Unrestricted
£
439,751
-
-
-
-
-
-
-
-
-
-
-
-
-
-
30,293
-
-
-
-
-
-
-
-
-
-
-
7,588
-
-
-
65,687
543,319
Swedish International Development Agency (SIDA)
Wellcome Trust via London School of Hygiene and
Tropical Medicine (POETIC)
Open Philanthropy Project Fund
Bill & Melinda Gates Foundation (HTA in India)
Echidna Giving Fund via Schwab Charitable Fund
The ELMA Foundation UK (The Educational Impacts
of COVID-19)
UBS Optimus Foundation –(Covid-19 School
Closures)
The ELMA Relief Foundation – (Covid-19 School
Closures)
Income from charitable activities
Foreign, Commonwealth & Development Office
(Humanitarian Policy Fund Secondment)
European Commission (Results Based Financing)
Foreign, Commonwealth & Development Office
(Humanitarian Policy Fund Secondment)
Foreign, Commonwealth & Development Office
(Improving the Global Education Architecture)
Bill & Melinda Gates Foundation (Envisioning
Europe’s Global Development Leadership)
Norwegian Ministry of Foreign Affairs
Bill & Melinda Gates Foundation (Informing Gender-
Responsive Policy Responses to COVID-19)
Bill & Melinda Gates Foundation (US)
Wellspring Philanthropic Fund (Design of Pull
Financing Mechanisms for Climate Change
Mitigation in Developing Countries)
Wellcome Trust (Panel on Financing for Pandemic
Prevention, Preparedness and Response)
The World Bank (Joint Learning Network)
Commitment to Development Index
Asian Development Bank (Improving the Global
Education Architecture)
Bill & Melinda Gates Foundation (UK)
Foreign, Commonwealth & Development Office
(International Development Support Project)
Foreign, Commonwealth & Development Office
(International Development Support Project)
The Multilateral Organisation Performance
Assessment Network
Bill & Melinda Gates Foundation (Aid, Finance and
Policies for Development)
Gift in Kind - CGD US
Total income from charitable activities
Foreign, Commonwealth & Development Office
(Education Research in Conduct and Protracted
Crisis)
Center for Global Development (CGD) US
The Rockefeller Foundation (Institutional analysis
to help international decisionmakers govern the
BWIs)
Bill & Melinda Gates Foundation (IDSI plus)
Malala Fund (Partnership for Research on Progress
and Resilience in Education)
Foreign, Commonwealth & Development Office
(Aid Survey)		 Restricted
£
728,274
22,252
725,385
1,437,958
-
552,974
44,941
-
-
121,991
-
-
-
128,154
-
197,223
152,375
-
4,500
-
44,267
2,713
4,145
-
103,203
579,633
-
50,589
14,432
310,930
14,812
-		 2021
Total
£
1,168,025
22,252
725,385
1,437,958
-
552,974
44,941
-
-
121,991
-
-
-
128,154
-
227,516
-
152,375
-
4,500
-
44,267
2,713
4,145
-
103,203
579,633
-
58,177
14,432
310,930
14,812
65,687		 Unrestricted
£
519,317
-
-
-
39,504
-
-
-
-
-
-
-
-
-
-
21,002
-
-
-
-
-
-
-
-
-
2,184
-
-
-
68,205		 Restricted
£
1,096,142
44,007
794,560
3,390,935
-
1,840
-
481,851
176,637
124,380
369,948
160,000
40,000
-
100,272
145,032
-
6,726
-
8,126
-
82,798
-
528,666
39,867
14,565
-
-
-
-		 2020
Total
£
1,615,459
44,007
794,560
3,390,935
39,504
1,840
-
481,851
176,637
124,380
369,948
160,000
40,000
-
100,272
166,034
-
-
-
6,726
-
-
8,126
-
82,798
-
528,666
39,867
16,749
-
-
-
68,205
543,319 5,240,751 5,784,070 650,212 7,606,349 8,256,561

The gift in kind represents the value of staff time provided by CGD US.

27

CGD Europe

Notes to the financial statements

For the year ended 31 December 2021

4a Analysis of expenditure (current year)

Staff costs (note 7)
Other staff costs
Travel, subsistence & meetings
Projects Events
Project Consultants
Project Sub Awards (Note 5)
Project Travel & Subsistence
Other Direct cost
Premises costs
Office costs
IT costs
Legal & Professional
Governance costs
Other finance costs
Foreign exchange losses
Depreciation
Gift in Kind - CGD US
Other
Support & governance costs
Total expenditure 2021		 Cost of
raising funds
£
124,783
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Charitable activities Charitable activities Support &
governance costs
£
279,771
72,911
6,545
-
-
-
-
-
284,282
14,985
4,569
83,316
21,575
1,081
-
10,000
65,687
-		 2021
Total
£
2,935,721
109,969
6,545
6,065
741,061
2,031,237
17,849
67,354
284,282
14,985
4,569
83,316
21,575
1,081
(3,519)
10,000
65,687
-
Unrestricted
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Restricted
£
2,531,167
37,058
-
6,065
741,061
2,031,237
17,849
67,354
-
-
-
-
-
(3,519)
-
-
-
124,783
18,981		 -
169,490		 5,428,272
656,251		 844,722
(844,722)		 6,397,777
-
143,764 169,490 6,084,523 - 6,397,777

28

CGD Europe

Notes to the financial statements

For the year ended 31 December 2021

4b Analysis of expenditure (prior year)

Staff costs (note 7)
Other staff costs
Travel, subsistence & meetings
Projects Events
Project Consultants
Project Sub Awards (Note 5)
Project Travel & Subsistence
Other Direct cost
Premises costs
Office costs
IT costs
Legal & Professional
Governance costs
Other finance costs
Foreign exchange losses
Depreciation
Gift in Kind - CGD US
Other
Support & governance costs
Total expenditure 2020		 Cost of
raising funds
£
97,219
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Charitable activities Charitable activities Support &
governance costs
£
319,563
29,007
3,455
-
-
-
-
-
279,229
14,850
5,039
79,747
16,446
469
-
18,600
68,206
-		 2020
Total
£
2,745,248
69,113
3,455
2,564
601,512
1,386,417
23,730
54,273
281,729
14,850
5,039
79,747
16,446
469
136,155
18,600
68,206
5,957
Unrestricted
£
-
-
-
-
18,609
-
-
-
2,500
-
-
-
-
-
-
-
-
5,957		 Restricted
£
2,328,466
40,106
-
2,564
582,903
1,386,417
23,730
54,273
-
-
-
-
-
-
136,155
-
-
-
97,219
17,342		 27,066
339,737		 4,554,614
477,532		 834,611
(834,611)		 5,513,510
-
114,561 366,802 5,032,146 - 5,513,510

29

CGD Europe

Notes to the financial statements

For the year ended 31 December 2021

Grant making to institutions (current year)
Clinton Health Access Initiative
Clinton Health Access Initiative
Center for Global Development
Cost
National Health Foundation
Kemri Wellcome Trust Research Programme
At the end of the year
London School of Hygiene & Tropical Medicine
Ethopian Public Health Institute
Grant making to institutions (prior year)
Cost
Center for Global Development
At the end of the year
National Health Foundation
Kemri Wellcome Trust Research Programme		 Grants
£
459,223
160,354
337,148
343,444
700,017
31,051
-		 Support
costs
£
-
-
-
-
-
-
-		 2021
£
459,223
160,354
337,148
343,444
700,017
31,051
-
2,031,237 - 2,031,237
Grants
£
795,596
80,318
84,508
425,995		 Support
costs
£
-
-
-
-		 2020
£
795,596
80,318
84,508
425,995
1,386,417 - 1,386,417

This is stated after charging / crediting:

This is stated after charging / crediting:
2021 2020
£ £
Depreciation 10,000 18,600
Operating lease rentals:
Property 214,360 214,081
Auditor's remuneration (excluding VAT):
Audit 9,350 8,925

30

CGD Europe

Notes to the financial statements

For the year ended 31 December 2021

Staff costs were as follows:

Staff costs were as follows:
Social security costs
Employer’s contribution to defined contribution pension schemes
Salaries and wages		 2021
£
2,461,385
289,704
184,632		 2020
£
2,312,928
273,641
158,679
2,935,721 2,745,248

The following number of employees received employee benefits (excluding employer National Insurance and employer pension) over £60,000, during the year in the following band:

over £60,000, during the year in the following band:
2021 2020
No. No.
£60,000 - £70,000 5 5
£70,000 - £80,000 3 1
£80,000 - £90,000 3 1
£90,000 - £100,000 1 2
£100,000 - £110,000 - -
£110,000 - £120,000 - 1
£120,000 - £130,000 3 3
£130,000 - £140,000 1 -
£140,000 - £150,000 - -
£160,000 - £170,000 - 1

The total employee benefits including pension contributions and employer NIC of the key management personnel were £327,556 (2020: £309,611).

In 2021, key management personnel only includes Chief Executive, Chief Operating Officer and Chief Finance, Planning and Operations Officer.

The charity trustees were not paid or received any other benefits from employment with the charity in the year (2020: £nil). No charity trustee received payment for professional or other services supplied to the charity (2020: £nil).

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £nil to trustees (2020: £1,407).

8 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was as follows:

Support
Charitable activities
Raising funds		 2021
No.
2
35
6		 2020
No.
2
32
6
43 40

31

CGD Europe

Notes to the financial statements

For the year ended 31 December 2021

9 Related party transactions

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

The charity is a subsidiary of the Center for Global Development (CGD), a non-profit entity incorporated in the United States of America, registry number, 52-2351337. CGD’s mission is to work to reduce global poverty and inequality through rigorous research and active engagement with the policy community to make the world a more prosperous, just, and safe place.

CGD is the sole member of CGD Europe (CGDE). CDGE’s articles of association give the member the power to appoint CDGE’s trustees. Two of the CGDE’s six Trustees are employees of CGD. One Trustee, Masood Ahmed, is President of CGD and a member of its Board. Consolidated accounts are available from CGD's offices, 2055 L Street NW, Floor 5 Washington DC 20036 Phone +1 202-416-4000.

During the year, income of £1,168,025 (2020: £2,424,277) was received from CGD, made up of £728,274 (2020: £602,136) restricted funds and £439,751 (2020: £1,822,141) unrestricted excluding 65,687 gift in kind. Debtors related to CGD were £94,498 at the yearend.

10 Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

11 Tangible fixed assets

Tangible fixed assets
Freehold
property
Fixtures and
fittings
£
£
-
-
-
-
At the end of the year
At the end of the year
At the start of the year
Charge for the year
At the start of the year
Additions in year
At the start of the year
Depreciation
Net book value
At the end of the year
Cost		 IT Equipment
£
89,377
23,704		 Leasehold
Improvement
£
6,673
-		 Total
£
96,050
23,704
113,081 6,673 119,754
59,253
8,665		 4,005
1,335		 63,258
10,000
67,918 5,340 73,258
45,163 1,333 46,496
30,124 2,668 32,792

All of the above assets are used for charitable purposes.

12 Debtors

Debtors
Debtors
Prepayments
Other Debtors
Accrued income		 2021
£
107,948
-
17,607
1,250		 2020
£
358,426
128,031
42,252
-
126,805 528,709

32

CGD Europe

Notes to the financial statements

For the year ended 31 December 2021

13 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Taxation and social security
Trade creditors
Accruals
Grants Payable		 2021
£
248,369
111,915
70,691
390,387		 2020
£
126,570
111,953
116,356
821,362 354,879

14a Analysis of net assets between funds (current year)

Net current assets
Net assets at the end of the year
Tangible fixed assets		 General
unrestricted
£
46,496
225,998		 Designated
funds
£
-
153,500		 Restricted
£
-
2,782,975		 Total funds
£
46,496
3,162,473
272,494 153,500 2,782,975 3,208,969

14b Analysis of net assets between funds (prior year)

Net current assets
Net assets at the end of the year
Tangible fixed assets		 General
unrestricted
£
32,792
157,715		 Restricted
£
-
3,630,969		 Total funds
£
32,792
3,788,684
190,507 3,630,969 3,821,476

33

CGD Europe

Notes to the financial statements

For the year ended 31 December 2021

Total restricted funds
General funds
Designated funds
Total funds
Commitment to Development Index
UBS Optimus Foundation –(Covid-19 School
Closures)
The ELMA Foundation UK (The Educational Impacts
of COVID-19)
Imperial College London (IDSI 2)
Foreign, Commonwealth & Development Office
(Humanitarian Policy Fund Secondment)
Open Philanthropy Project Fund
Foreign, Commonwealth & Development Office (Aid
Survey)
The World Bank (Joint Learning Network)
Norwegian Ministry of Foreign Affairs
International Organization for Migration (Increased
Engagement on the Global Compact on Migration)
Wellspring Philanthropic Fund (Design of Pull
Financing Mechanisms for Climate Change
Mitigation in Developing Countries)
The Rockefeller Foundation (Institutional analysis to
help international decisionmakers govern the BWIs)
Restricted funds:
Total unrestricted funds
Swedish International Development Agency (SIDA)
Bill & Melinda Gates Foundation (Aid, Finance and
Policies for Development)
The Multilateral Organisation Performance
Assessment Network
Bill & Melinda Gates Foundation (Informing Gender-
Responsive Policy Responses to COVID-19)
Foreign, Commonwealth & Development Office
(International Development Support Project)
Center for Global Development (CGD) US
European Commission (Results Based Financing)
Wellcome Trust (Panel on Financing for Pandemic
Prevention, Preparedness and Response)
Asian Development Bank (Improving the Global
Education Architecture)
Echidna Giving Fund via Schwab Charitable Fund
Bill & Melinda Gates Foundation (HTA in India)
Bill & Melinda Gates Foundation (IDSI plus)
Wellcome Trust via London School of Hygiene and
Tropical Medicine (POETIC)
Foreign, Commonwealth & Development Office
(Impact of COVID-19 on Asian Health and Care
Worker Migration to Support Older People Care)
Malala Fund (Partnership for Research on Progress
and Resilience in Education)		 At 1 January
2021
£
-
(18,462)
560,163
2,438,297
-
-
76,976
369,948
160,000
(53,905)
-
-
-
-
-
-
-
-
-
22,148
-
70,630
5,174
-
-
-
-

 Income &
gains
£
728,274
22,252
725,385
1,437,958
552,974
44,941
121,991
-
-
128,154
152,375
197,223
4,500
-
-
-
44,267
2,713
4,145
-
103,203
579,633
-
50,589
14,432
310,930
14,812		 Expenditure &
losses
£
(724,052)
(3,790)
(830,165)
(2,581,757)
(404,277)
(34,582)
(102,200)
(96,005)
(91,346)
(74,249)
(83,192)
(197,223)
(4,500)
(26,322)
(19,800)
(8,765)
(22,080)
(2,713)
(4,145)
(22,148)
(27,168)
(608,861)
(5,174)
(50,660)
(14,432)
(30,938)
(13,979)		 Transfers
£
(4,222)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 At 31
December
2021
£
-
-
455,383
1,294,497
148,697
10,359
96,767
273,943
68,654
-
69,183
-
-
(26,322)
(19,800)
(8,765)
22,187
-
-
-
76,035
41,402
-
(71)
-
279,992
833
3,630,969 5,240,751 (6,084,523) (4,222) 2,782,975
190,507
-		 544,519
-		 (313,254)
-		 (149,278)
153,500		 272,494
153,500
190,507 544,519 (313,254) 4,222 425,994
3,821,476 5,785,270 (6,397,777) - 3,208,969

34

CGD Europe

Notes to the financial statements

For the year ended 31 December 2021

Purposes of restricted funds

Center for Global Development (CGD) US

The Center for Global Development in Washington, D.C sub-grants funds to CGD Europe to cover a London-based staff working on Global Health Policy, Global Education and the Migration, Displacement, and Humanitarian Policy (MDHP) Programmes.

The Global Education Programme, with support from the Bill & Melinda Gates Foundation (BMGF), is working with low to middle income country research partners and policymakers to generate policy-relevant research focused on three broad social goals: basic literacy and numeracy for all; girls schooling and women’s empowerment; and education for poverty reduction, equity and social mobility.

The Global Health Policy programme work on projects involving CGD Europe staff aimed at generating, implementing and disseminating health policy evidence on a variety of topics. In 2021, this related to the BMGF funded International Decision Support Initiative (iDSI2) project which focussed on strengthening evidence informed priority setting in health systems in low-tomiddle-income countries (LMICs).

The MDHP Programme is focused on ensuring that everyone on the move realizes their full potential. The team work to maximize the benefits of migration to destination and origin countries, expand the opportunities available to forcibly displaced people, and reform the humanitarian system to better serve the needs of those affected by conflict and crisis.

Transfers in note 15a relate to fixed asset purchased during the year by the Global Education Programme.

Asian Development Bank (Improving the Global Education Architecture)

The Asian Development Bank funded CGD Europe’s research project on the global education architecture. The purpose of the project was to provide independent and evidence-based analysis on the state of the architecture, from the perspective of developing country partners, and to inform discussions by multilateral and bilateral agencies about aid reforms. Through research published in 2021, CGD Europe presented new data policy-maker preferences in low- and middle- income countries and identified possible actions for global policy-makers and areas for further research. The funding for this grant concluded in 2021.

Bill & Melinda Gates Foundation (HTA in India)

Bill & Melinda Gates Foundation India Country Office (ICO) is funding a three-year project in India. Building on previous progress under iDSI2, this project aims to strengthen the capacity of health technology assessment (HTA) producing agencies, including HTAIn, the National Health Authority (NHA) and State Health Authorities to generate and use evidence to inform the design, policy and implementation of the Ayushman Bharat PM-JAY scheme, the largest health insurance scheme in the world. Improving this scheme will lead to more transparent and cost-effective health policies and fairer access to high quality health services for the estimated 500,000 patients from the bottom 40% of the Indian population that rely on this scheme. In 2022, the focus of the grant will be on strengthening HTA technical capacity within Regional Resource Centres affiliated with HTAIn and on supporting the NHA in the development of a process for reviewing, adjusting and updating AB PM-JAY packages using HTA and evidence informed priority setting.

Bill & Melinda Gates Foundation (IDSI plus)

In 2018, CGD Europe received a five-year grant from the Bill & Melinda Gates Foundation (BMGF) to build on the track record of the ‘international decision support initiative’ (iDSI), to institutionalise evidence-informed LMIC health systems, build capacity for HTA and support LMICs to embed HTA processes into national health priority-setting, health benefits package design and listing, and commodity procurement for universal health coverage. As a global resource for LMIC governments, payers, and development partners to enhance value for money in global health, iDSIplus will promote more cost-effective, equitable and sustainable resource allocation and guidance that will translate into higher quality healthcare coverage, reduced financial impoverishment for households, and ultimately better health and more lives saved. In 2022, iDSIplus' key priorities are to scale up its two regional hubs (with particular focus on a new health economics unit within Africa CDC), collaborating on technical projects (e.g. revision of Health Benefits Packages (HBP); co-production of HTAs) to maximise the policy impact of our outputs and further iDSI objectives of building sustainable capacity for priority setting and HTA in Sub-Saharan Africa.

Bill & Melinda Gates Foundation (Aid, Finance and Policies for Development)

Bill and Melinda Gates Foundation is funding CGD Europe to carry out a three-year body of research work aiming to maintain and improve the UK’s leadership and resources on reducing extreme poverty through highly effective policies and spend. This work focuses on two core workstreams tackling critical issues in the UK’s approach: Promoting effective governance and decision-making in UK development policy; and Maintaining the UK’s role as a development actor at the global level and through the multilateral system. The funding will also enable CGD Europe to scale up its independent engagement with the EU and European governments to ensure they achieve the greatest possible impact on the lives of the world’s poorest people. The focus of this three-year programme will be on development finance and the development finance architecture with a crosscutting emphasis on EU-Africa policies and collaboration.

35

CGD Europe

Notes to the financial statements

For the year ended 31 December 2021

15a Movements in funds (current year) continued

Bill & Melinda Gates Foundation (Informing Gender-Responsive Policy Responses to COVID-19)

Bill & Melinda Gates Foundation is funding research and outreach activities to deepen decision makers’ understanding of the gendered impacts of the COVID-19 pandemic, by synthesizing evidence on economic and social responses, and identifying evidence-based solutions to address gender inequities. CGD Europe will leverage its' existing networks with officials in European institutions, EU member state representatives, thought leaders and other key influencers to help promote the research and help improve the understanding of the gendered impacts of the COVID -19 pandemic.

Commitment to Development Index

The Commitment to Development Index (CDI) examines and ranks governments of major economies on how much their policies do to support the development of low-income countries and is typically updated and published annually. In 2021, we launched the eighteenth edition of the CDI, which was the second iteration since the CDI’s in-depth review process carried out in 20182020 and expanded country coverage to 40 countries. For the first time, the CDI 2021 included a global health component. The index rates governments on development finance, trade, investment, migration, environment, health, security, and technology, and averages the eight components for an overall score. In 2022, we will engage in additional analysis and further promotion of CDI 2021 results, and also update the Finance for International Development (FID) measure which looks at concessional finance across G20 and OECD countries. We will continue to communicate the results of the CDI and use them as an opportunity to highlight opportunities for improving policies for development, especially beyond aid.

Echidna Giving Fund via Schwab Charitable Fund

Echidna Giving is funding CGD Europe’s research programme examining how education can contribute to gender equality. CGD Europe is forming partnerships with local research and policy organizations in low and middle income countries to study this topic and move forward the research and policy agenda on gender norms and aspirations, specifically by: a) researching how gender roles are depicted in curricula and pedagogy, and the extent to which these shape norms and aspirations, which will be a key; focus for the next year; b) studying how female role models shape girls’ norms and aspirations; and c) considering the big outstanding challenges that are preventing female economic empowerment and the research and program innovations that are needed to help resolve them. CGD will be publishing a report on these themes in 2022.

The ELMA Foundation UK (The Educational Impacts of COVID-19)

The Elma Foundation UK is funding CGD Europe’s COVID-19 research partnership. CGD Europe will support three research institutions in Senegal, Ghana and Malawi to produce context-specific policy-relevant research that will help local policymakers prioritise resources and make data-driven decisions in the wake of the COVID-19 pandemic. A second round of data collection and analysis will take place in 2022.

European Commission (Results Based Financing)

The European Commission funded CGD Europe to conduct research on the use of results-based financing and contracts by multilateral organisations, such as the EU and development banks, to improve the effectiveness of their programs. CGD Europe conducted case studies, engaged with donors and implementing partners, and developed written products that will be useful to any agency thinking about results payments. The funding for this grant concluded in 2021.

Foreign, Commonwealth & Development Office (Aid Survey)

Expanding on the CGD Europe's research on Global Education Architecture, the Foreign, Commonwealth & Development Office (FCDO) is funding CGD Europe’s research project on the perceptions, priorities, and knowledge of education officials in lowand middle-income countries. The project aims to gauge the alignment of education officials in aid-receiving countries and specific priorities of donors like FCDO, as well as advance knowledge on what influences officials as they make decisions about education policy. In this phase of the project, the research team plans to survey a larger and more diverse group of respondents.

Foreign, Commonwealth & Development Office (International Development Support Project)

The FCDO funded research on the role of development finance in addressing climate change and uses of concessional financing in middle income countries (MICs). This work has focused on taking account of the best available evidence, to provide answers to development agencies about the principles, policies and practices they should employ to be effective in tackling climate change and supporting poverty reduction; and analytical work on the uses of concessional financing in MICs, developing a set the principles for guiding the allocation of aid across the country income spectrum. The funding for this work concluded in 2021.

Foreign, Commonwealth & Development Office (Humanitarian Policy Fund Secondment)

The FCDO seconded a Senior Policy Fellow to CGD Europe to support research and policy development project on humanitarian reform. The secondee contributed to the project in the areas of 1) Innovations in field delivery; 2) Aligning resources with incentives and 3) Rethinking humanitarian governance. Activities include in-house, desk-based research, convening regular expert consultations as well as thematic workshops, undertaking field research in countries affected by humanitarian crises as well as convening high-level roundtables with the main humanitarian donors and humanitarian agencies. The final outputs and funding for the project were concluded in 2021.

36

CGD Europe

Notes to the financial statements

For the year ended 31 December 2021

15a Movements in funds (current year) continued

Foreign, Commonwealth & Development Office (Impact of COVID-19 on Asian Health and Care Worker Migration to Support The FCDO is funding a CGD Europe research project that looks at the intersection of COVID-19, older people (long-term) care, and migration in Asia. Working in partnership with Vietnam based think-tank, GaneshAid, the project team has conducted numerous stakeholder interviews throughout the region and created a first draft of the policy paper, which will go to peer review in early 2022. The aim is to publish the report in Q2 2022, to coincide with launch events and dissemination throughout the region. Future funding is anticipated in 2022 and so a negative balance has been carried forward.

Imperial College London (IDSI 2)

The iDSI2 grant continued to support CGD Europe’s work during 2021, through funding the development of a protocol for an HTA analysis on cervical cancer, led by University of Ghana. The University of Ghana plays a key role in supporting the Ghana HTA Technical Working Group at the Ministry of Health. NCDs and cancer are important areas for HTA informed policy research in Ghana, given their impacts on national insurance and reimbursement. By strengthening the University of Ghana’s capacity to do HTAs (and related methods research) this funding is therefore supporting the Ministry’s ambitions to further institutionalise a sustainable HTA system in the country. Future funding is anticipated in 2022 and so a negative balance has been carried forward.

International Organization for Migration (Increased Engagement on the Global Compact on Migration)

CGD Europe is collaborating with the UK office of the International Organization for Migration (IOM) on a project funded by the FCDO. The project aims to support the FCDO in their implementation of the Global Compact for Safe, Regular, and Orderly Migration, both in the UK and abroad. In 2021, two papers focused on climate migration were published, with a launch event held in early 2022. The rest of the grant will focus on a new report which looks at expanding legal migration pathways to the UK, with a launch event planned for late March 2022. Future funding is anticipated in 2022 and so a negative balance has been carried forward.

Malala Fund (Partnership for Research on Progress and Resilience in Education)

The Malala Fund is funding an expansion of CGD Europe’s COVID-19 research partnership – the Partnership for Research on Progress and Resilience in Education (PREPARE) - into Pakistan to be able to conduct research on the impacts of COVID-19 and girls’ education in the country. CGD Europe and its partners will develop domestic and global policy recommendations based on the research findings.

The Multilateral Organisation Performance Assessment Network

The Multilateral Organisation Performance Assessment Network (MOPAN) Secretariat, hosted by the Organisation for Economic Co-operation and Development (OECD), is funding work to carry out assessments of effectiveness of the major multilateral organisations that the 19 MOPAN member countries fund, and other relevant thematic analytical studies. The funding for this work concluded in 2021.

Norwegian Ministry of Foreign Affairs

In 2021, the Norwegian Ministry of Foreign Affairs funded CGD’s work on the future of development. The funds contributed to a new publication on global development trends and future approaches to development published on CGD’s website. The funding for this work concluded in 2021.

Open Philanthropy Project Fund

Open Philanthropy funded a project to explore the crowding out effects of COVID-19. The research focused on estimating the indirect effects of COVID-19 on mortality and health due to suspended health services, malnutrition, and reduced economic activity, and it aimed to help inform measures to limit the spread of the virus and mitigate its downstream harmful effects. The funding for this work concluded in 2021.

The Rockefeller Foundation (Institutional analysis to help international decisionmakers govern the BWIs) The Rockefeller Foundation is funding a research project aimed at providing institutional analysis to help support international decision makers in governing the Bretton Woods Institutions. The project team will produce analysis and policy proposals that address the economic and political realities facing international financial institutions, particularly as they seek to promote the climate agenda.

Swedish International Development Agency (SIDA)

The Swedish International Development Agency (Sida) is funding CGD Europe through a three-year institutional partnership that aims to build an ongoing, evidence-based dialogue on effective development policy, financing and technology through the lens of Sida’s conceptual framework for multidimensional poverty and the five underlying perspectives that inform Swedish development cooperation. The three thematic areas identified as shared priorities in this partnership are: 1) aid effectiveness, channels, and partners, 2) development finance, and 3) technology and new paths to development.

UBS Optimus Foundation –(Covid-19 School Closures)

UBS Optimus Foundation funded CGD Europe’s research project on COVID-19 and its impacts education. CGD Europe generated public goods on school closures during epidemics, including collecting and analysing data on remote learning and collating best practice on reopening schools, to support education policy-makers in their decision-making. The funding for these grants concluded in 2021.

37

CGD Europe

Notes to the financial statements

For the year ended 31 December 2021

15a Movements in funds (current year) continued

Wellcome Trust via London School of Hygiene and Tropical Medicine (POETIC) Funded by the Wellcome Trust, the POETIC grant aims to study essential and emergency critical care (EECC) in the COVID-19 pandemic, to assess the cost-effectiveness of EECC and advanced critical care in two countries in Africa and analyse the impact of the global and national response strategies to COVID-19 on critical care services. This will guide global and national COVID19 responses in LMICs towards scalable strategies with the greatest potential for increased survival of critically ill patients, both in the pandemic and beyond. The focus of the grant work in 2022 will be on dissemination of the final project reports, and development of related manuscripts and blogs. Future funding is anticipated in 2022 and so a negative balance has been carried forward.

Wellcome Trust (Panel on Financing for Pandemic Prevention, Preparedness and Response)

The Wellcome Trust funded a project to support the deliberations and decision-making of the G20 mandated high-level panel on financing of pandemic prevention, preparedness, and response. The funding enabled CGD Europe to support outreach activities as well as provide technical input, working with CGD and Belgium think tank Bruegel to scale up its engagement and convene with leaders, experts and other related working groups and panels.

Wellspring Philanthropic Fund (Design of Pull Financing Mechanisms for Climate Change Mitigation in Developing Countries) The Wellspring Philanthropic Fund is funding research to design pull financing mechanisms for climate change mitigation and adaptation in developing countries. The work has so far focused making the case for using pull financing to develop or scale up new technologies for use in developing countries, and has explored potential applications. In 2022, CGD Europe will conduct a deep dive into the potential applications, institutional arrangements and contracting arrangements for a pull financing facility, and to engage with interested donors to influence policy.

The World Bank (Joint Learning Network)

CGD Europe was awarded a grant from the World Bank to develop a short, focused and practical knowledge product on HBP revisions, drawing on international literature and country experience. CGD Europe role is to provide advice and virtual support to one country within the World Bank’s Joint Learning Network (JLN) community of practice to support the adaptation and implementation of an existing knowledge product (Practitioner’s Handbook on the Use of Data and Evidence for Priority Setting). In 2022, the focus of the work will be on finalising the HBP knowledge product and facilitation of an in-country dissemination workshop on the topic of HBP revision.

Designated funds

Designated funds are unrestricted funds earmarked by the trustees for particular purposes. This designated fund exists to support costs associated with the renewal or termination of the lease for CGDE’s current offices.

38

CGD Europe

Notes to the financial statements

For the year ended 31 December 2021

15b Movements in funds - for year ended 31st December 2020 (prior year)

European Commission (RBF)
Center for Global Development US
16
Cash in hand
Total cash and cash equivalents
Analysis of cash and cash equivalents
Wellcome Trust via London School of Hygiene and
Tropical Medicine (POETIC)
Swedish International Development Agency (SIDA)
Bill & Melinda Gates Foundation (Aid, Finance and
Policies for Development) via CGD
The Multilateral Organisation Performance
Assessment Network via CGD
Bill & Melinda Gates Foundation (IDSI plus)
UBS Optimus Foundation – (Covid-19 School
Closures)
Foreign, Commonwealth & Development Office
(Improving the Global Education Architecture)
General funds
Total funds
Asian Development Bank
(Improving the Global Education Architecture)
Norwegian Ministry of Foreign Affairs
Foreign, Commonwealth & Development Office
(International Development Support Project) via
CGD
Total unrestricted funds
Foreign, Commonwealth & Development Office
(Humanitarian Policy Fund Secondment)
The ELMA Relief Foundation
The ELMA Foundation UK (The Educational Impacts
of COVID-19
Echidna Giving Fund via Schwab Charitable Fund
Commitment to Development Index
Open Philanthropy Project Fund via CGD
Bill & Melinda Gates Foundation (US)
Bill & Melinda Gates Foundation (UK)
Restricted funds:
Bill & Melinda Gates Foundation (HTA in India)
Total restricted funds		 At 1 January
2020
£
58,716
1,922
(50,489)
125,932
-
-
-
-
-
-
-
-
-
-
-
-
(17)
78,185
751,800
94,263		 Income &
gains
£
-
1,096,142
176,637
481,851
100,272
40,000
160,000
369,948
39,867
794,560
82,798
14,565
528,666
1,840
8,126
145,032
44,007
6,726
-
3,390,935
124,380		 Expenditure &
losses
£
(112,622)
(1,096,896)
(124,958)
(607,783)
(100,272)
(40,000)
-
-
(34,693)
(233,208)
(60,650)
(14,565)
(458,036)
(1,840)
(8,126)
(145,032)
(62,468)
(6,709)
(78,185)
(1,704,439)
(141,667)		 Transfers
£
-
(1,168)
(1,189)
-
-
-
-
-
-
(1,189)
-
-
-
-
-
-
-
-
-
-
-		 At 31
December
2020
£
(53,906)
-
-
-
-
-
160,000
369,948
5,174
560,163
22,148
-
70,630
-
-
-
(18,462)
-
2,438,296
76,976
1,060,312
15,946		 7,606,349
652,379		 (5,032,146)
(481,364)		 (3,546)
3,546		 3,630,969
190,507
15,946 652,379 (481,364) 3,546 190,507
1,076,258 8,258,728 (5,513,510) - 3,821,476
At 1 January
2021
£
3,614,854		 Cash flows
£
242,176		 Other
changes
£
-		 At 31
December
2021
£
3,857,030
3,614,854 242,176 - 3,857,030

39

CGD Europe

Notes to the financial statements

For the year ended 31 December 2021

17 Operating lease commitments

The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods.

following periods.
One to five years
Less than one year		 2021
2020
£
£
214,360
214,081
53,590
482,589
267,950
696,670
Property
267,950 696,670

18 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

40